SATS (SATS) Q4 2025 (Q&A) earnings summary

Executive summary

• Q4 2025 results showed strong operational and financial progress, with revenues up 9%, EBITDA before IFRS 16 up 28%, and EBIT before IFRS 16 up 34% year-over-year.

• Member base grew by 22,000 to 755,000 for the year, with total visits up 6% to 49.4 million and record-high engagement.

• Free cash flow in Q4 reached NOK 244 million, up 59% year-over-year.

• Board proposed a semi-annual dividend of NOK 0.67 per share, pending approval at the EGM.

Financial highlights

• Q4 2025 revenues reached NOK 1,428 million, up 9% year-over-year; FY 2025 revenues were NOK 5,509 million, also up 9%.

• Q4 EBITDA before IFRS 16 was NOK 224 million (16% margin), EBIT before IFRS 16 NOK 168 million (12% margin).

• Profit for Q4 2025 was NOK 121 million, up 61% year-over-year; EPS for Q4 was NOK 0.61, up 64%.

• Net debt reduced to NOK 967 million, with leverage ratio at 1.1x, down from 1.4x.

• Free cash flow for FY 2025 was NOK 506 million, up 25% year-over-year.

Outlook and guidance

• Activity levels and member engagement remain high into 2026, with price adjustments and investments in product offering and digital tools.

• Mid-term EBITDA before IFRS 16 target of NOK 1.1 billion remains on track.

• Club expansion targeted at 8-12 new clubs per year, focusing on quality over quantity.

• Cost base expected to rise with input price inflation, balanced by operational efficiency and disciplined capital allocation.

• Higher price increases for 2026 may result in lower net member growth compared to 2025.