Slide 1: Q1 2026 Interim Report January-March 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 1
Slide 2: SATS at a Glance
SATS AT A GLANCE #1 FITNESS CLUB OPERATOR IN THE NORDICS REVENUES 12 MONTHS ROLLING 119 clubs and MNOK 351 000 members +8% 272 93 clubs and 5508 5597 clubs 5293 5392 262 000 members 5165 2 32 clubs and 72 000 members Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 769 000 28 clubs and members 84 000 members
Slide 3: Operational leverage drives substantial earnings expansion
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% EBIT 1 per member: • With a high share of semi-fixed costs in the model,
Slide 4: Steady execution on strategic priorities
STEADY EXECUTION ON STRATEGIC PRIORITIES Unique visitors: Members are becoming increasingly active and satisfied, supporting continued improvement in loyalty +6% VS LTM Q1 2024 ARPM: Price adjustments materialized as expected, driven by sustained product improvements over time +4% VS Q1 2025 Q1 EBIT
Slide 5: Targeted initiatives translating into higher member activity
OUR TARGETED INITIATIVES ARE GRADUALLY TRANSLATING INTO HIGHER MEMBER ACTIVITY Share of member base by activity level Activity volumes p.p. change, LTM Q1 2026 vs LTM Q1 2024 LTM Q1 2026 vs LTM Q1 2024 Passives -3 p.p. Workouts Unique visitors +9% +6% Sporadics -0 p.p. enthusiasts +1 p.p. LTM Q1 LTM
Slide 6: No Quitters Day at SATS, sustained activity beyond January peak
NO “QUITTERS DAY” AT SATS, WITH SUSTAINED ACTIVITY LEVELS BEYOND JANUARY PEAK Unique visitors February vs January unique visitors: −3% Easter March vs January (week 14) unique visitors: 2 3 4 5 6 7 8 9 10 Week number, 2026 11 12 13 14 15 16 −1% 6
Slide 7: Increased participation in group training is a leading indicator
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 +26% +25% +8.1p.p. LTM Q1 LTM Q1 LTM Q1 LTM Q1 LTM Q1 LTM Q1 LTM Q1 LTM Q1 LTM Q1 2024 2025 2026
Slide 8: Strong member satisfaction and lower churn drive earnings per member
STRONG MEMBER SATISFACTION AND LOWER CHURN LEVELS ARE KEY DRIVERS FOR INCREASING EARNINGS PER MEMBER Member satisfaction score Annualised churn rate Average, Q1 2026 %, LTM 4.5 -2.2 p.p. /5 1 2 3 4 5 LTM Q1 2024 LTM Q1 2025 LTM Q1 2026 1 = very dissatisfied · 5 = very satisfied 8
Slide 9: Financial Review Q1 2026
FINANCIAL REVIEW Q1 2026 9
Slide 10: Q1 2026 Financial Highlights
Q1 2026 FINANCIAL HIGHLIGHTS STRONG GROWTH AND OPERATING LEVERAGE ACROSS KEY METRICS members arpm revenues ebitda 1 769 000 649 1 483 m 217m +2% +4% +6% +17% Net Profit Free cashflow leverage 2 Ebit 1 162m 106m 136m 1.1X +22% +13% +38% Vs 1.4X 1) Before IFRS 16 2) Net debt to EBITDA before IFRS 16 1
Slide 11: Solid member growth, year-on-year impacted by campaign and timing effects
SOLID MEMBER GROWTH, WITH YEAR -ON-YEAR IMPACTED BY CAMPAIGN AND TIMING EFFECTS Total members Net growth Members per sqm ‘000 ‘000 +2% +12 (+2%) 1.52 1.56 24 757 769 13 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 • Net member growth remains strong for the season and in line with historical trend
Slide 12: Contractual membership price increasing steadily, reported yield reflects timing
CONTRACTUAL MEMBERSHIP PRICE IS INCREASING STEADILY, WHILE REPORTED YIELD REFLECTS TIMING AND CAMPAIGNS Contractual price adjusted for campaign CONTRACTUAL List price less discount YIELD and freeze effects PRICE Basis for all price adjustments Realized revenue per member Drivers for price increases,
Slide 13: Structured pricing measures supporting topline development
