Q2 2026 Sats ASA Earnings Call - Q&A

August 14, 2026

Speaker #1: Det här mötet spelas in.

Cecilie Elde: Det här mötet spelas in.

Speaker #3: Hi, and welcome to Q&A. My name is Ingrid, Investor Relations. I'm joined by CEO Sondre Gravir and CFO Cecilia Elde during this session. Sondre will run through a brief summary of today's presentation, and then we will leave the floor to you for questions.

Stine Klund: Hi and welcome to the Q&A. Everyone, turn off the sound. My name is Stine Klund, Investor Relations. I am joined by CEO Sondre Gravir and CFO Cecilie Elde during the session. Sondre will run through a brief summary of today's presentation, then we will leave the word to you for questions.

Speaker #4: Yes, thank you, Cine. Good morning, everyone. It's great to see so many of you joining us for this Q&A session, even though it's August and summertime for many of you.

Sondre Gravir: Yes. Thank you, Stine. Good morning, everyone. Great to see so many of you joining us for this Q&A session. Although it is August and summertime for many of you still. We are out of the summer here. We have reported Q2 according to our expectations, I would say. We continue to see that.

Speaker #4: We are out of the summer here. We have reported Q2 according to our expectations, I would say. We have continued to see that.

Speaker #1: Ditt ljud har stängts av. Om du vill slå på ditt ljud, tryck på stjärna sex.

Cecilie Elde: Ditt ljud har stängts av. Om du vill slå på ditt ljud, tryck på stjärna sex.

Sondre Gravir: Compared to a very strong quarter also last year, we see that revenues are up 7% currency adjusted, mainly lifted by average revenue per member, which is up 6% currency adjusted, 1% volume growth. The ARPM is up driven both by price increases and improved product mix in the sales of new membership. We see that EBITDA is increasing with 18%, 23% currency adjusted, and a margin expansion of 2 percentage points as growth stayed for cost on 4% currency adjusted. We deliver a net profit of NOK 196 million for the quarter, which is NOK 1 per share, free cash flow of 602 million last 12 months. If you look at then the last 12 months earnings per share, it is at 2.62. The board has also concluded to propose a dividend of 0.72 per share for H1 2026.

Speaker #4: Going to a very strong quarter also last year, we see that revenues are up 7%, currency adjusted, mainly lifted by average revenue per member, which is up 6%, currency adjusted.

Speaker #4: We have 1% volume growth. RPM is up, driven both by price increases and an improved product mix in the sales of new memberships. We see that EBITDA is increasing by 18%, or 23% currency adjusted.

Speaker #4: And margin expansion of 2% as growth stayed, with cost on 4% currency-adjusted. So we deliver a net profit of NOK 196 million for the quarter, which is NOK 1 per share.

Speaker #4: Free cash flow of 602 million in the last 12 months. And if you look at the last 12 months' earnings per share, it's at 2.62. The Board has also concluded to propose a dividend of 0.72 per share.

Speaker #4: For the first half of 2026, and if you combine that with the total gross share buyback we have done in the period—which is NOK 318 million—the total payout ratio for the first half of 2026 will be 152%.

Sondre Gravir: If you are combining that with the total gross share buyback we have done in the period, which is NOK 318 million, the total payout ratio for H1 2026 will be 152%. We also reiterated our guidance from the Capital Markets Day last year in the presentation today about our ambition for expansion going forward. We have a balance sheet which will handle both shareholder distribution and balanced expansion. We reiterated the planned growth of 8 to 12 new clubs per year, even though in this, as you see out of Q2, we see a net decline of 3 clubs compared to last year because we have decided to exit a couple of clubs and it takes a little bit of time to ramp up the club expansion.

Speaker #4: Then we also reiterated our guidance from the Capital Markets Day last year. In the presentation today, regarding our ambition for expansion going forward, we have a balance sheet which will handle both shareholder distribution and balanced expansion.

Speaker #4: So we reiterated the planned growth of 8 to 12 new clubs per year, even though, as you see out of Q2, we see a net decline of 3 clubs compared to last year.

Speaker #4: Because we have decided to exit a couple of clubs, and it takes a little bit of time to ramp up the club expansion, but we have now signed and committed to 13 new locations, which we are very happy about, with strong locations through 2028.

