Atria's Q3 2025 was strong with a 3% top line and 7% adjusted EBIT beat against LSEG Data & Analytics consensus. The company has seen tentative signs of an improving Finnish retail and foodservice market, while it now seems that all four countries are starting to contribute positively. Its new strategy focuses more on revenue growth and, given solidly improving profitability, investments in growth are starting to be appropriate in all markets. The planned CMD at the end of November should provide more colour on the new strategy, focusing more on expansion. We derive a slightly higher DCF- and multiples-based fair value range of EUR 16.9-20.6 (16.0-19.5).
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