SATS Q2 2021: Successful re-opening and strong new membership sales

SATS ASA ("SATS" or the "Company") leaves behind a second quarter with a solid
re-opening as members have returned quickly, coupled with strong new membership
sales. During the pandemic, the Company has maintained focus on handling the
COVID-19 restrictions, getting back on track, and investing in future growth. 

All clubs are currently open, although with COVID-19 restrictions on capacity
and operations. Restrictions are even stronger than after the re-opening in
2020. However, the numbers are clear; members are returning even quicker than
last time. A higher share of the member base has been re-activated and the visit
levels per active member is up to 10% higher than last year. In many clubs,
visit levels are already back to the normal pre-pandemic level. In addition, the
sale of new memberships is strong, resulting in a 7% increase in the paying
member base during the quarter, despite only having operated with the full club
portfolio open for one month. The Company expects the positive member
development to continue in the months to come. 

SATS has about 40 million club visits in a normal year. Hence, the Company is
very well positioned to play an even more important role in lifting public
health. SATS aims to contribute more to UN's SDG 3 target of 'Good health and
well-being' and WHO's goal to reduce inactivity by 15% by 2030. Consequently,
SATS has increased its growth investments by adding 19 new club openings through
2023. In addition, SATS is continuing to expand the digital presence, including
the launch of Mentra by SATS in Q3, an additional offering for the home training
market.

Key highlights from the second quarter of 2021:
o Strong visit development after re-opening with increased engagement in the
member base compared to the re-opening last year 
o Paying member base increased by 7% in Q2 vs Q1, despite only having operated
with the full club portfolio open for one month. Total member base increased to
612 000 at the end of Q2 2021, up from 599 000 at the end of Q1 2021 (+2%)
o Total revenues summing up to NOK 670 million, compared to NOK 744 million last
year (-10%)
o Adjusted EBITDA of negative NOK 113 million, compared to NOK 38 million last
year
o No compensation for fixed costs from the Norwegian government accrued for the
period March to June, due to new restrictions in the compensation scheme for
applicants part of a corporate group. The estimated compensation for the
four-month period would be approximately NOK 70 million if applying for support
on entity level as in previous compensation scheme periods
o With a liquidity position of NOK 495 million, the Company has sufficient
financial liquidity to handle to current regulatory environment, as well as the
planned strong growth investments

"We are very happy to see that members are eager to return to our clubs, even
stronger than in the re-opening last year. It has also been great to welcome 8
500 colleagues back to their jobs as we opened our clubs. The re-opening has
been a success and we are pleased to see strong new membership sales. The
megatrend around health and wellness is strong, and we are thus focusing on
investing in growth", says Sondre Gravir, CEO of SATS.


Please find enclosed the Q2 2021 presentation and report.

Investor Relations:
Cecilie Elde, Chief Financial Officer, phone: [phone]
Stine Klund, Finance and Investor Relations Manager, phone: [phone]

Press:
Julie Tellugen Hæhre, Press Contact, phone: [phone]


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 Stine Klund, Finance and Investor Relations
Manager, SATS ASA.

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