Atria Plc, interim report, 23 October 2025, klo 8.00
ATRIA PLC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2025
Atria's net sales increased in all business areas in July-September, and its result was at a good level
July-September 2025
- Consolidated net sales increased to EUR 457.0 million (EUR 439.0 million). Net sales improved across all business areas year-on-year. Atria Finland achieved good sales performance in all sales channels.
- The consolidated adjusted EBIT was EUR 25.4 million (EUR 25.8 million), or 5.6% (5.9%) of net sales.
- Atria Finland's adjusted EBIT was EUR 21.7 million, down EUR 1.6 million from the previous year.
- Atria Sweden's EBIT increased by EUR 1.2 million year-on-year as a result of successful sales to retail and Foodservice customers.
- The net sales of Atria Denmark & Estonia improved year-on-year. African swine fever was detected at two of Atria's pig farms in Estonia, which weighed on Atria Estonia's net sales and EBIT.
- Atria is investing EUR 82.4 million in the modernisation of convenience food production and the related energy solutions. This includes the renovation of the existing production plant and the replacement of the production process and other technical systems with the most energy-efficient solutions. The energy solutions included in the investment will result in total annual savings of more than EUR 5 million. Business Finland has granted EUR 24.7 million in clean transition investment support to the project.
- Atria announced its new TOGETHER 2030 strategy for 2025-2030. The strategy focuses on growing and optimizing our core business, accelerating in growth categories with investments and resources, increasing collaboration across our business areas for scale benefits and renewing for the future.
- Tauno Perälä, MSc (Tech), was appointed Executive Vice President of Atria's new Group Industrial Operations function and a member of the Group Management Team. He started in his post on 1 October 2025.
January-September 2025
- Consolidated net sales totalled EUR 1,337.2 million (EUR 1,310.1 million). Net sales increased year-on-year, driven by strong third-quarter growth in Atria Finland and continued good sales development in Atria Sweden. Atria Denmark & Estonia's net sales decreased from the previous year.
- The consolidated adjusted EBIT was EUR 55.9 million (EUR 52.1 million), or 4.2% (4.0%) of net sales.
- All business areas improved their EBIT.
- The Finnish Food Workers' Union's strike in April and the related overtime and shift change bans had a negative impact on net sales and EBIT in January-September.
- The start of chicken meat exports to China strengthened Atria Finland's EBIT.
- Atria Finland is investing around EUR 7 million in a new pancake production line and the technical modernisation of the production department.
- The Group's free cash flow in the review period was EUR 37.2 million (EUR 23.1 million).
- The adjusted return on equity (rolling 12 months) was 10.9% (9.5%).
After the review period
- Atria raised its EBIT guidance for 2025 and now expects its EBIT to increase from the previous year (EUR 65.4 million). The upward revision of the adjusted EBIT guidance is based on favourable performance in the early part of the year and strong sales development in the third quarter.
- After the review period, Atria announced its decision to invest around EUR 16 million in the modernisation of the Kauhajoki production plant. The investment includes the demolition of old buildings and the construction of new facilities. The investment strengthens the Kauhajoki unit's ability to produce high-quality Finnish beef for both domestic and export market needs.
