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2 2 1) Before IFRS 16 and EO items 31010 11 4 2 13 7 2 5 4 11 Greater Helsinki Greater Stockholm Greater Oslo 28 73 68 22 119 clubs and 339 000 members 95 clubs and 250 000 members 31 clubs and 69 000 members 28 clubs and 82 000 members Greater Copenhagen
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3 3 1) Before IFRS 16 Clear strategic focus on the core reaffirmed at the CMD in May. Mid-term EBITDA1 ambition of NOK 1.1 billion, with improvements expected to unfold gradually over time, reflecting a steady progression toward the target Continued momentum in club activity highlights the appeal of the offering, with the increase driven by the group training offering Revenues grew by 10% to NOK 1 393 million in the quarter, while EBIT before IFRS 16 was lifted by 35% to NOK 215 million Distributing dividend of 50% of H1 2025 net profit, equal to NOK 0.63 per share and a total payout of NOK 127 million. Combined with share buybacks, this brings H1 2025 capital return well above our 50% minimum target Successfully achieved the NOK 800 million EBITDA1 ambition LTM - a key milestone reached in under three years from the 2022 CMD
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4 4 • The increase in # of group training workouts at 9% exceeding the increase in # of classes at 7% • The investments in the group training product over the past few years yields results though more workouts as well as higher share of group training members • Through years of experience, we have created a group training setup that is difficult to replicate • The activity level keep growing due to both member growth and higher activity level per member • Active members are happy members who stay longer • Slight negative Easter effect compared to Q2 2024
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5 5 • Senior members increasingly active, indicating relevance across life stages and signals that product and messaging resonate across age groups • Positive indicator of health awareness and inclusive brand positioning • The younger generations tend to keep their fitness habits when moving up the age ladder, leading to a clear generation effect as they replace older generations • Growth in the youth and senior segment improves capacity utilization throughout the day ≤ ≥
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6 6 Rolling out popular group training concepts Replacing worn equipment Adding more equipment Improving layout and flow Upgrading look and feel Downsizing (if too much space and high rent) Re-negotiating lease agreements
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7 7 • Using existing equipment and facilities to offer a rapidly growing concept • Hyrox is a global functional fitness trend, and a race comprised of eight workout stations, broken up with a 1K run between each • Running program and group classes designed to prepare participants for upcoming races • Building on the surge in running • Continuing to roll out newly launched concepts • Strong member interest in yoga and Pilates reflects broader wellness trends
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8 8 • Proven uplift from previous class schedule expansion reinforces confidence in continued growth potential • Autumn schedule set to expand by 16% in total class hours compared to last year • Higher percentage growth in Sweden, Finland, and Denmark, reflecting the fact that Norway is further ahead in the growth curve +16%
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9 9 • Stepping up efforts in the strategically important corporate segment • Proven impact on partner companies’ employee engagement and retention • Launching the initiative "The Workout Hour“ to promote workouts as a part of the work week • Campaign with a clear message to employers, leaders, and policymakers: investing in physical activity pays off for individuals, workplace culture, and society • Simple yet high-impact concept aimed at lowering the threshold for getting started, freeing up time, and fostering a workplace culture where movement is valued • Opportunity to position SATS as a partner of choice for corporate wellbeing
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10 10 1) Before IFRS 16. Changes are presented on a currency -adjusted basis Increased activity More satisfied members Stronger retention and ARPM Improved financial performance Higher product investments
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12 12 1) Before IFRS 16 2) Net debt to EBITDA before IFRS 16 3) Free cash flow in Q2 2024 positively affected by timing of payments related to quarterly rent (NOK 85 million)
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13 13 • Total members up 3% year-over-year, adding 19 000 members since Q2 2024 • The net decline of members in Q2 is consistent with historical second quarter trends, due to lower activity levels during spring and summer • Members per sqm up 4%, reflecting continued portfolio optimization and better space utilization
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14 14 • Total revenues lifted by 8% y/y (currency adjusted), following effective pricing initiatives and steady membership growth • Membership revenues remain the dominant contributor to total revenues, reflecting a healthy and loyal member base • Membership revenues rose on both higher prices and a larger active member base • Membership yield strengthened through structured price adjustments, ongoing product enhancements, and stronger uptake of premium products • Other yield growth supported by higher uptake in both personal training, retail and ancillary service
