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1 Q3 2025 INTERIM REPORT JULY - SEPTEMBER 2025 Ceo sondre gravir Cfo Cecilie elde INVESTOR RELATIONS: STINE.KLUND@SATS.NO +47 98 69 92 59
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2 2 SATS AT A GLANCE #1 FITNESS CLUB OPERATOR IN THE NORDICS 1) Before IFRS 16 and EO items 31010 11 4 2 13 9 5 4 11 Greater Helsinki Greater Stockholm Greater Oslo 28 73 68 23 119 clubs and 347 000 members 95 clubs and 256 000 members 32 clubs and 71 000 members 28 clubs and 82 000 members Greater Copenhagen 756 000 members 118 000 DAILY workouts 1 50 0 DAILY GROUP TRAINING CLASSES 4981 5064 5165 5293 5 392 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +8% 10 000 employees REVENUES 12 MONTHS ROLLING MNOK EBIT 1 12 MONTHS ROLLING MNOK 467 525 544 600 610 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +31% EBITDA 1 12 MONTHS ROLLING MNOK 700 738 750 800 822 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +17% 274 clubs
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3 3 1) Before IFRS 16 ANOTHER STRONG QUARTER, PROGRESSING IN LINE WITH OUR COMMUNICATED MID - TERM AMBITION OF NOK 1.1 BILLION Leverage remains stable at 1.3x net debt to EBITDA1, despite NOK 127 million in dividends (NOK 0.6 per share) and NOK 40 million in share buybacks in the quarter Momentum remains strong both operationally and financially, supported by our stable, subscription-based model that ensures recurring revenues and predictable growth Member engagement continues to rise, with workouts up 7%, fueled by both 4% member growth and higher workouts per member EBITDA grew 13% year-over-year to NOK 192 million, reflecting robust operational leverage and progress in line with our mid-term ambition of NOK 1.1 billion Sweden is delivering solid results on the back of product and operational enhancements and strong local execution EBITDA 1 : +13% Vs Q3 2024 # of workouts: +7% VS Q3 2024 Country EBITDA 1 , Sweden: +19% VS Q3 2024 Leverage: 1.3 Net debt to EBITDA 1
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4 4 CONTINUED VISIT GROWTH STRENGTHENS LONG - TERM OUTLOOK AND SERVES AS A KEY LEADING INDICATOR 1) Creators of NPS, Bain & Company, suggest a score: • Above 0 is good • Above 20 is favourable • Above 50 is excellent • Abo ve 80 is world class Q3 2024 Q3 2025 7% # of workouts (mill) activity level still on the rise… …fuelled by group training Q3 2024 Q3 2025 10% # of group training workouts (mill) 1.8x Group training members stay 1.8x as long as gym-only members group training drives visit growth, loyalty and value per member 77 Group training members with NPS=77, indicating highly satisfied members1 +100 Group training members pay on average NOK 100 more than gym- only members ~ 2x A group training studio can fit ~2x as many members as a busy fitness floor
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5 5 OUR UNIQUE GROUP TRAINING PLATFORM IS HARD TO REPLICATE AND A KE Y DRIVER OF PROFITABLE GROWTH Lower costs In - house Group Training Concepts – a Triple Win Preferred by members Scalable The incremental cost of additional classes is limited to the instructor cost … ENABLING EASY AND PROFITABLE ROLL - OUT of IN - HOUSE CONCEPTS SATS’ scale enables an in-house production team to create world-class pre-choreographed classes, tailored to our members and with the ability to quickly adapt to new trends No third-party licenses or dependencies Through years of experience, SATS has built a complete in-house platform for group training, enabling faster scaling, lower costs, and stronger member engagement than any competitor In - house concepts No license fees, full creative control and fast innovation Strong instructor base 6 000 instructors and 70 master trainers, supported by ongoing recruitment and 300+ annual training courses Scalable systems Scheduling, reporting and booking tools enable rapid roll-out Our setup creates a structural advantage…
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6 6 SATS IS THE LEADING AGGREGATOR OF GROUP TRAINING IN OUR MARKETS, WITH UNMATCHED SCALE AND VARIETY 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Group training classes per hour, Oslo • Strong micro clusters within each city allow us to offer the broadest and most varied selection of training • 550 daily group training classes in Oslo in September, with 100 Indoor Running classes and 120 yoga/Pilates classes Working adult members Seniors Lunch peak School students Afternoon/evening peak Oslo example
