SATS (SATS) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 7% currency-adjusted to NOK 1,324m as higher member value and price/mix gains offset a smaller member and club base.

• EBITDA, EBIT and net profit grew; workouts increased 2%, group-training visitors rose 6%, and Q3 free cash flow was NOK 132m.

Financial highlights

• Revenue was NOK 1,324m, up 2% reported and 7% currency-adjusted; membership revenue was NOK 1,131m and other revenue NOK 193m.

• EBITDA before IFRS 16 was NOK 235m, up 22% reported and 25% currency-adjusted; EBIT before IFRS 16 was NOK 182m, up 33% reported and 35% currency-adjusted.

• Net profit rose 37% to NOK 133m; EPS increased 43% to NOK 0.69 from NOK 0.48.

• Q3 free cash flow was NOK 132m, up 6%; YTD free cash flow was NOK 369m and LTM free cash flow NOK 609m.

• Operating profit rose 22% to NOK 241m; profit before tax was NOK 171m versus NOK 128m a year earlier.

Outlook and guidance

• Medium-term EBITDA-before-IFRS-16 ambition remains NOK 1.1bn; LTM EBITDA reached NOK 988m.

• From 2027, target 8–12 annual club openings, prioritizing quality, returns per square meter and capacity in the existing footprint; 18 openings are committed through 2028.

• 2026 maintenance CapEx is expected at ~5% of revenue, with higher spending in Q4; LTM spend was 3.9% of revenue.

• New clubs typically break even 8–12 months after opening and pay back in ~3 years.

• Cash-conversion target is 55%; LTM conversion was 64%, or 57% adjusted for maintenance CapEx at 5% of revenue.