Fodelia (FODELIA) Q2 2025 earnings summary

Executive summary

• Comparable revenue grew 10.4% year-over-year to €27.0M in H1 2025, but revenue and profit fell short of targets due to negative development in the snacks business and divestments.

• Feelia's revenue grew 15% and profitability improved, while Oikia's profitability declined.

• CEO change and management restructuring led to one-time costs but aim to improve efficiency.

• Strategic focus on streamlining operations, digitalization, and divesting unprofitable businesses.

• Divestments in 2024 (Perniön Liha, Helsingin Makkaratehdas, Pita Factory) impacted year-on-year comparability.

Financial highlights

• H1 2025 comparable revenue: €27.0M (+10.4% y/y); adjusted operating profit: €1.2M (4.3% margin).

• Q2 2025 comparable revenue: €13.5M (+10.4% y/y); adjusted operating profit: €0.5M (3.4% margin).

• Group adjusted EBITDA for H1: €2.1M (8.0% margin), down 9.4% y/y.

• Adjusted net result for H1: €0.6M (2.3% margin); EPS flat y/y.

• Equity ratio improved to 54.3% (from 49.4%); net gearing at 29.3%.

Outlook and guidance

• 2025 revenue expected at €54–59M (previously €58–63M); adjusted operating margin to be at or slightly below last year.

• Guidance revised down due to weak snacks business, higher costs, and underperformance in Foodservice market.

• Long-term targets: €100M revenue, >10% EBIT margin, 10% ROCE by 2028; dividend payout at least 35% of profit.