| Q3 | Q3 | Q1-Q3 | Q1-Q3 | ||
| EUR million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Net sales | |||||
| Atria Finland | 330.5 | 318.8 | 968.3 | 964.8 | 1,295.6 |
| Atria Sweden | 99.0 | 95.0 | 292.0 | 270.9 | 360.2 |
| Atria Denmark & Estonia | 32.7 | 32.4 | 94.1 | 95.2 | 125.9 |
| Eliminations | -5.2 | -7.2 | -17.2 | -20.7 | -26.3 |
| Net sales, total | 457.0 | 439.0 | 1,337.2 | 1,310.1 | 1,755.4 |
| EBIT before items | |||||
| affecting comparability | |||||
| Atria Finland | 21.7 | 23.3 | 48.6 | 47.5 | 60.4 |
| Atria Sweden | 3.6 | 2.4 | 6.6 | 4.0 | 4.5 |
| Atria Denmark & Estonia | 1.4 | 1.2 | 4.6 | 4.1 | 5.3 |
| Unallocated | -1.3 | -1.1 | -3.9 | -3.4 | -4.8 |
| Adjusted EBIT | 25.4 | 25.8 | 55.9 | 52.1 | 65.4 |
| Adjusted EBIT, % | 5.6 % | 5.9 % | 4.2 % | 4.0 % | 3.7 % |
| Items affecting | |||||
| comparability of EBIT: | |||||
| Atria Finland | |||||
| Poultry business reorganization costs | 1.0 | 1.0 | 1.0 | ||
| EBIT | 25.4 | 26.8 | 55.9 | 53.1 | 66.4 |
| EBIT, % | 5.6 % | 6.1 % | 4.2 % | 4.1 % | 3.8 % |
| Profit before taxes | 23.4 | 23.2 | 48.6 | 41.6 | 52.1 |
| Earnings per share, EUR | 0.61 | 0.65 | 1.30 | 1.14 | 1.41 |
| Adjusted earnings per share, EUR | 0.61 | 0.62 | 1.30 | 1.11 | 1.38 |
CEO, Kai Gyllström
"Atria Group continued its good development in the third quarter of 2025 and in the January-September review period. Net sales grew in all business areas, and the Group announced its new strategy, which will guide operations until 2030.
Atria Finland's business operations saw a turn for the better in the third quarter, as net sales to growth. This reflects good sales performance in all our channels and a cautious recovery in the Finnish market for the product categories we represent. We hope that consumer confidence in economic development will strengthen, and that demand will recover. Stronger consumer confidence would support a pickup in purchasing behaviour and foster positive development across the food sector. In particular, the market for convenience foods and poultry products has been on the rise.
Atria has responded to the growing demand by implementing significant investments and launching new projects. Our most significant project in recent years has been an investment of more than EUR 165 million in a poultry plant, which was successfully commissioned just over a year ago. An extensive investment programme to modernise convenience food production is currently underway and progressing in phases. The first phase of the programme was launched in April with an investment of EUR 7 million in pancake production. The estimated total cost of the investment programme is around EUR 110 million. The projects approved so far represent around EUR 90 million of this amount. Convenience food is one of the fastest-growing product categories, and we are committed to being strongly involved in its continued development.
Atria Finland has delivered strong financial performance throughout the year. The key driver has been the consolidation of poultry production in Nurmo, which has improved efficiency and profitability. In addition, good net sales growth in the third quarter strengthened the result.
The continued strong growth in net sales and EBIT at Atria Sweden was particularly encouraging, supported by successful sales initiatives in both retail and the Foodservice channel. The acquisition of Gooh last year has also added value and strengthened our position in the Swedish convenience food market. We have succeeded in developing the Gooh convenience food business significantly: both sales and profitability have improved markedly.
Overall performance in the Denmark & Estonia business area has been positive. Atria Estonia's retail sales have increased. The first half of the year was challenging for Atria Denmark due to declining volumes in both retail and Foodservice sales. In the third quarter, however, Denmark's sales volumes increased year-on-year. Although the volume of the Danish cold cut market has declined, Atria has succeeded in increasing its market share.
African swine fever outbreaks in Estonia during the summer, along with the related costs and market disruptions, weighed on Atria Estonia's performance. Thanks to the state compensation scheme in Estonia, the direct financial impacts of the outbreaks on Atria remained limited. After receiving compensation from the Estonian government, the company is left with an estimated cost of around EUR 0.5 million, which has been recognised in the second and third quarters. The outbreaks have hindered the supply of Estonian pork, which is expected to reduce Atria Estonia's fresh meat sales towards the end of the year. Pork production and slaughtering are expected to return to normal next spring.
Following a strong third quarter, Atria has revised its forecast for its adjusted EBIT upwards. The positive profit warning is based on strong performance in the early part of the year and increased sales in the third quarter. Towards the end of the year, uncertainty is caused by the impact of the duties imposed on pork by China on Atria Finland's exports and the European pork market, as well as the impact of African swine fever on Atria Estonia's operations.
Our sustainability work progressed consistently during the review period. Atria Finland's investments in energy solutions are significantly improving our energy efficiency. Over the next three years, energy solutions at the Nurmo plant will reduce Atria Group's direct CO2 emissions by nearly half from their 2024 level.
