Actic's Q1 looks solid and came in in line with our expectations. Sales came in 0% vs SEBe, and EBIT came in at SEK 22.9m (-1% vs SEBe at SEK 23.2m). Average number of members per club is up 4.6% and continues to develop healthily. ARPM came in at SEK 395 and was slightly above SEBe at 393, and is up c. 2% y/y despite the Norwegian divestment, which we find solid. Report unlikely to trigger any material estimate changes.
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