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Dividend policy
SATS\u2019 leverage and dividend policy aims to ensure
prudent leverage going forward, with excess cash
returned to shareholders. The company targets a net debt
(current and non-current bank borrowings less cash and
cash equivalents) to adjusted EBITDA before impact of
IFRS 16 at the lower end of the 1.5x to 2.0x range. Excess
capital will be returned to shareholders while considering
long-term financial robustness, growth opportunities and
strategic initiatives. The aim is to distribute at least 50
percent of annual net profit as a combination of share
buybacks and semi-annual dividends.
When proposing a payout, the Board of Directors reserves
the right to deviate from its current leverage targets
taking into consideration internal and external factors
such as material acquisitions, macroeconomic conditions
and the capital markets environment.
Deviations from Section 3 of the Code: None.
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"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-272": { "value": "42000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-273": { "value": "64000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-274": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "satsasa:InterestReceivedClassifiedAsFinancingActivities", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-275": { 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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-279": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-280": { "value": "267000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-281": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-282": { "value": "49000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSaleOrIssueOfTreasuryShares", "entity": "scheme:549300UWBMWYM7YQRF97", 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"ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-287": { "value": "-1580000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-288": { "value": "149000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-289": { "value": "91000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-290": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-291": { "value": "-2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-292": { "value": "371000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-293": { "value": "282000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-294": { "value": "512000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-295": { "value": "371000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-298": { "value": "
NOTE 1
General information
SATS (\u201cthe Group\u201d) consists of SATS ASA (\u201cthe company\u201d) and its subsidiaries. As a public limited company, the
parent company is subject to the Norwegian Public Limited Company Act. The accompanying consolidated financial
statements include the financial statements of SATS ASA and its subsidiaries. SATS ASA, is registered and domiciled
in Norway and has its head office at Nydalsveien 28, Oslo.
The consolidated financial statements were approved by the Board of Directors on March 27, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "SATS ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "SATS ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "Nydalsveien 28, Oslo", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "
NOTE 2
Basis of preparing the consolidated financial statements
SATS ASA\u2019s consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards as
adopted by the European Union (EU) and the additional disclosure requirements of the Norwegian Accounting Act
(Regnskapsloven).
The financial statements have been prepared on a historical cost basis, with the exception of certain financial assets
and liabilities (including derivatives instruments) which are measured at fair value.
All amounts are rounded to the nearest NOK million, unless stated otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "SATS ASA\u2019s consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the European Union (EU) and the additional disclosure requirements of the Norwegian Accounting Act (Regnskapsloven). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
Consolidation principles
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an
entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from
the time control arises and deconsolidated when control ceases.
All intercompany balances and transactions, including internal profits and unrealized profits and losses arising from
internal transactions, have been eliminated.
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the
primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial
statements are presented in NOK, which is SATS ASA\u2019s functional and presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are
generally recognized in profit or loss.
For consolidation purposes, subsidiaries with a functional currency other than NOK are translated into NOK.
Assets and liabilities are translated based on the exchange rate at the balance sheet date. Income and expenses
are translated based on the monthly average exchange rate. Translation differences are recognized in other
comprehensive income and specified separately in equity. Upon the sale of foreign subsidiaries, accumulated
translation differences related to the entity are reclassified through profit or loss and included as part of the gain
or loss.
Significant accounting policies
The following description of accounting principles relevant for presentation and consolidation applies to SATS ASA\u2019s
2025 financial reporting, including comparative figures. The accounting policies for items covered by specific note
disclosures are incorporated in the individual notes.
Business combinations
Business combinations are accounted for using the purchase method, where identifiable assets, liabilities and
contingent liabilities are valued and recognized at fair value at the date of acquisition. That part of the price that
exceeds the fair value of identifiable assets and liabilities constitutes goodwill. Acquisition-related costs are expensed
as incurred.
Statement of cash flows
The cash flow statement is prepared using the indirect method.
Cost of goods
Cost of goods is the cost of acquiring the products that a company sells during the period and includes impairment of
inventory, scrapping and obsolescence write-down.
Provisions
Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it
is probable an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated.
Provisions are not recognized for future operating losses. The provision is calculated on the basis of the best estimate
of anticipated expenses. If the effect is material, anticipated future cash flows will be discounted using a current pre-
tax interest rate that reflects the risks specific to the provision.
Critical estimates and significant accounting judgements
Management makes estimates and assumptions in recognizing and measuring assets, liabilities, income and
expenses. Estimates and judgements are continually evaluated and are based on historical experience as adjusted
for current market conditions and other factors. Actual results may differ from these estimates. The estimates,
assumptions and management judgements that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are set out below and disclosed in the relevant
notes.
\\
Deferred tax assets (Note 8 Tax)
\\
Impairment of intangible assets (Note 9 Intangible assets)
\\
Depreciation of property, plant and equipment (Note 11 Property, plant and equipment)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "Consolidation principles Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the time control arises and deconsolidated when control ceases. All intercompany balances and transactions, including internal profits and unrealized profits and losses arising from internal transactions, have been eliminated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in NOK, which is SATS ASA\u2019s functional and presentation currency. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in profit or loss. For consolidation purposes, subsidiaries with a functional currency other than NOK are translated into NOK. Assets and liabilities are translated based on the exchange rate at the balance sheet date. Income and expenses are translated based on the monthly average exchange rate. Translation differences are recognized in other comprehensive income and specified separately in equity. Upon the sale of foreign subsidiaries, accumulated translation differences related to the entity are reclassified through profit or loss and included as part of the gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in profit or loss. For consolidation purposes, subsidiaries with a functional currency other than NOK are translated into NOK. Assets and liabilities are translated based on the exchange rate at the balance sheet date. Income and expenses are translated based on the monthly average exchange rate. Translation differences are recognized in other comprehensive income and specified separately in equity. Upon the sale of foreign subsidiaries, accumulated translation differences related to the entity are reclassified through profit or loss and included as part of the gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "For consolidation purposes, subsidiaries with a functional currency other than NOK are translated into NOK. Assets and liabilities are translated based on the exchange rate at the balance sheet date. Income and expenses are translated based on the monthly average exchange rate. Translation differences are recognized in other comprehensive income and specified separately in equity. Upon the sale of foreign subsidiaries, accumulated translation differences related to the entity are reclassified through profit or loss and included as part of the gain or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "Business combinations Business combinations are accounted for using the purchase method, where identifiable assets, liabilities and contingent liabilities are valued and recognized at fair value at the date of acquisition. That part of the price that exceeds the fair value of identifiable assets and liabilities constitutes goodwill. Acquisition-related costs are expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "Statement of cash flows The cash flow statement is prepared using the indirect method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "Cost of goods Cost of goods is the cost of acquiring the products that a company sells during the period and includes impairment of inventory, scrapping and obsolescence write-down. ", "dimensions": { "concept": "satsasa:DescriptionOfAccountingPolicyForCostOfGoods", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses. The provision is calculated on the basis of the best estimate of anticipated expenses. If the effect is material, anticipated future cash flows will be discounted using a current pre- tax interest rate that reflects the risks specific to the provision. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses. The provision is calculated on the basis of the best estimate of anticipated expenses. If the effect is material, anticipated future cash flows will be discounted using a current pre- tax interest rate that reflects the risks specific to the provision. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses. The provision is calculated on the basis of the best estimate of anticipated expenses. If the effect is material, anticipated future cash flows will be discounted using a current pre- tax interest rate that reflects the risks specific to the provision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "Critical estimates and significant accounting judgements Management makes estimates and assumptions in recognizing and measuring assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience as adjusted for current market conditions and other factors. Actual results may differ from these estimates. The estimates, assumptions and management judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below and disclosed in the relevant notes. \\ Deferred tax assets (Note 8 Tax) \\ Impairment of intangible assets (Note 9 Intangible assets) \\ Depreciation of property, plant and equipment (Note 11 Property, plant and equipment) Accounting estimates made by the Group\u2019s management are based on information available to management at the time each estimate is made. Accordingly, actual outcomes may differ materially from current expectations under different assumptions and conditions. The significant judgements that management has made in applying its accounting policies, and the estimates and assumptions for which there is a significant risk of a material adjustment to the Financial Statements within the next financial year, are set out below and disclosed in the relevant notes.
\\
Critical judgements in recognizing revenue, joining fees (Note 4 Revenue, contract assets and contract liabilities)
\\
Critical judgements in recognizing revenue, financing components (Note 4 Revenue, contract assets and contract
liabilities)
\\
Critical judgements in determining the lease term (Note 10 Leases)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "
New and amended standards adopted by the Group
The Group has not changed its presentation or accounting principles or adopted new standards that significantly
affect the financial reporting in 2025 or the comparison with previous periods.
A new standard, IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d, will be effective from January 1,
2027. IFRS 18 introduces new requirements to present specific categories and defines subtotals in the statement
of profit or loss. All income and expenses within the statement of profit or loss must be classified into one of five
categories: operating, investing, financing, income taxes and discontinued operations. The standard also requires the
defined operating profit subtotal as the starting point for the analysis of cash flows from operating activities in the
indirect method. Further, it introduces the concept of management-defined performance measures (MPMs), which
are subtotals of income and expenses used by management to communicate financial performance and that are not
specified by IFRS. These measures will be disclosed, defined and reconciled in the notes to the financial statements.
The Group has commenced an analysis of the implications of IFRS 18. While the standard is not expected to affect
total profit or equity, it will change the presentation of the statement of profit or loss and require enhanced note
disclosures, including MPMs. The Group is evaluating classification impacts, the identification of relevant MPMs to be
presented in the future, and how they will be defined and presented.
The Group will apply the new standard from its mandatory effective date. Retrospective application is required,
and so the comparative information for the financial year ending December 31, 2026 will be restated in accordance
with IFRS 18.
At the time of preparing the financial statements for 2025, there were no other changes in standards, interpretations
of standards, or issued but not yet effective standards that are expected to significantly affect the Group\u2019s financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "NOTE 3 Segment information General The Group\u2019s business is primarily the sale of fitness club memberships, personal trainer sessions and retail sales through the fitness clubs and the Group\u2019s website. The Group\u2019s sales are made primarily from fitness clubs in Norway, Sweden, Finland and Denmark. None of the Group\u2019s customers amounts to 10 percent or more of total revenue. The Group\u2019s chief operating decision-maker is the Nordic Management Group, consisting of the CEO, Group functions (CFO, Chief Digital Officer, Chief Marketing & Communication Officer, Chief Product Officer and Chief People & Operations Officer), and the Country Managers. The Nordic Management Group is responsible for allocating resources and assessing the performance of the segments. The Group\u2019s performance is reviewed by the Nordic Management Group by geographical area of operations, which are identified as Norway, Sweden, Finland and Denmark. The \u201cGroup functions and other\u201d column relates to other business activities, such as head office functions, and other unallocated items. The Nordic Management Group primarily uses EBITDA 1 , EBITDA before impact of IFRS 16 1 and Country EBITDA before impact of IFRS 16 1 to assess the performance of the operating segments. However, the Nordic Management Group also receives information about the segments\u2019 revenue and the consolidated balance sheet of the Group on a monthly basis. Revenue recognition The revenue recognition criteria in the segment information note are based on the Group\u2019s accounting principles and are in accordance with IFRS 15. Please see Note 4 Revenue, contract assets and contract liabilities for additional information. Operating segment information
FINANCIAL YEAR 2025
Group
functions
Amounts in NOK million
Norway
Sweden
Finland
Denmark
and other
Total
Revenue
Membership revenue
2,072
1,541
432
528
0
4,574
Other revenue
399
357
84
94
1
935
Total revenue
2,471
1,898
516
623
1
5,509
EBITDA
1
and EBITDA before impact of IFRS 16
1
reconcile to profit/loss as follows:
EBITDA before impact of IFRS 16
1
569
199
35
32
35
871
Impact of IFRS 16
481
484
132
140
0
1,237
EBITDA
1
1,050
684
168
172
35
2,109
Depreciation and amortization
-431
-461
-128
-151
-46
-1,217
Operating profit/loss
619
223
40
21
-11
892
Net financial items
2
-88
-91
-25
-68
-4
-276
Income tax expense/income
-117
-27
0
1
2
-141
Profit/loss for the year
413
105
15
-46
-12
474
1. For additional information about definitions, please see Alternative performance measures. 2. Financial income and expenses are allocated to Group functions and other since this type of activity is derived by the central treasury function, which manages the cash position of the Group.
FINANCIAL YEAR 2024
Group
functions
Amounts in NOK million
Norway
Sweden
Finland
Denmark
and other
Total
Revenue
Membership revenue
1,887
1,397
422
487
0
4,193
Other revenue
378
311
79
102
1
871
Total revenue
2,265
1,708
501
589
1
5,064
EBITDA
1
and EBITDA before impact of IFRS 16
1
reconcile to profit/loss as follows:
EBITDA before impact of IFRS 16
1
489
152
29
24
44
738
Impact of IFRS 16
466
460
137
141
0
1,204
EBITDA
1
955
612
165
165
44
1,942
Depreciation and amortization
-416
-441
-137
-148
-55
-1,198
Operating profit/loss
539
171
29
17
-11
744
Net financial items
2
-84
-95
-25
-69
-37
-310
Income tax expense/income
-79
-18
0
1
-12
-108
Profit/loss for the year
376
58
3
-51
-60
326
1. For additional information about definitions, please see Alternative performance measures.
2. Financial income and expenses are allocated to Group functions and other since this type of activity is derived by the central treasury
function,
which manages the cash position of the Group.
Financial statement per segment
Segments\u2019 assets and liabilities are measured in the same way as in the financial statements. The assets are allocated
based on the operations of the segment and the physical location of the asset. The Group\u2019s borrowings and derivative
financial instruments are not considered to be segment liabilities but are managed by the treasury function.
FINANCIAL YEAR 2025
Group
functions
Amounts in NOK million
Norway
Sweden
Finland
Denmark
and other
Total
Total non-current intangible assets
1,671
245
677
0
75
2,667
Non-current tangible assets
1
2,092
2,315
598
681
0
5,686
Total non-current financial assets
0
0
0
45
28
72
Deferred tax asset
27
48
24
0
43
141
Current assets
1,330
372
182
-143
-669
1,072
Total assets
5,119
2,979
1,481
583
-523
9,639
Total liabilities
2,068
2,811
788
1,388
1,130
8,185
Investments
111
91
27
38
42
309
FINANCIAL YEAR 2024 Group
functions
Amounts in NOK million
Norway
Sweden
Finland
Denmark
and other
Total
Total non-current intangible assets
1,674
232
674
5
75
2,661
Non-current tangible assets
1
2,034
2,184
615
616
0
5,449
Total non-current financial assets
0
0
0
41
48
89
Deferred tax asset
27
44
24
0
39
134
Current assets
1,009
278
174
-65
-444
952
Total assets
4,743
2,739
1,487
597
-282
9,284
Total liabilities
2,116
2,588
809
1,353
1,073
7,940
Investments
86
88
16
44
52
287
1. Non-current tangible assets consist mainly of right-of-use assets, capitalized improvements on the leased fitness club facilities, and
fitness equipment and exclude financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance
contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "
General
The Group\u2019s business is primarily the sale of fitness club memberships, personal trainer sessions and retail sales
through the fitness clubs and the Group\u2019s website. The Group\u2019s sales are made primarily from fitness clubs in Norway,
Sweden, Finland and Denmark. None of the Group\u2019s customers amounts to 10 percent or more of total revenue.
The Group\u2019s chief operating decision-maker is the Nordic Management Group, consisting of the CEO, Group functions
(CFO, Chief Digital Officer, Chief Marketing & Communication Officer, Chief Product Officer and Chief People &
Operations Officer), and the Country Managers. The Nordic Management Group is responsible for allocating resources
and assessing the performance of the segments.
The Group\u2019s performance is reviewed by the Nordic Management Group by geographical area of operations, which are
identified as Norway, Sweden, Finland and Denmark. The \u201cGroup functions and other\u201d column relates to other business
activities, such as head office functions, and other unallocated items.
The Nordic Management Group primarily uses EBITDA
1
, EBITDA before impact of IFRS 16
1
and Country EBITDA before
impact of IFRS 16
1
to assess the performance of the operating segments. However, the Nordic Management Group
also receives information about the segments\u2019 revenue and the consolidated balance sheet of the Group on a monthly
basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "NOTE 4 Revenue, contract assets and contract liabilities Disaggregation of revenue In accordance with IFRS 15, management analyzes the revenue contracts with customers and disaggregates the revenue into the following product categories, which depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: \\ Membership fees, consisting of subscription and joining fees \\ Other revenue, mainly consisting of personal training (PT) and product sales Revenue from customers is disaggregated in the table below by geographical location, type of product, the timing of the reception of revenue, and segment. Revenue recognition SATS recognizes as revenue the agreed transaction price in the contract with the customer at the time when the Group transfers the control of a distinct product or service to a customer. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue is recognized net of VAT, discounts and foreign exchange effects if the transaction is in a foreign currency. Intra-group sales are eliminated on consolidation. Critical judgements in recognizing revenue, financing components The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. Membership fees MEMBERSHIP SUBSCRIPTION FEES The main product from SATS is fitness club memberships, where customers receive access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access during all opening hours, giving the customer access to utilize the facilities at their own discretion, and should be defined as a service arrangement. The subscription members simultaneously receive and consume the fitness club services provided by SATS, and SATS therefore satisfies its performance obligation to its customers over time. Consequently, membership subscription revenue is also recognized over time. The customers enter into a contract with SATS when signing up for a subscription, through the website registration page, at a fitness club, or through customer service or sales representatives. The customer chooses the preferred subscription arrangement, where the terms, adjusted for any given discounts, are the same for all customers. The normal binding subscription period is twelve months, during which neither SATS nor the customer can terminate the subscription. Revenue related to sales of fitness club membership is recognized over the subscription period. DISCOUNTS WITH BINDING AGREEMENTS For some sales campaigns, customers can receive free months if they agree to a corresponding addition to the binding subscription period. The transaction price will be calculated based on the monthly subscription fee multiplied by the commitment period, i.e., twelve months of monthly fee payments over a thirteen-month subscription period. JOINING FEES When a customer signs up for a fitness club membership, a joining fee will be charged to the overall subscription amount. For this fee, the new members receive a membership registration, an automatic payment arrangement, and one free PT introduction session. The introduction session has commercial value to the customer, and normally the customer utilizes the PT introduction session the first month after the contract inception date. CRITICAL JUDGEMENTS IN RECOGNIZING REVENUE, JOINING FEES Management has made the assessment that the PT introduction session is the key performance obligation related to the joining arrangement, and the joining fee is consequently recognized as revenue at the subscription contract inception date. All other revenue related to membership subscriptions is recognized over the membership period. Revenue recognition \u2013 Other revenue PT SESSIONS PT sessions, where customers receive advice, inspiration and guidance from a certified fitness instructor, are offered as an additional service to SATS membership subscribers. PT sessions can be purchased individually or as prepaid access cards containing a given number of sessions. The price of a PT session is determined by the experience level of the instructor, the number of participants at each session and the number of prepaid sessions included in the access cards. Since the customer simultaneously receives and consumes the benefits provided by the PTs as the sessions unfold, the performance obligation is satisfied when the session is delivered. Revenue related to PT sessions is thus recognized at the point in time when the session is carried out. PRODUCT SALES Various fitness and training products, like sportswear, fitness gear, bars and energy drinks, are sold at the SATS fitness club retail areas. Sales are recognized when control of the products has been transferred, which is the point in time when the products are delivered to the customer. Payment of the transaction price is due immediately when the customer purchases the product and takes delivery in-store. The Group has a limited return policy for the customers, which does not materially affect the revenue recognition from the sale of goods.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "NOTE 4 Revenue, contract assets and contract liabilities Disaggregation of revenue In accordance with IFRS 15, management analyzes the revenue contracts with customers and disaggregates the revenue into the following product categories, which depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: \\ Membership fees, consisting of subscription and joining fees \\ Other revenue, mainly consisting of personal training (PT) and product sales Revenue from customers is disaggregated in the table below by geographical location, type of product, the timing of the reception of revenue, and segment. Revenue recognition SATS recognizes as revenue the agreed transaction price in the contract with the customer at the time when the Group transfers the control of a distinct product or service to a customer. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue is recognized net of VAT, discounts and foreign exchange effects if the transaction is in a foreign currency. Intra-group sales are eliminated on consolidation. Critical judgements in recognizing revenue, financing components The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. Membership fees MEMBERSHIP SUBSCRIPTION FEES The main product from SATS is fitness club memberships, where customers receive access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access during all opening hours, giving the customer access to utilize the facilities at their own discretion, and should be defined as a service arrangement. The subscription members simultaneously receive and consume the fitness club services provided by SATS, and SATS therefore satisfies its performance obligation to its customers over time. Consequently, membership subscription revenue is also recognized over time. The customers enter into a contract with SATS when signing up for a subscription, through the website registration page, at a fitness club, or through customer service or sales representatives. The customer chooses the preferred subscription arrangement, where the terms, adjusted for any given discounts, are the same for all customers. The normal binding subscription period is twelve months, during which neither SATS nor the customer can terminate the subscription. Revenue related to sales of fitness club membership is recognized over the subscription period. DISCOUNTS WITH BINDING AGREEMENTS For some sales campaigns, customers can receive free months if they agree to a corresponding addition to the binding subscription period. The transaction price will be calculated based on the monthly subscription fee multiplied by the commitment period, i.e., twelve months of monthly fee payments over a thirteen-month subscription period. JOINING FEES When a customer signs up for a fitness club membership, a joining fee will be charged to the overall subscription amount. For this fee, the new members receive a membership registration, an automatic payment arrangement, and one free PT introduction session. The introduction session has commercial value to the customer, and normally the customer utilizes the PT introduction session the first month after the contract inception date. CRITICAL JUDGEMENTS IN RECOGNIZING REVENUE, JOINING FEES Management has made the assessment that the PT introduction session is the key performance obligation related to the joining arrangement, and the joining fee is consequently recognized as revenue at the subscription contract inception date. All other revenue related to membership subscriptions is recognized over the membership period. Revenue recognition \u2013 Other revenue PT SESSIONS PT sessions, where customers receive advice, inspiration and guidance from a certified fitness instructor, are offered as an additional service to SATS membership subscribers. PT sessions can be purchased individually or as prepaid access cards containing a given number of sessions. The price of a PT session is determined by the experience level of the instructor, the number of participants at each session and the number of prepaid sessions included in the access cards. Since the customer simultaneously receives and consumes the benefits provided by the PTs as the sessions unfold, the performance obligation is satisfied when the session is delivered. Revenue related to PT sessions is thus recognized at the point in time when the session is carried out. PRODUCT SALES Various fitness and training products, like sportswear, fitness gear, bars and energy drinks, are sold at the SATS fitness club retail areas. Sales are recognized when control of the products has been transferred, which is the point in time when the products are delivered to the customer. Payment of the transaction price is due immediately when the customer purchases the product and takes delivery in-store. The Group has a limited return policy for the customers, which does not materially affect the revenue recognition from the sale of goods.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "NOTE 4 Revenue, contract assets and contract liabilities Disaggregation of revenue In accordance with IFRS 15, management analyzes the revenue contracts with customers and disaggregates the revenue into the following product categories, which depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: \\ Membership fees, consisting of subscription and joining fees \\ Other revenue, mainly consisting of personal training (PT) and product sales Revenue from customers is disaggregated in the table below by geographical location, type of product, the timing of the reception of revenue, and segment. Revenue recognition SATS recognizes as revenue the agreed transaction price in the contract with the customer at the time when the Group transfers the control of a distinct product or service to a customer. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue is recognized net of VAT, discounts and foreign exchange effects if the transaction is in a foreign currency. Intra-group sales are eliminated on consolidation. Critical judgements in recognizing revenue, financing components The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. Membership fees MEMBERSHIP SUBSCRIPTION FEES The main product from SATS is fitness club memberships, where customers receive access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access during all opening hours, giving the customer access to utilize the facilities at their own discretion, and should be defined as a service arrangement. The subscription members simultaneously receive and consume the fitness club services provided by SATS, and SATS therefore satisfies its performance obligation to its customers over time. Consequently, membership subscription revenue is also recognized over time. The customers enter into a contract with SATS when signing up for a subscription, through the website registration page, at a fitness club, or through customer service or sales representatives. The customer chooses the preferred subscription arrangement, where the terms, adjusted for any given discounts, are the same for all customers. The normal binding subscription period is twelve months, during which neither SATS nor the customer can terminate the subscription. Revenue related to sales of fitness club membership is recognized over the subscription period. DISCOUNTS WITH BINDING AGREEMENTS For some sales campaigns, customers can receive free months if they agree to a corresponding addition to the binding subscription period. The transaction price will be calculated based on the monthly subscription fee multiplied by the commitment period, i.e., twelve months of monthly fee payments over a thirteen-month subscription period. JOINING FEES When a customer signs up for a fitness club membership, a joining fee will be charged to the overall subscription amount. For this fee, the new members receive a membership registration, an automatic payment arrangement, and one free PT introduction session. The introduction session has commercial value to the customer, and normally the customer utilizes the PT introduction session the first month after the contract inception date. CRITICAL JUDGEMENTS IN RECOGNIZING REVENUE, JOINING FEES Management has made the assessment that the PT introduction session is the key performance obligation related to the joining arrangement, and the joining fee is consequently recognized as revenue at the subscription contract inception date. All other revenue related to membership subscriptions is recognized over the membership period. Revenue recognition \u2013 Other revenue PT SESSIONS PT sessions, where customers receive advice, inspiration and guidance from a certified fitness instructor, are offered as an additional service to SATS membership subscribers. PT sessions can be purchased individually or as prepaid access cards containing a given number of sessions. The price of a PT session is determined by the experience level of the instructor, the number of participants at each session and the number of prepaid sessions included in the access cards. Since the customer simultaneously receives and consumes the benefits provided by the PTs as the sessions unfold, the performance obligation is satisfied when the session is delivered. Revenue related to PT sessions is thus recognized at the point in time when the session is carried out. PRODUCT SALES Various fitness and training products, like sportswear, fitness gear, bars and energy drinks, are sold at the SATS fitness club retail areas. Sales are recognized when control of the products has been transferred, which is the point in time when the products are delivered to the customer. Payment of the transaction price is due immediately when the customer purchases the product and takes delivery in-store. The Group has a limited return policy for the customers, which does not materially affect the revenue recognition from the sale of goods.