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7 7 SWEDEN SHOWS OUR STRATEGY IN ACTION – STRONG GROUP TRAINING FOCUS DRIVING GROWTH AND PROFITABILITY • Operational improvements and stronger focus on group training are yielding clear results • Adding more group training classes drives increased workouts, leading to higher member satisfaction, longer membership duration, and higher ARPM. These effects translate directly into more members, stronger revenues, and improved profitability • The trend is now moving in the right direction, with the efforts replicated from Norway, starting to yield results 1) Currency adjusted 75 89 19% Q3 2024 20% Q3 2025 +19% (15% curr . Adj.) Total Workouts Q3 2025 vs LY Group training classes Q3 2025 vs LY Group training Workouts Q3 2025 vs LY Members Q3 2025 vs LY ARPM Q3 2025 vs LY 1 Revenues Q3 2025 vs LY 1 +8% +16% +9% +4% +3% +7% Country EBITda before IFRS 16 MNOK
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8 FINANCIAL REVIEW Q3 2025
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9 9 Q3 2025 FINANCIAL HIGHLIGHTS POSITIVE TREND FOR ALL FINANCIAL KPIS 1) Before IFRS 16 2) Excl. one-off effect related to prolonged depreciation periods for fitness equipment of NOK 11 million in Q3 2024 3) Net debt to EBITDA before IFRS 16 members +4% 756 000 leverage 3 Vs 1.7X 1 . 3 X arpm +5% 576 revenues + 8 % 1 293m ebitda 1 +1 3 % 192 m Ebit 1 + 1 8 % 2 137m Free cashflow n.a. 125m Net debt 1 - 11 % 1 087 m
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10 10 Total members ‘000 STRONG Q 3 MEMBER GROWTH DRIVEN BY CAMPAIGN PUSH Net growth ‘000 Members per sqm Q3 2024 Q3 2025 1.47 1.51 +3% 728 756 Q3 2024 Q3 2025 +28 ( +4% ) • The total member base increased by 4% year-over-year, supported by an earlier autumn campaign launch, with the main marketing push shifting from Q4 last year to Q3 this year • Net growth reached 18 000 in Q3, but we currently do not expect member development in H2 2025 to exceed last year • Club utilization continued to improve, with members per square meter up 3% from Q3 2024 9 5 H2 2024 Q3 2025 14 18 Net growth, Q3 Net growth, Q4
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11 11 Total ARPM NOK PRICE/VOLUME OPTIMIZATION RESULTS IN 7% REVENUE GROWTH Total revenues MNOK • Total revenues increased by 7% y/y (currency adjusted), reflecting successful price measures combined with solid membership growth • Continue to actively manage the trade-off between price and volume to maximize revenues • Strong campaign-driven member growth of 4% came with a temporary yield impact, while the expanding share of students, seniors, and corporate members further softened the yield growth • Our pricing strategy remains effective and will support yield improvements going forward • Other revenue growth driven by higher uptake in both personal training and retail sales 1 023 1 104 170 189 Q3 2024 Q3 2025 1 194 1 293 +8% (+7% curr . Adj.) +8% (+7% curr . Adj.) Membership revenues Other revenues 471 492 78 84 Q3 2024 Q3 2025 550 576 +4% (+3% curr . Adj.) +5% (+4% curr . Adj .) Membership yield Other yield
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12 12 • Club operating costs up 6% (currency adjusted) reflecting targeted investments to support membership growth; • Continuing to unlock untapped potential through product improvements, with a 12% increase in group training classes • Lifted marketing efforts in combination with the Q3 campaign contributed to the strong member growth • Adjusting for these factors, the underlying club operating costs increased by 4% in Q3 • Energy prices are also significantly up compared to last year, partly mitigated through hedging agreements1 Club opex & overhead M NOK TARGETED GROWTH INITIATIVES RESULTING IN SOMEWHAT ELEVATED COST LEVEL IN THE QUARTER… 1) Note that the electricity cost increase in the quarter is recorded under operating expenses, whereas the positive hedging imp act is recognized within financial income/expenses 770 826 147 158 Q3 2024 Q3 2025 917 984 7% (+ 6 % curr . Adj. ) +7% (+6% curr . Adj.) Club OPEX Overhead 107 117 Q3 2024 Q3 2025 +9% (+8% curr . Adj.) Direct cost/COGS M NOK 1 024 1 101 Q3 2024 Q3 2025 +7% (+6% curr . Adj.) Total cost M NOK
