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1 Q3 2026 INTERIM REPORT JULY - SEPTEMBER 2026 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 The CAGR calculation is based on a 2.75-year period 21110 11 2 2 12 8 4 4 11 Greater Helsinki Greater Stockholm Greater Oslo 28 71 68 23 117 clubs and 345 000 members 91 clubs and 257 000 members 32 clubs and 72 000 members 28 clubs and 78 000 members Greater Copenhagen 752 000 members 119 000 DAILY workouts 1 60 0 DAILY GROUP TRAINING CLASSES 614 738 871 988 2023 2024 2025 LTM Q3 2026 CAGR: +19% 10 000 employees EBITDA before IFRS 16 MNOK Earnings per share NOK 1.10 1.59 2.35 2.83 2023 2024 2025 LTM Q3 2026 CAGR: +41% EBIT before IFRS 16 MNOK 377 525 652 772 2023 2024 2025 LTM Q3 2026 CAGR: +30% 268 clubs
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3 3 Q3 2026 IN SUMMARY: PROFIT UP ON HIGHER VALUE PER MEMBER 1) Before IFRS 16 Free cash flow of NOK 609 million over twelve months, with leverage steady at 1.1x for the fourth quarter in a row Group training keeps driving activity, total workouts increased 2%, and 6% more members joined a group training class Revenues up 7% curr. adj., from higher value per member. We optimize for total revenue, and in this period, price has taken the lead over volume EBITDA¹ up 25% curr. adj. to NOK 235 million, with the margin up from 15% to 18%. EBIT¹ up 35% curr. adj. to NOK 182 million, a 14% margin. EPS up 43% to NOK 0.69 NOK 193 million returned to shareholders in Q3: A dividend of NOK 0.72 per share, up from 0.67, and NOK 54 million in share buybacks EPS: +43% VS Q3 2025 ARPM: +7% CURR. ADJ. VS Q3 2025 Q3 distributions: 193 MNOK group training visitors: +6% VS Q3 2025 LTM Free cash flow: 609 MNOK
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4 4 EVERY PART OF THE PERFORMANCE CYCLE MOVED THE RIGHT WAY IN Q3 BETTER PRODUCT 53 clubs upgraded so far in 2026 MORE ACTIVE MEMBERS Workouts per member +2% MEMBERS WHO STAY Class participants churn the least MORE VALUE PER MEMBER ARPM +7%, currency adjusted MORE PROFITABLE CLUBS EBITDA margin up 2.9 p.p. to 18% CASH TO REINVEST NOK 132 million free cash flow THE SATS PERFORMANCE CYCLE
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5 5 MEMBERS TRAIN MORE OFTEN, AND GROUP TRAINING GROWS FASTEST MEMBER ACTIVITY Q3 2026 vs Q3 2025 Workouts per member +2% Group training workouts +4% Unique group training participants +6% Members per club +2% TWO - YEAR TREND Last twelve months, indexed, LTM Q3 2024 = 100 +19% +15% +8% +3% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Group training workouts Unique group training participants Workouts Unique visitors Active members do not leave. Growth in group training is the best leading indicator we have of lower churn ahead.
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6 6 WE KEEP INVESTING IN THE CLUBS WE KEEP , WITH 53 UPGRADED SIGNIFICANTLY SO FAR IN 2026 UPGRADES SO FAR IN 2026 Investment per club, January to September 53 clubs upgraded clubs with more than NOK 0.5 million invested NOK 131m invested so far this year upgrades and maintenance, and more planned for Q4, ending 5% of revenues for the year WHAT A TYPICAL UPGRADE INCLUDES Replacing worn equipment Adding more equipment Improving layout and flow Rolling out popular group training concepts Upgrading look and feel
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7 7 RECENT MAJOR CLUB UPGRADES ARE PAYING OFF MAJOR UPGRADES COMPLETED THIS YEAR TÄBY CENTRUM Stockholm New entrance, layout and equipment +29% workouts +38% group training workouts ODENPLAN Stockholm Reformer studio + 14 % workouts + 55 % group training workouts ULLEVAAL STADION Oslo New fitness floor, refurbishment and equipment +16% workouts +40% group training workouts PARKEN Copenhagen Downsize, layout and change in group training product mix + 2 2% workouts + 7 % group training workouts Change in Q3 2026 compared with Q3 2025. Parken compared with Q3 2024, as the club was being upgraded during Q3 2025.