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
Amounts in NOK million
Membership revenue
Other revenue
2025
Norway
2,072
399
2,471
Sweden
1,541
357
1,898
Finland
432
84
516
Denmark
528
94
623
Group functions and other
0
1
1
Revenue from contracts with customers
4,574
935
5,509
Point-of-time revenue recognition
Other revenue
935
Membership revenue1
29
Total point-of-time revenue recognition
965
Period-of-time revenue recognition
Membership revenue
4,544
Total period-of-time revenue recognition
4,544
Amounts in NOK million
Membership revenue
Other revenue
2024
Norway
1,887
378
2,265
Sweden
1,397
311
1,708
Finland
422
79
501
Denmark
487
102
589
Group functions and other
0
1
1
Revenue from contracts with customers
4,193
871
5,064
Point-of-time revenue recognition
Other revenue
871
Membership revenue
1
41
Total point-of-time revenue recognition
913
Period-of-time revenue recognition
Membership revenue
4,151
Total period-of-time revenue recognition
4,151
1. Consists of joining fee and invoicing fee. Contract assets and contract liabilities Contract assets and contract liabilities are disclosed in the Statement of financial position. Practical expedient In accordance with the practical expedient in IFRS 15, the Group does not disclose information about remaining performance obligations due to their original expected terms being one year or less. Contract assets Contract assets are recognized whenever a performance obligation is satisfied before consideration is received and relates mainly to PT subscription arrangements where the customer can pay the consideration over an extended credit period of up to twelve months. Contract assets are assessed for impairment in accordance with IFRS 9. As at December 31, 2025, contract assets have been reviewed for impairment, with no material impaired charge recognized. Contract liabilities Contract liabilities are recognized if SATS receives consideration or if it has the unconditional right to receive consideration in advance of performance. A large portion of the Group\u2019s customers pay the monthly membership subscription fee in advance, and these prepayments are recognized as non-financial debt and will be settled in the Group's revenue. Gift cards relate to prepayments from customers related to the use of PT training sessions. Non- redeemed gift cards are recognized as revenue at the card\u2019s expiry date, normally after one year. The following table shows the revenue recognized in 2025 that relates to contract liabilities.
CONTRACT LIABILITIES
Amounts in NOK million at December 31
2025
Contract liabilities as at the balance sheet date
Membership subscriptions
442
Gift cards
1
PT sessions
282
Total contract liabilities
724
REVENUE RECOGNIZED FROM CONTRACT LIABILITIES
Amounts in NOK million
2025
Revenue recognized in this period that was included in the contract liability balance at the beginning of the period
Membership subscriptions
409
Gift cards
1
PT sessions
244
Total revenue recognized
653
Compensation packages related to COVID-19 Compensation packages related to COVID-19 and club closure across the club network are recorded as other revenue. In 2024, there was compensation received amounting to NOK 18 million. No COVID-19 compensation was received in 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "NOTE 4 Revenue, contract assets and contract liabilities Disaggregation of revenue In accordance with IFRS 15, management analyzes the revenue contracts with customers and disaggregates the revenue into the following product categories, which depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: \\ Membership fees, consisting of subscription and joining fees \\ Other revenue, mainly consisting of personal training (PT) and product sales Revenue from customers is disaggregated in the table below by geographical location, type of product, the timing of the reception of revenue, and segment. Revenue recognition SATS recognizes as revenue the agreed transaction price in the contract with the customer at the time when the Group transfers the control of a distinct product or service to a customer. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue is recognized net of VAT, discounts and foreign exchange effects if the transaction is in a foreign currency. Intra-group sales are eliminated on consolidation. Critical judgements in recognizing revenue, financing components The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. Membership fees MEMBERSHIP SUBSCRIPTION FEES The main product from SATS is fitness club memberships, where customers receive access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access during all opening hours, giving the customer access to utilize the facilities at their own discretion, and should be defined as a service arrangement. The subscription members simultaneously receive and consume the fitness club services provided by SATS, and SATS therefore satisfies its performance obligation to its customers over time. Consequently, membership subscription revenue is also recognized over time. The customers enter into a contract with SATS when signing up for a subscription, through the website registration page, at a fitness club, or through customer service or sales representatives. The customer chooses the preferred subscription arrangement, where the terms, adjusted for any given discounts, are the same for all customers. The normal binding subscription period is twelve months, during which neither SATS nor the customer can terminate the subscription. Revenue related to sales of fitness club membership is recognized over the subscription period. DISCOUNTS WITH BINDING AGREEMENTS For some sales campaigns, customers can receive free months if they agree to a corresponding addition to the binding subscription period. The transaction price will be calculated based on the monthly subscription fee multiplied by the commitment period, i.e., twelve months of monthly fee payments over a thirteen-month subscription period.
JOINING FEES
When a customer signs up for a fitness club membership, a joining fee will be charged to the overall subscription
amount. For this fee, the new members receive a membership registration, an automatic payment arrangement, and
one free PT introduction session. The introduction session has commercial value to the customer, and normally the
customer utilizes the PT introduction session the first month after the contract inception date.
CRITICAL JUDGEMENTS IN RECOGNIZING REVENUE, JOINING FEES
Management has made the assessment that the PT introduction session is the key performance obligation related
to the joining arrangement, and the joining fee is consequently recognized as revenue at the subscription contract
inception date. All other revenue related to membership subscriptions is recognized over the membership period.
Revenue recognition \u2013 Other revenue
PT SESSIONS
PT sessions, where customers receive advice, inspiration and guidance from a certified fitness instructor, are offered
as an additional service to SATS membership subscribers. PT sessions can be purchased individually or as prepaid
access cards containing a given number of sessions. The price of a PT session is determined by the experience level
of the instructor, the number of participants at each session and the number of prepaid sessions included in the
access cards. Since the customer simultaneously receives and consumes the benefits provided by the PTs as the
sessions unfold, the performance obligation is satisfied when the session is delivered. Revenue related to PT sessions
is thus recognized at the point in time when the session is carried out.
PRODUCT SALES
Various fitness and training products, like sportswear, fitness gear, bars and energy drinks, are sold at the SATS fitness
club retail areas.
Sales are recognized when control of the products has been transferred, which is the point in time when the products
are delivered to the customer. Payment of the transaction price is due immediately when the customer purchases the
product and takes delivery in-store. The Group has a limited return policy for the customers, which does not materially
affect the revenue recognition from the sale of goods.
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
Amounts in NOK million
Membership revenue
Other revenue
2025
Norway
2,072
399
2,471
Sweden
1,541
357
1,898
Finland
432
84
516
Denmark
528
94
623
Group functions and other
0
1
1
Revenue from contracts with customers
4,574
935
5,509
Point-of-time revenue recognition
Other revenue
935
Membership revenue1
29
Total point-of-time revenue recognition
965
Period-of-time revenue recognition
Membership revenue
4,544
Total period-of-time revenue recognition
4,544
Amounts in NOK million
Membership revenue
Other revenue
2024
Norway
1,887
378
2,265
Sweden
1,397
311
1,708
Finland
422
79
501
Denmark
487
102
589
Group functions and other
0
1
1
Revenue from contracts with customers
4,193
871
5,064
Point-of-time revenue recognition
Other revenue
871
Membership revenue
1
41
Total point-of-time revenue recognition
913
Period-of-time revenue recognition
Membership revenue
4,151
Total period-of-time revenue recognition
4,151
1. Consists of joining fee and invoicing fee.
Contract assets and contract liabilities Contract assets and contract liabilities are disclosed in the Statement of financial position. Practical expedient In accordance with the practical expedient in IFRS 15, the Group does not disclose information about remaining performance obligations due to their original expected terms being one year or less. Contract assets Contract assets are recognized whenever a performance obligation is satisfied before consideration is received and relates mainly to PT subscription arrangements where the customer can pay the consideration over an extended credit period of up to twelve months. Contract assets are assessed for impairment in accordance with IFRS 9. As at December 31, 2025, contract assets have been reviewed for impairment, with no material impaired charge recognized. Contract liabilities Contract liabilities are recognized if SATS receives consideration or if it has the unconditional right to receive consideration in advance of performance. A large portion of the Group\u2019s customers pay the monthly membership subscription fee in advance, and these prepayments are recognized as non-financial debt and will be settled in the Group's revenue. Gift cards relate to prepayments from customers related to the use of PT training sessions. Non- redeemed gift cards are recognized as revenue at the card\u2019s expiry date, normally after one year. The following table shows the revenue recognized in 2025 that relates to contract liabilities.
CONTRACT LIABILITIES
Amounts in NOK million at December 31
2025
Contract liabilities as at the balance sheet date
Membership subscriptions
442
Gift cards
1
PT sessions
282
Total contract liabilities
724
REVENUE RECOGNIZED FROM CONTRACT LIABILITIES
Amounts in NOK million
2025
Revenue recognized in this period that was included in the contract liability balance at the beginning of the period
Membership subscriptions
409
Gift cards
1
PT sessions
244
Total revenue recognized
653
Compensation packages related to COVID-19 Compensation packages related to COVID-19 and club closure across the club network are recorded as other revenue. In 2024, there was compensation received amounting to NOK 18 million. No COVID-19 compensation was received in 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "
Revenue recognition
SATS recognizes as revenue the agreed transaction price in the contract with the customer at the time when the
Group transfers the control of a distinct product or service to a customer. Revenue is measured at the fair value
of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances,
rebates and amounts collected on behalf of third parties. The Group bases its estimates on historical results, taking
into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue is
recognized net of VAT, discounts and foreign exchange effects if the transaction is in a foreign currency. Intra-group
sales are eliminated on consolidation.
Critical judgements in recognizing revenue, financing components
The Group does not expect to have any contracts where the period between the transfer of the promised goods or
services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not
adjust any of the transaction prices for the time value of money.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "
Compensation packages related to COVID-19
Compensation packages related to COVID-19 and club closure across the club network are recorded as other revenue.
In 2024, there was compensation received amounting to NOK 18 million. No COVID-19 compensation was received in
2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "NOTE 5 Personnel expenses
PERSONNEL EXPENSES
Amounts in NOK million
2025
2024
Salary expenses including bonuses, holiday pay and other costs
-1,658
-1,506
Share-based payments
-16
-6
Social security contributions
-278
-246
Pension costs
-103
-103
Total personnel expenses
-2,055
-1,861
FULL-TIME EQUIVALENTS
2025
2024
Norway
924
858
Sweden
866
877
Finland
254
260
Denmark
228
263
Total full-time equivalents
2,272
2,258
Personnel expenses increased while the number of full-time equivalents remained at the same level as in 2024. The increase in personnel expenses is primarily attributed to higher salaries and a weaker NOK, leading to higher personnel expenses when translating foreign currency financials. Pensions The Group provides defined contribution pension plans in line with local laws and practices. Under these plans, the pension expense recognised in the income statement equals the contributions paid during the period. The related expenses are presented in the personnel expenses table above. Once the contributions are made, the Group has no further obligations, and therefore no pension liability is recognized in the statement of financial position. Management and Board remuneration Compensation to senior executives is detailed below.
REMUNERATION FOR SENIOR EXECUTIVES
Amounts in NOK million
2025
2024
Salary
20
18
Other benefits
2
2
Pension benefits
4
3
Performance based bonus
10
9
Share Based Remuneration
8
1
Total remuneration for Senior executives
44
33
Remuneration to the members of the Board is summarized below.
Amounts in NOK million
2025
2024
Total fees for Board of Directors
2
2
More detailed information on the compensation to the Group\u2019s Senior executives and members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6-16b. The report for the financial year 2025 is published on SATS' website www.satsgroup. com under 'General meetings'. Employee share purchase program (ESPP) A share-based investment program has been approved by the Company\u2019s annual general meeting. Under the program, employees of the Group are offered the opportunity to purchase shares in the Company for a maximum investment amount determined by their position. Shares are offered at a discount to the market price, typically ranging from 15\u201325 percent, where the level of discount depends on the applicable lock-up period. Since its introduction, the program has been offered on a recurring basis, and a significant number of employees have participated by acquiring shares in the Company. As part of the Share Investment Program, certain senior executives and other key employees may also be eligible to receive additional shares in the Company at no cost (\u201cMatching Shares\u201d). Matching Shares may be awarded in a ratio of 0.33:1 based on the number of shares acquired under the program, subject to predefined conditions being met. The award of Matching Shares is contingent upon the fulfilment of these conditions and is resolved by the Board of Directors. The Group\u2019s share-based investment programs are accounted for in accordance with IFRS 2 Share-based Payment. Matching shares are measured at fair value at the grant date, and the cost is recognized as personnel expenses over the vesting period, with a corresponding increase in equity. Social security contributions related to the programs are measured at fair value at each reporting date, with changes recognized as personnel expenses. At each reporting date, the Group reassesses the number of matching shares expected to vest, and any adjustments to the estimate are recognized as personnel expenses.
NUMBER OF MATCHING SHARES OUTSTANDING
2025
2024
Matching shares outstanding at January 1
1,029,398
1,199,888
Granted
575,222
124,072
Vested
-181,982
-12,124
Forfeited
-22,808
-282,438
Matching shares outstanding at December 31
1,399,830
1,029,398
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "NOTE 5 Personnel expenses
PERSONNEL EXPENSES
Amounts in NOK million
2025
2024
Salary expenses including bonuses, holiday pay and other costs
-1,658
-1,506
Share-based payments
-16
-6
Social security contributions
-278
-246
Pension costs
-103
-103
Total personnel expenses
-2,055
-1,861
FULL-TIME EQUIVALENTS
2025
2024
Norway
924
858
Sweden
866
877
Finland
254
260
Denmark
228
263
Total full-time equivalents
2,272
2,258
Personnel expenses increased while the number of full-time equivalents remained at the same level as in 2024. The increase in personnel expenses is primarily attributed to higher salaries and a weaker NOK, leading to higher personnel expenses when translating foreign currency financials. Pensions The Group provides defined contribution pension plans in line with local laws and practices. Under these plans, the pension expense recognised in the income statement equals the contributions paid during the period. The related expenses are presented in the personnel expenses table above. Once the contributions are made, the Group has no further obligations, and therefore no pension liability is recognized in the statement of financial position. Management and Board remuneration Compensation to senior executives is detailed below.
REMUNERATION FOR SENIOR EXECUTIVES
Amounts in NOK million
2025
2024
Salary
20
18
Other benefits
2
2
Pension benefits
4
3
Performance based bonus
10
9
Share Based Remuneration
8
1
Total remuneration for Senior executives
44
33
Remuneration to the members of the Board is summarized below.
Amounts in NOK million
2025
2024
Total fees for Board of Directors
2
2
More detailed information on the compensation to the Group\u2019s Senior executives and members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6-16b. The report for the financial year 2025 is published on SATS' website www.satsgroup. com under 'General meetings'. Employee share purchase program (ESPP) A share-based investment program has been approved by the Company\u2019s annual general meeting. Under the program, employees of the Group are offered the opportunity to purchase shares in the Company for a maximum investment amount determined by their position. Shares are offered at a discount to the market price, typically ranging from 15\u201325 percent, where the level of discount depends on the applicable lock-up period. Since its introduction, the program has been offered on a recurring basis, and a significant number of employees have participated by acquiring shares in the Company. As part of the Share Investment Program, certain senior executives and other key employees may also be eligible to receive additional shares in the Company at no cost (\u201cMatching Shares\u201d). Matching Shares may be awarded in a ratio of 0.33:1 based on the number of shares acquired under the program, subject to predefined conditions being met. The award of Matching Shares is contingent upon the fulfilment of these conditions and is resolved by the Board of Directors. The Group\u2019s share-based investment programs are accounted for in accordance with IFRS 2 Share-based Payment. Matching shares are measured at fair value at the grant date, and the cost is recognized as personnel expenses over the vesting period, with a corresponding increase in equity. Social security contributions related to the programs are measured at fair value at each reporting date, with changes recognized as personnel expenses. At each reporting date, the Group reassesses the number of matching shares expected to vest, and any adjustments to the estimate are recognized as personnel expenses.
NUMBER OF MATCHING SHARES OUTSTANDING
2025
2024
Matching shares outstanding at January 1
1,029,398
1,199,888
Granted
575,222
124,072
Vested
-181,982
-12,124
Forfeited
-22,808
-282,438
Matching shares outstanding at December 31
1,399,830
1,029,398
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "
Pensions
The Group provides defined contribution pension plans in line with local laws and practices. Under these plans, the
pension expense recognised in the income statement equals the contributions paid during the period. The related
expenses are presented in the personnel expenses table above. Once the contributions are made, the Group has no
further obligations, and therefore no pension liability is recognized in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "
Employee share purchase program (ESPP)
A share-based investment program has been approved by the Company\u2019s annual general meeting. Under the program,
employees of the Group are offered the opportunity to purchase shares in the Company for a maximum investment
amount determined by their position. Shares are offered at a discount to the market price, typically ranging from
15\u201325 percent, where the level of discount depends on the applicable lock-up period.
Since its introduction, the program has been offered on a recurring basis, and a significant number of employees have
participated by acquiring shares in the Company.
As part of the Share Investment Program, certain senior executives and other key employees may also be eligible to
receive additional shares in the Company at no cost (\u201cMatching Shares\u201d). Matching Shares may be awarded in a ratio
of 0.33:1 based on the number of shares acquired under the program, subject to predefined conditions being met.
The award of Matching Shares is contingent upon the fulfilment of these conditions and is resolved by the Board of
Directors.
The Group\u2019s share-based investment programs are accounted for in accordance with IFRS 2 Share-based Payment.
Matching shares are measured at fair value at the grant date, and the cost is recognized as personnel expenses over
the vesting period, with a corresponding increase in equity. Social security contributions related to the programs are
measured at fair value at each reporting date, with changes recognized as personnel expenses. At each reporting
date, the Group reassesses the number of matching shares expected to vest, and any adjustments to the estimate are
recognized as personnel expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
NUMBER OF MATCHING SHARES OUTSTANDING
2025
2024
Matching shares outstanding at January 1
1,029,398
1,199,888
Granted
575,222
124,072
Vested
-181,982
-12,124
Forfeited
-22,808
-282,438
Matching shares outstanding at December 31
1,399,830
1,029,398
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "
NOTE 6
Other operating expenses
OTHER OPERATING EXPENSES
Amounts in NOK million
2025
2024
Property expenses
1
-695
-660
Marketing expenses
-143
-119
IT expenses
-147
-138
Other operating expenses
-215
-202
Total other operating expenses
-1,199
-1,119
1. Property expenses consist of electricity, water, janitorial expenses, maintenance and short term lease and lease of low value assets
according to IFRS 16.
