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SATS
SATS (SATS) investor relations material
SATS Q4 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 (Q&A) earnings summary10 Feb, 2026
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.
New club expansion focus and market selection
Future capital return strategy given low leverage?
Denmark VAT change: basis for no material impact?
Detail Q4 cost savings beyond group training?
How to accelerate quality club pipeline in Sweden?
Finland turnaround strategy beyond class expansion?
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Next SATS earnings date
Q1 202630 Apr, 2026
SATS
Next SATS earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Sats ASA is a Norwegian company that provides fitness and training services. It was established in 1995, and its headquarters are located in Oslo. The company's activities include fitness clubs, group exercise classes, personal training, physiotherapy, and wellness. Through Sats Elixia, the company also operates in Denmark, Finland, and Sweden.
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