Interim report
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SATS Q3 2026 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 268 clubs, more than 10 000 employees, and 752 000 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 © 2026 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 2026 Walk into one of our clubs on a weekday evening this autumn and you will be met by energetic instructors and well-visited group training rooms. Our ambition is to deliver a great member experience in every visit, and our NPS remains high. As a result, our members trained more in the third quarter. Workouts rose 2% with a stable number of unique visitors, and group training workouts grew 4% on top of 10% growth in the same quarter last year. We also made better use of our clubs, with 1.9% more members per square meter, ending the quarter with 752 000 members. Revenue per member increased by 7% on a currency adjusted basis, and total revenues grew by the same rate to NOK 1 324 million. Reported growth was 2%, as the stronger Norwegian krone reduced the value of our revenues in Sweden, Finland and Denmark. As a result of higher revenues and cost discipline, EBITDA before IFRS 16 rose 25% currency adjusted to NOK 235 million and EBIT before IFRS 16 rose 35% currency adjusted to NOK 182 million. Earnings per share were NOK 0.69, compared with NOK 0.48 in Q3 2025. The strong and steady result improvements give us the freedom to invest in growth and return capital to our shareholders at the same time. With this report, we have updated our capital allocation principles. The leverage target range is widened to 1.0x–2.0x net debt to EBITDA before IFRS 16, and we have put into words what we have done so far, namely increasing the dividend per share over time. Leverage was 1.1x at the end of the quarter, and we returned NOK 193 million to shareholders through dividends and share buybacks. We are also building for the years ahead. We have 18 new clubs committed through 2028, and from 2027 we plan to open 8– 12 clubs a year. Every new club is a chance to bring more people into an active everyday life. None of this happens without the people in our clubs. I am proud of the instructors and club teams who make every session worth showing up for, and I want to thank them for another strong quarter. Sondre Gravir CEO +33% (+35% curr. adj.) +6%+22% (+25% curr. adj.) 1) Before impact of IFRS 16. For further information regarding definitions and Alternative Performance Measures, please see A ppendix WORDS FROM THE CEO +2% (+7% curr. adj.) “More visits and more satisfied members drive SATS forward.“ -6 125 132 Q3 2024 Q3 2025 Q3 2026 127 137 182 11% 11% 14% Q3 2024 Q3 2025 Q3 2026 1 194 1 293 1 324 Q3 2024 Q3 2025 Q3 2026 170 192 235 14% 15% 18% Q3 2024 Q3 2025 Q3 2026
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PAGE 4SATS Q3 2026 • Total revenues increased by 2% (+7% curr. adj.) to NOK 1 324 million in Q3 2026, as ARPM rose by 2% (+7% curr. adj.), while the number of clubs fell from 274 to 268 and the member base declined by 0.5% • Revenues grew faster than costs, lifting EBITDA before IFRS 16 by 22% (+25% curr. adj.) to NOK 235 million • EBIT before IFRS 16 of NOK 182 million, 33% (+35% curr. adj.) above Q3 2025 • Earnings per share grew 43% to NOK 0.69, from NOK 0.48 in the same quarter last year HIGHLIGHTS • Free cash flow of NOK 132 million in Q3 2026 and NOK 609 million over twelve months, with leverage steady at 1.1x for the fourth quarter in a row • Members train more often, with workouts rising 2%, and group training workouts rising 4% on top of 10% growth in Q3 2025 • NOK 193 million was returned to shareholders in Q3 through dividends and share buybacks Key Financial Figures and Alternative Performance Measures (APM) 1 Q3 Q3 YTD YTD 2026 2025 Change 2026 2025 Change NOK million (unless otherwise stated) Membership revenue 1 131 1 104 2% 3 552 3 403 4% Other revenues 193 189 2% 697 678 3% Total revenues 1 324 1 293 2% 4 249 4 081 4% EBITDA 533 502 6% 1 674 1 574 6% Margin (%) 40% 39% 1.5 p.p. 39% 39% 0.8 p.p. Operating profit 241 198 22% 779 664 17% Profit for the period 133 98 37% 435 353 23% Earnings per share (NOK) 0.69 0.48 43% 2.23 1.74 28% Total overhead costs -156 -158 -1% -482 -473 2% EBITDA before impact of IFRS 16 235 192 22% 764 647 18% Margin (%) 18% 15% 2.9 p.p. 18% 16% 2.1 p.p. EBIT before impact of IFRS 16 182 137 33% 604 484 25% Margin (%) 14% 11% 3.2 p.p. 14% 12% 2.4 p.p. Maintenance Capex 44 75 -42% 131 203 -35% Total Capex 55 79 -31% 145 212 -31% Net debt 1 056 1 087 -3% 1 056 1 087 -3% Operating cash flow 151 142 7% 532 388 37% Free cash flow 132 125 6% 369 262 41% Leverage 1.1x 1.3x -0.3x 1.1x 1.3x -0.3x Clubs 268 274 -2% 268 274 -2% Members (‘000) 752 756 -1% 752 756 -1% ARPM (NOK/month) 590 576 2% 626 609 3% 1) As defined in Appendix under Alternative Performance Measures
