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ER - Apetit Plc's Half-Year Report 1 January — 30 June 2025: Operating result of the first half of the year decreased from the comparison year - profit guidance unchanged

Company: Apetit Oyj Date: 2025-08-22 Language: English Register to download
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 Apetit Plc's Half-Year Report 1 January — 30 June 2025: Operating result of the first half of the year decreased from the comparison year - profit guidance unchanged

# Apetit Plc's Half-Year Report 1 January — 30 June 2025: Operating result of the first half of the year decreased from the comparison year - profit guidance unchanged

22.8.2025 08:30:01 EEST | Apetit Oyj | Half Year financial report

**Apetit Plc’s Half-Year Report 1 January — 30 June 2025: Operating result of the first half of the year decreased from the comparison year – profit guidance unchanged**

FINANCIAL PERFORMANCE IN BRIEF

**April–June 2025**

-   Net sales were EUR 39.2 (37.0) million.
-   Operating result was EUR -0.8 (-0.1) million.
-   EBITDA was EUR 1.0 (1.5) million. 

The net sales of Food Solutions were EUR 17.3 (16.5) million and operating result EUR -0.4 (-0.1) million.

The net sales of Oilseed Products were EUR 22.1 (20.7) million and operating result EUR 0.2 (0.7) million.

Net sales grew from the comparison period. In Food Solutions, both net sales and sales volumes increased slightly from the comparison period, particularly following growth in retail sales.

Operating result weakened in both businesses. In Oilseed Products, the decline in profit was particularly attributable to the price of the raw material used and the unfavourable breakdown of sales between different product groups. In both businesses, profit performance was weakened by prolonged collective bargaining negotiations between the Finnish Food and Drink Industries Federation and the Finnish Food Workers’ Union. Overtime and shift change bans as well as strike days affecting Food Solutions were reflected in challenges in delivery reliability during the second quarter.

**January–June 2025**

-   Net sales were EUR 83.0 (79.2) million.
-   Operating result was EUR 1.5 (3.3) million.
-   EBITDA was EUR 5.1 (6.5) million. 

The net sales of Food Solutions were EUR 37.6 (37.0) million and operating result EUR 2.1 (1.8) million.

The net sales of Oilseed Products were EUR 45.7 (42.5) million and operating result EUR 0.7 (2.9) million.

The Group’s liquidity was good, and its financial position was strong. The equity ratio was 83.4 (82.5) per cent and gearing was -1.1 (-6.2) per cent. The Group’s cash flow from operating activities after interest and taxes was EUR 13.1 (6.8) million.

Apetit’s reporting segments are Food Solutions and Oilseed Products. In addition to the reporting segments, Apetit reports Group Functions, consisting of the expenses related to Group management and strategic projects, that are not allocated to the business segments.

The information in this report is unaudited. The figures in brackets refer to the corresponding period in 2024, and the comparison period means the corresponding period in the previous year, unless otherwise stated.

PROFIT GUIDANCE FOR 2025 UNCHANGED  

(published on 13 February 2025)

Group’s operating result is estimated to slightly decrease from the comparison year (EUR 9.3 million in 2024).

KEY FIGURES

|     |     |     |     |     |     |     |     |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR million | **4-6/2025** | 4-6/2024 | Change | **1-6/2025** | 1-6/2024 | Change | 2024 |
|     |     |     |     |     |     |     |     |
| Net sales | **39.2** | 37.0 | 6%  | **83.0** | 79.2 | 5%  | 162.6 |
| EBITDA | **1.0** | 1.5 | \-32% | **5.1** | 6.5 | \-21% | 16.0 |
| Operating result | **\-0.8** | \-0.1 | \-675% | **1.5** | 3.3 | \-55% | 9.3 |
| Share of profit of associated company Sucros | **\-0.5** | 0.3 |     | **\-2.0** | \-0.3 |     | 1.6 |
| Profit for the period | **\-1.4** | 0.1 |     | **\-1.0** | 2.0 |     | 8.5 |
| Earnings per share, EUR | **\-0.23** | 0.01 |     | **\-0.17** | 0.32 |     | 1.37 |
| Investments |     |     |     | **4.0** | 4.0 |     | 9.6 |
| Equity per share, EUR |     |     |     | **16.37** | 16.19 |     | 17.33 |
| ROCE-% |     |     |     | **6.7** | 7.6 |     | 8.3 |
| Working capital, end of period |     |     |     | **26.3** | 21.6 |     | 34.5 |
| Net cash flow from operating activities |     |     |     | **13.1** | 6.8 |     | 3.2 |
| Equity ratio, % |     |     |     | **83.4** | 82.5 |     | 79.8 |
| Net gearing, % |     |     |     | **\-1.1** | \-6.2 |     | 3.1 |

CEO’S REVIEW:

“Apetit Group’s operating result for the first half of the year declined year-on-year due to a weaker result in Oilseed Products. The prolonged collective bargaining negotiations between the Finnish Food and Drink Industries' Federation and the Finnish Food Workers’ Union caused challenges to both of Apetit's businesses during the first two quarters of the year. The overtime and shift change bans during the negotiations affected delivery reliability in both businesses. The strike days related to the negotiations also affected operations in Food Solutions.

