SATS — Interim / Quarterly Report 2025

Feb 10, 2026

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Q4 2025

INTERIM REPORT

OCTOBER-DECEMBER 2025

CEO SONDRE GRAVIR
CFO CECILIE ELDE

INVESTOR RELATIONS: STINE.KLUND@SATS.NO +47 98 69 92 59

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SATS AT A GLANCE

#1 FITNESS CLUB OPERATOR IN THE NORDICS

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ENDING THE YEAR ON A HIGH NOTE

Another quarter of strong operational and financial improvement, with revenues up 9%, EBITDA up 28% and EBIT up 34%

Q4 EBITDA ¹ : +28% Vs Q4 2024

Free cash flow of NOK 244 million in the quarter, proving SATS' cash generating ability

Q4 free cash flow:

+59% Vs Q4 2024

During the full year 2025, the member base increased with 22 000 members and total visits increased by 6% to 49.4 million

2025 Workouts:

+6% VS 2024

Strong operating leverage demonstrated in full-year 2025, with membership up 3%, revenues up 9%, EBITDA up 18% and EBIT up 24%

2025 EBITda ¹ :

871 NOK million

Semi -annual DPS:

0.67 NOK

The Board of Directors has proposed a semi-annual dividend of NOK 0.67 per share, pending approval in an Extraordinary General Meeting to be held on March 3, 2026

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Q4 2025: WORKOUT FREQUENCY CONTINUES TO SIGNAL POSITIVE MOMENTUM

Continued increase in activity level… …Driven by group training engagement

• Activity levels continue to increase, driven by both member growth and higher workout frequency per member, but with the same club footprint
• Higher activity and more unique visitors are strong leading indicators of member loyalty and lifetime value

• Growth in group training workouts outpaces the increase in class capacity over time, indicating rising utilization
• Continued investments in the group training offering are translating into higher lifetime value and lower churn

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JANUARY 2026: THE POSITIVE MOMENTUM CONTINUED INTO THE NEW YEAR

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PRODUCT IMPROVEMENTS CONTINUE TO DRIVE HIGHER ACTIVITY LEVELS

A consistent, data -driven approach to product improvements is translating into higher member activity and improved capacity utilization across the existing club portfolio

Measures to maximize performance

Group training

New product offering

Fitness floor

Replace worn equipment

Add more equipment

Improve layout and flow

Premises

Upgrade look and feel

Downsize

Re-negotiate or relocate

Major renovation, added Indoor Running and Hot studio

+20% Visits

+138% Group training Visits

Major renovation, added Reformer and Hot studio

+48% Visits

+118% Group training Visits

Relocation, added Indoor Running and Hot studio

+21% Visits

+46% Group training Visits

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CONSISTENT DELIVERY BUILDING CONFIDENCE IN CONTINUED LONG -TERM GROWTH

• Performance over recent years reflects steady, repeatable operational and financial improvement, delivered quarter by quarter, demonstrating the strength and scalability of the operating model
• This consistent execution supports confidence in our ability to continue delivering further progress and growth over time, in line with our mid-term ambition of NOK 1.1 billion

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FINANCIAL REVIEW Q4 2025

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Q4 2025 FINANCIAL HIGHLIGHTS

CONTINUED PROGRESS ACROSS KEY FINANCIAL METRICS

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SOLID SECOND -HALF MEMBER GROWTH DRIVEN BY PRODUCT IMPROVEMENTS AND EFFECTIVE CAMPAIGNS

• Net member change of -1 000 in Q4, slightly better than indicated last quarter, and member base up 3% year-on-year
• As communicated last quarter, Q4 was expected to be seasonally weaker following the earlier campaign launch
• Full second-half member development somewhat better than last year
• Members per square meter continue to improve, reflecting improved utilization of the existing club portfolio

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CONTINUED REVENUE GROWTH, SUPPORTED BY STRUCTURED PRICE AND VOLUME MANAGEMENT

• MNOK Active management of price and volumes remains central to maximizing revenue over time
• Total revenues increased by 7% year-onyear on a currency-adjusted basis
• Other revenue growth was supported by both higher personal training activity and increased retail revenues
• Coming into the new year, we have implemented price increases across the product portfolio

+8% (+7% curr . Adj.)

