Atria: We are in line with consensus for Q4 - Nordea

Ahead of Atria's Q4 report, we maintain our estimates intact. Following the first signs of improving Finnish retail and foodservice market conditions, we expect a solid Q4 from Atria. We model 3% y/y sales growth and 10% y/y adjusted EBIT growth to EUR 14.6m. Atria is advancing its investment programme with announced EUR 23m investment into Sweden and is clearly putting more focus on growth. Q4 EBIT will be burdened by EUR 6m non recurring costs (with EUR 5m cash impact) related to demolition of old facilities. Atria expects EUR 0.5m positive annual EBIT impact from the exit. We expect dividend of EUR 0.80 per share, slightly ahead of LSEG Data & Analytics consensus at EUR 0.76. For 2026E, we model 4% adjusted EBIT improvement to EUR 73m, in line with consensus. We expect the company to give a conservative guidance, in line with last two years. Despite high bovine prices, pig prices have continued to decline and should balance raw material inflation, we believe. Furthermore, the company should be able to improve performance in Estonia following African Swine Fever cases in 2025.