In September, we launched our new business strategy, TOGETHER 2030, which highlights the importance of working together to achieve our goals. The strategy is built on our strong core business and proactively leverages future opportunities. Our financial targets remain largely unchanged, but we have further specified our growth indicators: the Group's target for net sales is now over EUR 2 billion, and the target for return on equity has been raised to 12%. The implementation and communication of the strategy began in the autumn, and the business areas are consistently implementing the strategy in their own operations. To support strategy implementation, we have established two new Group functions: Atria Group Industrial Operations and Atria Group Product Export. They aim to strengthen operational efficiency and promote the export of products, as well as Foodservice cooperation, across borders."
July-September 2025
Atria Group's net sales in July-September totalled EUR 457.0 million (EUR 439.0 million). The consolidated adjusted EBIT was EUR 25.4 million (EUR 25.8 million), or 5.6% (5.9%) of net sales.
The net sales of Atria Finland grew by EUR 11.6 million year-on-year. Good sales development in all sales channels strengthened net sales during the review period. In the third quarter, market developments in Atria's product categories in the retail trade showed signs of recovering demand. The market for poultry and convenience food products has been growing.
Atria Sweden's net sales increased by EUR 4.1 million year-on-year. Sales to Foodservice customers developed favourably during the review period, and the sales of Gooh convenience food products to the retail trade saw an increase. The exchange rate for the Swedish krona strengthened, which increased net sales in euros in the review period.
Atria Denmark & Estonia's net sales improved by EUR 0.3 million year-on-year. In the third quarter, Atria Estonia's retail sales grew by around 5% year-on-year. Atria Denmark's net sales volume showed an upward trend in July-September compared with the corresponding period in the previous year. Atria's market share in cold cuts in Denmark increased slightly in the review period.
Atria Finland's adjusted EBIT declined by EUR 1.6 million year-on-year. EBIT remained strong, although its growth was curbed by rising costs. Atria Sweden's EBIT grew by EUR 1.2 million. Growth in net sales, successful sales and marketing efforts and improved efficiency strengthened Atria Sweden's EBIT. Atria Denmark & Estonia's EBIT increased by EUR 0.2 million year-on-year. Additional costs and market disruptions caused by African swine fever weighed on Atria Estonia's performance.
African swine fever was detected at two of Atria's pig farms in Estonia. The first infection was detected in late June, and the second in August. Thanks to the state compensation scheme in Estonia, the direct financial impacts of the outbreaks on Atria remained limited. After receiving compensation from the Estonian government, Atria is left with an estimated cost of around EUR 0.5 million, which has been recognised in the second and third quarters. The outbreak has significantly limited the availability of domestic pork and will reduce Atria Estonia's fresh meat sales towards the end of the year. Pork production and slaughtering are expected to return to pre-outbreak levels next spring. As a risk management measure, Atria has limited all movement between sites to a minimum.
In July, Atria announced an investment of EUR 82.4 million in convenience food production and green transition energy solutions in Nurmo. The investment includes the renovation of the existing production plant in Nurmo, as well as the replacement of its production process and other technical systems with the most energy-efficient solutions. In addition, heat production is modified so as not to produce any carbon dioxide emissions. The renewed production process enables the development of innovative products, improved product quality and the utilisation of state-of-the-art technology in convenience food production. These measures are major steps towards Atria's ambitious environmental goals. The project will create a model for a carbon-neutral plant concept of the future. Business Finland has granted EUR 24.7 million in investment aid for clean transition projects to the EUR 82.4 million project. This investment project is part of a more extensive investment programme to modernise convenience food production. The investment programme will be implemented in stages. The programme was launched in April with an investment of EUR 7 million in pancake production. Atria continues to plan the next phases of the investment programme, which may also include investments in expanding the production of convenience food. The estimated total cost of the investment programme is EUR 110 million. The projects approved so far represent around EUR 90 million of this amount.
