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Atria: Strong Q2 driven by Finland - Nordea

ATRAVThird party research22.07.2026, 08.26
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This is a third party research report and does not necessarily reflect our views or values

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Atria reported Q2 adjusted EBIT of EUR 20.7m, 15% above LSEG Data & Analytics consensus. Q2 net sales of EUR 481m were up 5% y/y and came 1% above consensus. Sweden and Denmark & Estonia EBIT were slightly ahead of our expectation while Finland beat clearly with strong start og grilling season. Atria notes intensified cost inflation towards the end of Q2 while oversupply of pork has continued in Europe. Cash flow from operations was down 15% y/y to EUR 36m (EUR 42m a year ago), burdened by 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 71.7m, or 3% increase. Following the solid Q2, we expect minor positive consensus revisions where increasing cost pressure likely limits revisions.