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PAGE 5SATS Q3 2026 ANALYSIS OF THE Q3 2026 FINANCIAL STATEMENTS All financial statements show the period July 1, 2026, to September 30, 2026, compared to the accounts for the period July 1, 2025, to September 30, 2025. Statement of comprehensive income Total revenues increased by 2% (+7% currency adjusted) to NOK 1 324 million in Q3 2026, compared to NOK 1 293 million in Q3 2025, driven by both higher membership revenues and other revenues. Currency adjusted membership revenues increased in all countries. The total member base decreased by 1% compared to Q3 2025, with six fewer clubs in operation. Average revenue per member (ARPM) increased by 2% (+7% currency adjusted), driven by improved product mix and price adjustments. Total operating expenses amounted to NOK 1 083 million in Q3 2026, 1% lower than Q3 2025 (+3% currency adjusted), operating six fewer clubs. Operating expenses excluding depreciation and amortization were NOK 791 million, in line with last year (+6% currency adjusted). Operating profit increased by 22% from NOK 198 million in Q3 2025 to NOK 241 million in Q3 2026. Net financial items in Q3 2026 were negative NOK 70 million, the same as in Q3 2025. Unrealized currency effects of negative NOK 17 million and unrealized electricity hedge effects of positive NOK 18 million offset each other. Income tax expense was NOK 38 million in Q3 2026, compared to NOK 30 million in Q3 2025. Profit before tax was NOK 171 million in Q3 2026, compared to NOK 128 million in Q3 2025. Profit for the period was NOK 133 million in Q3 2026, compared to NOK 98 million in Q3 2025. Total comprehensive income was NOK 163 million in Q3 2026, compared to NOK 100 million in Q3 2025. Statement of financial position Consolidated assets decreased by NOK 354 million to NOK 8 945 million as of September 30, 2026, compared to September 30, 2025. 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 4 567 million and NOK 2 563 million, respectively, on September 30, 2026. Non-current assets decreased by NOK 232 million, while current assets decreased by NOK 121 million. The decrease in non-current assets was mainly driven by a decrease in right-of- use assets and intangible assets. The decrease in current assets was primarily driven by lower cash and cash equivalents and other current receivables. Total liabilities decreased from NOK 7 863 million as of September 30, 2025, to NOK 7 590 million as of September 30, 2026, primarily due to a decrease in borrowings and lease liability. As of September 30, 2026, consolidated equity amounted to NOK 1 355 million, representing an equity ratio of 15.1%, compared to NOK 1 436 million and 15.4% as of September 30, 2025. Statement of cash flows In Q3 2026, consolidated cash and cash equivalents decreased by NOK 60 million, compared to a decrease of NOK 43 million in Q3 2025. Cash flow from operations of NOK 486 million was more than offset by net outflows from investing and financing activities. The Group had cash and cash equivalents of NOK 275 million as of September 30, 2026. In addition, the Group had NOK 1 038 million undrawn under the revolving credit facility, giving available liquidity of NOK 1 313 million. Net cash flow from the Group’s operations was NOK 486 million in Q3 2026, compared to NOK 520 million in Q3 2025. Higher profit before tax was more than offset by changes in other receivables and accruals, trade payables and account receivables. Net working capital is seasonal, typically lower from November to May and higher from June to October. In the quarter, the change in net working capital was negative NOK 40 million, compared to positive NOK 25 million in Q3 2025. Net cash outflow from investing activities amounted to NOK 54 million in Q3 2026, compared to an outflow of NOK 79 million in Q3 2025. Net cash outflow from financing activities was NOK 492 million in Q3 2026, compared to NOK 484 million in Q3 2025. In Q3 2026, the Group purchased own shares for NOK 54 million (NOK 40 million in Q3 2025). Segment development The following sections of this report review each operating segment. Unless otherwise stated, comments regarding development reflect a comparison between Q3 2026 and Q3 2025. BOARD OF DIRECTORS’ REPORT
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NORWAY Revenues NOK million Country EBITDA1 NOK million / margin PAGE 6SATS Q3 2026 2 11 10 2 68 11 11 2 Norway is the largest operating segment in the Group, accounting for 47% of consolidated revenues in Q3 2026. SATS Norway had 345 000 members at quarter-end. SATS is a well-established brand and the leading fitness operator in the Norwegian market. The Norwegian portfolio, including both SATS and Fresh Fitness, counted 117 clubs at the end of Q3 2026, two fewer than a year earlier. The member base declined by 1% year- on-year, after a club reduction of 2%. Average revenue per member (ARPM) rose 7% in the same period to NOK 607 per month. Higher revenue per member lifted total revenues by 7% to NOK 625 million. Country EBITDA came in at NOK 187 million, an increase of 