Actic reported Q2 sales that came in +1% vs SEBe, driven by a solid ARPM that came in 2% ahead of us. Meanwhile average number of members missed our estimates by 1%. EBIT came in -8% vs SEBe (miss of SEK 2m) which we believe seems driven by increased growth initiatives. Y/y comparable are distorted by last year's divestment, but like-for-like sales increased 8% driven by a continued positive trend in members per club and ARPM, which is solid in our view.
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