Fodelia (FODELIA) Q2 2024 earnings summary

Executive summary

• Transitioned from a holding company to an active food industry operator, focusing on high-potential business areas and core units.

• Sold Helsinki Sausage Factory and Perniön Liha brands in May 2024, clarifying strategic direction and resulting in significant one-time items.

• Revenue from continuing operations grew 18.4% in H1 and 16% in Q2 year-over-year.

• Adjusted profitability improved, but reported results were impacted by one-time costs from business transactions.

• Major contract signed with HUS, marking a breakthrough in hospital sector relationships.

Financial highlights

• H1 group revenue rose 12.1% to €27.2m; Q2 revenue up 7.9% to €13.5m; continuing operations up 18.4% in H1 and 15.6% in Q2.

• Adjusted EBITDA for H1 was €2.37m (8.7% margin); adjusted EBITA €1.52m (5.6% margin); adjusted EBIT €1.31m (4.8% margin).

• H1 operating profit was €58k, impacted by €1.25m in one-time items; adjusted operating profit €1.31m.

• Q2 operating profit was -€749k due to one-time items; adjusted Q2 operating profit €504k (3.7% margin).

• Result for H1 was -€645k; EPS -€0.1.

Outlook and guidance

• 2024 revenue expected at €50–54 million; EBIT margin (excluding one-offs) to improve from 2023.

• Focus on organic and inorganic growth, leveraging Feelia’s ready meals and new product concepts.

• Strategic shift aims to drive growth in both foodservice and consumer snack markets.