That really needs to be read carefully, a good document to go through Fodelia’s strengths from the perspective of a public procurer. Good find 
As for communication, I’m not entirely sure if the company should be shouting about it yet 
“The procurement contract is not formed by this procurement decision, but only by the signing of a written agreement to be made later.”
“The procurement decision can be implemented at the earliest 14 days \rafter the candidate or tenderer has received or is \r\ndeemed to have received notice of the decision and appeal instructions.”
Minutes dated August 14th. So it seems there is still appeal time left.
And here’s a comparison table, https://luhva-d10julk.oncloudos.com/vhp/2025144037.144928.PDF price 80%, quality 20%. Fodbar got full points from both, so an impeccable performance. The losing trio’s appeals to the Market Court are expected again, and a legally binding decision will have to be awaited for at least a year, and the actual contract cannot be signed for a long time yet. But, but… food must also be provided during the Market Court proceedings, and in pursuit of savings, LUHVA may well make a temporary agreement with Fodbar, just as Omahäme did. I think that at the headquarters of Palmia, Compass, and Attendo’s Vireko, they’re scratching their heads about what to do with Fodbar 
Another good contract for Fodbar. Revenue is growing rapidly, and it is reasonable to assume that Fodbar’s results will also continue strongly in a positive direction in the future. This gives hope that equity will continue in a positive direction at an accelerated pace, and that this joint venture could also record profits directly for Fodelia. For Feelia, this will generate good results immediately after deliveries begin.
Fodbar’s revenue in 2023 was €7.5 million and in 2024 €8.4 million. For this year, new contracts already include at least Oma Häme’s €10 million annual impact contract (started temporarily in spring due to an appeal), and from this Western Uusimaa wellbeing services county contract, annual revenue of approximately €3.25 million would be generated. So, really robust revenue growth is coming. And the year is still ongoing, there is room and time for new contracts as well…
It’s strange that the stock price hasn’t reacted at all. Wasn’t this known to people? Thanks for sharing this here. And indeed, the appeal period is still ongoing, and no signatures have been put down yet. Still. I’m very puzzled.
Well, these kinds of things probably aren’t known to people if/when they haven’t been directly communicated/are not required to be communicated by the company. That’s why “forum activity” is good; it brings these matters outside of company announcements to the attention of investors.
As for the course’s reaction, in the big picture, this is still a relatively small agreement for Fodelia. If we consider that this agreement would now directly bring Feelia an additional revenue of about 300 thousand euros per year, that’s only about half a percent of Fodelia’s estimated revenue for this year. The profit coming to Fodbar from this agreement will, of course, add its own contribution, through which Fodbar’s equity turning positive will also add to Fodelia’s profit in the coming years.
The most positive thing, in my opinion, is that Fodbar has proven to be strong in these tenders. This clearly means the concept is competitive, and long-standing competitors in the industry have to settle for other medal positions. These tenders will continue to be organized all over Finland, and if/when they are won with a good percentage, these will inevitably accumulate down to the bottom line.
So about 7% of the contract price would be for the food itself, or how did you calculate that? Is it in line with previous agreements, or how did you arrive at that conclusion?
Those competitors’ Finnish revenues are roughly €100/300/1000 million, i.e., 10-100 times Fodbar’s revenue. If they want to reduce/eliminate Fodbar’s competitive advantage, they should either adopt Feelia’s concept or even buy out all of Fodelia, which would give them the entire moat for their own use. Both good options from the perspective of Fodelia’s shareholders 
I calculated that with an estimate of about 10 percent (€300k/€3.25m, 13 million and 4 years).
I justify the use of 10 percent again with the estimate of those wiser than myself regarding Feelia’s share of Fodbar’s contracts. So Inderes (@Pauli_Lohi) has estimated that Feelia’s sales to Fodbar accounted for approximately 10% of Fodbar’s revenue.
Okay. I still miscalculated because I remembered the contract was for three, not four, years.
The company confirmed an estimate of approximately 10% for the Oma Häme agreement in its Q2 presentation materials. In my opinion, this is a valid assumption even at a general level. The positive revenue impact on Feelia is therefore quite clear.
Feelia supplies ready meals as part of the overall package; the share of ready meals in the contract value is approximately 10%.
