SATS (SATS) Q2 2026 earnings summary

Executive summary

• Revenue grew 3% reported and 7% currency adjusted in Q2 2026 to NOK 1,442 million, driven by pricing, product mix, and a 1% increase in the member base to 744,000, with group training as a key driver.

• EBITDA before IFRS 16 rose 16% reported (18% currency adjusted) to NOK 313 million; EBIT before IFRS 16 up 21% reported (23% currency adjusted) to NOK 260 million.

• Net profit reached NOK 196 million, with EPS at NOK 1.00, up 25% reported and 27% currency adjusted.

• Free cash flow was NOK 100 million in Q2 and NOK 602 million over the last 12 months.

• Shareholder distributions included a NOK 0.72 per share dividend for H1 2026 and NOK 318 million in share buybacks, with a payout ratio of 152%.

Financial highlights

• Revenues: NOK 1,442 million (+3% reported, +7% currency adjusted year-over-year).

• EBITDA before IFRS 16: NOK 313 million (+16% reported, +18% currency adjusted).

• EBIT before IFRS 16: NOK 260 million (+21% reported, +23% currency adjusted).

• Net profit: NOK 196 million (+21% reported, +22% currency adjusted).

• Free cash flow: NOK 100 million in Q2 (+164% year-over-year); NOK 602 million LTM.

Outlook and guidance

• Focus on operational quality, commercial delivery, and disciplined capital allocation, with a strategic emphasis on core business and efficiency.

• Ambition to open 8–12 new clubs per year, prioritizing quality over quantity, with a committed pipeline of 13 new clubs through 2028.

• Guidance to maintain leverage at the lower end of 1.5x–2x and return over 50% of annual net profit via dividends and buybacks.

• Mid-term EBITDA before IFRS 16 ambition set at NOK 1.1 billion, with gradual progress expected.