Slide 1: Q2 2025 Interim Report April-June 2025
Q2 2025 INTERIM REPORT APRIL-JUNE 2025 CEO SONDRE GRAVIR CFO CECILIE ELDE INVESTOR RELATIONS: STINE.KLUND@SATS.NO +4798 699259
Slide 2: Club and member footprint across Nordic capitals
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 68 Greater Oslo Greater Helsinki 10 3 10 73 11 Greater Stockholm 13 2 7 28 Greater Copenhagen 1) Before IFRS 16 and EO items 2
Slide 3: Q2 2025 highlights
Continued momentum in club activity highlights the appeal of the offering, with the increase driven by the group training offering Revenues grew by 10% to NOK 1 393 million in the quarter, while EBIT before IFRS 16 was lifted by 35% to NOK 215 million Distributing dividend of 50% of H1 2025 net prof
Slide 4: Activity level keeps growing
• The activity level keep growing due to both member growth and higher activity level per member • Active members are happy members who stay longer • Slight negative Easter effect compared to Q2 2024 • The increase in # of group training workouts at 9% exceeding the increase in # of classes at 7% •
Slide 5: Senior members increasingly active
• Senior members increasingly active, indicating relevance across life stages and signals that product and messaging resonate across age groups • Positive indicator of health awareness and inclusive brand positioning • The younger generations tend to keep their fitness habits when moving up the age
Slide 6: Club improvement initiatives
Replacing worn equipment Adding more equipment Improving layout and flow Upgrading look and feel Downsizing (if too much space and high rent) Re-negotiating lease agreements Rolling out popular group training concepts 6
Slide 7: Hyrox and new group training concepts
• Using existing equipment and facilities to offer a rapidly growing concept • Hyrox is a global functional fitness trend, and a race comprised of eight workout stations, broken up with a 1K run between each • Running program and group classes designed to prepare participants for upcoming races • Bu
Slide 8: Autumn class schedule expansion
• Proven uplift from previous class schedule expansion reinforces confidence in continued growth potential • Autumn schedule set to expand by 16% +16% in total class hours compared to last year • Higher percentage growth in Sweden, Finland, and Denmark, reflecting the fact that Norway is further ahe
Slide 9: Corporate segment and The Workout Hour
• Stepping up efforts in the strategically important corporate segment • Proven impact on partner companies’ employee engagement and retention • Launching the initiative "The Workout Hour“ to promote workouts as a part of the work week • Campaign with a clear message to employers, leaders, and polic
Slide 10: Increased activity driving financial performance
Increased activity Higher product More satisfied investments members Improved Stronger retention financial and ARPM performance 1) Before IFRS 16. Changes are presented on a currency-adjusted basis 10
Slide 11: Financial Review Q2 2025
FINANCIAL REVIEW Q2 2025
Slide 12: Financial key figures
1) Before IFRS 16 2) Net debt to EBITDA before IFRS 16 3) Free cash flow in Q2 2024 positively affected by timing of payments related to quarterly rent (NOK 85 million) 12
Slide 13: Member development
• Total members up 3% year-over-year, adding 19 000 members since Q2 2024 • The net decline of members in Q2 is consistent with historical second quarter trends, due to lower activity levels during spring and summer • Members per sqm up 4%, reflecting continued portfolio optimization and better spac
Slide 14: Revenue development
• Total revenues lifted by 8% y/y (currency adjusted), following effective pricing initiatives and steady membership growth • Membership revenues remain the dominant contributor to total revenues, reflecting a healthy and loyal member base • Membership revenues rose on both higher prices and a large
Slide 15: Cost development
• Club operating costs up 3% (currency adjusted), reflecting effective cost control • Continuing to improve the product offering, with 7% more group training classes than the same quarter last year, delivering measurable improvements in churn and upsell performance • Energy cost stability secured th
Slide 16: Solid and improving profitability across consecutive quarters
SOLID AND IMPROVING PROFITABILITY ACROSS CONSECUTIVE QUARTERS REPORTED EBITDA EBITDA BEFORE IFRS 16 EBIT BEFORE IFRS 16 MNOK MNOK MNOK MM ceiTDA (EBITDA BEFORE IFRS 16 ( EBIT BEFORE IFRS 16 — EBITDA MARGIN — EBITDA BEFORE IFRS 16 MARGIN — EBIT BEFORE IFRS 16 MARGIN 41% 42% 19% 15% 1% 5% 580 215 521
Slide 17: Club openings and investments
Oslo (Fresh Fitness) Q2 2025 • One club opening and one closure Helsinki Q3 2025 in the quarter Larvik (Fresh Fitness) Q4 2025/Q1 2026 • Actively scouting locations in key Oslo 2026 clusters and major Nordic cities, 2x Oslo 2027 targeting a run-rate of 8-12 new clubs per year Copenhagen Q2 2025 • In
