Overall, mostly in line. 2% beat on sales, adj. EBITDA and adj. EBIT spot on, y/y sales declined by 2% but the organic growth amounted to a positive development of 1%. Fewer overall members due to decreased number of clubs (13 less compared to Q2/22) but ARPM of SEK 352, up 4% y/y and members per club increasing, showing that the operating model and renovations in clubs are successful. We reiterate our mid-point equity value of SEK 8 per share.

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