Slide 1: Q4 2025 Interim Report October-December 2025
Q4 2025 INTERIM REPORT OCTOBER -DECEMBER 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 120 clubs and MNOK 345 000 members +9% 273 93 clubs and 5508 clubs 5293 5392 256 000 members 5064 5165 2 32 clubs and 71 000 members Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 755 000 28 clubs and members 83 000 members
Slide 3: Ending the Year on a High Note
ENDING THE YEAR ON A HIGH NOTE Q4 EBITDA 1: Another quarter of strong operational and financial improvement, with revenues up 9%, EBITDA up 28% and EBIT up 34% +28% Vs Q4 2024 Q4 free cash flow: Free cash flow of NOK 244 million in the quarter, proving SATS’ cash generating ability +59% Vs Q4 2024 2
Slide 4: Q4 2025: Workout Frequency Continues to Signal Positive Momentum
Q4 2025: WORKOUT FREQUENCY CONTINUES TO SIGNAL POSITIVE MOMENTUM Continued increase in activity level… …Driven by group training engagement • Activity levels continue to increase, driven by both member growth and higher workout frequency per member, but with the same club footprint +11% +13% • Highe
Slide 5: January 2026: The Positive Momentum Continued into the New Year
JANUARY 2026: THE POSITIVE MOMENTUM CONTINUED INTO THE NEW YEAR more unique visitors drove activity growth… …as well as group training engagement +6% +7% +11% +8% +11% +15% jan -24 jan -25 jan -26 jan -24 jan -25 jan -26 jan -24 jan -25 jan -26 Total workouts classes Group training workouts 5
Slide 6: Product Improvements Continue to Drive Higher Activity Levels
PRODUCT IMPROVEMENTS CONTINUE TO DRIVE HIGHER ACTIVITY LEVELS A consistent, data -driven approach to product improvements is translating into higher member activity and improved capacity utilization across the existing club portfolio Nørrebro, Copenhagen Bjørvika , Oslo Kampen, Oslo Measures to maxi
Slide 7: Consistent Delivery Building Confidence in Continued Long-Term Growth
CONSISTENT DELIVERY BUILDING CONFIDENCE IN CONTINUED LONG -TERM GROWTH • Performance over recent years reflects steady, repeatable operational and financial improvement, delivered quarter by quarter, demonstrating the strength and scalability of the operating model • This consistent execution suppor
Slide 8: Financial Review
FINANCIAL REVIEW Q4 2025 8
Slide 9: Q4 2025 Financial Highlights
Q4 2025 FINANCIAL HIGHLIGHTS CONTINUED PROGRESS ACROSS KEY FINANCIAL METRICS members arpm revenues ebitda 1 755 000 629 1 427 m 224m +3% +5% +9% +28% Ebit 1 Free cashflow Net debt 1 leverage 2 168m 244 m 967m 1.1X +34% +59% -9% Vs 1.4X 1) Before IFRS 16 2) Net debt to EBITDA before IFRS 16 9
Slide 10: Solid Second-Half Member Growth Driven by Product Improvements and Effective Campaigns
SOLID SECOND -HALF MEMBER GROWTH DRIVEN BY PRODUCT IMPROVEMENTS AND EFFECTIVE CAMPAIGNS Total members Net growth Members per sqm ‘000 ‘000 Net growth, Q3 Net growth, Q4 +3% +22 (+3%) 1.48 1.51 17 733 755 14 9 18 5 -1 Q4 2024 Q4 2025 H2 2024 H2 2025 Q4 2024 Q4 2025 • Net member change of -1 000 in Q4
Slide 11: Continued Revenue Growth, Supported by Structured Price and Volume Management
CONTINUED REVENUE GROWTH, SUPPORTED BY STRUCTURED PRICE AND VOLUME MANAGEMENT Total ARPM Total revenues NOK MNOK • Active management of price and volumes Membership yield Membership revenues remains central to maximizing revenue over Other yield Other revenues time • Total revenues increased by 7% y
Slide 12: Disciplined Cost Control Combined with Targeted Investments in Q4
DISCIPLINED COST CONTROL COMBINED WITH TARGETED INVESTMENTS IN Q 4 Total cost Club opex & overhead Direct cost/COGS MNOK MNOK MNOK • Club operating costs up 2% in the Club OPEX quarter on a currency-adjusted basis Overhead • Continued investments in the group +6% training product in the quarter acco
Slide 13: Maintained Cost Discipline and Focused Investments Across 2025
MAINTAINED COST DISCIPLINE AND FOCUSED INVESTMENTS ACROSS 2025 Total cost Club opex & overhead Direct cost/COGS MNOK MNOK MNOK • Full-year club operating costs up 4% on Club OPEX a currency-adjusted basis +7% Overhead • Underlying club operating costs (+6% curr . Adj.) increased by 2.5%, when adjust
Slide 14: Q4 Profitability Growth Supported by Operating Leverage
Q4 PROFITABILITY GROWTH SUPPORTED BY OPERATING LEVERAGE 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 EBIT before IFRS 16 margin 39% 39% 534 16% 474 +13% 12% 13% 10% 224 175 +28% 16
Slide 15: Capex in Line with the 5% Target, Focused on Upgrading the Club Portfolio