9%, with the margin up 0.4 percentage points to 30%. +7% +9% 1) Country EBITDA before impact of IFRS 16 582 625 Q3 2025 Q3 2026 172 187 30% 30% Q3 2025 Q3 2026 Key Financial Figures and Alternative Performance Measures (APM) Q3 Q3 YTD YTD 2026 2025 Change 2026 2025 Change NOK million (unless otherwise stated) Membership revenue 540 501 8% 1 677 1 547 8% Other revenues 84 81 5% 307 294 4% Total revenues 625 582 7% 1 984 1 841 8% EBITDA 266 245 9% 863 794 9% Margin (%) 43% 42% 0.5 p.p. 44% 43% 0.4 p.p. Operating profit 155 137 13% 528 471 12% Profit/loss for the period 127 92 37% 414 320 29% Country EBITDA before impact of IFRS 16 187 172 9% 633 574 10% Margin (%) 30% 30% 0.4 p.p. 32% 31% 0.7 p.p. EBITDA before impact of IFRS 16 141 125 13% 491 435 13% Margin (%) 23% 21% 1.2 p.p. 25% 24% 1.1 p.p. Clubs 117 119 -2% 117 119 -2% Members (‘000) 345 347 -1% 345 347 -1% ARPM (NOK/month) 607 566 7% 639 602 6%
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SWEDEN 12 71 8 PAGE 7SATS Q3 2026 Revenues NOK million Country EBITDA1 NOK million / margin -1% (+7% curr. adj.) +17% (+26% curr. adj.) 1) Country EBITDA before impact of IFRS 16 444 442 Q3 2025 Q3 2026 Sweden is the Group’s second-largest segment, accounting for 33% of consolidated revenues in Q3 2026. At quarter-end, SATS Sweden had 257 000 members and retains a strong, well-established market position. The portfolio comprised 91 clubs at the end of Q3 2026, four fewer than a year earlier following portfolio optimizations. Despite the smaller footprint, the member base was stable year-on-year. Average revenue per member (ARPM) declined by 2% (+6% curr. adj.) to NOK 575 per month. Total revenues ended 1% below (+7% curr. adj.) last year at NOK 442 million. Country EBITDA rose by 17% (+26% curr. adj.) to NOK 105 million, lifting the margin by 3.6 percentage points to 24%. Reported figures are affected by a weaker Swedish krone against the Norwegian krone compared with Q3 2025. Currency-adjusted changes are shown in brackets. 89 105 20% 24% Q3 2025 Q3 2026 Key Financial Figures and Alternative Performance Measures (APM) Q3 Q3 YTD YTD 2026 2025 Change 2026 2025 Change NOK million (unless otherwise stated) Membership revenue 371 374 -1% 1 175 1 142 3% Other revenues 71 70 1% 265 256 4% Total revenues 442 444 -1% 1 440 1 397 3% EBITDA 177 171 4% 535 511 5% Margin (%) 40% 39% 1.6 p.p. 37% 37% 0.6 p.p. Operating profit 71 56 27% 200 166 20% Profit/loss for the period 11 21 -47% 48 73 -34% Country EBITDA before impact of IFRS 16 105 89 17% 307 263 17% Margin (%) 24% 20% 3.6 p.p. 21% 19% 2.5 p.p. EBITDA before impact of IFRS 16 67 50 33% 189 148 28% Margin (%) 15% 11% 3.8 p.p. 13% 11% 2.5 p.p. Clubs 91 95 -4% 91 95 -4% Members (‘000) 257 256 0% 257 256 0% ARPM (NOK/month) 575 585 -2% 623 615 1%
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FINLAND 4 23 4 PAGE 8SATS Q3 2026 Revenues NOK million Country EBITDA1 NOK million / margin 0% (+8% curr. adj.) +18% (+27% curr. adj.) 1) Country EBITDA before impact of IFRS 16 120 120 Q3 2025 Q3 2026 In Finland, operations are run under the ELIXIA brand, representing 9% of the Group’s consolidated revenues in Q3 2026. At quarter-end, ELIXIA Finland counted 72 000 members and remains the market leader in a highly fragmented fitness market. The network numbered 32 clubs at the end of the quarter, in line with last year, spread across Helsinki, Tampere and Turku. Membership rose by 1% year-on-year, while average revenue per member (ARPM) came in 2% lower (+6% curr. adj.) at NOK 566 per month. Total revenues were in line with last year (+8% curr. adj.) at NOK 120 million. Country EBITDA increased by 18% (+27% curr. adj.) to NOK 15 million, lifting the margin by 1.9 percentage points to 12%. Reported figures are affected by a weaker euro against the Norwegian krone compared with Q3 2025. Currency-adjusted changes are shown in brackets. 12 15 10% 12% Q3 2025 Q3 2026 Key Financial Figures and Alternative Performance Measures (APM) Q3 Q3 YTD YTD 2026 2025 Change 2026 2025 Change NOK million (unless otherwise stated) Membership revenue 103 103 0% 323 320 1% Other revenues 18 18 1% 62 62 0% Total revenues 120 120 0% 385 382 1% EBITDA 40 40 1% 121 125 -3% Margin (%) 33% 33% 0.2 p.p. 31% 33% -1.3 p.p. Operating profit 9 7 19% 28 30 -5% Profit/loss for the period 3 1 129% 10 11 -6% Country EBITDA before impact of IFRS 16 15 12 18% 44 43 3% Margin (%) 12% 10% 1.9 p.p. 12% 11% 0.3 p.p. EBITDA before impact of IFRS 16 9 6 36% 26 25 2% Margin (%) 7% 5% 1.9 p.p. 7% 7% 0.1 p.p. Clubs 32 32 0% 32 32 0% Members (‘000) 72 71 1% 72 71 1% ARPM (NOK/month) 566 575 -2% 602 599 0%
