Actic has delivered an impressive turnaround, driven by good execution and greater efficiency. As a result, sales per club have now risen for 15 consecutive quarters, alongside a reduction in ND/EBITDA (excl. IFRS 16) from 5.8x to 2.8x. We expect this positive trend to continue into Q4. We raise our EBIT estimates by 1-4% for 2026E-27E on expectations of a more profitable membership mix. Our new equity value range is SEK 34-41 (30-36), midpoint SEK 37 (33).
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