CAPEX IN LINE WITH THE 5% TARGET, FOCUSED ON UPGRADING THE CLUB PORTFOLIO TO ENHANCE MEMBER EXPERIENCE capital expenditure Club expansion pipeline Mnok • One club opening in the quarter Expansion Larvik (Fresh Fitness) Q4 2025 Upgrades and maintenance % of FY 2025 3x Oslo 2027 • Actively scouting lo
Slide 16: Healthy Free Cash Flow Generation and Cash Conversion in 2025
HEALTHY FREE CASH FLOW GENERATION AND CASH CONVERSION IN 2025 Free cash flow Q4 2025 Free cash flow FY 2025 Mnok Mnok • Strong free cash flow of NOK 244 million in the quarter, benefiting from EBITDA before IFRS 16 224 EBITDA before IFRS 16 871 seasonal positive working capital effects and disciplin
Slide 17: Strong Liquidity and Low Leverage, Supporting Near-Term Shareholder Distributions
STRONG LIQUIDITY AND LOW LEVERAGE, SUPPORTING NEAR -TERM SHAREHOLDER DISTRIBUTIONS Liquidity position Net debt and leverage ratio 1 MNOK MNOK • Strong free cash flow resulted in high liquidity at year-end, expected to Undrawn RCF normalize following the proposed semi- Cash balance annual dividend pa
Slide 18: Strong Cash Flow Supports Attractive Shareholder Distributions
STRONG CASH FLOW SUPPORTS ATTRACTIVE SHAREHOLDER DISTRIBUTIONS Remain committed to the proven through distributions in to be continued going forward shareholder distribution policy 2025 Dividend: Dividend: Keep leverage in the lower end of • H1 2025: DPS of NOK 0.63 and total • H2 2025: Proposed DPS
Slide 19: Full-Year 2025 Summary
FULL -YEAR 2025 SUMMARY Workouts (Million) Members (‘000) Revenue (MNOK) Total OPEX (MNOK) +6% 3% +9% 49.4 733 755 5,508 +7% 46.6 5,064 4,326 4,637 2024 2025 2024 2025 2024 2025 2024 2025 EBITDA before ifrs 16 EBIT before ifrs 16 FREe CASH FLOW (MNOK) Leverage ratio (MNOK) (MNOK) -23% +18% +24% +25%
Slide 20: Outlook
OUTLOOK 20
Slide 21: 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 22: Appendix
APPENDIX 22
Slide 23: 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 24: 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 +4% +3% +8% +11% 346 339 347 345 607 630 332 589 584 184 101 102 106 100 1
Slide 25: 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 +3% +8% +12% +25% 254 250 256 256 248 (+3% curr . Adj. ) (+7% curr . Adj.) (+19% curr . Adj.) 651 5
Slide 26: 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% -2% 71 71 71 71 +2% +2% (-2% curr . Adj.) 69 (+2% curr . Adj.) (+2% curr . Adj.) 17 16 623 634
Slide 27: 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 +2% 86 +8% +9% 82 82 82 83 (+9% curr . Adj.) (+9% curr . Adj.) +122% 654 162 (+122% curr . Adj.) 6
Slide 28: Reporting under IFRS 16
REPORTING UNDER IFRS 16 Reported Change Excl. IFRS 16 Amounts in NOK million Q4 2025 IFRS 16 Q4 2025 Balance sheet items - IFRS 16 Property, plant and equipment 916 0 916 Right-of use assets 4,769 4,769 0 Deferred tax assets 141 79 63 Prepaid expenses and accrued income 214 -103 317 Total assets 9,
Slide 29: 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 30: 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 31: Why Invest in SATS?
WHY INVEST IN SATS? 31
Slide 32: 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 33: 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 34: Market Leader Position with a Strong Member Value Proposition
2. MARKET LEADER POSITION WITH A STRONG MEMBER VALUE PROPOSITION 120 clubs and 345 000 members 93 clubs and 256 000 members 2 32 clubs and 71 000 members 28 clubs and In the #1 83 000 members 4 4 Nordics 11 5 23 • Largest fitness club chain in the Nordics1 68 Greater Oslo Greater Helsinki • Particul
Slide 35: 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 36: 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 37: Our Lifetime Commitment to Our Members Drives Activity and Enables 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 38: Our Strong Clusters Offer Value to Our 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 39: 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 40: 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 41: 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 42: Strong Top-Line Growth and Solid Margin Expansion Over Time
4. STRONG TOP -LINE GROWTH AND SOLID MARGIN EXPANSION OVER TIME 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 Cas
Slide 43: 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 44: 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 45: Mid-Term Ambition Targets EBIT Margin of 15% and Free Cash Flow Conversion of 55%
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 46: Clear Plan for Disciplined Capital Deployment, Targeting 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 47: 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 48: SATS
SATS