Lotus Bakeries (LOTB) H2 2023 earnings summary

Executive summary

• FY23 revenue reached €1,063m, up 21.1% YoY and a record €185m increase; REBITDA was €207.5m and net result €129.3m.

• Lotus Biscoff and Lotus Natural Foods delivered long-term CAGRs of 16% and 17%, respectively; total revenue grew at a 12.3% CAGR over 2013–2023.

Financial highlights

• Revenue rose to €1,063.0m from €877.5m; reported growth was 21.1% YoY, including a €185m increase.

• REBITDA increased 22% to €207.5m; REBIT was €173.0m and EBIT was €170.4m.

• Net result was €129.3m, up 25.2% YoY; recurring net result reached €131.3m versus €106.2m in 2022.

• Free cash flow, excluding expansion CAPEX, rose 26% to €186.7m; investments were €89m in 2023.

Outlook and guidance

• CAPEX is estimated at €200m combined for 2024 and 2025; the Thailand Biscoff plant remained on track.

• Strategic ambition is to build Lotus Biscoff into a top-three global cookie brand, supported by wider distribution, marketing and brand partnerships.

• Recyclable packaging target set for 2025.