Surely they already have their own caterers there, e.g., Leijona Catering.
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If there have been no changes, then it’s a Feelia customer. This slide is from 2020
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As far as I know, Leijona Catering is not a manufacturer, but a state-owned service provider.
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Here are Pauli’s preliminary comments as Fodelia publishes its results next Wednesday. 
Our forecasts for the quarter are on an upward trend, but they are subject to more uncertainty than usual, as the recent development of fundamentals has been somewhat weaker compared to the company’s strong guidance for 2025. Also, in our opinion, the recent share price development has already at least partially started to price in an earnings warning related to the growth guidance.
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As I recall, when asked in connection with Q1, the CEO commented that the guidance is primarily based on already existing agreements. From this, one could assume that the need for new larger agreements to achieve the guidance is less significant.
Regarding the result, increased fixed costs and, for example, the rise in meat prices can indeed cause challenges. On the other hand, one can also assume that the fixed costs were known when the guidance was given.
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Hi!
Yeah, that’s what was commented. Hopefully, it’s also true. A small addition now that the stock price has fallen slightly. Let’s hope for good numbers from the earnings report and wait to see if there will be an announcement of bigger deals at some point.
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It will be interesting to see to what extent the market in Sweden has been expanded, as the door was slightly ajar in the last review.
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Yes, this was commented. By my own logic, I would deduce that the company’s guidance assumes quite strong growth from the existing customer base, because, at least to my knowledge, there haven’t been particularly large new customer wins matching the guidance over the last 12 months (HUS from June 2024 and Fodbar’s Oma Häme from the beginning of April 2025 being the most significant). I have calculated that known contracts would bring about 2.5 MEUR to Feelia (this also includes the Norlandia tail and the Veteli contract), meaning Feelia’s existing customer base would need to generate at least 3 MEUR in growth for the company to reach the lower end of its growth guidance. It’s not impossible, but the trend should reverse compared to Q1.
Assumptions regarding the existing customer base can also sometimes prove too optimistic. This was the case, for example, with Kempower in 2024. Fodelia’s current share price, in my opinion, already prices in a small earnings warning for the rest of the year.
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The comparison to Kempower is interesting. Fodelia sees from its system month by month how much goods are consumed, but Kempower should have seen that too from ChargeEye… yet customers’ full inventories “surprised” the Lahti-based company.
Perhaps the classic defensiveness of the food business (you have to eat) protects Fodelia’s outlook. Especially in institutional catering, more so than in the restaurant and event sector.
My view on Fodelia’s competitive advantages remains strong. Now in August, the ~25M€ TYKS tender will be won with good HUS experiences, and the winning streak will continue in the same way for years to come. The opening in Sweden would be very interesting if it materializes.
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For clarity, Fodelia’s demand is, of course, much more defensive compared to Kempower. The intention was just to highlight that customer outlooks can change and, for example, planned purchasing processes can be delayed. But let’s re-evaluate after the Q2 report to see where we stand, or if this speculation about an earnings warning was completely unnecessary 
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Negari
The company’s new guidance is:
Fodelia Group’s revenue in 2025 is estimated to be approximately 54-59 million euros. The operating profit margin (adjusted) is estimated to be at approximately the previous year’s level or slightly below it.
The company’s previous guidance was (published 6.2.2025):
Fodelia Group’s revenue in 2025 was estimated to be approximately 58-63 million euros. Relative profitability was estimated to improve compared to the previous year.
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Oh well… it wasn’t quite as the new CEO presented it after all…
The main thing is that Feelia has still grown relatively normally.
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Yeah, a negative warning after all. Interesting to hear a more detailed explanation on the topic on earnings day. A small number of new deals, which are small in size. @Pauli_Lohi was well aware of this matter and anticipated its possibility, good work.
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Surprisingly sharp share price reaction, even though revenue is still growing from last year and Feelia’s position is still good. By the way, we are back at the IPO day share price level, even though revenue has multiplied since then.
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And it just intensifies. However, trading is quite small. In the coming days, we’ll see who has sold.
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I personally reasoned that the negative guidance wasn’t very substantial. In the best-case scenario, the current guidance even falls within the range of the previous guidance. Considering this, in my opinion, it’s an absolutely staggering drop in the stock price. The stock price, after all, has been declining for quite some time.
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Couldn’t Oikia also be sold and all efforts focused on Feelia? There don’t seem to be many synergies?
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https://x.com/KaroHamalainen/status/1950960087033393656
Karo also summarized my own thoughts on this negative report. Although the press release stated that Feelia continues strongly, there must be a portion of Feelia in those old targets that has not been realized.
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Regarding Oikia’s figures, it’s worth remembering that Oikia’s continuing operations in Q2 2024 likely achieved record results. Oikia’s continuing operations’ operating profit in Q2 2024 was 218 thousand euros. It probably has never achieved anywhere near that operating profit in any quarter. For comparison, Feelia’s operating profit in Q2 2024 was 675 thousand euros. So it’s certainly no surprise if Oikia’s figures are worse for the year 2024.
Edit: I’ll correct that Oikia’s peak operating profit in Q3 2024 was 285 thousand euros. So Q2 and Q3 have been peak quarters for Oikia. Or let’s say that the entire year 2024 was a peak year for Oikia. Operating profit of 802 thousand euros in continuing operations. For example, that is 82 percent higher than in 2023.
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I’ve been following the news related to Fodelia on social media, and at least a few human-related points caught my eye. The new CEO moved to Kuopio, and the production director changed.
At first, I thought I’d try to escape Pyhäntä myself as soon as an opportunity arose. Then I thought about the production director’s vacant shoes and all the new recipes that Feelia’s sales have been pushing in recent years, and I concluded that 1+1 must be 2. Now, the profit warning makes me wonder if the tin foil hat was indeed justified.
In itself, the company communicates correctly that things must be changed if the pace doesn’t keep up and costs arise from it. I think it will take a while again for growth figures to start coming in, and everyone knows what happens to the stock price of a company of this size in the meantime. The reaction was strong, but I myself got to be thoroughly disappointed by this news again after a few better quarters.
https://keskustelut.inderes.fi/t/fodelia-elintarvikealan-tiennayttaja/2246/2441?u=tttt
I just highlighted a few individual events concerning the company.
The CEO moved to Kuopio and leads the group from there. In this context, I pondered the previous CEO’s contribution to the company and the story’s focus on Pyhäntä. I naturally thought that the distance isn’t long, and it was probably agreed upon earlier.
After that, the previous production director decided to quit. Feelia is currently looking for a new production director. I’m not sure if they have already found a competent person and what the situation is in that regard.
The recipes are related to big deals, e.g., the HUS deal, about which I and perhaps someone else have written here sometimes. The production director likely plays a big role in ensuring that the changes required for growth are implemented and everything is in order. This can also be read in the recruitment advertisement.
So, I pondered above how all the individual changes relate to the now published weaker-than-expected growth and profit level. I’m afraid the company won’t be able to get back to strong growth anytime soon.
Hopefully, the clues are clearer now. Of course, they can also be disregarded.
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