Lotus Bakeries NV

Latest Results (20.12.2025):

Lotus Bakeries NV — half‑year results for H1 2025 (covering Q1–Q2 2025): the group delivered solid top‑line and profit growth driven by double‑digit volume increases in Lotus® Biscoff® and Lotus™ Natural Foods, reporting revenue of EUR 657.3m (+9.7% YoY) and net result of EUR 79.4m (+10.1% YoY).

Key numbers

Revenue EUR 657.3m (+9.7%); underlying EBIT EUR 109.7m (+12.6%) representing a 16.7% margin; underlying EBITDA EUR 129.3m (+11.7%) or 19.7% margin; net result EUR 79.4m (+10.1%); underlying net result EUR 83.25m (+12.3%); EPS EUR 97.75 (+10.0%).

Growth drivers

Growth was volume‑led: Lotus® Biscoff® volumes +10% and revenue >11%; Lotus™ Natural Foods grew >16% with double‑digit growth across BEAR, TREK, nākd and Kiddylicious; US sales of Biscoff and BEAR combined grew ~18% in H1 2025. Lotus® Local Heroes was broadly flat (gingerbread decline offset by pastry & waffles).

Cash, investments & leverage

Operating cash flow (6M) EUR 78.4m; investing cash flow EUR -52.9m (capex and investments); dividends paid EUR 61.7m. Net financial debt (excluding IFRS16 lease liabilities) EUR 149.8m (~0.6x LTM EBITDA(u)); reported net financial debt including leases EUR ~170.6m. Group expects combined capital expenditures ≥ EUR 250m for 2025–2026.

Operations & capacity

Greenfield Biscoff plant in Chonburi (Thailand) is ahead of schedule — test runs planned to ship cookies in H2 2025 and full operation by May 2026; localised Biscoff spread production/bottling now commissioned in Mebane (US) and planned for Thailand to mitigate tariffs and support three‑continent footprint.

Non‑recurring items & FX

Non‑underlying items EUR -3.85m (mainly Thailand start‑up costs). Financial result impacted by FX (EUR -2.2m with ~EUR -1.5m from FX revaluations). Effective tax rate ~23.4%. Other comprehensive income hit by translation losses of EUR -39.4m, lowering total comprehensive income to EUR 40.0m for H1 2025.

Outlook & governance

Management highlights continued brand investment and capacity expansion to underpin 2026 ambitions; stated risk of a weak USD could reduce consolidated sales in H2 2025 by up to ~1.5%. The half‑year financial information was reviewed by Deloitte with no material misstatement reported.