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13 13 • Club operating costs up 5% (currency adjusted) • Underlying club operating costs increased by 3%, when adjusting for targeted investments to support membership growth • Increase in group training classes • Lifted marketing efforts • 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 Club opex & overhead M NOK …WHILE FULL YEAR DEVELOPMENT REFLECTS COST DISCIPLINE, WHICH WIL L REMAIN A KEY FOCUS GOING FORWARD 2 390 2 540 430 473 YTD 2024 YTD 2025 2 820 3 013 6% (+5% curr . Adj. ) +7% (+5% curr . Adj.) Club OPEX Overhead 370 423 YTD 2024 YTD 2025 +14% (+12% curr . Adj.) Direct cost/COGS M NOK 3 190 3 435 YTD 2024 YTD 2025 +8% (+6% curr . Adj.) Total cost M NOK
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14 14 Reported EBITDA MNOK DELIVERING AN EBITDA GROWTH BEFORE IFRS 16 OF 13% EBITDA before IFRS 16 MNOK EBIT before IFRS 16 MNOK 471 502 39% 39% Q3 2024 Q3 2025 +7% EBITDA EBITDA margin 116 137 10% 11% 11 Q3 2024 Q3 2025 127 +18% EBIT before ifrs 16 Extraordinary depreciation EBIT before IFRS 16 margin 170 192 14% 15% Q3 2024 Q3 2025 +13% EBITDA before ifrs 16 EBITDA before IFRS 16 margin • The depreciation period for fitness equipment was prolonged in Q3 2024, after a review of the economic useful life for fixed assets. As a result, depreciation expenses were reduced by NOK 16 million in Q3, of which NOK 11 million were related to H1
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15 15 Upgrades and maintenance • Upgrades and maintenance capex does not only include pure maintenance, but also growth investments in the existing club portfolio, which has been and will continue to be an important growth lever • 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 capital expenditure Mnok INVESTING IN THE CLUB PORTFOLIO TO STRENGTHEN MEMBER EXPERIENCE , WHILE BUILDING A PIPELINE TO SUPPORT TARGETED CLUB GROWTH 49 75 Q3 2024 3 Q3 2025 57 79 8 Expansion Upgrades and maintenance % of YTD Revenues 5.0 % 0.2% Club expansion pipeline Helsinki Q3 2025 Larvik (Fresh Fitness) Q4 2025 Oslo 2026 2x Oslo 2027 Stockholm Q4 2025 Halmstad Q4 2025 • One club opening in the quarter • Actively scouting locations in key clusters and major Nordic cities, targeting a run-rate of 8-12 new clubs per year • Expansion pipeline built on disciplined selection, with emphasis on quality over quantity 109 203 15 YTD 2024 9 YTD 2025 124 212
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16 16 Free cash flow Q3 2025 Mnok SOLID CASH GENERATION DRIVEN BY STRONG UNDERLYING PERFORMANCE LTM Free cash flow M nok • Operating cash flow of NOK 142 million in the quarter and free cash flow of 125 million driven by strong underlying performance • Maintenance capex temporarily above the target of 5% of revenues LTM due to timing effects • LTM Operating cash flow of 568 million and cash conversion of 69% reflects our cash generating ability, supporting expansion and further shareholder distributions • The tax payments LTM reflect improved profitability in recent years, as previously communicated 192 125 25 EBITDA before IFRS 16 - 75 Maintenance capex Working capital Operating cash flow - 3 Expansion capex - 7 Interest - 7 Tax 0 Other Free cash flow 142 (74%) 822 421 104 EBITDA before IFRS 16 - 358 Maintenance capex Working capital Operating cash flow - 16 Expansion capex - 33 Interest - 96 Tax - 2 Other Free cash flow 568 (69 %)
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17 17 Liquidity position MNOK STABLE LEVERAGE IN THE QUARTER DESPITE SUBSTANTIAL SHAREHOLDER DISTRIBUTIONS 1) Net debt to EBITDA before IFRS 16 405 363 125 911 Liquidity Q2 2025 Free cash flow - 40 Share buybacks - 127 Dividend Currency effect 919 Liquidity Q3 2025 1 316 9 1 282 - 34 Undrawn RCF Cash balance Net debt and leverage ratio 1 MNOK 1 229 1 069 1 044 1 053 1 087 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1.7x 1.4x 1.4x 1.3x 1.3x • Maintained a strong liquidity position, despite ongoing share buyback programs and dividend payment, totaling NOK 167 million in the quarter • Leverage ratio currently sitting slightly below the target range of 1.5x-2.0x net debt to EBITDA1
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18 OUTLOOK
