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1 Q4 2025 INTERIM REPORT OCTOBER - DECEMBER 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 31110 11 4 2 13 8 5 4 11 Greater Helsinki Greater Stockholm Greater Oslo 28 72 68 23 120 clubs and 345 000 members 93 clubs and 256 000 members 32 clubs and 71 000 members 28 clubs and 83 000 members Greater Copenhagen 755 000 members 140 000 DAILY workouts 1 80 0 DAILY GROUP TRAINING CLASSES 5064 5165 5293 5392 5508 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 +9% 10 000 employees REVENUES 12 MONTHS ROLLING MNOK EBIT 1 12 MONTHS ROLLING MNOK 525 544 600 610 652 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 +24% EBITDA 1 12 MONTHS ROLLING MNOK 738 750 800 822 871 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 +18% 273 clubs
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3 3 1) Before IFRS 16 ENDING THE YEAR ON A HIGH NOTE The Board of Directors has proposed a semi-annual dividend of NOK 0.67 per share, pending approval in an Extraordinary General Meeting to be held on March 3, 2026 Another quarter of strong operational and financial improvement, with revenues up 9%, EBITDA up 28% and EBIT up 34% Free cash flow of NOK 244 million in the quarter, proving SATS’ cash generating ability During the full year 2025, the member base increased with 22 000 members and total visits increased by 6% to 49.4 million Strong operating leverage demonstrated in full-year 2025, with membership up 3%, revenues up 9%, EBITDA up 18% and EBIT up 24% 2025 Workouts: + 6 % VS 2024 Q4 free cash flow: +59% Vs Q4 2024 2025 EBITda 1 : 871 NOK million Q4 EBITDA 1 : +28% Vs Q4 2024 Semi - annual DPS: 0.67 NOK
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4 4 Q4 2025: WORKOUT FREQUENCY CONTINUES TO SIGNAL POSITIVE MOMENTUM Continued increase in activity level… …Driven by group training engagement • Growth in group training workouts outpaces the increase in class capacity over time, indicating rising utilization • Continued investments in the group training offering are translating into higher lifetime value and lower churn • Activity levels continue to increase, driven by both member growth and higher workout frequency per member, but with the same club footprint • Higher activity and more unique visitors are strong leading indicators of member loyalty and lifetime value Q4 2023 Q4 2024 Q4 2025 +5% +5% Q4 2023 Q4 2024 Q4 2025 +13% +11% Q4 2023 Q4 2024 Q4 2025 +11% +14% Group training workouts classes Total workouts
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5 5 JANUARY 2026: THE POSITIVE MOMENTUM CONTINUED INTO THE NEW YEAR more unique visitors drove activity growth… …as well as group training engagement jan - 24 jan - 25 jan - 26 +6% +7% jan - 24 jan - 25 jan - 26 +11% +15% jan - 24 jan - 25 jan - 26 +8% +11% Group training workouts classes Total workouts
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6 6 PRODUCT IMPROVEMENTS CONTINUE TO DRIVE HIGHER ACTIVITY LEVELS A consistent, data - driven approach to product improvements is translating into higher member activity and improved capacity utilization across the existing club portfolio Major renovation, added Indoor Running and Hot studio Major renovation, added Reformer and Hot studio Relocation, added Indoor Running and Hot studio +20% Visits +48% Visits +21% Visits +138% Group training Visits +118% Group training Visits +46% Group training Visits Bjørvika , Oslo Kampen, Oslo Measures to maximize performance Group training Fitness floor Premises New product offering Replace worn equipment Add more equipment Improve layout and flow Upgrade look and feel Downsize Re-negotiate or relocate Nørrebro, Copenhagen January 2026 year-on-year growth
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7 7 CONSISTENT DELIVERY BUILDING CONFIDENCE IN CONTINUED LONG - TERM GROWTH 2023 2024 2025 4 734 5 065 5 509 377 525 652 2023 2024 2025 2023 2024 2025 1.1 1.6 2.4 614 738 871 2023 2024 2025 1) Before IFRS 16 • Performance over recent years reflects steady, repeatable operational and financial improvement, delivered quarter by quarter, demonstrating the strength and scalability of the operating model • This consistent execution supports confidence in our ability to continue delivering further progress and growth over time, in line with our mid-term ambition of NOK 1.1 billion +8% REVENUE (CAGR) +19% EBITDA 1 (CAGR) +32% EBIT 1 (CAGR) +46% EPS (CAGR) NOK million
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8 FINANCIAL REVIEW Q4 2025
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9 9 Q4 2025 FINANCIAL HIGHLIGHTS CONTINUED PROGRESS ACROSS KEY FINANCIAL METRICS 1) Before IFRS 16 2) Net debt to EBITDA before IFRS 16 members +3% 755 000 leverage 2 Vs 1.4X 1 .1X arpm +5% 629 revenues +9% 1 427 m ebitda 1 + 28 % 224m Ebit 1 + 34 % 168m Free cashflow +59% 244 m Net debt 1 - 9 % 967m
