Belgian group Lotus Bakeries posted double-digit growth in 2025, confirming the strength of its international model in the indulgent and better-for-you snack segment. Revenue reached €1,355 billion, up 10% from €1,232 billion in 2024.
Growth was driven almost entirely by volumes, with acceleration in the second half of the year for the strategic pillars Lotus Biscoff and Lotus Natural Foods. Underlying EBITDA reached €273,4 million, up 12,4%, while underlying EBIT reached €232,4 million (+12,5%), bringing the EBITDA margin to over 20% of revenue.
Net profit rose to €172,3 million (+13%), with earnings per share at €212, confirming the quality of earnings that is growing faster than revenue thanks to operating leverage, pricing discipline, and cost control.
The Lotus Biscoff brand remains the group's main driver, with revenues of €670 million, up 13% organically and accounting for 57% of total sales. In the United States, the brand proved to be the most dynamic in both the biscuit and spread categories, with domestic penetration rising to 9%.
In 2025, the group completed the transition to a unified global identity, replacing the Lotus logo with the “Biscoff” engraving on biscuits, strengthening the brand’s consistency internationally.
Lotus Natural Foods also experienced strong growth, recording revenues of €300 million, or 25% of total revenue, with growth exceeding 15% and particularly strong performances in the United States and several European markets. The "Local Heroes" segment, which represents 18% of revenue, showed a more modest increase (+2%), with Annas Pepparkakor having a record season in Sweden.
On the industrial front, the launch of the new facility in Thailand marked a strategic shift in the company's global footprint, complementing the existing production hubs in Lembeke (Europe) and Mebane (USA). The Asian facility will become fully operational in the first half of 2026, while new investments have been made in the United States for local spread production, also reducing the impact of import duties.
Partnerships with Mondelēz contributed positively to revenues, with the launch in India – distributed in over 300.000 stores in just a few weeks – and with co-branded chocolate and ice cream lines in Europe.
From a financial perspective, cash generation allowed us to reduce net financial debt to €67,5 million, with a debt/EBITDA ratio of 0,25x, an all-time low. Further strengthening the capital structure was the exit of the corporate venture fund FF2032 from its stake in The Good Crisp Company, the vehicle's first successful exit.
The Board will propose a gross dividend of 90 euros per share, up from 76 euros in 2024, marking the 25th consecutive increase and consolidating the company's status as a "dividend aristocrat."
Despite geopolitical uncertainties and the possible negative impact of exchange rates in the first half of 2026 (estimated at around -2,5% on consolidated revenues), CEO Jan Boone reiterated his full confidence in the growth path of Lotus Biscoff and Lotus Natural Foods, supported by planned investments of approximately €250 million in the two-year period 2026-2027.
