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Atria reported Q1 adjusted EBIT of EUR 2.3m versus Refinitiv consensus at EUR -0.6m and Nordea at EUR -0.4m. Q1 net sales of EUR 375m were up 4% y/y and came 4% above consensus (+3% versus Nordea). Adjusted EBIT declined in all segments due to higher costs, while group costs beat our expectations. The Finnish poultry investment is progressing according to the planned schedule and within the EUR 155m budget, while EUR 30m investment to Sweden will increase slightly due to increase in material costs. Atria expects that the exit from the Russian fast food business to take place in Q2. Atria maintained its outlook intact and expects adjusted EBIT to decline in 2022 (consensus EUR 32.5m after EUR 49.2m in 2021). Initially, we expect consensus to hike 2022-23 EBIT estimates by at least 5% as it appears that the company has successfully increased sale prices, although not to fully extent at the moment.
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