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8 8 FROM OPTIMIZING THE PORTFOLIO TO GROWING IT: 18 OPENINGS COMMITTED THROUGH 2028 HOW WE OPTIMIZE THE PORTFOLIO The club network is reviewed as leases expire Improved club utilization Q3 2026 vs Q3 2025 +4% visits per square meter + 2 % members per square meter −2% total square meters OPENINGS COMMITTED By year of opening 2026 3 openings New locations 1 Relocations 2 2027 9 openings New locations 9 2028 6 openings New locations 5 18 openings 2026 to 2028: 15 new locations and three relocations, mostly in Norway Target: 8 to 12 new clubs a year over time, with quality over quantity − 6 clubs vs a year ago Closures - 8 LEASE EXPIRY STAY The club performs; we renew the lease RELOCATE Members move with us to better premises EXIT Does not deliver at the margin, or outside our main clusters; we close the club Relocations 1 Closures - 1
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9 9 SIX QUARTERS AFTER CMD 2025, PROFIT AND CASH ARE ON TRACK TOWARD THE COMMUNICATED AMBITIONS 1) Before IFRS 16 Cash conversion: Free cash flow before expansion capex, divided by EBITDA before IFRS 16 TARGET WHAT WE SAID IN MAY 2025 WHERE WE ARE STATUS EBITDA ¹ Mid-term ambition of NOK 1.1 billion NOK 988 million LTM, progressing according to plan ON TRACK EBIT ¹ MARGIN Long-term ambition of 15% EBIT margin 13.6% LTM, 13.7% in Q3, up from 10.6% a year ago On track CASH CONVERSION Long-term ambition of 55% of EBITDA¹ to free cash flow before expansion 64% over the last twelve months, helped by low maintenance capex TEMPORARILY AHEAD MAINTENANCE CAPEX At 5% of revenue 3.9% LTM on project timing; 5% expected for 2026, with a higher Q4 CATCHING UP IN Q4 NEW CLUBS 8 to 12 new clubs per year 18 openings committed through 2028; 3 openings and 8 closures in 2026 BUILDING LEVERAGE ¹ Lower end of 1.5x to 2.0x 1.1x, below the range while we distribute more than planned MORE PRUDENT DISTRIBUTIONS At least 50% of net profit 111% of net profit in 2025 and 151% in H1 2026 AHEAD
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10 10 WE RETURNED MORE THAN 100% OF NET PROFIT DISTRIBUTIONS PER HALF - YEAR MNOK, and share of net profit for the period 127 132 139 137 130 318 H1 2025 H2 2025 H1 2026 Dividends Share buybacks H1 2025 264 103% H2 2025 262 120% H1 2026 457 151% DIVIDEND PER SHARE NOK, semi - annual 0.63 0.67 0.72 H1 2025 H2 2025 H1 2026 Q3 2026: NOK 139 million in dividend and NOK 54 million in share buybacks Buybacks: 3.8% of the shares in 2025 and 4.4% so far in 2026
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11 11 WE ARE UPDATING OUR CAPITAL ALLOCATION FRAMEWORK WITH A WIDER LEVERAGE RANGE, A GROWING DIVIDEND AND REGULAR BUYBACKS 1) Before IFRS 16 TWO PRINCIPLES FRAME THE FRAMEWORK LEVERAGE 1.0x to 2.0x net debt to EBITDA¹. The floor moves from the lower end of 1.5x to 1.0x Widened DISTRIBUTIONS At least 50% of annual net profit, through dividends and share buybacks UNCHANGED FIVE PRIORITIES, IN THIS ORDER 1 MAINTENANCE CAPEX Well-invested clubs, at 5% of revenue 2 GROWTH 8 to 12 new clubs a year over time, with selective acquisitions 3 BALANCE SHEET Leverage within the 1.0x to 2.0x range Widened RANGE 4 DIVIDENDS Semi-annual, aiming for a growing dividend per share over time CLARIFIED 5 SHARE BUYBACKS Regular programs, returning surplus cash after growth and dividend CLARIFIED Why: Leverage has been below 1.5x since the end of 2024 while we funded our clubs and returned more than 100% of net profit. The range now reflects how we run the business; the order of priority is unchanged.
