SATS Q1 2022: Closing the pandemic chapter and accelerating the growth pace going forward

SATS ASA (“SATS” or the “Company”) today reports the financial figures for Q1 2022, with revenues of NOK 1 011 million, an increase of 67% compared to Q1 2021, just above the pre-pandemic quarter Q1 2019. The member base was fully recovered to pre-pandemic level of 686 000 members. Adjusted EBITDA improved to NOK 30 million compared to NOK -165 million in Q1 2021.

SATS is closing the pandemic chapter after considerable financial losses, but also with positive achievements. The member satisfaction is improved, and the member base has been fully restored. The organization has gained a lot of operational learnings during the pandemic and managed to implement operational improvements. SATS has done a digital leap to support and supplement the physical club experience and added no less than 35 clubs to the portfolio since the start of 2020. The pandemic has also created more opportunities for consolidation in an already fragmented market. Going forward, the Company will thus accelerate the growth. This acceleration is made possible through an equity raise with gross proceeds of NOK 600 million completed in February. Further on, the Company will grow through strengthening the member base in existing clubs, improve yield and increase revenue from additional services.

Key highlights from the first quarter of 2022:

  • Q1 2022 was significantly affected by the pandemic, including club closures in Finland and capacity restrictions across the Nordics in January and early February
  • After the lifting of restrictions and leaving the pandemic behind us, members are back at the clubs with a higher activity level than prior to the pandemic
  • Continued strong member growth of 18 000, representing 3% since Q4 2021. Total member base of 686 000 at the end of the quarter, up 15% from Q1 2021
  • Member revenues increased by 118% compared to last year due to the significant ramp-up in members and reduction in freeze levels
  • Total revenues in the quarter increased 67% to NOK 1 011 million, driven by increased member revenues, increased retail and PT revenues
  • Adjusted EBITDA improved from NOK -165 million in Q1 2021 when imposed club closures were widespread to NOK 30 million in the quarter
  • SATS announced a successful equity raise in February, with gross proceeds of NOK 600.6 million. The net proceeds will predominately be used to ensure sufficient strategic flexibility for the company to act on potential organic and in-organic growth opportunities in the short to medium term and to ensure a more robust liquidity position in order to exploit opportunities in the longer run
  • Three new clubs were opened in the quarter, coupled with three clubs from the acquisition of Gym Gruppen. Additionally, seven clubs are acquired from Bare Trening Sør, closing in June
  • SATS has ambitious plans for the future including accelerated growth supported by new clubs, strengthening member base in existing clubs, yield improvements, and increased revenues from other services like personal training and retail
  • Fragmented markets support continued opportunities for numerous smaller M&As and greenfields


“We entered the quarter with continued restrictions in our operations, but exited with all the restrictions lifted. With that, we are closing the pandemic chapter and looking forward. We are aiming for accelerated growth through several growth levers, including a higher club growth than historically. The fragmented Nordic fitness markets support continued opportunities for growth, and we will seize the opportunity to expand and make more people healthier and happier”, says Sondre Gravir, CEO of SATS.


Please find the Q1 2022 presentation and report in the original stock announcement or on


Investor Relations:

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

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



Tuva Spiten, Press Contact, phone: +47 468 28 304


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.