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DENMARK 28 PAGE 9SATS Q3 2026 Revenues NOK million Country EBITDA1 NOK million / margin In Q3 2026, the Danish operations accounted for 10% of the Group’s consolidated revenues. With 78 000 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 comprised 28 clubs at the end of Q3 2026, unchanged from a year earlier. Denmark removed the VAT exemption on group training and personal training with effect from January 1, 2026, aligning national practice with EU regulations. Prices were raised to pass on part of the VAT while preserving the competitive positioning. The adjustments still weigh on volumes, with membership down 4% year-on-year. Reported average revenue per member (ARPM) excludes the VAT element and declined by 2% (+6% curr. adj.) to NOK 585 per month. Total revenues ended 6% below (+2% curr. adj.) last year at NOK 138 million, while costs continued to benefit from higher VAT deductions. Country EBITDA rose by 86% (+101% curr. adj.) to NOK 16 million, equal to a margin of 12%, up 5.9 percentage points from the same quarter last year. Reported figures are affected by a weaker Danish krone against the Norwegian krone compared with Q3 2025. Currency-adjusted changes are shown in brackets. -6% (+2% curr. adj.) +86% (+101% curr. adj.) 1) Country EBITDA before impact of IFRS 16 9 166% 12% Q3 2025 Q3 2026 146 138 Q3 2025 Q3 2026 Key Financial Figures and Alternative Performance Measures (APM) Q3 Q3 YTD YTD 2026 2025 Change 2026 2025 Change NOK million (unless otherwise stated) Membership revenue 118 126 -6% 377 394 -4% Other revenues 20 20 0% 63 67 -5% Total revenues 138 146 -6% 440 460 -4% EBITDA 42 37 14% 132 120 10% Margin (%) 31% 25% 5.2 p.p. 30% 26% 3.9 p.p. Operating profit 9 1 1318% 32 6 423% Profit/loss for the period -7 -16 -54% -16 -44 -63% Country EBITDA before impact of IFRS 16 16 9 86% 55 36 53% Margin (%) 12% 6% 5.9 p.p. 12% 8% 4.7 p.p. EBITDA before impact of IFRS 16 10 2 508% 35 14 150% Margin (%) 7% 1% 6.2 p.p. 8% 3% 4.9 p.p. Clubs 28 28 0% 28 28 0% Members (‘000) 78 82 -4% 78 82 -4% ARPM (NOK/month) 585 595 -2% 604 624 -3%
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PAGE 10SATS Q3 2026 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 419 million as of September 30, 2026, divided into 197 194 588 ordinary shares, each with a par value of NOK 2.125. All shares are fully paid and have equal rights. SATS owned 5 118 335 treasury shares as of the balance sheet date. The number of shareholders as of September 30, 2026, was 7 678. FINANCIAL POLICY AND DIVIDEND SATS has a conservative approach to leverage, targeting a ratio of net debt (current and non-current bank borrowings less cash and cash equivalents) to adjusted EBITDA before impact of IFRS 16 in the range of 1.0x to 2.0x. SATS prioritizes maintaining a robust balance sheet and a 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% of annual net profit as a combination of share buybacks and semi-annual dividends. The dividend per share is to increase over time. So far, capital returns have materially exceeded 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 2025 Annual Report (Board of Directors’ Report and Note 21) 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 2026. 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 26, 2026 The Board of Directors
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PAGE 11SATS Q3 2026 CONSOLIDATED INCOME STATEMENT Notes Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 (Amounts in NOK million) Revenue 2 1 324 1 293 4 249 4 081 5 509 Operating expenses Cost of goods sold -34 -35 -109 -109 -146 Personnel expenses -465 -461 -1 550 -1 490 -2 055 Other operating expenses -293 -295 -916 -908 -1 199 Depreciation and amortization 6, 7, 8 -292 -304 -895 -910 -1 217 Total operating expenses -1 083 -1 095 -3 470 -3 417 -4 617 Operating profit 241 198 779 664 892 Interest income 7 7 21 23 30 Finance income 24 9 45 34 43 Interest expense -76 -78 -224 -235 -311 Finance expense -25 -8 -66 -29 -39 Net financial items -70 -70 -223 -207 -276 Profit before tax 171 128 556 457 616 Income tax expense 3 -38 -30 -121 -104 -141 Profit for the period 133 98 435 353 474 Profit for the year is attributable to: Equity holders of the Group 133 98 435 353 474 Total allocation 133 98 435 353 474 Earnings per share in NOK Basic earnings per share attributable to equity holders of the company 4 0.69 0.48 2.23 1.74 2.35 Diluted earnings per share attributable to equity holders of the company 4 0.69 0.48 2.21 1.73 2.34
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PAGE 12SATS Q3 2026 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 (Amounts in NOK million) Profit for the period 133 98 435 353 474 Other comprehensive income Currency translation adjustment – may be reclassified to profit or loss 29 2 70 -15 -32 Other comprehensive income, net of tax 29 2 70 -15 -32 Total comprehensive income for the period 163 100 505 338 443 Total comprehensive income is attributable to: Equity holders of the Group 163 100 505 338 443 Total comprehensive income for the period 163 100 505 338 443