AUDITOR\u2019S REMUNERATION
Amounts in NOK million
2025
2024
Expensed auditor fees:
Statutory audit
Deloitte Norway
-2
-4
Deloitte abroad
-2
-2
Other attestation and assurance services
Deloitte Norway
1
-2
-1
Total auditor's remuneration
-6
-7
1. In other attestation and assurance services for the year 2025, the attestation and assurance of the sustainability report is included with
NOK 1.4 million (NOK 0.6 million in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
AUDITOR\u2019S REMUNERATION
Amounts in NOK million
2025
2024
Expensed auditor fees:
Statutory audit
Deloitte Norway
-2
-4
Deloitte abroad
-2
-2
Other attestation and assurance services
Deloitte Norway
1
-2
-1
Total auditor's remuneration
-6
-7
1. In other attestation and assurance services for the year 2025, the attestation and assurance of the sustainability report is included with NOK 1.4 million (NOK 0.6 million in 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "
NOTE 7
Net financial items
INTEREST INCOME AND OTHER FINANCIAL INCOME
Amounts in NOK million
2025
2024
Interest income financial institutions
30
39
Foreign exchange gains unrealized
23
87
Foreign exchange gains realized
0
1
Net gain derivatives unrealized
13
17
Other financial income
7
11
Total interest income and other financial income
74
154
INTEREST EXPENSE AND OTHER FINANCIAL EXPENSES
Amounts in NOK million
2025
2024
Interest expense financial institutions
-60
-88
Interest on lease liabilities
-251
-246
Foreign exchange losses realized
-1
-79
Net loss derivatives unrealized
-24
-37
Net loss derivatives realized
0
-4
Other financial expenses
-14
-11
Total interest expense and other financial expenses
-349
-465
Net financial items
-276
-310
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "NOTE 7 Net financial items
INTEREST INCOME AND OTHER FINANCIAL INCOME
Amounts in NOK million
2025
2024
Interest income financial institutions
30
39
Foreign exchange gains unrealized
23
87
Foreign exchange gains realized
0
1
Net gain derivatives unrealized
13
17
Other financial income
7
11
Total interest income and other financial income
74
154
INTEREST EXPENSE AND OTHER FINANCIAL EXPENSES
Amounts in NOK million
2025
2024
Interest expense financial institutions
-60
-88
Interest on lease liabilities
-251
-246
Foreign exchange losses realized
-1
-79
Net loss derivatives unrealized
-24
-37
Net loss derivatives realized
0
-4
Other financial expenses
-14
-11
Total interest expense and other financial expenses
-349
-465
Net financial items
-276
-310
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "
INTEREST INCOME AND OTHER FINANCIAL INCOME
Amounts in NOK million
2025
2024
Interest income financial institutions
30
39
Foreign exchange gains unrealized
23
87
Foreign exchange gains realized
0
1
Net gain derivatives unrealized
13
17
Other financial income
7
11
Total interest income and other financial income
74
154
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "INTEREST EXPENSE AND OTHER FINANCIAL EXPENSES Amounts in NOK million 2025 2024 Interest expense financial institutions -60 -88 Interest on lease liabilities -251 -246 Foreign exchange losses realized -1 -79 Net loss derivatives unrealized -24 -37 Net loss derivatives realized 0 -4 Other financial expenses -14 -11 Total interest expense and other financial expenses -349 -465 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "NOTE 8 Tax Income tax The income tax expense recognized in the income statement comprises the tax payable on the current period\u2019s taxable income and changes in deferred tax assets and liabilities. If a tax arises from an item recognized in other comprehensive income or directly in equity, the related tax is recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Deferred tax liabilities are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax liability and deferred tax assets are offset as far as this is possible under taxation legislation and regulations. The Group has assessed the applicability of the OECD Pillar 2 rules and concluded that it is not in scope. Therefore, no impact on the Group\u2019s tax position is expected.
TAX EXPENSE
Amounts in NOK million
2025
2024
Tax payable
-144
-86
Change in deferred tax
3
-22
Total tax expense
-141
-108
Below is a specification of the tax effects of temporary differences and losses carried forward:
DEFERRED TAX LIABILITIES
Amounts in NOK million
2025
2024
Intangible assets
28
28
Gain and loss accounts
4
5
Financial instruments
28
30
Untaxed reserves
39
32
Revenue
4
3
Other items
11
6
Total deferred tax liabilities relating to temporary differences
115
103
DEFERRED TAX ASSETS
Amounts in NOK million
2025
2024
Fixed assets
52
48
Leasing
79
76
Receivables
13
10
Losses carried forward
21
19
Interest
36
33
Total deferred tax assets relating to temporary differences and losses
200
185
carried forward
Net deferred tax assets (liabilities)
86
82
RECONCILIATION TO BALANCE SHEETS
Amounts in NOK million
2025
2024
Deferred tax asset
141
134
Deferred tax liability
55
52
Net deferred tax assets (liabilities)
86
82
EXPLANATION OF THE CHANGE IN THE DEFERRED TAX ASSETS AND LIABILITIES:
Amounts in NOK million
2025
2024
Net carrying amount deferred tax at January 1
82
100
Charge to profit or loss
3
-22
Charge direct to equity
-4
-1
Exchange differences
5
5
Net carrying amount deferred tax at December 31
86
82
LOSSES CARRIED FORWARD
Amounts in NOK million at December 31
2025
2024
Tax jurisdiction:
Finland
185
205
Denmark (unlimited expiration)
976
1,037
Sweden (unlimited expiration)
100
94
Total losses carried forward
1,261
1,336
Losses carried forward as at December 31, 2025 \u2013 Finland
Unused tax
Unused tax losses incurred
Expiration year
losses
2017
2027
18
2020
2030
38
2021
2031
93
2022
2032
36
Total losses carried forward as at December 31, 2025
185
Significant estimates on deferred tax assets Deferred tax assets recognized as at December 31, 2025, have been estimated based on future profitability assumptions over a five-year horizon, and the deferred tax assets are recognized only to the extent that it is probable that they will be realized. The unused tax losses in SATS Finland were not recognized for the substantial tax losses generated during the COVID-19 years, as the accumulated amounts were considered too substantial in relation to the uncertainty at the time. Based on current performance and future outlook, these tax losses are expected to be utilized going forward. The tax losses must be utilized according to the table above. The recognized deferred tax asset of NOK 25 million in Finland as at the balance sheet date of December 31, 2025, is related to depreciation differences on fixed assets. At the balance sheet date of December 31, 2025, no deferred tax assets were recognized in Denmark due to uncertainty surrounding whether future taxable profits will be available to offset the unused tax losses within a reasonable time frame. SATS Sports Club Sweden AB and SATS Holding AB have losses carried forward of NOK 100 million that are recognized in the balance sheet as at December 31, 2025. As a consequence of acquisitions of subsidiaries within the Swedish segment followed by mergers with SATS Sports Club Sweden AB, the losses are frozen and cannot be utilized until 2027. Additional acquisitions followed by mergers will result in a prolonged frozen period. The Group has in total a net deferred tax asset of NOK 278 million not recognized in the balance sheet as at December 31, 2025, consisting of losses carried forward and deferred tax assets on leasehold improvement, equipment, re-establishment obligation, provision for bad debts and deferred tax on goodwill and customer relations.
RECONCILIATION OF TAX EXPENSE
Amounts in NOK million
2025
2024
Profit/loss before tax
Norway
547
454
Sweden
101
28
Finland
15
3
Denmark
-47
-52
Corporate tax rates
Norway, 22%
-120
-100
Sweden, 20.6%
-21
-6
Finland, 20%
-3
-1
Denmark, 22%
10
11
Reconciling items:
Non-deductible expenses
0
-2
Unused tax losses not recognized as deferred tax assets
-6
-10
Other
-1
-1
Calculated tax expense
-141
-108
Weighted average tax rate
23.0%
24.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "NOTE 8 Tax Income tax The income tax expense recognized in the income statement comprises the tax payable on the current period\u2019s taxable income and changes in deferred tax assets and liabilities. If a tax arises from an item recognized in other comprehensive income or directly in equity, the related tax is recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Deferred tax liabilities are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax liability and deferred tax assets are offset as far as this is possible under taxation legislation and regulations. The Group has assessed the applicability of the OECD Pillar 2 rules and concluded that it is not in scope. Therefore, no impact on the Group\u2019s tax position is expected.
TAX EXPENSE
Amounts in NOK million
2025
2024
Tax payable
-144
-86
Change in deferred tax
3
-22
Total tax expense
-141
-108
Below is a specification of the tax effects of temporary differences and losses carried forward:
DEFERRED TAX LIABILITIES
Amounts in NOK million
2025
2024
Intangible assets
28
28
Gain and loss accounts
4
5
Financial instruments
28
30
Untaxed reserves
39
32
Revenue
4
3
Other items
11
6
Total deferred tax liabilities relating to temporary differences
115
103
DEFERRED TAX ASSETS
Amounts in NOK million
2025
2024
Fixed assets
52
48
Leasing
79
76
Receivables
13
10
Losses carried forward
21
19
Interest
36
33
Total deferred tax assets relating to temporary differences and losses
200
185
carried forward
Net deferred tax assets (liabilities)
86
82
RECONCILIATION TO BALANCE SHEETS
Amounts in NOK million
2025
2024
Deferred tax asset
141
134
Deferred tax liability
55
52
Net deferred tax assets (liabilities)
86
82
EXPLANATION OF THE CHANGE IN THE DEFERRED TAX ASSETS AND LIABILITIES:
Amounts in NOK million
2025
2024
Net carrying amount deferred tax at January 1
82
100
Charge to profit or loss
3
-22
Charge direct to equity
-4
-1
Exchange differences
5
5
Net carrying amount deferred tax at December 31
86
82
LOSSES CARRIED FORWARD
Amounts in NOK million at December 31
2025
2024
Tax jurisdiction:
Finland
185
205
Denmark (unlimited expiration)
976
1,037
Sweden (unlimited expiration)
100
94
Total losses carried forward
1,261
1,336
Losses carried forward as at December 31, 2025 \u2013 Finland
Unused tax
Unused tax losses incurred
Expiration year
losses
2017
2027
18
2020
2030
38
2021
2031
93
2022
2032
36
Total losses carried forward as at December 31, 2025
185
Significant estimates on deferred tax assets
Deferred tax assets recognized as at December 31, 2025, have been estimated based on future profitability
assumptions over a five-year horizon, and the deferred tax assets are recognized only to the extent that it is probable
that they will be realized.
The unused tax losses in SATS Finland were not recognized for the substantial tax losses generated during the
COVID-19 years, as the accumulated amounts were considered too substantial in relation to the uncertainty at the
time. Based on current performance and future outlook, these tax losses are expected to be utilized going forward.
The tax losses must be utilized according to the table above.
The recognized deferred tax asset of NOK 25 million in Finland as at the balance sheet date of December 31, 2025, is
related to depreciation differences on fixed assets.
At the balance sheet date of December 31, 2025, no deferred tax assets were recognized in Denmark due to
uncertainty surrounding whether future taxable profits will be available to offset the unused tax losses within a
reasonable time frame.
SATS Sports Club Sweden AB and SATS Holding AB have losses carried forward of NOK 100 million that are
recognized in the balance sheet as at December 31, 2025. As a consequence of acquisitions of subsidiaries within the
Swedish segment followed by mergers with SATS Sports Club Sweden AB, the losses are frozen and cannot be utilized
until 2027. Additional acquisitions followed by mergers will result in a prolonged frozen period.
The Group has in total a net deferred tax asset of NOK 278 million not recognized in the balance sheet as at December
31, 2025, consisting of losses carried forward and deferred tax assets on leasehold improvement, equipment,
re-establishment obligation, provision for bad debts and deferred tax on goodwill and customer relations.
RECONCILIATION OF TAX EXPENSE
Amounts in NOK million
2025
2024
Profit/loss before tax
Norway
547
454
Sweden
101
28
Finland
15
3
Denmark
-47
-52
Corporate tax rates
Norway, 22%
-120
-100
Sweden, 20.6%
-21
-6
Finland, 20%
-3
-1
Denmark, 22%
10
11
Reconciling items:
Non-deductible expenses
0
-2
Unused tax losses not recognized as deferred tax assets
-6
-10
Other
-1
-1
Calculated tax expense
-141
-108
Weighted average tax rate
23.0%
24.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "
Income tax
The income tax expense recognized in the income statement comprises the tax payable on the current period\u2019s
taxable income and changes in deferred tax assets and liabilities. If a tax arises from an item recognized in other
comprehensive income or directly in equity, the related tax is recognized in other comprehensive income or directly in
equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end
of the reporting period in the countries where the company\u2019s subsidiaries and associates operate and generate taxable
income.
Deferred tax liabilities are calculated using the liability method on temporary differences between the carrying
amounts of assets and liabilities and their tax bases. However, deferred tax liabilities are not recognized if they
arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have
been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related
deferred income tax asset is realized or the deferred income tax liability is settled.
Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those
temporary differences and losses.
Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and
tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the
temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax liability and deferred tax assets are offset as far as this is possible under taxation legislation and
regulations.
The Group has assessed the applicability of the OECD Pillar 2 rules and concluded that it is not in scope. Therefore, no
impact on the Group\u2019s tax position is expected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "Income tax The income tax expense recognized in the income statement comprises the tax payable on the current period\u2019s taxable income and changes in deferred tax assets and liabilities. If a tax arises from an item recognized in other comprehensive income or directly in equity, the related tax is recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Deferred tax liabilities are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax liability and deferred tax assets are offset as far as this is possible under taxation legislation and regulations. The Group has assessed the applicability of the OECD Pillar 2 rules and concluded that it is not in scope. Therefore, no impact on the Group\u2019s tax position is expected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "The Group has assessed the applicability of the OECD Pillar 2 rules and concluded that it is not in scope. Therefore, no impact on the Group\u2019s tax position is expected. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "NOTE 9 Intangible assets Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in-use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom for most CGUs. Software Development costs that are related to the development of IT systems are recognized as intangible assets when the criteria set out in IAS 38 Intangible Assets are met, including technical feasibility, the intention and ability to complete the asset, the availability of adequate resources, the probability of future economic benefits, and the ability to reliably measure the expenditure attributable to the asset. Costs associated with maintaining software programs are recognized as an expense as incurred. Directly attributable costs that are capitalized as part of the software include employee costs and costs for external consultants and service providers directly involved in the development of the software. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage: three years. Amortization is presented in the line Depreciation and amortization.
GOODWILL
Total
Amounts in NOK million
Norway
Sweden
Finland
Denmark
goodwill
At January 1, 2024
Cost
1,868
223
652
0
2,744
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
223
642
0
2,535
Year ended December 31, 2024
Opening net book value
1,669
223
642
0
2,535
Effect of changes in foreign exchange cost
0
4
32
0
35
Closing Net book value
1,669
227
674
0
2,570
At December 31, 2024
Cost
1,868
227
684
0
2,779
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
227
674
0
2,570
Year ended December 31, 2025
Opening net book value
1,669
227
674
0
2,570
Effect of changes in foreign exchange cost
0
14
3
0
17
Closing Net book value
1,669
241
677
0
2,587
At December 31, 2025
Cost
1,868
241
687
0
2,796
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
241
677
0
2,587
Useful life
Indefinite
Indefinite
Indefinite
Indefinite
Amortization method Not Not Not Not
amortized amortized amortized amortized
OTHER INTANGIBLE ASSETS
Internally Total other
Customer developed intangible
Amounts in NOK million
relations
Trademark
software
1
assets
At January 1, 2024
Cost
72
267
519
856
Accumulated amortization and impairment
-56
-266
-442
-764
Net book value
15
1
77
93
Year ended December 31, 2024
Opening net book value
15
1
77
93
Effect of changes in foreign exchange cost
2
0
9
11
Effect of changes in foreign exchange
-2
0
-8
-9
accumulated depreciation
Additions
0
0
63
63
Amortization charge
-9
0
-58
-67
Closing Net book value
7
1
83
91
At December 31, 2024
Cost
74
267
590
931
Accumulated amortization and impairment
-67
-266
-507
-840
Net book value
7
1
83
91
Year ended December 31, 2025
Opening net book value
7
1
83
91
Effect of changes in foreign exchange cost
1
0
38
39
Effect of changes in foreign exchange
-1
0
-34
-34
accumulated depreciation
Additions
0
0
42
42
Amortization charge
-7
0
-50
-57
Closing Net book value
0
1
79
80
At December 31, 2025
Cost
0
267
669
936
Accumulated amortization and impairment
0
-266
-590
-856
Net book value
0
1
79
80
Useful life
3\u20137 years
10 years
3 years
Amortization method
Straight-line
Straight-line
Straight-line
1. Software consists of capitalized development expenditure and is an internally generated intangible asset. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Significant estimates on impairment of intangible assets Recognized goodwill and internally developed software are material to the 2025 financial statements as a whole, and users of the Group\u2019s financial statements should note the inherent uncertainty pertaining to the valuation of intangible assets. The acquisition method was used to account for the historic business combinations' results in the goodwill amount. Internally developed software has been recognized at historic cost, has a finite useful life, and is subsequently carried at cost less accumulated amortization and impairment losses. GOODWILL Goodwill is recognized at NOK 2,587 million as at the balance sheet date. The Group tests on an annual basis whether goodwill has suffered any impairment. For the 2025 and 2024 reporting periods, the recoverable amount of the cash-generating units (CGUs) was determined based on value-in-use calculations, which require the use of several assumptions. The calculations use cash flow projections for Norway, Sweden, Finland and Denmark based on financial budgets and prognoses approved by management covering a five-year period. Cash flows beyond these periods are extrapolated using the estimated growth rates. These growth rates are consistent with forecasts included in economic outlook reports specific to the area in which each CGU operates. INTERNALLY DEVELOPED SOFTWARE Internally developed software is recognized at NOK 79 million per the balance sheet date. The Group estimates the useful life of internally developed software to be three years based on the expected useful economic life of the assets. However, the actual useful life may be shorter or longer than three years, depending on software innovations, technical obsolescence of existing solutions and competitor actions. Impairment test: Key assumptions used for value-in-use calculation The fitness clubs in Norway, Sweden, Finland and Denmark (the segments) are considered to be the four cash- generating units (CGU) against which goodwill and trademark are tested. The members can move freely between the fitness clubs within each country. Allowing members to exercise where they live, work, etc., is an important part of the Group\u2019s customer offering. The Nordic Management Group also monitors the Group\u2019s performance at segment level. Norway, Sweden, Finland and Denmark are therefore deemed the smallest groups of assets that independently generate cash flow and whose cash flow is largely independent of the cash flows generated by other assets. The recoverable amount from the CGU is calculated by taking the historical cash flows for CGUs, taking into account expectations for moderate growth in the Norwegian, Swedish, Finnish and Danish markets. In connection with the impairment testing of goodwill, a sensitivity analysis has been carried out. The sensitivity analysis tested changes in WACC and growth rates. All relevant CGUs have satisfactory headroom. The estimates used to determine future cash flows and WACC when calculating value in use are subject to uncertainty. The assumptions are described below. Market 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. Fitness clubs, particularly full-service operators, are pivotal to the health and wellness landscape and have the potential to expand into related areas. The Nordic region stands out as the most advanced market in Europe regarding membership penetration. Although the markets exhibit fragmentation in terms of value, clubs, and membership numbers, there remains substantial potential for consolidation. Nordic markets demonstrate a \u201cpenetration premium\u201d compared to the rest of Europe and are expected to maintain this advantage. Membership fees in Nordic fitness clubs are the most affordable in Europe, particularly when considered against overall leisure spending and similar offerings. SATS sees several avenues for growth going forward, and we continue to follow the strategy set several years ago. We will keep growing the club portfolio, filling out our existing clusters and potentially also entering new attractive clusters. We also see the opportunity of improving the average revenue per member by offering adjacent products and services, continued development of our personal training and retail offering, and pricing optimization. We continue to improve the scale and platform advantages as the operating leverage drives a high drop-through of incremental revenue. In addition, we will focus on club and overhead cost discipline. Budget assumptions When impairment testing tangible and intangible fixed assets, management has used a five-year discounted cash flow to assess the value in use. Estimated future EBITDA (operating profit before depreciation, amortization, and impairment) is based on budgets for 2026 and business plans (2026\u20132027) approved by the Board, excluding new clubs not yet opened. Estimated future cash flow is based on budgets and business plans approved by the Board, based on management's best estimate and reflecting the Group\u2019s business planning process, and include an assessment of the long-term market trends and the respective CGU\u2019s projected market share for each year within the planning horizon. The calculation takes into account expected future changes in market prices, purchase prices and salary increases. Impairment tests assume continuing operation of the CGUs and are calculated based on a value-in- use method. The calculations use cash flow projections covering a five-year period. GROWTH RATES Growth rates for revenue after the business plan period (2026\u20132027) vary somewhat per country and reflect considerations related to the following affecting volume: \\ current trend in underlying KPIs affecting trend (e.g.,visits per member, GX-share) \\ share of maturing clubs with ample room to grow \\ overall free capacity in club portfolio For 2026 inflation is expected to come down compared to the higher levels we have seen the past few years, and the business plan reflects local CPI levels (as observed per October 2025), both for revenue and cost. For 2028\u20132030 the impairment model assumes that inflation returns to historical levels and growth in prices and cost have been set at the same level (2.5\u20133 percent). Risk and uncertainty related to the expected level of inflation are balanced out as prices are expected to increase in line with cost. Given the scalability of the business, this assumption should be considered conservative. Cash flows beyond the five year period are based on an expected growth rate of 2 percent for an indefinite period. WACC Future cash flows are discounted to present value using a discount rate based on a calculation of a weighted average cost of capital (WACC). The after-tax discount rates are assumed to reflect specific risks relating to the relevant segments in which they operate. The rates have been adjusted for different interest levels relevant for the segments, but no other country specific risk adjustment has been done as the Nordic region is assumed to be subject to a similar macroeconomic risk profile. This is based on a risk-free rate, plus a risk premium. The market risk premium is assumed to be 4.3 percent in Norway, Sweden and Denmark and 4.9 percent in Finland. The risk-free interest rate is based on the 10-year government bond interest, 4.1 percent in Norway, 2.8 percent in Sweden, 3.2 percent in Finland, and 2.7 percent in Denmark. Management has not included any premium for project risk, currency risk or country risk for the Group\u2019s operations.The beta is based on observations of similar listed companies. The allocation between debt and equity corresponds to SATS\u2019 normalized capital structure as of December 2025. Sensitivity In connection with the impairment testing of goodwill, a sensitivity analysis has been carried out. The sensitivity analysis has tested changes in WACC and growth rates. Sensitivity analyses show that no reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying amount.