• Initial effects developing as expected
• Full impact of price actions to be reflected in Q1 reporting

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DISCIPLINED COST CONTROL COMBINED WITH TARGETED INVESTMENTS IN Q 4

• Club operating costs up 2% in the quarter on a currency-adjusted basis
• Continued investments in the group training product in the quarter account for around 1.5 p.p. of club opex growth, implying that other operating costs are broadly stable year-on-year
• COGS developing in line with other revenue growth

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MAINTAINED COST DISCIPLINE AND FOCUSED INVESTMENTS ACROSS 2025

• Full-year club operating costs up 4% on a currency-adjusted basis
• Underlying club operating costs increased by 2.5%, when adjusting for targeted investments to support membership growth
• Increase in group training classes
• Lifted marketing efforts to facilitate volume growth
• Targeted product investments, including continued expansion of group training capacity, remain payback-driven, supporting lower churn and higher lifetime value
• Forward cost outlook reflects price changes in key input factors and wage adjustments from local agreements
• For Q1 specifically, cost will be somewhat elevated due to a nonrecurring employee gathering

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Q4 PROFITABILITY GROWTH SUPPORTED BY OPERATING LEVERAGE

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CAPEX IN LINE WITH THE 5% TARGET, FOCUSED ON UPGRADING THE CLUB PORTFOLIO TO ENHANCE MEMBER EXPERIENCE

Club expansion pipeline

Larvik (Fresh Fitness) Q4 2025 3x Oslo 2027 Copenhagen 2027 Stockholm Q4 2025 Halmstad Q4 2025

• One club opening in the quarter
• Actively scouting locations in key clusters and major Nordic cities
• Several active dialogues approaching final stages, making us confident that we will reach the guided run-rate of 8-12 new clubs per year in 2027

Upgrades and maintenance

• Upgrades and maintenance capex does not only include pure maintenance, but also growth investments in the existing club portfolio, which has been and will continue to be an important growth lever
• Maintaining strict investment discipline remains a priority, and we take a structured approach to prioritizing investments based on club quality, competition, and cluster strategy, ensuring high-return investments and optimal space and equipment utilization

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HEALTHY FREE CASH FLOW GENERATION AND CASH CONVERSION IN 2025

• million in the quarter, benefiting from seasonal positive working capital effects and disciplined capex
• Operating cash flow of NOK 642 million and free cash flow of NOK 506 million in 2025, reflecting strong underlying performance
• Full-year free cash flow conversion of 58%, in line with long-term target
• Well positioned for expansion and further shareholder distributions

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STRONG LIQUIDITY AND LOW LEVERAGE, SUPPORTING NEAR-TERM SHAREHOLDER DISTRIBUTIONS

• Strong free cash flow resulted in high liquidity at year-end, expected to normalize following the proposed semiannual dividend payment in March and continued share buybacks
• Leverage ratio of 1.1x net debt to EBITDA¹, below the target range of 1.5x– 2.0x, providing flexibility for both investments, club expansion and shareholder distributions

1) Net debt to EBITDA before IFRS 16

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STRONG CASH FLOW SUPPORTS ATTRACTIVE SHAREHOLDER DISTRIBUTIONS

Remain committed to the shareholder distribution policy

Keep leverage in the lower end of the communicated target range of 1.5x-2.0x net debt to EBITDA

Return >50% of annual net profit via a combination of semi-annual dividends and periodic share buybacks

proven through distributions in 2025

Dividend:

• H1 2025: DPS of NOK 0.63 and total payout of NOK 127 million, representing a 50% dividend pay-out ratio

Share buybacks:

• 7.8 million shares (3.8% of the share capital) repurchased at a total consideration of NOK 267 million
• 1 million shares cancelled

to be continued going forward

Dividend:

• H2 2025: Proposed DPS of NOK 0.67 and total payout of NOK 133 million, representing a 61% dividend pay-out ratio (subject to EGM approval), bringing the full-year 2025 DPS to NOK 1.3

Share buybacks:

• Periodic share buybacks to continue
• Proposed cancellation of 4 million shares (subject to EGM approval)

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FULL-YEAR 2025 SUMMARY

WORKOUTS (MILLION)

MEMBERS ('000)

REVENUE (MNOK)

TOTAL OPEX (MNOK)

EBITDA BEFORE IFRS 16 (MNOK)

EBIT BEFORE IFRS 16 (MNOK)

FREE CASH FLOW (MNOK)

LEVERAGE RATIO

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OUTLOOK

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OUTLOOK

Clear strategic focus on the core, continuing the accelerating positive performance cycle, supported by:

• Investments in improved product offering
• Asset productivity across clubs and employees, leveraging scale and utilization

