Pauli has made a new company report on Apetit after the latest news. 
Apetit is expanding its frozen pea business by acquiring Swedish Foodhills AB. The target’s result has so far been clearly loss-making, which is also reflected in the low price relative to the target’s balance sheet value. Predicting a turnaround in profitability is challenging, which slightly increases the stock’s risk profile, while on the other hand, the value creation potential has grown. Apetit’s organic earnings outlook is positive, but Foodhills’ unprofitability raises earnings-based valuation for the coming years, which in our opinion has weakened the risk-reward ratio.
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Here are Pauli’s preview comments as Apetit releases its Q3 results on Friday, October 24
We expect the company’s result to be slightly below the record comparison period, but to still be at a good level and develop favorably compared to the difficult beginning of the year. The availability of raw material for oilseed products has improved with a good harvest, which supports the organic earnings outlook alongside other growth initiatives. The company’s recently announced acquisition in Sweden increases forecasting uncertainty, but we expect the company to provide more information about the acquisition in the near future.
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Here are Pauli’s quick comments on the Q3 results.
Apetit reported its Q3 interim report this morning. The operational key figures were in line with our forecasts, although comparable profitability was slightly better than our estimate. Reported operating profit and earnings per share decreased from the comparison period, but comparable operating profit developed steadily. A weak pea harvest has partly hindered earnings development, while improved availability of oilseed raw material has started to support the result. The company maintained its 2025 earnings guidance unchanged.
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Here is also a company report from Paul after Q3.
Overall, Q3 was a quarter in line with our expectations. Favorable development in oilseed products led to small upward revisions in operational earnings forecasts. We expect organic earnings development to be favorable in the near future, but the operational earnings impact of the Foodhills acquisition, which will take place in Q4, is difficult to predict and likely negative, at least in the short term. We are not ready to fully rely on a potential turnaround in earnings until more concrete evidence is available. We reiterate our Reduce recommendation and a target price of 14.0 euros.
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Here are Pauli’s comments on the expected completion of the Foodhills acquisition.
Thursday’s news of the completion of the Foodhills acquisition was expected. With the completion of the transaction, Apetit will be able to advance measures related to the development of the acquired target and disclose these plans to investors. For now, we view the acquisition as a risk-increasing measure, despite the low purchase price. The disclosure and implementation of plans aimed at a profitability turnaround could, if successful, gradually alleviate this uncertainty.
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Pauli has published a company report following Apetit’s negative guidance.
Apetit’s organic earnings growth trend was dented when the company lowered its 2025 guidance due to, among other things, delays in seasonal production. According to the company, the impact on business is not very significant, but mainly timing-related. However, weaker earnings development lowers our perception of Food Solutions’ normalized earnings level. In addition, the acquisition of the loss-making Foodhills at the end of November keeps the earnings-based valuation multiples for the coming years elevated, as well as the uncertainty related to earnings development. We reiterate our Reduce recommendation and lower the target price to 13.5 euros (previously 14.0 €).
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Wow - compared to Apetit’s exports (mainly: Finland, Sweden and Italy)
Foodhill exports 90% of its products
Nordic countries and Europe (e.g. Greece, Germany, Norway, Finland and Spain)
South, North and Central America
Asian countries such as China and Taiwan
Australia and South Africa.
Export och försäljning - Foodhills
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Here are Pauli’s comments on Apetit’s new strategy for 2026-28
Apetit announced a new strategy for 2026-28 on Friday. The strategy is more growth-oriented than before, supported by, among other things, the company’s recent acquisition in Sweden that expanded its frozen pea business. Legumes and the BlackGrain ingredient are also a central part of the growth plans, but the investments related to these are still under planning. We interpret that profitability may be under pressure at the beginning of the strategy period, but the company aims to improve earnings towards the end of the period. The company will present its new strategy through a separate briefing on February 17, 2026.
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@henrielo has written a fresh article on Apetit.
We interviewed the management of the food company Apetit after Epiphany in January 2026. In November 2025, the company completed a significant acquisition when it purchased the Swedish frozen pea producer Foodhills. In December, Apetit, in turn, announced its new, updated strategy for the years 2026-2028.
Subheadings:
- Oilseed business production to diversify
- Apetit expands its production operations to Sweden
- New investments are in line with the updated strategy
- Operating result to decline in 2025
- Summary – unlikely to be major changes to the dividend
NOTE
IR-ikkuna is a channel for SalkunRakentaja’s and Sijoittaja.fi’s corporate partners for background and analytical articles, as well as other interesting investor information. The article is part of a commercial collaboration with the company. The article does not contain investment recommendations.
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Here are Pauli’s preview comments as Apetit reports its Q4 results on February 13.
The operational result will weaken from the comparison period due to, among other things, the timing shift of seasonal production across the turn of the year. Additionally, the Q4 figures are affected by, for example, a large positive one-off profit impact related to the Foodhills acquisition. We expect the company to be able to improve its adjusted operating profit during 2026, but we see a risk that Foodhills’ loss-making continues and hides part of the profit growth potential, at least in the short term. Apetit also recently published a new strategy and will present it to investors at a separate briefing on Tuesday, February 17, 2026.