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SATS Interim / Quarterly Report 2026
3735_rns_2026-04-30_7edb5492-fa50-47f6-8c42-faf5bd12a9ac.pdf
Interim / Quarterly Report
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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 272 clubs, more than 10 000 employees, and 769 000 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.
SANS
THIS IS SATS
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
SATS ASA © 2026
WORDS FROM THE CEO
"Momentum continues as members stay active, engaged and committed to their health."
As we entered 2026, we continued to make solid operational progress with improved member activity, high satisfaction levels, and continued growth in both revenues and profitability.
Member engagement remains strong and activity levels are gradually increasing, supported by targeted initiatives and ongoing investments in our product offering. Group training remains a key driver of engagement, with growing participation and a higher share of new members choosing group training as part of their membership. These trends are important leading indicators for long-term retention and value creation.
The operational progress is reflected in our financial performance. Earnings continue to develop well, highlighting the scalability of our operating model. The revenues in the first quarter increased by 6% to NOK 1 483 million and EBITDA before IFRS 16 increased by 17% to NOK 217 million.
We also generated strong free cash flow and further strengthened our financial position, ending the quarter with a leverage ratio of 1.1x. This provides a solid foundation for continued investments in our club portfolio and shareholder distributions.
Looking ahead, we remain focused on consistent execution – continuing to enhance our offering, strengthen member engagement and drive long-term value creation for shareholders.
I would like to thank all our employees for their continued efforts, and our members for making SATS part of their daily routines.
Sondre Gravir
CEO
Revenues
NOK million
6%
EBITDA¹
NOK million / margin
17%
EBIT¹
NOK million / margin
22%
Free cash flow
NOK million
38%
1) Before impact of IFRS 16. For further information regarding definitions and Alternative Performance Measures, please see Appendix
SATS Q1 2026
PAGE 3
HIGHLIGHTS
- Total revenues increased by 6% to NOK 1 483 million in Q1 2026, with ARPM up 4% and a 2% growth in the member base
- EBITDA before IFRS 16 reached NOK 217 million, up 17% from last year
- EBIT before IFRS 16 increased by 22% to NOK 162 million
-
Earnings per share were up 16% to NOK 0.53 in the quarter
-
Yet another quarter demonstrating the operational leverage, with 2% member growth, 4% ARPM growth, translating into 6% revenue growth, 17% EBITDA growth and 22% EBIT growth
- Price adjustments materialized as expected, driven by sustained product improvements over time
- Total shareholder distributions of NOK 257 million during the quarter, through share buybacks and semi-annual dividend payment
Key Financial Figures and Alternative Performance Measures (APM)¹
| Q1 2026 | Q1 2025 | Change | FY 2025 | |
|---|---|---|---|---|
| NOK million (unless otherwise stated) | ||||
| Membership revenue | 1 227 | 1 144 | 7% | 4 574 |
| Other revenues | 256 | 251 | 2% | 935 |
| Total revenues | 1 483 | 1 395 | 6% | 5 509 |
| EBITDA | 526 | 493 | 7% | 2 109 |
| Margin (%) | 35% | 35% | 0.2 p.p. | 38% |
| Operating profit | 220 | 192 | 14% | 892 |
| Profit for the period | 106 | 94 | 13% | 474 |
| Earnings per share (NOK) | 0.53 | 0.46 | 16% | 2.35 |
| Total overhead costs | -170 | -165 | 3% | -646 |
| EBITDA before impact of IFRS 16 | 217 | 186 | 17% | 871 |
| Margin (%) | 15% | 13% | 1.3 p.p. | 16% |
| EBIT before impact of IFRS 16 | 162 | 133 | 22% | 652 |
| Margin (%) | 11% | 10% | 1.4 p.p. | 12% |
| Maintenance Capex | 31 | 56 | -44% | 294 |
| Total Capex | 32 | 60 | -47% | 309 |
| Net debt | 994 | 1 044 | -5% | 967 |
| Operating cash flow | 177 | 118 | 51% | 642 |
| Free cash flow | 136 | 99 | 38% | 506 |
| Leverage | 1.1 | 1.4 | -21% | 1.1 |
| Clubs | 272 | 273 | 0% | 273 |
| Members ('000) | 769 | 757 | 2% | 755 |
| ARPM (NOK/month) | 649 | 624 | 4% | 617 |
¹) As defined in Appendix under Alternative Performance Measures
SATS Q1 2026
BOARD OF DIRECTORS' REPORT
ANALYSIS OF THE Q1 2026 FINANCIAL STATEMENTS
All financial statements show the period 1 January 2026 to 31 March 2026, compared to the accounts for the period 1 January 2025 to 31 March 2025.
Statement of comprehensive income
Total revenues increased by 6% to NOK 1 483 million in Q1 2026, compared to NOK 1 395 million in Q1 2025, driven both by higher membership revenues and other revenues. Membership revenues increased in all countries in Q1 2026 compared to Q1 2025, led primarily by Norway and Sweden. The total member base increased by 2% compared to Q1 2025. ARPM increased by 4%, as a result of improved product mix and price adjustments.
Total operating expenses increased by 5% to NOK 1 263 million in Q1 2026, while operating expenses excluding depreciation and amortization increased by 6% to NOK 957 million. The increase in operating expenses from last year is mainly due to higher personnel expenses related to investments in product offering and an internal employee gathering.
The operating profit increased by 14% from NOK 192 million in Q1 2025 to NOK 220 million in Q1 this year.
