Apetit (APETIT) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 reached EUR 167.6 million, up 3% year-over-year, with operating result at EUR 13.7 million, a 47% increase compared to 2024, driven by a non-recurring gain from the Foodhills acquisition.

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

• The Foodhills acquisition contributed a non-recurring positive impact of EUR 8.3 million (bargain purchase) and EUR -0.5 million in advisory costs.

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

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

Financial highlights

• Q4 2025 net sales were EUR 43.2 million (+1% year-over-year), with operating result at EUR 9.0 million (+277%).

• Earnings per share increased to EUR 1.44 from EUR 1.37.

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

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

• Profit for the period was EUR 9.0 million.

Outlook and guidance

• Operating result for 2026 is expected to decline from 2025 (EUR 5.9 million, excluding Foodhills acquisition impact).

• Foodhills business integration will generate costs and negatively impact operating result.

• Dividend proposal of EUR 0.70 per share for 2025.