WACC
2025
2024
Norway
7.2%
6.5%
Sweden
5.9%
6.5%
Finland
6.6%
6.9%
Denmark
5.8%
6.5%
NOTE 10 Leases The Group\u2019s leasing activities The Group leases fitness club premises, office buildings, equipment and vehicles. Rental contracts are typically signed for fixed periods of six months to fifteen years but may have extension options as described below. Several of the lease agreements for the fitness clubs include leasehold improvement provided by the lessor as a lease incentive. The assets obtained by the Group are recognized as furniture and fittings at fair value and depreciated over the shorter of their useful life or the lease term. Rent is annually adjusted for all premises\u2019 lease contracts in accordance with the relevant CPI index. Key accounting principles Leases are recognized as a lease liability with a corresponding right-of-use asset at the date at which the leased asset is available for use by the Group. Lease contracts with a lease term of less than twelve months and lease contracts for which the underlying asset has a low value are not capitalized since the payments are recognized in the income statement on a straight-line basis over the lease contract period. In the statemet of profit or loss, the depreciation and impairment expenses related to the right-of-use asset are presented as part of the total depreciation and impairment expenses. The interest expenses related to the lease liabilities are presented as part of the interest expense. The Group has elected to separate lease and non-lease components included in lease payments for property leases. Lease liabilities Lease liabilities are recognized at the present value of future lease payments, according to the lease agreement, at the commencement date. The lease liability is measured at amortized cost using the effective interest rate method. Lease payments are allocated between principal and finance cost. EXTENSION AND TERMINATION OPTIONS Most Norwegian and Finnish lease contracts contain renewal options. In Sweden, the fitness club leasing contracts are automatically renewed if not explicitly agreed otherwise. Danish legislation will under normal circumstances grant the lessor a unilateral right to extend the lease term. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of club premises, the following factors are normally the most relevant: \\ If there are significant penalty payments to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate). \\ If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate). \\ Otherwise, the Group considers other factors including historical lease durations, club profitability and the costs and business disruption required to replace the leased asset. Most extension options in premises leases have not been included in the lease liability because the Group could replace the assets without significant cost or business disruption. Incremental borrowing rate The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the lessee\u2019s incremental borrowing rate is used, which is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of- use asset in a similar economic environment with similar terms, security and conditions. The Group\u2019s long-term borrowing interest rate is the applicable IBOR plus a margin dependent on the leverage ratio of the Group. If SATS Group were to acquire the right-of-use assets on similar terms and in a similar economic environment, management expects that the borrowing terms would be comparable to the terms from the current financing agreement with the Group\u2019s lenders, adjusted for certain items specific to the lease, such as term, country, currency, security, etc. Critical judgements in determining the lease term In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options, or periods after termination options, are only included in the lease term if the lease is reasonably certain to be extended or not terminated. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not to exercise). The assessment of reasonable certainty is only revised if a significant event or a significant change in the circumstances occurs that affects this assessment and is within the control of the lessee. Extension options are at the latest reassessed the quarter before the date of the termination option, which in practical terms means that the lease option is added to the lease liability when a quarter of the agreement remains if the agreement is not to be terminated.
COMMITMENTS IN RELATION TO LEASES ARE PAYABLE AS FOLLOWS:
Amounts in NOK million at December 31
2025
2024
Less than 1 year
1,217
1,182
1\u20132 years
1,119
1,074
2\u20133 years
966
956
3\u20134 years
816
785
4\u20135 years
641
639
More than 5 years
1,248
1,229
Minimum lease payments
6,007
5,866
Future finance charges
-830
-816
Recognized as a liability
5,177
5,050
THE PRESENT VALUE OF LEASE LIABILITIES ARE AS FOLLOWS:
Amounts in NOK million at December 31
2025
2024
Less than 1 year
987
959
1\u20132 years
945
894
2\u20133 years
837
822
3\u20134 years
724
688
4\u20135 years
578
572
More than 5 years
1,106
1,115
Present value of lease payments
5,177
5,050
CASH FLOWS FROM LEASE AGREEMENTS
Amounts in NOK million
2025
2024
Property lease agreements
1,248
1,220
Short-term lease agreements and leases of assets of low value
14
16
Total cash flows from lease agreements
1,262
1,236
AMOUNTS RECOGNIZED IN PROFIT AND LOSS
Amounts in NOK million
2025
2024
Depreciation expense on right-of-use assets
-998
-985
Interest expense on lease liabilities
-251
-246
Expense relating to short-term leases and leases of low value
-18
-19
LEASE LIABILITY
Amounts in NOK million
At December 31, 2023
4,938
Year ended December 31, 2024
Effect of changes in foreign exchange
84
Additions new lease
113
Effects from exercise of extension options
746
Modification of contractual lease terms
-2
Amortizations
-1,213
Interest expense on lease liabilites
246
Disposals sold clubs
-2
CPI index adjustments
140
Closing Net book value December 31, 2024
5,050
At December 31, 2024
5,050
Year ended December 31, 2025
Effect of changes in foreign exchange
127
Additions new lease
108
Effects from exercise of extension options
755
Modification of contractual lease terms
5
Amortizations
-1,241
Interest expense on lease liabilites
251
Disposals sold clubs
-15
CPI index adjustments
137
Closing Net book value December 31, 2025
5,177
Options to extend but not yet started amounts to NOK 209 million as at the balance sheet date (NOK 314 million as at December 31, 2024) and are included in the total lease liability of NOK 5,177 million (NOK 5,050 million as at December 31, 2024).
LEASE TERMS \u2013 SENSITIVITY ANALYSIS
Amounts in NOK million at December 31
2025
2024
Options to extend, not yet committed to
2,396
1,838
Leases not yet commenced, to which the lessee is committed
142
41
Options to extend, not yet committed to is the present value of extension options that are not included in Lease liabilites as at the balance sheet date. Leases not yet commenced, to which the lessee is commited is the present value of lease liabilities for clubs not yet opened as at the balance sheet date. NOK 142 million relates to two clubs in Norway and one in Finland. Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, adjusted for lease payments made at or before the commencement date, any lease incentives received, initial direct costs, and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. In addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. In 2025, there were no indications of impairment; hence, no impairment test has been undertaken for right-of- use assets, and no impairment charge to right-of-use assets was recognized as at the reporting date.
RIGHT-OF-USE ASSETS
Amounts in NOK million at December 31
Premise rental
Premise rental
Total RoU assets
At January 1, 2024
Cost
12,212
97
12,309
Accumulated depreciation
-7,649
-90
-7,739
Net book value
4,563
7
4,570
Year ended December 31, 2024
At January 1, 2024
4,563
7
4,570
Additions/disposals
989
4
993
Effect of changes in foreign exchange cost
164
3
167
Depreciation charge
-981
-4
-985
Effect of changes in foreign exchange accumulated
-85
-3
-88
depreciation
Closing Net book value
4,650
8
4,657
At December 31, 2024
Cost
13,272
99
13,371
Accumulated depreciation
-8,622
-91
-8,714
Net book value
4,650
8
4,657
Year ended December 31, 2025
At January 1, 2025
4,650
8
4,657
Additions/disposals
989
4
992
Effect of changes in foreign exchange cost
251
1
252
Depreciation charge
-994
-4
-998
Effect of changes in foreign exchange accumulated
-134
-1
-134
depreciation
Closing Net book value
4,762
7
4,769
At December 31, 2025
Cost
14,445
100
14,546
Accumulated depreciation
-9,683
-93
-9,776
Net book value
4,762
7
4,769
Useful life
1\u201315 years
1\u20135 years
Depreciation method
Straight-line
Straight-line
NOTE 11 Property, plant and equipment Property, plant and equipment All property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. The estimated useful lives of property, plant and equipment are reviewed on an annual basis. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are expensed as incurred. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable value. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized in profit or loss. Significant estimates on depreciation of property, plant and equipment The Group\u2019s assessment of the useful life of property, plant and equipment is determined by the expected useful economic life of the assets, and is based on management\u2019s judgement and previous experience. Due to the significant historic investments in leasehold improvements and other fitness equipment, any deviation between actual and estimated useful lives could have a material effect on the consolidated financial statement. Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other events impacts our assessment. SATS has not identified material assets expected to have a significantly shorter life due to climate-related risks. For more information about climate risks in SATS, please see the section on Climate change in this report.
PROPERTY, PLANT AND EQUIPMENT
Other
equipment,
Leasehold Fitness fixtures and Total fixed
Amounts in NOK million
improvements
1
equipment fittings assets
At January 1, 2024
Cost
1,502
1,013
509
3,024
Accumulated depreciation and impairment
-1,091
-773
-455
-2,319
Net book value
411
240
54
705
Year ended December 31, 2024
Opening net book value
411
240
54
705
Effect of changes in foreign exchange cost
29
17
8
54
Effect of changes in foreign exchange
-22
-13
-7
-41
accumulated depreciation
Additions
116
81
27
224
Disposals cost
-316
-27
-73
-416
Disposals accumulated depreciation
314
27
73
413
Depreciation charge
-85
-36
-26
-146
Closing Net book value
447
289
56
792
PROPERTY, PLANT AND EQUIPMENT
Other
equipment,
Leasehold Fitness fixtures and Total fixed
Amounts in NOK million
improvements
1
equipment fittings assets
At December 31, 2024
Cost
1,331
1,085
470
2,886
Accumulated depreciation and impairment
-885
-796
-414
-2,094
Net book value
447
289
56
792
Year ended December 31, 2025
Opening net book value
447
289
56
792
Effect of changes in foreign exchange cost
30
22
7
60
Effect of changes in foreign exchange
-19
-14
-6
-40
accumulated depreciation
Additions
130
119
19
267
Disposals cost
-63
-114
-149
-326
Disposals accumulated depreciation
63
114
149
325
Depreciation charge
-91
-47
-24
-162
Closing Net book value
497
368
51
916
At December 31, 2025
Cost
1,429
1,112
347
2,887
Accumulated depreciation and impairment
-932
-743
-295
-1,971
Net book value
497
368
51
916
Useful life
10 years
1
7\u201312 years
3\u20137 years
Depreciation method
Straight-line
Straight-line
Straight-line
1. Leasehold improvements relate to refurbishments of leased premises. These lease contracts have a contract period of ten years or beyond. The depreciation period is estimated to correspond with the expected economic useful life of the improvement. Expected useful life is adjusted if the contract period is altered before initial expiration date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "NOTE 9 Intangible assets Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in-use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom for most CGUs. Software Development costs that are related to the development of IT systems are recognized as intangible assets when the criteria set out in IAS 38 Intangible Assets are met, including technical feasibility, the intention and ability to complete the asset, the availability of adequate resources, the probability of future economic benefits, and the ability to reliably measure the expenditure attributable to the asset. Costs associated with maintaining software programs are recognized as an expense as incurred. Directly attributable costs that are capitalized as part of the software include employee costs and costs for external consultants and service providers directly involved in the development of the software. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage: three years. Amortization is presented in the line Depreciation and amortization.
GOODWILL
Total
Amounts in NOK million
Norway
Sweden
Finland
Denmark
goodwill
At January 1, 2024
Cost
1,868
223
652
0
2,744
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
223
642
0
2,535
Year ended December 31, 2024
Opening net book value
1,669
223
642
0
2,535
Effect of changes in foreign exchange cost
0
4
32
0
35
Closing Net book value
1,669
227
674
0
2,570
At December 31, 2024
Cost
1,868
227
684
0
2,779
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
227
674
0
2,570
Year ended December 31, 2025
Opening net book value
1,669
227
674
0
2,570
Effect of changes in foreign exchange cost
0
14
3
0
17
Closing Net book value
1,669
241
677
0
2,587
At December 31, 2025
Cost
1,868
241
687
0
2,796
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
241
677
0
2,587
Useful life
Indefinite
Indefinite
Indefinite
Indefinite
Amortization method Not Not Not Not
amortized amortized amortized amortized
OTHER INTANGIBLE ASSETS
Internally Total other
Customer developed intangible
Amounts in NOK million
relations
Trademark
software
1
assets
At January 1, 2024
Cost
72
267
519
856
Accumulated amortization and impairment
-56
-266
-442
-764
Net book value
15
1
77
93
Year ended December 31, 2024
Opening net book value
15
1
77
93
Effect of changes in foreign exchange cost
2
0
9
11
Effect of changes in foreign exchange
-2
0
-8
-9
accumulated depreciation
Additions
0
0
63
63
Amortization charge
-9
0
-58
-67
Closing Net book value
7
1
83
91
At December 31, 2024
Cost
74
267
590
931
Accumulated amortization and impairment
-67
-266
-507
-840
Net book value
7
1
83
91
Year ended December 31, 2025
Opening net book value
7
1
83
91
Effect of changes in foreign exchange cost
1
0
38
39
Effect of changes in foreign exchange
-1
0
-34
-34
accumulated depreciation
Additions
0
0
42
42
Amortization charge
-7
0
-50
-57
Closing Net book value
0
1
79
80
At December 31, 2025
Cost
0
267
669
936
Accumulated amortization and impairment
0
-266
-590
-856
Net book value
0
1
79
80
Useful life
3\u20137 years
10 years
3 years
Amortization method
Straight-line
Straight-line
Straight-line
1. Software consists of capitalized development expenditure and is an internally generated intangible asset.
Impairment of assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested
annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired.
Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of
disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or
groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are
reviewed for possible reversal of the impairment at the end of each reporting period.
Significant estimates on impairment of intangible assets
Recognized goodwill and internally developed software are material to the 2025 financial statements as a whole, and
users of the Group\u2019s financial statements should note the inherent uncertainty pertaining to the valuation of intangible
assets. The acquisition method was used to account for the historic business combinations' results in the goodwill
amount. Internally developed software has been recognized at historic cost, has a finite useful life, and is subsequently
carried at cost less accumulated amortization and impairment losses.
GOODWILL
Goodwill is recognized at NOK 2,587 million as at the balance sheet date. The Group tests on an annual basis whether
goodwill has suffered any impairment. For the 2025 and 2024 reporting periods, the recoverable amount of the
cash-generating units (CGUs) was determined based on value-in-use calculations, which require the use of several
assumptions. The calculations use cash flow projections for Norway, Sweden, Finland and Denmark based on financial
budgets and prognoses approved by management covering a five-year period. Cash flows beyond these periods are
extrapolated using the estimated growth rates. These growth rates are consistent with forecasts included in economic
outlook reports specific to the area in which each CGU operates.
INTERNALLY DEVELOPED SOFTWARE
Internally developed software is recognized at NOK 79 million per the balance sheet date. The Group estimates the
useful life of internally developed software to be three years based on the expected useful economic life of the assets.
However, the actual useful life may be shorter or longer than three years, depending on software innovations, technical
obsolescence of existing solutions and competitor actions.
Impairment test: Key assumptions used for value-in-use calculation
The fitness clubs in Norway, Sweden, Finland and Denmark (the segments) are considered to be the four cash-
generating units (CGU) against which goodwill and trademark are tested. The members can move freely between the
fitness clubs within each country. Allowing members to exercise where they live, work, etc., is an important part of
the Group\u2019s customer offering. The Nordic Management Group also monitors the Group\u2019s performance at segment
level. Norway, Sweden, Finland and Denmark are therefore deemed the smallest groups of assets that independently
generate cash flow and whose cash flow is largely independent of the cash flows generated by other assets. The
recoverable amount from the CGU is calculated by taking the historical cash flows for CGUs, taking into account
expectations for moderate growth in the Norwegian, Swedish, Finnish and Danish markets.
In connection with the impairment testing of goodwill, a sensitivity analysis has been carried out. The sensitivity
analysis tested changes in WACC and growth rates. All relevant CGUs have satisfactory headroom. The estimates
used to determine future cash flows and WACC when calculating value in use are subject to uncertainty. The
assumptions are described below.
Market 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. Fitness clubs, particularly full-service operators, are pivotal to the health and wellness
landscape and have the potential to expand into related areas. The Nordic region stands out as the most advanced
market in Europe regarding membership penetration. Although the markets exhibit fragmentation in terms of value,
clubs, and membership numbers, there remains substantial potential for consolidation. Nordic markets demonstrate a
\u201cpenetration premium\u201d compared to the rest of Europe and are expected to maintain this advantage. Membership fees
in Nordic fitness clubs are the most affordable in Europe, particularly when considered against overall leisure spending
and similar offerings.
SATS sees several avenues for growth going forward, and we continue to follow the strategy set several years ago.
We will keep growing the club portfolio, filling out our existing clusters and potentially also entering new attractive
clusters. We also see the opportunity of improving the average revenue per member by offering adjacent products and
services, continued development of our personal training and retail offering, and pricing optimization. We continue
to improve the scale and platform advantages as the operating leverage drives a high drop-through of incremental
revenue. In addition, we will focus on club and overhead cost discipline.
Budget assumptions
When impairment testing tangible and intangible fixed assets, management has used a five-year discounted cash
flow to assess the value in use. Estimated future EBITDA (operating profit before depreciation, amortization, and
impairment) is based on budgets for 2026 and business plans (2026\u20132027) approved by the Board, excluding
new clubs not yet opened. Estimated future cash flow is based on budgets and business plans approved by the
Board, based on management's best estimate and reflecting the Group\u2019s business planning process, and include an
assessment of the long-term market trends and the respective CGU\u2019s projected market share for each year within the
planning horizon. The calculation takes into account expected future changes in market prices, purchase prices and
salary increases. Impairment tests assume continuing operation of the CGUs and are calculated based on a value-in-
use method. The calculations use cash flow projections covering a five-year period.
GROWTH RATES
Growth rates for revenue after the business plan period (2026\u20132027) vary somewhat per country and reflect
considerations related to the following affecting volume:
\\
current trend in underlying KPIs affecting trend (e.g.,visits per member, GX-share)
\\
share of maturing clubs with ample room to grow
\\
overall free capacity in club portfolio
For 2026 inflation is expected to come down compared to the higher levels we have seen the past few years, and the
business plan reflects local CPI levels (as observed per October 2025), both for revenue and cost. For 2028\u20132030 the
impairment model assumes that inflation returns to historical levels and growth in prices and cost have been set at the
same level (2.5\u20133 percent). Risk and uncertainty related to the expected level of inflation are balanced out as prices
are expected to increase in line with cost. Given the scalability of the business, this assumption should be considered
conservative. Cash flows beyond the five year period are based on an expected growth rate of 2 percent for an
indefinite period.
WACC
Future cash flows are discounted to present value using a discount rate based on a calculation of a weighted average
cost of capital (WACC). The after-tax discount rates are assumed to reflect specific risks relating to the relevant
segments in which they operate. The rates have been adjusted for different interest levels relevant for the segments,
but no other country specific risk adjustment has been done as the Nordic region is assumed to be subject to a
similar macroeconomic risk profile. This is based on a risk-free rate, plus a risk premium. The market risk premium is
assumed to be 4.3 percent in Norway, Sweden and Denmark and 4.9 percent in Finland. The risk-free interest rate is
based on the 10-year government bond interest, 4.1 percent in Norway, 2.8 percent in Sweden, 3.2 percent in Finland,
and 2.7 percent in Denmark. Management has not included any premium for project risk, currency risk or country risk
for the Group\u2019s operations.The beta is based on observations of similar listed companies. The allocation between debt
and equity corresponds to SATS\u2019 normalized capital structure as of December 2025.
Sensitivity
In connection with the impairment testing of goodwill, a sensitivity analysis has been carried out. The sensitivity
analysis has tested changes in WACC and growth rates. Sensitivity analyses show that no reasonable change in any of
the key assumptions would cause the recoverable amount to be lower than the carrying amount.
WACC
2025
2024
Norway
7.2%
6.5%
Sweden
5.9%
6.5%
Finland
6.6%
6.9%
Denmark
5.8%
6.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "
Goodwill
Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for
impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and
carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying
amount of goodwill relating to the entity sold.
The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount
is value in use, based on discounted cash flow analysis (DCF). Based on the value-in-use calculation, the estimated
recoverable amount exceeds the carrying amount with significant headroom for most CGUs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in-use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom for most CGUs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in-use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom for most CGUs. Software Development costs that are related to the development of IT systems are recognized as intangible assets when the criteria set out in IAS 38 Intangible Assets are met, including technical feasibility, the intention and ability to complete the asset, the availability of adequate resources, the probability of future economic benefits, and the ability to reliably measure the expenditure attributable to the asset. Costs associated with maintaining software programs are recognized as an expense as incurred. Directly attributable costs that are capitalized as part of the software include employee costs and costs for external consultants and service providers directly involved in the development of the software. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage: three years. Amortization is presented in the line Depreciation and amortization. Key accounting principles Leases are recognized as a lease liability with a corresponding right-of-use asset at the date at which the leased asset is available for use by the Group. Lease contracts with a lease term of less than twelve months and lease contracts for which the underlying asset has a low value are not capitalized since the payments are recognized in the income statement on a straight-line basis over the lease contract period. In the statemet of profit or loss, the depreciation and impairment expenses related to the right-of-use asset are presented as part of the total depreciation and impairment expenses. The interest expenses related to the lease liabilities are presented as part of the interest expense. The Group has elected to separate lease and non-lease components included in lease payments for property leases. Lease liabilities Lease liabilities are recognized at the present value of future lease payments, according to the lease agreement, at the commencement date. The lease liability is measured at amortized cost using the effective interest rate method. Lease payments are allocated between principal and finance cost. EXTENSION AND TERMINATION OPTIONS Most Norwegian and Finnish lease contracts contain renewal options. In Sweden, the fitness club leasing contracts are automatically renewed if not explicitly agreed otherwise. Danish legislation will under normal circumstances grant the lessor a unilateral right to extend the lease term. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of club premises, the following factors are normally the most relevant: \\ If there are significant penalty payments to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate). \\ If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate). \\ Otherwise, the Group considers other factors including historical lease durations, club profitability and the costs and business disruption required to replace the leased asset. Most extension options in premises leases have not been included in the lease liability because the Group could replace the assets without significant cost or business disruption. Incremental borrowing rate The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the lessee\u2019s incremental borrowing rate is used, which is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of- use asset in a similar economic environment with similar terms, security and conditions. The Group\u2019s long-term borrowing interest rate is the applicable IBOR plus a margin dependent on the leverage ratio of the Group. If SATS Group were to acquire the right-of-use assets on similar terms and in a similar economic environment, management expects that the borrowing terms would be comparable to the terms from the current financing agreement with the Group\u2019s lenders, adjusted for certain items specific to the lease, such as term, country, currency, security, etc. Property, plant and equipment All property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. The estimated useful lives of property, plant and equipment are reviewed on an annual basis. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are expensed as incurred. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable value. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized in profit or loss. Significant estimates on depreciation of property, plant and equipment The Group\u2019s assessment of the useful life of property, plant and equipment is determined by the expected useful economic life of the assets, and is based on management\u2019s judgement and previous experience. Due to the significant historic investments in leasehold improvements and other fitness equipment, any deviation between actual and estimated useful lives could have a material effect on the consolidated financial statement. Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other events impacts our assessment. SATS has not identified material assets expected to have a significantly shorter life due to climate-related risks. For more information about climate risks in SATS, please see the section on Climate change in this report. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in-use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom for most CGUs. Software Development costs that are related to the development of IT systems are recognized as intangible assets when the criteria set out in IAS 38 Intangible Assets are met, including technical feasibility, the intention and ability to complete the asset, the availability of adequate resources, the probability of future economic benefits, and the ability to reliably measure the expenditure attributable to the asset. Costs associated with maintaining software programs are recognized as an expense as incurred. Directly attributable costs that are capitalized as part of the software include employee costs and costs for external consultants and service providers directly involved in the development of the software. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage: three years. Amortization is presented in the line Depreciation and amortization. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
Software
Development costs that are related to the development of IT systems are recognized as intangible assets when the
criteria set out in IAS 38 Intangible Assets are met, including technical feasibility, the intention and ability to complete
the asset, the availability of adequate resources, the probability of future economic benefits, and the ability to
reliably measure the expenditure attributable to the asset. Costs associated with maintaining software programs are
recognized as an expense as incurred.