Net financial items in Q1 2026 was negative NOK 84 million, compared to negative NOK 70 million in Q1 2025. The increase was primarily driven by increased unrealized currency effects. The income tax expense in Q1 2026 amounted to NOK 30 million.
Profit before tax was NOK 136 million in Q1 2026, compared to NOK 123 million in Q1 2025. Profit for the period was NOK 106 million in Q1 2026, compared to NOK 94 million in Q1 2025. The total comprehensive income was NOK 144 million, compared to NOK 85 million in Q1 2025.
Statement of financial position
Consolidated assets decreased by NOK 175 million to NOK 9 094 million in Q1 2026 compared to Q1 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 4 515 million and NOK 2 607 million, respectively, on March 31, 2026. Non-current assets decreased by NOK 150 million, while current assets decreased by NOK 25 million. The decrease in non-current assets was mainly driven by a decrease in right-of-use assets. The decrease in current assets was primarily driven by other current receivables.
Total liabilities decreased from NOK 7 924 million as of March 31, 2025, to NOK 7 749 million as of March 31, 2026, primarily due to a decrease in lease liability.
As of March 31, 2026, consolidated equity amounted to NOK 1 345 million, representing an equity ratio of 14.8%, compared to NOK 1 344 million and 14.5% of March 31, 2025.
Statement of cash flows
In Q1 2026, consolidated cash and cash equivalents decreased by NOK 121 million, compared to an increase of NOK 14 million in Q1 2025.
The Group had cash and cash equivalents of NOK 400 million as of March 31, 2026. In addition, the Group had NOK 977 million available in undrawn amount on the revolving credit facility.
Net cash flow from the Group's operations was NOK 476 million in Q1 2026, compared to NOK 475 million in Q1 2025. Increases in profit before tax and net financial items were offset by increased taxes paid in the period. The net working capital has high seasonal fluctuations, typically being lower in Nov-May and higher in Jun-Oct. In the quarter, the net working capital effect was negative by NOK 8 million, compared to negative NOK 12 million in Q1 2025.
Net cash outflow from investing activities amounted to NOK 31 million in Q1 2026, compared to an outflow of NOK 57 million in Q1 2025.
Net cash outflow from financing was NOK 566 million in Q1 2026, compared to a cash outflow of NOK 404 million in Q1 2025. In Q1 2026, the company paid 132 million in dividend and purchased own shares of NOK 125 million, compared to NOK 100 million in Q1 2025.
Segment development
The following sections of this report review each operating segment. Unless otherwise stated, comments regarding development reflect a comparison between Q1 2026 and Q1 2025.
SATS Q1 2026
PAGE 5
NORWAY
Norway is the largest operating segment in the Group, accounting for 46% of consolidated revenues in Q1 2026. SATS Norway had 351 000 members at quarter-end. SATS is a well-established brand and the leading fitness operator in the Norwegian market.
As of the end of Q1 2026, the Norwegian portfolio comprised 119 clubs, of which 78 SATS and 41 Fresh Fitness, following the closure on one Fresh Fitness club during the quarter.
The member base grew by 1% over the past 12 months. Average revenue per member (ARPM) reached NOK 653, representing an increase of 5%. Combined with continued volume growth, this resulted in an 8% increase in total revenues to NOK 682 million.
Country EBITDA increased by 10% to NOK 198 million, corresponding to a stable margin of 29%.
Key Financial Figures and Alternative Performance Measures (APM)
| Q1 2026 | Q1 2025 | Change | FY 2025 | |
|---|---|---|---|---|
| NOK million (unless otherwise stated) | ||||
| Membership revenue | 567 | 522 | 9% | 2 072 |
| Other revenues | 114 | 111 | 3% | 399 |
| Total revenues | 682 | 633 | 8% | 2 471 |
| EBITDA | 272 | 253 | 8% | 1 050 |
| Margin (%) | 40% | 40% | 0.0 p.p. | 42% |
| Operating profit | 160 | 145 | 10% | 619 |
| Profit/loss for the period | 130 | 97 | 35% | 413 |
| Country EBITDA before impact of IFRS 16 | 198 | 180 | 10% | 758 |
| Margin (%) | 29% | 29% | 0.6 p.p. | 31% |
| EBITDA before impact of IFRS 16 | 148 | 133 | 11% | 569 |
| Margin (%) | 22% | 21% | 0.7 p.p. | 23% |
| Clubs | 119 | 118 | 1% | 120 |
| Members ('000) | 351 | 346 | 1% | 345 |
| ARPM (NOK/month) | 653 | 622 | 5% | 608 |
Revenues
NOK million
8%
Country EBITDA¹
NOK million / margin
10%
¹) Country EBITDA before impact of IFRS 16
SATS Q1 2026
PAGE 6
SWEDEN
Sweden is the Group's second-largest segment, accounting for 34% of consolidated revenues in Q1 2026. At quarter-end, SATS Sweden had 262 000 members, maintaining a strong and established market position.
The portfolio consisted of 93 clubs, two fewer than in Q1 2025 following planned club optimizations. Despite the reduced footprint, the member base increased by 3% year-on-year.
Average revenue per member (ARPM) rose by 5% to NOK 654, contributing to an 8% year-on-year increase in total revenues to NOK 508 million.
Country EBITDA increased by 11% to NOK 82 million, corresponding to an EBITDA margin of 16%, in line with the same quarter last year.
