Apetit (APETIT) Q3 2024 earnings summary

Executive summary

• Operating result for July–September 2024 improved to EUR 3.7 million from EUR 2.7 million year-over-year, with EBITDA rising to EUR 5.3 million from EUR 4.0 million.

• Net sales for continuing operations grew slightly to EUR 40.5 million from EUR 39.7 million in the quarter; Food Solutions saw strong retail growth, while Oilseed Products remained flat.

• For January–September 2024, net sales were EUR 119.7 million (down from EUR 132.9 million), but operating result increased to EUR 6.9 million from EUR 5.4 million.

• Profit guidance for 2024 remains unchanged, with operating profit expected to stay at the previous year's level.

Financial highlights

• July–September 2024: Net sales EUR 40.5 million (+2%), EBITDA EUR 5.3 million (+31%), operating result EUR 3.7 million (+37%).

• January–September 2024: Net sales EUR 119.7 million (-10%), EBITDA EUR 11.8 million (+24%), operating result EUR 6.9 million (+29%).

• Earnings per share for the quarter EUR 0.53 (EUR 0.56), for the nine months EUR 0.85 (EUR 1.01).

• Cash flow from operating activities after interest and taxes was EUR -1.1 million, down from EUR 7.9 million.

Outlook and guidance

• Group operating profit for 2024 is estimated to remain at the 2023 level (EUR 7.5 million).

• Food Solutions operating result is expected to improve further; Oilseed Products operating result is expected to decline due to market price outlook.