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Apetit: CEO to step down with a long transition period

APETITAnalyst Comment26.10.2026, 08.16
Pauli LohiAnalyst
Discuss

Summary

  • Apetit announced that CEO Esa Mäki has resigned for personal reasons but will remain in his role until the end of May 2027, and as an advisor until the end of the year.
  • During Mäki's tenure, Apetit's core business profitability has strengthened, although the recent growth strategy has increased the company's risk profile.
  • The Board of Directors will start the search for a new CEO immediately, as a swift appointment is deemed beneficial for advancing the growth strategy.
  • The management change does not prompt any estimate changes according to the analyst's view.

This content is generated by AI. You can give feedback on it in the Inderes forum.

Translation: Original published in Finnish on 10/26/2026 at 9:00 am EET.

Apetit announced this morning that CEO Esa Mäki has resigned for personal reasons. Mäki has led the company for over seven years, during which the profitability of Apetit’s core business has strengthened broadly.  On the other hand, the growth strategy launched a year ago has raised the company’s risk profile and, in our view, requires intensive work to turn around the business acquired in Sweden. Mäki has committed to remaining in the role until the end of May 2027, and thereafter as an advisor until the end of the year. The long transition period points to an amicable departure and mutual trust between the parties. From the perspective of advancing the growth strategy, however, it would likely be best to fill the position as soon as a suitable successor is found, as organizational momentum and renewal can slow during management transitions. The Board of Directors will begin the search for a new CEO immediately. The management change prompts no estimate changes.

 

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 page

Key Estimate Figures25.10

202526e27e
Revenue167.6172.4178.6
growth-%3.0 %2.9 %3.6 %
EBIT (adj.)5.91.05.5
EBIT-% (adj.)3.5 %0.6 %3.1 %
EPS (adj.)0.21-0.280.55
Dividend0.700.450.60
Dividend %5.0 %3.9 %5.2 %
P/E (adj.)66.4neg.20.7
EV/EBITDA4.38.25.8

Forum discussions

Inside information: Esa Mäki, CEO of Apetit Plc, to leave the company | Kauppalehti Esa Mäki, CEO of Apetit Group, has resigned from his position...
3 hours ago
by Jukka
1
Pauli finished a company report on Apetit on Sunday Apetit’s earnings outlook is twofold: while Food Solutions Finland is developing well, visibility...
22 hours ago
by Sijoittaja-alokas
2
With no comparable figures available, forecasting was difficult. The timing of earnings between quarters is also not particularly significant...
10/23/2026, 8:04 AM
by Pauli Lohi
2
Here are Pauli’s quick comments on this morning’s results Apetit reported its Q3 results today. Operating profit significantly exceeded our ...
10/23/2026, 6:45 AM
by Sijoittaja-alokas
1
How do you think it went, in your own opinion, @Pauli_Lohi ? All in good fun. You can’t always get these right
10/23/2026, 6:00 AM
by Karhu Hylje
3
Here is the corrected release regarding Apetit’s long-term commitment and incentive plans. Correction: Apetit’s long-term commitment and incentive...
10/18/2026, 2:47 PM
by Sijoittaja-alokas
0
Here are Pauli’s preview comments as Apetit reports its Q3 results on Friday, October 23. We expect revenue to have grown, driven by the Swedish...
10/13/2026, 5:43 AM
by Sijoittaja-alokas
2