Actic's Q2 showed once again steps in the rights direction, and even faster than we had anticipated. While sales came roughly in line with our estimates (-1% vs SEBe), adj. EBIT beat us by 30% driven by stronger EBIT margin of 15.4% (vs our estimate at 11.7%). ARPM growth is 3% y/y and drives the sales growth in the quarter. Debt situation continues to improve and ND/EBITDA excl. leases is now at 2.2x, down from 3.7x in Q1/25 and 5.7x last year.
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