Actic showed good progress in Q3 with accelerating ARPM and a clear step in earnings growth. As the comparable base is now clean from the Norwegian divestments, its heavy lifting in investments for growth is shining through. We think the improved ARPM growth is a reflection of an attractive offering and that Actic has found its target group of customers. Post results, we lift our 2026E-28E EBIT by 1-4%. Our new fair value range is SEK 36-43 (34-41).