Key Financial Figures and Alternative Performance Measures (APM)
| Q1 2026 | Q1 2025 | Change | FY 2025 | |
|---|---|---|---|---|
| NOK million (unless otherwise stated) | ||||
| Membership revenue | 410 | 377 | 9% | 1 541 |
| Other revenues | 98 | 92 | 7% | 357 |
| Total revenues | 508 | 469 | 8% | 1 898 |
| EBITDA | 161 | 155 | 4% | 684 |
| Margin (%) | 32% | 33% | -1.4 p.p. | 36% |
| Operating profit | 44 | 42 | 3% | 223 |
| Profit/loss for the period | -9 | 18 | -149% | 105 |
| Country EBITDA before impact of IFRS 16 | 82 | 74 | 11% | 82 |
| Margin (%) | 16% | 16% | 0.3 p.p. | 4% |
| EBITDA before impact of IFRS 16 | 40 | 35 | 14% | 199 |
| Margin (%) | 8% | 8% | 0.4 p.p. | 11% |
| Clubs | 93 | 95 | -2% | 93 |
| Members ('000) | 262 | 254 | 3% | 256 |
| ARPM (NOK/month) | 654 | 623 | 5% | 627 |
Revenues
NOK million
8%
Country EBITDA¹
NOK million / margin
11%
¹ Country EBITDA before impact of IFRS 16
SATS Q1 2026
PAGE 7
FINLAND
In Finland, operations are run under the ELIXIA brand, representing 9% of the Group's consolidated revenues in Q1 2026. At quarter-end, ELIXIA Finland counted 72 000 members, securing its position as the market leader in a highly fragmented fitness market.
The club network comprises 32 clubs across Helsinki, Tampere and Turku.
The member base grew by 1% year-on-year. Average revenue per member (ARPM) increased by 2% to NOK 635 in the quarter, supporting a 2% year-on-year increase in total revenues to NOK 136 million.
Ongoing investments in the product offering are expected to support long-term revenue growth, with limited contribution in the short term. As a result, Country EBITDA declined by 4% to NOK 11 million, corresponding to an EBITDA margin of 8%, down 0.5 p.p. compared to the same quarter last year.
Key Financial Figures and Alternative Performance Measures (APM)
| Q1 2026 | Q1 2025 | Change | FY 2025 | |
|---|---|---|---|---|
| NOK million (unless otherwise stated) | ||||
| Membership revenue | 113 | 109 | 4% | 432 |
| Other revenues | 23 | 24 | -5% | 84 |
| Total revenues | 136 | 133 | 2% | 516 |
| EBITDA | 36 | 38 | -5% | 168 |
| Margin (%) | 27% | 29% | -1.8 p.p. | 33% |
| Operating profit | 5 | 6 | -19% | 40 |
| Profit/loss for the period | -1 | 0 | -384% | 15 |
| Country EBITDA before impact of IFRS 16 | 11 | 11 | -4% | 59 |
| Margin (%) | 8% | 8% | -0.5 p.p. | 11% |
| EBITDA before impact of IFRS 16 | 4 | 5 | -19% | 35 |
| Margin (%) | 3% | 4% | -0.8 p.p. | 7% |
| Clubs | 32 | 31 | 3% | 32 |
| Members ('000) | 72 | 71 | 1% | 71 |
| ARPM (NOK/month) | 635 | 626 | 2% | 608 |
Revenues
NOK million
2%
Country EBITDA¹
NOK million / margin
-4%
¹) Country EBITDA before impact of IFRS 16
SATS Q1 2026
PAGE 8
DENMARK
In Q1 2026, the Danish operations accounted for 11% of the Group's consolidated revenues. With 84 000 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.
Effective 1 January 2026, Denmark removed the VAT exemption on group training and personal training to align its practice with EU regulations. Pricing has been adjusted to offset VAT while maintaining the competitive positioning, and the change is partly mitigated by increased VAT deductibility on costs.
While the price adjustments have affected volume growth, the impact has been lower than initially anticipated, with a member decrease of 2% year-on-year.
The reported average revenue per member (ARPM) does not include the VAT element and decreased by 1% to NOK 625. This resulted in a 1% year-on-year decrease in total revenues to NOK 157 million.
Total one-offs amounted to a net positive impact of NOK 6 million in the quarter. Country EBITDA thus increased by 76% to NOK 22 million, corresponding to a quarterly EBITDA margin of 14%, up 6.2 p.p. compared to the comparable quarter last year.
Revenues
NOK million
-1%
Country EBITDA¹
NOK million / margin
76%
¹) Country EBITDA before impact of IFRS 16
Key Financial Figures and Alternative Performance Measures (APM)
| Q1 2026 | Q1 2025 | Change | FY 2025 | |
|---|---|---|---|---|
| NOK million (unless otherwise stated) | ||||
| Membership revenue | 136 | 135 | 0% | 528 |
| Other revenues | 21 | 24 | -11% | 94 |
| Total revenues | 157 | 159 | -1% | 623 |
| EBITDA | 48 | 40 | 19% | 172 |
| Margin (%) | 30% | 25% | 5.2 p.p. | 28% |
| Operating profit | 14 | 2 | 462% | 21 |
| Profit/loss for the period | -2 | -15 | -84% | -46 |
| Country EBITDA before impact of IFRS 16 | 22 | 12 | 76% | 22 |
| Margin (%) | 14% | 8% | 6.2 p.p. | 4% |
| EBITDA before impact of IFRS 16 | 15 | 5 | 206% | 32 |
| Margin (%) | 10% | 3% | 6.5 p.p. | 5% |
| Clubs | 28 | 29 | -3% | 28 |
| Members ('000) | 84 | 86 | -2% | 83 |
| ARPM (NOK/month) | 625 | 632 | -1% | 628 |
SATS Q1 2026
PAGE 9
SATS Q1 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 433 million as at March 31, 2026, divided into 203 694 588 ordinary shares, each with a par value of NOK 2.125. All the shares have been fully paid and have equal rights. SATS owned 7 632 506 treasury shares as at the balance sheet date. The number of shareholders as at March 31, 2026, was 8 566.
