Interim report
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SATS Q3 2025 sats
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The Group, through our brands and concepts SATS, ELIXIA, Fresh Fitness, SATS Yoga, and SATS Online, is the leading provider of fitness and training services in the Nordics with 274 clubs, close to 10 000 employees, and 756 000 members. Everyone is welcome at SATS, and our members have full flexibility to tailor their membership package to address their individual needs. We offer cutting-edge studio facilities for individual training, the broadest selection of group training with superior programming, and highly qualified personal trainers for specialized training and individual coaching. We also have a strong focus on supporting our members through online training and digital tools for when they are not able to physically visit our club facilities. We are also constantly working with trend research and innovation to be the industry’s best and most forward-looking fitness chain. THIS IS SATS CONTENTS SATS ASA © 2025 Words from the CEO 3 Highlights 4 Board of Directors’ Report 5 Consolidated Income Statement 11 Consolidated Statement of Comprehensive Income 12 Consolidated Balance Sheet 13 Consolidated Statement of Changes in Equity 14 Consolidated Statement of Cash Flows 15 Notes to the Consolidated Interim Financial Statements 16 Appendix 28 Definitions 29
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EBIT1 NOK million / margin Free cash flow NOK million EBITDA1 NOK million / margin Revenues NOK million PAGE 3SATS Q3 2025 SATS continues to build strong momentum, both operationally and financially. By further strengthening our product offering, engaging our members and improving our operational efficiency, we are executing on the plan presented at our Capital Markets Day in May. It is particularly encouraging that we keep increasing the number of workouts in our clubs – a strong indicator of member satisfaction and loyalty. In this quarter alone, total workouts were up 7% compared to the same period last year, driven by both a larger member base and higher workout frequency per member. This is driven by a 10% increase in number of group training workouts during the quarter, a clear testament that our continuous investments in our market leading group training offering pays off. Operational progress is not only driving happier and healthier members, it´s also translating into stronger financials. EBITDA increased by 13% in the quarter, and we anticipate the positive trajectory to continue going forward. Revenues and EBITDA are growing across all markets, with Sweden standing out after solid progress driven by product and operational enhancements. The continuous increase in member activity paired with solid financial development confirms that our strategy is working. By keeping investing in a market leading product offering, member engagement and executing with discipline, we are laying a solid foundation for continuous member satisfaction as well as profitable and sustainable growth in the years ahead. Sondre Gravir CEO 8% n.a.13% 1) Before impact of IFRS 16. For further information regarding definitions and Alternative Performance Measures, please see A ppendix WORDS FROM THE CEO 8% “It is very encouraging to see that we continue to increase member activity and satisfaction across our clubs. Together with the solid financial performance, this confirms that our strategy is working and that we are building a strong foundation for long-term, profitable growth.” 1106 1 194 1 293 Q3 2023 Q3 2024 Q3 2025 155 170 192 14% 14% 15% Q3 2023 Q3 2024 Q3 2025 98 127 137 9% 11% 11% Q3 2023 Q3 2024 Q3 2025 81 -8 125 Q3 2023 Q3 2024 Q3 2025
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PAGE 4SATS Q3 2025 • Total revenues lifted by 8% in Q3 2025 compared to the same quarter last year, ending at NOK 1 293 million • EBITDA before IFRS 16 of NOK 192 million, up 13% compared to Q3 2024 • EBIT before IFRS 16 of NOK 137 million, up 8% compared to Q3 2024 (18% adjusted for one-off related to extension of depreciation periods for fitness equipment in Q3 2024) • Operating cash flow of NOK 142 million and a cash conversion of 74% in the quarter HIGHLIGHTS • Leverage remains stable at 1.3x net debt to EBITDA before IFRS 16, despite NOK 127 million in dividends (NOK 0.6 per share) and NOK 40 million in share buybacks in the quarter • The quarterly performance demonstrates robust operational leverage and progress in line with our mid-term ambition of NOK 1.1 billion • The activity level continues to rise, with a 7% increase in number of workouts, driven both by the 4%-member growth and higher activity level per member Key Financial Figures and Alternative Performance Measures (APM) 1 Q3 Q3 YTD YTD 2025 2024 Change 2025 2024 Change NOK million (unless otherwise stated) Membership revenue 1 104 1 023 8 % 3 403 3 113 9 % Other revenues 189 170 11 % 678 641 6 % Total revenues 1 293 1 194 8 % 4 081 3 754 9 % EBITDA 502 471 7 % 1 574 1 467 7 % Margin (%) 39 % 39 % -0.6 p.p. 39 % 39 % -0.5 p.p. Operating profit 198 175 13 % 664 563 18 % Profit for the period 98 71 38 % 353 250 41 % Earnings per share (NOK) 0.48 0.35 39 % 1.74 1.22 42 % Total overhead costs -158 -147 7 % -473 -430 10 % EBITDA before impact of IFRS 16 192 170 13 % 647 563 15 % Margin (%) 15 % 14 % 0.6 p.p. 16 % 15 % 0.8 p.p. EBIT before impact of IFRS 16 137 127 8 % 484 400 21 % Margin (%) 11 % 11 % -0.0 p.p. 12 % 11 % 1.2 p.p. Maintenance Capex 75 49 54 % 203 109 85 % Total Capex 79 57 39 % 212 124 70 % Net debt 1 087 1 229 -11 % 1 087 1 229 -11 % Operating cash flow 142 22 555 % 388 329 18 % Free cash flow 125 -8 n.a. 262 252 4 % Leverage 1.3 1.8 -26 % 1.3 1.8 -26 % Clubs 274 273 0 % 274 273 0 % Members (‘000) 756 728 4 % 756 728 4 % ARPM (NOK/month) 576 550 5 % 609 572 6 % 1) As defined in Appendix under Alternative Performance Measures
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PAGE 5SATS Q3 2025 ANALYSIS OF THE Q3 2025 FINANCIAL STATEMENTS All financial statements show the period 1 July 2025 to 30 September 2025, compared to the accounts for the period 1 July 2024 to 30 September 2024. Statement of comprehensive income Total revenues increased by 8% (7% currency adjusted) to NOK 1 293 million in Q3 2025, compared to NOK 1 194 million in Q3 2024, driven both by higher membership revenues and other revenues. Membership revenues increased in all countries in Q3 2025 compared to Q3 2024, led primarily by Norway and Sweden. The total member base increased by 4% compared to Q3 2024. The strong net member growth of 18 000 in Q3 2025 was supported by an earlier autumn campaign launch, with the main marketing push shifting from Q4 last year to Q3 this year. ARPM increased by 5% (4% currency adjusted), as a result of improved product mix and price adjustments. The strong campaign- driven member growth came with a temporary yield impact, while the expanding share of students, seniors, and corporate members further softened the yield growth. Total operating expenses increased by 8% (6% currency adjusted) to NOK 1 095 million in Q3 2025, while operating expenses excluding depreciation and amortization increased by 9% (8% currency adjusted) to NOK 791 million. The increase in operating expenses from last year reflects price changes on key input factors and wage adjustments from local agreements, as well as targeted investments in product offering and marketing to support membership growth. The operating profit increased by 13% from NOK 175 million in Q3 2024 to NOK 198 million in Q3 this year. Net financial items in Q3 2025 was negative NOK 70 million, compared to negative NOK 79 million in Q3 2024. The reduction was primarily driven by reduced interest rates and fair