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19 19 19 OUTLOOK 1) Before IFRS 16 Well on track to deliver on our mid-term EBITDA1 ambition of NOK 1.1 billion 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 We apply discipline to both opex and capex, balancing cost control with growth investments. We target a club expansion of 8-12 new clubs per year, but with emphasis on quality over quantity Effective 1 January 2026, Denmark is set to remove VAT exemption on group training and personal training to align its practice with EU regulations. While this is expected to increase prices for Danish consumers and negatively affect public health, our current assessment suggests no material financial impact on SATS Group
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20 APPENDIX
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21 21 DISCLAIMER 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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22 22 Outgoing member base ‘000 ARPM and Yield NOK/month Total revenues MNOK Country EBITDA before impact of IFRS 16 MNOK NORWAY (SATS AND FRESH FITNESS) 468 487 76 78 Q3 2024 Q3 2025 544 566 +4% Membership yield Other yield 459 501 74 81 Q3 2024 Q3 2025 533 582 +9% Membership revenues Other revenues 161 172 30% Q3 2024 30% Q3 2025 +7% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 329 332 346 339 347 +6% Margin EBITDA
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23 23 Outgoing member base ‘000 ARPM and Yield NOK/month Total revenues MNOK Country EBITDA before impact of IFRS 16 MNOK SWEDEN 468 493 82 92 Q3 2024 Q3 2025 550 585 +7% (+3% curr . Adj. ) Membership yield Other yield 344 374 60 70 Q3 2024 Q3 2025 404 444 +10% (+7% curr . Adj.) Membership revenues Other revenues 75 89 19% Q3 2024 20% Q3 2025 +19% (+15% curr . Adj.) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 246 248 254 250 256 +4% Margin EBITDA
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24 24 Outgoing member base ‘000 ARPM and Yield NOK/month Total revenues MNOK Country EBITDA before impact of IFRS 16 MNOK FINLAND 480 491 80 84 Q3 2024 Q3 2025 560 575 +3% (+2% curr . Adj.) Membership yield Other yield 101 103 17 18 Q3 2024 Q3 2025 118 120 +2% (+2% curr . Adj.) Membership revenues Other revenues 11 12 9% Q3 2024 10% Q3 2025 +10% (+10% curr . Adj.) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 70 71 71 69 71 0% Margin EBITDA
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25 25 Outgoing member base ‘000 ARPM and Yield NOK/month Total revenues MNOK Country EBITDA before impact of IFRS 16 MNOK DENMARK 486 512 77 83 Q3 2024 Q3 2025 563 595 +6% (+5% curr . Adj.) 120 126 19 20 Q3 2024 Q3 2025 139 146 +5% (+5% curr . Adj.) Membership revenues Other revenues 7 9 5% Q3 2024 6% Q3 2025 +24% (+ 24 % curr . Adj.) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 83 82 86 82 82 - 1% Margin EBITDA Membership yield Other yield
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26 26 REPORTING UNDER IFRS 16 Amounts in NOK million Reported Q3 2025 Change IFRS 16 Excl. IFRS 16 Q3 2025 Balance sheet items - IFRS 16 Property, plant and equipment 859 0 859 Right-of use assets 4 688 4 688 0 Deferred tax assets 136 76 60 Prepaid expenses and accrued income 224 -102 326 Total assets 9 299 4 663 4 636 Equity 1 436 -386 1 822 Non-current lease liability 4 117 4 117 0 Current lease liability 970 970 0 Other current liabilities 322 -38 360 Total liabilities 7 863 5 048 2 814 Profit & loss items - IFRS 16 Revenue 1 293 0 1 293 Cost of goods sold -35 0 -35 Personnel expenses -461 0 -461 Other operating expenses -295 310 -605 Depreciation and amortization -304 -249 -55 Impairment of assets held for sale 0 0 0 Operating profit 198 61 137 Net financial items -70 -63 -7 Profit/loss before tax 128 -2 130
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27 27 DEFINITIONS Term Definition 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 Term Definition 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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28 28 RECONCILIATION OF FREE CASH FLOW BRIDGE AND CONSOLIDATED STATEMENT OF CASH FLOWS Free cashflow Consolidated statement of flows 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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29 WHY INVEST IN SATS?
