Atria reported Q2 adjusted EBIT of EUR 17.6m, 7% above LSEG Data & Analytics consensus. Q2 net sales of EUR 460m were up 1% y/y and came 1% above consensus. All segments beat our EBIT estimates, led by Sweden. Operating cash flow was EUR 42m (EUR 47m a year ago). The company notes easing of downward pressure in the Finnish market where only poultry products have grown in H1. In Estonia, the company has been affected by African swine fewer which had EUR 0.6m negative impact on adjusted EBIT in Q2. Atria maintained its guidance intact and expects 2025 adjusted EBIT to decline from EUR 65.4m in 2024. Consensus has modelled EUR 64.7m, or 1% decline. Following the solid Q2, we continue to view the guidance as conservative, especially given early signs of improving market conditions. Initially, we expect consensus to make only minor positive estimate revisions.

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