value remeasurement of electricity derivatives. Income tax expense in Q3 2025 was negative by NOK 30 million. Profit before tax was NOK 128 million in Q3 2025, compared to NOK 96 million in Q3 2024. Profit for the period was NOK 98 million in Q3 2025, compared to NOK 71 million in Q3 2024. The total comprehensive income was NOK 100 million, compared to NOK 49 million in Q3 2024. Statement of financial position Consolidated assets increased by NOK 275 million to NOK 9 299 million in Q3 2025 compared to Q3 2024. Right-of-use assets, mainly consisting of premise rental, and intangible assets, primarily goodwill, were the most significant components of consolidated assets, amounting to NOK 4 688 million and NOK 2 655 million, respectively, on September 30, 2025. Non-current assets increased by NOK 188 million, while current assets increased by NOK 87 million. The increase in non-current assets was mainly driven by an increase in property, plant and equipment. The increase in current assets was primarily driven by prepaid expenses and accrued income and cash and cash equivalents. Total liabilities increased from NOK 7 763 million as of September 30, 2024, to NOK 7 863 million as of September 30, 2025, primarily due to an increase in contract liability and trade and other payables. As of September 30, 2025, consolidated equity amounted to NOK 1 436 million, representing an equity ratio of 15.4%, compared to NOK 1 262 million and 14.0% of September 30, 2024. Statement of cash flows In Q3 2025, consolidated cash and cash equivalents decreased by NOK 43 million, compared to a decrease of NOK 25 million in Q3 2024. The Group had cash and cash equivalents of NOK 363 million as of September 30, 2025. In addition, the Group had NOK 919 million available in undrawn amount on the revolving credit facility. Net cash flow from the Group’s operations was NOK 520 million in Q3 2025, compared to NOK 366 million in Q3 2024. The increased cash flow from operations of NOK 154 million was mainly due to an increase in profit before tax and and changes in the net working capital compared to Q3 2024. The net working capital has high seasonal fluctuations, typically being lower in Nov-May and higher in Jun- Oct. In the quarter, the net working capital effect was positive by NOK 25 million (compared to negative NOK 99 million in Q3 2024), mainly due to an increase in other receivables and accruals. Please note that a timing of quarterly rent payments provided a NOK 85 million negative effect on working capital in Q3 2024. Net cash outflow from investing activities amounted to NOK 79 million in Q3 2025, compared to an outflow of NOK 57 million in Q3 2024, mainly due to significant increase in club upgrades and maintenance, including pure maintenance, but also growth investments in the existing club portfolio. Net cash outflow from financing was NOK 484 million in Q3 2025, compared to a cash outflow of NOK 334 million in Q3 2024. In Q3 2025, the company paid NOK 127 million in dividends and purchased own shares of NOK 40 million. Segment development The following sections of this report review each operating segment. Unless otherwise stated, comments regarding development reflect a comparison between Q3 2025 and Q3 2024. BOARD OF DIRECTORS’ REPORT
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NORWAY Revenues NOK million Country EBITDA1 NOK million / margin PAGE 6SATS Q3 2025 2 11 10 4 68 11 10 3 Norway is the largest operating segment in the Group, with 45% of the consolidated total revenues in Q3 2025. SATS Norway had 347 000 members at the end of the quarter. SATS is a well-known brand in Norway and the largest operator of fitness clubs. By the end of Q3 2025, the Norwegian portfolio consisted of 119 clubs, of which 78 SATS and 41 Fresh Fitness. The member base grew by 9 000 members in the third quarter and is up 6% year-over-year. This growth was driven partly by the addition of two new clubs, but primarily by an increase in members per club. Average revenue per member (ARPM) increased by 4% to NOK 566. Combined with continued volume growth, this lifted total revenues by 9% to NOK 582 million. Operational costs were driven by higher electricity prices and increased marketing activity. Certain timing effects between the quarters last year affects the year-over-year comparison. Country EBITDA rose 7% to NOK 172 million, delivering a margin of 30%, in line with the comparable quarter last year. 9% 7% 1) Country EBITDA before impact of IFRS 16 533 582 Q3 2024 Q3 2025 161 172 30% 30% Q3 2024 Q3 2025 Key Financial Figures and Alternative Performance Measures (APM) Q3 Q3 YTD YTD 2025 2024 Change 2025 2024 Change NOK million (unless otherwise stated) Membership revenue 501 459 9 % 1 547 1 403 10 % Other revenues 81 74 9 % 294 277 6 % Total revenues 582 533 9 % 1 841 1 680 10 % EBITDA 245 230 6 % 794 720 10 % Margin (%) 42 % 43 % -1.2 p.p. 43 % 43 % 0.3 p.p. Operating profit 137 131 4 % 471 407 16 % Profit/loss for the period 92 84 10 % 320 268 20 % Country EBITDA before impact of IFRS 16 172 161 7 % 574 502 14 % Margin (%) 30 % 30 % -0.7 p.p. 31 % 30 % 1.3 p.p. EBITDA before impact of IFRS 16 125 114 9 % 435 370 17 % Margin (%) 21 % 21 % -0.0 p.p. 24 % 22 % 1.6 p.p. Clubs 119 117 2 % 119 117 2 % Members (‘000) 347 329 6 % 347 329 6 % ARPM (NOK/month) 566 544 4 % 602 570 6 %
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SWEDEN 13 73 2 7 PAGE 7SATS Q3 2025 Revenues NOK million Country EBITDA1 NOK million / margin 10% 19% 1) Country EBITDA before impact of IFRS 16 404 444 Q3 2024 Q3 2025 Sweden is the Group’s second-largest segment, accounting for 34% of consolidated revenues in Q3 2025. At quarter-end, SATS Sweden had 256 000 members, maintaining its strong and established market position. The portfolio comprised 95 clubs, down one club since Q3 2024, with the majority located in the Stockholm region. The member base grew 4% from the corresponding quarter last year, despite operating one fewer club. The average revenue per member (ARPM) rose by 7% to NOK 585. Total revenues were thus lifted by 10% year- over-year to NOK 444 million. Country EBITDA increased by 19% to NOK 89 million, delivering a margin of 20%, up 1.5 p.p. compared to the same quarter last year. 75 89 19% 20% Q3 2024 Q3 2025 Key Financial Figures and Alternative Performance Measures (APM) Q3 Q3 YTD YTD 2025 2024 Change 2025 2024 Change NOK million (unless otherwise stated) Membership revenue 374 344 9 % 1 142 1 039 10 % Other revenues 70 60 17 % 256 225 14 % Total revenues 444 404 10 % 1 397 1 263 11 % EBITDA 171 152 13 % 511 462 11 % Margin (%) 39 % 38 % 0.9 p.p. 37 % 37 % -0.0 p.p. Operating profit 56 43 30 % 166 132 26 % Profit/loss for the period 21 20 4 % 73 54 34 % Country EBITDA before impact of IFRS 16 89 75 19 % 263 229 15 % Margin (%) 20 % 19 % 1.5 p.p. 19 % 18 % 0.7 p.p. EBITDA before impact of IFRS 16 50 36 40 % 148 117 26 % Margin (%) 11 % 9 % 2.4 p.p. 11 % 9 % 1.3 p.p. Clubs 95 96 -1 % 95 96 -1 % Members (‘000) 256 246 4 % 256 246 4 % ARPM (NOK/month) 585 550 7 % 615 567 9 %