Directly attributable costs that are capitalized as part of the software include employee costs and costs for external
consultants and service providers directly involved in the development of the software.
Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is
ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage:
three years. Amortization is presented in the line Depreciation and amortization.
GOODWILL
Total
Amounts in NOK million
Norway
Sweden
Finland
Denmark
goodwill
At January 1, 2024
Cost
1,868
223
652
0
2,744
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
223
642
0
2,535
Year ended December 31, 2024
Opening net book value
1,669
223
642
0
2,535
Effect of changes in foreign exchange cost
0
4
32
0
35
Closing Net book value
1,669
227
674
0
2,570
At December 31, 2024
Cost
1,868
227
684
0
2,779
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
227
674
0
2,570
Year ended December 31, 2025
Opening net book value
1,669
227
674
0
2,570
Effect of changes in foreign exchange cost
0
14
3
0
17
Closing Net book value
1,669
241
677
0
2,587
At December 31, 2025
Cost
1,868
241
687
0
2,796
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
241
677
0
2,587
Useful life
Indefinite
Indefinite
Indefinite
Indefinite
Amortization method Not Not Not Not
amortized amortized amortized amortized
OTHER INTANGIBLE ASSETS
Internally Total other
Customer developed intangible
Amounts in NOK million
relations
Trademark
software
1
assets
At January 1, 2024
Cost
72
267
519
856
Accumulated amortization and impairment
-56
-266
-442
-764
Net book value
15
1
77
93
Year ended December 31, 2024
Opening net book value
15
1
77
93
Effect of changes in foreign exchange cost
2
0
9
11
Effect of changes in foreign exchange
-2
0
-8
-9
accumulated depreciation
Additions
0
0
63
63
Amortization charge
-9
0
-58
-67
Closing Net book value
7
1
83
91
At December 31, 2024
Cost
74
267
590
931
Accumulated amortization and impairment
-67
-266
-507
-840
Net book value
7
1
83
91
Year ended December 31, 2025
Opening net book value
7
1
83
91
Effect of changes in foreign exchange cost
1
0
38
39
Effect of changes in foreign exchange
-1
0
-34
-34
accumulated depreciation
Additions
0
0
42
42
Amortization charge
-7
0
-50
-57
Closing Net book value
0
1
79
80
At December 31, 2025
Cost
0
267
669
936
Accumulated amortization and impairment
0
-266
-590
-856
Net book value
0
1
79
80
Useful life
3\u20137 years
10 years
3 years
Amortization method
Straight-line
Straight-line
Straight-line
1. Software consists of capitalized development expenditure and is an internally generated intangible asset. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Significant estimates on impairment of intangible assets Recognized goodwill and internally developed software are material to the 2025 financial statements as a whole, and users of the Group\u2019s financial statements should note the inherent uncertainty pertaining to the valuation of intangible assets. The acquisition method was used to account for the historic business combinations' results in the goodwill amount. Internally developed software has been recognized at historic cost, has a finite useful life, and is subsequently carried at cost less accumulated amortization and impairment losses. GOODWILL Goodwill is recognized at NOK 2,587 million as at the balance sheet date. The Group tests on an annual basis whether goodwill has suffered any impairment. For the 2025 and 2024 reporting periods, the recoverable amount of the cash-generating units (CGUs) was determined based on value-in-use calculations, which require the use of several assumptions. The calculations use cash flow projections for Norway, Sweden, Finland and Denmark based on financial budgets and prognoses approved by management covering a five-year period. Cash flows beyond these periods are extrapolated using the estimated growth rates. These growth rates are consistent with forecasts included in economic outlook reports specific to the area in which each CGU operates. INTERNALLY DEVELOPED SOFTWARE Internally developed software is recognized at NOK 79 million per the balance sheet date. The Group estimates the useful life of internally developed software to be three years based on the expected useful economic life of the assets. However, the actual useful life may be shorter or longer than three years, depending on software innovations, technical obsolescence of existing solutions and competitor actions. Impairment test: Key assumptions used for value-in-use calculation The fitness clubs in Norway, Sweden, Finland and Denmark (the segments) are considered to be the four cash- generating units (CGU) against which goodwill and trademark are tested. The members can move freely between the fitness clubs within each country. Allowing members to exercise where they live, work, etc., is an important part of the Group\u2019s customer offering. The Nordic Management Group also monitors the Group\u2019s performance at segment level. Norway, Sweden, Finland and Denmark are therefore deemed the smallest groups of assets that independently generate cash flow and whose cash flow is largely independent of the cash flows generated by other assets. The recoverable amount from the CGU is calculated by taking the historical cash flows for CGUs, taking into account expectations for moderate growth in the Norwegian, Swedish, Finnish and Danish markets. In connection with the impairment testing of goodwill, a sensitivity analysis has been carried out. The sensitivity analysis tested changes in WACC and growth rates. All relevant CGUs have satisfactory headroom. The estimates used to determine future cash flows and WACC when calculating value in use are subject to uncertainty. The assumptions are described below. Market 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. Fitness clubs, particularly full-service operators, are pivotal to the health and wellness landscape and have the potential to expand into related areas. The Nordic region stands out as the most advanced market in Europe regarding membership penetration. Although the markets exhibit fragmentation in terms of value, clubs, and membership numbers, there remains substantial potential for consolidation. Nordic markets demonstrate a \u201cpenetration premium\u201d compared to the rest of Europe and are expected to maintain this advantage. Membership fees in Nordic fitness clubs are the most affordable in Europe, particularly when considered against overall leisure spending and similar offerings. SATS sees several avenues for growth going forward, and we continue to follow the strategy set several years ago. We will keep growing the club portfolio, filling out our existing clusters and potentially also entering new attractive clusters. We also see the opportunity of improving the average revenue per member by offering adjacent products and services, continued development of our personal training and retail offering, and pricing optimization. We continue to improve the scale and platform advantages as the operating leverage drives a high drop-through of incremental revenue. In addition, we will focus on club and overhead cost discipline. Budget assumptions When impairment testing tangible and intangible fixed assets, management has used a five-year discounted cash flow to assess the value in use. Estimated future EBITDA (operating profit before depreciation, amortization, and impairment) is based on budgets for 2026 and business plans (2026\u20132027) approved by the Board, excluding new clubs not yet opened. Estimated future cash flow is based on budgets and business plans approved by the Board, based on management's best estimate and reflecting the Group\u2019s business planning process, and include an assessment of the long-term market trends and the respective CGU\u2019s projected market share for each year within the planning horizon. The calculation takes into account expected future changes in market prices, purchase prices and salary increases. Impairment tests assume continuing operation of the CGUs and are calculated based on a value-in- use method. The calculations use cash flow projections covering a five-year period. GROWTH RATES Growth rates for revenue after the business plan period (2026\u20132027) vary somewhat per country and reflect considerations related to the following affecting volume: \\ current trend in underlying KPIs affecting trend (e.g.,visits per member, GX-share) \\ share of maturing clubs with ample room to grow \\ overall free capacity in club portfolio For 2026 inflation is expected to come down compared to the higher levels we have seen the past few years, and the business plan reflects local CPI levels (as observed per October 2025), both for revenue and cost. For 2028\u20132030 the impairment model assumes that inflation returns to historical levels and growth in prices and cost have been set at the same level (2.5\u20133 percent). Risk and uncertainty related to the expected level of inflation are balanced out as prices are expected to increase in line with cost. Given the scalability of the business, this assumption should be considered conservative. Cash flows beyond the five year period are based on an expected growth rate of 2 percent for an indefinite period. WACC Future cash flows are discounted to present value using a discount rate based on a calculation of a weighted average cost of capital (WACC). The after-tax discount rates are assumed to reflect specific risks relating to the relevant segments in which they operate. The rates have been adjusted for different interest levels relevant for the segments, but no other country specific risk adjustment has been done as the Nordic region is assumed to be subject to a similar macroeconomic risk profile. This is based on a risk-free rate, plus a risk premium. The market risk premium is assumed to be 4.3 percent in Norway, Sweden and Denmark and 4.9 percent in Finland. The risk-free interest rate is based on the 10-year government bond interest, 4.1 percent in Norway, 2.8 percent in Sweden, 3.2 percent in Finland, and 2.7 percent in Denmark. Management has not included any premium for project risk, currency risk or country risk for the Group\u2019s operations.The beta is based on observations of similar listed companies. The allocation between debt and equity corresponds to SATS\u2019 normalized capital structure as of December 2025. Sensitivity In connection with the impairment testing of goodwill, a sensitivity analysis has been carried out. The sensitivity analysis has tested changes in WACC and growth rates. Sensitivity analyses show that no reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying amount.
WACC
2025
2024
Norway
7.2%
6.5%
Sweden
5.9%
6.5%
Finland
6.6%
6.9%
Denmark
5.8%
6.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "Software Development costs that are related to the development of IT systems are recognized as intangible assets when the criteria set out in IAS 38 Intangible Assets are met, including technical feasibility, the intention and ability to complete the asset, the availability of adequate resources, the probability of future economic benefits, and the ability to reliably measure the expenditure attributable to the asset. Costs associated with maintaining software programs are recognized as an expense as incurred. Directly attributable costs that are capitalized as part of the software include employee costs and costs for external consultants and service providers directly involved in the development of the software. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage: three years. Amortization is presented in the line Depreciation and amortization.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "Software Development costs that are related to the development of IT systems are recognized as intangible assets when the criteria set out in IAS 38 Intangible Assets are met, including technical feasibility, the intention and ability to complete the asset, the availability of adequate resources, the probability of future economic benefits, and the ability to reliably measure the expenditure attributable to the asset. Costs associated with maintaining software programs are recognized as an expense as incurred. Directly attributable costs that are capitalized as part of the software include employee costs and costs for external consultants and service providers directly involved in the development of the software. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage: three years. Amortization is presented in the line Depreciation and amortization.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "Software Development costs that are related to the development of IT systems are recognized as intangible assets when the criteria set out in IAS 38 Intangible Assets are met, including technical feasibility, the intention and ability to complete the asset, the availability of adequate resources, the probability of future economic benefits, and the ability to reliably measure the expenditure attributable to the asset. Costs associated with maintaining software programs are recognized as an expense as incurred. Directly attributable costs that are capitalized as part of the software include employee costs and costs for external consultants and service providers directly involved in the development of the software. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage: three years. Amortization is presented in the line Depreciation and amortization. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
IMPAIRMENT OF FINANCIAL ASSETS
The Group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried
at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in
credit risk.
While cash and cash equivalents also are subject to the impairment requirements, the expected credit losses are
immaterial. For accounts receivables and contract assets, the Group applies the simplified approach to measuring
expected credit losses, which uses a lifetime expected impairment provision for all accounts receivables and contract
assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "
NOTE 10
Leases
The Group\u2019s leasing activities
The Group leases fitness club premises, office buildings, equipment and vehicles. Rental contracts are typically signed
for fixed periods of six months to fifteen years but may have extension options as described below.
Several of the lease agreements for the fitness clubs include leasehold improvement provided by the lessor as a lease
incentive. The assets obtained by the Group are recognized as furniture and fittings at fair value and depreciated over
the shorter of their useful life or the lease term.
Rent is annually adjusted for all premises\u2019 lease contracts in accordance with the relevant CPI index.
Key accounting principles
Leases are recognized as a lease liability with a corresponding right-of-use asset at the date at which the leased asset
is available for use by the Group. Lease contracts with a lease term of less than twelve months and lease contracts
for which the underlying asset has a low value are not capitalized since the payments are recognized in the income
statement on a straight-line basis over the lease contract period.
In the statemet of profit or loss, the depreciation and impairment expenses related to the right-of-use asset are
presented as part of the total depreciation and impairment expenses. The interest expenses related to the lease
liabilities are presented as part of the interest expense.
The Group has elected to separate lease and non-lease components included in lease payments for property leases.
Lease liabilities
Lease liabilities are recognized at the present value of future lease payments, according to the lease agreement, at the
commencement date. The lease liability is measured at amortized cost using the effective interest rate method. Lease
payments are allocated between principal and finance cost.
EXTENSION AND TERMINATION OPTIONS
Most Norwegian and Finnish lease contracts contain renewal options. In Sweden, the fitness club leasing contracts
are automatically renewed if not explicitly agreed otherwise. Danish legislation will under normal circumstances grant
the lessor a unilateral right to extend the lease term.
In determining the lease term, management considers all facts and circumstances that create an economic incentive
to exercise an extension option or not exercise a termination option. Extension options are only included in the lease
term if the lease is reasonably certain to be extended (or not terminated). For leases of club premises, the following
factors are normally the most relevant:
\\
If there are significant penalty payments to terminate (or not extend), the Group is typically reasonably certain to
extend (or not terminate).
\\
If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably
certain to extend (or not terminate).
\\
Otherwise, the Group considers other factors including historical lease durations, club profitability and the costs
and business disruption required to replace the leased asset.
Most extension options in premises leases have not been included in the lease liability because the Group could
replace the assets without significant cost or business disruption.
Incremental borrowing rate
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case, the lessee\u2019s incremental borrowing rate is used, which is the rate that the
individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-
use asset in a similar economic environment with similar terms, security and conditions.
The Group\u2019s long-term borrowing interest rate is the applicable IBOR plus a margin dependent on the leverage ratio
of the Group. If SATS Group were to acquire the right-of-use assets on similar terms and in a similar economic
environment, management expects that the borrowing terms would be comparable to the terms from the current
financing agreement with the Group\u2019s lenders, adjusted for certain items specific to the lease, such as term, country,
currency, security, etc.
Critical judgements in determining the lease term
In determining the lease term, management considers all facts and circumstances that create an economic incentive
to exercise an extension option or not exercise a termination option. Extension options, or periods after termination
options, are only included in the lease term if the lease is reasonably certain to be extended or not terminated.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged
to exercise (or not to exercise). The assessment of reasonable certainty is only revised if a significant event or a
significant change in the circumstances occurs that affects this assessment and is within the control of the lessee.
Extension options are at the latest reassessed the quarter before the date of the termination option, which in practical
terms means that the lease option is added to the lease liability when a quarter of the agreement remains if the
agreement is not to be terminated.
COMMITMENTS IN RELATION TO LEASES ARE PAYABLE AS FOLLOWS:
Amounts in NOK million at December 31
2025
2024
Less than 1 year
1,217
1,182
1\u20132 years
1,119
1,074
2\u20133 years
966
956
3\u20134 years
816
785
4\u20135 years
641
639
More than 5 years
1,248
1,229
Minimum lease payments
6,007
5,866
Future finance charges
-830
-816
Recognized as a liability
5,177
5,050
THE PRESENT VALUE OF LEASE LIABILITIES ARE AS FOLLOWS:
Amounts in NOK million at December 31
2025
2024
Less than 1 year
987
959
1\u20132 years
945
894
2\u20133 years
837
822
3\u20134 years
724
688
4\u20135 years
578
572
More than 5 years
1,106
1,115
Present value of lease payments
5,177
5,050
CASH FLOWS FROM LEASE AGREEMENTS
Amounts in NOK million
2025
2024
Property lease agreements
1,248
1,220
Short-term lease agreements and leases of assets of low value
14
16
Total cash flows from lease agreements
1,262
1,236
AMOUNTS RECOGNIZED IN PROFIT AND LOSS
Amounts in NOK million
2025
2024
Depreciation expense on right-of-use assets
-998
-985
Interest expense on lease liabilities
-251
-246
Expense relating to short-term leases and leases of low value
-18
-19
LEASE LIABILITY
Amounts in NOK million
At December 31, 2023
4,938
Year ended December 31, 2024
Effect of changes in foreign exchange
84
Additions new lease
113
Effects from exercise of extension options
746
Modification of contractual lease terms
-2
Amortizations
-1,213
Interest expense on lease liabilites
246
Disposals sold clubs
-2
CPI index adjustments
140
Closing Net book value December 31, 2024
5,050
At December 31, 2024
5,050
Year ended December 31, 2025
Effect of changes in foreign exchange
127
Additions new lease
108
Effects from exercise of extension options
755
Modification of contractual lease terms
5
Amortizations
-1,241
Interest expense on lease liabilites
251
Disposals sold clubs
-15
CPI index adjustments
137
Closing Net book value December 31, 2025
5,177
Options to extend but not yet started amounts to NOK 209 million as at the balance sheet date (NOK 314 million
as at December 31, 2024) and are included in the total lease liability of NOK 5,177 million (NOK 5,050 million as at
December 31, 2024).
LEASE TERMS \u2013 SENSITIVITY ANALYSIS
Amounts in NOK million at December 31
2025
2024
Options to extend, not yet committed to
2,396
1,838
Leases not yet commenced, to which the lessee is committed
142
41
Options to extend, not yet committed to is the present value of extension options that are not included in Lease
liabilites as at the balance sheet date. Leases not yet commenced, to which the lessee is commited is the present
value of lease liabilities for clubs not yet opened as at the balance sheet date. NOK 142 million relates to two clubs in
Norway and one in Finland.
Right-of-use assets
The Group recognizes a right-of-use asset at the lease commencement date. Right-of-use assets are measured at cost
comprising the amount of the initial measurement of lease liability, adjusted for lease payments made at or before the
commencement date, any lease incentives received, initial direct costs, and restoration costs. Right-of-use assets are
generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. In addition,
the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease
liability. In 2025, there were no indications of impairment; hence, no impairment test has been undertaken for right-of-
use assets, and no impairment charge to right-of-use assets was recognized as at the reporting date.
RIGHT-OF-USE ASSETS
Amounts in NOK million at December 31
Premise rental
Premise rental
Total RoU assets
At January 1, 2024
Cost
12,212
97
12,309
Accumulated depreciation
-7,649
-90
-7,739
Net book value
4,563
7
4,570
Year ended December 31, 2024
At January 1, 2024
4,563
7
4,570
Additions/disposals
989
4
993
Effect of changes in foreign exchange cost
164
3
167
Depreciation charge
-981
-4
-985
Effect of changes in foreign exchange accumulated
-85
-3
-88
depreciation
Closing Net book value
4,650
8
4,657
At December 31, 2024
Cost
13,272
99
13,371
Accumulated depreciation
-8,622
-91
-8,714
Net book value
4,650
8
4,657
Year ended December 31, 2025
At January 1, 2025
4,650
8
4,657
Additions/disposals
989
4
992
Effect of changes in foreign exchange cost
251
1
252
Depreciation charge
-994
-4
-998
Effect of changes in foreign exchange accumulated
-134
-1
-134
depreciation
Closing Net book value
4,762
7
4,769
At December 31, 2025
Cost
14,445
100
14,546
Accumulated depreciation
-9,683
-93
-9,776
Net book value
4,762
7
4,769
Useful life
1\u201315 years
1\u20135 years
Depreciation method
Straight-line
Straight-line
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "Key accounting principles Leases are recognized as a lease liability with a corresponding right-of-use asset at the date at which the leased asset is available for use by the Group. Lease contracts with a lease term of less than twelve months and lease contracts for which the underlying asset has a low value are not capitalized since the payments are recognized in the income statement on a straight-line basis over the lease contract period. In the statemet of profit or loss, the depreciation and impairment expenses related to the right-of-use asset are presented as part of the total depreciation and impairment expenses. The interest expenses related to the lease liabilities are presented as part of the interest expense. The Group has elected to separate lease and non-lease components included in lease payments for property leases. Lease liabilities Lease liabilities are recognized at the present value of future lease payments, according to the lease agreement, at the commencement date. The lease liability is measured at amortized cost using the effective interest rate method. Lease payments are allocated between principal and finance cost. EXTENSION AND TERMINATION OPTIONS Most Norwegian and Finnish lease contracts contain renewal options. In Sweden, the fitness club leasing contracts are automatically renewed if not explicitly agreed otherwise. Danish legislation will under normal circumstances grant the lessor a unilateral right to extend the lease term. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of club premises, the following factors are normally the most relevant: \\ If there are significant penalty payments to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate). \\ If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate). \\ Otherwise, the Group considers other factors including historical lease durations, club profitability and the costs and business disruption required to replace the leased asset. Most extension options in premises leases have not been included in the lease liability because the Group could replace the assets without significant cost or business disruption. Incremental borrowing rate The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the lessee\u2019s incremental borrowing rate is used, which is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of- use asset in a similar economic environment with similar terms, security and conditions. The Group\u2019s long-term borrowing interest rate is the applicable IBOR plus a margin dependent on the leverage ratio of the Group. If SATS Group were to acquire the right-of-use assets on similar terms and in a similar economic environment, management expects that the borrowing terms would be comparable to the terms from the current financing agreement with the Group\u2019s lenders, adjusted for certain items specific to the lease, such as term, country, currency, security, etc. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "Lease liabilities Lease liabilities are recognized at the present value of future lease payments, according to the lease agreement, at the commencement date. The lease liability is measured at amortized cost using the effective interest rate method. Lease payments are allocated between principal and finance cost. Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, adjusted for lease payments made at or before the commencement date, any lease incentives received, initial direct costs, and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. In addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. In 2025, there were no indications of impairment; hence, no impairment test has been undertaken for right-of- use assets, and no impairment charge to right-of-use assets was recognized as at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, adjusted for lease payments made at or before the commencement date, any lease incentives received, initial direct costs, and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. In addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. In 2025, there were no indications of impairment; hence, no impairment test has been undertaken for right-of- use assets, and no impairment charge to right-of-use assets was recognized as at the reporting date.
