Translation: Original published in Finnish on 8/14/2026 at 8:02 am EEST.

Source: Inderes

Apetit will publish its Q2 report on the morning of Friday, August 21. The company's webcast can be viewed here at 10:00 am EEST (in Finnish). We expect revenue to have grown, driven by the Foodhills acquisition, but profitability to have fallen below the comparison period. In addition, the reported result is burdened by a one-off item related to the closure of the frozen pizza factory. The company just issued a profit warning due to a poor pea harvest, so in the Q2 report, we will focus particularly on the outlook for Swedish operations for the rest of the year and the delay in the turnaround.

Revenue grows following the acquisition in Sweden

We estimate that revenue growth in Q2 was 11% to 44 MEUR (Q2'25: 39 MEUR). Growth is driven almost entirely by the Food Solutions segment, whose revenue we expect to have risen to 21.8 MEUR (Q2'25: 17.3 MEUR). This is due to the acquisition of the Foodhills pea business in Sweden. We estimate that the Food Solutions segment experienced moderate organic revenue growth, in line with trends in the retail sector (according to statistics from the Finnish Grocery Trade Association, the frozen vegetables category grew by 1.5% y/y in Q2). In Oilseed Products, we estimate that revenue developed steadily (estimate 21.9 MEUR). In Q1, Oilseed Products' revenue still decreased, but the rise in market prices seen in the spring has likely started to reflect in revenue gradually during Q1.

Seasonality and losses in Sweden weigh on earnings

Q2 is typically the weakest quarter of the year for Apetit. We estimate Q2 adjusted EBIT to be -1.2 MEUR, which is moderately weaker than the comparison period (Q2'25: -0.8 MEUR). However, there is uncertainty in the earnings estimate because the seasonality of the recently acquired pea business in Sweden is unknown to us, and it is possible that the impact on earnings from Sweden will be more negative than our estimate. On the other hand, Q2 of last year was weaker than a few previous years in terms of earnings, so we estimate that the Finnish operations have had the opportunity to improve their results. However, the profitability of Oilseed Products may be weakened by the recent increase in raw material prices, which may not yet have been passed on to sales prices. We estimate that reported EBIT has fallen to -3.5 MEUR, impacted by a one-off cost of around 2.3 MEUR related to the closure of the Pudasjärvi frozen pizza factory. We predict that the reported result for Food Solutions will be -3.3 MEUR (adjusted -1.0 MEUR, Q2'25: -0.4 MEUR) and the result for Oilseed Products will be -0.6 MEUR (stable y/y). We estimate that group costs increased slightly. We project the share of earnings from the associated company Sucros to be -0.2 MEUR, reflecting the challenging sugar market.

Profit warning overshadows the outlook for Sweden's profitability turnaround

Apetit issued a profit warning just before its Q2 report and lowered its guidance for the current year. The company now expects the group's operating profit for 2026 to be -2.0 to +1.0 MEUR. We expect the company to reiterate this latest guidance in conjunction with the report. Prior to the profit warning, our reported EBIT estimate was -0.7 MEUR, which falls within the new guidance range. Our adjusted EBIT forecast, taking into account the one-time impact of the pizza factory closure, is 1.6 MEUR. Even if the poor pea harvest in Sweden does not lead to further reductions in earnings for the current year, uncertainty regarding the projected earnings turnaround for 2027 has increased.