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15 15 • Club operating costs up 3% (currency adjusted), reflecting effective cost control • Continuing to improve the product offering, with 7% more group training classes than the same quarter last year, delivering measurable improvements in churn and upsell performance • Energy cost stability secured through extended hedging agreements to 2027, with reduced hedge ratios in the later years for flexibility • Overhead costs in Q2 2024 positively affected by a one-off, and excluding this, overhead increased by 6% year-over- year (currency adjusted), in line with wage increases and targeted investments • Forward cost outlook affected by price changes on key input factors and wage adjustments from local agreements, combined with ongoing targeted investments in member experience and product quality
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17 17 • Investment levels returned to target level of 5% of revenues after significant club upgrades and equipment purchases to support further growth and value proposition towards members • Maintaining strict investment discipline remains a priority, and we take a structured approach to prioritizing investments based on club quality, competition, and cluster strategy, ensuring high-return investments and optimal space and equipment utilization Oslo (Fresh Fitness) Q2 2025 Helsinki Q3 2025 Larvik (Fresh Fitness) Q4 2025/Q1 2026 Oslo 2026 2x Oslo 2027 Copenhagen Q2 2025 • One club opening and one closure in the quarter • Actively scouting locations in key clusters and major Nordic cities, targeting a run-rate of 8-12 new clubs per year
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18 18 • Underlying strong cash generating capability, supporting expansion and further shareholder distributions • Negative impact from working capital in the quarter reflects the seasonal settlement of deferred liabilities, mainly related to holiday pay in Norway • The tax payments reflects improved profitability in recent years, as previously communicated • Maintenance capex temporarily above the target of 5% of revenues LTM due to timing effects • Please note: Timing of quarterly rent payments provided a NOK 85 million working capital benefit in Q2 2024, reversed in Q3 2024
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19 19 1) Net debt to EBITDA before IFRS 16 • Maintained a strong liquidity position, despite ongoing share buyback programs in recent quarters • Continued deleveraging, with leverage ratio now slightly below the target range • Extended the revolving credit facility by one year, moving full maturity to July 2028, with an additional one-year extension option available
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20 20 Keep leverage in the lower end of the communicated target range of 1.5x-2.0x net debt to EBITDA Return >50% of annual net profit via a combination of semi-annual dividends and periodic share buybacks • Distributing 50% of H1 2025 net profit as dividend, as previously communicated • Dividend per share of NOK 0.63 and a total payout of NOK 127 million • NOK 100 million share buyback program completed in Q1 2025, including an allocation to the share incentive program • 1 million shares cancelled • New NOK 100 million buyback program initiated in Q2 2025 • All repurchased shares expected to be cancelled • Total share buybacks YTD: 4.3 million shares repurchased at a total consideration of NOK 136.7 million
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22 22 22 1) EBITDA before IFRS 16 Delivering on our long-term target of distributing at least 50% of net profit through dividends and share buybacks, with 2025 capital returns set to materially exceed this threshold Clear strategic focus on the core, continuing the accelerating positive performance cycle, supported by: • Investments in improved product offering, through club optimizations and innovation of training content • Consistent prioritization of operational execution and efficiency Mid-term EBITDA1 ambition of NOK 1.1 billion, with improvements expected to unfold gradually over time, reflecting a steady progression toward the target Disciplined CAPEX decisions; increasing club capacity in existing footprint improving return per square meter, strengthening the product offering and building the pipeline to deliver on a moderate club expansion with 8-12 new club openings per year
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24 24 This report includes forward-looking statements which are based on our current expectations and projections about future events. Statements herein, other than statements of historical facts, regarding future events or prospects, are forward-looking statements. All such statements are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. As a result, you should not place undue reliance on these forward- looking statements. The Group reports its financial results in accordance with accounting principles IFRS as issued by the IASB and as endorsed by the EU. However, management believes that certain alternative performance measures (APMs) provide management and other users with additional meaningful financial information that should be considered when assessing the Group’s ongoing performance. These APMs are non-IFRS financial measures, and should not be viewed as a substitute for any IFRS financial measure. Management, the board of directors and the long term lenders regularly uses supplemental APMs to understand, manage and evaluate the business and its operations. These APMs are among the factors used in planning for and forecasting future periods, including assessment of financial covenants compliance.
