Thanks for the answer, Mikko! As a farmer and a shareholder with a reasonably large holding, these matters of origin are very close to my heart. We also use Oikia products a lot at home, so let’s hope that we’ll soon get Finnish meat for our meat soup again
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FODELIA GROUP’S COMPARABLE NET SALES GREW BY 8.4% IN JANUARY–DECEMBER 2025. THE GROUP ACHIEVED AN OPERATING PROFIT OF EUR 2.4 MILLION IN 2025. FODELIA GUIDES FOR SIGNIFICANT GROWTH IN NET SALES AND PROFITABILITY FOR 2026.
HIGHLIGHTS OF THE FINANCIAL STATEMENTS RELEASE
This financial statements release is unaudited. Unless otherwise stated, figures in parentheses refer to the corresponding period in 2024 and are in the same unit.
Adjusted figures for 2025 include restructuring costs totaling EUR 0.2 million allocated to the second quarter. Additionally, financial expenses have been adjusted for the share of loss from an associated company, which corresponds to the capital loan (pääomalaina) granted in 2025. During the comparison period, the Group carried out the sale of the Perniön Liha and Helsingin Makkaratehdas businesses in May 2024, and the sale of the pita bread business in December 2024. The review presents adjusted key figures for 2024, from which non-recurring items resulting from the sale of businesses have been removed.
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Soft figures, but most importantly, “Feelia continued on its growth path and, looking at comparable figures, Feelia grew by 12.3%.” I, for one, have bought this solely because of Feelia. Well, hopefully they get Oikia rolling too if they want to hold onto it, but in my opinion, it’s also a non-core business they could let go of. “We have initiated a process to evaluate the potential sale of the e-commerce business,” meaning they might be divesting something again, which is good so that 100% focus can be placed on what is growing and profitable.
For 2026, I’m hoping for double-digit growth for Feelia that doesn’t start with a one. Though that’s what it would need to be to reach the company’s target (at least €100m revenue in 2028).
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They updated the long-term targets
“Annual revenue growth estimated at 15–20%. The company has pushed back its 100 million euro revenue target by two years
to 2030 due to divestments made.”
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Oikia’s online store is for sale, and more information may be announced as early as Q1, the CEO said. An entrepreneur-driven buyer is being sought, meaning a business sale to an entrepreneur.
Feelia’s export efforts to Sweden are being increased.
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Fodelia’s CEO Riikka Wulff was interviewed by Kaisa after the company published its Q4 report. 
Topics:
00:00 Start
00:00 ”Targets were not met”
00:41 Feelia’s growth and profitability
02:08 Competitive situation
02:49 Oikia’s challenges
03:52 Seeking a buyer for the e-commerce business
05:25 Focus areas for 2026
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Pauli has written a new company report on Fodelia following Q4
Fodelia’s Q4 report was softer than expected in light of the figures, and the group’s result decreased slightly from the comparison period. However, the company stated that it has accelerated Feelia’s customer acquisition during 2025 and signed more profitable private label agreements, which should help the company turn the direction of earnings growth significantly for the better during the year that has begun. We still see significant long-term value creation potential in Feelia, and the valuation could turn quite attractive already this year if the earnings turnaround materializes. We reiterate our Add recommendation, but lowered the target price to EUR 5.7 (previously EUR 6.2) due to forecast cuts and soft cash flow.
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OP maintained its BUY recommendation and target price of EUR 6.70. Their target price, based on a cash flow model, is already looking ahead into 2027. According to the analysis, the company’s valuation is very attractive, even though difficulties in snacks, for example, are expected to continue in the early part of the year. According to OP, Feelia’s concept works well and the share price does not price in the continuation of its gradual growth this year and next.
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Regarding the tender won last year, Fodbar started meal services at the beginning of February in Raasepori, Hanko, and Inkoo. In relation to the press release, a question occurred to me regarding the personnel and the number of kitchens.
“The service entity includes seven kitchens, including the production kitchen at Raasepori Hospital. Fodbar provides meal services to a total of 15 locations in services for the elderly and disabled, as well as at Raasepori Hospital.
Following the transfer of business, 29 food service professionals will transfer to Fodbar.”
My confusion is why it is worth it for Fodbar to take on so many kitchens and staff, when with Feelia’s concept there specifically shouldn’t be a need for “central production kitchens,” for example? Is this kind of old production model infrastructure a mandatory “nuisance” to accept in these large tenders? Is food still being transported to sites instead of being heated on-site, even though that would be possible with Feelia products?
Can @Mikko_Tahkola, for example, shed some light on this business logic or has this already been discussed previously?
(press release 2.2.2026)
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The kitchens were included in the “deal”. More information here.
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The CFO has decided that €5 is a suitable price for the share and signed for it.
Volume: 3000 Average price: 5.00913 EUR
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Great! Finally a CFO who believes in the company. And doesn’t just sell the shares they received like the previous one.
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