Atria reported Q1 adjusted EBIT of EUR 13.9m, 6% above LSEG Data & Analytics consensus. However, beat appears to be driven by EUR 1.2m animal welfare subsidies in Estonia. Q1 net sales of EUR 450m were up 7% y/y and came 3% above consensus. Sweden and Denmark & Estonia beat our EBIT estimates while, despite strong retail sales, Finland missed due to over supply of imported meat and general cost increases. Cash flow from operations was soft at EUR -5m (EUR 18m a year ago), burdened by seasonal increase of working capital. Atria reiterated its guidance and expects 2026 adjusted EBIT to improve from EUR 69.9m in 2025. Consensus has modelled EUR 72m, or 3% increase. Following the solid Q1, we expect only minor consensus revisions while note Atria's comments of increasing cost pressures in the food supply chain.
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