STRUCTURED PRICING MEASURES SUPPORTING TOPLINE DEVELOPMENT Total ARPM Total revenues NOK MNOK • Revenue growth of 6% driven by continued Membership yield Membership revenues member development and ARPM growth Other yield Other revenues • ARPM increased by 4%, reflecting both membership yield and oth
Slide 14: Cost growth well controlled, with revenue outpacing costs
COST GROWTH WELL CONTROLLED, WITH REVENUE OUTPACING COSTS Total cost Club opex & overhead Direct cost/COGS MNOK MNOK MNOK • Total costs increased by 5% year-on-year Club OPEX • Club OPEX growth reflects targeted Overhead investments, including: +5% • Expansion of group training offering (+16%) 1266
Slide 15: Operating leverage driving continued profit growth
OPERATING LEVERAGE DRIVING CONTINUED PROFIT GROWTH EBITDA before IFRS 16 EBIT before IFRS 16 Reported net profit MNOK MNOK MNOK EBITDA before ifrs 16 EBIT before ifrs 16 Net profit EBITDA before IFRS 16 margin EBIT before IFRS 16 margin EPS 15% 11% 13% 0.53 10% 0.46 162 217 +22% 106 186 +17% 133 94
Slide 16: Disciplined investments in club portfolio and strengthened expansion pipeline
DISCIPLINED INVESTMENTS IN CLUB PORTFOLIO AND MEMBER EXPERIENCE, AND A STRENGTHENED EXPANSION PIPELINE capital expenditure Club expansion pipeline Mnok Expansion • Pipeline strengthened with multiple 2x Norway (Fresh Fitness) 2026 projects across Norway and Upgrades and maintenance % of LTM Q1 4x No
Slide 17: Strong cash generation supporting growth and distributions
STRONG CASH GENERATION SUPPORTING GROWTH AND DISTRIBUTIONS Free cash flow Q1 2026 Free cash flow LTM Mnok Mnok • Strong free cash flow generation, with NOK 136 million in Q1 and NOK 541 EBITDA before IFRS 16 217 EBITDA before IFRS 16 902 million LTM • Cash conversion remains high at ~60%, Maintenanc
Slide 18: Strong financial position with ample strategic flexibility
STRONG FINANCIAL POSITION WITH AMPLE STRATEGIC FLEXIBILITY Liquidity position Net debt and leverage ratio 1 MNOK MNOK • Stable leverage ratio of 1.1x net debt to EBITDA¹, below the target range of 1.5x– Undrawn RCF 2.0x, despite significant shareholder Cash balance distributions in the quarter • Sol
Slide 19: Shareholder distributions well above policy, continued commitment
SHAREHOLDER DISTRIBUTIONS WELL ABOVE POLICY, WITH CONTINUED COMMITMENT GOING FORWARD Remain committed to the proven through continued to be continued going forward shareholder distribution policy distributions in Q1 Dividend: Dividend: Keep leverage in the lower end of • Dividend of NOK 132m paid in
Slide 20: Outlook
OUTLOOK 20
Slide 21: Outlook
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 con
Slide 22: Appendix
APPENDIX 22
Slide 23: Disclaimer
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 subj
Slide 24: Norway (SATS and Fresh Fitness)
NORWAY (SATS AND FRESH FITNESS) Country EBITDA before Outgoing member base ARPM and Yield Total revenues impact of IFRS 16 ‘000 NOK/month MNOK MNOK Membership yield Membership revenues Margin Other yield Other revenues EBITDA +1% +5% +8% +10% 346 347 345 351 653 682 198 339 622 633 180 109 114 109 1
Slide 25: Sweden
SWEDEN Country EBITDA before Outgoing member base ARPM and Yield Total revenues impact of IFRS 16 ‘000 NOK/month MNOK MNOK Membership yield Membership revenues Margin Other yield Other revenues EBITDA +3% +5% +8% +11% 256 256 262 254 250 (+2% curr . Adj. ) (+6% curr . Adj.) (+8% curr . Adj.) 654 508
Slide 26: Finland
