SATS — Interim / Quarterly Report 2026

Apr 30, 2026

Q1 2026

INTERIM REPORT

JANUARY-MARCH 2026

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

REVENUES 12 MONTHS ROLLING
MNOK

EBITDA¹ 12 MONTHS ROLLING
MNOK

EBIT¹ 12 MONTHS ROLLING
MNOK

272

CLUBS

769 000

MEMBERS

10 000

EMPLOYEES

157 000

DAILY

WORKOUTS

2 100

DAILY GROUP

TRAINING CLASSES

1) Before IFRS 16

SATS

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OPERATIONAL LEVERAGE DRIVES SUBSTANTIAL EARNINGS EXPANSION

Value has been created by widening the gap between revenue and cost per member over time

• Demonstrating operational leverage in practice, with EBIT per member up 110%
• With a high share of semi-fixed costs in the model, incremental members and activity translate directly into EBIT as cost per member declines with scale
• This is not only about membership volume growth, but equally about earnings generated per member, driven by product improvement and member engagement
• There is still significant upside ahead from increasing member volume in current network and revenue per member from improved membership yield and ancillary revenues

1. Before IFRS 16

Note: Q1 2023 chosen as first clean post-Covid comparable quarter

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STEADY EXECUTION ON STRATEGIC PRIORITIES

Members are becoming increasingly active and satisfied, supporting continued improvement in loyalty

Price adjustments materialized as expected, driven by sustained product improvements over time

Solid quarterly performance, with EBITDA¹ of NOK 217 million and EBIT¹ of NOK 162 million

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

Total shareholder distributions of NOK 257 million during the quarter, through share buybacks and semi-annual dividend payment

UNIQUE VISITORS:
+6%
VS LTM Q1 2024

ARPM:
+4%
VS Q1 2025

Q1 EBITDA¹:
217
MILLION

Q1 EBIT¹:
+22%
VS Q1 2025

SHAREHOLDER
DISTRIBUTIONS:
257
MILLION

1) Before IFRS 16

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OUR TARGETED INITIATIVES ARE GRADUALLY TRANSLATING INTO HIGHER MEMBER ACTIVITY

Share of member base by activity level
p.p. change, LTM Q1 2026 vs LTM Q1 2024

PASSIVES
-3 P.P.
↑↑

SPORADICS
-0 P.P.
↑↑

ENTHUSIASTS
↑↓
+1 P.P.

PASSIONATES
↑↓
+2 P.P.

Activity volumes
LTM Q1 2026 vs LTM Q1 2024

Workouts

Unique visitors

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NO "QUITTERS DAY" AT SATS, WITH SUSTAINED ACTIVITY LEVELS BEYOND JANUARY PEAK

UNIQUE VISITORS

WEEK NUMBER, 2026

February vs January
unique visitors:
-3%

March vs January
unique visitors:
-1%

SATS

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INCREASED PARTICIPATION IN GROUP TRAINING IS A LEADING INDICATOR OF GROUP TRAINING UPTAKE AMONG NEW MEMBERS

Group training workouts

Unique group training workouts

Group training share of new memberships

Note: Group training development for SATS and ELIXIA, excluding Fresh Fitness. The development is partly affected by campaign activity and pricing structure.

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STRONG MEMBER SATISFACTION AND LOWER CHURN LEVELS ARE KEY DRIVERS FOR INCREASING EARNINGS PER MEMBER

Member satisfaction score
Average, Q1 2026

4.5 / 5

1 = very dissatisfied · 5 = very satisfied

Annualised churn rate
%, LTM

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FINANCIAL REVIEW

Q1 2026

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Q1 2026 FINANCIAL HIGHLIGHTS

STRONG GROWTH AND OPERATING LEVERAGE ACROSS KEY METRICS

MEMBERS
769 000
+2%

ARPM
649
+4%

REVENUES
1 483M
+6%

EBITDA¹
217M
+17%

EBIT¹
162M
+22%

NET PROFIT
106M
+13%

FREE CASHFLOW
136M
+38%

LEVERAGE²
1.1X
VS 1.4X

1) Before IFRS 16
2) Net debt to EBITDA before IFRS 16
SATS

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SOLID MEMBER GROWTH, WITH YEAR-ON-YEAR IMPACTED BY CAMPAIGN AND TIMING EFFECTS

