olivLaw · European equity research
Actic Group AB ATIC.ST
Sweden · Nasdaq Stockholm · ISIN SE0009269467 · Vertical: Listed companies from Sweden
Actic Group AB runs gym and pool chains in Sweden, positioning itself as one of the country's leading fitness networks. The company has around 150 000 members and focuses on group training, swimming and offers for employers, in a context where health and movement are increasingly sought after in smaller and mid-sized towns.
At the close of 05 Nov 2026, Actic Group AB (ATIC.ST) stock was 26.00 SEK (+0.97% on the day), with market capitalisation 592.2 m SEK, P/E 7.7 on diluted EPS of 3.37 SEK over the last 12 months, beta 0.70, 52-week range 22.80–38.50 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.9
- strong (55–70)
- Bollinger (20, 2)
- 22.95 – 26.71
- in the upper half of the band · %B 0.81 · band width 15.1%
- SMA 50 / 200
- 25.72 / 29.49
- mixed trend
- MACD (12, 26, 9)
- 0.12 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.2% | +0.4% | +6.8 pp | — |
| 3 months | −13.9% | −3.3% | −10.6 pp | — |
| 6 months | −19.1% | +4.0% | −23.1 pp | — |
| Year to date | −27.2% | +8.1% | −35.3 pp | — |
| 1 year | +11.1% | +10.7% | +0.4 pp | −8.2% |
| 3 years | +486.9% | +50.1% | +436.8 pp | +11.7% |
| 5 years | +116.5% | +43.6% | +72.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 10.6, median 10.6, max 10.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 678.3 m | 732.5 m | 762.3 m |
| Revenue YoY | unavailable | +8.0% | +4.1% |
| Net income | -33.7 m | -11.2 m | 77.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.67 | -0.50 | 3.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -5.0% | -1.5% | 10.2% |
| Free cash flow | 140.0 m | 174.0 m | 162.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 90.2 m SEK
- Financial debt
- 825.3 m SEK
- Net debt
- 735.1 m SEK
- Equity
- 234.3 m SEK
- Total assets
- 1.3 bn SEK
- Debt / equity
- 3.52x
- Current ratio
- 0.41x
- ROE
- 39.7%
- ROA
- 5.9%
- FCF margin
- 21.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 678.3 m | 732.5 m | 762.3 m | esef· 26 Oct 2026verified |
| Operating income | -9.6 m | 43.8 m | 120.2 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | — | 173.7 m | 148.3 m | esef· 26 Oct 2026verified |
| EBITDA | — | 217.5 m ≈ | 268.5 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 54.0 m | 55.8 m | 41.7 m | esef· 26 Oct 2026verified |
| Pre-tax income | -45.3 m | -11.3 m | 80.3 m | esef· 26 Oct 2026verified |
| Income tax | -7.9 m | -155.0 k | 1.9 m | esef· 26 Oct 2026verified |
| Net income | -33.7 m | -11.2 m | 77.9 m | esef· 26 Oct 2026verified |
| Diluted EPS | -1.67 | -0.50 | 3.37 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | — | 22.5 m | 23.1 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 34.8 m | 48.3 m | 90.2 m | esef· 26 Oct 2026verified |
| Current assets | 102.6 m | 109.2 m | 160.7 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 163.7 m | 141.1 m | 118.6 m | esef· 26 Oct 2026verified |
| Goodwill | 528.4 m | 527.8 m | 513.1 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 11.7 m | 5.8 m | 6.8 m | esef· 26 Oct 2026verified |
| Total assets | 1.3 bn | 1.3 bn | 1.3 bn | esef· 26 Oct 2026verified |
| Short-term debt | — | 155.1 m | 153.1 m | esef· 26 Oct 2026verified |
| Long-term debt | — | 728.6 m | 672.2 m | esef· 26 Oct 2026verified |
| Current liabilities | 380.1 m | 397.5 m | 396.7 m | esef· 26 Oct 2026verified |
| Total liabilities | 1.2 bn | 1.1 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Equity | 167.0 m | 157.9 m | 234.3 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 20.2 m | 22.4 m | 22.8 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 168.3 m | 190.4 m | 183.4 m | esef· 26 Oct 2026verified |
| Capex | 28.3 m | 16.4 m | 20.9 m | esef· 26 Oct 2026verified |
| Free cash flow | 140.0 m ≈ | 174.0 m ≈ | 162.6 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | 312.0 k | -18.4 m | 39.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -168.6 m | -158.5 m | -180.4 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 69 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 592.2 m SEK
Key indicators
Coverage and freshness
Score by group
- Balance sheet24
- Valuation97
- Quality74
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 69/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.0% | 52 (vs peers) | 14% |
| Net margin · Quality | 10.2% | 86 (vs peers) | 9% |
| FCF conversion · Quality | 208.7% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.7x | 36 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | 2.9x | 21 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 7.7x | 100 (vs peers) | 14% |
| EV/EBITDA · Valuation | 4.9x | 91 (on a fixed band) | 14% |
| FCF yield · Valuation | 27.5% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation97/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Actic Group AB (ATIC.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 762.3 m SEK in 2025; YoY growth 4.1%; net margin 10.2%; ROE 39.8%; net debt/EBITDA 2.7x.
