Q4 2021 Results

SATS Q4 2021: Member growth of 16 000 and member base in line with pre pandemic level – sales accelerating with lifted restrictions

SATS ASA (“SATS” or the “Company”) achieved member growth of 16 000 reaching a member base of 669 000 at the end of the fourth quarter.

“SATS continued to deliver strong member growth in Q4. Sales in second half of the quarter was affected by restrictions in all countries, and closed clubs in Finland. Despite heavy restrictions, visits remained strong throughout the quarter. Our members are getting more active and visit per member in our studios was higher than pre-pandemic levels in Q4. We really deliver on our vision of making people healthier and happier. Now, with restrictions being lifted in all countries – visits are increasing even more, and sales is strongly picking up. The Nordic population is ready to get active again, more than ever before.”, says Sondre Gravir, CEO of SATS.

SATS delivered total revenues of NOK 1002 million mainly driven by a 26% increase in member revenues compared to Q4 2020. The financial performance was affected by the re-introduction of heavy restrictions, but Adjusted EBITDA of NOK 26 million compared to NOK -32 million in Q4 2020 show that EBITDA is on track for recovery.

SATS has strengthened the foundation for future growth through multiple levers. We have an ambitious greenfield roll-out plan with 15 new clubs to be opened in 2022 and 2023, and there is a great potential for further club expansion and M&As. In addition, we are upgrading several clubs in our portfolio. We expect the average revenue per member to increase both through membership yield measures and increasing other revenues like PT, retail and treatments. We also continue the development of Mentra by SATS, which will further increase our digital presence both in new and existing target groups. Our current liquidity position is sufficient to handle existing operations and communicated expansion plan.

Key highlights from the fourth quarter of 2021:

• Continued strong member base growth of 16 000 in Q4 (compared to flat Q4 2019) reaching 669 000 at the end of the quarter, up 6% from end of Q4 2020

• No restrictions imposed on our operations in October and November, but club closures in Finland and capacity restrictions across the Nordics from December

• Member revenues increased by 26% compared to last year due to the significant ramp-up in members and reduction in freeze levels

• Total revenues in the quarter increased 18% to NOK 1 002 million, driven by increased member revenues, increased retail and PT revenues

• Adjusted EBITDA is recovering and improved from NOK -32 million in Q4 2020 to NOK 26 million in the quarter

• Six new clubs were opened in the quarter, and SATS will accelerate club growth to further strengthen our position in the Nordics

• The foundation for future growth is strengthened as the pandemic has increased the focus on living a healthy lifestyle; demand is expected to increase and structural opportunities to arise

• Finally, we are operating with close to no restrictions imposed on our clubs

Please find enclosed the Q4 2021 presentation and report.

Investor Relations: Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195 Martin Stenshall, Finance and Investor Relations Manager, phone: +47 473 38 331

Press: Julie Tellugen Hæhre, Press Contact, phone: +47 419 01 011

This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Martin Stenshall, Finance and Investor Relations Manager, SATS ASA.