SATS (SATS) Q4 2025 earnings summary

Executive summary

• Member base grew by 22,000 to 755,000 in 2025, with visits up 6% to 49.4 million year-over-year.

• Q4 2025 and FY 2025 saw strong operational and financial progress, with revenues up 9%, EBITDA up 18% (Q4: +28%), and EBIT up 24% (Q4: +34%) year-over-year.

• Free cash flow in Q4 2025 was NOK 244 million, up 59% from Q4 2024; full-year free cash flow reached NOK 506 million with a 58% conversion rate.

• Board proposed a semi-annual dividend of NOK 0.67 per share, subject to EGM approval.

• Group training and product investments drove higher engagement and lower churn.

Financial highlights

• Q4 2025 revenues rose 9% to NOK 1,428 million; FY 2025 revenues up 9% to NOK 5,509 million.

• Q4 2025 EBITDA before IFRS 16 increased 28% to NOK 224 million; EBIT before IFRS 16 up 34% to NOK 168 million.

• FY 2025 EBITDA before IFRS 16 reached NOK 871 million (+18%); EBIT before IFRS 16 at NOK 652 million (+24%).

• Net debt at NOK 967 million, leverage at 1.1x net debt/EBITDA before IFRS 16, down from 1.4x.

• Free cash flow for Q4 at NOK 244 million (+59%); full-year free cash flow at NOK 506 million, conversion rate 58%.

Outlook and guidance

• Positive momentum from 2025 has continued into 2026, with high activity levels and price adjustments executed as planned.

• Higher price increases for 2026 are expected to result in lower net member growth in Q1 compared to last year.

• Club expansion pipeline targets 8–12 new openings per year from 2027, focusing on quality.

• Confident in achieving mid-term EBITDA ambition of NOK 1.1 billion.

• Focus remains on product investment, asset productivity, and disciplined cost and capital management.