Lotus Bakeries (LOTB) investor relations material

Executive summary

• Revenue reached EUR 1.355 billion in 2025, up 10% year-over-year, driven by strong volume growth in Lotus Biscoff and Natural Foods, with EBITDA up 12% to EUR 273 million and net profit up 13% to EUR 172 million.

• Net financial debt reduced to a historic low of 0.25x EBITDA, reflecting strong operational cash flow and deleveraging.

• Dividend per share increased to EUR 90, marking the 25th consecutive annual increase.

• Major global expansion included the successful startup of the Thailand plant, a major launch in India, and expanded partnerships with Mondelēz.

• Successful exit from The Good Crisp Company generated surplus value for the investment fund.

Financial highlights

• Revenue grew 10% to EUR 1.355 billion, with volume growth of 9.5% (normalized at 10.4% excluding Biscoff ice cream sales).

• EBITDA margin exceeded 20%, with EBITDA up 12% to EUR 273 million.

• Net result increased 13% to EUR 172 million; underlying net result was EUR 177 million.

• Free cash flow before expansion CapEx rose by 20%; after expansion CapEx, it reached EUR 153 million with a 56% cash conversion rate.

• Underlying EPS rose 13% to EUR 218 per share.

Outlook and guidance

• EUR 250 million CapEx planned for 2026–2027, focused on capacity increases for Biscoff and Natural Foods.

• Biscoff plant in Thailand expected to be fully operational by mid-2026.

• EBIT and EBITDA margins for 2026 expected to be in line with 2025, considering full consolidation of Thailand plant overheads and positive impact from Mondelēz partnerships.

• Price increases in 2026 will be moderate; growth will be volume-driven.

• Negative currency impact of nearly 2.5% expected on first semester 2026 sales at current USD and GBP rates.