Slides
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Q4/2025 Financial Statements Release Esa Mäki, CEO Apetit Plc
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January–December 2025: net sales and operating result 2 • Net sales were EUR 167.6 (162.6) million. • Operating result was EUR 13.7 (9.3) million. • EBITDA was EUR 21.0 (16.0) million. • The operating result excluding the impact of the acquisition of Foodhills was EUR 5.9 million. • The operating result includes non-recurring items related to the Foodhills acquisition of EUR 8.3 million of impact of bargain purchase and EUR –0.5 million in advisory costs. 162,6 167,6 1-12 2024 1-12 2025 9,3 13,7 1-12 2024 1-12 2025 + 3 % + 47 % NET SALES, M EUR OPERATING PROFIT, M EUR
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October–December 2025: net sales and operating result 3 LIIKEVAIHTO, M EUR 42,9 43,2 10-12 2024 10-12 2025 2,4 9,0 10-12 2024 10-12 2025 LIIKETULOS, M EUR • Net sales were EUR 43.2 (42.9) million. • Operating result was EUR 9.0 (2.4) million. • EBITDA was EUR 10.9 (4.2) million. • Operating result without the impact of acquisition of Foodhills was EUR 0.8 million. + 1 % + 277 %
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The impact of Foodhills acquisition to the operating result, January-December 4 * Operating result without the non-recurring impact of an acquisition Apetit Group’s operating result, change 2024-2025 9,3 -2 -1,1 -0,5 0,1 5,9 -0,5 8,3 13,7 0 2 4 6 8 10 12 14 16
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Strong financial position 5 EUR million 31.12.2025 31.12.2024 Working capital, end of period 43.0 34.5 Net cash flow from operating activities 13.3 3.2 Equity 111.6 107.6 Net interest-bearing liabilities 15.7 3.3 Equity ratio, % 74.8 79.8 Net gearing, % 14.0 3.1 Earnings per share, EUR 1.44 1.37 ROCE-% 11.7 8.3
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Food Solutions January-December 2025 Operating profit clearly improved from the comparison period due to impact of the acquisition 6 • The net sales in January-December were EUR 77.7 (75.8) million. Operating result was EUR 14.3 (8.1) million. • Operating result without the impact of acquisition of Foodhills was EUR 6.5 million • Both net sales and sales volumes increased slightly from the comparison period • The result of Food Solutions was weakened particularly by: • Delay in the autumn season of harvest season production and the weather-related challenges during the frozen pea harvest season • The prolonged collective agreement negotiations that burdened the first half of the year and the related overtime and shift change bans and strike days • Exports accounted for 11 (11) per cent of net sales + 3 % +77 % NET SALES, M EUR OPERATING RESULT, M EUR 75,8 77,7 1-12 2024 1-12 2025 8,1 14,3 1-12 2024 1-12 2025
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Moderate harvest season for the field vegetables • Frozen peas had a challenging harvest season • The hottest period in measurement history and the subsequent regional heavy rainfall taxed crops • The number of field sections skipped in harvesting was higher than usual • The harvest season for root vegetables was mainly good • Delay in harvest season production and lower production volumes than expected in 2025 • The delay in harvest season production has no significant negative impact on the business operations of Food Solutions after the reporting year, but the impact is limited to the operating result for 2025 7
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Operating environment • The value of the retail sales of groceries grew in the reporting year. Grocery sales increased by 2.5 per cent in January–December 2025. During the same period, grocery prices rose by 2.3 per cent*. • Wholesale food service sales decreased by 0.4 per cent* in January–December. • According to Statistics Finland**, food inflation in December 2025 was 1.8 per cent when compared to December last year 8 *Source: The Finnish Grocery Trade Association **Source: Consumer Price Index, 14 January 2026
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Oilseed Products January-December 2025 Operating profit declined year-on-year 9 • The net sales in January-December were EUR 90.4 (87.4) million. Operating result was EUR 2.2 (4.2) million. • The operating result of Oilseed Products was weakened by a decline in the sales of refined oils and the unfavourable sales mix between different product categories as well as the price of the raw material used • The performance of Oilseed Products was also weakened by the overtime and shift change bans related to the collective agreement negotiations in the first half of the year • The sales volume of the strategically important refined vegetable oil decreased by 3 per cent year-on-year 87,4 90,4 1-12 2024 1-12 2025 4,2 2,2 1-12 2024 1-12 2025 + 3 % - 47 % NET SALES, M EUR OPERATING PROFIT, M EUR
