SATS

Earnings Release • Oct 28, 2025

SATS ASA Q3 2025: EBITDA growth of 13% y/y to NOK 192 million, reflecting robust operational leverage and progress in line with our mid-term ambition of NOK 1.1 billion

SATS ASA Q3 2025: EBITDA growth of 13% y/y to NOK 192 million, reflecting robust operational leverage and progress in line with our mid-term ambition of NOK 1.1 billion

SATS ASA ("the Company") maintained strong momentum in the quarter, both

operationally and financially. Revenues grew by 8% to NOK 1 293 million in the

quarter, driven equally by member growth and higher ARPM. EBITDA before IFRS

16 amounted to NOK 192 million, and leverage remained stable despite

significant shareholder distributions in the quarter.

Key highlights from the third quarter of 2025:

- Total revenues lifted by 8% in Q3 2025 compared to the same quarter last

year, ending at NOK 1 293 million

- EBITDA before IFRS 16 of NOK 192 million, up 13% compared to Q3 2024

- EBIT before IFRS 16 of NOK 137 million, up 8% compared to Q3 2024 (18%

adjusted for one-off related to extension of depreciation periods for fitness

equipment in Q3 2024)

- Operating cash flow of NOK 142 million and a cash conversion of 74% in the

quarter

- Leverage remains stable at 1.3x net debt to EBITDA before IFRS 16, despite

NOK 127 million in dividends (NOK 0.6 per share) and NOK 40 million in share

buybacks in the quarter

- The quarterly performance demonstrates robust operational leverage and

progress in line with our mid-term ambition of NOK 1.1 billion

- The activity level continues to rise, with a 7% increase in number of

workouts, driven both by the 4%-member growth and higher activity level per

member

"It is very encouraging to see that we continue to increase member activity

and satisfaction across our clubs. The positive trend is driven by both a

growing member base and higher workout frequency, particularly within group

training, where our consistent investments are clearly paying off. Together

with the solid financial performance, this confirms that our strategy is

working and that we are building a strong foundation for long-term, profitable

growth," says Sondre Gravir, CEO of SATS.

SATS' CEO Sondre Gravir and CFO Cecilie Elde will hold a webcast presentation

at 08:30 CEST today, October 28, 2025. The presentation will be held as a

webcast only, available at https://satsgroup.com/reports-presentations/

There will be a Q&A for investors and analysts from 10:00 to 10:30 (CET) over

Microsoft Teams:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_YmI2NmNiMjItMmViZi00MzI1LTljNDMtNjhmZDVkZGYxNWEy%40thread.v2/0?context=%7b%22Tid%22%3a%22b15a587d-acc9-4644-aa51-b56dee85c304%22%2c%22Oid%22%3a%227c7a4263-6531-4e9f-9f3f-79defb4ad3fe%22%7d

Please find enclosed the Q3 2025 presentation and report.

Investor Relations Contacts:

Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195

Stine Klund, Investor Relations, phone: +47 986 99 259

Press Contact:

Magnus Myklebust Krane, Press Contact, phone: +47 976 42 334

Please see the attached quarterly report for definitions and reconciliations

of the Alternative Performance Measures (APMs). This information is subject to

the disclosure requirements pursuant to Section 5-12 of the Norwegian

Securities Trading Act.