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30 30 SATS KEY INVESTMENT HIGHLIGHTS 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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31 31 1. Operating in a growing market, supported by a powerful health and wellness megatrend Strong presence in high - growth regions Our club network is strategically positioned in the most attractive and rapidly growing urban areas across the Nordics Riding a health and wellness megatrend 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 Favourable generation dynamics Younger generations are more fitness-oriented and tend to maintain these habits as they age, driving long-term structural growth for the industry Addressing a global health challenge Physical inactivity is one of the major public health issues globally, highlighting both the responsibility and the potential impact of the fitness industry Proven resilience through economic cycles The fitness industry has historically shown strong resilience to economic fluctuations, supported by loyal members and long-term lifestyle trends
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32 32 2. MARKET LEADER POSITION WITH A STRONG MEMBER VALUE PROPOSITION 1) As measured by revenue #1 In the Nordics • 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 23 Greater Copenhagen 119 clubs and 347 000 members 95 clubs and 256 000 members 32 clubs and 71 000 members 28 clubs and 82 000 members
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33 33 2. WE HAVE THE STRONGEST FOOTPRINT ACROSS THE GROWING NORDIC CAPITALS 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 Nordic capitals Other 62% 38% Most SATS clubs are located in the capital areas… …with high population density,… 3 320 23 Nordic capitals Nordic average 10 11 14 16 13 13 10 13 10 12 12 14 12 13 12 16 0 - 10 yrs 10 - 20 yrs 20 - 30 yrs 30 - 40 yrs 40 - 50 yrs 50 - 60 yrs 60 - 70 yrs 70 yrs + …demographics with a strong preference for working out… …and strong income levels driving willingness to pay Population per km2 ; 2024 Population share by age; 2024; percent 114 100 Nordic capitals Nordic average Median income levels; Indexed to 1001 High population density enable us to utilize scale of support functions Nordic capitals Nordic average Significantly better located clubs than competitors in the capitals, with most clubs close to the largest hubs
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34 34 3. ONE - STOP SHOP FOR TRAINING COVERING ALL OUR MEMBERS’ TRAINING NEEDS 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 Treatments Childcare SATS ONLINE Strong community Reception and retail Fitness floor Personal Training Group Training 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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35 35 3. OUR LIFETIME COMMITMENT TO OUR MEMBERS DRIVES ACTIVITY AND ENABLES EFFICIENT CLUB UTILIZATION Younger Older BROAD CONCEPTS TARGETED MEMBERSHIPS Youth Together Senior Corporate Student Studio Training Group Training Personal Trainers TARGETED CONCEPTS Examples Senior classes Pregnancy & post - pregnancy classes Physio & rehab training MiniSATS HIIT, Reformer & Hot Yoga Our products appeal across life stages and needs Different member segments enable capacity utilization throughout the day • 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 Morning Late morning Lunch Early afternoon Senior peak with senior classes Early afternoon peak from younger members Lunch peak with all ages Afternoon/ Evening Wide offering of group training expands peak capacity
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36 36 3. OUR STRONG CLUSTERS OFFER VALUE TO OUR MEMBERS AND REPRESENT A SIGNIFICANT BARRIER TO ENTRY Visitor overlap between clubs 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 70% Share of members in capital cities using more than one club % of all SATS members with minimum 10 workouts during 2024 OSLO Stockholm We offer a superior network to our members across all key Nordic cities 70% of the members in capital cities use more than one SATS club