FINANCIAL POLICY AND DIVIDEND
SATS has a conservative approach to leverage, targeting a net debt (current and non-current bank borrowings less cash and cash equivalents) to adjusted EBITDA before impact of IFRS 16 at the lower end of the 1.5x to 2.0x range.
SATS prioritize maintaining a robust balance sheet and 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 percent of annual net profit as a combination of share buybacks and semi-annual dividends. 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 first 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, April 29, 2026
The Board of Directors
PAGE 10
CONSOLIDATED INCOME STATEMENT
| Notes | Q1 2026 | Q1 2025 | 2025 | |
|---|---|---|---|---|
| (Amounts in NOK million) | ||||
| Revenue | 2 | 1 483 | 1 395 | 5 509 |
| Operating expenses | ||||
| Cost of goods sold | -38 | -38 | -146 | |
| Personnel expenses | -587 | -538 | -2 055 | |
| Other operating expenses | -331 | -326 | -1 199 | |
| Depreciation and amortization | 6, 7, 8 | -306 | -300 | -1 217 |
| Total operating expenses | -1 263 | -1 202 | -4 617 | |
| Operating profit | 220 | 192 | 892 | |
| Interest income | 7 | 8 | 30 | |
| Finance income | 18 | 11 | 43 | |
| Interest expense | -75 | -78 | -311 | |
| Finance expense | -35 | -10 | -39 | |
| Net financial items | -84 | -70 | -276 | |
| Profit before tax | 136 | 123 | 616 | |
| Income tax expense | 3 | -30 | -29 | -141 |
| Profit for the period | 106 | 94 | 474 | |
| Profit for the year is attributable to: | ||||
| Equity holders of the Group | 106 | 94 | 474 | |
| Total allocation | 106 | 94 | 474 | |
| Earnings per share in NOK | ||||
| Basic earnings per share attributable to equity holders of the company | 4 | 0.53 | 0.46 | 2.35 |
| Diluted earnings per share attributable to equity holders of the company | 4 | 0.53 | 0.46 | 2.34 |
SATS Q1 2026
PAGE 11
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Q1 2026 | Q1 2025 | 2025 | |
|---|---|---|---|
| (Amounts in NOK million) | |||
| Profit for the period | 106 | 94 | 474 |
| Other comprehensive income | |||
| Currency translation adjustment – may be reclassified to profit or loss | 39 | -9 | -32 |
| Other comprehensive income, net of tax | 39 | -9 | -32 |
| Total comprehensive income for the period | 144 | 85 | 443 |
| Total comprehensive income is attributable to: | |||
| Equity holders of the Group | 144 | 85 | 443 |
| Total comprehensive income for the period | 144 | 85 | 443 |
SATS Q1 2026
PAGE 12
CONSOLIDATED BALANCE SHEET
| | Notes | March 31
2026 | March 31
2025 | December 31
2025 |
| --- | --- | --- | --- | --- |
| (Amounts in NOK million) | | | | |
| ASSETS | | | | |
| Non-current assets | | | | |
| Intangible assets | 6 | 2 607 | 2 644 | 2 667 |
| Right-of-use assets | 8 | 4 515 | 4 675 | 4 769 |
| Property, plant and equipment | 7 | 863 | 800 | 916 |
| Other non-current receivables | | 70 | 53 | 72 |
| Derivative financial instruments | 9 | 0 | 30 | 0 |
| Deferred tax assets | 3 | 134 | 135 | 141 |
| Total non-current assets | | 8 189 | 8 339 | 8 567 |
| Current assets | | | | |
| Inventories | | 66 | 54 | 61 |
| Accounts receivables | | 127 | 142 | 161 |
| Other current receivables | | 208 | 274 | 209 |
| Contract assets | | 81 | 76 | 113 |
| Derivative financial instruments | 9 | 22 | 0 | 16 |
| Cash and cash equivalents | | 400 | 383 | 512 |
| Total current assets | | 905 | 930 | 1 072 |
| Total assets | | 9 094 | 9 269 | 9 639 |
| EQUITY | | | | |
| Share capital | | 433 | 435 | 433 |
| Share premium | | 2 791 | 3 050 | 2 923 |
| Treasury shares | | -16 | -106 | -10 |
| Other reserves | | 14 | -14 | -28 |
| Retained earnings | | -1 876 | -2 021 | -1 863 |
| Total equity | | 1 345 | 1 344 | 1 454 |
| LIABILITIES | | | | |
| Non-current liabilities | | | | |
| Deferred tax liability | 3 | 93 | 79 | 55 |
| Borrowings | 5 | 1 394 | 1 427 | 1 480 |
| Lease liability | 5 | 3 944 | 4 100 | 4 189 |
| Derivative financial instruments | 9 | 3 | 6 | 1 |
| Total non-current liabilities | | 5 433 | 5 612 | 5 726 |
| Current liabilities | | | | |
| Borrowings | 5 | 9 | 10 | 9 |
| Lease liability | 5 | 967 | 963 | 987 |
| Derivative financial instruments | 9 | 0 | 6 | 3 |
| Contract liability | | 698 | 644 | 724 |
| Trade and other payables | | 82 | 121 | 100 |
| Current tax liabilities | | 87 | 72 | 125 |
| Public fees and charges payable | | 97 | 100 | 134 |
| Other current liabilities | | 376 | 396 | 377 |