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12 FINANCIAL REVIEW Q3 2026
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13 13 Q3 2026 FINANCIAL HIGHLIGHTS HIGHER VALUE PER MEMBER LIFTED PROFIT ON EVERY LINE Note: Growth shown year-over-year vs Q3 2025 1) Before IFRS 16 2) Net debt to EBITDA before IFRS 16 members - 0.5 % 752 000 leverage 2 Vs 1.3X 1 .1X arpm +7% curr . adj + 2% Reported 590 revenues +7% curr.adj . +2% Reported 1 324m ebitda 1 235m Ebit 1 182m Free cashflow +6% 132m Net Profit +37% 133m +25% curr.adj . +22% Reported +35% curr.adj . +33% Reported
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14 14 TOTAL MEMBERS, Q3 2025 TO Q3 2026 ‘000 NET GROWTH IN LINE WITH 2024, CLUB CLOSURES AND LOWER GROWTH IN DENMARK EXPLAIN THE LOWER MEMBER BASE Net growth in q3 ‘000 • Net intake of 8 000, in line with Q3 2024, but lower than the exceptionally strong Q3 2025 • Closed and new clubs account for 6 000 fewer members, net of members who moved to other SATS clubs • Denmark down 4 000 after higher VAT on group training was passed on in prices from 1 January • Norway, Sweden and Finland: the member base grew 0.9%, with SATS Norway growing and Fresh Fitness meeting stronger competition in the low-cost segment 9 18 8 Q3 2024 Q3 2025 Q3 2026 75 6 Q3 2025 −6 CLOSED AND NEW CLUBS −4 DENMARK −4.4% +6 NO, SE, FI +0.9% 75 2 Q3 2026 −0.5% +1.9% members per square meter Better utilization of the club portfolio, lifting members per square meter from 1.51 to 1.54
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15 15 Total ARPM NOK THE 7% REVENUE GROWTH CAME FROM HIGHER VALUE PER MEMBER Total revenues MNOK • Revenue of NOK 1 324 million, up 2% reported and 7% currency adjusted • ARPM up 7% currency adjusted, driven by the annual price adjustments and new members choosing broader memberships with group training included • We balance volume and price to grow total revenue; this year, price has done the work • Other revenues of NOK 193 million, up 2% reported, kept pace with membership revenues 1 104 1 131 189 193 Q3 2025 Q3 2026 1 293 1 324 +2% (+7% curr . Adj.) +2% (+7% curr . Adj.) Membership revenues Other revenues 492 504 84 86 Q3 2025 Q3 2026 576 590 +2% (+7% curr . Adj.) +2% (+7% curr . Adj.) Membership yield Other yield
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16 16 Club opex & overhead M NOK COSTS UP 3.5% CURRENCY ADJUSTED, WELL BELOW 7% REVENUE GROWTH 826 809 158 156 Q3 2025 Q3 2026 984 965 - 2% (+3% curr . Adj.) - 2% (+3% curr . Adj.) Club OPEX Overhead 117 125 Q3 2025 Q3 2026 +7% (+11% curr . Adj.) Direct cost/COGS M NOK 1 101 1 090 Q3 2025 Q3 2026 - 1% (+4% curr . Adj.) Total cost M NOK • Total costs down 1% reported and up 3.5% currency adjusted, against revenue growth of 7% • Club opex and overhead up 3%. Direct costs up 11%, mainly personal training payroll and other direct costs • Six fewer clubs and higher VAT deductions in Denmark, more than offset more group training classes and higher electricity costs • Excluding these four effects, total costs grew 4% currency adjusted • Year to date, costs are also up 4% currency adjusted
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17 17 EBITDA before IFRS 16 MNOK EBITDA UP 25% ( CURR . ADJ.) ON 7% REVENUE GROWTH, AND EPS UP 43% EBIT before IFRS 16 MNOK Reported net profit MNOK 192 235 15% 18% Q3 2025 Q3 2026 22% EBITDA before ifrs 16 EBITDA before IFRS 16 margin 137 182 11% 14% Q3 2025 Q3 2026 33% EBIT before ifrs 16 EBIT before IFRS 16 margin 98 133 0.48 0.69 Q3 2025 Q3 2026 37% Net profit EPS • EBITDA up 25% currency adjusted on revenue growth of 7%, and margin up almost three points • Depreciation was flat in the quarter, so EBIT grew faster than EBITDA, to a margin of 14% • EPS up 43% to NOK 0.69, as net profit grew 37% to NOK 133 million 1) Before IFRS 16
