Apetit Plc’s Financial Statements Release 1 January — 31 December 2025: Operating result increased due to the non-recurring non-cash accounting impact of an acquisition
Apetit Plc’s Financial Statements Release 1 January — 31 December 2025: Operating result increased due to the non-recurring non-cash accounting impact of an acquisition
FINANCIAL PERFORMANCE IN BRIEF
October–December 2025
- Net sales were EUR 43.2 (42.9) million.
- Operating result was EUR 9.0 (2.4) million.
- EBITDA was EUR 10.9 (4.2) million.
- Operating result without the impact of acquisition of Foodhills was EUR 0.8 million.
The net sales of Food Solutions were EUR 21.1 (20.4) million and operating result EUR 9.5 (3.1) million.
The net sales of Oilseed Products were EUR 22.2 (22.7) million and operating result EUR 0.4 (0.3) million.
Net sales increased from the comparison period. In Food Solutions, both net sales and sales volumes increased slightly from the comparison period.
Following the acquisition, Foodhills’ operating result was EUR –0.5 million. In addition, the operating result of the Food Solutions includes non‑recurring items related to the Foodhills acquisition of EUR 8.3 million of impact of bargain purchase and EUR –0.5 million in advisory costs.
The operating result of Food Solutions, excluding the impact of the Foodhills acquisition, decreased year-on-year mainly due to a delay in harvest season production and lower production volumes than expected in 2025.
January–December 2025
- Net sales were EUR 167.6 (162.6) million.
- Operating result was EUR 13.7 (9.3) million.
- EBITDA was EUR 21.0 (16.0) million.
- The operating result excluding the impact of the acquisition of Foodhills was EUR 5.9 million.
The net sales of Food Solutions were EUR 77.7 (75.8) million and operating result EUR 14.3 (8.1) million.
Following the acquisition, Foodhills’ operating result was EUR –0.5 million. In addition, the operating result of the Food Solutions includes non‑recurring items related to the Foodhills acquisition of EUR 8.3 million of impact of bargain purchase and EUR –0.5 million in advisory costs.
In Food Solutions, net sales and sales volumes increased slightly from the comparison period. The result of Food Solutions was weakened particularly by delay in the autumn season of harvest season production and the weather-related challenges during the frozen pea harvest season, which meant that part of the cultivated area could not be harvested. The prolonged collective agreement negotiations that burdened the first half of the year and the related overtime and shift change bans and strike days also had a negative impact on business operations.
The net sales of Oilseed Products were EUR 90.4 (87.4) million and operating result EUR 2.2 (4.2) million.
The operating result of Oilseed Products was weakened by a decline in the sales of refined oils and the unfavourable sales mix between different product categories as well as the price of the raw material used. The performance of Oilseed Products was also weakened by the overtime and shift change bans related to the collective agreement negotiations in the first half of the year and challenges in security of supply, which were partly reflected in lost seasonal sales.
The Group’s liquidity was good, and its financial position was strong. The equity ratio was 74.8 (79.8) per cent and gearing was 14.0 (3.1) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 13.3 (3.2) million.
Apetit’s reporting segments are Food Solutions and Oilseed Products. Foodhills AB is reported as part of Food Solutions segment. In addition to the reporting segments, Apetit reports Group Functions, consisting of the expenses related to Group management and strategic projects, that are not allocated to the business segments.
The information in this report is unaudited. The figures in brackets refer to the corresponding period in 2024, and the comparison period means the corresponding period in the previous year, unless otherwise stated.
PROFIT GUIDANCE FOR 2026
The Group’s operating result is expected to decline from the comparison year (in 2025: EUR 5.9 million, excluding the non-recurring impact of the Foodhills acquisition).
The takeover of the Foodhills business will generate costs, and its impact on operating result will be negative.
BOARD OF DIRECTORS’ DIVIDEND PROPOSAL
The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.70 per share be paid for the financial year 2025.
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KEY FIGURES |
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EUR million |
10-12/2025 |
10-12/2024 |
Change |
1-12/2025 |
1-12/2024 |
Change |
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Net sales |
43.2 |
42.9 |
1% |
167.6 |
162.6 |
3% |
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EBITDA |
10.9 |
4.2 |
161% |
21.0 |
16.0 |
32% |
|
Operating result |
9.0 |
2.4 |
277% |
13.7 |
9.3 |
47% |
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Share of profit of associated company Sucros |
-0.6 |
1.5 |
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-2.8 |
1.6 |
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Profit for the period |
7.8 |
3.2 |
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9.0 |
8.5 |
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Earnings per share, EUR |
1.26 |
0.52 |
|
1.44 |
1.37 |
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Investments |
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7.5 |
9.6 |
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Equity per share, EUR |
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|
17.94 |
17.33 |
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ROCE-% |
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11.7 |
8.3 |
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Working capital, end of period |
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43.0 |
34.5 |
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Net cash flow from operating activities |
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|
|
13.3 |
3.2 |
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Equity ratio, % |
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74.8 |
79.8 |
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Net gearing, % |
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14.0 |
3.1 |
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CEO’S REVIEW:
"Apetit Group’s operating result, excluding the impact of the bargain purchase of Foodhills, clearly declined year-on-year. In Food Solutions, full-year sales developed favourably year-on-year and both net sales and sales volumes increased. The result of Food Solutions was weakened by the lower than expected production volume due to a delay in autumn harvest season production and challenges during the frozen pea harvest season, as a result of which part of the cultivated area could not be harvested. The prolonged collective bargaining negotiations of the Finnish Food and Drink Industries’ Federation and the Finnish Food Workers' Union and the overtime and shift change bans and strike days concerning Food Solutions during the negotiations had a negative impact on the operations of the Group’s business operations in the first half of the year.