Sondre Gravir: We have signed now committed 30 new locations, which we are very happy about, with strong locations through 2028, and there will be more to follow. We reiterate the guidance on 8 to 12 new clubs. Also the fact that we prioritize great locations and quality above quantity. We see that the pipeline is ramping up. Overall, a quarter which we are happy with the development and I would say fully aligned and according to expectations and the plan we laid out at the Capital Markets Day last year. With that I think we are open up for questions. Please go ahead.

Speaker #4: And there will be more to follow. So we reiterate the guidance on 8 to 12 new clubs, and also the fact that we prioritize great locations and quality above quantity.

Speaker #4: So, but we see that the pipeline is ramping up, so overall a quarter which we are happy with the development. And I would say fully aligned and according to expectations and the plan we laid out at the Capital Markets Day last year.

Speaker #4: So with that, I think we are open for questions. So please go ahead.

Speaker #3: Håkon Tuglu.

Stine Klund: Håkon Trygg.

Speaker #2: Thank you. For taking my question. I just see that you're writing in the report that you're talking about. High quality or M&A opportunities or say what do you define as sort of high quality opportunities for you?

Håkon Trygg: Thank you for taking my question. I just see that you are writing in the report that you are talking about high quality M&A opportunities. What do you define as high quality opportunities for you?

[Analyst 2]: Thank you for taking my question. I just see that you are writing in the report that you are talking about high quality M&A opportunities. What do you define as high quality opportunities for you?

Speaker #4: So we as long as there are locations that would extend and strengthen our current clusters, we have done if you look over the last or over the last years, we have done some infill acquisitions that have been very good for us in terms of strengthening the member offering in our current clusters.

Sondre Gravir: As long as there are locations that would extend and strengthen our current clusters. If you look over the last years, we have done some infill acquisitions that have been very good for us in terms of strengthening the member offering in our current clusters. These type of infill acquisitions would also be interesting going forward. There is nothing new in our plans and communication here. We have always said that if there are relevant and interesting opportunities on the M&A side, we will pursue them. These things sometimes turn out positive and sometimes not. As you also know, there are not that many big, interesting, and relevant M&A opportunities in the Nordics, but there are a few. There are some smaller infill opportunities.

Speaker #4: And these types of infill acquisitions would also be interesting going forward. There's nothing new in our plans and communication here. We have always said that, if there are relevant and interesting opportunities on the M&A side, we will pursue them.

Speaker #4: And then, you know, these things—sometimes it turns out positive, and sometimes not. But, as you also know, there are not that many big, interesting, and relevant M&A opportunities in the Nordics, but there are a few.

Speaker #4: But there are some smaller infill opportunities.

Speaker #2: And are you finding those opportunities in Norway, or is that more towards the Swedish market?

Håkon Trygg: Are you finding those opportunities in Norway or are they more towards the Swedish market?

[Analyst 2]: Are you finding those opportunities in Norway or are they more towards the Swedish market?

Speaker #4: No, those opportunities are in all markets, I would say. Historically, we have mostly done infill acquisitions in Norway and Sweden, but this could also be relevant in the other markets.

Sondre Gravir: Those opportunities are in all markets, I would say. Historically, we have mostly done infill acquisitions in Norway and Sweden. This could also be relevant in the other markets.

Speaker #2: Thank you. And I also have a question here on the growing pipeline, which is nice to see. Could you sort of define how that pipeline is growing?

Håkon Trygg: Thank you. I also have a question here on the growing pipeline, which is nice to see. Could you sort of define how that pipeline is growing, are you seeing opportunities there in existing clusters, or are we looking towards new clusters?

[Analyst 2]: Thank you. I also have a question here on the growing pipeline, which is nice to see. Could you sort of define how that pipeline is growing, are you seeing opportunities there in existing clusters, or are we looking towards new clusters?

Speaker #2: Is that—are you seeing opportunities there in existing clusters, or are we looking towards new clusters?

Speaker #4: So far, the main growth in the pipeline is in existing clusters.

Sondre Gravir: So far, the main growth in the pipeline is in existing clusters.

Speaker #2: And the majority of that pipeline is currently in Norway. How do you see the opportunities in Sweden? Has that developed more in favor?

Håkon Trygg: The majority of that pipeline is currently in Norway. How do you see the opportunities in Sweden? Has that developed more in favor?

