Actic’s Q1 was another step in the right direction, in our view. During the last year, Actic has successfully reduced its ND/EBITDA ex leases level from 6.1x to 3.7x in Q1. While still on the high side, it is an improvement. Meanwhile, sales were up 8% y/y, ARPM +3% y/y and sales per club up +16% y/y. Profitability followed and EBIT more than doubled y/y for an EBIT margin of 12.4%. We raise our underlying assumptions with new mid-point of SEK 19.
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