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Actic Q3: Sales and EBIT below, improvement in membership efficiencies continues - SEB

Actic Group, the gym club operator, reported Q3 sales of SEK 165m (-5% vs SEBe) and EBIT at SEK 12m (SEK -3m vs. SEBe). This implies that sales were flat y/y and EBIT 6% below last year's levels. Importantly, the group operated 11 fewer clubs at the end of Q3 this year, implying significant efficiency improvements. Mechanically, Q3 deviations equal a FY 2024 downgrade to our adjusted EBIT forecasts of c. 5%. Our current mid-point value is SEK 11 per share.

Actic Group, the gym club operator, reported Q3 sales of SEK 165m (-5% vs SEBe) and EBIT at SEK 12m (SEK -3m vs. SEBe). This implies that sales were flat y/y and EBIT 6% below last year's levels. Importantly, the group operated 11 fewer clubs at the end of Q3 this year, implying significant efficiency improvements. Mechanically, Q3 deviations equal a FY 2024 downgrade to our adjusted EBIT forecasts of c. 5%. Our current mid-point value is SEK 11 per share.
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