Actic's Q1 came in clearly better than our estimates. While sales were +3% stronger vs SEBe, the big beat was for EBIT that came in at SEK 24m (vs our estimate at SEK 13m) so profitability is clearly taking a step up. EBIT margin was 12.4% (SEBe at 7.1%), an improvement from 5.0% last year. Monthly ARPM is up 3% y/y and number of members was 3% higher y/y. ND/EBITDA ex leases fell to 3.7x (down from 4.4x in Q4). Expect positive underlying revisions.
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