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FINLAND 5 23 4 PAGE 8SATS Q3 2025 Revenues NOK million Country EBITDA1 NOK million / margin 2% 10% 1) Country EBITDA before impact of IFRS 16 118 120 Q3 2024 Q3 2025 In Finland, operations are run under the ELIXIA brand, representing 9% of the Group’s consolidated revenues in Q3 2025. At quarter-end, ELIXIA Finland counted 71 000 members, securing its position as the market leader in a highly fragmented fitness market. The member base grew by 2 000 members in the third quarter, ending 0.4% up year-over-year. ARPM increased 3% to NOK 575, driven by targeted product improvements and pricing initiatives. This supported a 2% increase in total revenues to NOK 120 million. Country EBITDA increased by 10% to NOK 12 million, lifting the quarterly margin to 10%, an improvement of 1 p.p. compared to Q3 2024. 11 12 9% 10% Q3 2024 Q3 2025 Key Financial Figures and Alternative Performance Measures (APM) Q3 Q3 YTD YTD 2025 2024 Change 2025 2024 Change NOK million (unless otherwise stated) Membership revenue 103 101 1 % 320 312 2 % Other revenues 18 17 4 % 62 57 8 % Total revenues 120 118 2 % 382 369 3 % EBITDA 40 39 2 % 125 122 2 % Margin (%) 33 % 33 % 0.0 p.p. 33 % 33 % -0.3 p.p. Operating profit 7 2 276 % 30 17 74 % Profit/loss for the period 1 -4 -127 % 11 -2 -603 % Country EBITDA before impact of IFRS 16 12 11 10 % 43 35 21 % Margin (%) 10 % 9 % 0.8 p.p. 11 % 10 % 1.6 p.p. EBITDA before impact of IFRS 16 6 5 27 % 25 18 42 % Margin (%) 5 % 4 % 1.0 p.p. 7 % 5 % 1.8 p.p. Clubs 32 31 3 % 32 31 3 % Members (‘000) 71 70 0 % 71 70 0 % ARPM (NOK/month) 575 560 3 % 599 579 4 %
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DENMARK 28 PAGE 9SATS Q3 2025 Revenues NOK million Country EBITDA1 NOK million / margin In Q3 2025, the Danish operations accounted for 11% of the Group’s consolidated revenues. With 82 000 members at quarter-end, SATS Denmark is among the largest fitness operators in Greater Copenhagen and holds the number two position in the national fitness club market. The portfolio consists of 28 clubs in the Copenhagen area. The member base decreased 1% year-over-year on the back of a 3% club reduction. ARPM increased 6% to NOK 595, reflecting successful price adjustments and ongoing enhancements to the product offering. This yield increase drove a 5% rise in total revenues to NOK 146 million. Country EBITDA increased by 24% to NOK 9 million, delivering a quarterly margin of 6%, an improvement of 1 p.p. compared to Q3 2024. 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. 5% 24% 1) Country EBITDA before impact of IFRS 16 7 9 5% 6% Q3 2024 Q3 2025 139 146 Q3 2024 Q3 2025 Key Financial Figures and Alternative Performance Measures (APM) Q3 Q3 YTD YTD 2025 2024 Change 2025 2024 Change NOK million (unless otherwise stated) Membership revenue 126 120 5 % 394 359 10 % Other revenues 20 19 8 % 67 81 -18 % Total revenues 146 139 5 % 460 440 5 % EBITDA 37 34 8 % 120 126 -5 % Margin (%) 25 % 25 % 0.7 p.p. 26 % 29 % -2.7 p.p. Operating profit 1 0 -267 % 6 14 -56 % Profit/loss for the period -16 -18 -14 % -44 -41 8 % Country EBITDA before impact of IFRS 16 9 7 24 % 36 41 -14 % Margin (%) 6 % 5 % 0.9 p.p. 8 % 9 % -1.6 p.p. EBITDA before impact of IFRS 16 2 0 n.a. 14 20 -31 % Margin (%) 1 % 0 % 1.4 p.p. 3 % 5 % -1.5 p.p. Clubs 28 29 -3 % 28 29 -3 % Members (‘000) 82 83 -1 % 82 83 -1 % ARPM (NOK/month) 595 563 6 % 624 585 7 %
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PAGE 10SATS Q3 2025 BUSINESS AND INDUSTRY OUTLOOK SATS maintains a clear strategic focus on its core business, continuing the accelerating cycle of positive performance. This is supported by targeted investments in an improved product offering, including club optimizations and innovation in training content, as well as a consistent prioritization of operational execution and efficiency. The approach to both operational costs and capital allocation remains disciplined, balancing cost control with growth investments. CAPEX is directed toward increasing club capacity in the existing footprint, improving return per square meter and building the pipeline to deliver on a club expansion of 8-12 new club openings per year, with emphasis on quality over quantity. The company has set a mid-term EBITDA before IFRS 16 ambition of NOK 1.1 billion. Progress toward this target is expected to unfold gradually, reflecting steady improvements over time. SHAREHOLDER INFORMATION SATS ASA’s share capital was NOK 433 million as at September 30, 2025, divided into 203 694 588 ordinary shares, each with a par value of NOK 2.125. All the shares have been fully paid and have equal rights. SATS owned 2 422 811 treasury shares as at the balance sheet date. The number of shareholders as at September 30, 2025, was 9 240. FINANCIAL POLICY AND DIVIDEND SATS has a conservative approach to leverage, targeting a net debt (current and non-current bank borrowings less cash and cash equivalents) to adjusted EBITDA before impact of IFRS 16 at the lower end of the 1.5x to 2.0x range. SATS prioritize maintaining a robust balance sheet and strong liquidity position to ensure financial stability and flexibility. Excess capital will be returned to shareholders, while considering long term financial robustness, growth opportunities and strategic initiatives, aiming to distribute at least 50 percent of annual net profit as a combination of share buybacks and semi-annual dividends. For 2025, capital returns are set to materially exceed this threshold, underscoring the company’s strong financial momentum and sustainable growth ambitions. RISK AND UNCERTAINTY FACTORS SATS operates in a broad range of geographical markets in the highly competitive health and fitness industry. In achieving its long-term strategic objectives, SATS is inherently involved in taking risks. Please see the Group’s 2024 Annual Report (Board of Directors’ Report and Note 22), for a detailed description of the Group’s risk factors and risk management policies and procedures. EVENTS AFTER THE BALANCE SHEET DATE There have been no material events subsequent to the reporting period that might significantly affect the consolidated interim financial statements for the third quarter of 2025. DISCLAIMER This report includes forward-looking statements based on our current expectations and projections about future events. Statements herein regarding future events or prospects, other than statements of historical facts, are forward-looking statements. All such statements are subject to inherent risks and uncertainties, and many factors can lead to actual profit and developments deviating substantially from what has been expressed or implied in such statements. As a result, undue reliance should not be placed on these forward- looking statements. Oslo, October 27, 2025 The Board of Directors
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PAGE 11SATS Q3 2025 CONSOLIDATED INCOME STATEMENT Notes Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 (Amounts in NOK million) Revenue 2 1 293 1 194 4 081 3 754 5 064 Operating expenses Cost of goods sold -35 -33 -109 -103 -143 Personnel expenses -461 -418 -1 490 -1 350 -1 861 Other operating expenses -295 -272 -908 -833 -1 119 Depreciation and amortization 6, 7, 8 -304 -296 -910 -904 -1 198 Total operating expenses -1 095 -1 019 -3 417 -3 190 -4 320 Operating profit 198 175 664 563 744 Interest income 7 10 23 30 39 Finance income 9 97 34 106 115 Interest expense -78 -83 -235 -253 -334 Finance expense -8 -103 -29 -116 -131 Net financial items -70 -79 -207 -233 -310 Profit before tax 128 96 457 330 434 Income tax expense 3 -30 -25 -104 -80 -108 Profit for the period 98 71 353 250 326 Profit for the year is attributable to: Equity holders of the Group 98 71 353 250 326 Total allocation 98 71 353 250 326 Earnings per share in NOK Basic earnings per share attributable to equity holders of the company 4 0.48 0.35 1.74 1.22 1.59 Diluted earnings per share attributable to equity holders of the company 4 0.48 0.35 1.73 1.22 1.59
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PAGE 12SATS Q3 2025 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 (Amounts in NOK million) Profit for the period 98 71 353 250 326 Other comprehensive income Currency translation adjustment – may be reclassified to profit or loss 2 -22 -15 -17 -10 Other comprehensive income, net of tax 2 -22 -15 -17 -10 Total comprehensive income for the period 100 49 338 234 315 Total comprehensive income is attributable to: Equity holders of the Group 100 49 338 234 315 Total comprehensive income for the period 100 49 338 234 315