Food Solutions improved its result in the first half of the year. Both sales volumes and net sales have increased slightly year-on-year. In Oilseed Products, the decline in result was attributable not only to the price of the raw material used, but also to the decrease in sales of refined oil and challenges in delivery reliability.

Apetit’s operating result in the second quarter declined from the comparison period. The delivery reliability situation normalised in both businesses in June. Net sales increased in both businesses in the second quarter year-on-year. In Food Solutions, also sales volumes increased. Retail sales developed positively due to the cool early summer being favourable to the sale of frozen products.

In July, we announced an investment of approximately EUR 2 million in the Kantvik vegetable oil milling plant. The strategic investment improves the production process of the raw material for the BlackGrain from Yellow Fields® rapeseed powder. The investment in late 2025 will strongly support the commercialisation of BlackGrain. The investment will multiply BlackGrain’s raw material production capacity and significantly improve the quality and efficiency of the process. The total investment includes replacement investments in the milling plant’s current processes. The availability of raw materials has been one of the bottlenecks for increasing actual production.

We will continue the practical development of BlackGrain’s various product applications. Thanks to its versatility, BlackGrain is suitable for a wide range of products in the food industry. Customer-oriented product application work is carried out for both BlackGrain rapeseed powder and TVP plant protein made from BlackGrain, which contains pea protein in addition to BlackGrain. At the same time, we are investigating alternatives for producing the BlackGrain rapeseed powder. Apetit is assessing potential partnerships and starting production by making an investment in the Kantvik vegetable oil milling plant or with purchased services.

The strategically important ERP project has progressed according to schedule. The new ERP system is scheduled to be implemented in Oilseed Products by the end of the year, after which all Group operations will be covered by the new system.

The outlook for the harvest season is currently moderate. In early summer, even the cool weather offered a promising start to the growing season, which benefitted spinach and pea in particular. However, the hottest period in the history of measurements in July weakened the harvest for frozen peas due to the rapid ripening of the harvest. Regional heavy rains taxed frozen pea crops in some places. Frozen peas are harvested on a record-large area of 2,000 hectares. The success of the harvest season is ultimately determined by the weather in the autumn and the harvesting conditions. The growing season of onion, which is Apetit’s contract farming crop for the first time, has largely gone according to expectations. Onion is a significant crop in Apetit’s product range and a strategic addition to the list of contract farming crops.

The cultivation areas for Finnish oilseed plants grew strongly from the previous year. The growth season of spring-sown oilseed plants has largely progressed according to expectations and the harvest outlook is at an average level. There are regional differences in weather conditions and pest situation. The weather conditions early in the growing season were favourable for autumn oilseed plants, so oilseed plant fields shone exceptionally yellow in the early summer. The harvest outlook for autumn oilseed plants is good.

We will continue to invest in Finnish cultivation development. Several variety trials are underway in the RypsiRapsi forum. Trials are underway in autumn oilseed plants with regard to sowing technology, among other things, and fertiliser and sowing method trials are underway in spring oilseed plants, both on a square and farm scale. The Räpi experimental farm, on the other hand, is running two projects related to different new plant protection methods. Development projects in Finnish cultivation lay down the conditions for the continuum of cultivation of plants significant to Apetit, especially in adapting to the changes brought about by climate change.

The new national nutrition recommendations published in late 2024 and the importance of well-being and sustainability in food trends are reflected in the increased consumption of frozen vegetables in Finland. This phenomenon can be seen in frozen peas, for example. The increased popularity of legumes and the ease of using frozen vegetables combined with the uniqueness of Finnish frozen peas have increased the sales of Finnish frozen peas by more than one-third over five years. This the right direction, because adding more vegetables onto the plate is a good choice in every way."

Esa Mäki,  

CEO

WEBCAST

A news conference (in Finnish) will be held as a live webcast on 22 August 2025 at 10:00 a.m. The news conference can be followed at [apetit.fi/sijoittajille](http://apetit.fi/sijoittajille). The presentation material and a recording of the webcast will be available on the company’s website after the news conference.

#### Contacts

-   Esa Mäki, CEO, Apetit Oyj, +358104022100, [esa.maki@apetit.fi](mailto:esa.maki@apetit.fi)

#### About Apetit Oyj

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. Read more: apetit.fi