Apetit

Foodhills' unprofitability weighs on the earnings outlook for the current year.

We expect earnings to turn to growth in 2026, but estimating Foodhills' earnings is challenging.

Sweden, pulses, BlackGrain, and vegetable oils are key growth themes.

The company cited delays in harvest season production as the reason for the profit warning.

We expect Apetit to provide more information soon on its efforts to improve the profitability of the acquired loss-making business.

Q3 was broadly in line with expectations. Our operational earnings estimates increased slightly, driven by Oilseed Products.

In our view, the earnings release does not convey major revisions in the company's outlook compared to previous expectations.

We expect the Q3 operating profit to be slightly below the strong comparison period.

Although the purchase price is low compared to the balance sheet value, a turnaround in earnings cannot be seen as a given

Apetit strengthens its position in the Nordic markets by acquiring Foodhills AB, Sweden's largest producer of frozen peas.