RIGHT-OF-USE ASSETS
Amounts in NOK million at December 31
Premise rental
Premise rental
Total RoU assets
At January 1, 2024
Cost
12,212
97
12,309
Accumulated depreciation
-7,649
-90
-7,739
Net book value
4,563
7
4,570
Year ended December 31, 2024
At January 1, 2024
4,563
7
4,570
Additions/disposals
989
4
993
Effect of changes in foreign exchange cost
164
3
167
Depreciation charge
-981
-4
-985
Effect of changes in foreign exchange accumulated
-85
-3
-88
depreciation
Closing Net book value
4,650
8
4,657
At December 31, 2024
Cost
13,272
99
13,371
Accumulated depreciation
-8,622
-91
-8,714
Net book value
4,650
8
4,657
Year ended December 31, 2025
At January 1, 2025
4,650
8
4,657
Additions/disposals
989
4
992
Effect of changes in foreign exchange cost
251
1
252
Depreciation charge
-994
-4
-998
Effect of changes in foreign exchange accumulated
-134
-1
-134
depreciation
Closing Net book value
4,762
7
4,769
At December 31, 2025
Cost
14,445
100
14,546
Accumulated depreciation
-9,683
-93
-9,776
Net book value
4,762
7
4,769
Useful life
1\u201315 years
1\u20135 years
Depreciation method
Straight-line
Straight-line
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, adjusted for lease payments made at or before the commencement date, any lease incentives received, initial direct costs, and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. In addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. In 2025, there were no indications of impairment; hence, no impairment test has been undertaken for right-of- use assets, and no impairment charge to right-of-use assets was recognized as at the reporting date. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are expensed as incurred. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable value. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, adjusted for lease payments made at or before the commencement date, any lease incentives received, initial direct costs, and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. In addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. In 2025, there were no indications of impairment; hence, no impairment test has been undertaken for right-of- use assets, and no impairment charge to right-of-use assets was recognized as at the reporting date. ", "dimensions": { "concept": "satsasa:DescriptionOfAccountingPolicyForRightOfUseAssets", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "NOTE 11 Property, plant and equipment Property, plant and equipment All property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. The estimated useful lives of property, plant and equipment are reviewed on an annual basis. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are expensed as incurred. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable value. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized in profit or loss. Significant estimates on depreciation of property, plant and equipment The Group\u2019s assessment of the useful life of property, plant and equipment is determined by the expected useful economic life of the assets, and is based on management\u2019s judgement and previous experience. Due to the significant historic investments in leasehold improvements and other fitness equipment, any deviation between actual and estimated useful lives could have a material effect on the consolidated financial statement. Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other events impacts our assessment. SATS has not identified material assets expected to have a significantly shorter life due to climate-related risks. For more information about climate risks in SATS, please see the section on Climate change in this report.
PROPERTY, PLANT AND EQUIPMENT
Other
equipment,
Leasehold Fitness fixtures and Total fixed
Amounts in NOK million
improvements
1
equipment fittings assets
At January 1, 2024
Cost
1,502
1,013
509
3,024
Accumulated depreciation and impairment
-1,091
-773
-455
-2,319
Net book value
411
240
54
705
Year ended December 31, 2024
Opening net book value
411
240
54
705
Effect of changes in foreign exchange cost
29
17
8
54
Effect of changes in foreign exchange
-22
-13
-7
-41
accumulated depreciation
Additions
116
81
27
224
Disposals cost
-316
-27
-73
-416
Disposals accumulated depreciation
314
27
73
413
Depreciation charge
-85
-36
-26
-146
Closing Net book value
447
289
56
792
PROPERTY, PLANT AND EQUIPMENT
Other
equipment,
Leasehold Fitness fixtures and Total fixed
Amounts in NOK million
improvements
1
equipment fittings assets
At December 31, 2024
Cost
1,331
1,085
470
2,886
Accumulated depreciation and impairment
-885
-796
-414
-2,094
Net book value
447
289
56
792
Year ended December 31, 2025
Opening net book value
447
289
56
792
Effect of changes in foreign exchange cost
30
22
7
60
Effect of changes in foreign exchange
-19
-14
-6
-40
accumulated depreciation
Additions
130
119
19
267
Disposals cost
-63
-114
-149
-326
Disposals accumulated depreciation
63
114
149
325
Depreciation charge
-91
-47
-24
-162
Closing Net book value
497
368
51
916
At December 31, 2025
Cost
1,429
1,112
347
2,887
Accumulated depreciation and impairment
-932
-743
-295
-1,971
Net book value
497
368
51
916
Useful life
10 years
1
7\u201312 years
3\u20137 years
Depreciation method
Straight-line
Straight-line
Straight-line
1. Leasehold improvements relate to refurbishments of leased premises. These lease contracts have a contract period of ten years or beyond.
The depreciation period is estimated to correspond with the expected economic useful life of the improvement. Expected useful life is
adjusted if the contract period is altered before initial expiration date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "
Property, plant and equipment
All property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items. The estimated useful lives of property, plant and
equipment are reviewed on an annual basis.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the cost
of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is
derecognized when replaced. All other repairs and maintenance are expensed as incurred. An asset\u2019s carrying amount
is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated
recoverable value. Gains and losses on disposals are determined by comparing proceeds with carrying amount and
are recognized in profit or loss.
Significant estimates on depreciation of property, plant and equipment
The Group\u2019s assessment of the useful life of property, plant and equipment is determined by the expected useful
economic life of the assets, and is based on management\u2019s judgement and previous experience. Due to the significant
historic investments in leasehold improvements and other fitness equipment, any deviation between actual and
estimated useful lives could have a material effect on the consolidated financial statement.
Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other events
impacts our assessment. SATS has not identified material assets expected to have a significantly shorter life due to
climate-related risks. For more information about climate risks in SATS, please see the section on Climate change in
this report.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "Property, plant and equipment All property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. The estimated useful lives of property, plant and equipment are reviewed on an annual basis. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are expensed as incurred. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable value. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized in profit or loss. Significant estimates on depreciation of property, plant and equipment The Group\u2019s assessment of the useful life of property, plant and equipment is determined by the expected useful economic life of the assets, and is based on management\u2019s judgement and previous experience. Due to the significant historic investments in leasehold improvements and other fitness equipment, any deviation between actual and estimated useful lives could have a material effect on the consolidated financial statement. Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other events impacts our assessment. SATS has not identified material assets expected to have a significantly shorter life due to climate-related risks. For more information about climate risks in SATS, please see the section on Climate change in this report. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "
NOTE 12
Other non-current receivables
Other non-current receivables are measured at amortized cost using the effective interest method. Please see
Note 21 Financial risk factors for a description of the Group\u2019s credit risk assessment and Note 24 Related parties
for more information about loan to related parties.
OTHER NON-CURRENT RECEIVABLES
Amounts in NOK million at December 31
2025
2024
Deposits
45
41
Loan to related parties
28
15
Total other non-current receivables
72
56
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
NOTE 13
Group structure
The consolidated financial statements include the following companies:
Corporate ID Voting Ownership
Subsidiaries
number
Business office
Country
percentage percentage
SATS Holding AB
556628-6562
Stockholm
Sweden
100%
100%
SATS Sports Club Sweden AB
556563-2527
Stockholm
Sweden
100%
100%
SATS Finland Oy
0459885-5
Helsinki
Finland
100%
100%
Fresh Fitness AS
995-415-569
Oslo
Norway
100%
100%
SATS Norway AS
892-625-522
Oslo
Norway
100%
100%
SATS Vest AS
948-942-003
Oslo
Norway
100%
100%
SATS Danmark A/S
20-37-05-99
Copenhagen
Denmark
100%
100%
Please see Note 9 Intangible assets for further information on impairment testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "NOTE 13 Group structure The consolidated financial statements include the following companies:
Corporate ID Voting Ownership
Subsidiaries
number
Business office
Country
percentage percentage
SATS Holding AB
556628-6562
Stockholm
Sweden
100%
100%
SATS Sports Club Sweden AB
556563-2527
Stockholm
Sweden
100%
100%
SATS Finland Oy
0459885-5
Helsinki
Finland
100%
100%
Fresh Fitness AS
995-415-569
Oslo
Norway
100%
100%
SATS Norway AS
892-625-522
Oslo
Norway
100%
100%
SATS Vest AS
948-942-003
Oslo
Norway
100%
100%
SATS Danmark A/S
20-37-05-99
Copenhagen
Denmark
100%
100%
Please see Note 9 Intangible assets for further information on impairment testing.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "
NOTE 14
Inventories
Inventories consist mainly of clothing, sports equipment, energy bars and soft drinks. Inventories are measured at the
lower of cost and net realizable value using the first-in first-out (FIFO) method. The Group\u2019s inventories only consist
of finished goods for sale to customers. The cost of inventories consist of direct purchase costs, net of rebates and
discounts. Net realizable value is the estimated sales price less relevant variable costs to sell.
INVENTORIES
Amounts in NOK million at December 31
2025
2024
Inventories at cost
66
56
Impairment
-4
-3
Total inventories
61
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "Inventories consist mainly of clothing, sports equipment, energy bars and soft drinks. Inventories are measured at the lower of cost and net realizable value using the first-in first-out (FIFO) method. The Group\u2019s inventories only consist of finished goods for sale to customers. The cost of inventories consist of direct purchase costs, net of rebates and discounts. Net realizable value is the estimated sales price less relevant variable costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "NOTE 15 Accounts receivables and other current receivables Accounts receivable Accounts receivables are measured at amortized cost using the effective interest method, less provision for impairment. Please see Note 21 Financial risk factors for a description of the Group\u2019s credit risk assessment. Impairment of accounts receivable and contract assets Accounts receivable, contract assets, and other current receivables are measured at amortized cost. Impairment is recognized using the simplified approach under IFRS 9, which requires lifetime expected credit losses (ECL). Receivables with similar credit risk characteristics, such as payment method, customer segment or contract type, are grouped and assessed collectively. Expected credit losses are estimated based on historical loss experience, adjusted for current conditions and reasonable forward-looking information. For portfolios with higher credit risk, a provision matrix is applied, where loss rates are derived from historical default data adjusted for expected developments. In addition to the collective assessment, individual receivables are reviewed separately when there is objective evidence of increased credit risk, such as customer bankruptcy or other indications of significant financial difficulties.
EXPECTED CREDIT LOSS ALLOWANCE AND AGEING OF ACCOUNTS RECEIVABLES
Amounts in NOK million at December 31
2025
2024
Accounts receivable
378
345
Expected credit loss allowance
-218
-186
Total
161
159
Age of accounts receivables
2025
Not due
95
30\u201360 days
30
60\u201390 days
9
90\u2013120 days
7
120\u2013365 days
46
>365 days
191
Total accounts receivables, gross
378
Expected credit loss allowance at December 31, 2024
-186
Reversals during the year
1
Provisions during the year
-33
Expected credit loss allowance at December 31, 2025
-218
OTHER CURRENT RECEIVABLES
Amounts in NOK million at December 31
2025
2024
Credit cards
6
6
VAT receivables
11
28
Prepaid taxes
36
30
Prepaid property expenses
18
27
Prepaid marketing expenses
7
8
Other prepaid expenses
76
98
Other current receivables
55
67
Total other current receivables
209
264
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "NOTE 15 Accounts receivables and other current receivables Accounts receivable Accounts receivables are measured at amortized cost using the effective interest method, less provision for impairment. Please see Note 21 Financial risk factors for a description of the Group\u2019s credit risk assessment. Impairment of accounts receivable and contract assets Accounts receivable, contract assets, and other current receivables are measured at amortized cost. Impairment is recognized using the simplified approach under IFRS 9, which requires lifetime expected credit losses (ECL). Receivables with similar credit risk characteristics, such as payment method, customer segment or contract type, are grouped and assessed collectively. Expected credit losses are estimated based on historical loss experience, adjusted for current conditions and reasonable forward-looking information. For portfolios with higher credit risk, a provision matrix is applied, where loss rates are derived from historical default data adjusted for expected developments. In addition to the collective assessment, individual receivables are reviewed separately when there is objective evidence of increased credit risk, such as customer bankruptcy or other indications of significant financial difficulties.
EXPECTED CREDIT LOSS ALLOWANCE AND AGEING OF ACCOUNTS RECEIVABLES
Amounts in NOK million at December 31
2025
2024
Accounts receivable
378
345
Expected credit loss allowance
-218
-186
Total
161
159
Age of accounts receivables
2025
Not due
95
30\u201360 days
30
60\u201390 days
9
90\u2013120 days
7
120\u2013365 days
46
>365 days
191
Total accounts receivables, gross
378
Expected credit loss allowance at December 31, 2024
-186
Reversals during the year
1
Provisions during the year
-33
Expected credit loss allowance at December 31, 2025
-218
OTHER CURRENT RECEIVABLES
Amounts in NOK million at December 31
2025
2024
Credit cards
6
6
VAT receivables
11
28
Prepaid taxes
36
30
Prepaid property expenses
18
27
Prepaid marketing expenses
7
8
Other prepaid expenses
76
98
Other current receivables
55
67
Total other current receivables
209
264
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "NOTE 15 Accounts receivables and other current receivables Accounts receivable Accounts receivables are measured at amortized cost using the effective interest method, less provision for impairment. Please see Note 21 Financial risk factors for a description of the Group\u2019s credit risk assessment. Impairment of accounts receivable and contract assets Accounts receivable, contract assets, and other current receivables are measured at amortized cost. Impairment is recognized using the simplified approach under IFRS 9, which requires lifetime expected credit losses (ECL). Receivables with similar credit risk characteristics, such as payment method, customer segment or contract type, are grouped and assessed collectively. Expected credit losses are estimated based on historical loss experience, adjusted for current conditions and reasonable forward-looking information. For portfolios with higher credit risk, a provision matrix is applied, where loss rates are derived from historical default data adjusted for expected developments. In addition to the collective assessment, individual receivables are reviewed separately when there is objective evidence of increased credit risk, such as customer bankruptcy or other indications of significant financial difficulties.
EXPECTED CREDIT LOSS ALLOWANCE AND AGEING OF ACCOUNTS RECEIVABLES
Amounts in NOK million at December 31
2025
2024
Accounts receivable
378
345
Expected credit loss allowance
-218
-186
Total
161
159
Age of accounts receivables
2025
Not due
95
30\u201360 days
30
60\u201390 days
9
90\u2013120 days
7
120\u2013365 days
46
>365 days
191
Total accounts receivables, gross
378
Expected credit loss allowance at December 31, 2024
-186
Reversals during the year
1
Provisions during the year
-33
Expected credit loss allowance at December 31, 2025
-218
OTHER CURRENT RECEIVABLES
Amounts in NOK million at December 31
2025
2024
Credit cards
6
6
VAT receivables
11
28
Prepaid taxes
36
30
Prepaid property expenses
18
27
Prepaid marketing expenses
7
8
Other prepaid expenses
76
98
Other current receivables
55
67
Total other current receivables
209
264
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "NOTE 15 Accounts receivables and other current receivables Accounts receivable Accounts receivables are measured at amortized cost using the effective interest method, less provision for impairment. Please see Note 21 Financial risk factors for a description of the Group\u2019s credit risk assessment. Impairment of accounts receivable and contract assets Accounts receivable, contract assets, and other current receivables are measured at amortized cost. Impairment is recognized using the simplified approach under IFRS 9, which requires lifetime expected credit losses (ECL). Receivables with similar credit risk characteristics, such as payment method, customer segment or contract type, are grouped and assessed collectively. Expected credit losses are estimated based on historical loss experience, adjusted for current conditions and reasonable forward-looking information. For portfolios with higher credit risk, a provision matrix is applied, where loss rates are derived from historical default data adjusted for expected developments. In addition to the collective assessment, individual receivables are reviewed separately when there is objective evidence of increased credit risk, such as customer bankruptcy or other indications of significant financial difficulties.
EXPECTED CREDIT LOSS ALLOWANCE AND AGEING OF ACCOUNTS RECEIVABLES
Amounts in NOK million at December 31
2025
2024
Accounts receivable
378
345
Expected credit loss allowance
-218
-186
Total
161
159
Age of accounts receivables
2025
Not due
95
30\u201360 days
30
60\u201390 days
9
90\u2013120 days
7
120\u2013365 days
46
>365 days
191
Total accounts receivables, gross
378
Expected credit loss allowance at December 31, 2024
-186
Reversals during the year
1
Provisions during the year
-33
Expected credit loss allowance at December 31, 2025
-218
OTHER CURRENT RECEIVABLES
Amounts in NOK million at December 31
2025
2024
Credit cards
6
6
VAT receivables
11
28
Prepaid taxes
36
30
Prepaid property expenses
18
27
Prepaid marketing expenses
7
8
Other prepaid expenses
76
98
Other current receivables
55
67
Total other current receivables
209
264
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "
Accounts receivable
Accounts receivables are measured at amortized cost using the effective interest method, less provision for
impairment. Please see Note 21 Financial risk factors for a description of the Group\u2019s credit risk assessment.
Impairment of accounts receivable and contract assets
Accounts receivable, contract assets, and other current receivables are measured at amortized cost. Impairment is
recognized using the simplified approach under IFRS 9, which requires lifetime expected credit losses (ECL).
Receivables with similar credit risk characteristics, such as payment method, customer segment or contract type, are
grouped and assessed collectively. Expected credit losses are estimated based on historical loss experience, adjusted
for current conditions and reasonable forward-looking information. For portfolios with higher credit risk, a provision
matrix is applied, where loss rates are derived from historical default data adjusted for expected developments.
In addition to the collective assessment, individual receivables are reviewed separately when there is objective
evidence of increased credit risk, such as customer bankruptcy or other indications of significant financial difficulties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "NOTE 16 Cash and cash equivalents Cash and cash equivalents include cash on hand and bank deposits.
CASH AND CASH EQUIVALENTS
Amounts in NOK million at December 31
2025
2024
Cash and cash equivalents
512
371
Of which are restricted cash:
Restricted bank deposits for employee tax withholdings
26
23
Please see Note 21 Financial risk factors for further information about the Group's credit risk management.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "NOTE 16 Cash and cash equivalents Cash and cash equivalents include cash on hand and bank deposits.
CASH AND CASH EQUIVALENTS
Amounts in NOK million at December 31
2025
2024
Cash and cash equivalents
512
371
Of which are restricted cash:
Restricted bank deposits for employee tax withholdings
26
23
Please see Note 21 Financial risk factors for further information about the Group's credit risk management.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
Cash and cash equivalents include cash on hand and bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "Cash and cash equivalents include cash on hand and bank deposits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
NOTE 17
Shareholders\u2019 equity
As at December 31, 2025, share capital amounted to NOK 433 million consisting of 203,694,588 ordinary shares at a
face value of NOK 2.1250 per share.
OVERVIEW OF THE SHAREHOLDERS AS AT DECEMBER 31, 2025
Number of Ownership
Shareholder ordinary shares percentage
Folketrygdfondet
14,348,765
7.0%
J.P. Morgan SE, FI
7,889,563
3.9%
Maaseide Holdco AS
7,262,647
3.6%
Verdipapirfondet KLP Aksjenorge
6,019,890
3.0%
Verdipapirfondet Alfred Berg Gambak
5,811,788
2.9%
Vpf DNB Am Norske Aksjer
5,734,992
2.8%
The Bank Of New York Mellon Sa/nv, UK
5,193,864
2.5%
Sats ASA
4,726,793
2.3%
Vpf Sparebank 1 Norge Verdi
4,670,000
2.3%
The Bank Of New York Mellon Sa/nv, IE
4,538,000
2.2%
Vpf Fondsfinans Utbytte
3,758,083
1.8%
Hugo Lund Maurstad
3,500,000
1.7%
AAT Invest AS
3,500,000
1.7%
J.P. Morgan SE, LU
3,463,377
1.7%
Salt Value AS
3,140,242
1.5%
Verdipapirfondet Fondsfinans Norge
3,139,323
1.5%
Morgan Stanley & co. Int. Plc.
3,053,706
1.5%
N.A. Citibank
2,984,868
1.5%
Varner Equities AS
2,942,727
1.4%
The Bank Of New York Mellon Sa/nv, UK
2,751,000
1.4%
Other
105,264,960
51.7%
Total
203,694,588
100.0%
All shares have been fully paid and have the same rights.
Reduction of share capital
On April 28, 2025, the Annual General Meeting resolved to reduce the share capital by NOK 2,125,000 from NOK
434,975,999.50 to NOK 432,850,999.50, through the redemption of 1,000,000 shares, from 204,694,588 to 203,694,588
shares. The capital reduction was completed on August 15, 2025.
Dividends
On August 21, 2025, the Board of Directors resolved to distribute a cash dividend, pursuant to the authorization
granted by the Annual General Meeting held on April 28, 2025. The dividend, which was paid in 2025, amounted to NOK
127 million (NOK 0.63 per share).
Share buy-back program
During 2025, SATS repurchased a total of 5,721,697 shares under the share buy-back programs announced on
February 11 and May 8, 2025. On October 31, 2025, SATS initiated a new share buy-back program, under which
2,034,269 shares were repurchased during 2025. The repurchased shares will be used to optimize the share capital
structure through a redemption of treasury shares, which is considered beneficial for the Company\u2019s shareholders.
Treasury shares
During the period, the Group changed how equity effects from treasury share transactions are presented. Treasury
shares are now recorded at nominal value, and any difference between nominal and actual value is recognized directly
in Retained earnings. This change does not affect total equity or profit for the period. It is made to improve clarity in
equity disclosures, as using nominal value also creates a clear link between issued share capital and the number of
shares held by SATS ASA. Comparative figures have not been restated.
As at the balance sheet date of December 31, 2025, the company held 4,726,793 treasury shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "NOTE 17 Shareholders\u2019 equity As at December 31, 2025, share capital amounted to NOK 433 million consisting of 203,694,588 ordinary shares at a face value of NOK 2.1250 per share.
OVERVIEW OF THE SHAREHOLDERS AS AT DECEMBER 31, 2025
Number of Ownership
Shareholder ordinary shares percentage
Folketrygdfondet
14,348,765
7.0%
J.P. Morgan SE, FI
7,889,563
3.9%
Maaseide Holdco AS
7,262,647
3.6%
Verdipapirfondet KLP Aksjenorge
6,019,890
3.0%
Verdipapirfondet Alfred Berg Gambak
5,811,788
2.9%
Vpf DNB Am Norske Aksjer
5,734,992
2.8%
The Bank Of New York Mellon Sa/nv, UK
5,193,864
2.5%
Sats ASA
4,726,793
2.3%
Vpf Sparebank 1 Norge Verdi
4,670,000
2.3%
The Bank Of New York Mellon Sa/nv, IE
4,538,000
2.2%
Vpf Fondsfinans Utbytte
3,758,083
1.8%
Hugo Lund Maurstad
3,500,000
1.7%
AAT Invest AS
3,500,000
1.7%
J.P. Morgan SE, LU
3,463,377
1.7%
Salt Value AS
3,140,242
1.5%
Verdipapirfondet Fondsfinans Norge
3,139,323
1.5%
Morgan Stanley & co. Int. Plc.
3,053,706
1.5%
N.A. Citibank
2,984,868
1.5%
Varner Equities AS
2,942,727
1.4%
The Bank Of New York Mellon Sa/nv, UK
2,751,000
1.4%
Other
105,264,960
51.7%
Total
203,694,588
100.0%
All shares have been fully paid and have the same rights. Treasury shares During the period, the Group changed how equity effects from treasury share transactions are presented. Treasury shares are now recorded at nominal value, and any difference between nominal and actual value is recognized directly in Retained earnings. This change does not affect total equity or profit for the period. It is made to improve clarity in equity disclosures, as using nominal value also creates a clear link between issued share capital and the number of shares held by SATS ASA. Comparative figures have not been restated. As at the balance sheet date of December 31, 2025, the company held 4,726,793 treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "NOTE 18 Earnings per share General Basic earnings per share are calculated by dividing the profit attributable to owners of the company, by the weighted average number of ordinary shares outstanding during the financial year excluding treasury shares. Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. Dilutive shares are disregarded in the calculation of diluted EPS when a loss is reported. The company\u2019s share capital is NOK 432,850,999.50, comprising in total 203,694,588 shares, each with a nominal value of NOK 2.125. The denominator for 2025 is calculated as a weighted average. The Share Investment Program implies that the company on the balance sheet date of December 31, 2025, will deliver 714,815 matching shares to employees in 2026, 124,072 shares in 2027 and 560,943 shares in 2028. The denominator for diluted earnings per share has therefore been adjusted as a weighted average for 2025. Allocation of matching shares is further contingent upon the company\u2019s performance over time.
