Lotus Bakeries NV

LOTB

Equity

ISIN BE0003604155 / Valor 440539

Euronext - Euronext Brussels (2026-07-07)

EUR 11,400.00+0.35%

Lotus Bakeries NV
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About company

Lotus Bakeries NV is a Belgian company renowned for its production of a variety of baked goods, with a strong emphasis on innovation and product development. The company is best known for its Lotus Biscoff brand, which has become a significant strategic pillar, achieving substantial volume growth. In addition to its flagship Biscoff products, Lotus Bakeries has expanded its portfolio to include innovative offerings such as BEAR® Fruit Splits, a dual-flavored fruit snack, and Lotus® Cake Donuts, which aim to revitalize the traditional pastries category. The company continues to leverage its expertise in the bakery sector to introduce new products that cater to evolving consumer preferences, maintaining its position as a leader in the global snack market.

Summarized from source with an LLMView SourceSector: Consumer Non-Cyclicals

Revenue and growth

Revenue: €657.3m in H1 2025, +9.7% vs H1 2024. Growth was mainly organic and volume‑led (double‑digit volume increases in Lotus® Biscoff® and Lotus™ Natural Foods); pricing contributed only ~1.5% to revenue growth and FX impact was negligible.

Profitability

Underlying EBIT €109.7m (16.7% of revenue), up 12.6%; underlying EBITDA €129.3m (19.7% of revenue), up 11.7%. Non‑underlying items were modest at €‑3.85m (start‑up costs for Thailand).

Net result and EPS

Net result €79.4m (+10.1%). Underlying net result €83.25m (+12.3%). Basic EPS €97.75 per share (up 10%). Effective tax rate ~23.4%.

Cash flow, investments and dividends

Operating cash flow (H1) €78.4m. Cash used for investing (capex and acquisitions) ~€54.5m in H1 (PPE investments ~€56.7m noted elsewhere). Dividend paid in May 2025: ~€61.7m gross.

Balance sheet and leverage

Reported net financial debt (alternative measure excl. IFRS16) €149.8m, representing 0.6x EBITDA(u). Including lease liabilities (IFRS16) the company notes net debt ≈ €170.6m. Balance sheet total €1.387bn; equity up ~10% y/y to €766.1m.

Segment & brand performance

Biscoff: volumes +10%, revenue >+11%, constrained by 2025 capacity limits. Lotus™ Natural Foods: revenue +>16% with strong international expansion (non‑UK growth >30%); combined US sales of Biscoff and BEAR grew ~18%. Lotus® Local Heroes: overall flat, with gingerbread decline offset by pastry and waffles.

Strategic partnerships and product moves

Licensing/partnerships extended: Mondelēz (chocolate and ice‑cream licensing) and Froneri (ice‑cream production & rollout). New bespoke Biscoff spread jar launched; spread production/bottling localised in Mebane (US) and planned for Thailand to mitigate tariffs and improve footprint.

Thailand greenfield and capacity outlook

Chonburi (Thailand) greenfield Biscoff plant is ahead of schedule: test runs in 2025 with first cookies to be produced and shipped in H2 2025; full operational target May 2026. Management expects limited 2025 volume impact but a step‑change for 2026. Combined capex guidance for 2025–2026: at least €250m (major capacity programme across three continents).

Outlook risks and notes

Management flags a potential negative FX headwind from a weak USD of up to ~1.5% on consolidated sales in H2 2025. Non‑underlying items are small and related to expansion/start‑up costs; no material changes to risk profile since the 2024 Annual Report.

Summarized from source with an LLMView Source

Key figures

46.2%1Y

55.5%3Y

122%5Y

Performance

26.3%1Y

26.5%3Y

27.0%5Y

Volatility