Lohen Pauli has completed the post-Q4 company report on Apetit. 
The year 2024 ended stronger than both our own and the company’s expectations, thanks to the strong earnings development of Food Solutions. We estimate the earnings level will decrease in line with the company’s guidance in 2025, which, in our estimation, is particularly affected by cost pressure from oilseed raw materials. With the declining earnings, the stock’s valuation is earnings-based close to a fair level.