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PAGE 13SATS Q3 2026 CONSOLIDATED BALANCE SHEET September 30 September 30 December 31 Notes 2026 2025 2025 (Amounts in NOK million) ASSETS Non-current assets Intangible assets 6 2 563 2 655 2 667 Right-of-use assets 8 4 567 4 688 4 769 Property, plant and equipment 7 854 859 916 Other non-current receivables 79 69 72 Derivative financial instruments 9 4 20 0 Deferred tax assets 3 128 136 141 Total non-current assets 8 196 8 428 8 567 Current assets Inventories 63 59 61 Accounts receivables 121 136 161 Other current receivables 183 232 209 Contract assets 83 79 113 Derivative financial instruments 9 24 1 16 Cash and cash equivalents 275 363 512 Total current assets 750 871 1 072 Total assets 8 945 9 299 9 639 EQUITY Share capital 419 433 433 Share premium 2 651 2 923 2 923 Treasury shares -11 -5 -10 Other reserves 43 -14 -28 Retained earnings -1 747 -1 901 -1 863 Total equity 1 355 1 436 1 454 LIABILITIES Non-current liabilities Deferred tax liability 3 175 145 55 Borrowings 5 1 331 1 450 1 480 Lease liability 5 4 023 4 117 4 189 Derivative financial instruments 9 0 1 1 Total non-current liabilities 5 529 5 713 5 726 Current liabilities Borrowings 5 9 10 9 Lease liability 5 938 970 987 Derivative financial instruments 9 0 0 3 Contract liability 632 622 724 Trade and other payables 77 133 100 Current tax liabilities 0 0 125 Public fees and charges payable 81 94 134 Other current liabilities 324 322 377 Total current liabilities 2 061 2 149 2 458 Total liabilities 7 590 7 863 8 185 Total equity and liabilities 8 945 9 299 9 639
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PAGE 14SATS Q3 2026 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, 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 -2 2 0 0 Dividends -127 -127 -127 Reclassification 18 -18 0 0 Equity September 30, 2025 433 2 923 -5 -29 15 -1 901 1 436 1 436 Equity January 1, 2026 433 2 923 -10 -46 17 -1 863 1 454 1 454 Profit for the period 435 435 435 OCI for the period 70 70 70 Total comprehensive income for the period 0 0 0 70 0 435 505 505 Investment program 2 0 7 9 9 Repurchase of shares 1, 4 -18 -354 -372 -372 Proceeds from sale of own shares 4 2 28 30 30 Cancellation of own shares 4 -14 14 0 0 Dividends 1 -271 -271 -271 Equity September 30, 2026 419 2 651 -11 25 17 -1 747 1 355 1 355
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PAGE 15SATS Q3 2026 CONSOLIDATED STATEMENT OF CASH FLOWS Notes Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 (Amounts in NOK million) Cash flow from operations Profit before tax 171 128 556 457 616 Adjustment for: Taxes paid in the period -8 -7 -145 -92 -90 Loss from disposal or sale of equipment 0 0 0 -1 -2 Depreciation, amortization and impairment 6, 7, 8 292 304 895 910 1 217 Net financial items 70 70 223 207 276 Change in inventory 0 0 -2 -5 -8 Change in accounts receivables -11 -1 39 23 -1 Change in trade payables -12 -6 -23 -45 -78 Change in other receivables and accruals -16 32 -115 -28 152 Net cash flow from operations 486 520 1 428 1 425 2 082 Cash flow from investing Purchase of right-of-use assets 0 0 -3 0 0 Purchase of property, plant and equipment and intangible assets 6, 7 -55 -79 -145 -212 -309 Loan to related parties 10 0 0 -9 -15 -15 Proceeds from property, plant and equipment 0 0 1 2 3 Proceeds from loan to related parties 10 0 0 0 3 3 Net cash flow from investing -54 -79 -156 -222 -318 Cash flow from financing Repayments of borrowings 5 0 0 0 0 -85 Proceeds from borrowings 5 0 0 0 0 85 Installments on lease liabilities 5 -237 -248 -728 -743 -992 Interest paid 5, 9 -8 -10 -26 -33 -42 Interest received 3 3 10 9 14 Interests on lease liabilities 5 -63 -63 -185 -189 -251 Dividends paid 1 -139 -127 -271 -127 -127 Purchase of own shares 1, 4 -54 -40 -372 -177 -267 Proceeds from sale of own shares 0 0 30 49 49 Other financial items 6 1 14 2 2 Net cash flow from financing -492 -484 -1 529 -1 209 -1 615 Net increase/decrease in cash and cash equivalents -60 -43 -257 -5 149 Effect of foreign exchange rate changes on cash and cash equivalents 9 1 20 -3 -7 Cash and cash equivalents at the beginning of the period 326 405 512 371 371 Cash and cash equivalents at the end of period 275 363 275 363 512
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NOTES PAGE PAGE 16SATS Q3 2026 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 judgments 27
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PAGE 17SATS Q3 2026 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, 2025, 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, 2025. 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, 2025. 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 Share buyback program During the third quarter of 2026, SATS completed the share buyback program initiated on May 12, 2026, and on August 14, 2026, SATS announced a new share buyback program with a total consideration of up to NOK 100 million and a maximum of 3 500 000 shares. In total, SATS repurchased 1.2 million shares for NOK 54 million during the third quarter. The repurchased shares will primarily be used to optimize the share capital structure through a redemption of treasury shares. Dividends On August 14, 2026, the Board of Directors resolved to distribute a cash dividend totaling NOK 139 million, pursuant to the authorization granted by the Annual General Meeting held on May 5, 2026. The dividend was paid during the third quarter of 2026. The financial position and the performance of the Group was not, other than mentioned above, mainly affected by any events or transactions during the first nine months of 2026. NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS NOTE 1 General information and basis for preparation
