Atria: Soft Q4 and a negative guidance for 2025 - Nordea
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Atria: Soft Q4 and a negative guidance for 2025 - Nordea

Atria reported Q4 adjusted EBIT of EUR 13.2m, 19% (EUR 3.1m) below LSEG Data & Analytics consensus. Q4 net sales of EUR 445m were up 2% y/y and came 1% below consensus. All segments missed our EBIT estimates, led by Finland. Operating cash flow was EUR 31m (EUR 52m a year ago). DPS proposal of EUR 0.69 came slightly below of consensus expectation. Atria expects 2025 adjusted EBIT to decline from EUR 65.4m in 2024. Consensus has modelled EUR 69m, or 5% increase. We believe the company has taken cautious view entering 2025 due to uncertainty in consumer sentiment. Initially, we expect consensus to trim 2025 EBIT estimate to the tune of 10% due to increased uncertainty over sustainable earnings level.

Atria reported Q4 adjusted EBIT of EUR 13.2m, 19% (EUR 3.1m) below LSEG Data & Analytics consensus. Q4 net sales of EUR 445m were up 2% y/y and came 1% below consensus. All segments missed our EBIT estimates, led by Finland. Operating cash flow was EUR 31m (EUR 52m a year ago). DPS proposal of EUR 0.69 came slightly below of consensus expectation. Atria expects 2025 adjusted EBIT to decline from EUR 65.4m in 2024. Consensus has modelled EUR 69m, or 5% increase. We believe the company has taken cautious view entering 2025 due to uncertainty in consumer sentiment. Initially, we expect consensus to trim 2025 EBIT estimate to the tune of 10% due to increased uncertainty over sustainable earnings level.
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