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29 29 Property, plant and equipment 835 0 835 Right-of use assets 4 765 4 765 0 Deferred tax assets 136 76 60 Prepaid expenses and accrued income 249 -100 349 Total assets 9 450 4 741 4 708 Equity 1 501 -386 1 886 Non-current lease liability 4 191 4 191 0 Current lease liability 975 975 0 Other current liabilities 308 -39 346 Total liabilities 7 949 5 127 2 822 Revenue 1 393 0 1 393 Cost of goods sold -36 0 -36 Personnel expenses -491 0 -491 Other operating expenses -287 310 -597 Depreciation and amortization -306 -251 -55 Impairment of assets held for sale 0 0 0 Operating profit 274 59 215 Net financial items -68 -63 -4 Profit/loss before tax 206 -4 210
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30 30 Average number of members per club Outgoing member base divided by outgoing number of clubs Average revenue per member (ARPM) Calculated as monthly total revenue divided by the average member base Capex: Expansion capital expenditures The sum of investments related to acquisitions and greenfields, as well as capex related to the perfect club initiative and digital expansion Capex: Upgrades and maintenance capital expenditures Club upgrades and maintenance and IT capital expenditures Cash conversion Operating cash flow divided by EBITDA before impact of IFRS 16 Country EBITDA before impact of IFRS 16 EBITDA before impact of IFRS 16 less allocation of Group overhead and cost allocations EBIT before impact of IFRS 16 EBIT adjusted for the impact of implementation of the IFRS 16 lease standard EBITDA Profit/(loss) before net financial items, income tax expense, depreciation and amortization EBITDA before impact of IFRS 16 EBITDA adjusted for the impact of implementation of the IFRS 16 lease standard Group overhead Consists of group services such as commercial functions, IT, finance and administration Leverage ratio Net debt divided by last twelve months EBITDA before impact of IFRS 16 Member base Number of members, including frozen memberships, excluding free memberships Operating cash flow EBITDA before impact of IFRS 16 less upgrades and maintenance capital expenditures and working capital Other yield Calculated as monthly other revenue in the period, divided by the average member base Total overhead The sum of country overhead and group overhead Underlying operating cash flow Operating cash flow less expansion capital expenditures Yield Calculated as monthly member revenue in the period, divided by the average member base
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31 31 EBITDA before impact of IFRS16 Profit before tax Depreciation, amortization and impairment Net financial items Installments on lease liabilities Interests on lease liabilities Maintenance capex Purchase of property, plant and equipment (contains both maintenance capex and expansion capex) Working capital Change in inventory Change in accounts receivables Change in trade payables Change in other receivables and accruals Expansion capex Purchase of property, plant and equipment (contains both maintenance capex and expansion capex) Proceeds from property, plant and equipment Acquisition of subsidiary, net of cash acquired Interest and tax Taxes paid in the period Paid interests on borrowings Other Gain/loss from disposal or sale of equipment Cash flow items not included in free cash flow Loan to related parties Repayments of borrowings Proceeds from borrowings Proceeds from issues of shares Proceeds from sale of own shares Transaction costs from issues of new shares Other financial items
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33 33 3 4 5 2 Clear market leader with strategic strongholds in key capital cities 1 Operating in a growing market, supported by a powerful health and wellness megatrend Superior member value proposition and high entry barriers enabled by scale Strong financial performance and track record delivered by an experienced team Significant growth potential in core business, adjacent products, and new geographies
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34 34 Our club network is strategically positioned in the most attractive and rapidly growing urban areas across the Nordics The fitness industry is supported by multiple reinforcing consumer trends – from increased health awareness to digitalization – and fitness clubs remain the preferred arena for working out Younger generations are more fitness-oriented and tend to maintain these habits as they age, driving long-term structural growth for the industry Physical inactivity is one of the major public health issues globally, highlighting both the responsibility and the potential impact of the fitness industry The fitness industry has historically shown strong resilience to economic fluctuations, supported by loyal members and long-term lifestyle trends
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35 35 1) As measured by revenue • Largest fitness club chain in the Nordics1 • Particularly strong position in the key urban clusters • Extensive and accessible club network • Strong value proposition and wide offering 31010 11 4 2 13 7 2 5 4 11 Greater Helsinki Greater Stockholm Greater Oslo 28 73 68 22 119 clubs and 339 000 members 95 clubs and 250 000 members 31 clubs and 69 000 members 28 clubs and 82 000 members Greater Copenhagen
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36 36 1) Mean of reported median income levels in 2023 for capital areas versus country total across all the four Nordic countries Share of clubs by location type Population per km2 ; 2024 Population share by age; 2024; percent Median income levels; Indexed to 1001 High population density enable us to utilize scale of support functions Significantly better located clubs than competitors in the capitals, with most clubs close to the largest hubs
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37 37 Physiotherapy and sports massage to keep your training on track Let your child be taken good care of in a safe environment while you work out Strong digital offering with famous and high-quality instructors Energy and support from a strong community of SATS employees and members Manned reception welcoming and helping members with a well- equipped retail area Well-equipped fitness floor with the broadest equipment mix in the Nordics Personal guidance and training programs to members on the fitness floor Wide offering of group training classes enabling members to find a class that is right for them
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38 38 Examples • The young segment works out in the afternoon, but with a longer evening peak • Adults work out in the morning, lunch and after work • Seniors often work out in the late morning Morning peak from working adult members Senior peak with senior classes Early afternoon peak from younger members Lunch peak with all ages Wide offering of group training expands peak capacity