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PAGE 18SATS Q3 2026 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 2026, Q3 2025, YTD 2026, YTD 2025 and the year ended December 31, 2025 is as follows: NOTE 2 Segment information SATS Group Norway Sweden Finland Denmark Group functions and other Total (Amounts in NOK million) Q3 2026 Revenue Membership revenue 540 371 103 118 0 1 131 Other revenue 84 71 18 20 0 193 Total revenue 625 442 120 138 0 1 324 EBITDA1) and EBITDA before impact of IFRS 161) reconcile to profit/loss for the period as follows: EBITDA before impact of IFRS 16 1) 141 67 9 10 8 235 Impact of IFRS 16 125 111 31 32 0 299 EBITDA 1) 266 177 40 42 8 533 Depreciation and amortization -111 -107 -31 -33 -10 -292 Operating profit/loss 155 71 9 9 -3 241 Net financial items2) 7 -56 -6 -17 2 -70 Income tax expense -35 -3 0 0 0 -38 Profit/loss for the period 127 11 3 -7 0 133 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
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PAGE 19SATS Q3 2026 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 2026 Revenue Membership revenue 1 677 1 175 323 377 0 3 552 Other revenue 307 265 62 63 0 697 Total revenue 1 984 1 440 385 440 0 4 249 EBITDA1) and EBITDA before impact of IFRS 161) reconcile to profit/loss for the period as follows: EBITDA before impact of IFRS 16 1) 491 189 26 35 24 764 Impact of IFRS 16 373 346 95 97 0 910 EBITDA 1) 863 535 121 132 24 1 674 Depreciation and amortization -335 -334 -93 -100 -33 -895 Operating profit/loss 528 200 28 32 -9 779 Net financial items2) 0 -140 -18 -48 -18 -223 Income tax expense -114 -12 0 0 5 -121 Profit/loss for the period 414 48 10 -16 -21 435 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 2025 Revenue Membership revenue 2 072 1 541 432 528 0 4 574 Other revenue 399 357 84 94 1 935 Total revenue 2 471 1 898 516 623 1 5 509 EBITDA1) and EBITDA before impact of IFRS 161) reconcile to profit/loss for the period as follows: EBITDA before impact of IFRS 16 1) 569 199 35 32 35 871 Impact of IFRS 16 481 484 132 140 0 1 237 EBITDA 1) 1 050 684 168 172 35 2 109 Depreciation and amortization -431 -461 -128 -151 -46 -1 217 Operating profit/loss 619 223 40 21 -11 892 Net financial items2) -88 -91 -25 -68 -4 -276 Income tax expense -117 -27 0 1 2 -141 Profit/loss for the year 413 105 15 -46 -12 474
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PAGE 20SATS Q3 2026 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 are 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. Share buyback program During the first nine months of 2026, SATS repurchased a total of 8 693 059 shares for NOK 372 million. Under the share buyback programs announced in October 2025 and February 2026, 2 905 713 shares were repurchased for NOK 125 million. The program announced on May 12, 2026 was completed during the third quarter, with a total of 4 717 589 shares repurchased for NOK 200 million. On August 14, 2026, SATS announced a new share buyback program, under which 1 069 757 shares had been repurchased for NOK 47 million as of September 30, 2026. Cancellation of own shares In 2026, the share capital was reduced by NOK 8 500 000 through redemption of 4 000 000 shares, resolved by the Extraordinary General Meeting on March 3 and completed in Q2, and by NOK 5 312 500 through cancellation of 2 500 000 treasury shares, resolved by the Annual General Meeting on May 5 and registered in Q3. Share capital as of September 30, 2026 amounted to NOK 419 038 499.50. Share investment program During 2026, SATS transferred a total of 944 233 shares to employees as part of the company’s new share investment program. The offer price was NOK 31.48, based on the volume-weighted average trading price for the Company’s shares during the ten trading days’ period up to, and including May 15, 2026, adjusted with a 23 percent discount. The program is part of a broader initiative to strengthen long-term alignment between employees and shareholders. In connection with earlier share investment programs, a total of 857 284 matching shares were awarded in the second quarter of 2026, based on a share price of NOK 36.07. The share investment programs for employees in the SATS ASA Group imply that the company, on the balance sheet date of September 30, 2026, will deliver 124 072 matching shares to employees in 2027, 703 411 shares in 2028, and 281 633 shares in 2029. Allocation of matching shares is further contingent upon the company's