BASIC EARNINGS PER SHARE
Amounts in NOK
2025
2024
From continuing operations attributable to the ordinary equity
2.35
1.59
Total basic earnings per share attributable to the ordinary equity
2.35
1.59
Weighted average number of outstanding shares
201,974,690
204,426,382
DILUTED EARNINGS PER SHARE
Amounts in NOK
2025
2024
From continuing operations attributable to the ordinary equity
2.34
1.59
Total diluted earnings per share attributable to the ordinary equity
2.34
1.59
Weighted average number of outstanding shares
203,069,458
205,458,913
RECONCILIATION OF EARNINGS USED IN CALCULATING EARNINGS PER SHARE
Amounts in NOK million
2025
2024
Basic earnings per share
Profit attributable to equity holders of the Group
474
326
Profit attributable to the ordinary equity used in calculating basic earnings
474
326
per share
Diluted earnings per share
Profit used in calculating diluted earnings per share
474
326
Profit attributable to the ordinary equity used in calculating diluted earnings
474
326
per share
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
General
Basic earnings per share are calculated by dividing the profit attributable to owners of the company, by the weighted
average number of ordinary shares outstanding during the financial year excluding treasury shares.
Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into
account the weighted average number of additional ordinary shares that would have been outstanding assuming the
conversion of all dilutive potential ordinary shares. Dilutive shares are disregarded in the calculation of diluted EPS
when a loss is reported.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "General Basic earnings per share are calculated by dividing the profit attributable to owners of the company, by the weighted average number of ordinary shares outstanding during the financial year excluding treasury shares. Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. Dilutive shares are disregarded in the calculation of diluted EPS when a loss is reported. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "General Basic earnings per share are calculated by dividing the profit attributable to owners of the company, by the weighted average number of ordinary shares outstanding during the financial year excluding treasury shares. Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. Dilutive shares are disregarded in the calculation of diluted EPS when a loss is reported. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "NOTE 19 Borrowings Borrowings Borrowings are initially recognized at fair value, net of transaction costs. Subsequently, they are measured at amortized cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
OVERVIEW OF INTEREST-BEARING LIABILITIES
Amounts in NOK million at December 31
2025
2024
Current
Accrued interest cost
9
12
Leases
987
959
Total current interest-bearing liabilities
996
971
Non-current
Bank borrowings
1,480
1,440
Leases
4,189
4,090
Total non-current interest-bearing liabilities
5,669
5,530
Total interest-bearing liabilities
6,666
6,501
The fair value of the interest-bearing liabilities is considered to be equal to the book value according to the amortized cost as shown above. The Group has bank facilities in SEK, EUR and DKK. As at the balance sheet date of December 31, 2025, the bank facility in SEK amounts to 630 million, in EUR to 7 million, and in DKK to 450 million, which corresponds to NOK 689 million, NOK 86 million and NOK 714 million, respectively. All the bank facilities have floating interest rates. Long-term loan facility agreement The company has an unsecured revolving credit facility (RCF) agreement, consisting of a multicurrency RCF with a maximum principal amount of NOK 2,500 million. As at the balance sheet date of December 31, 2025, the remaining undrawn amount amounted up to approximately NOK 891 million. Interests on borrowings under the facility will be paid at an annual interest rate equal to the applicable IBOR plus a margin reliant on the leverage ratio of the Group. During the reporting period, this resulted in an effective interest range of approximately 1.95 percent to 4.68 percent plus margin. The company has, in June 2025, exercised its option to extend the facility by one year, moving full maturity to July 2028, with an additional one-year extension option available. No installment payments are due before this time. Interest payable will depend on the principal amount of the facility at any given time. However, based on the current draw-down, IBOR and margin, the interest payment for the next twelve months is expected to be at NOK 53 million before any gains or losses from the swap.
Payment profile for the Group's borrowings
The following table shows the undiscounted payment profile of the Group's borrowings, based on the remaining loan
period at the balance sheet date:
BORROWING FACILITIES
Amounts in NOK million
Total
Less than 1 year
53
1\u20132 years
53
2\u20133 years
1,521
3\u20135 years
0
More than 5 years
0
Payment profile for borrowings
1,627
Financial borrowing facility covenants
The loan facility agreement includes a financial covenant requiring the leverage ratio, Net Debt to EBITDA before IFRS
16, not to exceed 3.5x. The facility agreement does not contain any restrictions on dividend payments.
Compliance with financial borrowing covenants
SATS ASA executes the financing functions within the Group, holds the long-term financing agreement with the
Group\u2019s long-term lenders, and provides long-term financing to other Group entities. SATS ASA has complied with the
financial covenants related to its borrowing facility throughout 2024 and 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "
Borrowings
Borrowings are initially recognized at fair value, net of transaction costs. Subsequently, they are measured at
amortized cost using the effective interest method. Borrowings are classified as current liabilities unless the Group
has an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "
NOTE 20
Reconciliation of cash and cash equivalents
LIABILITIES ARISING FROM FINANCING ACTIVITIES
Cash and cash
Amount in NOK million
equivalents
Borrowings
Leases
Total
Net debt January 1, 2024
-282
1,738
4,938
6,394
Cash flows
Net cash flow from operations
-1,953
0
0
-1,953
Net cash flow from investing
282
0
0
282
Net cash flow from financing
1,580
0
0
1,580
Repayments of borrowings
0
-435
0
-435
Proceeds from borrowings
0
113
0
113
Paid borrowing expenses
0
-11
0
-11
Installments on lease liabilities
0
0
-962
-962
Interest on lease liabilities
0
0
-246
-246
Non-cash changes
Net additions \u2013 leases
0
0
1,234
1,234
Depreciation bank costs
0
4
0
4
Foreign exchange rate changes
2
47
86
135
Other changes
0
-5
0
-5
Net debt December 31, 2024
-371
1,451
5,050
6,130
Cash flows
Net cash flow from operations
-2,082
0
0
-2,082
Net cash flow from investing
318
0
0
318
Net cash flow from financing
1,615
0
0
1,615
Repayments of borrowings
0
-85
0
-85
Proceeds from borrowings
0
85
0
85
Paid borrowing expenses
0
-4
0
-4
Installments on lease liabilities
0
0
-992
-992
Interest on lease liabilities
0
0
-251
-251
Non-cash changes
Net additions \u2013 leases
0
0
1,245
1,245
Depreciation bank costs
0
4
0
4
Foreign exchange rate changes
7
40
125
173
Other changes
0
-3
0
-3
Net debt December 31, 2025
-512
1,489
5,177
6,154
", "dimensions": { "concept": "satsasa:DisclosureOfReconciliationOfCashAndCashEquivalentsAndBorrowings", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "NOTE 21 Financial risk factors Overview Through its activities, the Group is exposed to different types of financial risks: market risk, credit risk and liquidity risk. This note presents information related to the Group\u2019s exposure to such risks, the Group\u2019s objectives, policies and procedures for risk management and handling, as well as the Group\u2019s management of capital. Additional quantitative information is included in this note. The Group does not apply hedge accounting. Risk management The Group\u2019s overall risk management plan is to ensure the ongoing liquidity in the Group, defined as being able to meet its obligations at any time. This also includes being able to meet the financial covenants related to the Group\u2019s borrowings. Risk management of the Group is maintained by a central finance function in accordance with the guidelines approved by the Board. The Group\u2019s finance function identifies, measures, mitigates and reports on financial risks in close cooperation with the various operating units. Risk management policies and procedures are reviewed regularly to take into account changes in the market and the Group\u2019s activities. Market risk Market risk can be defined as the risk that the Group\u2019s income and expenses, future cash flows or fair value of financial instruments will vary as a result of changes in market prices. The market price includes three types of risks: exchange risks, interest risks and price risks. Market risk is monitored and managed continuously by the Group through a combination of natural hedging techniques and financial derivatives. Foreign exchange risk The Group operates internationally and is exposed to changes in foreign exchange rates. For risk management purposes, the Group has identified three types of exchange exposures: \\ Net investment; \\ Profit after tax in foreign currency; and \\ Borrowings in foreign currency. As an international group, SATS is exposed to the risk associated with converting the currency related to legal entities with a functional currency different from the Group\u2019s presentation currency. Such translation exposure does not yield an immediate result on the cash flow. It can still affect the Group\u2019s financial covenants and is therefore closely monitored. Exposure of foreign subsidiaries\u2019 equity is partly naturally hedged through borrowings in corresponding currency. The Group\u2019s business model is such that the subsidiaries\u2019 sales and operating expenses are incurred in local currency, reducing the exposure to foreign exchange rate fluctuations in the profit or loss. The net of those cash flows is meant to be able to cover the borrowings in local currency, reducing the exposure related to borrowings in local currency due to changes in the foreign exchange rates. Please see Note 19 Borrowings for a payment profile of the Group\u2019s borrowings.
The carrying amounts of the Group\u2019s foreign currency-denominated monetary assets and monetary liabilities at the
reporting date are as follows:
EXPOSURE TO CURRENCY
Assets
Liabilities
Amounts in million at December 31
2025
2024
2025
2024
SEK
890
946
630
550
EUR
3
3
7
7
DKK
588
531
450
450
The following significant exchange rates have been applied.
EXPOSURE TO CURRENCY
Year-end spot rate
2025
2024
SEK
1.094
1.029
EUR
11.843
11.795
DKK
1.586
1.582
The Group applies monthly average exchange rates. Exchange rates are quoted from the Norwegian central bank
(norges-bank.no).
SENSITIVITY ANALYSIS
As shown below, the Group is primarily exposed to changes in the SEK/NOK, EUR/NOK and DKK/NOK exchange rates.
The sensitivity of profit or loss to changes in the exchange rates arises mainly from the profit or loss in the Group\u2019s
foreign subsidiaries, borrowings, intercompany loans and bank accounts in other currencies than where the legal entity
is located. EUR, SEK and DKK strengthened by 10 percent against NOK in the sensitivity analysis below.
EXCHANGE RATE \u2013 SENSITIVITY ANALYSIS
Amounts in NOK million
2025
2024
SEK/NOK exchange rate \u2013 increase 10%\u00b9
38
45
EUR/NOK exchange rate \u2013 increase 10%\u00b9
-3
-4
DKK/NOK exchange rate \u2013 increase 10%\u00b9
17
6
Impact on Profit/loss after tax
52
46
1. Holding all other variables constant.
Profit/loss after tax is less sensitive to changes in SEK/NOK and EUR/NOK in 2025 than in 2024 and more
sensitive to changes in DKK/NOK. Net income has improved in all segments leading to a less negative effect when
reconsolidating. In 2025, additional bank loan in SEK was raised with the aim to have a more balanced internal and
external exchange rate exposure. This results in less positive effect when reconsolidating and neturalize the effect
from improved net income.
The Group's exposure to other changes in foreign exchange movements is not material.
Interest rate risk The Group's interest rate risk is mainly related to loans where an element of the interest rate is not fixed. See Note 19 Borrowings for an overview of such loans. An increase in floating rates would lead to an increase in interest costs and reduce net income and cash flow. Swap contracts are used to manage interest rate risk. Effects from derivatives used for hedging of interest rate risk are not included in the following analysis.
INTEREST RATE \u2013 SENSITIVITY ANALYSIS
Impact on profit/loss after tax
2
Amounts in NOK million
2025
2024
Interest rates \u2013 increase 100 basis points
1
-10
-12
Interest rates \u2013 decrease 100 basis points
1
10
12
1. Holding all other variables constant. 2. Estimated impact given a tax rate of 22.0 percent. Profit/loss after tax is less sensitive to changes in the interest rate in 2025 compared to 2024 due to lower bank borrowings in 2025.
OVERVIEW OF NON-OVERDUE INTEREST RATE SWAPS PER DECEMBER 31, 2025
Notional in Unrealized gain
Amounts in NOK million
currency million
Maturity
Fixed rate
December 31
IRS NOK
694
28.10.2026
1.751
16
Fair value of the Group's interest rate swaps as at December 31, 2025, in NOK million
16
OVERVIEW OF NON-OVERDUE INTEREST RATE SWAPS PER DECEMBER 31, 2024
Notional in Unrealized gain
Amounts in NOK million
currency million
Maturity
Fixed rate
December 31
IRS NOK
694
28.10.2026
1.751
33
Fair value of the Group\u2019s interest rate swaps as at December 31, 2024, in NOK million
33
Changes in fair value are presented within financial income and financial expense in the income statement. Please see Note 7 Net financial items. Commodity price risk SATS is exposed to fluctuations in electricity prices, which the Group manages through commodity contracts as part of its risk management policy. 103 MANAGEMENT\u2019S REVIEW
OVERVIEW OF NON-OVERDUE COMMODITY CONTRACTS PER DECEMBER 31, 2025
Underlying quantity Unrealized loss
Amounts in NOK million
in Thousand MWH
Maturity
Fixed rate
December 31
Commodity contracts NOK
0.7 \u2013 2.2
30.06.2028
572 \u2013 758
-2
Commodity contracts SEK
0.7 \u2013 1.5
30.06.2028
435 \u2013 589
-2
Fair value of the Group's commodity contracts as at December 31, 2025, in NOK million
-4
OVERVIEW OF NON-OVERDUE COMMODITY CONTRACTS PER DECEMBER 31, 2024
Underlying quantity Unrealized loss
Amounts in NOK million
in Thousand MWH
Maturity
Fixed rate
December 31
Commodity contracts NOK
2.0 \u2013 2.2
31.12.2026
700
-8
Commodity contracts SEK
1.3 \u2013 1.5
31.12.2026
485
-2
Fair value of the Group's commodity contracts as at December 31, 2024, in NOK million
-10
Changes in fair value are presented within financial income and financial expense in the income statement. Please see Note 7 Net financial items. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. SATS ASA\u2019s credit risk refers to the risk of the Group\u2019s accounts receivables and investment in liquid assets. As the daily business is to a large part based on customer prepayments and direct debit arrangements, the Group\u2019s credit risk is considered low. The Group has a credit management policy to only cooperate with financial institutions with a high credit rating. At the end of the reporting period, the Group\u2019s maximum credit risk exposure was NOK 296 million. The Group does usually not demand collateral for receivables. The expected credit loss allowance for accounts receivables was NOK 218 million as at the balance sheet date. Liquidity risk The Group\u2019s liquidity risk is characterized by a potential risk of not being able to meet obligations to vendors and loan creditors. The ability to service the debt, and ultimately continue as a going concern, depends on the Group\u2019s cash flow from operating activities. The Group regularly monitors the cash flow situation by setting up cash flow forecasts based on the forecasts of the liquidity reserves, including cash equivalents and borrowing facilities. The forecasts are set by the individual subsidiaries and are regularly monitored by the Group. Please see Note 19 Borrowings for information on funding sources and a payment profile. To be able to maintain sufficient flexibility in the source of funding, the Group has total available borrowing facilities of NOK 2,500 million as at December 31, 2025 (NOK 2,500 million as at December 31, 2024), of which NOK 891 million has not been drawn down as at the balance sheet date. In addition, the Group has cash and cash equivalents of NOK 512 million as at December 31, 2025 (NOK 371 million as at December 31, 2024), whereof NOK 26 million (NOK 23 million) is restricted cash.
Presentation of financial assets and liabilities as at December 31, 2025
MATURITY PROFILE
More than
Amounts in NOK million
1\u20133 months
3\u201312 months
1\u20135 years
5 years
Total
Accounts receivables
134
53
191
0
378
Other current receivables
108
0
0
0
108
Cash and cash equivalents
512
0
0
0
512
Financial assets
755
53
191
0
999
Borrowings
0
0
1,489
0
1,489
Lease liabilities
314
903
3,542
1,248
6,007
Trade payables
100
0
0
0
100
Other current liabilities
377
0
0
0
377
Payment of interest
13
40
84
0
138
Financial liabilities
805
943
5,116
1,248
8,111
Net financial liabilities
-49
-890
-4,925
-1,248
-7,112
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value.
Presentation of financial assets and liabilities as at December 31, 2024
MATURITY PROFILE
More than
Amounts in NOK million
1\u20133 months
3\u201312 months
1\u20135 years
5 years
Total
Accounts receivables
136
46
163
0
345
Other current receivables
131
0
0
0
131
Cash and cash equivalents
371
0
0
0
371
Financial assets
639
46
163
0
848
Borrowings
0
0
1,449
0
1,449
Lease liabilities
306
876
3,454
1,229
5,866
Trade payables
178
0
0
0
178
Other current liabilities
360
0
0
0
360
Payment of interest
15
46
97
0
158
Financial liabilities
860
922
5,000
1,229
8,012
Net financial liabilities
-221
-877
-4,837
-1,229
-7,164
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value.
Capital management
The Company\u2019s leverage and shareholder distribution policy is to ensure prudent leverage, with excess cash returned
to shareholders. The long-term target leverage is the lower end of 1.5\u20132.0x net debt (current and non-current bank
borrowings less cash and cash equivalents) to EBITDA before impact of IFRS 16. The Group intends to maintain a
stable leverage ratio within the stated range by returning excess capital to shareholders via a combination of dividends
and share buy-backs. When proposing a payout, the Board of Directors reserves the right to deviate from its current
leverage targets, taking into consideration internal and external factors such as material acquisitions, macroeconomic
conditions and the capital markets environment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "
Market risk
Market risk can be defined as the risk that the Group\u2019s income and expenses, future cash flows or fair value of
financial instruments will vary as a result of changes in market prices. The market price includes three types of risks:
exchange risks, interest risks and price risks.
Market risk is monitored and managed continuously by the Group through a combination of natural hedging
techniques and financial derivatives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "
Foreign exchange risk
The Group operates internationally and is exposed to changes in foreign exchange rates. For risk management
purposes, the Group has identified three types of exchange exposures:
\\
Net investment;
\\
Profit after tax in foreign currency; and
\\
Borrowings in foreign currency.
As an international group, SATS is exposed to the risk associated with converting the currency related to legal entities
with a functional currency different from the Group\u2019s presentation currency. Such translation exposure does not
yield an immediate result on the cash flow. It can still affect the Group\u2019s financial covenants and is therefore closely
monitored. Exposure of foreign subsidiaries\u2019 equity is partly naturally hedged through borrowings in corresponding
currency.
The Group\u2019s business model is such that the subsidiaries\u2019 sales and operating expenses are incurred in local currency,
reducing the exposure to foreign exchange rate fluctuations in the profit or loss. The net of those cash flows is meant
to be able to cover the borrowings in local currency, reducing the exposure related to borrowings in local currency
due to changes in the foreign exchange rates. Please see Note 19 Borrowings for a payment profile of the Group\u2019s
borrowings.
The carrying amounts of the Group\u2019s foreign currency-denominated monetary assets and monetary liabilities at the reporting date are as follows:
EXPOSURE TO CURRENCY
Assets
Liabilities
Amounts in million at December 31
2025
2024
2025
2024
SEK
890
946
630
550
EUR
3
3
7
7
DKK
588
531
450
450
The following significant exchange rates have been applied.
EXPOSURE TO CURRENCY
Year-end spot rate
2025
2024
SEK
1.094
1.029
EUR
11.843
11.795
DKK
1.586
1.582
The Group applies monthly average exchange rates. Exchange rates are quoted from the Norwegian central bank (norges-bank.no). SENSITIVITY ANALYSIS As shown below, the Group is primarily exposed to changes in the SEK/NOK, EUR/NOK and DKK/NOK exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from the profit or loss in the Group\u2019s foreign subsidiaries, borrowings, intercompany loans and bank accounts in other currencies than where the legal entity is located. EUR, SEK and DKK strengthened by 10 percent against NOK in the sensitivity analysis below.
EXCHANGE RATE \u2013 SENSITIVITY ANALYSIS
Amounts in NOK million
2025
2024
SEK/NOK exchange rate \u2013 increase 10%\u00b9
38
45
EUR/NOK exchange rate \u2013 increase 10%\u00b9
-3
-4
DKK/NOK exchange rate \u2013 increase 10%\u00b9
17
6
Impact on Profit/loss after tax
52
46
1. Holding all other variables constant. Profit/loss after tax is less sensitive to changes in SEK/NOK and EUR/NOK in 2025 than in 2024 and more sensitive to changes in DKK/NOK. Net income has improved in all segments leading to a less negative effect when reconsolidating. In 2025, additional bank loan in SEK was raised with the aim to have a more balanced internal and external exchange rate exposure. This results in less positive effect when reconsolidating and neturalize the effect from improved net income. The Group's exposure to other changes in foreign exchange movements is not material. ", "dimensions": { "concept": "satsasa:DisclosureOfForeignExchangeRisk", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "
Interest rate risk
The Group's interest rate risk is mainly related to loans where an element of the interest rate is not fixed. See Note 19
Borrowings for an overview of such loans. An increase in floating rates would lead to an increase in interest costs and
reduce net income and cash flow. Swap contracts are used to manage interest rate risk. Effects from derivatives used
for hedging of interest rate risk are not included in the following analysis.
INTEREST RATE \u2013 SENSITIVITY ANALYSIS
Impact on profit/loss after tax
2
Amounts in NOK million
2025
2024
Interest rates \u2013 increase 100 basis points
1
-10
-12
Interest rates \u2013 decrease 100 basis points
1
10
12
1. Holding all other variables constant.
2. Estimated impact given a tax rate of 22.0 percent.
Profit/loss after tax is less sensitive to changes in the interest rate in 2025 compared to 2024 due to lower bank
borrowings in 2025.
OVERVIEW OF NON-OVERDUE INTEREST RATE SWAPS PER DECEMBER 31, 2025
Notional in Unrealized gain
Amounts in NOK million
currency million
Maturity
Fixed rate
December 31
IRS NOK
694
28.10.2026
1.751
16
Fair value of the Group's interest rate swaps as at December 31, 2025, in NOK million
16
OVERVIEW OF NON-OVERDUE INTEREST RATE SWAPS PER DECEMBER 31, 2024
Notional in Unrealized gain
Amounts in NOK million
currency million
Maturity
Fixed rate
December 31
IRS NOK
694
28.10.2026
1.751
33
Fair value of the Group\u2019s interest rate swaps as at December 31, 2024, in NOK million
33
Changes in fair value are presented within financial income and financial expense in the income statement. Please see
Note 7 Net financial items.
