SATS ASA Q1 2025: Kicking off the year with robust activity and member growth

07 May 2025 07:00 CEST

SATS ASA ("the Company") reports an EBIT before IFRS 16 of NOK 133 million, up
38% y/y excluding COVID-related compensation in Q1 2024. The member base grew
by 24 000 members in the quarter, reaching 757 000 by quarter-end. The
membership was powered by above-normal sales and healthy churn.

Key highlights from the first quarter of 2025:
- Total revenues of NOK 1 395 million in Q1 2025, up 8% compared to the same
quarter last year
- EBITDA before IFRS 16 summing up to NOK 186 million in the quarter, an
increase of 7% compared to Q1 2024 (19% excl. covid compensation in Q1 2024)
- EBIT before IFRS 16 increasing by 16% to NOK 133 million in Q1 2025 (38%
excl. covid compensation in Q1 2024)
- Operating cash flow of NOK 118 million and a cash conversion of 63% in the
quarter
- Successful marketing push in the quarter contributed to above-normal sales
performance. Combined with healthy churn, this resulted in solid member
development in the quarter
- All-time high number of workouts, driven by both member growth and increased
workout frequency per member
- Expect to distribute dividend of 50% of H1 2025 net profit, on top of
executed and upcoming share buyback initiatives, well above our stated minimum
level of 50%

"2025 has kicked off with solid momentum, marked by strong membership growth
and continued high visit numbers. Active members are happy and loyal members,
which supports public health and contributes to a more financially robust
SATS. This enables further investments in our product offering, continued low
leverage, and shareholder distributions through dividends and share buybacks,"
says Sondre Gravir, CEO of SATS.

SATS' CEO Sondre Gravir and CFO Cecilie Elde will hold a webcast presentation
at 08:30 CEST today, May 7, 2025. The presentation will be held as a webcast
only, available at https://satsgroup.com/reports-presentations/

There will be a Q&A for investors and analysts from 09:30 to 10:00 (CET) over
Microsoft Teams:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_MjMzOTQ0ZWQtM2VjNy00OGM4L
Tk4MzgtNDY5ZTdkNmRmYWJk%40thread.v2/0?context=%7b%22Tid%22%3a%22b15a587d-acc9-46
44-aa51-b56dee85c304%22%2c%22Oid%22%3a%227c7a4263-6531-4e9f-9f3f-79defb4ad3fe%22
%7d

The Company will host a Capital Markets Day today at 10:30 CEST.

Please find enclosed the Q1 2025 presentation and report.

Investor Relations Contacts:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Investor Relations, phone: +47 986 99 259

Press Contact:
Tina Brodal, Press Contact, phone: +47 938 44 171

Please see the attached quarterly report for definitions and reconciliations
of the Alternative Performance Measures (APMs). This information is subject to
the disclosure requirements pursuant to Section 5-12 of the Norwegian
Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

645476_SATS ASA Q1 2025 Presentation.pdf
645476_SATS ASA Q1 2025 Report.pdf