SATS ASA

“Risk (OO) Hiring mistakes Should we fail to attract, motivate and retain the right talents within our Group, our member experience could be adversely affected and thus result in increased churn.”

Annual report 2024A · The company itself

“How we ensure high standards in recruitment In our DMA, we identified hiring mistakes as a significant risk to our operations, including decreased productivity, increased turnover, and potential cultural misalignment. To tackle this, we have implemented a rigorous and multi-layered hiring process designed to identify the bestfit candidates from the outset.”

Annual report 2024A · The company itself

“We recognize two prevalent trajectories among our employees: they either embark on a developmental journey within SATS, leveraging our diverse array of training initiatives and opportunities, or they enrich their skills here before pursuing endeavors elsewhere. Notably, nearly 60 percent of our workforce is under the age of 30.”

Annual report 2024A · The company itself

“SATS has many full-time employees, particularly in our service office and club management positions, but we have even more part-time employees. We operate with long opening hours every day, including weekends and public holidays.”

Annual report 2024A · The company itself

“Our employees (S1) are essential for enabling us to operate and deliver offerings such as memberships to our fitness clubs, personal training sessions, physiotherapy services, and retail activities like selling sportswear, water, protein bars, and other products.”

Annual report 2024A · The company itself

“At SATS, our strategic vision is deeply rooted in fostering a workplace culture that prioritizes employee well-being and professional growth. The Board of Directors has placed working conditions at the forefront of its agenda, while our Nordic Management Group has seamlessly integrated these considerations into the company’s overarching risk management framework and newly devised three-year strategy.”

Annual report 2024A · The company itself

“BUSINESS AND INDUSTRY OUTLOOK As society increasingly emphasizes health and wellness, alongside significant global trends like political health initiatives and digital transformation, awareness around fitness is on the rise. This shift is driving growth within the health and wellness sector.”

Annual report 2024A · The company itself

“Our business model of providing access to a fitness club and a wide range of wellness products relates directly to enabling healthy lifestyles. SATS therefore has the highest positive impact within the topic of members’ individual health and well-being, and where we really can make a difference for improved health among our members, while at the same time having a robust business model that can continue to bring an attractive offering to members in line with market developments and members’ demand.”

Annual report 2024A · The company itself

“Positive impact (VC) (OO) Members’ individual health and well-being. Our business model and operations are closely aligned with this topic, and we focus on enhancing the physical well-being of our members, which has a direct impact on their health and safety.”

Annual report 2024A · The company itself

“SATS anticipates steady growth in its club membership over time, driven by its strong market position, as well as the growing societal interest in health. The company is confident in its ability to continue adjusting prices, charging a fair price for its product.”

Annual report 2024A · The company itself

“Our commitment to diversity and accessibility is reflected in our extensive range of products and services tailored to individual preferences across our clubs throughout the Nordics along with online training options. Whether members prefer a fully equipped fitness floor, group training sessions, personal training, or physiotherapy services, our offerings are designed to cater to diverse interests and fitness levels.”

Annual report 2024A · The company itself

“Our key customers are our people of all ages who live in the vicinity of one or our clubs.”

Annual report 2024A · The company itself

“As of December 31, 2024, a growing number of our clubs have adopted digital solutions that promote more efficient energy consumption. In the short term, SATS aims to expand the adoption of such solutions across more clubs. Ultimately, our objective is for all SATSoperated clubs to be equipped with these energy-efficient technologies.”

Annual report 2024A · The company itself

“SATS has also installed an energy management system in select clubs in Norway. This system automates ventilation management, optimizing airflows based on demand fluctuations throughout the day.”

Annual report 2024A · The company itself

“SATS Group has assessed the economic activities considered eligible and, with regard to alignment, concluded the following. efficient equipment Our LED retrofit program is in accordance with the criteria for individual measures that contribute to climate change mitigation (d) installation and replacement of energy efficient light sources. This activity therefore meets the TSC for substantial contribution to climate change mitigation.”

Annual report 2024A · The company itself

“Our physical clubs and the energy required to sustain our operations contribute to environmental impacts, particularly in terms of emissions and energy use (E1). However, given our role as a service provider and our controlled rate of expansion, these emissions are relatively low in proportion to the size of our company and number of employees.”