The operating result of Oilseed Products was weakened by the price of the raw material used and a decline in the sales of refined oils and the resulting unfavourable sales mix between different product categories. The overtime and shift change bans that burdened the first half of the year affected delivery reliability in both businesses. The decline in delivery reliability was reflected in Oilseed Products in part as lost seasonal sales.
In Food Solutions, the result for the fourth quarter was weakened by a delay in harvest season production due to production-related reasons. The delay in harvest season production has no significant negative impact on the business operations of Food Solutions after the reporting year, but the impact is limited to the operating result for 2025. Both net sales and sales volumes increased in the fourth quarter from the comparison period. Foodhills’ result for the period after the completion of the transaction was EUR -0.5 million. Foodhills’ operating result was particularly affected by changes in the valuation of inventories. Oilseed Products improved its result from the comparison period.
In late 2025, we announced our new strategy for 2026–2028. The focus of the strategy period, named Season of Growth, is on growth in the Swedish market, frozen peas and the commercial breakthrough of the BlackGrain from Yellow Fields rapeseed powder.
Apetit’s expertise fits perfectly with the special characteristics of Foodhills’ business. Significant investments have been made in Foodhills' production plant, which offers opportunities for the development of operations. The synergies behind the acquisition are clear in terms of both product expertise and operating models. The acquisition provides Apetit with an excellent platform for growth in Sweden.
Apetit invests in growth. Growth in the Swedish market requires investments and financial commitments, which is also reflected in the profit guidance. Apetit is well positioned to strengthen and grow its position in Sweden, and we also see significant potential in the higher volume of frozen peas in the European market. Making full use of the potential of the Bjuv plant is a key part of the growth path. As part of leveraging the potential, we are investigating opportunities to expand harvest season production to new plants in Bjuv. With the measures taken early in the strategy period, we are seeking a positive impact on result already late in the strategy period.
The measures and investments carried out in 2025 lay down a strong foundation for the new strategy period. Completing the Group’s ERP update on schedule and within budget in autumn 2025 was a significant achievement that laid down the foundation for joint operating methods and strengthened business intelligence. For BlackGrain, we have been building a success story already before the novel food authorisation in 2021. The potential of BlackGrain is significant and investments are still needed to leverage it. The investment of approximately EUR 2 million to support the commercialisation of BlackGrain at Kantvik’s vegetable oil mill will be completed in early 2026.
Taking care of the profitability of the core products of the business is an essential prerequisite for the company’s growth projects. In recent years, we have consolidated our position in important frozen product categories and, among other things, invested in vegetable oils in our own bottling line to increase the degree of processing. Profitability creates the prerequisites for growth.
One of the most impactful goals of our sustainability programme 2019–2025 was to reduce our own Scope 1&2 emissions by 75 per cent. Through significant investments in energy solutions and renewable energy sources in our production plants, we reduced emissions related to our own operations by as much as 80 per cent. As proof of our progress in sustainability work, we received the B rating in CDP’s climate change assessment and the B- rating in the assessment of water responsibility. The work to promote a sustainable food supply chain will continue in accordance with our updated strategy. In December 2025, we undertook to set short-term emission reduction targets in line with the Science Based Targets initiative (SBTi).
Food trends and recommendations support Apetit’s products excellently. We believe that our diverse and delicious product range will continue to meet the growing demand for plant-based and sustainable food. It is time for plant-based growth.
I would like to take this opportunity to warmly thank all Apetit employees for the year 2025 and the shareholders, customers, contract growers and other partners for their cooperation.”
Esa Mäki,
CEO
WEBCAST
A news conference (in Finnish) will be held as a live webcast on Friday, 13 February 2026 at 10:00 a.m. The news conference can be followed at apetit.fi/sijoittajille. The presentation material and a recording of the webcast will be available on the company’s website after the news conference.
Contacts
About Apetit Oyj
Apetit is a food industry company firmly rooted in primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. Read more: apetit.fi
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