Following Q1 results that were well ahead of our estimates, we raise our full-year forecasts for Actic Group to mainly reflect higher margins. While we now assume fewer gym clubs at year-end, we increase the impact of efficiency measures (members/club) and raise ARPM. In all, adding strong cost management, we lift 2024E-26E EBIT by an average of 35%. We set our new mid-point at SEK 11 (8) with a range of SEK 9-13.
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