Atria reported Q1 adjusted EBIT of EUR 12.8m, 31% (EUR 3.0m) above LSEG Data & Analytics consensus. Q1 net sales of EUR 421m were up 1% y/y and came 1% below consensus. All segments beat our EBIT estimates, led by Finland. Operating cash flow was EUR 17.5m (EUR -16.8m a year ago). On top of EUR 60-90m potential convenience food investment, Atria announced that it will invest EUR 7m in a new pancake production line in Finland. Atria maintained its guidance intact and expects 2025 adjusted EBIT to decline from EUR 65.4m in 2024. Consensus has modelled EUR 64.7m, or 1% decline. Following the strong Q1, we continue to view the guidance as conservative although note uncertain consumer sentiment. Initially, we expect consensus to make positive estimate revisions to the tune of low-single-digits.
LÄS MER