We apply discipline to both opex and capex, balancing cost control with growth investments. We target a club expansion of 8-12 new clubs per year, but with emphasis on quality over quantity

The start of the year has proceeded according to plan with solid visit growth. Higher price increases than last year, which will result in lower net growth than last year's extraordinary member growth

The positive momentum from 2025 continues into 2026, and we expect the year as a whole to be another strong year for SATS, both operationally and financially

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APPENDIX

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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 forwardlooking 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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NORWAY (SATS AND FRESH FITNESS)

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SWEDEN

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FINLAND

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DENMARK

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REPORTING UNDER IFRS 16

million Amounts in NOK	Reported	Change	Excl . IFRS 16
	Q4 2025	IFRS 16	Q4 2025
Balance sheet items - IFRS 16
Property , plant and equipment	916	0	916
Right-of use assets	4 769 ,	4 769 ,	0
Deferred tax assets	141	7 9	6 3
Prepaid expenses and accrued income	214	-103	317
Total assets	9 639 ,	4 745 ,	4 894 ,
Equity	1 454 ,	-390	1 844 ,
Non-current lease liability	4 189 ,	4 189 ,	0
Current lease liability	987	987	0
Other current liabilities	377	-41	419
Total liabilities	8 185 ,	5 135 ,	3 050 ,
Profit loss & items - IFRS 16
Revenue	1 428 ,	0	1 428 ,
Cost of goods sold	-37	0	-37
Personnel expenses	-565	0	-565
Other operating expenses	-291	310	-601
Depreciation and amortization	-307	-250	-57
of for Impairment assets held sale	0	0	0
Operating profit	228	6 0	168
Net financial items	-69	-62	-6
Profit/loss before tax	159	- 2	161

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DEFINITIONS

Term	Definition
Average number of members per club	Outgoing member base divided by outgoing number of clubs
Average revenue per member (ARPM)	Calculated as monthly total revenue divided by the average member base
Capex: Expansion capital expenditures	The sum of investments related to acquisitions and greenfields, as well as capex related to the perfect club initiative and digital expansion
Capex: Upgrades and maintenance capital expenditures	Club upgrades and maintenance and IT capital expenditures
Cash conversion	Operating cash flow divided by EBITDA before impact of IFRS 16
Country EBITDA before impact of IFRS 16	EBITDA before impact of IFRS 16 less allocation of Group overhead and cost allocations
EBIT before impact of IFRS 16	EBIT adjusted for the impact of implementation of the IFRS 16 lease standard
EBITDA	Profit/(loss) before net financial items, income tax expense, depreciation and amortization
EBITDA before impact of IFRS 16	EBITDA adjusted for the impact of implementation of the IFRS 16 lease standard

Term	Definition
Group overhead	Consists of group services such as commercial functions, IT, finance and administration
Leverage ratio	Net debt divided by last twelve months EBITDA before impact of IFRS 16
Member base	Number of members, including frozen memberships, excluding free memberships
Operating cash flow	EBITDA before impact of IFRS 16 less upgrades and maintenance capital expenditures and working capital
Other yield	Calculated as monthly other revenue in the period, divided by the average member base
Total overhead	The sum of country overhead and group overhead
Underlying operating cash flow	Operating cash flow less expansion capital expenditures
Yield	Calculated as monthly member revenue in the period, divided by the average member base

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RECONCILIATION OF FREE CASH FLOW BRIDGE AND CONSOLIDATED STATEMENT OF CASH FLOWS

Free cashflow	Consolidated statement of flows
	Profit before tax
	Depreciation, amortization and impairment
EBITDA before impact of IFRS16	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)
	Change in inventory
	Change in accounts receivables
Working capital	Change in trade payables
	Change in other receivables and accruals
Expansion capex	Purchase of property, plant and equipment (contains both maintenance capex and expansion capex)
	Proceeds from property, plant and equipment
	Acquisition of subsidiary, net of cash acquired
Interest and tax	Taxes paid in the period
	Paid interests on borrowings
Other	Gain/loss from disposal or sale of equipment
Cash flow items not included in free cash flow	Loan to related parties
	Repayments of borrowings
	Proceeds from borrowings
	Proceeds from issues of shares
	Proceeds from sale of own shares
	Transaction costs from issues of new shares
	Other financial items

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WHY INVEST IN SATS?

