Ahead of Q1, we leave our estimates unchanged. After an impressive transformation in optimising its club portfolio, improving profitability and taking down leverage, we think Actic is now ready for its next phase focusing on growth again. For 2026 we expect Actic to focus more on ARPM growth, adding more functionalities to its memberships, and selectively invest in its clubs. We lift long-term margin assumptions; new midpoint SEK 36 (31).
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