Tauno Perälä, MSc (Tech), was appointed Executive Vice President of Atria Group's Industrial Operations function and a member of the Group Management Team. He started in his post on 1 October 2025. Since joining Atria Finland in 2011, Perälä has served in demanding production leadership positions. Alongside his new responsibilities, he will continue to serve as SVP of Industrial Operations at Atria Finland and as a member of Atria Finland's Management Team.
Jaana Viertola-Truini, a member of the Board of Directors of Atria Plc, resigned from the Board due to her other work commitments. Atria will continue for the time being with eight Board members.
Merja Leino, who has long served as Atria Group's EVP for sustainability, has announced that she will retire on 1 June 2026. After the review period, Kati Janhunen, MSc (Econ), was appointed as Atria Group's EVP, Sustainability, and a member of the Group Management Team.
Atria Finland's net sales in July-September totalled EUR 330.5 million (EUR 318.8 million). Good sales development in all channels strengthened net sales in the review period. In the third quarter, market developments in Atria's product categories in the retail trade showed signs of a cautious recovery in demand. The market for poultry and convenience food products has been growing. Adjusted EBIT was EUR 21.7 million (EUR 23.3 million). Adjusted EBIT for the review period decreased by EUR 1.6 million. EBIT remained strong, although its growth was curbed by rising costs.
Atria Sweden's net sales in July-September were EUR 99.0 million (EUR 95.0 million). Net sales grew by EUR 4.1 million year-on-year. In Sweden, the market for poultry products and convenience food grew, and Atria's market share strengthened in these product categories. Sales to Foodservice customers developed favourably during the review period, and the sales of Gooh convenience food products to the retail trade saw an increase. Atria's new poultry BBQ range performed well in summer sales. The exchange rate for the Swedish krona strengthened, which increased net sales in euros in the review period. EBIT totalled EUR 3.6 million (EUR 2.4 million). Growth in net sales, successful sales and marketing efforts and improved efficiency strengthened Atria Sweden's EBIT. Raw material prices remained high.
Atria Denmark & Estonia's net sales in July-September were EUR 32.7 million (EUR 32.4 million). EBIT totalled EUR 1.4 million (EUR 1.2 million). Atria Estonia's retail sales increased by around 5% in the third quarter from the corresponding period in the previous year. Atria Estonia's result was burdened by additional costs caused by an outbreak of African swine fever. Problems with the availability of local raw material due to the disease outbreak reduced fresh meat sales to industrial customers compared with the corresponding period in the previous year. African swine fever was detected at two of Atria's pig farms in Estonia. The first infection was detected in late June, and the second in August. Thanks to the state compensation scheme in Estonia, the direct financial impacts of the outbreaks on Atria remained limited. After receiving compensation from the Estonian government, Atria is left with an estimated cost of around EUR 0.5 million, which has been recognised in the second and third quarters. The outbreak has significantly limited the availability of domestic pork and will reduce Atria Estonia's fresh meat sales towards the end of the year. Pork production and slaughtering are expected to return to pre-outbreak levels next spring. As a risk management measure, Atria has limited all movement between sites to a minimum.
January-September 2025
Atria Group's net sales in January-September were EUR 1,337.2 million (EUR 1,310.1 million). Consolidated adjusted EBIT was EUR 55.9 million (EUR 52.1 million), or 4.2% (4.0%).
Net sales increased by EUR 27.1 million year-on-year. Atria Sweden's net sales grew by EUR 21.1 million. Sales to the retail trade and Foodservice customers have developed favourably. The acquisition of Gooh in May 2024 increased net sales. The exchange rate for the Swedish krona strengthened, which increased net sales in euros. Atria Finland's net sales grew by EUR 3.5 million. Strong net sales development in July-September set Atria back on a growth track after a sluggish start to the year. The Finnish Food Workers' Union's strike in April and the related overtime and shift change bans had a negative impact on the net sales of the review period. The net sales of Atria Denmark & Estonia decreased by EUR 1.1 million.
