Apetit Plc's Half-Year Report 1 January — 30 June 2026: Oilseed Products and the anticipated loss-making performance of the Swedish operations weakened operating result
21.8.2026 08:30:09 EEST | Apetit Oyj | Half Year financial report
Apetit Plc’s Half-Year Report 1 January — 30 June 2026: Oilseed Products and the anticipated loss-making performance of the Swedish operations weakened operating result
FINANCIAL PERFORMANCE IN BRIEF
April–June 2026
- Net sales were EUR 38.7 (39.2) million.
- Operating result was EUR -4.5 (-0.8) million.
- EBITDA was EUR -0.9 (1.0) million.
The net sales of Food Solutions were EUR 18.8 (17.3) million and operating result EUR -3.0 (-0.4) million. Net sales of the business acquired from Sweden were EUR 2.3 million and operating result EUR -1.3 million.
The decline of the operating result of Food Solutions was particularly attributable to the anticipated loss-making result of the business acquired in Sweden, as well as one-off items of approximately EUR 1.3 million related to the closure of the frozen pizza factory in Pudasjärvi that were recognised and allocated to the reporting period.
The net sales and sales volumes of Food Solutions’ operations in Finland decreased slightly from the comparison period. Net sales increased in the Food Service sector.
The net sales of Oilseed Products were EUR 20.0 (22.1) million and operating result EUR -0.9 (0.2) million. Net sales of BlackGrain from Yellow Fields® were EUR 0.1 million and the impact of development costs on operating result EUR -0.4 million.
The operating result of Oilseed Products was weakened by lower sales volumes than in the comparison period, particularly in refined oil, and by the unfavourable distribution of sales between different product categories. Developments in the price relationship between raw materials and end products reduced the crushing margin.
January–June 2026
- Net sales were EUR 84.9 (83.0) million.
- Operating result was EUR -5.8 (1.5) million.
- EBITDA was EUR 0.0 (5.1) million.
The net sales of Food Solutions were EUR 43.5 (37.6) million and operating result EUR -3.0 (2.1) million. Net sales of the business acquired from Sweden were EUR 6.4 million and operating result EUR -2.3 million.
The net sales of Oilseed Products were EUR 41.7 (45.7) million and operating result EUR -1.6 (0.7) million. Net sales of BlackGrain from Yellow Fields® were EUR 0.2 million and the impact of development costs on operating result EUR -0.9 million.
The net sales of Group Functions were EUR 1.8 (1.0) million and operating result EUR -1.3 (-1.2) million.
The Group’s liquidity was good, and its financial position was strong. The equity ratio was 73.6 (83.4) per cent and gearing was 14.3 (-1.1) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 11.0 (13.1) million.
Apetit’s reporting segments are Food Solutions and Oilseed Products. Apetit’s business acquired from Sweden is reported as part of Food Solutions, and BlackGrain from Yellow Fields® as part of Oilseed Products. Apetit’s business operations in Sweden and BlackGrain from Yellow Fields® are not IFRS reporting segments. 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 2025, and the comparison period means the corresponding period in the previous year, unless otherwise stated.
PROFIT GUIDANCE FOR 2026
(updated on 12 August 2026)
The Group’s operating result is estimated to be EUR -2.0 – +1.0 million (in 2025: EUR 5.9 million, excluding the non-recurring impact of the Foodhills acquisition).
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KEY FIGURES |
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EUR million |
4–6/2026 |
4–6/2025 |
Change |
1–6/2026 |
1–6/2025 |
Change |
2025 |
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Net sales |
38.7 |
39.2 |
-1% |
84.9 |
83.0 |
2% |
167.6 |
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EBITDA |
-0.9 |
1.0 |
-187% |
0.0 |
5.1 |
-100% |
21.0 |
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Operating result |
-4.5 |
-0.8 |
-470% |
-5.8 |
1.5 |
-495% |
13.7 |
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Share of profit of associated company Sucros |
-0.2 |
-0.5 |
-1.3 |
-2.0 |
-2.8 |
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Profit for the period |
-4.5 |
-1.4 |
-7.2 |
-1.0 |
9.0 |
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Earnings per share, EUR |
-0.72 |
-0.23 |
-1.16 |
-0.17 |
1.44 |
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Investments |
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5.9 |
4.0 |
7.5 |
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Equity per share, EUR |
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16.03 |
16.37 |
17.94 |
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ROCE-% |
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5.3 |
6.7 |
11.7 |
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Working capital, end of period |
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31.3 |
26.3 |
43.0 |
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Net cash flow from operating activities |
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11.0 |
13.1 |
13.3 |
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Equity ratio, % |
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73.6 |
83.4 |
74.8 |
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Net gearing, % |
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14.3 |
-1.1 |
14.0 |
CEO’S REVIEW
Apetit Group’s operating result for the first half of the year was clearly weaker than in the comparison year. In Food Solutions, the weakening of the result was particularly attributable to the expected loss-making result of the business acquired in Sweden, as well as one-off items related to the closure of the frozen pizza factory in Pudasjärvi. The items were recognised in the second quarter. The Finnish operations were affected by a greater-than-normal year-on-year IAS2 seasonal variation that weakened the operating result.
