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Actic Q2: Good underlying development - SEB

Overall slightly better than expected. Report almost in line on sales, EBITDA 9% better, y/y sales declined by 2% but the organic growth amounted to a positve development of 1%. Fewer overall members due to decreased amount of clubs (13 less compared to Q2/22) but ARPM of SEK 352, up 4% y/y and members per club increasing, showing that the operating model and renovations in clubs are successful. We reiterate our mid-point equity value of SEK 8 per share.

Overall slightly better than expected. Report almost in line on sales, EBITDA 9% better, y/y sales declined by 2% but the organic growth amounted to a positve development of 1%. Fewer overall members due to decreased amount of clubs (13 less compared to Q2/22) but ARPM of SEK 352, up 4% y/y and members per club increasing, showing that the operating model and renovations in clubs are successful. We reiterate our mid-point equity value of SEK 8 per share.
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