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10 10 Total members ‘000 SOLID SECOND - HALF MEMBER GROWTH DRIVEN BY PRODUCT IMPROVEMENTS AND EFFECTIVE CAMPAIGNS Net growth ‘000 Members per sqm 1.48 1.51 Q4 2024 Q4 2025 +3% 733 755 Q4 2024 Q4 2025 +22 ( +3% ) • Net member change of -1 000 in Q4, slightly better than indicated last quarter, and member base up 3% year-on-year - As communicated last quarter, Q4 was expected to be seasonally weaker following the earlier campaign launch - Full second-half member development somewhat better than last year • Members per square meter continue to improve, reflecting improved utilization of the existing club portfolio 9 5 H2 2024 18 - 1 H2 2025 14 17 Net growth, Q3 Net growth, Q4
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11 11 Total ARPM NOK CONTINUED REVENUE GROWTH, SUPPORTED BY STRUCTURED PRICE AND VOLUME MANAGEMENT Total revenues MNOK • Active management of price and volumes remains central to maximizing revenue over time • Total revenues increased by 7% year-on- year on a currency-adjusted basis • Other revenue growth was supported by both higher personal training activity and increased retail revenues • Coming into the new year, we have implemented price increases across the product portfolio • Initial effects developing as expected • Full impact of price actions to be reflected in Q1 reporting 230 256 1 080 Q4 2024 1 171 Q4 2025 1 311 1 427 +8% (+7% curr . Adj.) +9% (+7% curr . Adj.) Membership revenues Other revenues 493 516 105 113 Q4 2024 Q4 2025 598 629 +5% (+4% curr . Adj.) +5% (+4% curr . Adj .) Membership yield Other yield
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12 12 • Club operating costs up 2% in the quarter on a currency-adjusted basis • Continued investments in the group training product in the quarter account for around 1.5 p.p. of club opex growth, implying that other operating costs are broadly stable year-on-year • COGS developing in line with other revenue growth Club opex & overhead M NOK DISCIPLINED COST CONTROL COMBINED WITH TARGETED INVESTMENTS IN Q 4 839 869 161 173 Q4 2024 Q4 2025 1 000 1 042 4% (+2% curr . Adj. ) +4% (+3% curr . Adj.) Club OPEX Overhead 140 160 Q4 2024 Q4 2025 +15% (+13% curr . Adj.) Direct cost/COGS M NOK Q4 2024 Q4 2025 1 140 1 203 +6% (+4% curr . Adj.) Total cost M NOK
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13 13 • Full-year club operating costs up 4% on a currency-adjusted basis • Underlying club operating costs increased by 2.5%, when adjusting for targeted investments to support membership growth • Increase in group training classes • Lifted marketing efforts to facilitate volume growth • Targeted product investments, including continued expansion of group training capacity, remain payback-driven, supporting lower churn and higher lifetime value • Forward cost outlook reflects price changes in key input factors and wage adjustments from local agreements • For Q1 specifically, cost will be somewhat elevated due to a non- recurring employee gathering Club opex & overhead M NOK MAINTAINED COST DISCIPLINE AND FOCUSED INVESTMENTS ACROSS 2025 591 646 3 229 FY 2024 3 409 FY 2025 3 820 4 055 6% (+4% curr . Adj. ) +6% (+4% curr . Adj.) Club OPEX Overhead 510 583 FY 2024 FY 2025 +14% (+13% curr . Adj.) Direct cost/COGS M NOK FY 2024 FY 2025 4 329 4 638 +7% (+6% curr . Adj.) Total cost M NOK
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14 14 Reported EBITDA MNOK Q4 PROFITABILITY GROWTH SUPPORTED BY OPERATING LEVERAGE EBITDA before IFRS 16 MNOK EBIT before IFRS 16 MNOK 474 534 39% 39% Q4 2024 Q4 2025 +13% EBITDA EBITDA margin 175 224 13% 16% Q4 2024 Q4 2025 +28% EBITDA before ifrs 16 EBITDA before IFRS 16 margin 125 168 10% 12% Q4 2024 Q4 2025 +34% EBIT before ifrs 16 EBIT before IFRS 16 margin
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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 CAPEX IN LINE WITH THE 5% TARGET, FOCUSED ON UPGRADING THE CLUB PORTFOLIO TO ENHANCE MEMBER EXPERIENCE 155 91 7 Q4 2024 6 Q4 2025 163 97 Expansion Upgrades and maintenance % of FY 2025 Revenues 5.3 % 0.3% Club expansion pipeline Larvik (Fresh Fitness) Q4 2025 3x Oslo 2027 Copenhagen 2027 Stockholm Q4 2025 Halmstad Q4 2025 • One club opening in the quarter • Actively scouting locations in key clusters and major Nordic cities • Several active dialogues approaching final stages, making us confident that we will reach the guided run-rate of 8-12 new clubs per year in 2027 265 294 22 15 FY 2024 FY 2025 287 309
