Fodelia (FODELIA) Q4 2023 earnings summary

Executive summary

• FY2023 net sales rose 17.6% to EUR 48.965m; adjusted EBIT increased 251.3% to EUR 2.521m, with an EBIT margin of 5.1%.

• Feelia and Marjavasu performed strongly; Fodelia Retail profitability remained low, and overall performance was below long-term targets.

Financial highlights

• FY2023 EBITDA was EUR 4.575m, or 9.3% of net sales; EBITA was EUR 2.965m, or 6.1%; EBIT was EUR 2.521m, or 5.1%, versus adjusted 2022 EBIT of EUR 718k.

• FY2023 profit was EUR 1.204m versus EUR 8k in 2022; EPS was EUR 0.15 versus EUR 0.00.

• H2 net sales rose 11.3% to EUR 24.706m; EBITDA was EUR 2.627m, or 10.6% of sales, and EBIT was EUR 1.529m, or 6.2%.

• Q4 net sales rose 10.6% to EUR 12.457m; EBITDA was EUR 1.126m, or 9.0% of sales, and EBIT was EUR 539k, or 4.3%.

• Q4 profit was a loss of EUR 60k versus profit of EUR 13k a year earlier; EPS was negative EUR 0.01.

Outlook and guidance

• FY2024 net sales guidance is EUR 54–58m; operating profit margin is expected to increase from FY2023.

• 2026 targets: net sales above EUR 100m, operating margin of 8–10%, ROI above 10%, and interest-bearing debt/EBITDA below 3.

• Growth priorities include Feelia sales to care and early-childhood customers, renewed e-commerce growth, and expanded Marjavasu production capacity.