| Total current liabilities | | 2 315 | 2 312 | 2 458 |
| Total liabilities | | 7 749 | 7 924 | 8 185 |
| Total equity and liabilities | | 9 094 | 9 269 | 9 639 |
SATS Q1 2026
PAGE 13
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 | 94 | 94 | 94 | ||||||
| OCI for the period | -9 | -9 | -9 | ||||||
| Total comprehensive income for the period | 0 | 0 | 0 | -9 | 0 | 94 | 85 | 85 | |
| Investment program | 1 | 1 | 2 | 2 | |||||
| Repurchase of shares | -100 | -100 | -100 | ||||||
| Proceeds from sale of own shares | 12 | 12 | 12 | ||||||
| Equity March 31, 2025 | 435 | 3 050 | -106 | -22 | 8 | -2 021 | 1 344 | 1 344 | |
| Equity January 1, 2026 | 433 | 2 923 | -10 | -46 | 17 | -1 863 | 1 454 | 1 454 | |
| Profit for the period | 106 | 106 | 106 | ||||||
| OCI for the period | 39 | 39 | 39 | ||||||
| Total comprehensive income for the period | 0 | 0 | 0 | 39 | 0 | 106 | 144 | 144 | |
| Investment program | 4 | 4 | 4 | ||||||
| Repurchase of shares | 1 | -6 | -119 | -125 | -125 | ||||
| Dividends | 1 | -132 | -132 | -132 | |||||
| Equity March 31, 2026 | 433 | 2 791 | -16 | -6 | 21 | -1 876 | 1 345 | 1 345 |
SATS Q1 2026
PAGE 14
CONSOLIDATED STATEMENT OF CASH FLOWS
| Notes | Q1 2026 | Q1 2025 | 2025 | |
|---|---|---|---|---|
| (Amounts in NOK million) | ||||
| Cash flow from operations | ||||
| Profit before tax | 136 | 123 | 616 | |
| Adjustment for: | ||||
| Taxes paid in the period | -42 | -5 | -90 | |
| Loss from disposal or sale of equipment | 0 | -1 | -2 | |
| Depreciation, amortization and impairment | 6, 7, 8 | 306 | 300 | 1 217 |
| Net financial items | 84 | 70 | 276 | |
| Change in inventory | -5 | -1 | -8 | |
| Change in accounts receivables | 33 | 17 | -1 | |
| Change in trade payables | -17 | -58 | -78 | |
| Change in other receivables and accruals | -19 | 30 | 152 | |
| Net cash flow from operations | 476 | 475 | 2 082 | |
| Cash flow from investing | ||||
| Purchase of property, plant and equipment and intangible assets | 6, 7 | -32 | -60 | -309 |
| Loan to related parties | 10 | 0 | 0 | -15 |
| Proceeds from property, plant and equipment | 1 | 1 | 3 | |
| Proceeds from loan to related parties | 10 | 0 | 2 | 3 |
| Net cash flow from investing | -31 | -57 | -318 | |
| Cash flow from financing | ||||
| Repayments of borrowings | 5 | 0 | 0 | -85 |
| Proceeds from borrowings | 5 | 0 | 0 | 85 |
| Installments on lease liabilities | 5 | -248 | -247 | -992 |
| Interest paid | 5, 9 | -9 | -12 | -42 |
| Interest received | 4 | 3 | 14 | |
| Interests on lease liabilities | 5 | -62 | -62 | -251 |
| Dividends paid | 1 | -132 | 0 | -127 |
| Purchase of own shares | 1, 4 | -125 | -100 | -267 |
| Proceeds from sale of own shares | 0 | 12 | 49 | |
| Other financial items | 8 | 2 | 2 | |
| Net cash flow from financing | -566 | -404 | -1 615 | |
| Net increase/decrease in cash and cash equivalents | -121 | 14 | 149 | |
| Effect of foreign exchange rate changes on cash and cash equivalents | 8 | -2 | -7 | |
| Cash and cash equivalents at the beginning of the period | 512 | 371 | 371 | |
| Cash and cash equivalents at the end of period | 400 | 383 | 512 |
SATS Q1 2026
PAGE 15
SATS Q1 2026
PAGE 16
NOTES
| NOTES | PAGE |
|---|---|
| Note 1 General information and basis for preparation | 17 |
| Note 2 Segment information | 18 |
| Note 3 Profit and loss information | 19 |
| 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 judgements | 27 |
SATS Q1 2026
PAGE 17
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 1 General information and basis for preparation
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 first quarter of 2026, SATS completed the share buyback program initiated on October 31, 2025. On February 18, 2026, SATS announced a new share buyback program with a total consideration of up to NOK 200 million and a maximum of 7 million shares. In total, SATS repurchased 2.9 million shares for NOK 125 million during the first quarter of 2026. The repurchased shares will be used to optimize the share capital structure through a redemption of treasury shares, which is considered beneficial for the Company's shareholders.
Dividend distribution
On March 3, 2026, an extraordinary general meeting resolved to distribute a cash dividend of NOK 0.67 per share, which in total amounts to NOK 132 million. The dividend was paid during the first 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 three first months of 2026.
