Atria reported Q3 adjusted EBIT of EUR 25.3m, 1% above LSEG Data & Analytics consensus. Q3 net sales of EUR 475m were up 4% y/y and came in line with consensus. Sweden and Denmark & Estonia EBIT were ahead of our expectation while Finland missed slightly with around EUR 2m negative impact from African Swine Fever which is expeted to have EUR 4-5m negative impact in 2026. Cash flow from operations was up clearly y/y to EUR 27m (EUR 8m a year ago). Atria reiterated its guidance and expects 2026 adjusted EBIT to improve from EUR 69.9m in 2025. Consensus has modelled EUR 73.7m, or 5% increase. Following the solid Q3, we expect minor consensus revisions while view improving Sweden positively.
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