Atria 202607310825 flash

Commissioned research: Atria – First ASF case in Finland will impact export opportunities Marketing material commissioned by Atria

Based on its preliminary results, Finnish Food Authority has found African Swine Fever (ASF) in Finland from a wild boar. This is the first ever case in Finland and will likely impact export opportunities to, especially Asia. For Atria, ASF could pause exports to China which has been important market for parts that are not used in Europe (e.g. pigtails and ears). Export sales from Finland have been roughly EUR 100m, of which China likely around one fourth, we believe. Initially, EBIT impact could be some low single million. Atria is guiding for increasing adjusted EBIT in 2026 after EUR 69.9m in 2025 while we model EUR 74.3m. Hence, we believe the company can meet its guidance but risks have increased.

our estimates versus consensus Nordea estimates Consensus estimates Difference % EURm 2025 Q3 2026E 2026E 2027E 2028E Q3 2026E 2026E 2027E 2028E Q3 2026E 2026E 2027E 2028E Sales 1,814 479 1,904 1,970 2, % 0% 0% 0% Adj. EBIT % 0% 3% 3% Adj. EBIT margin 3.9% 5.2% 3.9% 4.0% 4.3% 5.3% 3.9% 3.8% 4.1% -0.1pp 0.0pp 0.1pp 0.1pp Adj. EPS % -1% 8% 7% DPS % 8% 12% Source: Company data, LSEG Data & Analytics and Nordea estimates

Summary Table - Key Figures EURm E 2027E 2028E Total revenues 1,697 1,753 1,755 1,814 1,904 1,970 2,009 EBITDA (adj.) EBIT (adj.) EBIT (adj.) margin 2.89% 2.82% 3.73% 3.85% 3.90% 3.97% 4.27% EPS (adj.) EPS (adj.) growth 58.7% -32.5% 32.2% 19.7% 6.98% 11.4% 11.6% DPS EV/Sales EV/EBIT (adj.) P/E (adj.) P/BV Dividend yield 7.55% 5.74% 6.39% 4.90% 5.08% 5.67% 6.21% FCF yield before AD, lease adj -31.1% -8.49% 15.8% 11.0% 6.61% 8.41% 14.6% Net interest bearing debt Net debt/EBITDA ROCE 7.66% 7.24% 9.51% 9.94% 10.6% 10.7% 11.3% Source: Company data and Nordea estimates

Joni Sandvall Associate Director Nordea | Investment Banking & Equities | Equity Research Finland Tel: E-mail:

Completion date: 31/07/2026 08:25 CEST As of today, Nordea Abp holds no positions of 0.5% or more of shares issued by Atria. This report has not been reviewed by the Issuer prior to publication. Nordea analysts do not hold shares in the companies that they cover. No holdings or other affiliations by analysts or associates.

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