NOTE 2
Segment information
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 Q1 2026, Q1 2025 and the year ended December 31, 2025 is as follows:
| SATS Group | Norway | Sweden | Finland | Denmark | Group functions and other | Total |
|---|---|---|---|---|---|---|
| (Amounts in NOK million) | ||||||
| Q1 2026 | ||||||
| Revenue | ||||||
| Membership revenue | 567 | 410 | 113 | 136 | 0 | 1 227 |
| Other revenue | 114 | 98 | 23 | 21 | 0 | 256 |
| Total revenue | 682 | 508 | 136 | 157 | 0 | 1 483 |
| EBITDA¹) and EBITDA before impact of IFRS 16¹) reconcile to profit/loss for the period as follows: | ||||||
| EBITDA before impact of IFRS 16¹) | 148 | 40 | 4 | 15 | 9 | 217 |
| Impact of IFRS 16 | 124 | 121 | 32 | 33 | 0 | 309 |
| EBITDA¹) | 272 | 161 | 36 | 48 | 9 | 526 |
| Depreciation and amortization | -112 | -117 | -31 | -34 | -11 | -306 |
| Operating profit/loss | 160 | 44 | 5 | 14 | -2 | 220 |
| Net financial items²) | 5 | -55 | -6 | -16 | -14 | -84 |
| Income tax expense | -36 | 2 | 0 | 0 | 3 | -30 |
| Profit/loss for the period | 130 | -9 | -1 | -2 | -13 | 106 |
| Q1 2025 | ||||||
| Revenue | ||||||
| Membership revenue | 522 | 377 | 109 | 135 | 0 | 1 144 |
| Other revenue | 111 | 92 | 24 | 24 | 0 | 251 |
| Total revenue | 633 | 469 | 133 | 159 | 0 | 1 395 |
| EBITDA¹) and EBITDA before impact of IFRS 16¹) reconcile to profit/loss for the period as follows: | ||||||
| EBITDA before impact of IFRS 16¹) | 133 | 35 | 5 | 5 | 7 | 186 |
| Impact of IFRS 16 | 119 | 120 | 33 | 35 | 0 | 307 |
| EBITDA¹) | 253 | 155 | 38 | 40 | 7 | 493 |
| Depreciation and amortization | -107 | -113 | -32 | -38 | -11 | -300 |
| Operating profit/loss | 145 | 42 | 6 | 2 | -4 | 192 |
| Net financial items²) | -22 | -20 | -6 | -17 | -3 | -70 |
| Income tax expense | -26 | -5 | 0 | 0 | 2 | -29 |
| Profit/loss for the period | 97 | 18 | 0 | -15 | -6 | 94 |
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 Q1 2026
| SATS Group | Norway | Sweden | Finland | Denmark | Group functions and other | Total |
|---|---|---|---|---|---|---|
| (Amounts in NOK million) | ||||||
| 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 |
EBITDA $^{1)}$ and EBITDA before impact of IFRS $16^{1)}$ reconcile to profit/loss for the period as follows:
| EBITDA before impact of IFRS 161) | 569 | 199 | 35 | 32 | 35 | 871 |
|---|---|---|---|---|---|---|
| Impact of IFRS 16 | 481 | 484 | 132 | 140 | 0 | 1 237 |
| EBITDA1) | 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 |
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.
NOTE 3 Profit and loss information
Income tax expense
Standardized tax rates are used for tax reporting purposes for Norway and Sweden for Q1 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, Q1 is the reporting period from January 1 to March 31.
SATS Q1 2026
NOTE 4
Earnings per share
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
The company repurchased a total of 588 865 shares under share buyback programs announced in October 2025. In addition, a new share buyback program was initiated in February 2026, under which 2 316 848 shares were repurchased during the first quarter.
Share investment program
The share investment programs for employees in the SATS ASA Group imply that the company, on the balance sheet date of March 31, 2026, will deliver 714 815 matching shares to employees in 2026, 124 072 shares in 2027, and 560 943 shares in 2028. Allocation of matching shares is further contingent upon the company's performance over time.
As at the balance sheet date of March 31, 2026, the number of shares issued was 203 694 588 and the company held 7 632 506 treasury shares.
| Basic earnings per share attributable to equity holders of the company | |||
|---|---|---|---|
| (NOK per share) | Q1 2026 | Q1 2025 | 2025 |
| Basic earnings | 0.53 | 0.46 | 2.35 |
| Total basic earnings per share | 0.53 | 0.46 | 2.35 |
| Weighted average number of outstanding shares | 198 053 202 | 203 574 674 | 201 974 690 |
| Diluted earnings per share attributable to equity holders of the company | |||
| (NOK per share) | Q1 2026 | Q1 2025 | 2025 |
| Diluted earnings | 0.53 | 0.46 | 2.34 |
| Total diluted earnings per share | 0.53 | 0.46 | 2.34 |
| Weighted average number of outstanding shares | 199 172 834 | 204 433 946 | 203 069 458 |
| Reconciliation of earnings used in calculating earnings per share | |||
| --- | --- | --- | --- |
| (Amounts in NOK million) | Q1 2026 | Q1 2025 | 2025 |
| Basic earnings per share | |||
| Profit attributable to equity holders of the Group | 106 | 94 | 474 |
| Profit used in calculating basic earnings per share | 106 | 94 | 474 |
| Diluted earnings per share | |||
| Profit used in calculating diluted earnings per share | 106 | 94 | 474 |
| Profit used in calculating diluted earnings per share | 106 | 94 | 474 |
SATS Q1 2026
SATS Q1 2026
NOTE 5 Interest-bearing liabilities
| March 31 | March 31 | December 31 | |
|---|---|---|---|
| Overview of interest-bearing liabilities | 2026 | 2025 | 2025 |
| (Amounts in NOK million) | |||
| Current | |||
| Accrued interest cost | 9 | 10 | 9 |
| Lease liabilities | 967 | 963 | 987 |
| Total current interest-bearing liabilities | 975 | 974 | 996 |
| Non-current | |||
| Bank borrowings | 1 394 | 1 427 | 1 480 |
| Lease liabilities | 3 944 | 4 100 | 4 189 |
| Total non-current interest-bearing liabilities | 5 338 | 5 527 | 5 669 |
| Total interest-bearing liabilities | 6 313 | 6 501 | 6 666 |
| Total bank borrowings | 1 394 | 1 427 | 1 480 |
| Cash and cash equivalents | 400 | 383 | 512 |
| Net debt¹⁾ | 994 | 1 044 | 967 |
¹⁾ For additional information regarding Net debt, please see the appendix Alternative Performance Measures.
