Actic Group, the gym and swim club operator, reported Q1 sales in line with our forecasts, while earnings are well ahead, as cost measures feed through the P&L lines. Reported EBIT of SEK 10m (5.8% margin) compares to our SEK 1m (0.4% margin) estimate and implies a SEK 12m y/y improvement from LBIT of SEK 2m in Q1/23. Mechanically, the deviation corresponds to a 30% upgrade to our FY EBIT forecasts. Our current mid-point of SEK 8 is also under review.
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