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Finland's total oilseed harvest is growing • According to the Natural Resources Institute Finland’s preliminary statistics, the total cultivation area of rapeseed in this growing season is 56,600 hectares, • Share of Brassica rapa being 45,000 hectares and that of Brassica napus 11,000 hectares. • According to the preliminary statistics, the area under oilseed crops would have remained at the 2024 level • The total rapeseed harvest is estimated to be 61,000 tonnes, which would correspond to a 24 percent increase from the previous year • The harvest levels of spring oilseed plants in Finland varied greatly in 2025 • In Apetit’s other main procurement areas in the Baltic countries, the harvest was good in Lithuania and moderate in Latvia and Estonia 10
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Strategy period 2023–2025: Key measures 11
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Key measures in Strategy period 2023–2025 • Research at the Räpi experimental farm: variety tests and development of cultivation and plant protection methods • Completion of the Group's ERP project within the planned schedule and budget 12 • Investment in Kantvik vegetable oil milling plant that will improve the raw material manufacturing process for the BlackGrain from Yellow Fields® rapeseed powder and multiply its production capacity • Increasing the cultivation area of Finnish frozen peas Stronger together More domestic plant proteins • Acquisition of Foodhills: strong platform to Sweden and significant increase on volume of frozen peas • Project activity and cultivation tests by RypsiRapsi-foorumi to increase domestic oilseed production • Meeting emission reduction targets: reducing energy- related CO2 emissions by 80 per cent from 2019 • Changing all the packaging materials of Apetit products sold through retail channels to recyclable Diverse plant-based food products Sustainable value chain
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To the new strategy period: A Season of Growth 2026-2028 13
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Season of Growth 2026-2028: Strategic focus areas The grower’s trusted partner Unified plant-based food company A good place to work Strong growth in Sweden Commercial breakthrough for BlackGrain Growth from pulses Increasing volumes of rapeseed oils Ensuring profitability Competitive advantage from frozen peas Innovator of plant-based food solutions Climate and nature People in the value chain Traceable food chain Sustainable food choices RESPONSIBLE VALUE CHAIN PROFITABILITY THROUGH PLANT-BASED SOLUTIONS ONE APETIT SUSTAINABLE GROWTH
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A Season of Growth • With the measures taken early in the strategy period, we are seeking a positive impact on result already late in the strategy period. • The measures and investments carried out in previous strategy period: • ERP renewal • Acquisition of Foodhillsin • Investment in Kantvik and to the process of BlackGrain’s raw-material • Taking care of the profitability of the core products of the business is an essential prerequisite for the company’s growth projects 16
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17 2025: EBIT: EUR 13.7 million ROCE: 11.7 % Taloudelliset tavoitteet EBIT: EUR 5.9 million ROCE: 5.1 % Without the impact of acquistion of Foodhills: VISION: Plant-based growth. Pioneer and market leader. Objective for the strategy period: > EUR 10.0 m > 7.0 % EBIT ROCE
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Profit guidance and dividend proposal 18
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Profit guidance for 2026 and dividend proposal • The Group’s operating result is expected to decline from the comparison year (in 2025: EUR 5.9 million, excluding the non- recurring impact of the Foodhills acquisition). • The takeover of the Foodhills business will generate costs, and its impact on operating result will be negative. • The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.70 per share be paid for the financial year 2025. 19
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Good food for everyone. Locally. Apetit – Season of Growth 2026–2028 Investor event 17 February 2026 at 1.p.m Sanomatalo, Tapahtumastudio Eliel More information: apetit.fi/sijoittajille