Slide 18: Cash flow
• Underlying strong cash generating capability, supporting expansion and further shareholder distributions • Negative impact from working capital in the quarter reflects the seasonal settlement of deferred liabilities, mainly related to holiday pay in Norway • The tax payments reflects improved prof
Slide 19: Liquidity and leverage
• Maintained a strong liquidity position, despite ongoing share buyback programs in recent quarters • Continued deleveraging, with leverage ratio now slightly below the target range • Extended the revolving credit facility by one year, moving full maturity to July 2028, with an additional one-year e
Slide 20: Capital allocation and shareholder returns
Keep leverage in the lower end of the communicated target range of • Distributing 50% of H1 2025 net • NOK 100 million share buyback program 1.5x-2.0x net debt to EBITDA profit as dividend, as previously completed in Q1 2025, including an communicated allocation to the share incentive program • 1 mi
Slide 21: Outlook
OUTLOOK
Slide 22: Strategic focus and 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 Mid-term EBITDA1 ambi
Slide 23: Appendix
APPENDIX
Slide 24: Forward-looking statements
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 inhe
Slide 25: Norway
NORWAY COUNTRY EBITDA BEFORE OUTGOING MEMBER BASE ARPM AND YIELD TOTAL REVENUES IMPACT OF IFRS 16 000 NOK/MONTH MNOK NOK [ll MEMBERSHIP YIELD [lll MEMBERSHIP REVENUES — MARGIN WM OTHER YIELD I OTHER REVENUES i ceiTDA 546 | | Q22024 Q32024 Q42024 Q12025 Q22025 a: 573 100 102 pe 185 22024 22025 22024
Slide 26: Sweden
SWEDEN COUNTRY EBITDA BEFORE OUTGOING MEMBER BASE ARPM AND YIELD TOTAL REVENUES IMPACT OF IFRS 16 000 NOK/MONTH MNOK NOK [ll MEMBERSHIP YIELD [lll MEMBERSHIP REVENUES — MARGIN WM OTHER YIELD I OTHER REVENUES i ceiTDA oe: 244 «246248 | 250 Q22024 Q32024 Q42024 Q12025 Q22025 109 +11% (+5% CURR. ADJ) 1
Slide 27: Finland
FI LAND COUNTRY EBITDA BEFORE OUTGOING MEMBER BASE ARPM AND YIELD TOTAL REVENUES IMPACT OF IFRS 16 000 NOK/MONTH ‘MINOK ‘NOK [ MEMBERSHIP YIELD [) MEMBERSHIP REVENUES — MARGIN I oner viELD Il OTHER REVENUES i cprrpa 70 70 7 A op Q22024 Q32024 Q42024 Q12025 Q22025 45% (#4% CURR. ADJ.) 584 on 43% (#2%
Slide 28: Denmark
DENMARK COUNTRY EBITDA BEFORE OUTGOING MEMBER BASE ARPM AND YIELD TOTAL REVENUES IMPACT OF IFRS 16 000 NOK/MONTH MNOK NOK I oner viELD [lll MEMBERSHIP REVENUES — MARGIN ll MEMBERSHIP VIELD I OTHER REVENUES i EsiTpa 86 y 81 83 82 82 Q22024 Q32024 Q42024 Q12025 Q22025 +8% +10% j . 139% (47% CURR. ADL)
Slide 29: IFRS 16 impact on balance sheet and income statement
Property, plant and equipment 835 0 835 Right-of use assets 4 765 4 765 0 Deferred tax assets 136 76 60 Prepaid expenses and accrued income 249 -100 349 Total assets 9 450 4 741 4 708 Equity 1 501 -386 1 886 Non-current lease liability 4 191 4 191 0 Current lease liability 975 975 0 Other current li
Slide 30: Definitions of alternative performance measures
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 revenue divided by the Net debt divided by last tw
Slide 31: EBITDA, capex and free cash flow reconciliation
Profit before tax Depreciation, amortization and impairment EBITDA before impact of IFRS16 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) Change in
Slide 32: = & we me = i = >
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Slide 33: 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 34: 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 35: 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 3 10 73 • Extensive and accessibl
Slide 36: Strategically located clubs in urban areas
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 37: 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 38: Wide offering across member segments and times of day
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 39: Club clusters as 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 40: Member experience and service
• 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 41: Member activity and loyalty improvements vs 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: 41
Slide 42: Attractive business model with 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 43: Historical financial development
NOK million NOK million NOK million 1) EBITDA before IFRS 16 43
Slide 44: Growth opportunities
• 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 45: Financial upside in current club portfolio
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 46: 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 47: 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 48: Delivered on 2022 CMD actions and outlook
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 49: SATS
SATS