Sats Asa · OSL:SATS
Sats Asa — Q2 2026 Earnings Presentation
27 slides from Sats Asa's earnings presentation, June 2026
Slide 1: Q2 2026 Interim Report April-June 2026
Q2 2026 INTERIM REPORT APRIL -JUNE 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 EBITDA before IFRS 16 118 clubs and MNOK 341 000 members CAGR: +19% 270 92 clubs and clubs 254 000 members 871 946 2 738 32 clubs and 614 70 000 members 2023 2024 2025 LTM 2026 744 000 28 clubs and members 79 000 members EBIt before IFRS 16 MN
Slide 3: Q2 2026 in summary: growth, margin expansion and continued distributions
Q2 2026 IN SUMMARY: GROWTH, MARGIN EXPANSION AND CONTINUED DISTRIBUTIONS Q2 Workouts: Member activity keeps growing, even against strong prior-year quarters: Workouts up 3% with the member base up 1% +3% VS Q2 2025 Q2 Revenues: Revenues up 3% reported and 7% currency adjusted, as pricing and product
Slide 4: Sustained growth in member activity and engagement
SUSTAINED GROWTH IN MEMBER ACTIVITY AND ENGAGEMENT MEMBER ACTIVITY – Q2 2026 VS Q2 2025 • Growth comes on top of a strong prior- year quarter, with both frequency and Workouts Unique visitors reach increasing +3% +2% • Group training is the strongest driver, with 5% more workouts, and adoption is br
Slide 5: Financial strength creates room to accelerate expansion when the pipeline matures
Financial strength creates room to accelerate expansion when the pipeline matures… Club count development Number of clubs based on current committed pipeline 5 280 • Pipeline build-up for the coming years is well under way: Several 5 275 processes in final stages, 3 -3 supporting a run-rate of 8-12
Slide 6: While supporting growing shareholder distributions
…WHILE SUPPORTING GROWING SHAREHOLDER DISTRIBUTIONS Remain committed to the proven through continued to be continued going forward shareholder distribution policy distributions Dividend: • FY 2025 dividend of NOK 1.30 per share Dividend: Keep leverage in the lower end of the communicated target rang
Slide 7: Financial Review Q2 2026
FINANCIAL REVIEW Q2 2026 7
Slide 8: Q2 2026 financial highlights
Q2 2026 FINANCIAL HIGHLIGHTS STRONG GROWTH AND OPERATING LEVERAGE ACROSS KEY METRICS members arpm revenues ebitda 1 744 000 635 1 442m 313m +1% +2% +3% +16% (+6% curr. adj.) (+7% curr. adj.) (+18% curr. adj.) Net Profit Free cashflow leverage 2 Ebit 1 260m 196m 100m 1.1X +21% +21% +164% Vs 1.3X (+23
Slide 9: Stable member development year-on-year, despite slight club reduction
STABLE MEMBER DEVELOPMENT YEAR -ON-YEAR, DESPITE SLIGHT CLUB REDUCTION IN THE PERIOD Total members Net growth Members per sqm ‘000 ‘000 1.4% +6 (+1%) 1.49 1.51 739 744 -19 -25 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 • Net member decline of 25 000 was higher than normal for a second quarter,
Slide 10: Pricing initiatives lifting revenues further
PRICING INITIATIVES LIFTING REVENUES FURTHER Total ARPM Total revenues NOK MNOK • Pricing led revenue growth of 3% reported Membership yield Membership revenues and 7% currency adjusted Other yield Other revenues • ARPM up 6% currency adjusted, driven by the annual price adjustments and new +3% (+7%
Slide 11: Disciplined cost base, with cost growth well below revenue growth
DISCIPLINED COST BASE, WITH COST GROWTH WELL BELOW REVENUE GROWTH Total cost Club opex & overhead Direct cost/COGS MNOK MNOK MNOK • Total costs up 4% currency adjusted Club OPEX against 7% revenue growth, driving the Overhead margin expansion in the quarter 0% (+4% curr . Adj.) • Club OPEX up only 2
Slide 12: Margin expansion on every profit line, with EPS up 25%
MARGIN EXPANSION ON EVERY PROFIT LINE, WITH EPS UP 25% 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 22% 18% 1.00 19% 15% 0.80 313 +16% 260 269 (+18% curr .
Slide 13: Capex temporarily low on timing, committed pipeline of new clubs through 2028
CAPEX TEMPORARILY LOW ON TIMING, COMMITTED PIPELINE OF 13 NEW CLUBS THROUGH 2028 capital expenditure Club expansion pipeline Mnok Expansion 2x Norway (1x Fresh Fitness) 2026 • Committed pipeline of 13 new Upgrades and maintenance Finland (reloc. of two clubs) 2026 clubs through 2028, with the % of L
Slide 14: EBITDA turning into cash at a consistently high and predictable rate
EBITDA TURNING INTO CASH AT A CONSISTENTLY HIGH AND PREDICTABLE RATE Free cash flow Q2 2026 Free cash flow LTM Mnok Mnok • Free cash flow of NOK 100 million in the quarter EBITDA before IFRS 16 313 EBITDA before IFRS 16 946 • Q2 is seasonally the weakest cash quarter, as settlement of holiday pay in
Slide 15: Robust liquidity and leverage position provides ample strategic headroom
ROBUST LIQUIDITY AND LEVERAGE POSITION PROVIDES AMPLE STRATEGIC HEADROOM Liquidity position Net debt and leverage ratio 2 MNOK MNOK • Net debt of NOK 1 068 million and leverage of 1.1x, flat for three quarters Undrawn RCF and below the target range of 1.5x–2.0x, Cash balance even after NOK 164 milli
Slide 16: Outlook
OUTLOOK 16
Slide 17: 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 18: Appendix
APPENDIX 18
Slide 19: 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 20: 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% +7% +8% +12% 347 345 351 341 652 677 248 339 609 626 104 108 222 100 1
Slide 21: 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 +2% -1% +1% 256 256 262 254 (+7% curr . Adj.) +22% 250 (+5% curr . Adj. ) (+28% curr . Adj.) 641 63
Slide 22: 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 +2% -2% (+4% curr . Adj.) 71 71 72 -1% +1% 69 70 (+7% curr . Adj.) 19 19 (+6% curr . Adj.) 611 606
Slide 23: 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 -4% 82 83 84 -4% 82 -7% 79 (+3% curr . Adj.) (0% curr . Adj.) +13% 618 155 (+20 % curr . Adj.) 594
Slide 24: Reporting under IFRS 16
REPORTING UNDER IFRS 16 Reported Change Excl. IFRS 16 Amounts in NOK million Q2 2026 IFRS 16 Q2 2026 Balance sheet items - IFRS 16 Property, plant and equipment 875 0 875 Right-of use assets 4 569 4 569 0 Deferred tax assets 134 76 58 Other current receivables 175 -95 270 Total assets 9 065 4 550 4
Slide 25: Definitions
DEFINITIONS Term Definition Term Definition Average number of members Outgoing member base divided by outgoing number of Operating cash flow less expansion capital Free cash flow per club clubs expenditures, interest, tax and other Average revenue per member Calculated as monthly total revenue divid
Slide 26: 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 27: SATS
SATS