Sats Asa · OSL:SATS
Sats Asa — Investor Presentation (August 2025)
18 slides from Sats Asa's investor presentation, August 2025
Slide 1: SATS ASA Investor Presentation August 2025
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Slide 2: 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 e
Slide 3: Growing market supported by health and wellness megatrend
Physical inactivity is one The fitness industry has Our club network is Younger generations are The fitness industry is of the major public health historically shown strong strategically positioned in more fitness-oriented supported by multiple issues globally, resilience to economic the most attrac
Slide 4: Largest fitness club chain in the Nordics
119 clubs and 339 000 members 95 clubs and 250 000 members 2 31 clubs and 69 000 members 28 clubs and 82 000 members 4 4 5 11 22 • Largest fitness club chain in the Nordics1 68 Greater Oslo Greater Helsinki • Particularly strong position in the key urban clusters 10 10 3 73 • Extensive and accessibl
Slide 5: Better located clubs in capitals with high population density
Share of clubs by location type Population per km2 ; 2024 Population share by age; 2024; percent Median income levels; Indexed to 1001 Significantly better located clubs High population density enable us to than competitors in the capitals, with utilize scale of support functions most clubs close to
Slide 6: Superior member value proposition
Manned reception welcoming and Well-equipped fitness floor with the Personal guidance and training Wide offering of group training helping members with a well- broadest equipment mix in the programs to members on the fitness classes enabling members to find a equipped retail area Nordics floor class
Slide 7: Offering adapted to member peak times
Morning peak Senior peak with Lunch peak with Early afternoon Wide offering from working senior classes all ages peak from of group adult members younger training members expands peak capacity Examples • The young segment works out in the afternoon, but with a longer evening peak • Adults work out i
Slide 8: Club clusters create a barrier to entry
Share of members in capital cities using more than one club % of all SATS members with minimum 10 workouts during 2024 2% – 5% 5% – 15% 15%+ • 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
Slide 9: Club operations and member experience
• Welcoming staff • Clean and tidy • Organized and tidy • Instructors create a • Highly educated PTs • Welcoming club greeting members wardrobes from fitness floor from high-energy and ensures motivation atmosphere with a smile frequent cleaning frequent “club resets” enjoyable and guiding for • Saf
Slide 10: Member activity and loyalty improvements since 2019
Passive share Increase in workouts, NPS increase, Mar. reduction, Mar. 2024 full year 2024 vs. 2024 vs. Mar. 2019 vs. Mar. 2019 2019 Reduced member base churn, full year 2024 vs. 2019: 10
Slide 11: Attractive business model with a strong market position
Attractive business model with a Continued volume growth Revenue growth in mature clubs has strong market position across portfolio high drop-through to EBITDA Maintenance and expansion capex discipline High visibility subscription model Positive momentum in yield and Profitable and efficient club a
Slide 12: Financial performance track record
NOK million NOK million NOK million 1) EBITDA before IFRS 16 12
Slide 13: Growth opportunities in core business and adjacent products
• Further expansion of adjacent products, services and partnerships by leveraging the strong SATS brand • Continued club expansion • The Nordic fitness market is still highly fragmented, with attractive targets for in-fill acquisitions • Manage cost - club and overhead discipline • Scalability to ex
Slide 14: Mid-term EBITDA ambition of NOK 1.1 billion
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
Slide 15: Mid-term ambition: target EBIT margin and cash conversion
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 CASH CONVERSION FRAMEWORK Margin% % DEPRECIATION TOTAL GROSS CLUB EBITDA % EBITDA% EBITDA OPERATING CASH FLOW FREE CASH FLOW REVENUES MAR
Slide 16: Capital allocation framework
Maintenance CAPEX of Leverage1 ratio ranging Investing in high- Periodic share Semi-annual 5% of revenues from 1.5-2.0x returning growth buybacks dividends opportunities Continuous investments Conservative approach Expected to average 8- Long-term shareholder value is delivered through a in the club
Slide 17: Summary and mid-term ambitions
SATS has delivered on all key actions outlined at the 2022 CMD– and the outlook for continued growth remains strong • Mid-term EBITDA1 ambition of NOK 1.1 billion Clear market leader in a growing market, supported by • High cash conversion of 55% a powerful health and wellness megatrend • Maintenanc
Slide 18: SATS
SATS