SATS (SATS) Q3 2025 (Q&A) earnings summary

Executive summary

• Achieved strong operational and financial momentum in Q3 2025, progressing toward the mid-term EBITDA ambition of NOK 1.1 billion.

• Member engagement and satisfaction increased, with total workouts up 7% year-over-year, driven by 4% member growth and higher activity per member.

• Group training visits rose 10%, supporting higher activity, retention, and ARPM.

• Revenues and EBITDA grew across all markets, with Sweden showing particularly strong progress due to product and operational enhancements.

• Profit for the period increased 38% to NOK 98 million compared to Q3 2024.

Financial highlights

• Q3 2025 revenues increased by 8% year-over-year to NOK 1,293 million.

• EBITDA before IFRS 16 grew 13% to NOK 192 million; EBIT before IFRS 16 up 18% to NOK 137 million.

• Operating cash flow reached NOK 142 million, with a cash conversion rate of 74%.

• Free cash flow was NOK 125 million in Q3 2025.

• Earnings per share rose 39% to NOK 0.48.

Outlook and guidance

• Positive momentum expected to continue, with yield anticipated to increase in the long term.

• On track to deliver mid-term EBITDA ambition of NOK 1.1 billion, with gradual progress expected.

• Targeting 8-12 new club openings per year, prioritizing quality.

• Denmark's VAT change on group/personal training in 2026 expected to have no material financial impact.

• Capital allocation remains disciplined, with CAPEX focused on club capacity and quality improvements.