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39 39 2% – 5% 5% – 15% 15%+ • Our strong club clusters create a unique training offering and a barrier to entry, especially in central areas • Members get a unique option to workout where they live, work and travel • Differentiated product offerings on clubs give members access to a wide product offering including fitness floor, HIIT, Hot Yoga, Indoor running, Cycling, Sauna, Childcare and more Share of members in capital cities using more than one club % of all SATS members with minimum 10 workouts during 2024
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40 • Welcoming staff greeting members with a smile • Sales guiding ensures the best membership and onboarding for all new members • Support for all questions • Manned retail shop • Clean and tidy wardrobes from frequent cleaning rounds • Ensures a safe environment • Quickly fixing and reporting issues and damages • Organized and tidy fitness floor from frequent “club resets” • Quick fixing and reporting of equipment issues ensures member satisfaction and efficient SQM utilization • Instructors create a high-energy and enjoyable environment that keeps members coming back • Manned group training creates a community and accountability to establish lasting training habits • Highly educated PTs ensures motivation and guiding for optimal progress and training results • PTs ensure a supportive and positive community on the fitness floor • Welcoming club atmosphere • Safe environment • Emergency response from staff trained in CPR All governed by our common operating model ensuring consistent high standard 40
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41 41 Reduced member base churn, full year 2024 vs. 2019: Passive share reduction, Mar. 2024 vs. Mar. 2019 Increase in workouts, full year 2024 vs. 2019 NPS increase, Mar. 2024 vs. Mar. 2019
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42 42 Attractive business model with a strong market position High visibility subscription model and diversified revenue stream supported by a large member base Diversified revenue structure with ~20% contribution from other revenue Broad geographic exposure to stable Nordic countries Continued volume growth across portfolio Positive momentum in yield and track record in driving other revenue Solid member loyalty with churn rates below industry average Historically shown double-digit EBITDA growth enhanced by operating leverage Revenue growth in mature clubs has high drop-through to EBITDA Profitable and efficient club operations Well-invested local and central overhead and IT backbone Value creation potential in lifting newest clubs to SATS standard Maintenance and expansion capex discipline Flexibility to both reinvest in future growth and return excess capital to shareholders via a combination of dividend and buyback of shares
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43 43 NOK million NOK million NOK million 1) EBITDA before IFRS 16
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44 44 • Key focus on attracting new members and keeping existing members active • Still high capacity in the established club portfolio • Driving ARPM growth through yield management and increased revenues from improved product mix • Further growth in personal training, physiotherapy and retail • Manage cost - club and overhead discipline • Scalability to exploit due to operational leverage with high drop-through of incremental revenue • Further expansion of adjacent products, services and partnerships by leveraging the strong SATS brand • Continued club expansion • The Nordic fitness market is still highly fragmented, with attractive targets for in-fill acquisitions
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45 45 MNOK This illustration of future potential does not relate to any specific time frame and should not be taken as a profit forecast in any way 1) Before IFRS 16 • The current club portfolio still has significant financial upside driven by both volume growth and ARPM improvements • We have a proven track record of unlocking value by working strategically on a club-by-club basis to drive performance improvements • By prioritizing high-potential clubs and implementing targeted initiatives, we aim for a mid-term EBITDA1 of NOK 1.1 billion
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46 46 Margin% %
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47 47 1) Before IFRS 16 Continuous investments in the club portfolio to maintain an outstanding member experience and increase club capacity. Additionally, we invest in the digital infrastructure that enables club operations and a friction free member journey Maintenance CAPEX of 5% of revenues Conservative approach to leverage, targeting a net debt to EBITDA1 ratio at the lower end of the 1.5x to 2.0x range Prioritize maintaining a robust balance sheet and strong liquidity position to ensure financial stability and flexibility Leverage1 ratio ranging from 1.5-2.0x Semi-annual dividends Periodic share buybacks Long-term shareholder value is delivered through a disciplined and balanced capital allocation strategy. Excess capital returned to shareholders, while considering long-term financial robustness, growth opportunities and strategic initiatives We aim to return at least 50% of annual net profit via a combination of semi-annual dividends and periodic share buybacks Expected to average 8- 12 yearly club openings, depending on the attractiveness of acquisition targets and greenfield locations Investing in high- returning growth opportunities
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48 48 SATS has delivered on all key actions outlined at the 2022 CMD– and the outlook for continued growth remains strong 1) Before IFRS 16 Clear market leader in a growing market, supported by a powerful health and wellness megatrend Superior product offering driven by extensive clusters, prime locations, market-leading group training, high- quality fitness floor and competent employees Modern technology and data platform enabling engaging digital member products, operational excellence and strong data-driven decision-making • Mid-term EBITDA1 ambition of NOK 1.1 billion • High cash conversion of 55% • Maintenance capex at ~5% of revenues • New club openings of ~8-12 per year • Continued solid balance sheet with leverage in the lower end of 1.5-2.0x net debt/EBITDA1 • Significant shareholder distributions of at least 50% of net profit through dividends and share buybacks