SATS ASA: Q2 2023 – Another strong quarterly result

SATS ASA ("the Company") reports a strong EBITDA before IFRS 16 of NOK 194 million. This financial delivery follows the step-up from Q1 and shows that SATS continues to follow the plan as set out on the Company’s Capital Markets Day in October 2022. The strong result comes as a result of stable member growth over time, recent price increases, and tight cost control to mitigate the inflationary pressure.

Key highlights from the second quarter of 2023:

  • Total revenues were NOK 1 200 million in the quarter, up 17% from Q2 2022
  • EBITDA before impact of IFRS 16 was NOK 194 million, which is the highest reported ever in the history of the company, again confirming that our actions to regain profitability have yielded results
  • The member base decreased in line with the typical seasonality in Q2, but grew by 6% compared to the corresponding quarter last year
  • The average revenue per member (ARPM) increased by 10% from last year, which in combination with the member growth, proves a continued willingness to pay for gym memberships
  • With two consistent quarters in a row, H1 2023 revenues grew by 18% to NOK 2 401 million, and EBITDA before impact of IFRS 16 increased by 192% to NOK 194 million
  • Expect to cancel the covenant waiver of the revolving credit facility ahead of expiry at the end of 2023, returning to the original covenant of 4.0x net debt to Adj. EBITDA
  • The total number of workouts at SATS’ clubs increased by 16%, driven by both member growth and higher activity per member

“We are today presenting a strong financial result for the second quarter of the year. Following up on the strong first quarter result, this represents consistency and demonstrates that diligent work from a dedicated organization yields results. In addition to the financial results, it also bears fruits in the form of increased activity at our clubs. More people are working out more often, and we are making people healthier and happier”, says Sondre Gravir, CEO of SATS.

Please find enclosed the Q2 2023 presentation and report.

Investor Relations:

Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195

Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259


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

Please see the attached quarterly report for definitions and reconciliations of the Alternative Performance Measures (APMs).

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.