Earnings release
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Page 1 Subject Date 23.4.25 Name and surname of the recipient Recipient company name CLASSIFICATION: CONFIDENTIAL Business Review January–March 2025
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Page 2 FODELIA OYJ GROUP BUSINESS REVIEW 1 January–31 March 2025 (unaudited) The company's comparable net sales increased by approximately 10%, with growth expected to accelerate toward the end of the year. Profitability declined slightly compared to the previous year. However, full-year profitability is anticipated to improve, driven by efficiency measures initiated by the Group as well as increased net sales. HIGHLIGHTS OF THE BUSINESS REVIEW This business review is unaudited. Unless otherwise stated, figures in brackets refer to the corresponding period in 2024 in the same unit. The review presents the development of net sales from continuing operations to provide comparability between the reporting periods. During 2024, the Group sold the business operations of Perniön Liha, Helsingin Makkaratehdas, and Pita Factory. Summary for January–March 2025 The net sales for the review period were EUR 13.5 million (13.7), a decrease of 1.6%. The decline was due to business operations sold in 2024. The Group's comparable net sales from continuing operations increased by 10.3%. Net sales from continuing operations in January–March 2024 amounted to EUR 12.2 million. EBITDA for the period was EUR 1.2 million (1.4 million), or 8.7% of net sales (9.9%). EBITA for the period was EUR 0.7 million (0.9 million), or 5.6% of net sales (6.7%). EBIT for the period was EUR 0.7 million (0.8 million), or 5.1% of net sales (5.9%). Guidance for 2025 (published on 6 February 2025) The Fodelia Group’s net sales are estimated to be approximately EUR 58–63 million in 2025. Relative profitability is expected to improve compared to the previous year. Key figures Group 1–3/2025 1–3/2024 Change % 1–12/2024 adjusted 1–12/2024 Net sales, EUR thousand 13,459 13,674 -1.6 53,552 53,552 EBITDA, EUR thousand 1,176 1,358 -13.4 6,082 5,090 % of net sales 8.7 9.9 11.4 9.5 EBITA, EUR thousand 748 918 -18.5 4,233 3,393 % of net sales 5.6 6.7 7.9 6.3 EBIT, EUR thousand 686 807 -15.0 661 3,000 % of net sales 5.1 5.9 1.2 5.6 Profit for the period, EUR thousand 469 555 -15.4 -339 2,000
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Page 3 % of net sales 3.5 4.1 -0.6 3.7 Earnings per share, EUR 0.06 0.10 -42.4 -0.04 0.25 Equity ratio % 54.8 49.6 10.4 52.0 52.0 Net gearing, % 23.1 41.3 -44.2 19.7 19.7 Return on equity, % 14.6 16.0 -8.7 -2.7 15.9 Return on investment, % 16.9 16.6 1,5 4.6 17.6 Balance sheet total 23,464 27,999 -16.2 24,125 24,125 Average number of personnel 130 126 3,2 124 124 The adjusted figures for 1–12/2024 exclude the one-off effects of the business transactions carried out in May 2024 and December 2024. BUSINESS OVERVIEW CEO Riikka Wulff: The Fodelia Group’s comparable net sales increased by approximately 10 per cent. Growth fell slightly short of the company’s targets, but clearly exceeded market development. In the foodservice market, the year 2025 has generally gotten off to a slow start, with market growth close to zero. General economic uncertainty and increased costs have had a negative impact on consumer behaviour. In this operating environment, Feelia’s net sales from ready meals grew by approximately 15 per cent, which exceeded market growth many times over, even though it remained below the exceptionally strong growth of the previous year. The net sales of Delimax juices and purees remained at the previous year’s level. The figures are partly influenced by the later Easter period compared to the corresponding period in 2024, as hotel peak seasons play a significant role in the sales of Delimax’s products. Feelia’s ready meals and Delimax juices were presented together at fair events early in the year, and the growth opportunities brought by synergies have been found in both Feelia’s care customers and Delimax’s previous customers. The total net sales of Oikia’s snacks products increased by approximately 4 per cent. Sales growth was driven by the growth of Oikia brand products. During the first quarter, the company invested heavily in improving the visibility of its brand, resulting in an increase of as much as 35 per cent in the sales of its own products. The realised campaigns and other marketing investments temporarily reduced the profitability of snacks operations. However, shifting the focus of sales to own-brand products is seen as very reasonable due to price pressures related to private label products. The company also invests in corn- and oat-based products for children. Oikiaruoka.fi’s business operations have been streamlined and cooperation with a new outsourced service provider has gotten off to a promising start. Sales have not yet developed in line with the targets, but we believe that the development of long-term operations, deeper customer understanding and improved visibility will lead to growing business in the future. The Group's profitability was slightly below the previous year’s level. Profitability was burdened by increased raw material and production costs, the price development of private label products and development and marketing investments. The profitability of the Group, and Feelia in particular, is still good compared to the overall profitability
