SATS ASA Q3 2026: Profit up on higher value per member
SATS ASA delivered another quarter of solid earnings growth in Q3 2026. EBITDA before IFRS 16 rose 22% to NOK 235 million, EBIT before IFRS 16 increased 33% to NOK 182 million, and earnings per share came in at NOK 0.69, compared with NOK 0.48 a year ago. Higher value per member drove the improvement, with ARPM up 7% currency adjusted and more members taking part in group training. Alongside the results, SATS has updated its capital allocation framework, widening the leverage target to 1.0x-2.0x net debt to EBITDA before IFRS 16, and clarifying the ambition to raise the dividend per share over time. With 18 new clubs secured through 2028, SATS is moving from optimizing its club portfolio to also growing it.
Key highlights from the third quarter of 2026:
* Total revenues increased by 2% (+7% curr. adj.) to NOK 1 324 million in Q3 2026, as ARPM rose by 2% (+7% curr. adj.), while the number of clubs fell from 274 to 268 and the member base declined by 0.5% * Revenues grew faster than costs, lifting EBITDA before IFRS 16 by 22% (+25% curr. adj.) to NOK 235 million * EBIT before IFRS 16 of NOK 182 million, 33% (+35% curr. adj.) above Q3 2025 * Earnings per share grew 43% to NOK 0.69, from NOK 0.48 in the same quarter last year * Free cash flow of NOK 132 million in Q3 2026 and NOK 609 million over twelve months, with leverage steady at 1.1x for the fourth quarter in a row * Members train more often, with workouts rising 2%, and group training workouts rising 4% on top of 10% growth in Q3 2025 * NOK 193 million was returned to shareholders in Q3 through dividends and share buybacks
"More people are joining our group classes, and they come back more often. Group training workouts grew 4% this quarter, on top of 10% last year, and active members are the members who stay with us. That loyalty is what makes our earnings growth steady, quarter after quarter," says Sondre Gravir, CEO of SATS.
SATS' CEO Sondre Gravir and CFO Cecilie Elde will hold a webcast presentation at 08:30 (CET) today, October 27, 2026. The presentation will be available at https://satsgroup.com/reports-presentations/
There will be a Q&A for investors and analysts from 10:00 to 10:30 (CET) over Microsoft Teams: https://teams.microsoft.com/meet/3769583611736687?p=r5hTaYHLls1d4rTAX9
Please find enclosed the Q3 2026 presentation and report.
Investor Relations Contacts: Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195 Stine Klund, Investor Relations, phone: +47 986 99 259
Press Contact: Kristin Fjeld, Press Contact, phone: +47 411 92 008
Please see the attached quarterly report for definitions and reconciliations of the Alternative Performance Measures (APMs). This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.