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16 16 Free cash flow Q4 2025 Mnok HEALTHY FREE CASH FLOW GENERATION AND CASH CONVERSION IN 2025 Free cash flow FY 2025 M nok • Strong free cash flow of NOK 244 million in the quarter, benefiting from seasonal positive working capital effects and disciplined capex • Operating cash flow of NOK 642 million and free cash flow of NOK 506 million in 2025, reflecting strong underlying performance • Full-year free cash flow conversion of 58%, in line with long-term target • Well positioned for expansion and further shareholder distributions 224 120 2 EBITDA before IFRS 16 - 91 Maintenance capex Working capital Operating cash flow - 6 Expansion capex - 5 Interest Tax 0 Other Free cash flow 253 (113%) 244 (109%) 871 64 EBITDA before IFRS 16 - 294 Maintenance capex Working capital Operating cash flow - 15 Expansion capex - 28 Interest - 90 Tax - 3 Other Free cash flow 642 (74 %) 506 (58%)
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17 17 Liquidity position MNOK STRONG LIQUIDITY AND LOW LEVERAGE, SUPPORTING NEAR - TERM SHAREHOLDER DISTRIBUTIONS 1) Net debt to EBITDA before IFRS 16 363 512 244 919 Liquidity Q3 2025 Free cash flow - 90 Share buybacks Currency effect 891 Liquidity Q4 2025 1,282 - 33 1,402 +121 Undrawn RCF Cash balance Net debt and leverage ratio 1 MNOK 967 1.4x 1.4x 1.3x 1.3x 1.1x Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1 069 1 044 1 053 1 087 • Strong free cash flow resulted in high liquidity at year-end, expected to normalize following the proposed semi- annual dividend payment in March and continued share buybacks • Leverage ratio of 1.1x net debt to EBITDA¹, below the target range of 1.5x– 2.0x, providing flexibility for both investments, club expansion and shareholder distributions
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18 18 STRONG CASH FLOW SUPPORTS ATTRACTIVE SHAREHOLDER DISTRIBUTIONS Remain committed to the shareholder distribution policy Keep leverage in the lower end of the communicated target range of 1.5x-2.0x net debt to EBITDA Return >50% of annual net profit via a combination of semi-annual dividends and periodic share buybacks proven through distributions in 2025 Dividend: • H1 2025: DPS of NOK 0.63 and total payout of NOK 127 million, representing a 50% dividend pay-out ratio Share buybacks: • 7.8 million shares (3.8% of the share capital) repurchased at a total consideration of NOK 267 million • 1 million shares cancelled Dividend: • H2 2025: Proposed DPS of NOK 0.67 and total payout of NOK 133 million, representing a 61% dividend pay-out ratio (subject to EGM approval), bringing the full-year 2025 DPS to NOK 1.3 Share buybacks: • Periodic share buybacks to continue • Proposed cancellation of 4 million shares (subject to EGM approval) to be continued going forward
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19 19 FULL - YEAR 2025 SUMMARY EBITDA before ifrs 16 (MNOK) EBIT before ifrs 16 (MNOK) Leverage ratio FREe CASH FLOW (MNOK) Workouts (Million) Members (‘000) Total OPEX (MNOK) Revenue (MNOK) 2024 2025 46.6 49.4 +6% 2024 2025 5,064 5,508 +9% 2024 2025 4,326 4,637 +7% 733 755 2024 2025 3% 738 871 2024 2025 +18% 2024 2025 1.4 1.1 - 23% 405 506 2024 2025 +25% 525 652 2024 2025 +24%
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20 OUTLOOK
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21 21 21 OUTLOOK The positive momentum from 2025 continues into 2026, and we expect the year as a whole to be another strong year for SATS, both operationally and financially Clear strategic focus on the core, continuing the accelerating positive performance cycle, supported by: • Investments in improved product offering • Asset productivity across clubs and employees, leveraging scale and utilization 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 The start of the year has proceeded according to plan with solid visit growth. Higher price increases than last year, which will result in lower net growth than last year’s extraordinary member growth
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22 APPENDIX
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23 23 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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24 24 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) 488 505 101 102 Q4 2024 Q4 2025 589 607 +3% Membership yield Other yield 484 525 100 106 Q4 2024 Q4 2025 584 630 +8% Membership revenues Other revenues 165 184 28% Q4 2024 29% Q4 2025 +11% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 332 346 339 347 345 +4% 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 SWEDEN 484 519 117 132 Q4 2024 Q4 2025 600 651 +8% (+3% curr . Adj. ) Membership yield Other yield 359 399 86 101 Q4 2024 Q4 2025 445 501 +12% (+7% curr . Adj.) Membership revenues Other revenues 74 92 17% Q4 2024 18% Q4 2025 +25% (+19% curr . Adj.) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 248 254 250 256 256 +3% Margin EBITDA