Annual report 2024A · The company itself

“To ensure we achieve our goals of reducing emissions, we have implemented a Sustainable Procurement Policy that effectively manages the environmental impacts, risks, and opportunities related to climate change mitigation. This policy outlines our commitment to evaluating the environmental effects of procurements, establishing clear and unambiguous expectations for our suppliers, and assessing whether our procurement practices contribute to achieving net-zero emissions by 2050.”

Annual report 2024A · The company itself

“As the leading provider of fitness and training services in the Nordics, our 272 clubs and strong portfolio of brands—SATS, ELIXIA, Fresh Fitness, SATS Yoga, and SATS Online—make us a natural choice for the broader population, catering to different needs, preferences, and fitness levels.”

Annual report 2024A · The company itself

“The Group’s business is primarily the sale of fitness club memberships, personal trainer sessions and retail sales through the fitness clubs and the Group’s website.”

Annual report 2024A · The company itself

“We still see that the average salary for men is marginally higher than the average salary for women. This pay gap is a result of a higher share of men in leadership roles at the largest clubs and with longer seniority.”

Annual report 2024A · The company itself

“SATS opposes all forms of human trafficking, forced labor, and illicit forms of child labor in its operations and value chain. We recognize our responsibility to identify, prevent, mitigate and remedy potential and actual negative impacts on human rights throughout our supply chain.”

Annual report 2024A · The company itself

“Our key customers are our people of all ages who live in the vicinity of one or our clubs.”

Annual report 2024A · The company itself

“The types of consumers and end users subject to material impacts include • Our members: Directly impacted by services promoting physical and mental health, including prevention, rehabilitation, safety, and wellness. • Potential future members and the general public: Those influenced by SATS’ broader efforts to address barriers to physical activity and promote public health. Material impacts may result from SATS’ direct operations, such as the provision of fitness services and facilities, or indirectly through its value chain, including the retail section within clubs and community health initiatives.These impacts encompass both positive contributions (e.g., enhanced well-being) and potential risks or negative impacts (e.g., safety concerns or accessibility barriers).”

Annual report 2024A · The company itself

“One of our greatest successes — and an area we continue to improve — is our maintenance program, which has enabled us to repair and extend the lifespan of our equipment park. Additionally, we have adopted new suppliers and products to expand our portfolio of recyclable materials across our locations.”

Annual report 2024A · The company itself

“The company is committed to embracing this trend and focusing on developing an engaging, high-quality hybrid offering. This strategic direction ensures that SATS remains valuable to those who prefer exercising in fitness clubs, outdoors, or from the comfort of their own homes.”

Annual report 2024A · The company itself

“The Group’s business is primarily the sale of fitness club memberships, personal trainer sessions and retail sales through the fitness clubs and the Group’s website.”

Annual report 2024A · The company itself

“As a market leader in the Nordic fitness industry, with a majority of young employees—many in their first job— SATS recognizes its responsibility to foster an inclusive and culturally diverse workplace. Diversity and inclusion are core to our identity, shaping both our employee experience and member interactions.”

Annual report 2024A · The company itself

“SATS’ operations rely heavily on technology, making cybersecurity and IT infrastructure key concerns. Cyber threats, system failures, and data security risks could disrupt business activities and damage member trust.”

Annual report 2024A · The company itself

“SATS’ operations rely heavily on technology, making cybersecurity and IT infrastructure key concerns. Cyber threats, system failures, and data security risks could disrupt business activities and damage member trust.”

Annual report 2024A · The company itself

“7.7 Acquisition and ownership of buildings SATS Group does not own any buildings as of 2024. The Group does, however, have an extensive amount of rightof-use assets since all SATS Group club locations are leased.”

Annual report 2024A · The company itself

“Operating expenses increased by 1 percent mainly due to increased salary costs and general inflationary pressure, partly outweighed by a net reduction of two clubs and significantly lower electricity prices compared to last year.”

Annual report 2024A · The company itself

“Lighting constitutes a significant portion of SATS’ electricity usage. To address this, we employ two strategies: firstly, installing LED lights to enhance efficiency and decrease energy consumption per light, and secondly, reducing the duration that lights are illuminated in our clubs.”

Annual report 2024A · The company itself

“Ventilation represents a primary energy consumer in our clubs, drawing our sustained attention. All new SATS clubs are constructed with demand-controlled ventilation, optimizing their usage.”

Annual report 2024A · The company itself

“Economic conditions, including inflation and fluctuating interest rates, can impact consumer spending on fitness memberships. SATS manages this risk by offering flexible membership models, optimizing pricing strategies, and implementing cost-control measures.”

