Fruitful Growth in a Healthy Market
Dellia Group (”Dellia” or ”the Company”) offers dried fruit snacks that are often considered best-in-class. By acquiring its largest supplier, Kirirom Food Production, in 2025 and expanding the factory’s capacity, the Company has strengthened its supply chain and secured the ability to meet demand without incremental capital expenditures. This marks a key step in supporting continued growth in Northern Europe and enabling the Company’s pan-European expansion, which had been constrained by supply limitations in 2025. As Dellia scales volume and Kirirom consolidates, the revenue is estimated to increase from NOK 665m in 2025 to NOK 1,473m in 2027. The EBIT margin is estimated to follow, rising from 15% in 2025 to 19% in 2027 driven by a different sales split and operating leverage. By using the 2027 target EBIT of NOK 280m and assuming a fully diluted share count of 5.9m shares in 2027, reflecting the consideration shares issued in connection with the Kirirom acquisition, the implied equity value corresponds to a share price of NOK 468.
- Expansion of Distribution
Nordic store count is estimated to increase from 12,800 in 2025 to 15,200 in 2027, driven by broader penetration in established markets. In Europe, the 2,347 newly opened stores are ramping and approaching Nordic revenue levels, reinforcing the proof of concept. An additional 16,466 stores are in the rollout pipeline. Analyst Group estimates that increased distribution will generate NOK 1,288m of revenue in 2027.
- Misunderstood Acquisition
The acquisition of Kirirom Food Productions was essential to expand capacity, enabling the Company to meet current demand and support growth plans. A clear synergy is enabling access to Kirirom’s network of international retailers. The network is expected to ease further market expansion. While shareholders were diluted, the higher pro forma EBIT causes a net zero impact on multiples.
- Inflection Point Reached
The year 2025 marked a breakthrough for Dellia with EBIT margins rising from 5% to 15%, driven by economies of scale, favourable FX, and higher-margin products such as Dippies constituting a larger share of the revenue split. In 2026, Dippies share of the split is expected to increase further evidenced by stock-outs in 2025. Analyst Group estimates the trend will continue and reach a EBIT margin of 19% in 2027.
