Slides
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Fodelia Webcast Half - Year Report January - June 2026 Riikka Wulff , CEO Janne Aalto , CFO Public
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Highlights on group level Business development & highlights Financial development Q & A 01 02 03 04
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Fodelia I Key figures Net sales 14.2 m € (13.5 m €) Change in net sales + 5.0 % Operating profit 0.5 milj. € (0.3 milj. €) Operating profit % 3.8 (2.1) Net sales increased by 7% during H1. The Group's operating profit improved compared with the same period last year. All figures are unadjusted. 2025 figures in parentheses. Net sales 28.9 m € (27.0 m€) Change in net sales +7.0 % Operating profit 1.3 m € (1.0 m €) Operating profit % 4.7 (3.6) Q2 H1
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Q2 highlights • Group growth continued, driven by Feelia • Growth was slowed by a significant decline in sales to a major customer that organises a large annual event • Feelia's entry into the Swedish market progressed, deliveries will start in September • Investments in production development in Feelia increased costs but support long-term growth and competitiveness • Profitability in the snacks business improved significantly, while sales of the Oikia brand increased by 22% • The Oikiaruoka.fi business was divested, and Feelia will exit its frozen food business in Kokkola • Guidance unchanged – operating profit is expected to improve significantly in 2026, and net sales growth is expected to accelerate towards the end of the year following a softer second quarter Growth continued and profitability improved
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Business development and highlights
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Fodelia`s Business Areas Feelia operates in the foodservice market, providing ready meals under the Feelia brand, and juices and berry soups under the Delimax brand. Production is located in Pyhäntä, Finland. The Kokkola production site will be closed by the end of 2026. Oikia focuses on the retail market, selling snack products. The oikiaruoka.fi online store was divested in May 2026. Production is located in Pyhäntä, Finland. Fodbar is a joint venture between Fodelia and Bravedo, providing comprehensive outsourced foodservice solutions.
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Net sales 11.6 milj. € (10.7 milj. €) Change in net sales + 8.0 % Operating profit % 6.5 (6.9) Feelia I Key figures Operating profit 0.76 milj. € (0.73 milj. €) (0.9 milj. €) Feelia's growth continued, while relative profitability remained below the comparison period Q2 H1 Net sales 23.9 milj. € (21.4 milj. €) Change in net sales +11.7% Operating profit 1.8 milj. € (1.7 milj. €) Operating profit % 7.6 (8.1) All figures are unadjusted. 2025 figures in parentheses.
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Feelia I Q2 highlights • Growth continued, supported by the expanding customer base • New foodservice customers were won in both meal and juice product categories, Delimax continued its positive development • Growth was slowed by a significant decline in sales to a major customer that organises a large annual event. • Newly won contracts will bring 30+ new care home and daycare units into operation in the autumn • Entry into the Swedish market progressed, deliveries will start in September • Investments in production process development, stabilisation and capacity expansion increased costs - capacity expansion is underway, including a new autoclave and production line scheduled to arrive in autumn 2026 • During the reporting period, Feelia decided to exit its frozen food business and focus manufacturing in Pyhäntä
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Meals are cooked in a central kitchen MEALS ARE HEATED in a dedicated food warming cabinet. The workload is approximately 70% lower, and only minimal preparation is required. MEALS ARE COOKED AT FEELIA’S FACTORY Pyhäntä and packed in vacuum-sealed pouches. THE CUSTOMER ORDERS via the FERP system Orders are based on planned meal lists and menus, as well as demand forecasts. Traditional food service model Feelia Service Model MEALS ARE DELIVERED directly to the service kitchen via a logistics partner. Hot meals are delivered daily to service kitchens Portion sizes cannot be adjusted according to actual demand Unused packages can be carried over to the next menu cycle!
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H1 2026 Net sales 23.9 M € Feelia I Change in net sales H1 2025 Net sales 21.4 M € New customers* + 2.1 M € Other customers + 0.4 M € H1 2025 → H1 2026: the majority of growth came from new customers *New customers with no purchases in the comparison quarter.