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SATS KEY INVESTMENT HIGHLIGHTS

1 Operating in a growing market, supported by a powerful health and wellness megatrend

2 Clear market leader with strategic strongholds in key capital cities

3 Superior member value proposition and high entry barriers enabled by scale

4 Strong financial performance and track record delivered by an experienced team

5 Significant growth potential in core business, adjacent products, and new geographies

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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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2. MARKET LEADER POSITION WITH A STRONG MEMBER VALUE PROPOSITION

• 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

34 1) As measured by revenue

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2. WE HAVE THE STRONGEST FOOTPRINT ACROSS THE GROWING NORDIC CAPITALS

Most SATS clubs are located in the capital areas…

Share of clubs by location type

Significantly better located clubs than competitors in the capitals, with most clubs close to the largest hubs

…with high population density,…

High population density enable us to utilize scale of support functions

…demographics with a strong preference for working out…

Population per km²; 2024 Population share by age; 2024; percent

…and strong income levels driving willingness to pay

Median income levels; Indexed to 100¹

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3. ONE-STOP SHOP FOR TRAINING COVERING ALL OUR MEMBERS' TRAINING NEEDS

Reception and retail Fitness floor Personal Training Group Training

Manned reception welcoming and helping members with a wellequipped 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

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

Treatments Childcare SATS ONLINE Strong community

Energy and support from a strong community of SATS employees and members

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3. OUR LIFETIME COMMITMENT TO OUR MEMBERS DRIVES ACTIVITY AND ENABLES EFFICIENT CLUB UTILIZATION

Studio Training Group Training
Personal Trainers

TARGETED MEMBERSHIPS
Together	Youth	Student	Corporate	Senior

Our products appeal across life stages and needs Different member segments enable capacity utilization throughout the day

Morning peak from working adult members

Senior peak with senior classes

Lunch peak with all ages

Early afternoon peak from younger members

Wide offering of group training expands peak capacity

• 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

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3. OUR STRONG CLUSTERS OFFER VALUE TO OUR MEMBERS AND REPRESENT A SIGNIFICANT BARRIER TO ENTRY

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

• 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

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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

• 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

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3. SATS' HIGH QUALITY VALUE PROPOSITION DRIVES MEMBER ACTIVITY AND FINANCIAL RESULTS, WITH FURTHER ROOM FOR CONTINUED GROWTH

-17%

Passive share reduction, Mar. 2024 vs. Mar. 2019

+31%

Increase in workouts, full year 2024 vs. 2019 +20%

NPS increase, Mar. 2024 vs. Mar. 2019

RECORD HIGH ACTIVITY LEVEL PROVEN BY DECLINING PASSIVE SHARE, INCREASE IN WORKOUTS AND HIGH NPS...

... 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%

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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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4. STRONG TOP-LINE GROWTH AND SOLID MARGIN EXPANSION OVER TIME

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5. VALUE CREATION STRATEGY HAS BEEN SUCCESSFUL, AND WE WILL CONTINUE ALONG THE SAME PATH IN THE COMING PERIOD

adjacent products and services

• Further expansion of adjacent products, services and partnerships by leveraging the strong SATS brand

Building sats for the future, ensuring long -term growth

Further club expansion

• Continued club expansion
• The Nordic fitness market is still highly fragmented, with attractive targets for in-fill acquisitions

Continuation of current strategy, extracting full mid -term potential

Scale and Operational leverage

• Manage cost club and overhead discipline
• Scalability to exploit due to operational leverage with high drop-through of incremental revenue

Grow average revenue per member

• Driving ARPM growth through yield management and increased revenues from improved product mix
• Further growth in personal training, physiotherapy and retail

Grow members per club

• Key focus on attracting new members and keeping existing members active
• Still high capacity in the established club portfolio

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5. BEYOND NOK 1.1 BILLION: MID-TERM DELIVERY BUILDS THE BASE, WHILE EXPANSION UNLOCKS LONG -TERM EBITDA ¹GROWTH

long -term Ebitda ¹ ambition (illustrative)

MNOK

• 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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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

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5. CLEAR PLAN FOR DISCIPLINED CAPITAL DEPLOYMENT, TARGETING EARNINGS DISTRIBUTION OF AT LEAST 50% OF NET PROFIT

Re -investment in existing clubS

Maintenance CAPEX of 5% of revenues

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

Leverage

Leverage¹ ratio ranging from 1.5-2.0x

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

growth

Investing in highreturning growth opportunities

Expected to average 8- 12 yearly club openings, depending on the attractiveness of acquisition targets and greenfield locations

Share buyback and dividend policy

Periodic share buybacks

Semi-annual dividends

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

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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

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, highquality 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

47 1) Before IFRS 16

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