On releasing Q4 2024 results, SATS has said that the positive momentum of last year has continued into 2025, with elevated activity levels among its members.

Over the past year, SATS has followed the strategy of enhancing the product, especially group exercise, to increase member engagement and retention.

It has also closed a small number of sites as it fine tunes its portfolio, maintaining membership levels while decreasing costs.

CEO, Sondre Gravir, says: “The positive momentum we built throughout 2024 has carried into early 2025, as our investments in product quality and member experience continue to pay off. More active members result in higher yield and member retention, thus strengthening our financial delivery.

“Strong cash conversion enables us to keep leverage low, initiate share buybacks, pay dividend in Q3 and continue disciplined investments in increased club capacity, product offering and moderate club expansion.

“Looking ahead to 2025, we enter the year with confidence. With a strong financial foundation, a compelling product offering and a passionate team, we're excited about the opportunities ahead as we continue to make training available, fun and effective for everyone.”

Norway is the largest segment in the portfolio with 45 per cent of the consolidated total revenues in 2024. It had 332,000 members at the end of the year, which was a 2 per cent increase and closed two clubs during the year to bring the total to 117.

As the second largest segment, Sweden has 95 clubs and 248,000 members. One club was closed last year as part of portfolio optimisation. Membership remained flat but average revenue per member per month increased by 6 per cent to NOK 600 (€51, £43, $53).

In Finland, it operates under the brand Elixia and is the market leader in a fragmented market. Despite a reduction of two clubs, to 31, the membership has remained stable at 71,000.

There are 29 clubs and 82,000 members in Denmark. Although membership was down 3 per cent on 2023 levels, revenue per member was up by 10 per cent in the fourth quarter.

EBITDA before IFRS 16 was up 37 per cent in Q4 to NOK 175 million (€15m, £12.5m, US$15.5m) and 20 per cent for the full year to NOK 738 million (€63m, £52.7m, $65.5m).

During the fourth quarter, total revenues were NOK 1,311 million (€112m, £94m, US$116m) and full year revenues were NOK 5,064 million (€433m, £361.6m, $449m), an increase of 7 per cent for both periods.

Operating cash flow was NOK 180 million (€15m, £12.9m, US$16m) in the quarter and NOK 509 million (€43.5m, £36m, US$45m) in the full year.

Debt has reduced to NOK 103 million (€8.8m, £7.35m, US$9m) in Q4 2024 and a share buyback programme has been initiated.