Apetit

A significant earnings turnaround is priced into the share, even though visibility into the turnaround remains murky.

The adjusted earnings of the Finnish operations were largely in line with expectations.

Apetit's Food Solutions in Finland has a good outlook, but Sweden and Oilseed Products are weighing on earnings.

The success of harvest seasons and market refining margins partially drive the earnings development.

However, other areas weigh on the overall earnings outlook.

We expect a cautiously positive trend for the rest of the year, but this is not enough to warrant the current share price.

The figures were weaker than expected.

Uncertainty regarding the earnings turnaround in Sweden has increased.

A poor pea harvest is slowing down the earnings turnaround in Sweden.