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Page 4 situation in the industry, but we see potential for better performance. Due to rising costs, the benefits of growth are not yet visible as intended. We are therefore introducing efficiency improvement measures to improve profitability. The Group continued its active development work in the early part of the year. The Group has invested in a more uniform IT environment, information security and continued sustainability work, now focusing on setting SBTi goals and developing sustainability reporting. Feelia’s FSSC 22000 certification was extended to include the production of Delimax products. These efforts have resulted in additional costs, but the development is seen as very important in the long term. Quality, safety and sustainability are also very important for our customers. Despite the modest development of the market in the early part of the year and the Group’s slightly decreased profitability, the outlook for 2025 is bright. There is clear demand for Feelia’s products and concepts, and net sales growth is expected to accelerate towards the end of the year with Feelia’s new customers. Feelia has also made a major entry into the Swedish market by signing a cooperation agreement with Martin & Servera. Martin & Servera is Sweden’s leading restaurant and hospitality wholesaler, supplying food, beverages, restaurant supplies and services to restaurants, cafes, catering companies and the public sector throughout Sweden every day. The year started well for the joint venture Fodbar. The new OmaHäme customer account will gradually almost double the company’s net sales and also have a positive impact on Feelia’s net sales. BUSINESS DEVELOPMENT DURING THE REVIEW PERIOD Development of net sales The Group's net sales amounted to EUR 13.5 million for the period January–March (13.7 million). The Group’s continuing operations grew by 10.3 per cent. Net sales by unit, EUR thousand 1–3/2025 1–3/2024 Change -% 1–12/2024 Feelia 10,650 9,439* 12.8 38 586* Oikia continuing 3,006 3,049 -1.4 12,702 Oikia divested 0 1,476 -100.0 3,279 Fodelia 199 168 18.8 671 Eliminations -396 -457 -13.3 -1 686 Group total 13,459 13,674 -1.6 53,552 *Feelia’s 2024 figures include the combined results of Feelia Oy and Marjavasu Oy. Marjavasu was merged into Feelia on 31 December 2024. Of the Group’s units, Feelia’s net sales increased by 12.8 per cent. The net sales of ready meals increased by 14.5 per cent. On the other hand, the net sales of Delimax products remained at the previous year’s level. The revenue of Oikia’s snacks products grew by 4.4 per cent, the growth being driven by strong campaigning of our own brands. On the other hand, net sales from private label products decreased slightly. The timing of Easter in April (March in the comparison period) will have some impact on the Group’s net sales development, particularly in juices and snacks.
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Page 5 The joint venture Fodbar is consolidated using the equity method, and its net sales are not included in the Group's net sales. Development of EBIT Group EBIT was EUR 0.7 million in January–March (0.8 million). EBIT was 5.1 per cent of net sales (5.9%). The Group’s profitability declined slightly year-on-year, but was at a better level than in late 2024. Group EBITA improved January–March amounted to EUR 0.7 million (0.9 million), or 5.6% of net sales. EBIT by unit, EUR thousand 1–3/2025 1–3/2024 Change -% 1–12/2024 Feelia 1,002 1,037* -3.4 3 784* Oikia continuing 99 90 9.8 802 Oikia divested 0 -45 -100.0 -82 Fodelia -348 -170 104.4 -907 Eliminations -66 -104 -35.9 -317 Non-recurring items 0 0 0 -2 619 Fodelia Group in total 686 807 -15.0 661 *The 2024 figures for Feelia include the combined results of Feelia Oy and Marjavasu Oy. Marjavasu was merged into Feelia on 31 December 2024. Feelia's EBIT decreased by 3.4 per cent in January–March and amounted to EUR 1.0 million (1.0 million), or 9.4% of net sales (11.0%). Feelia’s EBITDA was on a par with the previous year, but increased depreciation reduced EBIT. EBIT was also negatively affected by the increase in raw material prices and increased production costs as well as trade fairs and other development investments. Oikia’s comparable EBIT improved by 9.8 per cent year-on-year. EBIT was EUR 0.1 million (0.1 million), or 3.3 percent of net sales (2,9%). EBIT was negatively affected by campaigns and other marketing investments for own brands as well as price changes in private label products. Fodelia’s result declined, affected by temporarily increased management costs and development projects in the early part of the year. OTHER EVENTS DURING THE REVIEW PERIOD The Annual General Meeting of Fodelia Oyj was held on 25 March 2025. The AGM adopted the financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial year 1 January–31 December 2024. There were changes in the composition of the Board of Directors. From 25 March 2025, the Board of Directors of Fodelia Oyj consists of Mikko Tahkola (new member, Chair), Mikko Paso (Vice Chair), Markku Lampela, Marc Moberg, Emma Tahkola and Erkki Järvinen. The resolutions of the AGM were published in a release on 25 March 2025.
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Page 6 PRESS AND ANALYST SESSION The company will hold a Finnish-language information session at 10:00 Finnish time on 24 April 2025. The webcast will be available at https://fodelia.events.inderes.com/q1-2025-fi. We will also host an English-language press and analyst event as a webcast on 24 April 2025 at 11:00 at https://fodelia.events.inderes.com/q1-2025-en A recording of the presentation and presentation material will be published later on http://www.fodelia.fi
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Page 7 24 April 2025 BOARD OF DIRECTORS Fodelia Oyj Further information Fodelia Oyj, CEO Riikka Wulff, tel. +358 40 777 8299, e-mail: riikka.wulff@fodelia.fi Fodelia Oyj, CFO Kati Kokkonen, tel. +358 400 138 396, e-mail: kati.kokkonen@fodelia.fi Approved advisor, EY Advisory Oy, tel. +358 207 280 190, e-mail: heikki.saukola@fi.ey.com Fodelia in brief "Fodelia grows Finnish food companies into flourishing international success stories so that consumers can enjoy locally and responsibly produced clean food from known sources. The company's business segments are Oikia, which focuses on retail and consumer e-commerce, and Feelia, which serves clients in the foodservice market. Fodelia’s portfolio also includes the joint venture Fodbar, which provides food service outsourcing solutions. Companies owned by Fodelia are food industry pioneers that invest in innovative products, value-adding customer concepts and advanced manufacturing processes." www.fodelia.fi
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