Annual report 2024A · The company itself

“Operating expenses increased by 11 percent, mainly driven by an increase in club salaries related to product offering and costs related to premises, in addition to an increase in general inflation and price levels.”

Annual report 2024A · The company itself

“Furthermore, the Nordic region faces the challenge of an aging population, with the proportion of individuals aged 65 and above expected to climb from 20 percent in 2023 to 25 percent by 2040.”

Annual report 2024A · The company itself

“SATS anticipates steady growth in its club membership over time, driven by its strong market position, as well as the growing societal interest in health. The company is confident in its ability to continue adjusting prices, charging a fair price for its product.”

Annual report 2024A · The company itself

“Climate risks include (i) physical risks and (ii) transition risks. Physical risks could result from climate-related acute and/or chronic shortages of water or other natural resources, temperatures, etc., while transition risks cover regulatory risks, market and technology risks, and reputational risks.”

Annual report 2024A · The company itself

“Currency and interest rate fluctuations also pose financial challenges, as SATS operates in multiple countries. The company uses hedging strategies and structured debt agreements to minimize exposure to exchange rate volatility.”

Annual report 2024A · The company itself

“Our dedicated personal trainers are committed to helping members achieve their fitness goals. Partnering with leading educator programs across the Nordic region, we recruit individuals who embody our values of health and happiness.”

Annual report 2024A · The company itself

“Data protection is another crucial area of compliance, particularly under the General Data Protection Regulation (GDPR). SATS processes large volumes of personal data, making data security a top priority.”

Annual report 2024A · The company itself

“Economic conditions, including inflation and fluctuating interest rates, can impact consumer spending on fitness memberships. SATS manages this risk by offering flexible membership models, optimizing pricing strategies, and implementing cost-control measures.”

Annual report 2024A · The company itself

“Norway is the largest operating segment in the Group with 45 percent of the consolidated total revenue in 2024 and 332,000 members at year-end 2024.”

Annual report 2024A · The company itself

“With 34 percent of consolidated total revenue, it is the second-largest operating segment in the Group.”

Annual report 2024A · The company itself

“ELIXIA Finland constituted 10 percent of consolidated total revenue in 2024.”

Annual report 2024A · The company itself

“ELIXIA Finland had 934 employees at year-end 2024, which corresponded to 260 full-time equivalents. measures (APM) EBITDA Revenues +8% +8% 2024 2023 2024 2023 DENMARK The Danish operations contributed 12 percent of consolidated total revenue in 2024 with 82,000 members at the end of the year.”

Annual report 2024A · The company itself

“The Group’s sales are made primarily from fitness clubs in Norway, Sweden, Finland and Denmark.”

Annual report 2024A · The company itself

“As the leading provider of fitness and training services in the Nordics, our 272 clubs and strong portfolio of brands—SATS, ELIXIA, Fresh Fitness, SATS Yoga, and SATS Online—make us a natural choice for the broader population, catering to different needs, preferences, and fitness levels.”

Annual report 2024A · The company itself

“We closed the year with 272 clubs and 733,000 members and had in total 46.5 million visits, which is an increase of 5 percent.”

Annual report 2024A · The company itself

“SATS is the fifth-largest fitness chain in Europe with a strong presence in four Nordic capital cities, making it the clear leader in the Nordic fitness market. As at the 2024 balance sheet date, the Group had a leading network of 272 clubs, with strongholds in key metropolitan cities throughout the Nordic region and 733,000 members.”

Annual report 2024A · The company itself

“Physical activity has positive consequences for physical, mental and social well-being, and through our operations we reach more than 733,000 individuals in the Nordics.”

Annual report 2024A · The company itself

“The Group’s sales are made primarily from fitness clubs in Norway, Sweden, Finland and Denmark.”

Annual report 2024A · The company itself

“Our physical clubs and the energy required to sustain our operations contribute to environmental impacts, particularly in terms of emissions and energy use (E1). However, given our role as a service provider and our controlled rate of expansion, these emissions are relatively low in proportion to the size of our company and number of employees.”

Annual report 2024A · The company itself

“SATS is the fifth-largest fitness chain in Europe with a strong presence in four Nordic capital cities, making it the clear leader in the Nordic fitness market. As at the 2024 balance sheet date, the Group had a leading network of 272 clubs, with strongholds in key metropolitan cities throughout the Nordic region and 733,000 members.”

Annual report 2024A · The company itself