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PAGE 13SATS Q3 2025 CONSOLIDATED BALANCE SHEET 1) A reclassification between Deferred tax assets and Deferred tax liability of NOK 53 million and NOK 52 million is recognized as of September 30, 2024, and December 31, 2024, respectively. September 30 September 30 December 31 Notes 2025 2024 2024 (Amounts in NOK million) ASSETS Non-current assets Intangible assets 6 2 655 2 664 2 661 Right-of-use assets 8 4 688 4 679 4 657 Property, plant and equipment 7 859 682 792 Other non-current receivables 69 58 56 Derivative financial instruments 9 20 30 33 Deferred tax assets1) 3 136 129 134 Total non-current assets 8 428 8 241 8 333 Current assets Inventories 59 55 54 Accounts receivables 136 136 159 Other current receivables 88 101 131 Prepaid expenses and accrued income 224 171 237 Derivative financial instruments 9 1 2 0 Cash and cash equivalents 363 319 371 Total current assets 871 784 952 Total assets 9 299 9 024 9 284 EQUITY Share capital 433 435 435 Share premium 2 923 3 050 3 050 Treasury shares -5 -19 -19 Other reserves -14 -14 -7 Retained earnings -1 901 -2 190 -2 115 Total equity 1 436 1 262 1 345 LIABILITIES Non-current liabilities Deferred tax liability1) 3 145 101 52 Borrowings 5 1 450 1 547 1 440 Lease liability 5 4 117 4 110 4 090 Derivative financial instruments 9 1 4 4 Total non-current liabilities 5 713 5 762 5 586 Current liabilities Borrowings 5 10 14 12 Lease liability 5 970 957 959 Derivative financial instruments 9 0 0 6 Contract liability 622 531 653 Trade and other payables 133 68 178 Current tax liabilities 0 0 74 Public fees and charges payable 94 87 112 Other current liabilities 322 343 360 Total current liabilities 2 149 2 000 2 353 Total liabilities 7 863 7 763 7 940 Total equity and liabilities 9 299 9 024 9 284
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PAGE 14SATS Q3 2025 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Notes Share capital Share premium Treasury shares Foreign exchange translation reserve Share- based payments reserve Retained earnings Total attributable to owners of the Group Total equity (Amounts in NOK million) Equity January 1, 2024 435 3 050 -24 -3 2 -2 441 1 020 1 020 Profit for the period 250 250 250 OCI for the period -17 -17 -17 Total comprehensive income for the period 0 0 0 -17 0 250 234 234 Investment program 3 3 3 Proceeds from sale of own shares 5 5 5 Equity September 30, 2024 435 3 050 -19 -20 5 -2 190 1 262 1 262 Equity January 1, 2025 435 3 050 -19 -14 7 -2 115 1 345 1 345 Profit for the period 353 353 353 OCI for the period -15 -15 -15 Total comprehensive income for the period 0 0 0 -15 0 353 338 338 Investment program 0 8 1 9 9 Repurchase of shares -11 -166 -177 -177 Proceeds from sale of own shares 4 44 49 49 Cancellation of own shares 4 -2 2 0 0 Dividends 1 -127 -127 -127 Reclassification 1 18 -18 0 0 Equity September 30, 2025 433 2 923 -5 -29 15 -1 901 1 436 1 436
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PAGE 15SATS Q3 2025 CONSOLIDATED STATEMENT OF CASH FLOWS 1) Reclassifications between Interest paid, Interest received and Other financial items are recognized in Q3 2024, YTD 2024 and 2024. Notes Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 (Amounts in NOK million) Cash flow from operations Profit before tax 128 96 457 330 434 Adjustment for: Taxes paid in the period -7 -6 -92 -19 -24 Gain/loss from disposal or sale of equipment 0 0 -1 0 -1 Depreciation, amortization and impairment 6, 7, 8 304 296 910 904 1 198 Net financial items 70 79 207 233 310 Change in inventory 0 -2 -5 -1 1 Change in accounts receivables -1 -20 23 0 -23 Change in trade payables -6 -12 -45 -61 49 Change in other receivables and accruals 32 -65 -28 -63 9 Net cash flow from operations 520 366 1 425 1 323 1 953 Cash flow from investing Purchase of property, plant and equipment and intangible assets 6, 7 -79 -57 -212 -124 -287 Loan to related parties 10 0 0 -15 0 0 Proceeds from property, plant and equipment 0 0 2 1 2 Proceeds from loan to related parties 10 0 0 3 2 3 Net cash flow from investing -79 -57 -222 -122 -282 Cash flow from financing Repayments of borrowings 5 0 -130 0 -332 -435 Proceeds from borrowings 5 0 113 0 113 113 Installments on lease liabilities 5 -248 -242 -743 -722 -962 Interest paid1) 5, 9 -10 -14 -33 -50 -64 Interest received1) 3 3 9 10 14 Interests on lease liabilities 5 -63 -62 -189 -184 -246 Dividends paid 1 -127 0 -127 0 0 Purchase of own shares 1, 4 -40 0 -177 0 0 Proceeds from sale of own shares 4 0 0 49 5 5 Other financial items1) 1 -3 2 -2 -5 Net cash flow from financing -484 -334 -1 209 -1 163 -1 580 Net increase/decrease in cash and cash equivalents -43 -25 -5 39 91 Effect of foreign exchange rate changes on cash and cash equivalents 1 -4 -3 -2 -2 Cash and cash equivalents at the beginning of the period 405 347 371 282 282 Cash and cash equivalents at the end of period 363 319 363 319 371
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NOTES PAGE PAGE 16SATS Q3 2025 Note 1 General information and basis for preparation 17 Note 2 Segment information 18 Note 3 Profit and loss information 20 Note 4 Earnings per share 20 Note 5 Interest-bearing liabilities 21 Note 6 Intangible assets 22 Note 7 Property, plant and equipment 23 Note 8 Right of use ("RoU") assets 24 Note 9 Financial instruments 25 Note 10 Related parties 26 Note 11 Events after the balance sheet date 26 Note 12 New IFRS standards 27 Note 13 Critical estimates and judgements 27
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PAGE 17SATS Q3 2025 General information SATS (“the Group") consists of SATS ASA (“the Company") and its subsidiaries. The accompanying consolidated interim financial statements include the financial statements of SATS ASA and its subsidiaries. The consolidated financial statements of the Group for the year ended December 31, 2024, are available on our website. Basis for preparation These consolidated interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting as adopted by the European Union (the "EU") and additional requirements in the Norwegian Securities Trading Act. This interim financial report does not include all information and disclosures required by International Financial Accounting Standards ("IFRS") for a complete set of annual financial statements. Accordingly, this report should be read in conjunction with the annual report for the year ended December 31, 2024. These consolidated interim financial statements are unaudited. The accounting policies applied by the Group in these consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended December 31, 2024. Because of rounding differences, numbers or percentages may not add up to the sum totals. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to or has rights to variable returns from its involvement with the entity and can affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. Significant changes in the current reporting period Repurchase program On May 8, 2025, SATS announced a share repurchase program with a total consideration of up to NOK 100 million and a maximum of 2 500 000 shares. Under this program, the Company repurchased 2 103 460 own shares during the second and third quarter, representing 1.03 percent of the total number of shares in the Company, for a total consideration of NOK 77 million. The repurchased shares will be used to optimize the share capital structure through a redemption of treasury shares, which is considered beneficial for the Company's shareholders. Dividend distribution On August 8, 2025, the Board of Directors resolved to distribute a cash dividend totaling NOK 127 million, pursuant to the authorization granted by the Annual General Meeting held on April 28, 2025. The dividend was paid during the third quarter of 2025. Change in equity presentation During the period, the Group changed how equity effects from treasury share transactions are presented. Treasury shares are now recorded at nominal value, and any difference between nominal and actual value is recognized directly in Retained earnings. This change does not affect total equity or profit for the period. It is made to improve clarity in equity disclosures, as using nominal value also creates a clear link between issued share capital and the number of shares held by SATS ASA. Comparative figures have not been restated. The financial position and the performance of the Group was not, other than mentioned above, mainly affected by any events or transactions during the nine first months of 2025. NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS NOTE 1 General information and basis for preparation
