Sats Asa · OSL:SATS
Sats Asa — Q3 2026 Earnings Presentation
32 slides from Sats Asa's earnings presentation, October 2026
Slide 1: Q3 2026 Interim Report July-September 2026
Q3 2026 INTERIM REPORT JULY -SEPTEMBER 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 16 117 clubs and MNOK 345 000 members CAGR: +19% 268 91 clubs and clubs 257 000 members 988 871 2 738 32 clubs and 614 72 000 members 2023 2024 2025 LTM Q3 2026 752 000 28 clubs and members 78 000 members EBIT before IFRS 16
Slide 3: Profit up on higher value per member
Q3 2026 IN SUMMARY: PROFIT UP ON HIGHER VALUE PER MEMBER group training Group training keeps driving activity, total workouts increased 2%, and 6% more members joined a visitors: group training class +6% VS Q3 2025 ARPM: Revenues up 7% curr. adj., from higher value per member. We optimize for total
Slide 4: Every part of the performance cycle moved the right way in Q3
EVERY PART OF THE PERFORMANCE CYCLE MOVED THE RIGHT WAY IN Q3 BETTER PRODUCT CASH TO REINVEST 53 clubs upgraded so far in NOK 132 million free cash flow 2026 MORE PROFITABLE CLUBS THE SATS PERFORMANCE MORE ACTIVE MEMBERS EBITDA margin up 2.9 p.p. to Workouts per member +2% 18% CYCLE MORE VALUE PER M
Slide 5: Members train more often, and group training grows fastest
MEMBERS TRAIN MORE OFTEN, AND GROUP TRAINING GROWS FASTEST MEMBER ACTIVITY TWO -YEAR TREND Q3 2026 vs Q3 2025 Last twelve months, indexed, LTM Q3 2024 = 100 Workouts per member +2% +19% +15% Group training workouts +4% +8% +3% Unique group training participants +6% Members per club +2% Q3 24 Q4 24 Q
Slide 6: We keep investing in the clubs, with upgrades so far in 2026
WE KEEP INVESTING IN THE CLUBS WE KEEP , WITH 53 UPGRADED SIGNIFICANTLY SO FAR IN 2026 UPGRADES SO FAR IN 2026 Investment per club, January to September clubs upgraded 53 clubs with more than NOK 0.5 million invested invested so far this year NOK 131m upgrades and maintenance, and more planned for Q
Slide 7: Recent major club upgrades are paying off
RECENT MAJOR CLUB UPGRADES ARE PAYING OFF MAJOR UPGRADES COMPLETED THIS YEAR TÄBY CENTRUM Stockholm ODENPLAN Stockholm New entrance, layout and equipment Reformer studio +29% +38% +14% +55% workouts group training workouts workouts group training workouts ULLEVAAL STADION Oslo PARKEN Copenhagen New
Slide 8: From optimizing the portfolio to growing it: openings committed through 2028
FROM OPTIMIZING THE PORTFOLIO TO GROWING IT: 18 OPENINGS COMMITTED THROUGH 2028 HOW WE OPTIMIZE THE PORTFOLIO OPENINGS COMMITTED The club network is reviewed as leases expire By year of opening STAY The club performs; we renew the lease 2026 2027 2028 LEASE EXPIRY RELOCATE Members move with us to be
Slide 9: Six quarters after CMD 2025, profit and cash are on track
SIX QUARTERS AFTER CMD 2025, PROFIT AND CASH ARE ON TRACK TOWARD THE COMMUNICATED AMBITIONS TARGET WHAT WE SAID IN MAY 2025 WHERE WE ARE STATUS EBITDA ¹ Mid-term ambition of NOK 1.1 billion NOK 988 million LTM, progressing according to plan ON TRACK EBIT ¹ MARGIN Long-term ambition of 15% EBIT margi
Slide 10: We returned more than 100% of net profit
WE RETURNED MORE THAN 100% OF NET PROFIT DISTRIBUTIONS PER HALF -YEAR DIVIDEND PER SHARE MNOK, and share of net profit for the period NOK, semi -annual H12025 0.72 0.67 0.63 264 103% H2 2025 318 262 120% 137 130 H12026 H1 2025 H2 2025 H1 2026 127 132 139 457 151% Q3 2026: NOK 139 million in dividend
Slide 11: Updating our capital allocation framework
WE ARE UPDATING OUR CAPITAL ALLOCATION FRAMEWORK WITH A WIDER LEVERAGE RANGE, A GROWING DIVIDEND AND REGULAR BUYBACKS TWO PRINCIPLES FRAME THE FRAMEWORK LEVERAGE Widened DISTRIBUTIONS UNCHANGED net debt to EBITDA¹. The floor moves from of annual net profit, through dividends and 1.0x to 2.0x the low
Slide 12: Financial Review Q3 2026
FINANCIAL REVIEW Q3 2026 12
Slide 13: Q3 2026 Financial Highlights
Q3 2026 FINANCIAL HIGHLIGHTS HIGHER VALUE PER MEMBER LIFTED PROFIT ON EVERY LINE members arpm revenues ebitda 1 752 000 590 1 324m 235m -0.5% +7% curr . adj +7% curr.adj . +25% curr.adj . +2% Reported +2% Reported +22% Reported Net Profit Free cashflow leverage 2 Ebit 1 182m 133m 132m 1.1X +35% curr
