Actic delivered further progress in Q2, with ARPM up y/y, despite the Norwegian operations still being in the comparison base, an outcome we find solid. The underlying performance also continued in the right direction, with LFL margins improving y/y. The Norwegian divestment will drop out of the comparison base ahead, allowing the underlying progress to shine through more clearly. We cut 2026E-28E EBIT by 1-4% on higher growth initiatives.
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