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26 26 Outgoing member base ‘000 ARPM and Yield NOK/month Total revenues MNOK Country EBITDA before impact of IFRS 16 MNOK FINLAND 517 531 105 103 Q4 2024 Q4 2025 623 634 +2% (+2% curr . Adj.) Membership yield Other yield 110 113 22 22 Q4 2024 Q4 2025 132 135 +2% (+2% curr . Adj.) Membership revenues Other revenues 17 16 13% Q4 2024 12% Q4 2025 - 2% ( - 2% curr . Adj.) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 71 71 69 71 71 0% Margin EBITDA
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27 27 Outgoing member base ‘000 ARPM and Yield NOK/month Total revenues MNOK Country EBITDA before impact of IFRS 16 MNOK DENMARK 518 542 86 113 Q4 2024 Q4 2025 604 654 +8% (+9% curr . Adj.) 128 134 21 28 Q4 2024 Q4 2025 149 162 +9% (+9% curr . Adj.) Membership revenues Other revenues 12 26 8% Q4 2024 16% Q4 2025 +122% (+ 122 % curr . Adj.) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 82 86 82 82 83 +2% Margin EBITDA Membership yield Other yield Note: The reported result includes positive one-off items of NOK 7.5 million related to the settlement of prior-years overbilling of common operating costs.
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28 28 REPORTING UNDER IFRS 16 Amounts in NOK million Reported Q4 2025 Change IFRS 16 Excl. IFRS 16 Q4 2025 Balance sheet items - IFRS 16 Property, plant and equipment 916 0 916 Right-of use assets 4,769 4,769 0 Deferred tax assets 141 79 63 Prepaid expenses and accrued income 214 -103 317 Total assets 9,639 4,745 4,894 Equity 1,454 -390 1,844 Non-current lease liability 4,189 4,189 0 Current lease liability 987 987 0 Other current liabilities 377 -41 419 Total liabilities 8,185 5,135 3,050 Profit & loss items - IFRS 16 Revenue 1,428 0 1,428 Cost of goods sold -37 0 -37 Personnel expenses -565 0 -565 Other operating expenses -291 310 -601 Depreciation and amortization -307 -250 -57 Impairment of assets held for sale 0 0 0 Operating profit 228 60 168 Net financial items -69 -62 -6 Profit/loss before tax 159 -2 161
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29 29 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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30 30 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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31 WHY INVEST IN SATS?
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32 32 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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33 33 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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34 34 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 31110 11 4 2 13 8 5 4 11 Greater Helsinki Greater Stockholm Greater Oslo 28 72 68 23 120 clubs and 345 000 members 93 clubs and 256 000 members 32 clubs and 71 000 members 28 clubs and 83 000 members Greater Copenhagen
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35 35 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,… 23 Nordic capitals Nordic average 3 320 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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36 36 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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37 37 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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38 38 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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39 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 39
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40 40 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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41 41 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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42 42 4. STRONG TOP - LINE GROWTH AND SOLID MARGIN EXPANSION OVER TIME 543 576 617 2023 2024 2025 4 734 5 065 5 509 Total revenues ARPM 472 510 642 77% 2023 69% 2024 74% 2025 Cash conversion Operating cash flow before Expansion CAPEX 276 272 273 2023 2024 2025 731 733 755 Clubs Members 614 738 871 13.0% 2023 14.6% 2024 15.8% 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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43 43 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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44 44 5. BEYOND NOK 1.1 BILLION: MID - TERM DELIVERY BUILDS THE BASE, WHILE EXPANSION UNLOCKS LONG - TERM EBITDA 1 GROWTH 800 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 1 100 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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45 45 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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46 46 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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47 47 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