performance over time. As at the balance sheet date of September 30, 2026, the number of shares issued was 197 194 588 and the company held 5 118 335 treasury shares. NOTE 4 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 2026, 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 2025 full-year income tax recognition. Definitions In the interim financial statements, Q3 is the reporting period from July 1 to September 30. Basic earnings per share attributable to equity holders of the company (NOK per share) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Basic earnings 0.69 0.48 2.23 1.74 2.35 Total basic earnings per share 0.69 0.48 2.23 1.74 2.35 193 038 853 202 083 935 195 487 057 202 650 798 201 974 690 Diluted earnings per share attributable to equity holders of the company (NOK per share) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Diluted earnings 0.69 0.48 2.21 1.73 2.34 Total diluted earnings per share 0.69 0.48 2.21 1.73 2.34 193 706 385 203 193 767 196 465 851 203 693 630 203 069 458 Reconciliation of earnings used in calculating earnings per share (Amounts in NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Basic earnings per share Profit attributable to equity holders of the Group 133 98 435 353 474 133 98 435 353 474 Diluted earnings per share 133 98 435 353 474 Profit used in calculating diluted earnings per share 133 98 435 353 474 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
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PAGE 21SATS Q3 2026 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 1 038 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 2026, exercised its option to extend the facility by one year, moving full maturity to July 2029. 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 NOK 51 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 2025 and 2026. 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, 2026: 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 2026 2025 2025 (Amounts in NOK million) Current 9 10 9 938 970 987 947 979 996 Non-current 1 331 1 450 1 480 4 023 4 117 4 189 5 354 5 567 5 669 6 301 6 547 6 666 Total bank borrowings 1 331 1 450 1 480 Cash and cash equivalents 275 363 512 1 056 1 087 967 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 51 1 164 1–2 years 51 1–2 years 1 059 2–3 years 1 385 2–3 years 935 3–5 years 0 3–5 years 1 375 More than 5 years 0 More than 5 years 1 266 Total payments 1 487 Total payments 5 799 Lease liabilities Less than 1 year
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PAGE 22SATS Q3 2026 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) 1 868 241 687 0 2 796 -199 0 -10 0 -209 1 669 241 677 0 2 587 1 669 241 677 0 2 587 0 -29 -54 0 -83 1 669 212 623 0 2 504 1 868 212 633 0 2 713 -199 0 -10 0 -209 1 669 212 623 0 2 504 Useful life Indefinite Indefinite Indefinite Indefinite Amortization method Not amortized Not amortized Not amortized Not amortized Other intangible assets Trademark Internally developed software1) Total other intangible assets (Amounts in NOK million) 267 669 936 -266 -590 -856 1 79 80 1 79 80 Effect of changes in foreign exchange cost 0 -81 -82 0 73 73 0 22 22 0 -35 -35 0 58 58 267 610 877 -266 -552 -818 0 58 58 Useful life 10 years 3 years Amortization method Straight-line Straight-line Opening net book amount Net effect of changes in foreign exchange Closing Net book value Period ended September 30, 2026 At December 31, 2025 Cost Accumulated impairment Net book value Additions Cost Accumulated amortization and impairment Net book value Period ended September 30, 2026 Opening net book amount Effect of changes in foreign exchange accumulated amortization Amortization charge Closing Net book value At September 30, 2026 Cost At September 30, 2026 Accumulated amortization and impairment Net book value At December 31, 2025 Accumulated impairment Net book value Cost
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PAGE 23SATS Q3 2026 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) Cost 1 429 1 112 347 2 887 Accumulated depreciation -932 -743 -295 -1 971 Net book value 497 368 51 916 Opening net book amount 497 368 51 916 Additions 61 52 10 123 Effect of changes in foreign exchange cost -94 -66 -20 -179 Depreciation charge -70 -40 -15 -125 Effect of changes in foreign exchange accumulated depreciation 61 42 17 120 Disposals costs -20 -82 -10 -112 Disposals costs accumulated depreciations 19 81 10 111 Closing Net book value 455 355 44 854 Cost 1 371 1 016 327 2 713 Accumulated depreciation -915 -661 -283 -1 859 Net book value 455 355 44 854 Useful life 10 years 7 – 12 years 3 – 7 years Depreciation method Straight-line Straight-line Straight-line At December 31, 2025 Period ended September 30, 2026 At September 30, 2026