", "dimensions": { "concept": "satsasa:DisclosureOfInterestRateRisk", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "
Commodity price risk
SATS is exposed to fluctuations in electricity prices, which the Group manages through commodity contracts as part
of its risk management policy.
OVERVIEW OF NON-OVERDUE COMMODITY CONTRACTS PER DECEMBER 31, 2025
Underlying quantity Unrealized loss
Amounts in NOK million
in Thousand MWH
Maturity
Fixed rate
December 31
Commodity contracts NOK
0.7 \u2013 2.2
30.06.2028
572 \u2013 758
-2
Commodity contracts SEK
0.7 \u2013 1.5
30.06.2028
435 \u2013 589
-2
Fair value of the Group's commodity contracts as at December 31, 2025, in NOK million
-4
OVERVIEW OF NON-OVERDUE COMMODITY CONTRACTS PER DECEMBER 31, 2024
Underlying quantity Unrealized loss
Amounts in NOK million
in Thousand MWH
Maturity
Fixed rate
December 31
Commodity contracts NOK
2.0 \u2013 2.2
31.12.2026
700
-8
Commodity contracts SEK
1.3 \u2013 1.5
31.12.2026
485
-2
Fair value of the Group's commodity contracts as at December 31, 2024, in NOK million
-10
Changes in fair value are presented within financial income and financial expense in the income statement.
Please see Note 7 Net financial items.
", "dimensions": { "concept": "satsasa:DisclosureOfCommodityPriceRisk", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to
the Group. SATS ASA\u2019s credit risk refers to the risk of the Group\u2019s accounts receivables and investment in liquid assets.
As the daily business is to a large part based on customer prepayments and direct debit arrangements, the Group\u2019s
credit risk is considered low.
The Group has a credit management policy to only cooperate with financial institutions with a high credit rating.
At the end of the reporting period, the Group\u2019s maximum credit risk exposure was NOK 296 million. The Group does
usually not demand collateral for receivables. The expected credit loss allowance for accounts receivables was NOK
218 million as at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
Liquidity risk
The Group\u2019s liquidity risk is characterized by a potential risk of not being able to meet obligations to vendors and loan
creditors. The ability to service the debt, and ultimately continue as a going concern, depends on the Group\u2019s cash flow
from operating activities. The Group regularly monitors the cash flow situation by setting up cash flow forecasts based
on the forecasts of the liquidity reserves, including cash equivalents and borrowing facilities. The forecasts are set by
the individual subsidiaries and are regularly monitored by the Group. Please see Note 19 Borrowings for information on
funding sources and a payment profile.
To be able to maintain sufficient flexibility in the source of funding, the Group has total available borrowing facilities of
NOK 2,500 million as at December 31, 2025 (NOK 2,500 million as at December 31, 2024), of which NOK 891 million
has not been drawn down as at the balance sheet date. In addition, the Group has cash and cash equivalents of NOK
512 million as at December 31, 2025 (NOK 371 million as at December 31, 2024), whereof NOK 26 million (NOK 23
million) is restricted cash.
Presentation of financial assets and liabilities as at December 31, 2025
MATURITY PROFILE
More than
Amounts in NOK million
1\u20133 months
3\u201312 months
1\u20135 years
5 years
Total
Accounts receivables
134
53
191
0
378
Other current receivables
108
0
0
0
108
Cash and cash equivalents
512
0
0
0
512
Financial assets
755
53
191
0
999
Borrowings
0
0
1,489
0
1,489
Lease liabilities
314
903
3,542
1,248
6,007
Trade payables
100
0
0
0
100
Other current liabilities
377
0
0
0
377
Payment of interest
13
40
84
0
138
Financial liabilities
805
943
5,116
1,248
8,111
Net financial liabilities
-49
-890
-4,925
-1,248
-7,112
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value. Presentation of financial assets and liabilities as at December 31, 2024
MATURITY PROFILE
More than
Amounts in NOK million
1\u20133 months
3\u201312 months
1\u20135 years
5 years
Total
Accounts receivables
136
46
163
0
345
Other current receivables
131
0
0
0
131
Cash and cash equivalents
371
0
0
0
371
Financial assets
639
46
163
0
848
Borrowings
0
0
1,449
0
1,449
Lease liabilities
306
876
3,454
1,229
5,866
Trade payables
178
0
0
0
178
Other current liabilities
360
0
0
0
360
Payment of interest
15
46
97
0
158
Financial liabilities
860
922
5,000
1,229
8,012
Net financial liabilities
-221
-877
-4,837
-1,229
-7,164
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "The Group\u2019s liquidity risk is characterized by a potential risk of not being able to meet obligations to vendors and loan creditors. The ability to service the debt, and ultimately continue as a going concern, depends on the Group\u2019s cash flow from operating activities. The Group regularly monitors the cash flow situation by setting up cash flow forecasts based on the forecasts of the liquidity reserves, including cash equivalents and borrowing facilities. The forecasts are set by the individual subsidiaries and are regularly monitored by the Group. Please see Note 19 Borrowings for information on funding sources and a payment profile.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "Capital management The Company\u2019s leverage and shareholder distribution policy is to ensure prudent leverage, with excess cash returned to shareholders. The long-term target leverage is the lower end of 1.5\u20132.0x net debt (current and non-current bank borrowings less cash and cash equivalents) to EBITDA before impact of IFRS 16. The Group intends to maintain a stable leverage ratio within the stated range by returning excess capital to shareholders via a combination of dividends and share buy-backs. When proposing a payout, the Board of Directors reserves the right to deviate from its current leverage targets, taking into consideration internal and external factors such as material acquisitions, macroeconomic conditions and the capital markets environment.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "NOTE 22 Financial instruments Derivatives Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Changes in the fair value of any derivative instrument are recognized immediately in profit or loss and are included in financial income or financial expense. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below.
THE GROUP HAS THE FOLLOWING DERIVATIVE FINANCIAL INSTRUMENTS:
Amounts in NOK million
2025
2024
Non-current assets
Interest rate swap contracts
0
33
Total non-current derivative financial instrument assets
0
33
Current assets
Interest rate swap contracts
16
0
Total current derivative financial instrument assets
16
0
Non-current liabilities
Commodity contracts
1
4
Total non-current derivative financial instrument liabilities
1
4
Current liabilities
Commodity contracts
3
6
Total current derivative financial instrument liabilities
3
6
Fair value estimates The Group uses the following hierarchy for determining and disclosing the fair value of financial instuments. Level 1: Fair value is measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Fair value is measured using other observable input than used in level 1, either directly (prices) or indirectly (derived from the prices). Level 3: Fair value is measured using input that is not based on observable market data. Specific valuation techniques used to value financial instruments include: \\ the use of quoted market prices or dealer quotes for similar instruments; \\ the fair value of interest rate swaps calculated as the present value of the estimated future cash flows based on observable yield curves; \\ the fair value of forward foreign exchange contracts determined using forward exchange rates at the balance sheet date; and \\ the fair value of the remaining financial instruments determined using discounted cash flow analysis. All of the resulting fair value estimates are included in Level 2. Other financial instruments FINANCIAL ASSETS (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS) All financial assets, excluding derivatives, meet the SPPI (solely payments of principal and interest) criteria and are managed in a business model of Hold to Collect. Therefore all financial assets, excluding derivatives, are allocated to the category amortized cost. The Group measures its accounts receivables and other receivables and cash and cash equivalents at amortized cost. Subsequent to initial recognition, these assets are measured at amortized cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and recognized in the income statement. The financial assets are classified as current assets, except for those where management has the intention to hold the investment for over twelve months or with maturities later than twelve months after the balance sheet date. These assets are classified as non-current assets. IMPAIRMENT OF FINANCIAL ASSETS The Group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. While cash and cash equivalents also are subject to the impairment requirements, the expected credit losses are immaterial. For accounts receivables and contract assets, the Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected impairment provision for all accounts receivables and contract assets. FINANCIAL LIABILITIES (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs, and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value. Financial instruments as at December 31, 2025
ASSETS
Assets measured at Fair value through profit
Amounts in NOK million amortized cost
and loss
Total
Other non-current receivables
72
0
72
Accounts receivable
161
0
161
Other current receivables
108
0
108
Derivatives
0
16
16
Cash and cash equivalents
512
0
512
Total financial assets
854
16
870
LIABILITIES
Liabilities measured at Fair value through profit
Amounts in NOK million amortized cost
and loss
Total
Borrowings
1,489
0
1,489
Leases
5,177
0
5,177
Trade and other payables
100
0
100
Derivatives
0
4
4
Other current liabilities
377
0
377
Total financial liabilities
7,143
4
7,147
Financial instruments as at December 31, 2024
ASSETS
Assets measured at Fair value through profit
Amounts in NOK million amortized cost
and loss
Total
Other non-current receivables
56
0
56
Accounts receivable
159
0
159
Other current receivables
131
0
131
Derivatives
0
33
33
Cash and cash equivalents
371
0
371
Total financial assets
718
33
750
LIABILITIES
Liabilities measured at Fair value through profit
Amounts in NOK million amortized cost
and loss
Total
Borrowings
1,451
0
1,451
Leases
5,050
0
5,050
Trade and other payables
178
0
178
Derivatives
0
10
10
Other current liabilities
360
0
360
Total financial liabilities
7,039
10
7,050
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "
Derivatives
Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative investments.
Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into
and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The
fair values are based on observable market prices obtained from external parties and are based on mid-range marked
interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair
value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve
months from the balance sheet date and there is no intention to close the position within twelve months from the
balance sheet date.
Changes in the fair value of any derivative instrument are recognized immediately in profit or loss and are included in
financial income or financial expense. The fair values of the outstanding derivatives as at the balance sheet date are
disclosed below.
Other financial instruments
FINANCIAL ASSETS (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS)
All financial assets, excluding derivatives, meet the SPPI (solely payments of principal and interest) criteria and are
managed in a business model of Hold to Collect. Therefore all financial assets, excluding derivatives, are allocated to
the category amortized cost.
The Group measures its accounts receivables and other receivables and cash and cash equivalents at amortized cost.
Subsequent to initial recognition, these assets are measured at amortized cost using the effective interest method.
Income from these financial assets is calculated on an effective yield basis and recognized in the income statement.
The financial assets are classified as current assets, except for those where management has the intention to hold
the investment for over twelve months or with maturities later than twelve months after the balance sheet date. These
assets are classified as non-current assets.
FINANCIAL LIABILITIES (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs, and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value. 105 MANAGEMENT\u2019S REVIEW", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "Derivatives Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Changes in the fair value of any derivative instrument are recognized immediately in profit or loss and are included in financial income or financial expense. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below.
THE GROUP HAS THE FOLLOWING DERIVATIVE FINANCIAL INSTRUMENTS:
Amounts in NOK million
2025
2024
Non-current assets
Interest rate swap contracts
0
33
Total non-current derivative financial instrument assets
0
33
Current assets
Interest rate swap contracts
16
0
Total current derivative financial instrument assets
16
0
Non-current liabilities
Commodity contracts
1
4
Total non-current derivative financial instrument liabilities
1
4
Current liabilities
Commodity contracts
3
6
Total current derivative financial instrument liabilities
3
6
Fair value estimates The Group uses the following hierarchy for determining and disclosing the fair value of financial instuments. Level 1: Fair value is measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Fair value is measured using other observable input than used in level 1, either directly (prices) or indirectly (derived from the prices). Level 3: Fair value is measured using input that is not based on observable market data. Specific valuation techniques used to value financial instruments include: \\ the use of quoted market prices or dealer quotes for similar instruments; \\ the fair value of interest rate swaps calculated as the present value of the estimated future cash flows based on observable yield curves; \\ the fair value of forward foreign exchange contracts determined using forward exchange rates at the balance sheet date; and \\ the fair value of the remaining financial instruments determined using discounted cash flow analysis. All of the resulting fair value estimates are included in Level 2. Other financial instruments FINANCIAL ASSETS (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS) All financial assets, excluding derivatives, meet the SPPI (solely payments of principal and interest) criteria and are managed in a business model of Hold to Collect. Therefore all financial assets, excluding derivatives, are allocated to the category amortized cost. The Group measures its accounts receivables and other receivables and cash and cash equivalents at amortized cost. Subsequent to initial recognition, these assets are measured at amortized cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and recognized in the income statement. The financial assets are classified as current assets, except for those where management has the intention to hold the investment for over twelve months or with maturities later than twelve months after the balance sheet date. These assets are classified as non-current assets. IMPAIRMENT OF FINANCIAL ASSETS The Group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. While cash and cash equivalents also are subject to the impairment requirements, the expected credit losses are immaterial. For accounts receivables and contract assets, the Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected impairment provision for all accounts receivables and contract assets. FINANCIAL LIABILITIES (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs, and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value.
Financial instruments as at December 31, 2025
ASSETS
Assets measured at Fair value through profit
Amounts in NOK million amortized cost
and loss
Total
Other non-current receivables
72
0
72
Accounts receivable
161
0
161
Other current receivables
108
0
108
Derivatives
0
16
16
Cash and cash equivalents
512
0
512
Total financial assets
854
16
870
LIABILITIES
Liabilities measured at Fair value through profit
Amounts in NOK million amortized cost
and loss
Total
Borrowings
1,489
0
1,489
Leases
5,177
0
5,177
Trade and other payables
100
0
100
Derivatives
0
4
4
Other current liabilities
377
0
377
Total financial liabilities
7,143
4
7,147
Financial instruments as at December 31, 2024
ASSETS
Assets measured at Fair value through profit
Amounts in NOK million amortized cost
and loss
Total
Other non-current receivables
56
0
56
Accounts receivable
159
0
159
Other current receivables
131
0
131
Derivatives
0
33
33
Cash and cash equivalents
371
0
371
Total financial assets
718
33
750
LIABILITIES
Liabilities measured at Fair value through profit
Amounts in NOK million amortized cost
and loss
Total
Borrowings
1,451
0
1,451
Leases
5,050
0
5,050
Trade and other payables
178
0
178
Derivatives
0
10
10
Other current liabilities
360
0
360
Total financial liabilities
7,039
10
7,050
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "Derivatives Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Changes in the fair value of any derivative instrument are recognized immediately in profit or loss and are included in financial income or financial expense. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below.
THE GROUP HAS THE FOLLOWING DERIVATIVE FINANCIAL INSTRUMENTS:
Amounts in NOK million
2025
2024
Non-current assets
Interest rate swap contracts
0
33
Total non-current derivative financial instrument assets
0
33
Current assets
Interest rate swap contracts
16
0
Total current derivative financial instrument assets
16
0
Non-current liabilities
Commodity contracts
1
4
Total non-current derivative financial instrument liabilities
1
4
Current liabilities
Commodity contracts
3
6
Total current derivative financial instrument liabilities
3
6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "Derivatives Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Changes in the fair value of any derivative instrument are recognized immediately in profit or loss and are included in financial income or financial expense. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below. Fair value estimates The Group uses the following hierarchy for determining and disclosing the fair value of financial instuments. Level 1: Fair value is measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Fair value is measured using other observable input than used in level 1, either directly (prices) or indirectly (derived from the prices). Level 3: Fair value is measured using input that is not based on observable market data. Specific valuation techniques used to value financial instruments include: \\ the use of quoted market prices or dealer quotes for similar instruments; \\ the fair value of interest rate swaps calculated as the present value of the estimated future cash flows based on observable yield curves; \\ the fair value of forward foreign exchange contracts determined using forward exchange rates at the balance sheet date; and \\ the fair value of the remaining financial instruments determined using discounted cash flow analysis. All of the resulting fair value estimates are included in Level 2. Other financial instruments FINANCIAL ASSETS (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS) All financial assets, excluding derivatives, meet the SPPI (solely payments of principal and interest) criteria and are managed in a business model of Hold to Collect. Therefore all financial assets, excluding derivatives, are allocated to the category amortized cost. The Group measures its accounts receivables and other receivables and cash and cash equivalents at amortized cost. Subsequent to initial recognition, these assets are measured at amortized cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and recognized in the income statement. The financial assets are classified as current assets, except for those where management has the intention to hold the investment for over twelve months or with maturities later than twelve months after the balance sheet date. These assets are classified as non-current assets. IMPAIRMENT OF FINANCIAL ASSETS The Group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. While cash and cash equivalents also are subject to the impairment requirements, the expected credit losses are immaterial. For accounts receivables and contract assets, the Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected impairment provision for all accounts receivables and contract assets. FINANCIAL LIABILITIES (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs, and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value. 105 MANAGEMENT\u2019S REVIEW", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "
Fair value estimates
The Group uses the following hierarchy for determining and disclosing the fair value of financial instuments.
Level 1: Fair value is measured using quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Fair value is measured using other observable input than used in level 1, either directly (prices) or indirectly
(derived from the prices).
Level 3: Fair value is measured using input that is not based on observable market data.
Specific valuation techniques used to value financial instruments include:
\\
the use of quoted market prices or dealer quotes for similar instruments;
\\
the fair value of interest rate swaps calculated as the present value of the estimated future cash flows based on
observable yield curves;
\\
the fair value of forward foreign exchange contracts determined using forward exchange rates at the balance
sheet date; and
\\
the fair value of the remaining financial instruments determined using discounted cash flow analysis.
All of the resulting fair value estimates are included in Level 2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "Fair value estimates The Group uses the following hierarchy for determining and disclosing the fair value of financial instuments. Level 1: Fair value is measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Fair value is measured using other observable input than used in level 1, either directly (prices) or indirectly (derived from the prices). Level 3: Fair value is measured using input that is not based on observable market data. Specific valuation techniques used to value financial instruments include: \\ the use of quoted market prices or dealer quotes for similar instruments; \\ the fair value of interest rate swaps calculated as the present value of the estimated future cash flows based on observable yield curves; \\ the fair value of forward foreign exchange contracts determined using forward exchange rates at the balance sheet date; and \\ the fair value of the remaining financial instruments determined using discounted cash flow analysis. All of the resulting fair value estimates are included in Level 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "Other financial instruments FINANCIAL ASSETS (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS) All financial assets, excluding derivatives, meet the SPPI (solely payments of principal and interest) criteria and are managed in a business model of Hold to Collect. Therefore all financial assets, excluding derivatives, are allocated to the category amortized cost. The Group measures its accounts receivables and other receivables and cash and cash equivalents at amortized cost. Subsequent to initial recognition, these assets are measured at amortized cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and recognized in the income statement. The financial assets are classified as current assets, except for those where management has the intention to hold the investment for over twelve months or with maturities later than twelve months after the balance sheet date. These assets are classified as non-current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "IMPAIRMENT OF FINANCIAL ASSETS The Group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. While cash and cash equivalents also are subject to the impairment requirements, the expected credit losses are immaterial. For accounts receivables and contract assets, the Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected impairment provision for all accounts receivables and contract assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "
FINANCIAL LIABILITIES (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS)
The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent
considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair
value net of transaction costs, and they are subsequently measured at amortized cost using the effective interest
method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent
consideration is subsequently measured at its fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "FINANCIAL LIABILITIES (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs, and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "FINANCIAL LIABILITIES (EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs, and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value. 105 MANAGEMENT\u2019S REVIEW BOARD OF DIRECTORS\u2019 REPORT FINANCIAL STATEMENTS CONTENTS", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
NOTE 23
Other current liabilities
A large portion of the Group\u2019s customers pay the monthly membership subscription fee in advance. These
prepayments are recognized as non-financial debt and will be settled in the Group\u2019s revenue.
CONTRACT LIABILITIES
Amounts in NOK million at December 31
2025
2024
Contract liabilities
724
653
Contract liabilities
724
653
Trade payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial
year that are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other
payables are presented as current liabilities unless payment is not due within twelve months after the reporting period.
They are recognized initially at their fair value and subsequently measured at amortized cost using the effective
interest method.
OTHER CURRENT LIABILITIES BY NATURE
Amounts in NOK million at December 31
2025
2024
Accrued employee benefit expenses
108
93
Accrued vacation pay
106
98
Accrued rent
7
1
Accrued rent discounts
51
40
Customer liabilities
23
27
Other current liabilities
82
101
Total other current liabilities
377
360
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
NOTE 24
Related parties
The following table presents an overview of transactions with related parties. Remuneration to executive staff
and the Board of Directors and share capital information are presented in Note 5 Personnel expenses and Note 17
Shareholders\u2019 equity, respectively, and are not included in the following overview:
BALANCE SHEET ITEMS
Amounts in NOK million at December 31
Related party
Relationship
Type of services
2025
2024
Key employees
Employees
Loan
28
15
Total related party balance sheet items
28
15
All transactions with related parties are priced at market terms, and there are no special conditions attached to them.
Transactions with subsidiaries have been eliminated in consolidated statements and do not represent transactions
with related parties.
In 2025, a total of NOK 14.5 million in loans (NOK 0.3 million in 2024) was issued to key employees participating in
a partly debt-financed share investment program. During 2025, NOK 3 million of loans were repaid (NOK 3 million in
2024). The terms are regulated according to the arm's length principle. Please see the remuneration report published
on SATS' website www.satsgroup.com under \u201cGeneral meetings\u201d for additional information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "The following table presents an overview of transactions with related parties. Remuneration to executive staff and the Board of Directors and share capital information are presented in Note 5 Personnel expenses and Note 17 Shareholders\u2019 equity, respectively, and are not included in the following overview: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
NOTE 25
Events after the balance sheet date
On February 18, 2025, the Board of Directors of SATS ASA resolved to initiate a share buyback program with a
maximum consideration of NOK 200 million. The buyback program was commenced on February 18, 2025, and will not
end later than the Company\u2019s Annual General Meeting of 2026.
On March 3, 2026, an extraordinary general meeting resolved to distribute a cash dividend of NOK 0.67 per share.
The dividend was paid on March 9, 2026, to shareholders of record as at March 5, 2026. This decision was made after
the reporting period and is therefore not reflected as a liability in the financial statements as at December 31, 2025.
Further, the extraordinary meeting resolved to reduce the share capital by NOK 8,500,000 by redemption of 4,000,000
shares. Following completion of the capital reduction the share capital of the company will be NOK 424,350,999.50,
divided into 199,694,588 shares, each with a nominal value of NOK 2.125.
Subsequent to the balance sheet date, the Company identified indications of unauthorised access to parts of its IT
environment and is currently investigating a cyber incident. As at the date of publication of this report, investigations
into the scope of the incident are ongoing.
On March 23, 2026, the Board of Directors approved a new investment program for all employees of the SATS Group,
aimed at aligning the interests of the participants with those of the Company\u2019s shareholders. Due to the cyber incident
as described above, the Company was required to allocate significant internal and senior resources to its investigation
and therefore resolved to postpone the implementation of the Share Investment Program.
The Board of Directors is not aware of any other events that occurred after the balance sheet date, or any new
information regarding existing matters, that could have a material effect on the 2025 consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "Nydalsveien 28 0484 Oslo Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }