Lotus Bakeries NV

Latest Results (21.07.2026):

Lotus Bakeries NV — Half‑year (H1, covering Q1–Q2) 2025: the company reported solid financial results for the first half of 2025 with consolidated revenue of EUR 657.3m (up 9.7% y/y), underlying EBIT of EUR 109.7m (+12.6%) and net result of EUR 79.4m (+10.1%). Growth was driven by double‑digit volume increases in Lotus® Biscoff® and Lotus™ Natural Foods, strong cash generation and continued investment in capacity and brand expansion.

Top‑line and volume drivers

Revenue: EUR 657.3m (+9.7% vs H1 2024). Volume-led organic growth was the main contributor; price increases accounted for ~1.5% of revenue growth. Lotus® Biscoff® volumes +10% and Lotus™ Natural Foods +16% (double‑digit growth across its brands). US combined sales for Biscoff and BEAR grew ~18%.

Profitability

Underlying EBIT (EBIT(u)) EUR 109.7m (+12.6%), underlying EBITDA EUR 129.3m (+11.7%). Underlying margins improved (EBIT(u) ~16.7% of revenue; EBITDA(u) ~19.7%). Non‑underlying items were EUR -3.85m (mainly Thailand greenfield start‑up costs).

Net result and EPS

Net result: EUR 79.4m (+10.1%); underlying net result EUR 83.25m (+12.3%). Basic EPS ~EUR 97.75 (up ~10% y/y).

Cash flow, investments and leverage

Operating cash flow (H1 net cash from ops) EUR 78.4m. H1 capex (acquisitions paid for (in)tangible assets) ~EUR 54.5m. Dividends paid EUR 61.7m. Reported net financial debt per APM: EUR 149.8m (0.6x EBITDA(u)); including IFRS‑16 lease liabilities the reported net debt is ~EUR 170.6m. Company highlights record 12‑month EBITDA(u) of EUR 257m and strong cash conversion.

Capex programme and production footprint

Lotus Bakeries confirmed combined capital expenditures of at least EUR 250m for 2025–2026, focused on Biscoff capacity expansions across three continents. The greenfield Biscoff plant in Chonburi (Thailand) is ahead of schedule, with test runs planned to ship cookies in H2 2025 and full operation targeted May 2026.

Product & strategic developments

Continued focus on hero products (Biscoff cookies & spread). New bespoke Biscoff spread jar launched; localized spread production now in the US (Mebane) and planned for Thailand to mitigate tariffs and improve sustainability. Licensing partnerships (Mondelēz for chocolate and Froneri for ice‑cream) aim to accelerate global brand presence.

Segment / regional notes

Segment mix H1 2025: Biscoff 57%, Natural Foods 25%, Local Heroes 18%. Continental Europe remains the largest region; strong growth in UK, Americas and Rest of World — intersegment eliminations reported. Natural Foods achieved >30% growth outside the UK in H1 2025.

Taxes, currency and other risks

Effective tax rate ~23.4%. Financial result impacted by currency effects (EUR -2.2m; FX losses mainly on GBP/USD revaluations). Other comprehensive income hit by translation losses of EUR -39.4m due to currency volatility. Management warns a weak USD could reduce H2 consolidated sales by up to ~1.5%.