Peer and competitor in Finland, HKFoods is out with a positive profit warning stating its 2024 comparable EBIT was EUR 27-28m (was previously expecting EUR 22-25m, i.e. mid-point up 17%). HKFoods states that operative and commercial performance has improved while Christmas sales were particularly strong. New guidance implies around EUR 10m comparable EBIT in Q4 (LSEG consensus at EUR 6.3m after EUR 3m in Q4 2023). For Atria, we have modelled EUR 16.4m adjusted EBIT in Q4E (consensus EUR 16.3m, up from EUR 9.3m in Q4 2023, which was burdened by new poultry unit ramp-up). We view HKFoods positive profit warning as positive when considering Atria Q4 performance, especially owing to reasoning around Christmas sales. Atria will report its Q4 on 13 February.

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