Slide 14: Net growth in line with 2024; lower member base explained
NET GROWTH IN LINE WITH 2024, CLUB CLOSURES AND LOWER GROWTH IN DENMARK EXPLAIN THE LOWER MEMBER BASE TOTAL MEMBERS, Q3 2025 TO Q3 2026 Net growth in q3 ‘000 ‘000 756 −6 −4 +6 752 18 9 8 Q3 2025 CLOSED AND NEW DENMARK NO, SE, FI Q3 2026 Q3 2024 Q3 2025 Q3 2026 CLUBS −4.4% +0.9% −0.5% • Net intake of
Slide 15: The 7% revenue growth came from higher value per member
THE 7% REVENUE GROWTH CAME FROM HIGHER VALUE PER MEMBER Total ARPM Total revenues NOK MNOK • Revenue of NOK 1 324 million, up 2% Membership yield Membership revenues reported and 7% currency adjusted Other yield Other revenues • ARPM up 7% currency adjusted, driven by the annual price adjustments an
Slide 16: Costs up 3.5% currency adjusted, well below revenue growth
COSTS UP 3.5% CURRENCY ADJUSTED, WELL BELOW 7% REVENUE GROWTH Total cost Club opex & overhead Direct cost/COGS MNOK MNOK MNOK • Total costs down 1% reported and up Club OPEX 3.5% currency adjusted, against revenue Overhead growth of 7% -1% (+4% curr . Adj.) • Club opex and overhead up 3%. Direct cos
Slide 17: EBITDA up 25% on 7% revenue growth, and EPS up 43%
EBITDA UP 25% ( CURR . ADJ.) ON 7% REVENUE GROWTH, AND EPS UP 43% 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 18% 0.69 15% 14% 235 192 22% 11% 0.48 182 13
Slide 18: Steady investment in quality and growth over time
STEADY INVESTMENT IN QUALITY AND GROWTH OVER TIME capital expenditure Club expansion pipeline Mnok 18 clubs committed through 2028, mostly in Norway. Several processes in final stages support 8–12 new Expansion clubs over time from 2027. Upgrades and maintenance % of LTM Q3 2026 Revenues 2026 3 club
Slide 19: Free cash flow of NOK 132 million in the quarter
FREE CASH FLOW OF NOK 132 MILLION IN THE QUARTER AND NOK 609 MIL LION OVER THE LAST TWELVE MONTHS Free cash flow Q3 2026 Free cash flow LTM Mnok Mnok • Free cash flow of NOK 132 million in the EBITDA before IFRS 16 235 EBITDA before IFRS 16 988 quarter, up 6%, with operating cash flow of NOK 151 mil
Slide 20: Leverage steady at 1.1x after NOK 193 million returned to shareholders
LEVERAGE STEADY AT 1.1X AFTER NOK 193 MILLION RETURNED TO SHAREHOLDERS Liquidity position Net debt and leverage ratio 1 MNOK MNOK • NOK 193 million returned to shareholders in the quarter: NOK 139 million in Undrawn RCF dividend and NOK 54 million in share Cash balance buybacks Liquidity • Free cash
Slide 21: Outlook
OUTLOOK 21
Slide 22: Outlook
OUTLOOK Clear strategic focus on the core, 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 control with growth investments. We target a club expansion
Slide 23: Appendix
APPENDIX 23
Slide 24: 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 25: 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 -0.6% +7% +7% +9% 347 345 351 341 345 607 625 566 582 187 82 84 172 78 81
Slide 26: 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 0.3% +17% 262 -2% -1% (+26% curr . Adj.) 256 256 254 257 (+6% curr . Adj. ) (+7% curr . Adj.) 585 4
Slide 27: 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 +1.2% +18% (+27% curr . Adj.) 71 71 72 70 72 -2% 0% 15 (+6% curr . Adj.) (+8% curr . Adj.) 575 566
Slide 28: 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 -4.4% 82 83 84 -2% -6% 79 78 (+6% curr . Adj.) (+2% curr . Adj.) +86% (+101%curr . Adj.) 595 585 1
Slide 29: Reporting under IFRS 16
REPORTING UNDER IFRS 16 Reported Change Excl. IFRS 16 Amounts in NOK million Q3 2026 IFRS 16 Q3 2026 Balance sheet items - IFRS 16 Property, plant and equipment 854 0 854 Right-of use assets 4 567 4 567 0 Deferred tax assets 128 75 54 Other current receivables 183 -94 277 Total assets 8 945 4 548 4
Slide 30: 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 31: 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 cash flow 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 liabilit
Slide 32: SATS
SATS