Apetit Q4'25 flash comment: This year's guidance is weaker than expected
By Pauli Lohi
Summary
- Apetit's Q4 revenue grew by 1% year-over-year to 43.2 MEUR, falling short of the 6% growth estimate due to lower-than-expected growth in Food Solutions and a decline in Oilseed Products revenue.
- Q4 adjusted EBIT was weak at 0.8 MEUR, aligning with the company's prior profit warning, while reported EBIT was boosted to 9.0 MEUR by a non-recurring item from the Foodhills acquisition.
- The company's guidance for 2026 indicates a weaker operating result than expected, attributed to costs and negative earnings impact from the Foodhills business acquisition.
- Apetit's board proposes a dividend of EUR 0.70 per share, exceeding the analyst's estimate of EUR 0.65, with net debt at the period's end higher than anticipated at 15.7 MEUR.
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Translation: Original published in Finnish on 02/13/2026 at 09:33 am EET
| Estimates | Q4'24 | Q4'25 | Q4'25e | Difference (%) | 2025 | |
| MEUR / EUR | Comparison | Actualized | Inderes | Act. vs. Inderes | Actualized | |
| Revenue | 42.9 | 43.2 | 45.3 | -5 % | 168 | |
| EBITDA | 4.2 | 10.9 | 11.9 | -8 % | 21.0 | |
| EBIT (adj.) | 2.4 | 0.8 | 0.9 | -12 % | 5.4 | |
| EBIT | 2.4 | 9.0 | 9.9 | -9 % | 13.7 | |
| EPS (rep.) | 0.52 | 1.26 | 1.74 | -28 % | 1.44 | |
| DPS | 0.75 | 0.70 | 0.65 | 8 % | 0.70 | |
| Revenue growth-% | 0.9 % | 0.7 % | 5.6 % | -4.9 pp | 4.3 % | |
| EBIT-% (adj.) | 5.5 % | 20.8 % | 21.9 % | -1.1 pp | 8.2 % |
Source: Inderes
Apetit reported its Q4 result this morning. The company already issued a profit warning in December, and in light of this, Q4 progressed in line with our expectations. However, the company’s guidance for 2026 is weaker than our expectations. The company justifies the declining earnings outlook with the negative earnings impact of the acquired Foodhills business, which we had, at least partially, already tried to account for in our previous estimate. The overall picture of the report turns negative due to the guidance.
Volumes grew, revenue below our forecast
Q4 revenue grew by 1% y/y to 43.2 MEUR, supported by growth in sales volumes. Growth fell short of our estimate (6%), as Food Solutions grew by only 3% (we estimated 10% supported by Foodhills). In Oilseed Products, which is tied to market price movements, revenue decreased by 2% (we expected 1% growth).
Earnings largely in line with expectations
Q4’s adjusted EBIT was weak (Q4’25: 0.8 MEUR vs. Q4’24: 2.4 MEUR), which the company had already issued in the form of a profit warning in December. Reported EBIT was as high as 9.0 MEUR, positively impacted by an 8.3 MEUR non-cash, non-recurring item related to the Foodhills acquisition at a price lower than its book value. Food Solutions' adjusted earnings were stronger than our estimate, even though the delay in seasonal production to 2026 weakened the result. The result for Oilseed Products improved only slightly from the weak comparison period and was weaker than our estimate. For the full year, Oilseed Products' earnings have decreased due to factors such as an unfavorable sales mix and the price of raw materials used.
Apetit's net debt at the end of the period was 15.7 MEUR, which was higher than we estimated. The company's board proposes a dividend of EUR 0.70 per share, which exceeds our estimate (EUR 0.65).
Guidance weaker than expected
According to the company’s new guidance, the Group’s operating result is expected to decrease from the comparison year (in 2025: 5.9 MEUR, excluding the one-off effect of the Foodhills acquisition on the earnings). The guidance is justified by the costs incurred from the takeover of Foodhills' business and its negative impact on EBIT. Our latest EBIT estimate for 2026 was 7.0 MEUR, which included losses in Foodhills but a clear strengthening of earnings in the legacy businesses.
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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 Figures15.12.2025
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 162.7 | 169.7 | 187.1 |
| growth-% | -7.3 % | 4.3 % | 10.3 % |
| EBIT (adj.) | 9.4 | 5.5 | 7.0 |
| EBIT-% (adj.) | 5.8 % | 3.3 % | 3.7 % |
| EPS (adj.) | 1.36 | 0.47 | 1.02 |
| Dividend | 0.75 | 0.65 | 0.75 |
| Dividend % | 5.4 % | 4.7 % | 5.4 % |
| P/E (adj.) | 10.2 | 29.6 | 13.7 |
| EV/EBITDA | 4.8 | 6.6 | 5.4 |
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