[Analyst 2]: The majority of that pipeline is currently in Norway. How do you see the opportunities in Sweden? Has that developed more in favor?

Speaker #4: So, as I also said in the presentation today, we have several locations where we are in positive, I would say, and close dialogue. This pipeline that we report on is just signed, committed locations.

Sondre Gravir: As I also said in the presentation today, we have several locations where we are in positive, I would say, and close dialogue. This pipeline that we report on is just the signed, committed locations. There will be more locations and also in Sweden.

Speaker #4: There will be more locations, and also in Sweden.

Speaker #2: Okay, thank you. That was all from me.

Håkon Trygg: Okay. Thank you. That is all from me.

[Analyst 2]: Okay. Thank you. That is all from me.

Speaker #3: Thank you, Håkon. Let's go to Ole Martin Vestvår.

Stine Klund: Thank you, Håkon. Let's go to Ole Martin Vestor.

Speaker #2: Hi, and thank you for taking my questions. First, just a follow-up on the store pipeline, or club pipeline as you call it. It looks quite light for Sweden for 2027.

Ole Martin Vestor: Hi, and thank you for taking my questions. First, just to follow up on the store pipeline or club pipeline, as you call it. It looks quite light for Sweden for 2027. Given the opportunities that you see out there now, is it realistic that you can open several clubs next year, or should we start to think that the pipeline will improve from 2028?

[Analyst 1]: Hi, and thank you for taking my questions. First, just to follow up on the store pipeline or club pipeline, as you call it. It looks quite light for Sweden for 2027. Given the opportunities that you see out there now, is it realistic that you can open several clubs next year, or should we start to think that the pipeline will improve from 2028?

Speaker #2: Given the opportunities that you see out there now, you know, is it realistic that you can open several clubs next year, or should we start to think that the pipeline will improve from 2028?

Speaker #4: For it will mainly be towards if any, it will mainly be towards the end of next year when it comes to greenfield locations. And then more in 2028.

Sondre Gravir: If any, it will mainly be towards the end of 2025 when it comes to greenfield locations, then more in 2028. It takes time with the greenfield locations. Then, of course, infill acquisitions is something else, but for greenfields, it will be more towards the end of the year if they are not signed already.

Speaker #4: It takes time with the greenfield locations, and then, of course, infill acquisitions are something else. But for greenfields, it will be more towards the end of the year, if they're not signed already.

Speaker #2: Yeah. So, 2026 and 2027 should be more or less considered as what you see on the screen here. And then for 2028, that can improve.

Ole Martin Vestor: Yeah. 2026 and 2027 should be more or less consider what you see on the screen here, and then for 2028 can improve.

[Analyst 1]: Yeah. 2026 and 2027 should be more or less consider what you see on the screen here, and then for 2028 can improve.

Speaker #3: 2027 can still improve somewhat with the dialogues that are currently ongoing, which are not part of what you showed today. So it's not the final 2027.

Sondre Gravir: 2027 can still improve somewhat with the dialogues that are currently ongoing, which is not part of what we showed today.

Cecilie Elde: 2027 can still improve somewhat with the dialogues that are currently ongoing, which is not part of what we showed today.

Ole Martin Vestor: Yeah.

[Analyst 1]: Yeah.

Sondre Gravir: It is not the final 2027 number.

Cecilie Elde: It is not the final 2027 number.

Speaker #2: And just to continue on with Sweden, what do you see from competition, and if you can make some comments on the competitive landscape there?

Ole Martin Vestor: And just to continue on with Sweden. What do you see from competition, and can you make some comments on the competitive landscape there? There was a lot of speculation on highest level of club openings among peers. Have you seen anything of it? Can you give some color on that?

[Analyst 1]: And just to continue on with Sweden. What do you see from competition, and can you make some comments on the competitive landscape there? There was a lot of speculation on highest level of club openings among peers. Have you seen anything of it? Can you give some color on that?

Speaker #2: There was a lot of speculation on the highest level of club openings among peers. Have you seen anything on that? Can you give some color on that?

Speaker #4: Yeah. It was a yeah, it was around a year ago, actually, when you had a lot of these new speculations, as you're referring to, where there was suddenly, you know, some new guidance on very expensive plans, etc.

