Lotus Bakeries NV

Latest Results (18.03.2026):

Lotus Bakeries NV — first half of 2025 (covering Q1 and Q2 2025) — reported strong H1 results: revenue of EUR 657.3m (+9.7% y/y), underlying EBIT (EBIT(u)) of EUR 109.7m (+12.6%) and underlying EBITDA (EBITDA(u)) of EUR 129.3m (+11.7%). Net result rose to EUR 79.4m (+10.1%) and underlying net result to EUR 83.2m (+12.3%). Performance was driven by double‑digit volume growth in Lotus® Biscoff® and Lotus™ Natural Foods, continued cash generation and discipline on investments and working capital.

Top‑line and margins

Revenue: EUR 657.3m (+9.7% y/y). EBIT(u) margin 16.7% (EUR 109.7m) and EBITDA(u) margin 19.7% (EUR 129.3m) — both grew faster than sales, reflecting operating leverage despite higher marketing spend and start‑up costs.

Biscoff performance

Lotus® Biscoff® volumes +10%, revenue >11% — at the high end of guidance. New co‑branded chocolate SKUs with Mondelēz (Cadbury®, Milka®, Côte d'Or®) showing strong early sales, and ice‑cream licensing with Froneri set to scale Biscoff ice‑cream from 2026.

Lotus™ Natural Foods

Natural Foods revenue +>16% with double‑digit growth across BEAR®, TREK®, nākd® and Kiddylicious®. International growth outside the UK >30%; US sales for Biscoff and BEAR combined +18% in H1 2025.

Profit, EPS and tax

Net result EUR 79.4m (+10.1%); underlying net result EUR 83.2m (+12.3%). EPS EUR 97.75 (+10%). Effective tax rate stable at 23.4%.

Cash, debt and leverage

Reported net financial debt excluding IFRS16: EUR 149.8m (incl. lease liabilities the company reports EUR 170.6m). Net debt/EBITDA(u) ~0.6x at end‑June 2025. Underlying operating cash flow (last 12 months) EUR 257m; strong cash generation helped keep leverage low despite significant investment.

CapEx, investments and non‑underlying items

Investments over last 12 months >EUR 135m (24 months >EUR 230m). H1 investments EUR 57.0m (+34% y/y). Capital expenditures for 2025–2026 combined forecast at least EUR 250m. Non‑underlying items in H1: EUR ‑3.85m (mainly Thailand start‑up costs).

Thailand greenfield plant & capacity

New Biscoff plant in Chonburi (Thailand) is ahead of schedule: gradual production start in H2 2025, full operability expected by May 2026. 2025 volume impact limited but critical for 2026 expansion plans.

Operational milestones and strategic moves

Localised Biscoff spread production commissioned in Mebane (US); spread bottling planned for Thailand and Mebane to mitigate US import tariffs. New bespoke Biscoff spread jar launched; digital media and brand partnerships expanded to build long‑term penetration.