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PAGE 18SATS Q3 2025 1) For additional information about definitions, please see the appendix Alternative Performance Measures. 2) Financial income and expenses are allocated to Group functions and other since this type of activity is derived by the central treasury function, which manages the cash position of the Group. General The Group's business is primarily the sale of fitness club memberships, personal trainer sessions and retail sales through the fitness clubs' stores and the Group's website. The Group's sales are made primarily from fitness clubs in Norway, Sweden, Finland and Denmark. The Group's chief operating decision-maker is the Nordic Management Group, consisting of the CEO, country managers and the heads of Group functions. The Nordic Management Group is responsible for allocating resources and assessing the performance of the segments. The Group's performance is reviewed by the Nordic Management Group by geographical area of operations, which are identified as Norway, Sweden, Finland and Denmark. The “Group functions and other” column relates to other business activities, such as HQ functions and other unallocated items (mainly financing and derivatives). The Nordic Management Group primarily uses EBITDA1), EBITDA before impact of IFRS 161) and Country EBITDA before impact of IFRS 161) to assess the performance of the operating segments. However, the Nordic Management Group also receives information about the segments' revenue and the consolidated balance sheet of the Group on a monthly basis. None of the Group's customers amounts to 10 percent or more of total revenue. Operating segment information The segment information provided to the Nordic Management Group for the reportable segments for Q3 2025, Q3 2024, YTD 2025, YTD 2024 and the year ended December 31, 2024 is as follows: NOTE 2 Segment information SATS Group Norway Sweden Finland Denmark Group functions and other Total (Amounts in NOK million) Q3 2025 Revenue Membership revenue 501 374 103 126 0 1 104 Other revenue 81 70 18 20 0 189 Total revenue 582 444 120 146 0 1 293 EBITDA1) and EBITDA before impact of IFRS 161) reconcile to profit/loss for the period as follows: EBITDA before impact of IFRS 16 1) 125 50 6 2 9 192 Impact of IFRS 16 120 121 33 35 0 310 EBITDA 1) 245 171 40 37 9 502 Depreciation and amortization -108 -116 -32 -36 -12 -304 Operating profit/loss 137 56 7 1 -3 198 Net financial items2) -19 -29 -6 -17 1 -70 Income tax expense -25 -6 0 0 0 -30 Profit/loss for the period 92 21 1 -16 -1 98 Q3 2024 Revenue Membership revenue 459 344 101 120 0 1 023 Other revenue 74 60 17 19 0 170 Total revenue 533 404 118 139 0 1 194 EBITDA1) and EBITDA before impact of IFRS 161) reconcile to profit/loss for the period as follows: EBITDA before impact of IFRS 16 1) 114 36 5 0 15 170 Impact of IFRS 16 116 116 34 35 0 301 EBITDA 1) 230 152 39 34 15 471 Depreciation and amortization -99 -109 -37 -35 -16 -296 Operating profit/loss 131 43 2 0 -1 175 Net financial items2) -24 -17 -6 -18 -13 -79 Income tax expense -23 -5 0 0 3 -25 Profit/loss for the period 84 20 -4 -18 -11 71
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PAGE 19SATS Q3 2025 1) For additional information about definitions, please see the appendix Alternative Performance Measures. 2) Financial income and expenses are allocated to Group functions and other since this type of activity is derived by the central treasury function, which manages the cash position of the Group. SATS Group Norway Sweden Finland Denmark Group functions and other Total (Amounts in NOK million) YTD 2025 Revenue Membership revenue 1 547 1 142 320 394 0 3 403 Other revenue 294 256 62 67 1 678 Total revenue 1 841 1 397 382 460 1 4 081 EBITDA1) and EBITDA before impact of IFRS 161) reconcile to profit/loss for the period as follows: EBITDA before impact of IFRS 16 1) 435 148 25 14 25 647 Impact of IFRS 16 359 363 99 106 0 927 EBITDA 1) 794 511 125 120 25 1 574 Depreciation and amortization -323 -344 -95 -114 -35 -910 Operating profit/loss 471 166 30 6 -9 664 Net financial items2) -63 -75 -19 -51 1 -207 Income tax expense -87 -19 0 1 2 -104 Profit/loss for the period 320 73 11 -44 -7 353 YTD 2024 Revenue Membership revenue 1 403 1 039 312 359 0 3 113 Other revenue 277 225 57 81 1 641 Total revenue 1 680 1 263 369 440 1 3 754 EBITDA1) and EBITDA before impact of IFRS 161) reconcile to profit/loss for the period as follows: EBITDA before impact of IFRS 16 1) 370 117 18 20 38 563 Impact of IFRS 16 349 344 104 106 0 904 EBITDA 1) 720 462 122 126 38 1 467 Depreciation and amortization -313 -329 -105 -113 -45 -904 Operating profit/loss 407 132 17 14 -7 563 Net financial items2) -65 -65 -19 -55 -29 -233 Income tax expense -75 -14 0 1 8 -80 Profit/loss for the period 268 54 -2 -41 -29 250 2024 Revenue Membership revenue 1 887 1 397 422 487 0 4 193 Other revenue 378 311 79 102 1 871 Total revenue 2 265 1 708 501 589 1 5 064 EBITDA1) and EBITDA before impact of IFRS 161) reconcile to profit/loss for the period as follows: EBITDA before impact of IFRS 16 1) 489 152 29 24 44 738 Impact of IFRS 16 466 460 137 141 0 1 204 EBITDA 1) 955 612 165 165 44 1 942 Depreciation and amortization -416 -441 -137 -148 -55 -1 198 Operating profit/loss 539 171 29 17 -11 744 Net financial items2) -84 -95 -25 -69 -37 -310 Income tax expense -79 -18 0 1 -12 -108 Profit/loss for the year 376 58 3 -51 -60 326
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PAGE 20SATS Q3 2025 Earnings per share are calculated by dividing profit attributable to holders of shares in the parent company by a weighted average number of shares outstanding. Earnings per share after dilution is calculated by dividing profit/loss attributable to holders of shares in the parent company by the average number of shares outstanding, adjusted for the dilution effect of shares from share investment programs delivering matching shares. Dilutive shares are disregarded in the calculation of diluted EPS when a loss is reported. In January 2025, seven participants in the 2021 share investment program were awarded a total of 55 695 matching shares. The value of the matching shares was NOK 20.88 each, based on the company’s closing share price on November 22, 2024, adjusted with a 13 percent discount to reflect the one-year lock-up obligation. On February 11, 2025, SATS announced a share repurchase program under which the company repurchased 3 222 237 own shares in Q1 2025. On May 8, 2025, a new repurchase program was announced, and under this program the company repurchased an additional 2 103 460 shares in Q2 2025 and Q3 2025. During 2025, SATS transferred a total of 2 089 427 shares to employees and board members as part of the company’s new share investment program. The offer price was 23.34, based