Q1 2023 Results

SATS ASA: Q1 2023 – Record-high Q1 result driven by consistent operational strong performance

SATS ASA (“the Company”) reports a strong Q1 2023 result, in line with the previously communicated trajectory. During the second half of 2022, SATS delivered a solid operational performance, especially in terms of member growth, laying the foundation for financial results to follow. During the winter, the Company has made further improvements and counteracted inflation through price adjustments and cost control.

Key highlights from the first quarter of 2023:

  • The SATS Group had a portfolio of 274 clubs by the end of Q1 2023
  • The member base increased by 13 000 to 734 000 members during the quarter, combined with price increases made during the winter, proving the willingness to pay for gym memberships
  • Total revenues summed up to NOK 1 201 million in the quarter, up 19% from Q1 2022
  • EBITDA before impact of IFRS 16 was NOK 137 million
  • The financial results confirm that our actions to regain profitability have yielded results:
  1. Focus on regaining the member base, with significant member growth during H2 2022
  2. Successful price adjustments of new and existing members
  3. Group-wide profitability program implemented, primarily reducing overhead costs to utilize scale
  • Continuing the journey toward healthy financials and healthy members, in line with the ambition outlined on the CMD in October 2022

”This quarter confirms that delivering on our vision of making people healthier and happier, with strong member growth and high activity levels, results in significantly improved financial delivery. We have followed the plan as outlined on our Capital Markets Day in October, including ensuring an attractive product, which has yielded results through both an increased member base and higher activity per member. People seem to prioritize own health, and we are here to facilitate best-in-class training experiences”, says Sondre Gravir, CEO of SATS.

Please find the Q1 2023 presentation and report enclosed to the original stock exchange announcement.

Investor Relations:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259

Press:
Sebastian Kvarme, Press Contact, phone: +47 992 74 471

This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

The stock exchange announcement was published by Stine Klund, Finance and Investor Relations Manager, SATS ASA.