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PAGE 24SATS Q3 2026 NOTE 8 Right of use ("RoU") assets RoU assets Premise rental Other leases Total RoU assets (Amounts in NOK million) At January 1, 2025 Cost 13 272 99 13 371 Accumulated depreciation -8 622 -91 -8 714 Net book value 4 650 8 4 657 Period ended December 31, 2025 At January 1, 2025 4 650 8 4 657 Effect of changes in foreign exchange cost 251 1 252 Additions/disposals 989 4 992 Depreciation charge -994 -4 -998 Effect of changes in foreign exchange accumulated depreciation -134 -1 -134 Closing Net book value 4 762 7 4 769 At December 31, 2025 Cost 14 445 100 14 546 Accumulated depreciation -9 683 -93 -9 776 Net book value 4 762 7 4 769 Period ended September 30, 2026 At January 1, 2026 4 762 7 4 769 Effect of changes in foreign exchange cost -736 -6 -743 Additions/disposals 843 4 847 Depreciation charge -732 -3 -735 Effect of changes in foreign exchange accumulated depreciation 422 6 428 Closing Net book value 4 559 8 4 567 At September 30, 2026 Cost 14 440 95 14 535 Accumulated depreciation -9 881 -87 -9 968 Net book value 4 559 8 4 567 Useful life 1 – 15 years 1 – 5 years Depreciation method Straight-line Straight-line
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PAGE 25SATS Q3 2026 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 4 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, 2026 with a weaker NOK results in a positive effect of NOK 38 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 market 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) 5 22 26 EUR/NOK exchange rate – increase 10%1) 1 -4 -3 DKK/NOK exchange rate – increase 10%1) -2 20 18 Effect on profit/loss before tax 4 38 42 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 79 0 69 0 72 0 Accounts receivables 121 0 136 0 161 0 Other current receivables 111 0 88 0 108 0 Derivatives 0 28 0 21 0 16 Cash and cash equivalents 275 0 363 0 512 0 Total financial assets 586 28 656 21 854 16 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 1 340 0 1 460 0 1 489 0 Lease liabilities 4 961 0 5 087 0 5 177 0 Trade and other payables 77 0 133 0 100 0 Derivatives 0 0 0 1 0 4 Other current liabilities 324 0 322 0 377 0 Total financial liabilities 6 702 0 7 001 1 7 143 4 202520252026 2026 2025 2025 September 30 September 30 December 31 September 30 September 30 December 31
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PAGE 26SATS Q3 2026 Financial derivative instruments The Group has the following derivative financial instruments: September 30 September 30 December 31 2026 2025 2025 (Amounts in NOK million) Non-current assets Interest rate swap contracts 0 20 0 Commodity contracts 4 0 0 4 20 0 Current assets Interest rate swap contracts 5 1 16 Commodity contracts 19 0 0 24 1 16 Non-current liabilities Commodity contracts 0 1 1 0 1 1 Current liabilities Commodity contracts 0 0 3 0 0 3 Notional in Overview of interest rate swaps per September 30, 2026 currency million Maturity Fixed rate IRS NOK 694 28.10.2026 1.751 5 5 Underlying quantity in Fixed price Overview of commodity contracts per September 30, 2026 thousand MWh Maturity per MWh Commodity contracts NOK 0.7 – 2.2 31.12.2028 572 – 760 16 Commodity contracts SEK 0.7 – 1.5 31.12.2028 435 – 589 7 23 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 Fair value of the Group's commodity contracts in NOK million As of September 30, 2026, total loans issued by SATS ASA to key employees participating in a partly debt-financed share investment program were NOK 38 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 2026.
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PAGE 27SATS Q3 2026 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 2 504 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 9 Intangible assets in the Annual Report for 2025. 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 2026 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 judgments 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, 2026.
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PAGE 28SATS Q3 2026 ALTERNATIVE PERFORMANCE MEASURES The Group reports its financial results in accordance with IFRS® Accounting Standards as adopted by the European Union (EU) a nd the additional disclosure requirements of the Norwegian Accounting Act ( Regnskapsloven). 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. 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. 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. 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 2026 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 CAPEX: Upgrades and maintenance capital expenditures Club upgrades and maintenance and IT capital expenditures Cash conversion Free cash flow before expansion capex, divided by EBITDA before IFRS 16 Country EBITDA before impact of IFRS 16 EBITDA before impact of IFRS 16 before 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 Free cash flow Operating cash flow less expansion capital expenditures, interest, tax and other 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 DEFINITIONS
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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 © 2026