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1 WHY INVEST IN SATS?
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2 2 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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3 3 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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4 4 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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5 5 2. WE HAVE THE STRONGEST FOOTPRINT ACROSS THE GROWING NORDIC CAPITALS 1) Mean of reported median income levels in 2023 for capital areas versus country total across all the four Nordic countries Share of clubs by location type Nordic capitals Other 62% 38% Most SATS clubs are located in the capital areas… …with high population density,… 3,320 23 Nordic capitals Nordic average 10 11 14 16 13 13 10 13 10 12 12 14 12 13 12 16 0 - 10 yrs 10 - 20 yrs 20 - 30 yrs 30 - 40 yrs 40 - 50 yrs 50 - 60 yrs 60 - 70 yrs 70 yrs + …demographics with a strong preference for working out… …and strong income levels driving willingness to pay Population per km2 ; 2024 Population share by age; 2024; percent 114 100 Nordic capitals Nordic average Median income levels; Indexed to 1001 High population density enable us to utilize scale of support functions Nordic capitals Nordic average Significantly better located clubs than competitors in the capitals, with most clubs close to the largest hubs
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6 6 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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7 7 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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8 8 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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9 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 9
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10 10 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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11 11 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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12 12 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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13 13 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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14 14 5. BEYOND NOK 1.1 BILLION: MID - TERM DELIVERY BUILDS THE BASE, WHILE EXPANSION UNLOCKS LONG - TERM EBITDA 1 GROWTH 800 1,100 Previous mid - term EBITDA ambition Members per club Average revenue per member Well controlled cost base club expansion NEW MID - TERM EBITDA ambition profitability improvement in existing clubs club expansion adjacent products and services Future EBITDA potential long - term Ebitda 1 ambition (illustrative) MNOK This illustration of future potential does not relate to any specific time fr ame 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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15 15 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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16 16 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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17 17 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