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 first quarter, the remaining undrawn credit amounted to NOK 977 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 facility will fully mature in July 2028, with an additional one-year extension option available. 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 at 50 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 March 31, 2026:
| Bank borrowings | Total | Lease liabilities | Total |
|---|---|---|---|
| (Amounts in NOK million) | (Amounts in NOK million) | ||
| Less than 1 year | 50 | Less than 1 year | 1 185 |
| 1–2 years | 50 | 1–2 years | 1 086 |
| 2–3 years | 1 419 | 2–3 years | 935 |
| 3–5 years | 0 | 3–5 years | 1 358 |
| More than 5 years | 0 | More than 5 years | 1 113 |
| Total payments | 1 520 | Total payments | 5 677 |
PAGE 21
NOTE 6
Intangible assets
| Goodwill | Norway | Sweden | Finland | Denmark | Total goodwill |
|---|---|---|---|---|---|
| (Amounts in NOK million) | |||||
| At December 31, 2025 | |||||
| Cost | 1 868 | 241 | 687 | 0 | 2 796 |
| Accumulated impairment | -199 | 0 | -10 | 0 | -209 |
| Net book value | 1 669 | 241 | 677 | 0 | 2 587 |
| Period ended March 31, 2026 | |||||
| Opening net book amount | 1 669 | 241 | 677 | 0 | 2 587 |
| Net effect of changes in foreign exchange | 0 | -15 | -36 | 0 | -51 |
| Closing Net book value | 1 669 | 226 | 641 | 0 | 2 536 |
| At March 31, 2026 | |||||
| Cost | 1 868 | 226 | 651 | 0 | 2 745 |
| Accumulated impairment | -199 | 0 | -10 | 0 | -209 |
| Net book value | 1 669 | 226 | 641 | 0 | 2 536 |
| Useful life | Indefinite | Indefinite | Indefinite | Indefinite | |
| Amortization method | Not amortized | Not amortized | Not amortized | Not amortized | |
| Other intangible assets | Trademark | Internally developed software^{1)} | Total other intangible assets | ||
| --- | --- | --- | --- | ||
| (Amounts in NOK million) | |||||
| At December 31, 2025 | |||||
| Cost | 267 | 669 | 936 | ||
| Accumulated amortization and impairment | -266 | -590 | -856 | ||
| Net book value | 1 | 79 | 80 | ||
| Period ended March 31, 2026 | |||||
| Opening net book amount | 1 | 79 | 80 | ||
| Effect of changes in foreign exchange cost | 0 | -43 | -43 | ||
| Effect of changes in foreign exchange accumulated amortization | 0 | 38 | 38 | ||
| Additions | 0 | 8 | 8 | ||
| Amortization charge | 0 | -12 | -12 | ||
| Closing Net book value | 1 | 70 | 71 | ||
| At March 31, 2026 | |||||
| Cost | 267 | 634 | 901 | ||
| Accumulated amortization and impairment | -266 | -564 | -830 | ||
| Net book value | 1 | 70 | 71 | ||
| Useful life | 10 years | 3 years | |||
| Amortization method | Straight-line | Straight-line |
1) Software consists of capitalized development expenditure and is an internally generated intangible asset.
SATS Q1 2026
PAGE 22
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) | ||||
| At December 31, 2025 | ||||
| Cost | 1 429 | 1 112 | 347 | 2 887 |
| Accumulated depreciation | -932 | -743 | -295 | -1 971 |
| Net book value | 497 | 368 | 51 | 916 |
| Period ended March 31, 2026 | ||||
| Opening net book amount | 497 | 368 | 51 | 916 |
| Additions | 8 | 14 | 2 | 24 |
| Effect of changes in foreign exchange cost | -54 | -37 | -11 | -103 |
| Depreciation charge | -24 | -13 | -5 | -42 |
| Effect of changes in foreign exchange accumulated depreciation | 35 | 24 | 10 | 68 |
| Disposals costs | -8 | -16 | -2 | -26 |
| Disposals costs accumulated depreciations | 8 | 16 | 2 | 26 |
| Closing Net book value | 462 | 355 | 47 | 863 |
| At March 31, 2026 | ||||
| Cost | 1 375 | 1 072 | 336 | 2 782 |
| Accumulated depreciation | -913 | -717 | -289 | -1 919 |
| Net book value | 462 | 355 | 47 | 863 |
| Useful life | 10 years | 7 – 12 years | 3 – 7 years | |
| Depreciation method | Straight-line | Straight-line | Straight-line |
SATS Q1 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 March 31, 2026 | |||
| At January 1, 2026 | 4 762 | 7 | 4 769 |
| Effect of changes in foreign exchange cost | -413 | -4 | -417 |
| Additions/disposals | 174 | 0 | 174 |
| Depreciation charge | -251 | -1 | -252 |
| Effect of changes in foreign exchange accumulated depreciation | 236 | 4 | 240 |
| Closing Net book value | 4 509 | 6 | 4 515 |
| At March 31, 2026 | |||
| Cost | 14 199 | 94 | 14 294 |
| Accumulated depreciation | -9 691 | -88 | -9 779 |
| Net book value | 4 509 | 6 | 4 515 |
| Useful life | 1 – 15 years | 1 – 5 years | |
| Depreciation method | Straight-line | Straight-line |
SATS Q1 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 3 million on Profit/loss before tax when reconsolidating the last twelve months. Reconsolidating borrowings, intercompany loans, and bank accounts in foreign currency as of March 31, 2026 with a weaker NOK results in a positive effect of NOK 40 million.