on the volume-weighted average trading price for the Company’s shares during the ten trading days’ period up to, and including February 13, 2025, adjusted with a 20 percent discount. The program is part of a broader initiative to strengthen long-term alignment between employees, board members and shareholders. On April 28, 2025, the Annual General Meeting resolved to reduce the share capital by NOK 2 125 000, from NOK 434 976 000 to NOK 432 850 999.50, through the redemption of 1 000 000 shares. The capital reduction was completed during the third quarter of 2025. The share investment programs for employees in the SATS ASA Group imply that the company, on the balance sheet date of September 30, 2025, will deliver 126 287 matching shares to employees in 2025, 714 815 shares in 2026, 124 072 shares in 2027 and 560 943 shares in 2028. Allocation of matching shares is further contingent upon the company's performance over time. As at the balance sheet date of September 30, 2025, the number of shares issued was 203 694 588 and the company held 2 422 811 treasury shares. NOTE 4 Earnings per share Basic earnings per share attributable to equity holders of the company (NOK per share) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Basic earnings 0.48 0.35 1.74 1.22 1.59 Total basic earnings per share 0.48 0.35 1.74 1.22 1.59 202 083 935 204 460 474 202 650 798 204 414 893 204 426 382 Diluted earnings per share attributable to equity holders of the company (NOK per share) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Diluted earnings 0.48 0.35 1.73 1.22 1.59 Total diluted earnings per share 0.48 0.35 1.73 1.22 1.59 203 193 767 205 496 904 203 693 630 205 451 323 205 458 913 Reconciliation of earnings used in calculating earnings per share (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Basic earnings per share Profit attributable to equity holders of the Group 98 71 353 250 326 98 71 353 250 326 Diluted earnings per share 98 71 353 250 326 Profit used in calculating diluted earnings per share 98 71 353 250 326 Weighted average number of outstanding shares Weighted average number of outstanding shares Profit used in calculating basic earnings per share Profit used in calculating diluted earnings per share NOTE 3 Profit and loss information Income tax expense Standardized tax rates are used for tax reporting purposes for Norway and Sweden for Q3 2025, whereas there are not recognized any deferred tax assets in Finland and Denmark due to uncertainty that future taxable profits will be available against the unused tax losses within a reasonable time frame. The actual tax expense is used as basis for the 2024 full-year income tax recognition. Definitions In the interim financial statements, Q3 is the reporting period from July 1 to September 30.
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PAGE 21SATS Q3 2025 Long-term loan facility agreement The company has an unsecured revolving credit facility (RCF) agreement, consisting of a multicurrency RCF with a maximum principal amount of NOK 2 500 million. At the end of the third quarter, the remaining undrawn credit amounted to NOK 919 million. Interests on borrowings under the facility will be paid at an annual interest rate equal to the applicable IBOR plus a margin reliant on the leverage ratio of the Group. The company has, in June 2025, exercised its option to extend the facility by one year, moving full maturity to July 2028, with an additional one-year extension option available. No installment payments are due before this time. Interest payable will depend on the principal amount of the facility at any given time. However, based on the current draw-down, IBOR and margin, the interest payment for the next twelve months is expected to be at 55 million before any gains or losses from the swap, please see note 9 for details. Covenants The loan facility agreement includes a financial covenant requiring the leverage ratio, Net Debt to EBITDA before IFRS 16, not to exceed 3.5x. The facility agreement does not contain any restrictions on dividend payments. Compliance with financial borrowing covenants SATS ASA executes the financing functions within the Group, holds the long-term financing agreement with the Group’s long-term lenders, and provides long-term financing to other Group entities. SATS ASA has complied with the financial covenants related to its borrowing facility throughout 2024 and 2025. Payment profile The following table shows the undiscounted payment profile of the Group’s interest-bearing liabilities, based on the remaining period as of September 30, 2025: NOTE 5 Interest-bearing liabilities 1) For additional information regarding Net debt, please see the appendix Alternative Performance Measures. September 30 September 30 December 31 Overview of interest-bearing liabilities 2025 2024 2024 (Amounts in NOK million) Current 10 14 12 970 957 959 979 971 971 Non-current 1 450 1 547 1 440 4 117 4 110 4 090 5 567 5 657 5 530 6 547 6 628 6 501 Total bank borrowings 1 450 1 547 1 440 Cash and cash equivalents 363 319 371 1 087 1 229 1 069 Accrued interest cost Lease liabilities Total current interest-bearing liabilities Bank borrowings Lease liabilities Total non-current interest-bearing liabilities Total interest-bearing liabilities Net debt1) Bank borrowings Total Total (Amounts in NOK million) (Amounts in NOK million) Less than 1 year 55 1 196 1–2 years 55 1–2 years 1 099 2–3 years 1 507 2–3 years 944 3–5 years 0 3–5 years 1 449 More than 5 years 0 More than 5 years 1 222 Total payments 1 617 Total payments 5 910 Lease liabilities Less than 1 year
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PAGE 22SATS Q3 2025 NOTE 6 Intangible assets 1) Software consists of capitalized development expenditure and is an internally generated intangible asset. Goodwill Norway Sweden Finland Denmark Total goodwill (Amounts in NOK million) 1 868 227 684 0 2 779 -199 0 -10 0 -209 1 669 227 674 0 2 570 1 669 227 674 0 2 570 0 7 -4 0 3 1 669 234 670 0 2 573 1 868 234 680 0 2 782 -199 0 -10 0 -209 1 669 234 670 0 2 573 Useful life Indefinite Indefinite Indefinite Indefinite Amortization method Not amortized Not amortized Not amortized Not amortized Other intangible assets Trademark Internally developed software1) Customer list Total other intangible assets (Amounts in NOK million) At December 31, 2024 267 590 74 931 -266 -507 -67 -840 1 83 7 91 1 83 7 91 Effect of changes in foreign exchange cost 0 18 0 18 0 -16 0 -16 0 32 0 32 0 -37 -5 -43 1 80 1 82 267 640 74 981 -266 -560 -72 -899 1 80 1 82 Useful life 10 years 3 years 3 – 7 years Amortization method Straight-line Straight-line Straight-line Period ended September 30, 2025 At December 31, 2024 Cost Accumulated impairment Net book value Accumulated impairment Net book value Cost Opening net book amount Net effect of changes in foreign exchange Closing Net book value At September 30, 2025 Accumulated amortization and impairment Net book value Additions Cost Accumulated amortization and impairment Net book value Period ended September 30, 2025 Opening net book amount Effect of changes in foreign exchange accumulated amortization Amortization charge Closing Net book value At September 30, 2025 Cost
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PAGE 23SATS Q3 2025 NOTE 7 Property, plant and equipment Property, plant and equipment Capitalized leasehold improvements Fitness equipment Other fixtures and equipment Total tangible fixed assets (Amounts in NOK million) At December 31, 2024 Cost 1 331 1 085 470 2 886 Accumulated depreciation -885 -796 -414 -2 094 Net book value 447 289 56 792 Period ended September 30, 2025 Opening net book amount 447 289 56 792 Additions 93 74 13 180 Effect of changes in foreign exchange cost 11 9 3 22 Depreciation charge -68 -34 -18 -120 Effect of changes in foreign exchange accumulated depreciation -7 -6 -2 -15 Disposals costs -60 -73 -31 -164 Disposals costs accumulated depreciations 60 73 31 164 Closing Net book value 476 332 51 859 At September 30, 2025 Cost 1 375 1 094 454 2 924 Accumulated depreciation -899 -762 -403 -2 065 Net book value 476 332 51 859 Useful life 10 years 7 – 12 years 3 – 7 years Depreciation method Straight-line Straight-line Straight-line