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18 18 Upgrades and maintenance • NOK 222 million over twelve months, below target because of project timing, not a lower ambition • We expect 5% of revenue for the full year 2026, which means a clearly higher level in Q4 • Upgrades and maintenance capex also funds growth investments in existing clubs, more capacity and better product offering • Expansion capex of NOK 20 million reflects few openings this year capital expenditure Mnok STEADY INVESTMENT IN QUALITY AND GROWTH OVER TIME 75 44 3 Q3 2025 11 Q3 2026 79 55 Expansion Upgrades and maintenance % of LTM Q3 2026 Revenues 3.9% 0.4% 358 222 20 LTM Q3 2025 LTM Q3 2026 374 243 16 Club expansion pipeline 18 clubs committed through 2028, mostly in Norway. Several processes in final stages support 8–12 new clubs over time from 2027. 2026 3 clubs Norway Q3 Finland Q3, relocating two clubs Norway, Fresh Fitness Q4 2027 9 clubs 6x Norway 4 of them Fresh Fitness 2028 6 clubs 3x Norway Denmark 2x Sweden Finland 2x Sweden
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19 19 Free cash flow Q3 2026 Mnok FREE CASH FLOW OF NOK 132 MILLION IN THE QUARTER AND NOK 609 MIL LION OVER THE LAST TWELVE MONTHS Free cash flow LTM M nok • Free cash flow of NOK 132 million in the quarter, up 6%, with operating cash flow of NOK 151 million • NOK 609 million in free cash flow over the last twelve months, funding both new clubs and shareholder distributions • Cash conversion¹ of 64% over the last twelve months, helped by low maintenance capex due to project timing • At maintenance capex of 5% of revenue, cash conversion would have been 57% • Members pay in advance, so working capital is structurally negative at 13% of annual revenue, making working capital a source of cash over time 132 6 EBITDA before IFRS 16 - 44 Maintenance capex - 40 Working capital Operating cash flow - 11 Expansion capex - 6 Interest - 8 Tax Other Free cash flow 151 (64%) 235 988 20 8 EBITDA before IFRS 16 - 222 Maintenance capex Working capital Operating cash flow - 20 Expansion capex - 21 Interest - 143 Tax Other Free cash flow 786 (79 %) 609 1) Cash conversion: Free cash flow before expansion capex, divided by EBITDA before IFRS 16 Cash conversion 1 Cash conversion 1 61% 64%
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20 20 Liquidity position MNOK LEVERAGE STEADY AT 1.1X AFTER NOK 193 MILLION RETURNED TO SHAREHOLDERS 1) Net debt to EBITDA before IFRS 16 326 275 132 974 Liquidity Q2 2026 Free cash flow - 139 Dividend - 54 Share buybacks 0 Other Currency effect 1 038 Liquidity Q3 2026 1 300 73 1 313 +13 Undrawn RCF Cash balance Net debt and leverage ratio 1 MNOK 1 087 967 994 1 068 1 056 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1.3x 1.1x 1.1x 1.1x 1.1x • NOK 193 million returned to shareholders in the quarter: NOK 139 million in dividend and NOK 54 million in share buybacks • Free cash flow of NOK 132 million and a NOK 73 million currency effect lifted liquidity to NOK 1 313 million, including NOK 275 million in cash • Net debt of NOK 1 056 million, with leverage at 1.1x for the fourth quarter in a row, within the new target range of 1.0x– 2.0x
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21 OUTLOOK
