Atria's Q4 adjusted EBIT came in slightly below LSEG Data & Analytics consensus, driven by ASF- related costs in Estonia. Q4 was characterised by strong top-line growth of 7% y/y, implying a clear outperformance in the market. Given improving top-line momentum, the company issued positive guidance for 2026 despite investment-related temporary headwinds. The balance sheet continues to strengthen, allowing for continued growth investments. We derive a slightly higher DCF- and multiples- based fair value range of EUR 17.7-21.6 (16.9-20.6).
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