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PAGE 24SATS Q3 2025 NOTE 8 Right of use ("RoU") assets RoU assets Premise rental Other leases Total RoU assets (Amounts in NOK million) At January 1, 2024 Cost 12 212 97 12 309 Accumulated depreciation -7 649 -90 -7 739 Net book value 4 563 7 4 570 Period ended December 31, 2024 At January 1, 2024 4 563 7 4 570 Effect of changes in foreign exchange cost 164 3 167 Additions/disposals 989 4 993 Depreciation charge -981 -4 -985 Effect of changes in foreign exchange accumulated depreciation -85 -3 -88 Closing Net book value 4 650 8 4 657 At December 31, 2024 Cost 13 272 99 13 371 Accumulated depreciation -8 622 -91 -8 714 Net book value 4 650 8 4 657 Period ended September 30, 2025 At January 1, 2025 4 650 8 4 657 Effect of changes in foreign exchange cost 98 0 97 Additions/disposals 727 2 729 Depreciation charge -745 -3 -748 Effect of changes in foreign exchange accumulated depreciation -48 0 -48 Closing Net book value 4 682 7 4 688 At September 30, 2025 Cost 14 064 99 14 163 Accumulated depreciation -9 382 -92 -9 474 Net book value 4 682 7 4 688 Useful life 1 – 15 years 1 – 5 years Depreciation method Straight-line Straight-line
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PAGE 25SATS Q3 2025 NOTE 9 Financial instruments Overview Through its activities, the Group will be exposed to different financial risks: market risk, credit risk, and liquidity risk. This note presents information related to the Group's exposure to such risks, the Group's objectives, policies, and procedures for risk management and handling, as well as the Group's management of capital. The interim financial statements do not include all financial risk information and should be read in conjunction with the annual report. There have not been any changes in the Group`s risk management policies since year-end. The Group does not apply hedge accounting. Exchange rate – sensitivity analysis The Group is primarily exposed to changes in the SEK/NOK, EUR/NOK, and DKK/NOK exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from the profit or loss in the Group's foreign subsidiaries, borrowings, intercompany loans, and bank accounts in currencies other than where the legal entity is located. The sensitivity analysis below illustrates the impact of EUR, SEK, and DKK strengthened by 10 percent against NOK. A 10 percent weaker NOK against SEK/EUR/DKK results in a positive effect of NOK 2 million on Profit/loss before tax when reconsolidating the last twelve months. Reconsolidating borrowings, intercompany loans, and bank accounts in foreign currency as of September 30, 2025 with a weaker NOK results in a positive effect of NOK 53 million. Financial instruments by category Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as held for trading and initially recognized at fair value on the date a derivative contract is entered into. They are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non- current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Otherwise they are classified as current asset or liability. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments from the last balance sheet date. Profit/loss in foreign currency Borrowings, intercompany loans and bank accounts in foreign currency Total (Amounts in NOK million) SEK/NOK exchange rate – increase 10%1) 6 38 44 EUR/NOK exchange rate – increase 10%1) 2 -5 -3 DKK/NOK exchange rate – increase 10%1) -6 20 14 Effect on profit/loss before tax 2 53 56 1) Holding all other variables constant. Financial instruments – Assets Assets measured at amortized cost Fair value through profit and loss Assets measured at amortized cost Fair value through profit and loss Assets measured at amortized cost Fair value through profit and loss (Amounts in NOK million) Other non-current receivables 69 0 58 0 56 0 Accounts receivables 136 0 136 0 159 0 Other current receivables 88 0 101 0 131 0 Derivatives 0 21 0 32 0 33 Cash and cash equivalents 363 0 319 0 371 0 Total financial assets 656 21 614 32 718 33 Financial instruments – Liabilities Liabilities measured at amortized cost Fair value through profit and loss Liabilities measured at amortized cost Fair value through profit and loss Liabilities measured at amortized cost Fair value through profit and loss (Amounts in NOK million) Borrowings 1 460 0 1 561 0 1 451 0 Lease liabilities 5 087 0 5 067 0 5 050 0 Trade and other payables 133 0 68 0 178 0 Derivatives 0 1 0 4 0 10 Other current liabilities 322 0 343 0 360 0 Total financial liabilities 7 001 1 7 040 4 7 039 10 202420242025 2025 2024 2024 September 30 September 30 December 31 September 30 September 30 December 31
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PAGE 26SATS Q3 2025 As of September 30, 2025, total loans issued by SATS ASA to key employees participating in a partly debt-financed share investment program were NOK 28 million. The terms are regulated according to the arm's length principle. All transactions with related parties are priced at market terms, and there are no special conditions attached to them. Transactions with subsidiaries have been eliminated in consolidated statements and do not represent transactions with related parties. NOTE 10 Related parties NOTE 11 Events after the balance sheet date There have been no material events subsequent to the reporting period that might significantly affect the consolidated interim financial statements for the third quarter of 2025. Financial derivative instruments The Group has the following derivative financial instruments: September 30 September 30 December 31 2025 2024 2024 (Amounts in NOK million) Non-current assets Interest rate swap contracts 20 30 33 20 30 33 Current assets Interest rate swap contracts 1 2 0 1 2 0 Non-current liabilities Commodity contracts 1 4 4 1 4 4 Current liabilities Commodity contracts 0 0 6 0 0 6 Notional in Overview of interest rate swaps per September 30, 2025 currency million Maturity Fixed rate IRS NOK 694 28.10.2026 1.751 20 20 Underlying quantity in Overview of commodity contracts per September 30, 2025 thousand MWH Maturity Fixed price Commodity contracts NOK 0.7 – 2.2 31.12.2027 581 – 700 -1 Commodity contracts SEK 1.3 – 1.5 31.12.2027 435 – 539 1 0 Changes in fair value are presented within finance income and finance expense in the income statement. Net paid interest on derivatives is included in the line item "Interest paid", while commodity derivatives are included in "Other financial items" in the statement of cash flows. Unrealized gain Fair value of the Group's interest rate swaps in NOK million Total non-current derivative financial instrument assets Total current derivative financial instrument assets Total non-current derivative financial instrument liabilities Total current derivative financial instrument liabilities Unrealized gain/loss Fair value of the Group's commodity contracts in NOK million
