Apetit (APETIT) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 increased by 3% to €167.6 million, with operating profit rising to €13.7 million, mainly due to a one-time €8.3 million gain from the Foodhills acquisition, offset by €0.5 million in advisory fees; adjusted operating profit was €5.9 million, down from the previous year.

• EBITDA rose to €21.0 million from €16.0 million year-over-year.

• The Group’s liquidity and financial position remained strong, with a high equity ratio and low gearing.

• EPS increased to €1.44 from €1.37 year-over-year.

• The new strategy for 2026–2028 focuses on growth in Sweden, frozen peas, and BlackGrain rapeseed powder.

Financial highlights

• Q4 2025 net sales were €43.2 million (+1% year-over-year), with Q4 operating profit at €9.0 million, up from €2.4 million last year, driven by the Foodhills gain.

• Return on capital employed (ROCE) improved to 11.7% from 8.3%.

• Net cash flow from operating activities was €13.3 million, up from €3.2 million.

• Profit for the period was €9.0 million.

• Dividend proposal for 2025 is €0.70 per share.

Outlook and guidance

• Operating result for 2026 is expected to decline from the adjusted €5.9 million due to Foodhills integration costs, with negative impact anticipated for 2026.

• Strategic targets for 2025–2028: EBIT over €10 million and ROSE above 7% by the end of the period.