SATS (SATS) Q3 2026 (Q&A) earnings summary

Executive summary

• Revenue rose 7% currency-adjusted; EBITDA before IFRS 16 increased 25% to NOK 235m as higher member value and cost discipline improved profitability.

• Activity strengthened: workouts per member increased 2%, group-training participation rose 6%, and group-training workouts increased 4%.

• Volume faced pressure from club closures and Danish VAT changes; membership was reported down 0.5% in CEO commentary and 1% in key figures.

Financial highlights

• Revenue was NOK 1,324m, up 2% reported and 7% currency-adjusted; ARPM was NOK 590, up 2% reported and 7% currency-adjusted.

• EBITDA before IFRS 16 was NOK 235m, up 22% reported and 25% currency-adjusted; margin rose to 18% from 15%.

• EBIT before IFRS 16 rose 33% reported and 35% currency-adjusted to NOK 182m; margin was 14%.

• Net profit rose 37% to NOK 133m; EPS increased 43% to NOK 0.69.

• Q3 free cash flow was NOK 132m; total costs increased 3.5% currency-adjusted, below revenue growth, while direct costs rose 11%.

Outlook and guidance

• EBITDA ambition remains NOK 1.1bn before IFRS 16; LTM EBITDA was NOK 988m.

• Long-term ambitions include a 15% EBIT margin and cash conversion of 55% of EBITDA before expansion capex; LTM EBIT margin was 13.6% and cash conversion 64%.

• Maintenance capex target is 5% of revenue; LTM was 3.9% due to project timing, with higher Q4 spending expected to bring 2026 to target.

• Target remains 8–12 annual club openings over time, with quality prioritized; 18 openings are committed through 2028.