For Investors

5 February 2026

The year 2025 was a year of change for Fodelia, particularly in terms of people and working practices. We restructured the organisation, clarified responsibilities and implemented a number of personnel-related measures, which helped us build a stronger and more effective organisation for the future.

Feelia is the core of the Group’s business and its main source of growth. During the year, Feelia’s turnover continued to grow at a significantly faster rate than the market, a trend further supported by the integration of Delimax products into the Feelia portfolio. At the same time, it is clear that there is potential for even stronger growth. In 2025, we focused particularly on the fundamentals at Feelia, such as strengthening the sales organisation and ensuring operational reliability in production. These measures temporarily slowed growth and increased costs, but at the same time laid the foundations for improved profitability and scalable growth in the future.

Suomen Oikia Oy had a challenging year, both in its snacks business and in its online shop. In the online shop, the costly cold chain from warehouse to customer is eroding profitability. In the snacks business, the poor profitability of private label sales, rising raw material costs and deliberate investments in building our own brand weighed on the result. However, sales of Oikian’s own-brand products grew significantly, and their share of turnover increased. This is strategically important for us, as a strong own brand creates a solid foundation for a profitable business.

Over the course of the year, we made a number of changes relating to our workforce and management. We established a clearer management model across the Group, strengthened Feelia’s sales and production teams with new key personnel, and appointed a Group HR Director to support growth and ensure day-to-day operations run smoothly. These changes, which were essential for our future growth, naturally had an impact on costs, but thanks to them we now have an organisation that is even more competent, better structured and works more effectively as a team.

Financially, 2025 fell short of our targets in some respects. The general weakness of the foodservice market, the challenges faced by Oikia and the costs associated with the reorganisation weighed on our results. At the same time, the Group’s financial position remained stable, and our operations continued to be profitable. This provides a solid foundation for the next phase.

As we look ahead to 2026, we are starting from a stronger position than we have been in a long time. Feelia’s growth potential in the domestic market and abroad is significant, Oikian’s brand development is starting to bear fruit, and the organisation’s underlying structures are now in place. We have a clear understanding of where our strengths lie, where we need to improve, and where we are focusing our efforts. We have initiated a process to assess the potential sale of our e-commerce business. This business constitutes only a small part of the Group’s overall operations, and any potential sale is not expected to have a significant impact on the Group’s results or financial position. I would like to thank all our staff for their commitment and flexibility amidst these changes, as well as our customers and shareholders for their trust. I firmly believe that the work we are doing will be reflected in the coming years in the form of growth, improved profitability and an even stronger Fodelia.

Riikka Wulff
, Chief
Executive Officer, Fodelia Oyj