Here are Paul’s comprehensive comments on Atria’s CMD. 
Atria held a Capital Markets Day on Friday, November 21st, where the company unveiled a new strategy and new financial targets. In our opinion, the new strategy is comprehensive and ambitious, although it is naturally largely based on already known growth investments in convenience food and poultry. Our current forecasts for the company’s earnings development are quite moderate (2026-30e EBIT growth of 3% p.a. vs. the company’s organic target of 7% p.a. relative to our 2025 forecast), compared to which we primarily see room for improvement in the strategy. We see the strategy as relatively low-risk, as the company has, for example, a rather narrow focus regarding acquisitions and stated that the organization will not be expanded to new markets but will concentrate on developing operations in existing countries. Our forecasts, which are more moderate than the targets, take into account the rather tight competitive environment in the industry, and especially the historically soft competitiveness of the Swedish and Danish businesses. The Capital Markets Day presentation and materials can be viewed here and a more concise summary of the new strategy can be watched in the CEO’s video interview.