The consolidated adjusted EBIT of EUR 55.9 million in January-September was EUR 3.8 million higher than in the corresponding period in the previous year. All business areas improved their results. Atria Finland's adjusted EBIT improved by EUR 1.1 million in January-December. The good performance in January-September is caused by the improved efficiency of poultry production and the concentration of production in the new poultry plant in Nurmo. In addition, strong net sales growth in the third quarter, along with the start of chicken meat exports to China at the end of last year, were key drivers of the improved EBIT. Atria Sweden's EBIT grew by EUR 2.6 million year-on-year. Growth in net sales, successful sales and marketing efforts and improved efficiency strengthened Atria Sweden's EBIT. Atria Denmark & Estonia's EBIT was EUR 0.6 million higher than in the comparison period.
In April, Atria Finland announced that it would invest approximately EUR 7 million in a new pancake production line and the technical modernisation of the production department. With this investment, Atria is responding to the growth in consumer demand and strengthening its position and competitiveness in the growing market for convenience food. The demand for pancakes in Finland has increased significantly over the last year. Measured in value, the market growth is around 14% compared with the previous year. The investment in pancake production enables the development of a new kind of product range and the utilisation of a more diverse raw material base. At the same time, the production capacity of pancakes will increase, enabling the growth of both domestic supply and exports. The investment is due to be completed in the summer of 2026, after which the new production line will be commissioned.
Atria Finland's net sales in January-September were EUR 968.3 million (EUR 964.8 million). Strong net sales development in July-September restored Atria to a growth track after a sluggish start to the year. The Finnish Food Workers' Union's strike in April and the related overtime and shift change bans had a negative impact on net sales in the review period. The nutrition recommendations published at the end of last year have had a negative impact on consumer demand for meat products, but the decline in demand is easing compared with the early part of the year. Full deliveries could not be made for the Easter and May Day periods due to the Finnish Food Workers' Union's strike in April and the overtime and shift change bans related to labour market negotiations. Industrial action had a negative impact on deliveries and the net sales and EBIT of the review period. Adjusted EBIT was EUR 48.6 million (EUR 47.5 million), up EUR 1.1 million from the corresponding period in the previous year. The good performance in January-September is caused by the improved efficiency of poultry production and the concentration of production in the new poultry plant in Nurmo. In addition, strong net sales growth in the third quarter, along with the start of chicken meat exports to China at the end of last year, were key drivers of the improved EBIT.
Atria Sweden's net sales in January-September were EUR 292.0 million (EUR 270.9 million). Net sales grew by EUR 21.2 million year-on-year. Sales to the retail trade and Foodservice customers have developed favourably. The acquisition of Gooh in May 2024 increased net sales. Atria has significantly developed its Gooh convenience food business: both sales and profitability have improved markedly. The Gooh brand celebrated its 20th anniversary, and its visual identity was refreshed in September. The exchange rate for the Swedish krona strengthened, which increased net sales in euros. EBIT totalled EUR 6.6 million (EUR 4.0 million). Successful sales and marketing measures contributed to an increase in EBIT. Improved efficiency in production and logistics also strengthened Atria Sweden's result.
Atria Denmark & Estonia's net sales in January-September were EUR 94.1 million (EUR 95.2 million). EBIT totalled EUR 4.6 million (EUR 4.1 million). The positive trend in EBIT was driven by the continued strong sales volumes to the retail trade of Atria Estonia. Atria Estonia delivered a solid result despite outbreaks of African swine fever at its pig farms in June and August, leading to additional costs and market disruptions. EBIT improved as a result of stronger market shares and increased sales to the retail trade. The highest sales growth was recorded in minced meat, sausages and ham products. In the third quarter, the sales volumes of sausages and ham products increased by 16% and 13% respectively. In Atria Denmark, the weak development of sales to retail trade and Foodservice customers in the first half of the year weighed on EBIT.
