Atria's Q3 EBIT of EUR 19m beat Refinitiv consensus expectations by 17%, but the main focus of the report and conference call was the renewed strategy and EUR 155m poultry investment. The company is entering a four-year investment phase where it aims to increase its poultry capacity in Finland by 40%. In addition to poultry, the new strategy is built upon a broader channel offering, improved profitability, and above-market growth. Despite these changes, we still find the financial targets ambitious, as the company aims for a 5% EBIT margin and a 10% ROE by 2025. Looking at Q4, we argue that COVID-19 will cause suboptimal channel mix, although the company should continue benefitting from strong retail market sentiment and cost-saving measures. Marketing material commissioned by Atria.

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