Actic Group, the gym club operator, continues to deliver on key efficiency drivers, as corroborated by a c. 6% y/y growth in the average number of members per club (Q3: two fewer clubs vs. our forecasts), as well as ARPM improving by 4% y/y. Adding cost control to our projections for net sales growth in 2025E, we now forecast adjusted EBIT to improve from SEK 37m in FY24, to SEK 50m. Its lending terms have been extended to March 2027. We maintain our SEK 11 mid-point value.
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