| Group key indicators | ||||||
| Q3 | Q3 | Q1-Q3 | Q1-Q3 | |||
| EUR million | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Net sales | 457.0 | 439.0 | 1337.2 | 1310.1 | 1755.4 | |
| Adjusted EBIT | 25.4 | 25.8 | 55.9 | 52.1 | 65.4 | |
| Adjusted EBIT, % | 5.6 % | 5.9 % | 4.2 % | 4.0 % | 3.7 % | |
| EBIT | 25.4 | 26.8 | 55.9 | 53.1 | 66.4 | |
| EBIT, % | 5.6 % | 6.1 % | 4.2 % | 4.1 % | 3.8 % | |
| EPS, EUR | 0.61 | 0.65 | 1.30 | 1.14 | 1.41 | |
| Adjusted EPS, EUR | 0.61 | 0.62 | 1.30 | 1.11 | 1.38 | |
| Shareholders' equity per share EUR | 15.09 | 14.17 | 14.28 | |||
| Equity ratio, % | 44.8 % | 42.2 % | 43.2 % | |||
| Adjusted return on equity (rolling 12m), % | 10.9 % | 9.5 % | 10.2 % | |||
| Adjusted return on investment (rolling 12m), % | 10.5 % | 9.5 % | 10.1 % | |||
Sustainability: aiming for a carbon neutral food chain
On 7 March 2025, Atria published its first sustainability report in accordance with the Corporate Sustainability Reporting Directive (CSRD) as part of the Board of Directors' report. The report is published on Atria's website at: https://www.atria.com/en/investors/financial-information/annual-reports/
A carbon neutral food chain is the most important goal of Atria's sustainability work. Atria's emissions reduction targets have been officially approved by the Science Based Targets (SBTi) initiative. The targets are based on the Paris Climate Agreement and aim to limit global warming to 1.5 degrees Celsius globally. In the targets approved by SBTi, Atria commits to reducing greenhouse gas emissions from its own operations (Scopes 1 and 2) by 42% by 2030 from 2020 levels. The reduction target for Scope 3 emissions is 20% per tonne of processed meat by 2030.
During the review period, Atria Finland launched an investment related to modernising convenience food production, improving energy efficiency and reducing energy consumption. The investment is expected to total EUR 82,4 million. At the Nurmo production plant, technical equipment is being replaced with more energy-efficient alternatives, and heat production is being modified to avoid generating any carbon dioxide emissions. These measures are major steps towards achieving Atria's environmental goals. The project will create a model for a carbon-neutral plant concept of the future. The plant's annual energy consumption is expected to decrease by around 50,000 MWh, which is around 21% of Atria Finland's energy consumption. In the next three years, the energy solutions implemented at the Nurmo plant will reduce Atria Group's carbon dioxide emissions (Scopes 1 and 2) by around 32,000 equivalent tonnes, almost halving them from the 2024 level of 68,000 equivalent tonnes.
In Sweden, a more energy-efficient new refrigeration unit was installed at the Borås plant. At the Sköllersta plant, energy efficiency was improved by renewing the compressed air system, pellet boiler control and the washing practices of the production facilities. In Tranås, the ventilation unit serving offices and other facilities was replaced, and a new automated electric-pellet switching system was introduced.
Future outlook and guidance
Atria Group's adjusted EBIT in 2025 is expected to be higher than the previous year (EUR 65.4 million).
After the record year of financial performance, supported by the significant efficiency and expansion investments in 2023- 2024, Atria is in a good position to perform well in 2025. Atria's good market position, strong brands, good customer relationships and reliable industrial processes provide good conditions for business stability.
However, uncertainty regarding the earnings development for the remainder of the year is still caused by the impact of tariffs imposed by China on pork exports from Atria Finland and on the European pork market, as well as the potential economic and operational effects of African swine fever on Atria Estonia.
Disclosure
Atria Plc complies with the disclosure procedure in accordance with standard 5.2b of the Financial Supervisory Authority and publishes its interim report for 1 January to 30 September 2025 as an attachment to this stock exchange release. The full release is available on the company's website at www.atria.com.
Publication of the interim report
Atria Plc's CEO Kai Gyllström will present the company's half-year financial report in a webcast today, 23 October, 2025 at 10 - 11 am. The webcast is available on Atria's website at www.atria.com/sijoittajat/ in Finnish language. During the webcast, you can ask questions in writing via chat. The presentation material will be available during the same day at www.atria.com/en/investors/financial-information/interim-reports/.
ATRIA PLC
Board of Directors
For more information, please contact: Kai Gyllström, CEO, Atria Plc. Contacts and interview requests via Communications Manager Marja Latvatalo, e-mail: marja.latvatalo@atria.com, tel. +358 400 777 874.
DISTRIBUTION
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www.atria.com
The interim report is available on our website at www.atria.com.