Interview with Apetit’s CEO Esa Mäki

For those unfamiliar with Apetit, could you describe the business, what the company does, and which end markets it addresses?

Apetit is a food company focusing mainly on plant-based products and deeply rooted in primary production. What characterizes the company is that in both business segments, Food Solutions and Oilseed Products, operations are conducted in close cooperation with farmers. The relationship with primary production is at the core of all activities, and it is what makes the supply chain genuinely differentiated.

Our operations are based in Finland and Sweden. Our presence is strongest in Finland, where we have a strong brand and a leading position. We have expanded our international presence, particularly in Sweden, which is a central part of our strategy. We consider Finland and Sweden our home markets, while also exporting to international markets.

In Food Solutions, we develop, produce and markets plant-based food products, including frozen vegetables, frozen ready meals, pizzas and a growing range of plant-based protein products.

In Oilseed Products, we process and sell rapeseed oil, expellers and the innovative BlackGrain rapeseed powder.

Apetit operates through two segments – Food Solutions and Oilseed Products, with Oilseed Products generating the majority of revenue. How do you view the balance between these two segments today, and how do you expect the mix to evolve over the strategy period?

For Oilseed Products, revenue is strongly dependent on market prices. Therefore, the development of revenue in Oilseed Products is not relevant to compare with Food Solutions. In Oilseed Products, the strategic ambition is to increase the contribution from higher-margin, value-added products. The aim is to increase volumes of rapeseed oils and progress towards a commercial breakthrough for BlackGrain from Yellow Fields rapeseed powder.

 In Food Solutions, the focus is on growth in Sweden, achieving a turnaround in Swedish operations and strengthening profitability through core business products. With the acquisition of Foodhills, Apetit also became a significant producer of frozen peas in Europe.

Over the strategy period, Food Solutions is expected to increase its contribution as the Swedish expansion scales. The core products in both segments remain important, they form the foundation of the business and continue to be developed, but incremental growth is driven by three defined strategic pillars: frozen peas, the Swedish market, and BlackGrain.

In December 2025, Apetit published a new strategy, “A Season of Growth,” for 2026–2028, with growth primarily targeted from frozen peas, the Swedish market, and BlackGrain from Yellow Fields® rapeseed powder. Could you elaborate on each of these three growth pillars and what makes you confident in their potential?

Frozen peas is a category where we’ve built meaningful scale and a leading position,
particularly following the acquisition of Foodhills AB. Apetit is now among the largest producers of frozen peas in the Nordic region and we see continued volume growth potential in both Finland and export markets. It is a product category supported by strong consumer demand, clear health credentials and a strong fit with the plant-based trend.

Sweden represents a significant opportunity. Already a few years ago, Apetit established a dedicated sales organisation and is active in both retail and foodservice channels. The Swedish market is large and receptive to the product offering

BlackGrain from Yellow Fields is a rapeseed powder with good nutritional value, containing fiber, protein and healthy fats. Potential applications include, for example, vegetable protein products, hybrid products such as meatballs and snack products. Apetit has also developed a TVP, texturized vegetable protein, based on BlackGrain and pea protein.

Apetit recently completed the acquisition of Foodhills AB and has established a dedicated sales organisation in Sweden. How important is the Swedish market to the overall growth agenda, and what is the long-term ambition for international presence?

Sweden represents the most important international priority for the company. Following the integration of Foodhills, we have both production capability and a commercial platform in Sweden and we are actively building our presence across retail and foodservice. Before the acquisition of Foodhills, exports in Food Solutions represented approximately 11 % of net sales, with Sweden as the primary growth driver.

It is important to note that Foodhills was loss-making at the time of the acquisition, and the turnaround requires time. However, the balance sheet remains solid and provides the financial capacity to invest through the transition without undermining the broader business. The long-term rationale is clear: Sweden is a large and attractive market for plant-based food products, and establishing a strong foothold is central to the ambition of becoming a leading Nordic plant-based food company.

Apetit’s operations are deeply rooted in primary production, including long-term partnerships with domestic farmers regarding rapeseed cultivation through the RypsiRapsi forum. How does this integrated supply chain differentiate Apetit competitively, and how does it support both margin resilience and sustainability objectives?

The close relationship with primary production represents one of our most important competitive advantages. By working directly with farmers, guiding cultivation practices, developing new varieties and building long-term relationships, Apetit maintains traceability and quality control that are difficult for competitors to replicate. The RypsiRapsi forum, which brings together farmers, researchers and industry participants to develop rapeseed cultivation across Finland, represents a clear example of investment in this ecosystem.

From a margin perspective, this integration provides visibility and influence over input costs and raw material quality. From a sustainability perspective, it enables verification and communication of raw material origin with a high degree of confidence, which is increasingly important to both retail customers and end consumers. Domestic raw materials, shorter supply chains and responsible farming practices represent not only ethical commitments but also commercial differentiators in a market where provenance and transparency are key.

Where do you see Apetit in two years, and what does success look like at the end of the “A Season of Growth” strategy period?

Success at the end of the strategy period is defined by delivery on the stated financial objectives, an operating profit above 10 MEUR and a ROCE above 7 % by 2028, but also by the establishment of a structurally stronger platform for future growth. This includes a well-established presence in Sweden, a commercial breakthrough for BlackGrain.

Within two years, Apetit is expected to move beyond the investment phase and into a period of improving financial performance. Initial investments in Sweden and BlackGrain are expected to translate into positive financial results toward the latter part of the strategy period, while the core business in Finland remains strong. The strategic focus is on building a durable platform rather than optimizing for short-term outcomes.

Can you give three reasons as to why Apetit is an attractive investment today?

The first reason is a clear and well-defined growth strategy. Apetit has three specific growth pillars: frozen peas, Sweden and BlackGrain, each supported by a credible commercial rationale, and the platform and financial capacity to execute are in place. The strategy is not aspirational, it is grounded in positions already established.

The second reason is the structural tailwind supporting plant-based food. Consumer demand for plant-based products represents a long-term trend rather than a short-term shift. As a company with a strong brand, a domestic supply chain and a growing product portfolio in this segment, Apetit is well positioned to benefit from this development. Our product categories offer genuine long-term growth potential.

The third reason is financial solidity. Apetit maintains a strong balance sheet, providing capacity to invest in growth, including absorbing the short-term impact of the Foodhills turnaround, without compromising the financial position. Combined with a track record of profitability and a dividend-paying history, this solidity provides a resilient foundation for investors as the growth strategy materialises.