The estimated value range is 54.90–109.40 SEK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 71.69 SEK, the price of 26.00 SEK leaves a potential of 175.7% (value / price − 1) and a margin of safety of 63.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 69/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.2%
- FCF conversion: 208.7%
- P/E (TTM): 7.7x
- EV/EBITDA: 4.9x
- FCF yield: 27.5%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 2.9x
- Current ratio: 0.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for ATIC.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.53 Total return -40% · Per year -40% | 27.46 Total return 6% · Per year 6% | 41.37 Total return 59% · Per year 59% |
| 3 years | 14.94 Total return -43% · Per year -17% | 29.74 Total return 14% · Per year 5% | 49.21 Total return 89% · Per year 24% |
| 5 years | 14.37 Total return -45% · Per year -11% | 32.21 Total return 24% · Per year 4% | 58.54 Total return 125% · Per year 18% |
- Exit P/E± 7.43
- Net margin± 5.20
- Annual revenue growth± 4.29
- Annual dilution± 0.44
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Actic Group AB runs gym and pool chains in Sweden, positioning itself as one of the country's leading fitness networks. The company has around 150 000 members and focuses on group training, swimming and offers for employers, in a context where health and movement are increasingly sought after in smaller and mid-sized towns.
SWOT
Strengths
- A network of sites with a combined gym, pool and group class offer, plus trained staff who support members.
- Agreements with companies and trade union organisations that bring members consistently.
- Partnerships with internationally recognised group class brands.
Weaknesses
- Reliance on physical sites, which carries fixed rent and maintenance costs.
- Sales of goods and related services remain a less developed area.
- Sensitivity to energy costs and consumables prices.
Opportunities
- Extending the new HYROX and Aqua Float classes to more sites.
- Developing partnerships with municipalities and schools for swimming and activities.
- Using unused space through partnerships with cafés and health services.
Threats
- Competition from fitness chains and digital operators.
- Price and cost pressure that could reduce margins.
- Changes in sustainability reporting rules that could add administrative burden.
Risks
- Dependence on fixed costsmedium
Physical sites carry rent and maintenance costs that stay constant even when demand falls.
- Competitive pressuremedium
New fitness formats, including digital ones, could reduce member numbers in some areas.
- Energy and consumables costsmedium
Rising prices for energy and materials could affect site profitability.
- Member retentionlow
If usage frequency declines, subscription revenue could be affected faster than costs.
- Regulatory changelow
Changes to sustainability reporting rules could bring extra compliance costs.
Investment thesis
What would need to be true (bull case)
- If interest in group training and new formats holds, existing sites could see higher utilisation.
- Partnerships with companies and municipalities could bring stable revenue and new members.
- The brand position in smaller and mid-sized towns could support expansion or higher revenue per site.
What would break the thesis
- If competitive pressure from digital and low-cost operators intensifies, member growth could slow.
- Rising costs for energy, consumables and staff could squeeze margins if not offset by prices.
- Reliance on physical sites makes the company less flexible to sudden shifts in demand.
What to watch
- Development of member numbers and group class participationnext annual report
- Results of the HYROX and Aqua Float launches across more sites2026
- Development of energy and consumables costs2026
- Progress towards the energy and sustainability targets by 20272027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Actic offers gym training, swimming, group classes and digital programmes via its own app, with around 150 000 members 1. It targets families, young people and people who want to become active, as well as large companies near its facilities, to which it sells training packages and memberships for employees 1. Its model rests on trained staff and a network of sites mainly in smaller and mid-sized towns.
The company describes its vision as 'ett friskare samhälle genom träning', a healthier society through training, and its strategy aims to become the most appreciated fitness facility in its area 1. Actic works with partners such as Les Mills for concept classes and with its own instructors for guided classes 1.
Actic also rents premises to municipalities, schools and sports clubs and has started partnerships with cafés and physiotherapists at some sites to use spare space better 1. Sales of goods and related services, such as drinks and accessories, are an area under development 1.
Segments
Gym and group training
Gyms and group classes form the core offer, with strength, cardio, mobility and coordination classes, and at some gyms about 50 percent of members take part in group training 1. The 2025 launches of Aqua Float and HYROX extended the offer 1.
Pools and swimming
Pool access is a valued element included in membership and can be used at roughly 50 percent of the company's sites, and some locations also run swimming schools for children 1.
Corporate offers
Actic focuses on large companies near its sites, offering training packages for employees, group memberships and digital challenges, with national agreements including with trade union organisations 1.
Market context
Actic operates in the Swedish fitness market as a significant chain, with a focus on smaller and mid-sized towns where demand for accessible training is steady 1. With around 150 000 members and 400 full-time employees, the company holds a visible position in the areas where it operates 1.
The market is shaped by public health trends, growing interest in group training and demand for water-based activities. Actic states that its brand studies show a competitive position compared with other local operators 1.
Trends
- Group training and new formatstailwind
Interest in group classes such as HYROX and Aqua Float is rising, and the company reports full classes for the new offers, which could support visit frequency and member loyalty 1.
- Focus on health and movementtailwind
Concern for public health and regular physical activity supports demand for memberships, and Actic builds its vision on this idea 1.
- Rising costs and pricesheadwind
Higher prices for consumables and utilities could pressure margins, as the company's reported paper cost development shows 1.
- Sustainability regulationmixed
EU sustainability reporting requirements changed in 2025, and the company said it follows the rules and adjusts its reporting as needed 1. The impact on administrative costs remains to be seen.
Competitive position
Actic competes with other fitness chains and local gym and pool operators, especially in smaller and mid-sized towns where training offers are less concentrated 1. The company claims its brand compares favourably with other players offering similar services 1.
Reported competitive strengths include the combined gym and pool offer, group classes with international partners and access for companies 1. How competitive pressure from digital operators and low-cost gyms develops remains to be watched.
- Local gym and pool operators
Local gyms and pools competing for the same members in smaller and mid-sized towns.
- National fitness chains
Networks offering similar gyms that can compete on price and class offer.
- Digital training platforms
Online programmes and apps that can partly replace gym memberships.
- Municipal sports centres
Public facilities offering swimming and sports activities at accessible prices.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Actic Group AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.