It would be interesting to get more detailed data on Fodbar’s revenue and profit development. On an annual basis, we now see that 2024 revenue was EUR 8.4 million, net profit was positive for the first time (EUR 0.14 million), and operating profit was EUR 0.34 million (4% of revenue). The ramp-up of new contracts has at least previously caused temporary profitability pressure for Fodbar, but profitability has risen to positive once operations have started running smoothly. In the Q2 report, profitability was not commented on separately, and financing costs (which include Fodbar’s potential loss) increased. Could, for example, the ramp-up of the Oma Häme deal have weighed on profitability? I could try to get more color on this from the company in connection with a comprehensive report.
With current information and scarce reporting, it is difficult for the market to value Fodbar as part of Fodelia’s share price. Of course, Fodbar also made losses in the early stages of the company, but if these new large contracts turn profitable and growth continues, it could become quite an interesting piece from an investor’s perspective as well.
Hey, finally in the Stockholm studio, blogger, investor, and major owner of Fodelia, Olle Qvarnström in an interview 
! I recommend it to everyone who can listen in Swedish.
Olle Qvarnström: Investera rationellt och ödmjukt - Inderes
Some positive news for a change. The share price is up 3 percent.
Announcement:
”Fodbar Oy, a joint venture between Fodelia Oyj and Bravedo, won tenders for meal services in two welfare services counties – strong growth in the care sector continues
Fodelia Oyj Press Release September 1, 2025 at 11:30 a.m.
Fodbar Oy, a joint venture between Fodelia Oyj and Bravedo, has won the tenders for meal services in the Länsi-Uusimaa and Pohjois-Pohjanmaa welfare services counties. These selections strengthen the company’s position as a service provider in the care sector and support strategic growth.
In the Pohjois-Pohjanmaa welfare services county, Fodbar Oy will henceforth provide meal services in the Salonkartano, Rajakylä, and Intiö service centers, as well as in the Kempele area. The annual value of the contract is approximately 0.8 million euros. Services will commence in phases on September 1, December 1, 2025, and January 1, 2026.
Fodbar Oy was also selected as a service provider on August 14, 2025, in the tender for meal services in the Länsi-Uusimaa welfare services county. The procurement concerns the Raasepori, Hanko, and Inkoo areas. The annual value of the contract is 3.2 million euros.
Strong Growth in Hospital Services
During the period April 1 – September 1, 2025, Fodbar Oy has launched all sites won in the Oma Häme tender, and operations in the region are now fully underway. In addition, three hospital sites will be transferred to Fodbar from the Oma Häme and Länsi-Uusimaa welfare services counties.
The estimated annual turnover for the Oma Häme entity is 10 million euros. This success strengthens Feelia’s product and selection expertise in the care sector and creates new opportunities for Barona’s staffing services.
Fodbar Oy is pleased with its success in new areas and will continue to develop strong customer satisfaction in its new client relationships.”
News, perhaps in quotes, as that was already public information on August 14th, as was discussed on this board.
I’ll just comment that it’s news in the sense that the tendering process was not appealed this time, unlike in Luhva three times previously.
Impressive work again by Fodbar in the tender. All sections including meal services went to Fodbar.
If one draws a quick and straightforward conclusion from that, Barona’s share in Fodbar’s offers is not as competitive. So, as soon as meal services are included, with Fodelia’s/Feelia’s share, the offer is competitive and deals are made… So Barona thanks Fodelia for the cooperation and deals with a deep bow… 
Also, note the prices in point 4. Hopefully, the pricing error is not on Fodbar’s side, but Compass’s… The difference in prices is so shocking that it cannot be explained otherwise.
I also noticed the same thing, the price difference is startling. However, Barona must be included to even be able to participate in tenders. Meals and cleaning are often tightly coupled, and contracting entities do not necessarily want several contract partners to handle this entire package.
Those differences are so significant, wouldn’t there be an opportunity to squeeze better margins instead of winning all tenders by a clear margin?
Or perhaps the intention is to now clearly gain a foothold in the market instead of good margins.
Be that as it may, it looks good, and I’m sure they know how to proceed with the matter.
There’s certainly a big difference in the 4th area. Compass seems to have been the current service provider, so one would think they at least had knowledge of