TOTAL MEMBERS

NET GROWTH

MEMBERS PER SQM

• Net member growth remains strong for the season and in line with historical trends, with year-on-year comparison impacted by exceptionally strong intake from the 30-year anniversary campaign in Q1 2025
• Timing effects from prior year campaigns will shift part of the expected churn from Q1 into Q2
• VAT-related pricing adjustments in Denmark have impacted volume growth, but less than initially expected
• Portfolio effects: One club closure vs. one opening in the same period last year

SATS

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CONTRACTUAL MEMBERSHIP PRICE IS INCREASING STEADILY, WHILE REPORTED YIELD REFLECTS TIMING AND CAMPAIGNS

CONTRACTUAL PRICE

LIST PRICE LESS DISCOUNT
Basis for all price adjustments

DRIVERS FOR PRICE INCREASES, LEADING TO STEADY UNDERLYING PRICE GROWTH

• List price increases: Above inflation across the membership product portfolio
• Inflation adjustments: Annual CPI-based adjustments implemented January 2026 (CPIs +0-3%)
• Minimum price adjustments: Price increases for members with the highest deviation from the list price with effect as of February 2026
• Membership mix: Product development is making add-on products, such as group training, more attractive.
• Important discounted groups, like students, seniors and corporate members, continue to grow, affecting the average contractual price

NOK, CONSTANT CURRENCY

YIELD

CONTRACTUAL PRICE ADJUSTED FOR CAMPAIGN AND FREEZE EFFECTS
Realized revenue per member

YIELD DIFFERS FROM CONTRACTUAL PRICE, AND REFLECTS ACTIVITY AND TIMING, NOT UNDERLYING PRICE DEVELOPMENT QUARTER OVER QUARTER

• Campaign intensity: Free periods and promotions temporarily dilute yield
• Freeze: Paused memberships temporarily reduce revenue per member
• Timing effects: Price increases phase into revenue over time

NOK, CONSTANT CURRENCY

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STRUCTURED PRICING MEASURES SUPPORTING TOPLINE DEVELOPMENT

TOTAL ARPM

NOK
- MEMBERSHIP YIELD
- OTHER YIELD

TOTAL REVENUES

MNOK
- MEMBERSHIP REVENUES
- OTHER REVENUES

• Revenue growth of 6% driven by continued member development and ARPM growth
• ARPM increased by 4%, reflecting both membership yield and other revenues
• Membership yield increased by 5%, mainly driven by pricing adjustments implemented this year
• Reported ARPM and revenue impacted by VAT changes in Denmark, with underlying growth stronger than reported
• Price development has been stable across recent quarters, and we expect this development to remain broadly stable in the coming quarters

SATS
13

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COST GROWTH WELL CONTROLLED, WITH REVENUE OUTPACING COSTS

TOTAL COST
MNOK

CLUB OPEX & OVERHEAD
MNOK
CLUB OPEX
OVERHEAD

DIRECT COST/COGS
MNOK

• Total costs increased by 5% year-on-year
• Club OPEX growth reflects targeted investments, including:
• Expansion of group training offering (+16%)
• One-off employee gathering in the quarter
• Adjusted for these effects, underlying club OPEX growth was ~2.7%
• Excluding higher energy costs, underlying growth was ~1.8%
• Direct costs (COGS) remained broadly stable

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OPERATING LEVERAGE DRIVING CONTINUED PROFIT GROWTH

EBITDA BEFORE IFRS 16

MNOK
- EBITDA BEFORE IFRS 16
- EBITDA BEFORE IFRS 16 MARGIN

EBIT BEFORE IFRS 16

MNOK
- EBIT BEFORE IFRS 16
- EBIT BEFORE IFRS 16 MARGIN

REPORTED NET PROFIT

MNOK
- NET PROFIT
- EPS

• Strong profit growth driven by operating leverage, with revenue growth outpacing costs
• EBITDA increased by 17% and EBIT by 22%, reflecting scalability in the business model
• Net profit: Unrealized (non-cash) financial effects of NOK -21 million in Q1 2026 (vs. NOK +2 million in Q1 2025)