FINLAND Country EBITDA before Outgoing member base ARPM and Yield Total revenues impact of IFRS 16 ‘000 NOK/month MNOK MNOK Membership yield Membership revenues Margin Other yield Other revenues EBITDA +1% -4% 71 71 71 72 +2% +2% (-2% curr . Adj.) 69 (+4% curr . Adj.) (+4% curr . Adj.) 11 11 626 635
Slide 27: Denmark
DENMARK Country EBITDA before Outgoing member base ARPM and Yield Total revenues impact of IFRS 16 ‘000 NOK/month MNOK MNOK Membership yield Membership revenues Margin Other yield Other revenues EBITDA -2% 86 84 -1% -1% 82 82 83 (+1% curr . Adj.) (+1% curr . Adj.) +76% 632 625 159 157 (+81% curr . A
Slide 28: Reporting under IFRS 16
REPORTING UNDER IFRS 16 Reported Change Excl. IFRS 16 Amounts in NOK million Q1 2026 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 9,09
Slide 29: Definitions
DEFINITIONS Term Definition Term Definition Average number of members Outgoing member base divided by outgoing number of Consists of group services such as commercial per club clubs Group overhead functions, IT, finance and administration Average revenue per member Calculated as monthly total revenu
Slide 30: Reconciliation of free cash flow bridge and consolidated statement of cash flows
RECONCILIATION OF FREE CASH FLOW BRIDGE AND CONSOLIDATED STATEMENT OF CASH FLOWS Free cashflow Consolidated statement of flows Profit before tax Depreciation, amortization and impairment EBITDA before impact of IFRS16 Net financial items Installments on lease liabilities Interests on lease liabiliti
Slide 31: Why invest in SATS?
WHY INVEST IN SATS? 31
Slide 32: SATS Key Investment Highlights
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
Slide 33: Operating in a growing market, supported by a health and wellness megatrend
1. Operating in a growing market, supported by a powerful health and wellness megatrend Proven resilience Strong presence in Favourable through economic high -growth Riding a health and generation Addressing a global cycles regions wellness dynamics health challenge megatrend Physical inactivity is
Slide 34: Market leader position with a strong member value proposition
2. MARKET LEADER POSITION WITH A STRONG MEMBER VALUE PROPOSITION 119 clubs and 351 000 members 93 clubs and 262 000 members 2 32 clubs and 72 000 members 28 clubs and In the #1 84 000 members 3 4 Nordics 11 5 23 • Largest fitness club chain in the Nordics1 68 Greater Oslo Greater Helsinki • Particul
Slide 35: Strongest footprint across the growing Nordic capitals
2. WE HAVE THE STRONGEST FOOTPRINT ACROSS THE GROWING NORDIC CAPITALS Most SATS clubs are located …with high population …demographics with a strong …and strong income levels in the capital areas… density,… preference for working out… driving willingness to pay Share of clubs by location type Populat
Slide 36: One-stop shop for training covering all members' needs
3. ONE -STOP SHOP FOR TRAINING COVERING ALL OUR MEMBERS’ TRAINING NEEDS Reception and retail Fitness floor Personal Training Group Training Manned reception welcoming and Well-equipped fitness floor with the Personal guidance and training Wide offering of group training helping members with a well-
Slide 37: Lifetime commitment to members drives activity and efficient club utilization
3. OUR LIFETIME COMMITMENT TO OUR MEMBERS DRIVES ACTIVITY AND ENABLES EFFICIENT CLUB UTILIZATION Different member segments enable capacity Our products appeal across life stages and needs utilization throughout the day Younger Older Early Afternoon/ Morning Late morning Lunch afternoon Evening BROAD
Slide 38: Strong clusters offer value to members and a barrier to entry