Sondre Gravir: Well, it was around a year ago actually, when we had a lot of these new speculations as you are referring to, where there was suddenly some new guidance on very expensive plants, et cetera. I think it is fair to say that we have not seen any major shifts in the Swedish competitive situation. As you know, we have 365 and you have STC Training Club, and you have Nordic Wellness that are all in the market, especially STC Training Club and Nordic Wellness have been aggressive on expansion historically and continue to be so. There is no major shift that has happened the last 12 months compared to what we have seen the last, I would say, 36 months. So it is a rough and hard competitive situation in Sweden as it has been constantly, I would say, since 2019, with the pause in the pandemic.

Speaker #4: I think it's fair to say that, you know, we have not seen any major shifts in the Swedish competitive situation. As you know, we have Friskis & Svettis, and you have STC, and you have Nordic Wellness that are all, you know, in the market—especially STC and Nordic Wellness, which have been aggressive on expansion.

Speaker #4: Historically, and continue to be so. But there is nothing—there's no major shift that has happened in the last 12 months compared to what we have seen in the last, I would say, 36 months.

Speaker #4: So it's a rough and hard competitive situation in Sweden, as it has been constantly, I would say, since 2019—except for a pause during the pandemic.

Speaker #4: So yes, the competitors are expanding, but I wouldn't say that there's been any major shifts lately.

Sondre Gravir: So, yes, the competitors are expanding, but I would not say that there is any major shifts lately.

Speaker #2: Okay, thank you. My question is on Denmark and the VAT changes, and how that impacts the financials or sales. Should we look at the Q2 RPM as representative of what to expect going forward? Also, could you make some comments on the cost side, and whether Q2 is what we should expect at the cost level, given that these VAT changes have some effect there as well?

Ole Martin Vestor: Okay, thank you. Then my question on Denmark and the VAT changes and how that impacts the financial shares. Should we look at the Q2 ARPM as representative of what to expect going forward? Also, Cecilie Elde, if you can make some comment on the cost side if Q2 is what we should expect on the cost level, given that these VAT changes have some effect there as well.

[Analyst 1]: Okay, thank you. Then my question on Denmark and the VAT changes and how that impacts the financial shares. Should we look at the Q2 ARPM as representative of what to expect going forward? Also, Cecilie Elde, if you can make some comment on the cost side if Q2 is what we should expect on the cost level, given that these VAT changes have some effect there as well.

Speaker #3: Yeah, it's hard to compare to last year, but the second quarter is relevant when it comes to RPM and cost growth. I think for the totality, it doesn't sort of move the needle significantly, but of course, it's important for Denmark, isolated.

Cecilie Elde: Yeah. It's hard to compare to last year. The Q2 is relevant when it comes to ARPM and cost growth. I think for the totality, it doesn't move the needle significantly, but of course, it's important for Denmark isolated. If you look at the underlying results for Denmark, it's up 20% on EBITDA. So even though we have lower revenues, we also get more deductions on the cost side, which evens out the full effect of VAT. So it's a strong underlying development in Denmark, slightly hit by VAT, but not significantly when you look at the net profit for Denmark. All in all, the Q2 is relevant to look at when it comes to the revenue profile.

Speaker #3: If you look at the underlying result for Denmark, it's up 20% on EBITDA. So, even though we have lower revenues, we also get more deductions on the cost side, which sort of evens out the full effect of VAT.

Speaker #3: So, it’s a strong underlying development in Denmark. Slightly hit by VAT, but not significantly when you look at the net profit for Denmark. So, all in all, the second quarter is relevant to look at when it comes to the revenue and cost side.

Speaker #2: Got it. Okay, thank you. And then the last one from me on the OPEX: last 12 months, 5% cost inflation, currency-adjusted. Is that the level you see going forward as well, or should we expect that to ease?

Ole Martin Vestor: Okay. Thank you. The last one from me on the OpEx. Last 12 months, 5% cost inflation currency adjusted. Is that the level you see going forward as well, or should we expect that to ease? Also, if you can make some comments on your investments in group training. I guess you know our meeting comparables where you had already quite a high level of investments in group training.

[Analyst 1]: Okay. Thank you. The last one from me on the OpEx. Last 12 months, 5% cost inflation currency adjusted. Is that the level you see going forward as well, or should we expect that to ease? Also, if you can make some comments on your investments in group training. I guess you know our meeting comparables where you had already quite a high level of investments in group training.

