Apetit Q3'25 flash comment: Mixed development, figures close to estimates
By Pauli Lohi
Translation: Original published in Finnish on 10/24/2025 at 09:11 am EEST
| Estimates | Q3'24 | Q3'25 | Q3'25e | Erotus (%) | 2025e | |
| MEUR / EUR | Comparison | Actualized | Inderes | Act. vs. Inderes | Inderes | |
| Revenue | 40.5 | 41.4 | 41.6 | 0% | 170 | |
| EBITDA | 5.3 | 5.0 | 5.1 | -3% | 14.8 | |
| EBIT | 3.7 | 3.2 | 3.3 | -2% | 7.2 | |
| EPS (rep.) | 0.53 | 0.35 | 0.45 | -22% | 3.04 | |
| Revenue growth-% | 2.0% | 2.2% | 2.6% | -0.4 pp | 4.6% | |
| EBIT-% (adj.) | 9.2% | 7.7% | 7.8% | -0.1 % pp | 4.2.% |
Source: Inderes
Apetit reported its Q3 interim results this morning. Operational key figures were in line with our estimates, although comparable profitability was slightly better than we expected. Reported EBIT and EPS decreased from the comparison period, but comparable EBIT developed steadily. A poor pea harvest has partly hampered earnings development, while improved availability of oilseed raw material has started to support earnings. The company reiterated its 2025 guidance.
The main lines close to expectations
Apetit’s Q3 revenue was at the level we expected and grew by 2% y/y. Growth was 3% in Food Solutions and 2% in Oilseed Products.
EBIT and EBITDA were also in line with the estimates, as EBIT fell to 3.2 MEUR (Q3’25: 3.7 MEUR), however, adjusted for expert costs related to the acquisition, the result would have been 3.6 MEUR, or 9% above our estimate. The EBIT decrease originated in Food Solutions, where the EBIT decreased by 0.5 MEUR compared to the strong comparison period. Food Solutions' earnings included 0.4 MEUR in expert fees related to the recent Foodhills acquisition. In addition, Food Solutions suffered from a challenging frozen pea harvest season, as the company had to pay compensation to farmers for fields that were unfit for harvesting, in accordance with cultivation agreements. In Oilseed Products, EBIT improved slightly by 0.1 MEUR, which we believe is related to improved raw material availability and a normalization of the margin level.
The Group’s EPS was EUR 0.35, falling well below the forecast (22%). In addition to the factors affecting EBIT, this was also impacted by the weak earnings of the associate company Sucros (-0.2 MEUR, our estimate 0.2 MEUR, Q3’24: 0.4 MEUR).
Guidance unchanged, acquisition key variable for next year
Apetit’s earnings guidance for 2025 remained unchanged. The Group's operating profit, excluding the impact of the acquisition, is expected to decrease slightly from the comparison year (2024: 9.3 MEUR) Our latest estimate has been 7.7 MEUR without the impact of the acquisition, which we believe is in line with the given guidance.
We believe the earnings outlook for 2026 is organically positive, partly due to a good root vegetable crop and oilseed harvest, but assessing the earnings impact of Apetit's Foodhills acquisition is challenging. The acquired company has historically been significantly unprofitable, and it is still challenging to estimate how quickly the turnaround in the acquired company's profitability will materialize.
Apetit operates in the food industry. The company is a retailer of food products. The product range consists mainly of plant-based food solutions, vegetable products, frozen meals and fish and seafood. The largest operations are in the Nordic market. The company was originally founded in 1950 and has its headquarters in Helsinki.
Read more on company pageKey Estimate Figures10/10
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 162.7 | 170.1 | 188.7 |
| growth-% | -7.3 % | 4.6 % | 10.9 % |
| EBIT (adj.) | 9.4 | 7.2 | 6.3 |
| EBIT-% (adj.) | 5.8 % | 4.2 % | 3.3 % |
| EPS (adj.) | 1.36 | 3.04 | 0.94 |
| Dividend | 0.75 | 0.70 | 0.75 |
| Dividend % | 5.4 % | 5.0 % | 5.3 % |
| P/E (adj.) | 10.2 | 4.6 | 15.1 |
| EV/EBITDA | 4.8 | 5.7 | 5.6 |
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