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Third party research

Atria: Strong Q3 across the board - Nordea

Atria

This is a third party research report and does not necessarily reflect our views or values

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Atria reported Q3 adjusted EBIT of EUR 25.4m, 7% above LSEG Data & Analytics consensus. Q3 net sales of EUR 457m were up 4% y/y and came 3% above consensus. Sweden and Denmark & Estonia beat our estimates while Finland fell slightly below against tough comps. Operating cash flow was EUR 8m (EUR 31m a year ago). The company notes tentative recovery in the Finnish market. In Estonia, the company has been affected by African swine fewer which, after Estonian government compensations leaves company with EUR 0.5m cost, recognised in Q2-Q3. The company will progress with its EUR 16m Kauhajoki investments thatis expected to yield EUR 3m annual cost savings (to our understanding from 2027). Atria raised its guidance on 13 October and expects 2025 adjusted EBIT to improve from EUR 65.4m in 2024. Consensus has modelled EUR 67m, or 2% increase. Following the solid Q3, we expect consensus to raise its estimates to the tune of low-single-digits.
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