Ongoing investments in group training and member experience is leading to member growth, higher activity levels and increasing revenues at Nordic operator, SATS.

The number of workouts for the second quarter of this year are up 4 per cent on the corresponding period last year, while total revenues have risen 10 per cent to NOK 1 393 million (£101.2 million, €116.6 million, US$136 million.)

CEO, Sondre Gravir, says: “We've closed a strong second quarter, both operationally and financially. The number of workouts at our clubs continues to grow, which is the clearest testament to the appeal of our product.

“We have also reached a financial milestone, delivering on our NOK 800 million (£58.12 million, €67 million, US$78.1 million) EBITDA ambition over the past 12 months. This strong financial performance enables us to distribute SATS’ first dividend as a listed company.”

A dividend of 50 per cent of H1 2025 net profit, equal to NOK 0.63 (£0.05, €0.05, US$0.06) per share will be issued. Combined with share buybacks, this brings H1 2025 capital return well above the 50 per cent minimum target.

Gravir says there will be continued investment in the product offering and operational excellence to drive member revenues. The company unveiled its strategy to pause expansion and focus on economic improvements in February 2023. Since then it has invested in group training to drive up visits.

Norway is the largest operating segment in the company with 45 per cent of the consolidated total revenues of Q2. The member base is up 5 per cent year-on-year, which is partly due to two new clubs being opened – bringing the estate to 119 – but primarily because of an increase in members per club.

Sweden has 95 clubs – one less than last year – mainly in the Stockholm region, and contributed 35 per cent of consolidated revenues. The members base grew by 2 per cent and ARPM by 10 per cent.

Operating under the Elixia brand, the Finnish clubs represent 9 per cent of consolidated revenues. There was a reduction of three clubs, which led to a 2 per cent decline in the membership, however ARPM increased by 5 per cent and country EBITDA was up by 31 per cent.

SATS is the second largest operator in Denmark, with 28 clubs in the Copenhagen area. There was a 3 per cent reduction in clubs, but stable membership and increased ARPM led to a 10 per cent rise in total revenues.

The company says there is significant untapped potential in the existing portfolio. Going forward, space and equipment will continue to be optimised, along with more improvements to operational efficiencies in order to drive financial performance.