Here is Pauli’s pre-earnings report on Atria, which will publish its financial statement bulletin on Thursday, February 12th. 
Atria will report its 2025 financial statement bulletin on Thursday, February 12th at around 8:00 AM. We expect Q4 to have proceeded in a fairly stable manner. We consider it possible that the company will enter 2026 with cautious guidance, as we do not see significant earnings growth drivers in the short term, considering, among other things, the weak domestic consumer confidence. The company is working on significant strategic investments for the years 2026-27, the benefits of which we believe will be weighted towards later years. We lower our recommendation to Reduce (prev. Accumulate) and raise the target price to EUR 16.0 (prev. EUR 15.5).