Speaker #2: Also, you can make some comments on your investments in group training. I guess, you know, in our meeting comparables, you had already quite a high level of investments in group training.

Speaker #3: Yeah, I think the 5% is fully in line with what we had communicated. That also includes direct cost, which is variable. So, if you take out the variable cost, we have a 4% increase in cost over the last year.

Cecilie Elde: Yeah. I think the 5% is fully in line with what we have communicated. That also includes direct cost, which is variable. So if you take out variable costs and we have a 4% increase in cost over last year, that's around the wage increase. That's including the additional investments that we do in group training. We have continued to increase group training schedules in the Q2. So costs related to that is already included in the numbers that we see right now. We will continue to monitor the load factor for group training and we will continue to increase investment where that makes sense. So I think this is still in line with what we have guided historically, and it's also in line with what we see in the coming period. It's cost improving or increasing with inflation.

Speaker #3: That's around the wage increase. That's including the additional investments that we do in group training. And we have continued to increase group training schedules in the second quarter.

Speaker #3: So costs related to that are already included in the numbers that we see right now. We will continue to sort of monitor the load factor for group training, and we will continue to increase investment where that makes sense.

Speaker #3: So, I think this is fully in line with what we have guided historically, and it's also in line with what we see in the coming period.

Speaker #3: Our costs are improving or increasing with inflation. Wages are, of course, a big part of our cost base—about a third of our total costs—and that will increase with the general wage increases.

Cecilie Elde: Wages is of course, a big part of our cost base. It's a third of our cost base, and that will increase with the general wage increases. Other than that, we feel that we have a very disciplined approach to the cost development in general. So I think it's fairly stable.

Speaker #3: Other than that, we feel that we have a very disciplined approach to cost development in general, so I think it's fairly stable.

Speaker #2: Yeah, I can take another question if there are no other hands up there. Just on the membership base—it was, you know, down somewhat unseasonally this quarter.

Ole Martin Vestor: I can take another question if there is no other hands up there. Just on the membership base, it was down somewhat unseasonally this quarter, in line with your expectations. Should we expect normal seasonality in the coming quarters, or if you can make some comments on your campaign activity and how that is relative to last year.

[Analyst 1]: I can take another question if there is no other hands up there. Just on the membership base, it was down somewhat unseasonally this quarter, in line with your expectations. Should we expect normal seasonality in the coming quarters, or if you can make some comments on your campaign activity and how that is relative to last year.

Speaker #2: And in line with your expectations, should we expect normal seasonality in the coming quarters? Also, could you make some comments on your campaign activity and how that compares to last year?

Speaker #3: I think, in general, it's good to look at a longer period than just the quarters because, as you said, we can have different types of campaigns and intensity in our campaigning affecting the member intake.

Cecilie Elde: I think in general, I think it is good to look at the longer period than just the quarters because, as you said, we can have different type of campaign and intensity in our campaigning affecting the member intake. This quarter was according to our expectations and what we flagged last quarter. So there is nothing underlying happening with churn other than the campaign effect from last year. When it comes to the H2 of this year, we expect it to be fairly normal, but it is too early to say anything about this quarter in general.

Speaker #3: This quarter was according to our expectations and what we flagged last quarter. So, there's nothing underlying happening with churn other than the campaign effect from last year.

Speaker #3: When it comes to the second half of this year, we expect it to be fairly normal, but it's too early to say anything about this quarter in general.

Speaker #3: So yeah.

Speaker #2: Okay. Thank you so much.

Ole Martin Vestor: Okay. Thank you so much.

[Analyst 1]: Okay. Thank you so much.

Speaker #3: Thank you. Over to Petter Nyström.

Stine Klund: Thank you. Over to Petter Nyström.

Speaker #2: Yeah, thanks. So, one follow-up question from Ole Martin there on prices and churn. You know, 1% growth in Q2. How do you see the potential to drive further RPA growth through pricing and upselling without impacting the churn?

Petter Nyström: Yeah. Thanks. One follow-up question from Ole Martin Vestor there on prices and churn. 1% growth in Q2, how do you see the potentiality to drive further output growth through pricing and upselling without impacting the churn? Just to follow up on that, I assume there are some differences also across the markets you operate. So some insight of that would also be great. Thank you.

