SATS (SATS) Q4 2024 earnings summary

Executive summary

• Achieved strong financial and operational performance in Q4 and FY 2024, driven by strategic investments, product improvements, and higher member engagement.

• Maintained a stable member base of 733,000 across 272 clubs, with improved utilization and yield per member.

• Product development and increased group training capacity led to higher engagement, loyalty, and yields.

• Initiated NOK 100 million share buyback and continued deleveraging, supported by robust cash generation.

• Entered 2025 with positive momentum, high activity levels, and a solid financial foundation.

Financial highlights

• Q4 2024 revenues rose 7% year-over-year to NOK 1,311 million; FY 2024 revenues up 7% to NOK 5,064 million.

• Q4 EBITDA before IFRS 16 increased 37% to NOK 175 million (13% margin); EBIT before IFRS 16 up 87% to NOK 125 million (10% margin).

• Free cash flow for Q4 reached NOK 153 million; full-year free cash flow at NOK 407 million.

• Net debt reduced to NOK 1,069 million; leverage ratio improved to 1.4x.

• ARPM (average revenue per member) up 7% year-over-year to NOK 598.

Outlook and guidance

• Entering 2025 with strong momentum and high activity levels, with group training leading.

• Plans to open 8–12 new clubs annually in the Nordics, with disciplined CAPEX.

• Focus on product enhancements, yield initiatives, and operational efficiency for further growth.

• Guidance reiterated to keep leverage at the lower end of 1.5–2.0x and distribute at least 50% of net profit via buybacks and dividends.

• First biannual dividend payment scheduled for Q3 2025.