Fodelia (FODELIA) Q2 2025 earnings summary

Executive summary

• Comparable net sales increased by 10.4% in both Q2 and H1 2025, reaching €27.0 million, driven by strong growth in the Feelia segment, while overall net sales and EBIT missed targets due to weak snacks business performance.

• Adjusted operating profit for H1 2025 was €1.2 million (4.3% of net sales), slightly below targets, mainly due to challenges in the snacks business.

• Strategic focus remains on building a unified, agile organization, with investments in digitalization, AI, and process improvements.

• Management changes included a new CEO in February 2025, Feelia CEO resignation in June, and ongoing recruitment for key roles.

• Divestment of non-core, unprofitable businesses and integration of Marjavasu into Feelia were completed.

Financial highlights

• Net sales for continuing operations rose 10.4% year-over-year in both Q2 and H1 2025; official net sales (including divested businesses) were flat or slightly down.

• Adjusted EBITDA for H1 2025 was €2.1 million (8.0% of net sales), down 9.4% year-over-year.

• Adjusted EBIT for H1 2025 was €1.2 million (4.3% margin), down 12.1% year-over-year.

• Adjusted profit for the period was €629 thousand, up 3.4% year-over-year.

• One-off reorganization costs of €0.2 million impacted Q2 results.

Outlook and guidance

• 2025 net sales are estimated at €54–59 million, with adjusted operating profit margin expected at or slightly below the previous year.

• Guidance for 2024/2025 was revised downward due to weaker-than-expected performance in the snacks business and higher costs.

• Long-term targets: net sales ≥€100 million, operating margin ≥10%, ROIC >10%, net debt/EBITDA <3 by 2028, and at least 35% of annual profit distributed as dividends.