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22 22 22 OUTLOOK A highly predictable business model, lifted in small steps quarter after quarter, has delivered consistently and gives us confidence in continued strong operational and financial development going forward, with an EBITDA target of NOK 1.1 billion Clear strategic focus on the core, 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 over time, but with emphasis on quality over quantity Updated capital allocation principles: Leverage range of 1.0x–2.0x, a growing dividend per share over time and regular share buybacks • At least 50% of net profit returned through dividends and buybacks • Room to fund new clubs and distributions together
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23 APPENDIX
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24 24 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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25 25 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) 487 525 78 82 Q3 2025 Q3 2026 566 607 +7% Membership yield Other yield 501 540 81 84 Q3 2025 Q3 2026 582 625 +7% Membership revenues Other revenues 172 187 30% Q3 2025 30% Q3 2026 +9% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 347 345 351 341 345 - 0.6% 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 SWEDEN 493 483 92 92 Q3 2025 Q3 2026 585 575 - 2% (+6% curr . Adj. ) Membership yield Other yield 374 371 70 71 Q3 2025 Q3 2026 444 442 - 1% (+7% curr . Adj.) Membership revenues Other revenues 89 105 20% Q3 2025 24% Q3 2026 +17% (+26% curr . Adj.) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 256 256 262 254 257 0.3% 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 FINLAND 491 482 84 83 Q3 2025 Q3 2026 575 566 - 2% (+6% curr . Adj.) Membership yield Other yield 103 103 18 18 Q3 2025 Q3 2026 120 120 0% (+8% curr . Adj.) Membership revenues Other revenues 12 15 10% Q3 2025 12% Q3 2026 +18% (+27% curr . Adj.) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 71 71 72 70 72 +1.2% Margin EBITDA
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28 28 Outgoing member base ‘000 ARPM and Yield NOK/month Total revenues MNOK Country EBITDA before impact of IFRS 16 MNOK DENMARK 512 499 83 87 Q3 2025 Q3 2026 595 585 - 2% (+6% curr . Adj.) 126 118 20 20 Q3 2025 Q3 2026 146 138 - 6% (+2% curr . Adj.) Membership revenues Other revenues 9 16 6% Q3 2025 12% Q3 2026 +86% (+101% curr . Adj.) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 82 83 84 79 78 - 4.4% Margin EBITDA Membership yield Other yield
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29 29 REPORTING UNDER IFRS 16 Amounts in NOK million Reported Q3 2026 Change IFRS 16 Excl. IFRS 16 Q3 2026 Balance sheet items - IFRS 16 Property, plant and equipment 854 0 854 Right-of use assets 4 567 4 567 0 Deferred tax assets 128 75 54 Other current receivables 183 -94 277 Total assets 8 945 4 548 4 398 Equity 1 355 -376 1 731 Non-current lease liability 4 023 4 023 0 Current lease liability 938 938 0 Other current liabilities 324 -38 362 Total liabilities 7 590 4 923 2 667 Profit & loss items - IFRS 16 Revenue 1 324 0 1 324 Cost of goods sold -34 0 -34 Personnel expenses -465 0 -465 Other operating expenses -293 299 -591 Depreciation and amortization -292 -240 -52 Impairment of assets held for sale 0 0 0 Operating profit 241 59 182 Net financial items -70 -63 -7 Profit/loss before tax 171 -4 175
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30 30 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 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 and 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 Term Definition 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
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31 31 RECONCILIATION OF FREE CASH FLOW BRIDGE AND CONSOLIDATED STATEMENT OF CASH FLOWS Free cash flow 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