| 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 | 24 | 28 |
| EUR/NOK exchange rate – increase 10%¹⁾ | 1 | -4 | -3 |
| DKK/NOK exchange rate – increase 10%¹⁾ | -3 | 20 | 17 |
| Effect on profit/loss before tax | 3 | 40 | 42 |
¹⁾ Holding all other variables constant.
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 marked 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.
| March 31 2026 | March 31 2025 | December 31 2025 | ||||
|---|---|---|---|---|---|---|
| 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 | 70 | 0 | 53 | 0 | 72 | 0 |
| Accounts receivables | 127 | 0 | 142 | 0 | 161 | 0 |
| Other current receivables | 104 | 0 | 122 | 0 | 108 | 0 |
| Derivatives | 0 | 22 | 0 | 30 | 0 | 16 |
| Cash and cash equivalents | 400 | 0 | 383 | 0 | 512 | 0 |
| Total financial assets | 701 | 22 | 701 | 30 | 854 | 16 |
| March 31 2026 | March 31 2025 | December 31 2025 | ||||
| --- | --- | --- | --- | --- | --- | --- |
| 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 | 1 402 | 0 | 1 437 | 0 | 1 489 | 0 |
| Lease liabilities | 4 910 | 0 | 5 063 | 0 | 5 177 | 0 |
| Trade and other payables | 82 | 0 | 121 | 0 | 100 | 0 |
| Derivatives | 0 | 3 | 0 | 12 | 0 | 4 |
| Other current liabilities | 376 | 0 | 396 | 0 | 377 | 0 |
| Total financial liabilities | 6 771 | 3 | 7 017 | 12 | 7 143 | 4 |
SATS Q1 2026
SATS Q1 2026
PAGE 26
Financial derivative instruments
| The Group has the following derivative financial instruments: | March 31
2026 | March 31
2025 | December 31
2025 |
| --- | --- | --- | --- |
| (Amounts in NOK million) | | | |
| Non-current assets | | | |
| Interest rate swap contracts | 0 | 30 | 0 |
| Total non-current derivative financial instrument assets | 0 | 30 | 0 |
| Current assets | | | |
| Interest rate swap contracts | 14 | 0 | 16 |
| Commodity contracts | 9 | 0 | 0 |
| Total current derivative financial instrument assets | 22 | 0 | 16 |
| Non-current liabilities | | | |
| Commodity contracts | 3 | 6 | 1 |
| Total non-current derivative financial instrument liabilities | 3 | 6 | 1 |
| Current liabilities | | | |
| Commodity contracts | 0 | 6 | 3 |
| Total current derivative financial instrument liabilities | 0 | 6 | 3 |
| Overview of interest rate swaps per March 31, 2026 | Notional in currency million | Maturity | Fixed rate | Unrealized gain |
| --- | --- | --- | --- | --- |
| IRS NOK | 694 | 28.10.2026 | 1.751 | 14 |
| Fair value of the Group's interest rate swaps in NOK million | | | | 14 |
| Overview of commodity contracts per March 31, 2026 | in thousand MWH | Maturity | Fixed price | Unrealized gain |
| --- | --- | --- | --- | --- |
| Commodity contracts NOK | 0.7 – 2.2 | 30.06.2028 | 572 – 758 | 6 |
| Commodity contracts SEK | 0.7 – 1.5 | 30.06.2028 | 435 – 589 | 0 |
| Fair value of the Group's commodity contracts in NOK million | | | | 6 |
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.
NOTE 10 Related parties
As of March 31, 2026, total loans issued by SATS ASA to key employees participating in a partly debt-financed share investment program were NOK 28 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 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 first quarter of 2026.
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.
NOTE 13 Critical estimates and judgements
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 2 536 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 Q1 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.
SATS Q1 2026
PAGE 27
APPENDIX
ALTERNATIVE PERFORMANCE MEASURES
The Group reports its financial results in accordance with IFRS® Accounting Standards as adopted by the European Union (EU) and 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.
SATS Q1 2026
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 |
| 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 |
SATS Q1 2026
PAGE 29
SATS ASA © 2026
Investor Relations Contacts
Cecilie Elde
CFO
+47 92 41 41 95
[email protected]
Stine Klund
Investor Relations
+47 98 69 92 59
[email protected]
SATS ASA
Nydalsveien 28
0484 Oslo
Telephone +47 23 30 70 00
www.satsgroup.com