SATS

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SATS
16

DISCIPLINED INVESTMENTS IN CLUB PORTFOLIO AND MEMBER EXPERIENCE, AND A STRENGTHENED EXPANSION PIPELINE

CAPITAL EXPENDITURE

MNOK

• EXPANSION
• UPGRADES AND MAINTENANCE

CLUB EXPANSION PIPELINE

• 2x Norway (Fresh Fitness) 2026
• 4x Norway 2027
• Norway 2028

• Denmark 2028

• 2x Norway (Fresh Fitness) Q1 2026

• Pipeline strengthened with multiple projects across Norway and Denmark

• Actively scouting locations in key clusters and major Nordic cities
• Several processes in final stages supports confidence in reaching run-rate of 8–12 new clubs per year from 2027

UPGRADES AND MAINTENANCE

• Low Q1 capex reflects timing, not reduced ambition
• 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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STRONG CASH GENERATION SUPPORTING GROWTH AND DISTRIBUTIONS

FREE CASH FLOW Q1 2026

FREE CASH FLOW LTM

• Strong free cash flow generation, with NOK 136 million in Q1 and NOK 541 million LTM
• Cash conversion remains high at ~60%, reflecting strong underlying performance
• Q1 cash flow supported by lower maintenance capex due to timing effects
• Business model benefits from structurally strong and predictable cash generation, supporting both continued investments and shareholder distributions

SATS

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STRONG FINANCIAL POSITION WITH AMPLE STRATEGIC FLEXIBILITY

LIQUIDITY POSITION

MNOK

• ☐ UNDRAWN RCF
• ☐ CASH BALANCE

NET DEBT AND LEVERAGE RATIO¹

MNOK

• Stable leverage ratio of 1.1x net debt to EBITDA¹, below the target range of 1.5x–2.0x, despite significant shareholder distributions in the quarter
• Solid financial flexibility for both investments, club expansion, and further shareholder distributions

1) Net debt to EBITDA before IFRS 16

SATS

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SHAREHOLDER DISTRIBUTIONS WELL ABOVE POLICY, WITH CONTINUED COMMITMENT GOING FORWARD

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 CONTINUED DISTRIBUTIONS IN Q1

DIVIDEND:
- Dividend of NOK 132m paid in Q1
- 60% payout ratio for FY 2025
- Full-year 2025 DPS NOK 1.3

SHARE BUYBACKS:
- NOK 125 million share buybacks executed
- 2.9 million shares repurchased
- 4 million shares approved for cancellation

TO BE CONTINUED GOING FORWARD

DIVIDEND:
- Next dividend expected in August 2026, following H1 2026

SHARE BUYBACKS:
- Continued periodic share buybacks
- Proposed cancellation of 2.5 million shares (subject to AGM approval)

SATS
19

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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 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 forward-looking statements.

The Group reports its financial results in accordance with accounting principles IFRS as issued by the IASB and as endorsed by the EU. However, management believes that certain alternative performance measures (APMs) provide management and other users with additional meaningful financial information that should be considered when assessing the Group's ongoing performance. These APMs are non-IFRS financial measures, and should not be viewed as a substitute for any IFRS financial measure. Management, the board of directors and the long term lenders regularly uses supplemental APMs to understand, manage and evaluate the business and its operations. These APMs are among the factors used in planning for and forecasting future periods, including assessment of financial covenants compliance.