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PAGE 27SATS Q3 2025 Critical estimates Preparing financial statements requires using accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgment in applying the Group’s accounting policies. This note provides an overview of the areas that involved a higher degree of judgment or complexity and of items more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. The areas involving significant estimates or judgments are a typical estimation of current tax payable and current tax expense, potential goodwill impairment, estimated useful life of intangible assets, recognition of deferred tax assets for carried forward tax losses, etc. Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and are believed to be reasonable under the circumstances. Goodwill Goodwill is recognized at NOK 2 573 million per the balance sheet date. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. The recoverable amount of the cash-generating units (CGUs) is determined based on value-in-use calculations, which require several assumptions. The calculations use cash flow projections based on financial budgets and prognoses approved by management covering five years for all segments. Cash flows beyond the five years are extrapolated using the estimated growth rates stated in Note 10 Intangible assets in the Annual Report for 2024. These growth rates are consistent with forecasts included in economic outlook reports specific to the area in which each CGU operates. Sensitivity analyses show that no reasonable change in any fundamental assumptions would cause the recoverable amount to be lower than the carrying value. Deferred tax assets Deferred tax assets for Denmark and Finland are not recognized in Q3 2025 due to uncertainty that future taxable profits will be available against the unused tax losses within a reasonable time frame. Lease In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension or termination option related to premise lease contracts. This assessment is reviewed if a significant event or change in circumstances occurs, affecting this assessment. During the current financial period, there was no material financial effect of revising lease terms to reflect the impact of exercising extension or termination options. Fair value estimates The Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels at the end of the reporting period. Specific valuation techniques used to value financial instruments include: • the use of quoted market prices or dealer quotes for similar instruments; • the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; and • the fair value of the remaining financial instruments is determined using discounted cash flow analysis. All of the resulting fair value estimates are included in level 2 except for certain derivative contracts where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk. NOTE 13 Critical estimates and judgements NOTE 12 New IFRS standards New standards adopted by the Group No standards or amendments have been adopted by SATS Group for the first time for the financial year beginning on January 1, 2025.
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PAGE 28SATS Q3 2025 ALTERNATIVE PERFORMANCE MEASURES The Group reports its financial results in accordance with accounting principles IFRS as issued by the IASB and endorsed by the EU. However, management believes that specific 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 considered a substitute for any IFRS financial measure. Management, the Board of Directors, and the long-term lenders regularly use 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. Alternative Performance Measures reflect adjustments based on the following items: EBITDA EBITDA is a measure of earnings before deducting net financial items, taxes, amortization, and depreciation charges. The Group has presented this APM because it considers it an important supplemental measure to understand the overall picture of profit generation in the Group's operating activities. Please see the reconciliation to profit or loss before tax in the table below. EBITDA before impact of IFRS 16 EBITDA before impact of IFRS 16 is a measure of EBITDA adjusted for lease expenses applying IAS 17 Leases, and the Group has presented this APM because it considers it to be an important supplemental measure to understand the underlying profit generation in the Group's operating activities. Please see the reconciliation to profit or loss before tax in the table below. EBITDA before impact of IFRS 16 margin EBITDA before impact of IFRS 16 divided by total revenue. EBIT before impact of IFRS 16 EBIT before impact of IFRS 16 is a measure of EBIT adjusted for lease expenses applying IAS 17 Leases, depreciations and amortization, and the Group has presented this APM because it considers it to be an important supplemental measure to understand the underlying profit generation in the Group's operating activities. Please see the reconciliation to profit or loss before tax in the table below. EBIT before impact of IFRS 16 margin EBIT before impact of IFRS 16 divided by total revenue. Net debt Current and non-current borrowings (excluding property lease liabilities recognized under IFRS 16) less cash and cash equivalents for the period. Net debt is a non-IFRS financial measure, which the Group considers to be an APM, and this measure should not be viewed as a substitute for any IFRS financial measure. The Group has presented this APM as a helpful indicator of the Group's indebtedness, financial flexibility, and capital structure because it indicates the level of borrowings after taking into account cash and cash equivalents within the Group's business that could be utilized to pay down the outstanding borrowings. Net Debt is also used as part of the assessment for financial covenants compliance. Please see note 5 Interest-bearing liabilities for reconciliation to Total interest-bearing liabilities. Leverage ratio Net debt divided by last twelve months EBITDA before impact of IFRS 16. Capital expenditure Capital expenses (CAPEX) is a measure of total investments in the period both in the operations and in new business, either through business combinations (acquisitions) or through new club openings (greenfields). Capital expenditures consist of both upgrades and maintenance CAPEX and expansion CAPEX, and the source of CAPEX is the Statement of cash flows. Upgrades and maintenance CAPEX Upgrades and maintenance capital expenditures are a measure of investments made in the operations and consist of investments in tangible and intangible assets, excluding business combinations (acquisitions) and greenfields. The measure is defined as the sum of purchase of property, plant, and equipment from the Statement of cash flows less investments in greenfields. Upgrades and maintenance CAPEX can be divided into IT CAPEX and Club portfolio CAPEX where IT CAPEX is investments and development of common software programs used by the whole Group, and Club portfolio CAPEX is physical investments at the clubs. Expansion CAPEX Expansion capital expenditures are a measure of business combinations (acquisitions), investments in greenfields, and digital expansion. The measure is defined as the sum of Acquisition of subsidiary from the Statement of cash flows in addition to investments in greenfields and digital expansion. Operating cash flow Operating cash flow is a measure of how much cash that is generated by the operations and is used to evaluate SATS's liquidity. The definition is EBITDA excluding IFRS 16 less maintenance CAPEX and working capital. Cash conversion Operating cash flow divided by EBITDA before impact of IFRS 16. APPENDIX
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PAGE 29SATS Q3 2025 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 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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Investor Relations Contacts Cecilie Elde CFO +47 92 41 41 95 cecilie.elde@sats.no Stine Klund Investor Relations +47 98 69 92 59 stine.klund@sats.no SATS ASA Nydalsveien 28 0484 Oslo Telephone +47 23 30 70 00 www.satsgroup.com SATS ASA © 2025