3. OUR STRONG CLUSTERS OFFER VALUE TO OUR MEMBERS AND REPRESENT A SIGNIFICANT BARRIER TO ENTRY We offer a superior network to our members 70% of the members in capital cities use across all key Nordic cities more than one SATS club OSLO Share of members in capital cities using more than one club % o
Slide 39: Fantastic staff ensure exceptional service, support and motivation
3. OUR FANTASTIC STAFF ENSURE EXCEPTIONAL SERVICE, SUPPORT AND MOTIVATION FOR ALL MEMBERS Manned clubs ensure high -quality service and safety Entrance Wardrobe Fitness floor Group Training Personal trainers Overall • Welcoming staff • Clean and tidy • Organized and tidy • Instructors create a • Hig
Slide 40: High quality value proposition drives member activity and financial results
3. SATS’ HIGH QUALITY VALUE PROPOSITION DRIVES MEMBER ACTIVITY A ND FINANCIAL RESULTS, WITH FURTHER ROOM FOR CONTINUED GROWTH -17% +31% +20% Passive share Increase in workouts, NPS increase, Mar. reduction, Mar. 2024 full year 2024 vs 2024 vs Mar. 2019 vs Mar. 2019 2019 Record high activity level pr
Slide 41: Robust business model and attractive financial characteristics
4. ROBUST BUSINESS MODEL AND ATTRACTIVE FINANCIAL CHARACTERISTICS A DIVERSIFIED, LOW -RISK STRONG PERFORMANCE ATTRACTIVE AND GROWING STRONG CASH GENERATION BUSINESS TRACK RECORD PROFITABILITY Attractive business model with a Continued volume growth Revenue growth in mature clubs has strong market po
Slide 42: Strong top-line growth and solid margin expansion over time
4. STRONG TOP -LINE GROWTH AND SOLID MARGIN EXPANSION OVER TIME Member growth Despite Robust business model with solid EBITDA margin Well invested club portfolio decline in # clubs strong revenue growth expansion and high cash conversion Clubs Total revenues NOK million EBITDA margin NOK million Cas
Slide 43: Value creation strategy has been successful, continuing along the same path
5. VALUE CREATION STRATEGY HAS BEEN SUCCESSFUL, AND WE WILL CONTINUE ALONG THE SAME PATH IN THE COMING PERIOD adjacent • Further expansion of adjacent products, services and products and services partnerships by leveraging the strong SATS brand • Continued club expansion Building sats for the future
Slide 44: Beyond NOK 1.1 billion: mid-term delivery and long-term EBITDA growth
5. BEYOND NOK 1.1 BILLION: MID-TERM DELIVERY BUILDS THE BASE, WHILE EXPANSION UNLOCKS LONG -TERM EBITDA 1 GROWTH long -term Ebitda 1 ambition (illustrative) MNOK • The current club portfolio still has significant financial upside driven by both volume growth and ARPM improvements 1100 • We have a pr
Slide 45: Mid-term ambition results in target EBIT margin of 15% and FCF conversion of 55%
5. DELIVERING ON OUR MID -TERM AMBITION WILL RESULT IN TARGET EBI T MARGIN OF 15% AND FREE CASH FLOW CONVERSION OF 55% BEFORE CLUB EXPANSIO N profitability framework Cash conversion framework Margin% % Direct cost 10% Maintenance capex 25% Tax & Interest 20% Club OPEX 60% 100% 100% 90% 75% Overhead
Slide 46: Clear plan for disciplined capital deployment, distribution of at least 50%
5. CLEAR PLAN FOR DISCIPLINED CAPITAL DEPLOYMENT, TARGETING EARNINGS DISTRIBUTION OF AT LEAST 50% OF NET PROFIT Re -investment in Leverage growth Share buyback and dividend policy existing clubS Maintenance CAPEX of Leverage1 ratio ranging Investing in high- Periodic share Semi-annual 5% of revenues
Slide 47: Summary: well-positioned for further growth and value creation
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 Will deliver solid financial growth and shareholder return going forward • Mid-term EBITDA1 ambition of NOK 1.1 billion C
Slide 48: SATS
SATS