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Actic Q2: Cost management continues to prove fruitful - SEB

Actic Group, the gym and swim club operator, reported Q2 sales of SEK 170m, in line with our forecast of SEK 173m, while earnings were ahead on the back of successful cost management. Adj EBIT of SEK 11m, with a margin of 6.5%, compares to our estimate of SEK 7.6m (4.4% margin) and implies a SEK 9m y/y improvement from adj EBIT of SEK 2m in Q2/23. Our mid-point equity value currently remains SEK 11 per share.

Actic Group, the gym and swim club operator, reported Q2 sales of SEK 170m, in line with our forecast of SEK 173m, while earnings were ahead on the back of successful cost management. Adj EBIT of SEK 11m, with a margin of 6.5%, compares to our estimate of SEK 7.6m (4.4% margin) and implies a SEK 9m y/y improvement from adj EBIT of SEK 2m in Q2/23. Our mid-point equity value currently remains SEK 11 per share.
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