Slide 1: Q3 2025 Interim Report July-September 2025
Q3 2025 INTERIM REPORT JULY -SEPTEMBER 2025 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 347 000 members +8% 274 95 clubs and 5 392 clubs 5165 5293 256 000 members 4981 5064 2 32 clubs and 71 000 members Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 756 000 28 clubs and members 82 000 member
Slide 3: Another strong quarter, progressing in line with mid-term ambition of NOK 1.1 billion
ANOTHER STRONG QUARTER, PROGRESSING IN LINE WITH OUR COMMUNICATED MID -TERM AMBITION OF NOK 1.1 BILLION Momentum remains strong both operationally and financially, supported by our stable, subscription-based model that ensures recurring revenues and predictable growth # of workouts: Member engagemen
Slide 4: Continued visit growth strengthens long-term outlook and serves as key leading indicator
CONTINUED VISIT GROWTH STRENGTHENS LONG -TERM OUTLOOK AND SERVES AS A KEY LEADING INDICATOR group training drives visit growth, activity level still on the rise… …fuelled by group training loyalty and value per member # of workouts (mill) # of group training workouts (mill) Group training members st
Slide 5: Our unique group training platform is hard to replicate and a key driver of profitable growth
OUR UNIQUE GROUP TRAINING PLATFORM IS HARD TO REPLICATE AND A KE Y DRIVER OF PROFITABLE GROWTH Through years of experience, SATS has built a complete in-house platform for group training, enabling faster scaling, lower costs, and stronger member engagement than any competitor Our setup creates a str
Slide 6: SATS is the leading aggregator of group training in our markets
SATS IS THE LEADING AGGREGATOR OF GROUP TRAINING IN OUR MARKETS, WITH UNMATCHED SCALE AND VARIETY Oslo example • Strong micro clusters within each city allow us to offer the broadest and most varied selection of training • 550 daily group training classes in Oslo in September, with 100 Indoor Runnin
Slide 7: Sweden shows our strategy in action
SWEDEN SHOWS OUR STRATEGY IN ACTION – STRONG GROUP TRAINING FOCUS DRIVING GROWTH AND PROFITABILITY • Operational improvements and stronger focus on group training are yielding clear results • Adding more group training classes drives increased workouts, leading to higher member satisfaction, longer
Slide 8: Financial Review Q3 2025
FINANCIAL REVIEW Q3 2025 8
Slide 9: Q3 2025 Financial Highlights
Q3 2025 FINANCIAL HIGHLIGHTS POSITIVE TREND FOR ALL FINANCIAL KPIS members arpm revenues ebitda 1 756 000 576 1 293m 192m +4% +5% +8% +13% Ebit 1 Free cashflow Net debt 1 leverage 3 137m 125m 1 087m 1.3X +18%2 n.a. -11% Vs 1.7X 1) Before IFRS 16 2) Excl. one-off effect related to prolonged depreciat
Slide 10: Strong Q3 member growth driven by campaign push
STRONG Q3 MEMBER GROWTH DRIVEN BY CAMPAIGN PUSH Total members Net growth Members per sqm ‘000 ‘000 Net growth, Q3 Net growth, Q4 +3% +28 (+4% ) 1.47 1.51 18 728 756 14 9 5 Q3 2024 Q3 2025 H2 2024 Q3 2025 Q3 2024 Q3 2025 • The total member base increased by 4% year-over-year, supported by an earlier
Slide 11: Price/volume optimization results in 7% revenue growth
PRICE/VOLUME OPTIMIZATION RESULTS IN 7% REVENUE GROWTH Total ARPM Total revenues NOK MNOK • Total revenues increased by 7% y/y Membership yield Membership revenues (currency adjusted), reflecting successful Other yield Other revenues price measures combined with solid membership growth +8% (+7% curr
Slide 12: Targeted growth initiatives resulting in somewhat elevated cost level in the quarter
TARGETED GROWTH INITIATIVES RESULTING IN SOMEWHAT ELEVATED COST LEVEL IN THE QUARTER… Total cost Club opex & overhead Direct cost/COGS MNOK MNOK MNOK • Club operating costs up 6% (currency Club OPEX adjusted) reflecting targeted investments Overhead to support membership growth; +7% (+6% curr . Adj.