In Oilseed Products, the operating result for the first half of the year has been weakened by developments in the relationship between the market prices of raw materials and end products, as well as lower sales volumes, particularly in refined vegetable oil. The distribution of sales between different product categories has developed unfavorably. Sales of refined vegetable oil have not developed in line with targets, but we do not see any change in demand in the bigger picture. Global political uncertainty and, in particular, the military operations in Iran and the situation in the Strait of Hormuz have caused instability in market prices. Fluctuations in the market prices of oilseeds may become even stronger and more unpredictable than before. The situation in the Middle East has been reflected in slightly increased costs in both businesses.
We issued a negative profit warning on 12 August 2026 and estimated that the Group's operating result for 2026 will be EUR -2.0 – +1.0 million. The deterioration in the outlook was affected by the frozen pea harvest in Sweden falling short of harvest targets. The harvesting of frozen peas and seasonal production are mainly concentrated in the latter half of the year. The Food Solutions operations are typically characterised by seasonality, and the accumulation of earnings is weighted towards the second half of the year.
The net sales and sales volumes of Food Solutions' operations in Finland were slightly below the comparison period due to a decline in frozen pea exports resulting from the weak 2025 harvest season and the timing of sales. Sales in the Food service channel have developed well and net sales have increased from the comparison period, despite sales generally declining in the Finnish food service market. Sales in the retail trade are at the level of the comparison period.
In Sweden, progress is being made in line with the strategy. Investments have been made in strengthening the commercial position, and the ranges of Apetit branded products have been expanded for both peas and other frozen products. It is particularly important that we succeeded in getting Swedish frozen peas under the Apetit brand into both the retail trade and the Food service market. Expanding the assortment of branded products plays a significant role in strengthening the brand and improving Apetit’s position in the Swedish frozen food category. We are proudly launching Apetit Skånska Ärtor peas, reflecting local expertise. Among the new products, Apetit Skånska Ärtor peas in particular achieved excellent listings in retail trade. The significance of food origin and domestic production are strengthening trends in Sweden. During the current year, several projects have been implemented in Sweden related to cost efficiency, benefiting from synergies with the Finnish operations.
The harvest outlook in Finland is good. In Finland, frozen pea yields and quality have generally been good, although harvesting is still ongoing. Weather conditions during the growing season were favourable for frozen peas, and prolonged heatwaves were avoided. Spinach, which produces two harvests during the season, has benefited from the cooler summer. Harvest season production at the Säkylä factory has performed well and has been highly efficient.
In Sweden, pea harvesting began earlier than in Finland. In Apetit’s cultivation area in Sweden, the growing season started under challenging conditions due to drought, and fields had to be left unharvested at the beginning of the harvesting season. In Sweden, the frozen pea harvest will fall clearly short of the target due to challenging weather conditions during the growing season. The final success of the harvest season will be determined by the conditions during the harvesting period. Elsewhere in Europe’s pea-growing regions, the growing season has been exceptionally challenging due to hot weather and drought.
The activities of the RypsiRapsi Forum have continued, particularly in variety trials. Trials are being conducted at both farm and plot scale in several different localities. This year also saw the launch of a project coordinated by Natural Resources Institute Finland (Luke) to map plant pests and create more effective plant protection practices. The RypsiRapsi Forum has become a key actor in the development of oilseed crop cultivation in Finland. The cultivation areas of domestic spring-sown oilseed crops have continued to increase. The increase in cultivation area has been focused on rapeseed, which is more productive than turnip rape, and the crops also appear to be in better condition than last year. Total harvest output is expected to increase clearly from last year.
In 2025, we announced an investment at the Kantvik vegetable oil milling plant to improve the raw material production process for BlackGrain from Yellow Fields® rapeseed powder. Due to challenges related to the commissioning of the equipment, not all parts of the investment are yet in full production use. The investment will improve the quality and efficiency of the raw material production process for BlackGrain.
In June, we announced the sale of the biosteam plant located at the Kantvik vegetable oil milling plant and a long-term energy supply agreement with Adven Oy, which is acquiring the plant. The transaction will be completed at the beginning of 2027. Following the sale of the bioenergy steam plant, resources can be allocated more effectively to the core business. The Kantvik biosteam plant was completed in 2021. Its commissioning has had a significant impact on reducing the climate impacts associated with the energy consumption of the Apetit Group.
In Finland, we will launch new products in stores in the autumn that make it easier to increase the use of vegetables. In line with our strategy, we want to respond to food consumption trends and bring new plant-based products to the market. Finnish Fava Bean is a good example of this. The mild flavour of fava beans harvested fresh and frozen makes it a unique product in the frozen food category. The Colourful Potato & Soup Vegetables brings a new flavour alternative to Apetit’s clearly most popular product, Domestic Potato & Soup Vegetables. This frozen vegetable mix, which makes everyday cooking easier, has for years been Apetit’s the most popular individual product in the retail trade. Products that support a strong brand and provide convenience for consumers in everyday life are an important part of our strategy. Through them, we strengthen the position of our core products."
Esa Mäki,
CEO
WEBCAST
A news conference (in Finnish) will be held as a live webcast on 21 August 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
- Esa Mäki, CEO, Apetit Oyj, +358104022100, esa.maki@apetit.fi
About Apetit Oyj
Apetit is a Finnish food company that makes plant-based eating a delicious part of everyday life. We base our operations on close cooperation with primary producers in our domestic markets in Finland and Sweden. Apetit creates well-being from vegetables by developing delicious plant-based food solutions and oilseed products that help make everyday life easier in all kinds of kitchens. Apetit Plc’s shares are listed on Nasdaq Helsinki. Read more: apetit.fi/en