SATS ASA Q3 2025: EBITDA growth of 13% y/y to NOK 192 million, reflecting robust operational leverage and progress in line with our mid-term ambition of NOK 1.1 billion

28 Oct 2025 07:00 CET

SATS ASA ("the Company") maintained strong momentum in the quarter, both
operationally and financially. Revenues grew by 8% to NOK 1 293 million in the
quarter, driven equally by member growth and higher ARPM. EBITDA before IFRS
16 amounted to NOK 192 million, and leverage remained stable despite
significant shareholder distributions in the quarter.

Key highlights from the third quarter of 2025:
- Total revenues lifted by 8% in Q3 2025 compared to the same quarter last
year, ending at NOK 1 293 million
- EBITDA before IFRS 16 of NOK 192 million, up 13% compared to Q3 2024
- EBIT before IFRS 16 of NOK 137 million, up 8% compared to Q3 2024 (18%
adjusted for one-off related to extension of depreciation periods for fitness
equipment in Q3 2024)
- Operating cash flow of NOK 142 million and a cash conversion of 74% in the
quarter
- Leverage remains stable at 1.3x net debt to EBITDA before IFRS 16, despite
NOK 127 million in dividends (NOK 0.6 per share) and NOK 40 million in share
buybacks in the quarter
- The quarterly performance demonstrates robust operational leverage and
progress in line with our mid-term ambition of NOK 1.1 billion
- The activity level continues to rise, with a 7% increase in number of
workouts, driven both by the 4%-member growth and higher activity level per
member

"It is very encouraging to see that we continue to increase member activity
and satisfaction across our clubs. The positive trend is driven by both a
growing member base and higher workout frequency, particularly within group
training, where our consistent investments are clearly paying off. Together
with the solid financial performance, this confirms that our strategy is
working and that we are building a strong foundation for long-term, profitable
growth," says Sondre Gravir, CEO of SATS.

SATS' CEO Sondre Gravir and CFO Cecilie Elde will hold a webcast presentation
at 08:30 CEST today, October 28, 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 10:00 to 10:30 (CET) over
Microsoft Teams:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_YmI2NmNiMjItMmViZi00MzI1L
TljNDMtNjhmZDVkZGYxNWEy%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

Please find enclosed the Q3 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:
Magnus Myklebust Krane, Press Contact, phone: +47 976 42 334

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

658066_SATS ASA Q3 2025 Report.pdf
658066_SATS ASA Q3 2025 Presentation.pdf