Slide 13: While full year development reflects cost discipline
…WHILE FULL YEAR DEVELOPMENT REFLECTS COST DISCIPLINE, WHICH WIL L REMAIN A KEY FOCUS GOING FORWARD Total cost Club opex & overhead Direct cost/COGS MNOK MNOK MNOK • Club operating costs up 5% (currency Club OPEX adjusted) Overhead • Underlying club operating costs +8% (+6% curr . Adj.) increased by
Slide 14: Delivering an EBITDA growth before IFRS 16 of 13%
DELIVERING AN EBITDA GROWTH BEFORE IFRS 16 OF 13% Reported EBITDA EBITDA before IFRS 16 EBIT before IFRS 16 MNOK MNOK MNOK EBITDA EBITDA before ifrs 16 EBIT before ifrs 16 EBITDA margin EBITDA before IFRS 16 margin Extraordinary depreciation EBIT before IFRS 16 margin 39% 39% 15% 10% 11% 14% 502 471
Slide 15: Investing in the club portfolio while building a pipeline for targeted club growth
INVESTING IN THE CLUB PORTFOLIO TO STRENGTHEN MEMBER EXPERIENCE , WHILE BUILDING A PIPELINE TO SUPPORT TARGETED CLUB GROWTH capital expenditure Club expansion pipeline Mnok Expansion Helsinki Q3 2025 • One club opening in the quarter Upgrades and maintenance % of YTD Larvik (Fresh Fitness) Q4 2025 R
Slide 16: Solid cash generation driven by strong underlying performance
SOLID CASH GENERATION DRIVEN BY STRONG UNDERLYING PERFORMANCE Free cash flow Q3 2025 LTM Free cash flow Mnok Mnok • Operating cash flow of NOK 142 million in the quarter and free cash flow of 125 EBITDA before IFRS 16 192 million driven by strong underlying EBITDA before IFRS 16 822 performance Main
Slide 17: Stable leverage despite substantial shareholder distributions
STABLE LEVERAGE IN THE QUARTER DESPITE SUBSTANTIAL SHAREHOLDER DISTRIBUTIONS Liquidity position Net debt and leverage ratio 1 MNOK MNOK • Maintained a strong liquidity position, despite ongoing share buyback programs Undrawn RCF and dividend payment, totaling NOK 167 Cash balance million in the quar
Slide 18: Outlook
OUTLOOK 18
Slide 19: Outlook
OUTLOOK Clear strategic focus on the core, continuing the accelerating positive performance cycle, supported by: • Investments in improved product offering, through club optimizations and innovation of training content • Consistent prioritization of operational execution and efficiency We apply disc
Slide 20: Appendix
APPENDIX 20
Slide 21: 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 22: 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 +6% +4% +9% +7% 346 339 347 566 582 329 332 544 172 533 161 78 81 76 74 46
Slide 23: 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 +4% +19% +7% +10% (+15% curr . Adj.) 254 250 256 246 248 (+3% curr . Adj. ) (+7% curr . Adj.) 89 58
Slide 24: 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 0% +10% 70 71 71 71 +3% +2% (+10% curr . Adj.) 69 (+2% curr . Adj.) (+2% curr . Adj.) 12 560 575 1
Slide 25: 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 -1% 86 +6% +5% +24% 83 82 82 82 (+5% curr . Adj.) (+5% curr . Adj.) (+24 % curr . Adj.) 595 146 9
Slide 26: Reporting under IFRS 16
REPORTING UNDER IFRS 16 Reported Change Excl. IFRS 16 Amounts in NOK million Q3 2025 IFRS 16 Q3 2025 Balance sheet items - IFRS 16 Property, plant and equipment 859 0 859 Right-of use assets 4 688 4 688 0 Deferred tax assets 136 76 60 Prepaid expenses and accrued income 224 -102 326 Total assets 9 2
Slide 27: 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 28: 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 29: Why invest in SATS?
WHY INVEST IN SATS? 29
Slide 30: 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 31: Operating in a growing market, supported by a powerful 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 32: Market leader position with a strong member value proposition
2. MARKET LEADER POSITION WITH A STRONG MEMBER VALUE PROPOSITION 119 clubs and 347 000 members 95 clubs and 256 000 members 2 32 clubs and 71 000 members 28 clubs and In the #1 82 000 members 4 4 Nordics 5 11 23 • Largest fitness club chain in the Nordics1 68 Greater Oslo Greater Helsinki • Particul
Slide 33: We have the 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 34: One-stop shop for training covering all our members' training 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 35: Our lifetime commitment to our 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 36: Our strong clusters offer value to members and represent a significant 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 37: Our 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 38: SATS' 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
Slide 39: 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 40: Strong top-line growth and solid margin expansion since 2022
4. STRONG TOP -LINE GROWTH AND SOLID MARGIN EXPANSION SINCE 2022 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 Ca
Slide 41: Value creation strategy has been successful, and we will continue 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 42: Beyond NOK 1.1 billion: mid-term delivery builds the base
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 43: Delivering on mid-term ambition will result in target EBIT margin of 15%
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 44: Clear plan for disciplined capital deployment, earnings 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 45: 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 46: SATS
SATS