SATS
23

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NORWAY (SATS AND FRESH FITNESS)

OUTGOING MEMBER BASE

'000

ARPM AND YIELD

NOK/MONTH

• MEMBERSHIP YIELD
• OTHER YIELD

TOTAL REVENUES

MNOK

• MEMBERSHIP REVENUES
• OTHER REVENUES

COUNTRY EBITDA BEFORE IMPACT OF IFRS 16

MNOK

• MARGIN
• EBITDA

SATS
24

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SWEDEN

OUTGOING MEMBER BASE

'000

ARPM AND YIELD

NOK/MONTH

• MEMBERSHIP YIELD
• OTHER YIELD

TOTAL REVENUES

MNOK

• MEMBERSHIP REVENUES
• OTHER REVENUES

COUNTRY EBITDA BEFORE IMPACT OF IFRS 16

MNOK

• MARGIN
• EBITDA

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FINLAND

OUTGOING MEMBER BASE

'000

ARPM AND YIELD

NOK/MONTH

• MEMBERSHIP YIELD
• OTHER YIELD

TOTAL REVENUES

MNOK

• MEMBERSHIP REVENUES
• OTHER REVENUES

COUNTRY EBITDA BEFORE IMPACT OF IFRS 16

MNOK

• MARGIN
• EBITDA

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DENMARK

OUTGOING MEMBER BASE

'000

ARPM AND YIELD

NOK/MONTH

• MEMBERSHIP YIELD
• OTHER YIELD

TOTAL REVENUES

MNOK

• MEMBERSHIP REVENUES
• OTHER REVENUES

COUNTRY EBITDA BEFORE IMPACT OF IFRS 16

MNOK

• MARGIN
• EBITDA

Note! Total one-offs amounted to a net positive impact of NOK 6 million in Q1 2026

SATS

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REPORTING UNDER IFRS 16

AMOUNTS IN NOK MILLION	REPORTED Q1 2026	CHANGE IFRS 16	EXCL. IFRS 16 Q1 2026
BALANCE SHEET ITEMS - IFRS 16
Property, plant and equipment	863	0	863
Right-of use assets	4,515	4,515	0
Deferred tax assets	134	77	58
Prepaid expenses and accrued income	81	-100	181
Total assets	9,094	4,491	4,603
Equity	1,345	-380	1,725
Non-current lease liability	3,944	3,944	0
Current lease liability	967	967	0
Other current liabilities	376	-39	415
Total liabilities	7,749	4,871	2,878
PROFIT & LOSS ITEMS - IFRS 16
Revenue	1,483	0	1,483
Cost of goods sold	-38	0	-38
Personnel expenses	-587	0	-587
Other operating expenses	-331	309	-641
Depreciation and amortization	-306	-252	-54
Impairment of assets held for sale	0	0	0
Operating profit	220	58	162
Net financial items	-84	-62	-22
Profit/loss before tax	136	-4	140

SATS

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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

SATS
29

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

FREE CASHFLOW	CONSOLIDATED STATEMENT OF FLOWS
EBITDA before impact of IFRS16	Profit before tax
Depreciation, amortization and impairment
Net financial items
Installments on lease liabilities
Interests on lease liabilities
Maintenance CAPEX	Purchase of property, plant and equipment (contains both maintenance CAPEX and expansion CAPEX)
Working capital	Change in inventory
Change in accounts receivables
Change in trade payables
Change in other receivables and accruals
Expansion CAPEX	Purchase of property, plant and equipment (contains both maintenance CAPEX and expansion CAPEX)
Proceeds from property, plant and equipment
Acquisition of subsidiary, net of cash acquired
Interest and tax	Taxes paid in the period
Paid interests on borrowings
Other	Gain/loss from disposal or sale of equipment
Cash flow items not included in free cash flow	Loan to related parties
Repayments of borrowings
Proceeds from borrowings
Proceeds from issues of shares
Proceeds from sale of own shares
Transaction costs from issues of new shares
Other financial items

SATS

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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

SATS

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SATS
33

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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1) As measured by revenue

2. MARKET LEADER POSITION WITH A STRONG MEMBER VALUE PROPOSITION

IN THE NORDICS

• 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

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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,...

Population per km²; 2024

High population density enable us to utilize scale of support functions

...DEMOGRAPHICS WITH A STRONG PREFERENCE FOR WORKING OUT...