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Net sales 2.6 m € (2.6 m €) Change in net sales + 0.3 % Operating profit % 6.9 (-0.6) Oikia snacks I Key figures (continuing operations) Operating profit 0.2 m € (-0.02 m €) Profitability improved and net sales stabilised in the second quarter Q2 H1 Net sales 4.7 m € (5.1 m€) Change in net sales - 8.4 % Operating profit 0.3 m € (0.1 m €) Operating profit % 5.6 (2.8) All figures are unadjusted. 2025 in parentheses.
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Oikia I Q2 highlights • Investments in strengthening the Oikia brand and sales delivered results, with own-brand sales increasing by 22% year-on-year in Q2 • Production efficiency on the potato chip line improved by 8 %. A new heat recovery system reduced steam energy consumption by 8 %, despite the heated production space increasing by more than 2,000 m³ following the expansion of the tempering facility • The divestment of the Oikiaruoka.fi e-commerce business was completed, enabling Oikia to focus fully on developing its snacks business
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Financial development
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FODELIA I Performance Indicators Profit for the period -0.5 m € (0.0 m €) Adjusted profit for the period 0.4 m € (0.2 m €) Earnings per share -0.06 € (0.00 €) Adjusted earnings per share 0.05 € (0.02 €) 2025 in parentheses Profit for the period 0.06 m € (0.5 m €) Adjusted profit for the period 0.9 m € (0.6 m €) Earnings per share 0.01 € (0.06 €) Adjusted earnings per share 0.12 € (0.08 €) Q2 H1 Operating profit 0.5 m € (0.3 m €) Operating profit 1.3 m € (1.0 m €)
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Fodelia I H1 Cash flow change 0,4 2,2 - 1,6 - 0,3 0,6 Cash balance at 1 Jan 2026 Operating cash flow Investing cash flow Financial cash flow Cash balance at 30 Jun 2026 0,0 0,5 1,0 1,5 2,0 2,5 3,0 Nousu Lasku Summa Operating cash flow remained stable and enabled investments + 0,2 M €M € Increase Decrease Total
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Adjusted return on equity % 16.3 (10.4) Interest-bearing net debt €m 4.0 (3.5) Net gearing % 34.5 (29.3) Fodelia I H1 Other key figures Equity ratio % 52.4 (54.3) The balance sheet and financial position remained strong 2025 in parentheses
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Fodbar I Q2 highlights • Fodbar was awarded meal service contracts in the Pohde tender, commencing on 1 January 2027 - The tender process secured the continuation of an annual meal service contract worth approximately EUR 4 million and generated approximately EUR 1.0 million in new annual net sales • The temporary agreement with Oma Häme remained in effect, but the future of the customer relationship remains uncertain • Due to continued profitability challenges, the owners granted Fodbar a EUR 1.6 million capital loan, of which Fodelia's share amounted to EUR 0.8 million.
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Outlook and guidance Long-term financial targets Fodelia Group net sales are estimated to bein 2026 approximately EUR 59–65 million. Operating profit is estimated to improve significantly in 2026 compared with the previous year. Guidance for 2026 Net sales Estimated annual net sales growth 15–20 %. The EUR 100 million net sales target has been moved to 2030 due to completed divestments. Operating profit margin Operating profit margin to exceed 10% in 2028. The guidance is based on the following assumptions: • Demand for cost-efficient meal solutions continues to be supported by cost pressures in the public sector • Feelia's growth continues, supported by both new and existing customer accounts • Oikia's own-brand sales continue to grow, supporting further improvements in profitability
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Feelia • Strong sales performance in both new and existing customer accounts • Deliveries to new customers will commence in the second half of the year • Progress in the Swedish market entry • Public sector cost pressures continue to support demand for cost- efficient meal solutions Oikia • Growth in own-brand sales supports both net sales growth and improved profitability Progress towards 2026 guidance Strong sales performance supports the achievement of the full-year guidance
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Q&A
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CFO janne.aalto@fodelia.fi +358 50 431 4299 Janne Aalto CEO riikka.wulff@fodelia.fi +358 40 777 8299 Riikka Wulff Contact details