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37 3. OUR FANTASTIC STAFF ENSURE EXCEPTIONAL SERVICE, SUPPORT AND MOTIVATION FOR ALL MEMBERS Manned clubs ensure high - quality service and safety • 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 Entrance Wardrobe Fitness floor Group Training Personal trainers • 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 Overall • Welcoming club atmosphere • Safe environment • Emergency response from staff trained in CPR All governed by our common operating model ensuring consistent high standard 37
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38 38 3. SATS’ HIGH QUALITY VALUE PROPOSITION DRIVES MEMBER ACTIVITY A ND FINANCIAL RESULTS, WITH FURTHER ROOM FOR CONTINUED GROWTH … driving lower churn as Members who use their membership and stay active are happier and more loyal Reduced member base churn, full year 2024 vs. 2019: - 9% Passive share reduction, Mar. 2024 vs. Mar. 2019 - 17% Increase in workouts, full year 2024 vs. 2019 +31% NPS increase, Mar. 2024 vs. Mar. 2019 +20% Record high activity level proven by Declining passive share, increase in workouts and high nps …
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39 39 4. ROBUST BUSINESS MODEL AND ATTRACTIVE FINANCIAL CHARACTERISTICS A DIVERSIFIED, LOW - RISK BUSINESS STRONG PERFORMANCE TRACK RECORD ATTRACTIVE AND GROWING PROFITABILITY STRONG CASH GENERATION 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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40 40 4. STRONG TOP - LINE GROWTH AND SOLID MARGIN EXPANSION SINCE 2022 4 734 5 065 5 392 543 576 609 2023 2024 LTM Q3 2025 Total revenues ARPM 472 510 568 77% 2023 69% 2024 69% LTM Q3 2025 Cash conversion Operating cash flow before Expansion CAPEX 276 272 274 2023 2024 LTM Q3 2025 731 733 756 Clubs Members 614 738 822 13.0% 2023 14.6% 2024 15.2% LTM Q3 2025 EBITDA margin EBITDA NOK million NOK million NOK million Member growth Despite decline in # clubs Robust business model with strong revenue growth solid EBITDA margin expansion Well invested club portfolio and high cash conversion 1 1) EBITDA before IFRS 16
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41 41 5. VALUE CREATION STRATEGY HAS BEEN SUCCESSFUL, AND WE WILL CONTINUE ALONG THE SAME PATH IN THE COMING PERIOD • 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 Grow members per club Grow average revenue per member Scale and Operational leverage Further club expansion adjacent products and services Continuation of current strategy, extracting full mid - term potential Building sats for the future, ensuring long - term growth
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42 42 5. BEYOND NOK 1.1 BILLION: MID - TERM DELIVERY BUILDS THE BASE, WHILE EXPANSION UNLOCKS LONG - TERM EBITDA 1 GROWTH 800 1 100 Previous mid - term EBITDA ambition Members per club Average revenue per member Well controlled cost base club expansion NEW MID - TERM EBITDA ambition profitability improvement in existing clubs club expansion adjacent products and services Future EBITDA potential long - term Ebitda 1 ambition (illustrative) 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 Mid - term Long - term 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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43 43 5. DELIVERING ON OUR MID - TERM AMBITION WILL RESULT IN TARGET EBI T MARGIN OF 15% AND FREE CASH FLOW CONVERSION OF 55% BEFORE CLUB EXPANSIO N 100% Total Revenues Direct cost 10% 90% Gross Margin % Club OPEX 60% 30% Club EBITDA % Overhead 10% 20% EBITDA% Depreciation 5% 15% EBIT% profitability framework Margin% 100% EBITDA Maintenance capex 25% 75% operating cash flow Tax & Interest 20% 55% Free cash flow before expansion Cash conversion framework %
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44 44 5. CLEAR PLAN FOR DISCIPLINED CAPITAL DEPLOYMENT, TARGETING EARNINGS DISTRIBUTION OF AT LEAST 50% OF NET PROFIT 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 Re - investment in existing clubS 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 Leverage Leverage1 ratio ranging from 1.5-2.0x Share buyback and dividend policy 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 growth Investing in high- returning growth opportunities
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45 45 SUMMARY WELL - POSITIONED FOR FURTHER GROWTH AND VALUE CREATION 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 Will deliver solid financial growth and shareholder return going forward • 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