Sats ASA
F:2S0
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Sats ASA
F:2S0
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Sats ASA
Sats ASA is a Nordic fitness club operator. It runs gyms and health clubs where members pay for access to exercise equipment, group training classes, personal training, and related services. The company’s core product is a membership that gives customers recurring access to its club network and training programs. Its main customers are individual consumers who want a place to work out, as well as companies that buy wellness services for employees in some markets. Sats makes money mostly from membership fees, with extra income from personal training, class upgrades, and other add-on services sold inside its clubs. What makes Sats distinct is that it sits between real estate and consumer services: it has to build attractive clubs in the right locations, then keep members coming back with a strong exercise experience and a broad class schedule. The business is also subscription-based, so revenue depends on retaining members over time rather than making one-off sales.
Sats ASA is a Nordic fitness club operator. It runs gyms and health clubs where members pay for access to exercise equipment, group training classes, personal training, and related services. The company’s core product is a membership that gives customers recurring access to its club network and training programs.
Its main customers are individual consumers who want a place to work out, as well as companies that buy wellness services for employees in some markets. Sats makes money mostly from membership fees, with extra income from personal training, class upgrades, and other add-on services sold inside its clubs.
What makes Sats distinct is that it sits between real estate and consumer services: it has to build attractive clubs in the right locations, then keep members coming back with a strong exercise experience and a broad class schedule. The business is also subscription-based, so revenue depends on retaining members over time rather than making one-off sales.
Profit growth: Revenue rose 3% reported and 7% currency adjusted to NOK 1.4 billion, while EBITDA and EBIT grew faster than sales, showing strong operating leverage.
Member trend: Members reached 744,000, up 1% year over year, while workouts rose 3% and group training remained the strongest engagement driver.
Cost control: Operating costs were up 4% currency adjusted, below revenue growth, as management kept spending disciplined aside from planned investments in group training and a one-time IT security-related cost.
Cash and balance sheet: Free cash flow was NOK 100 million in the quarter and NOK 602 million over the last 12 months, with leverage at 1.1x, below the target range.
Capital returns: The board approved a first-half 2026 dividend of NOK 0.72 per share, alongside NOK 318 million of gross buybacks, taking the H1 payout ratio to 152%.
Expansion plan: Management kept its long-term goal of 8 to 12 new clubs per year, but said 2026 will likely see a net reduction of 3 clubs before the pipeline builds further.
Outlook: The company said its business remains predictable and its focus stays on product investment, asset productivity, cost discipline, and selective expansion.