Lotus Bakeries (LOTB) H1 2025 earnings summary

Executive summary

• Revenue reached €657.3m in HY1 2025, up 9.7% year-over-year, driven by double-digit volume growth in Biscoff and Natural Foods.

• Underlying EBITDA grew 11.7% to €129.3m; underlying EBIT rose 12.6% to €109.7m, both outpacing revenue growth.

• Net result increased 10.1% to €79.4m; underlying net result up 12.3% to €83.2m.

• Major investments in new production capacity, including a greenfield Biscoff plant in Thailand and localised spread production in the US.

• Net financial debt reduced to 0.6x underlying EBITDA, reflecting strong cash flow and disciplined capital allocation.

Financial highlights

• Revenue increased by €58.1m (+9.7%) compared to H1 2024.

• EBITDA margin improved to 19.7%; EBIT margin reached 16.7%.

• EPS rose 10% to €98 per share; underlying EPS up 12.3%.

• Net financial debt at €149.8m (excluding lease liabilities), stable year-over-year.

• Gross dividend of €61.7m paid in May 2025.

Outlook and guidance

• At least €250m in capital expenditures planned for 2025–2026, focused on global capacity expansion.

• Gradual global roll-out of Biscoff ice cream and new jar format for spreads by end of 2026.

• New capacity in Thailand to support 2026 ambitions.

• Weak USD could negatively impact H2 2025 sales by up to 1.5%.