Population share by age; 2024; percent

...AND STRONG INCOME LEVELS DRIVING WILLINGNESS TO PAY

Median income levels; Indexed to 100¹

1) Mean of reported median income levels in 2023 for capital areas versus country total across all the four Nordic countries

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

SATS
36

RECEPTION AND RETAIL

Manned reception welcoming and helping members with a well-equipped retail area

FITNESS FLOOR

Well-equipped fitness floor with the broadest equipment mix in the Nordics

PERSONAL TRAINING

Personal guidance and training programs to members on the fitness floor

GROUP TRAINING

Wide offering of group training classes enabling members to find a class that is right for them

TREATMENTS

Physiotherapy and sports massage to keep your training on track

CHILDCARE

Let your child be taken good care of in a safe environment while you work out

SATS ONLINE

Strong digital offering with famous and high-quality instructors

STRONG COMMUNITY

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

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SATS
37

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

OUR PRODUCTS APPEAL ACROSS LIFE STAGES AND NEEDS

YOUNGER
OLDER

BROAD CONCEPTS
STUDIO TRAINING
GROUP TRAINING
PERSONAL TRAINERS

TARGETED MEMBERSHIPS
| TOGETHER | YOUTH | STUDENT | CORPORATE | SENIOR |
| --- | --- | --- | --- | --- |

TARGETED CONCEPTS
Examples

| HIIT,
REFORMER &
HOT YOGA | PREGNANCY &
POST-
PREGNANCY
CLASSES | MINISATS | PHYSIO &
REHAB
TRAINING | SENIOR
CLASSES |
| --- | --- | --- | --- | --- |
| | | | | |

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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SATS
38

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

STOCKHOLM

70% OF THE MEMBERS IN CAPITAL CITIES USE MORE THAN ONE SATS CLUB

Share of members in capital cities using more than one club
% of all SATS members with minimum 10 workouts during 2024

• 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

• Welcoming club atmosphere
• Safe environment
• Emergency response from staff trained in CPR

All governed by our common operating model ensuring consistent high standard

SATS
39

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SATS
40

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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SATS
41

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	Continued volume growth across portfolio	Revenue growth in mature clubs has high drop-through to EBITDA	Maintenance and expansion
CAPEX discipline
High visibility subscription model and diversified revenue stream supported by a large member base	Positive momentum in yield and track record in driving other revenue	Profitable and efficient club operations
Diversified revenue structure with ~20% contribution from other revenue	Solid member loyalty with churn rates below industry average	Well-invested local and central overhead and IT backbone	Flexibility to both reinvest in future growth and return excess capital to shareholders via a combination of dividend and buyback of shares
Broad geographic exposure to stable Nordic countries	Historically shown double-digit EBITDA growth enhanced by operating leverage	Value creation potential in lifting newest clubs to SATS standard

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

1) EBITDA before IFRS 16

42

SATS

MEMBER GROWTH DESPITE DECLINE IN # CLUBS

• CLUBS
• MEMBERS

ROBUST BUSINESS MODEL WITH STRONG REVENUE GROWTH

• TOTAL REVENUES

• ARPM

• NOK million

SOLID EBITDA MARGIN EXPANSION

• EBITDA MARGIN
• NOK million
• EBITDA¹

WELL INVESTED CLUB PORTFOLIO AND HIGH CASH CONVERSION

• CASH CONVERSION
• NOK million
• OPERATING CASH FLOW BEFORE EXPANSION CAPEX

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SATS
43

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 EBITDA¹ GROWTH

LONG-TERM EBITDA¹ 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

1) Before IFRS 16

This illustration of future potential does not relate to any specific time frame and should not be taken as a profit forecast in any way

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5. DELIVERING ON OUR MID-TERM AMBITION WILL RESULT IN TARGET EBIT MARGIN OF 15% AND FREE CASH FLOW CONVERSION OF 55% BEFORE CLUB EXPANSION

PROFITABILITY FRAMEWORK
Margin%

CASH CONVERSION FRAMEWORK
%

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

1) Before IFRS 16

SATS

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| ### 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

Leverage^{1} ratio ranging from 1.5-2.0x

Conservative approach to leverage, targeting a net debt to EBITDA^{1} 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 high-returning 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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1) Before IFRS 16

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, high-quality 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

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SATS