Key highlights from the first quarter of 2024:
- Record-high first quarter total revenues of
NOK 1,294 million , driven by yield increase as a result of product improvements and price adjustments - All-time high first quarter EBITDA before IFRS 16 of
NOK 174 million , up 27 percent from Q1 2023, resulting in a Q1 EBITDA margin of 13 percent, 2 p.p. higher than in Q1 2023 - EBIT of
NOK 114 million and net profit ofNOK 77 million , up 61 and 21 percent, respectively, compared to Q1 2023 - Strong operating cash flow of 154 million and cash conversion of 88 percent, leaves room for repayment of debt,
NOK 100 million in the quarter - Continued deleveraging at a high pace, reporting a leverage ratio of 2.0x net debt to EBITDA before IFRS 16, compared to 6.7x at Q1 2023
- The total number of workouts at SATS’ clubs increased by 3 percent from all-time high Q1 2023 comparables, reaching 13 million workouts
- The average revenue per member (ARPM) increased by 7 percent compared to the same quarter last year to
NOK 588 - The member base increased by 2,000 members from Q1 2023, reaching 736,000 members
“The improved financial result is driven by strategic and continued investments in our product offering, enabling increased membership yield. We are currently observing an increased proportion of new members opting for memberships granting access to both group training sessions and a wide array of clubs, further improving our financial performance. As a result, we are pleased to report our strongest first quarter ever in terms of revenues and profitability,” says Sondre Gravir, CEO of SATS.
SATS' CEO
There will be a Q&A for investors and analysts from 10:00 to 10:30 (CET) over Microsoft Teams:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_ODZlY2Q4NTQtYTI5Ny00NGMzLThjMjgtOWIyYjAyNTE2Mjhm%40thread.v2/0?context=%7b%22Tid%22%3a%22b15a587d-acc9-4644-aa51-b56dee85c304%22%2c%22Oid%22%3a%22b58d8c1a-f3d6-4573-9f9c-efcf558ad9dd%22%7d
Please find enclosed the Q1 2024 presentation and report.
Investor Relations Contacts:
Press:
Please see the attached quarterly report for definitions and reconciliations of the Alternative Performance Measures (APMs).
The stock exchange announcement was published by
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