[Analyst 3]: Yeah. Thanks. One follow-up question from Ole Martin Vestor there on prices and churn. 1% growth in Q2, how do you see the potentiality to drive further output growth through pricing and upselling without impacting the churn? Just to follow up on that, I assume there are some differences also across the markets you operate. So some insight of that would also be great. Thank you.

Speaker #2: And just to follow up. Just to follow up on that, you know, I assume there are some differences also across the markets you operate, some inside of that would also be great.

Speaker #2: Thank you.

Speaker #3: I think we need to mute that question, or should I repeat it? I think I got most of it. I think, in general, we see that pricing is improving according to, of course, the price adjustments that we do, but also just the turn of the member base.

Cecilie Elde: I think we need to mute.

Petter Nyström: Yeah. Did you catch that question, or should I repeat it?

[Analyst 3]: Yeah. Did you catch that question, or should I repeat it?

Cecilie Elde: I think I got the most of it. I think in general, we see that pricing is improving according to, of course, the price adjustments that we do, but the churn of the member base, meaning that our members are coming in at a higher level than the base in general. That has a positive effect on margin. We also see that members choose group training to a larger extent now than previously. That also expands the pricing. Going forward, this is something we monitor, of course, when we look at our price adjustments, making sure that we have a balanced approach to how this affects churn over time. But we see that we have been able to increase prices without affecting churn more at least than what we expect when we do this kind of price adjustment.

Speaker #3: This means that our members are coming in at a higher level than the base in general. That has a positive effect on the market. We also see that members are choosing group training to a larger extent now than previously.

Speaker #3: That also expands the pricing. Going forward, this is something we monitor, of course, when we look at our price adjustments, making sure that we have a balanced approach to how this affects churn over time.

Speaker #3: But we see that we have been able to increase prices without affecting churn more—at least not more than what we expect when we do this kind of price adjustment.

Speaker #3: So, we believe that there's still room for improvement, both in volume and in our pricing going forward.

Cecilie Elde: We believe that there is still room for improvement, both in volume but also in our pricing going forward.

Speaker #2: And is it possible to say something about the different markets there? You operate in, I assume there are some, call it, regional differences between the markets.

Petter Nyström: Is it possible to say something about the different markets you operate in? I assume there are some, call it regional differences between the markets.

[Analyst 3]: Is it possible to say something about the different markets you operate in? I assume there are some, call it regional differences between the markets.

Speaker #3: Yes, there are regional differences. I think we see that we have expanded or increased the prices more in the Norwegian market, but we also see a positive lift in Denmark, where our pricing is the lowest.

Cecilie Elde: Yes, there are regional differences. I think we see that we have expanded or increased the prices more in the Norwegian market. But we see a positive lift also in Denmark, where our pricing is the lowest, and we are focusing significantly on getting the product offering and broadening the product offering to defend the price increases that we do there. Of course, there is, as Sondre mentioned around the Swedish markets, the competition is intense. So we are monitoring this on a market-by-market level and trying to optimize what we think is possible to take out in the different markets.

Speaker #3: And we're focusing significantly on getting the product offering right and broadening the product offering to help defend the price increases that we implement.

Speaker #3: Of course, as Sandra mentioned, around the Swedish market the competition is intense. So, we are monitoring this on a market-by-market level and trying to sort of optimize what we think is possible to take out in the different markets.

Speaker #2: Thank you. I'll jump back in. Thank you.

Petter Nyström: Thank you. I will jump back in. Thank you.

[Analyst 3]: Thank you. I will jump back in. Thank you.

Speaker #3: Thank you, Petter. Any other questions? No? Then I think we will round off. Thank you for joining this Q&A. Have a nice day. Thank you.

Cecilie Elde: Thank you, Petter. Any other questions? No? Then I think we will round off. Thank you for joining this Q&A. Have a nice day.

Ole Martin Vestor: Thank you.

[Analyst 1]: Thank you.

Cecilie Elde: Thank you.

Speaker #1: Have a great Friday. Bye-bye.

Petter Nyström: Have a great day. Bye-bye.

Sondre Gravir: Have a great day. Bye-bye.

Speaker #2: Thank you.

Ole Martin Vestor: Thank you.

[Analyst 1]: Thank you.

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Q2 2026 Sats ASA Earnings Call - Q&A

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