CEO’s review Q3/2026

“Apetit Group’s operating result in the third quarter increased from the comparison period, driven by the strong result of Food Solutions. In Food Solutions, the result of the Finnish operations was improved by the so far successful harvest season and efficient harvest season production. The operating result of the Finnish operations also improved from the comparison period as a result of commercial successes. The Swedish operations had a positive impact on the result of Food Solutions. The Swedish operations are highly seasonal: frozen pea harvest season production and the related profit accumulation are concentrated almost entirely in the third quarter. The impact of seasonality is particularly pronounced in Sweden, where frozen peas are currently the only harvest-season crop. In Oilseed Products, the operating result was mainly decreased by the low crushing margin and the timing of expeller deliveries. 

The Group’s net sales were at the level of the comparison period. In Food Solutions, retail sales in the Finnish operations have developed well in terms of both net sales and sales volumes. Net sales decreased particularly in exports, where the decline was affected by the timing of frozen pea sales. In Oilseed Products, sales decreased from the comparison period mainly due to the timing of expeller deliveries. 

Apetit Skånska Ärtor, launched in Swedish retail trade and the Food Service sector, is a significant step in strengthening the brand and market position. With a campaign starting in the autumn, we will invest strongly in increasing awareness of the Apetit brand. In addition to commercial actions, measures to improve cost efficiency and profitability have been systematically implemented at the Bjuv plant, and their impact will already be visible during the current year. The efficiency improvement plans aimed at improving the operational efficiency of the Swedish operations focus mainly on contract growing, harvesting and harvest season production. 

Construction work on the automated finished goods warehouse to be built in connection with the Säkylä frozen foods plant has continued according to plan. The automated warehouse operated by Pakkasvakka Oy is expected to be completed in early 2027. The transition to contract manufacturing, which will strengthen the cost efficiency of frozen pizza production, is progressing according to schedule. Production at the Pudasjärvi plant will continue until the end of the year. The positive impact of the development measures on the operating result will be realised in the next financial year. 

The outlook for the current harvest season in Finland is very good. Harvesting of root vegetables is already well under way, and harvest season production has passed the halfway point. We achieved the largest frozen pea crop in Apetit’s history, and production was efficient from the beginning to the end of the pea season. The weather during the growing season was also favourable for spinach. Harvest season production of root vegetables is still continuing, and the outlook for the quantity and quality of the crop has so far been good. Overall, the growing season and harvest season production in Finland have progressed positively. However, the frozen pea crop in Apetit’s contract farming area in Sweden fell short of the targets due to the hot and dry summer. The situation in Finland differs significantly from the rest of Europe, where weather conditions during the growing season were extremely challenging. 

The forecast harvest of rapeseed in Finland is increasing significantly from recent years. According to the September harvest forecast of the Natural Resources Institute Finland, the oilseed crop in Finland would be the largest in ten years and would increase by more than 50 per cent from last year. For our part, we have invested in improving the conditions for rapeseed cultivation in Finland in cooperation with other industry operators, particularly through the activities of the RypsiRapsi Forum. The increase in harvest volumes and cultivation area is welcome. Despite the growth in recent years, we continue to see a need for an additional 100,000 hectares for domestic oilseed crops. Increasing the cultivation area of rapeseed in Finland through crop rotation with cereals would strengthen the self-sufficiency of food production and would benefit growers due to the good preceding crop value of oilseed crops. 

In Finland, we introduced novelty products in several product categories. Domestic Fava beans and Colorful Potatoes & Soup Vegetables Mix, a new alternative to the perennial consumer favourite Domestic Potatoes & Soup Vegetables Mix, have been well received. On the Food service side, we respond to customer requests with products such as Apetit Kasvisjauhis Plant protein mince and Salmon and lentil balls. Kasvisjauhis Plant protein mince is a versatile product with excellent functionality. It contains plant protein made from BlackGrain. Salmon and lentil balls, in turn, is a good example of a hybrid product containing fish and plant protein. In terms of its choice of ingredients and nutritional values, it is excellently suited to the everyday needs of Food service kitchens. 

Product development plays an important role in strengthening Apetit’s position in different sales channels, taking into account their different needs. Food trends that support well-being and increasing the consumption of vegetables are on our side. One indication of this is the good reception among consumers of the domestic fava bean launched in early autumn. With domestic, high-quality products that make healthy eating easier, we can meet demand from consumers and professional kitchens.”

Esa Mäki,
CEO