Apetit Q2'26 flash comment: Challenges in Sweden and Oilseed Products
Summary
- Apetit's Q2'26 report was weaker than expected, with revenue and earnings falling short of estimates due to challenges in the Swedish pea business and the Oilseed Products segment.
- Revenue declined by 1.3% in Q2, missing estimates by 12%, with organic revenue development at approximately -7% and a 10% decline in Oilseed Products revenue.
- EBIT decreased to -4.5 MEUR, impacted by the unprofitability of the Swedish pea business, non-recurring items, and weak Oilseed Products results, falling 1 MEUR below estimates.
- The harvest outlook is favorable in Finland but poor in Sweden due to drought, contributing to a profit warning with estimated EBIT between -2.0 and +1.0 MEUR.
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Translation: Original published in Finnish on 8/19/2026 at 9:15 am EEST.
| Estimates | Q2'25 | Q2'26 | Q2'26e | Diff-% | 2026e | |
| MEUR/EUR | Comparison | Actualized | Inderes | Act. vs. Inderes | Inderes | |
| Revenue | 39.2 | 38.7 | 43.5 | -11% | 183 | |
| EBITDA | 1 | -0.9 | 1.1 | -182% | 8.6 | |
| EBIT (adj.) | -0.8 | -3.2 | -1.2 | -177% | 1.6 | |
| EBIT | -0.8 | -4.5 | -3.5 | -30% | -0.7 | |
| EPS (reported) | -0.84 | -0.72 | -0.49 | -47% | -0.29 | |
| Revenue growth-% | 5.90% | -1.30% | 11.00% | -12.2 pp | 3.1% | |
| EBIT-% (adj.) | -2.10% | -8.30% | -2.70% | -5.6 pp | 0.9% |
Source: Inderes
Apetit's Q2 report was weaker than we expected, with revenue and earnings both falling short of our estimates. In addition to the pea business in Sweden weighing on earnings, the Oilseed Products segment is suffering from squeezed margins and geopolitical uncertainty. The outlook for the harvest is generally favorable in Finland, but the pea harvest in Sweden is expected to be poor due to drought.
Revenue clearly missed expectations
Revenue declined slightly in Q2, even despite the pea business in Sweden, which the company acquired in late 2025, generating revenue of 2.3 MEUR. Revenue was clearly below our estimate in both reporting segments (a total of 12% below the estimate). Organic revenue development was at around -7%, according to our estimates. In Food Solutions, revenue grew 9% with the help of an acquisition but decreased 5% organically due to lower frozen pea exports following last summer's poor pea harvest. However, the company reported that sales to the domestic foodservice channel developed favorably in Food Solutions and steadily in retail. Revenue from Oilseed Products fell by 10%, partly due to a decline in sales of food-grade oil.
Earnings from Oilseed Products declined; additional non-recurring factors also at play
EBIT decreased to -4.5 MEUR, which was impacted by the unprofitability of the Swedish pea business (-1.3 MEUR), non-recurring items related to the closure of the Pudasjärvi frozen pizza factory (-1.3 MEUR), and the weak result of Oilseed Products. EBIT was 1 MEUR below our estimate, and adjusted for items related to the pizza factory, it was 2 MEUR below our estimate (we had estimated a larger non-recurring item). According to our calculations, Food Solutions' adjusted EBIT (-0.4 MEUR) excluding Sweden remained stable year-on-year. In Oilseed Products, EBIT (-0.9 MEUR, Q2'25: 0.2 MEUR) was weighed down by an unfavorable sales mix, weakened crushing margins, and BlackGrain ingredient development costs (0.4 MEUR).
Harvest outlook good in Finland, poor in Sweden
On August 12, Apetit updated its guidance in the form of a profit warning. The group's EBIT is estimated to be between -2.0 and +1.0 MEUR, which is a significant decline from last year (2025: 5.9 MEUR, excluding the one-off effect of the Foodhills acquisition on the earnings). In Finland, the outlook for the harvest season is good, including for peas. In Sweden, on the other hand, the drought has reduced the expected pea harvest, which was one of the factors behind the profit warning. Additionally, geopolitical uncertainty has slightly increased costs and may cause greater-than-usual market price fluctuations for oilseed raw materials. While the Finnish oilseed crop looks promising, we understand that Apetit will still have to source most of its rapeseed from abroad, such as the Baltics.