Lotus Bakeries: Revenue Up 14% in H1 and €500M Investment Plan
In the first half of 2026, Lotus Bakeries recorded revenue growth driven by its Biscoff brand and Natural Foods division.
Beyond revenue progression, the Belgian group highlights an improvement in its operating margins and announces the largest investment program in its history, valued at at least €500M over five years.
Revenue of €749.1M and Net Result Up 23.5%
Lotus Bakeries published on August 7, 2026 consolidated revenue of €749.1M for the first half of 2026, up 14.0% compared to €657.3M in the first half of 2025. The group notes that unfavorable exchange rate effects reduced reported growth by two percentage points.
Current operating result (underlying EBIT) stands at €131.0M, up 19.4%, and underlying EBITDA reaches €156.3M, up 20.9%. Net result amounts to €98.1M, up 23.5% compared to €79.4M a year earlier.
Earnings per share also increased by 23.5%, to €120.7. The effective tax rate remains stable at 23.4%.
Improving Margins, Driven by Biscoff and Mondelēz
Underlying EBIT margin reaches 17.5% of revenue in the first half of 2026, compared to 16.7% a year earlier (€109.7M for revenue of €657.3M). Underlying EBITDA margin stands at 20.9% of revenue, compared to 19.7% in the first half of 2025. Profitability is therefore growing faster than revenue.
According to the group, this improvement is explained by higher volumes, operational performance (including the startup of the factory in Thailand) and partnerships with Mondelēz. Lotus Biscoff volume and revenue increased by more than 20% over the period.
Annualized underlying EBIT incorporates an additional depreciation charge of €8M linked to the Thai factory. Net financial debt stands at €94.3M (excluding IFRS 16), down 37.1% year-on-year, representing a net debt to underlying EBITDA ratio of 0.3.
A €500M Investment Program Over Five Years Across Three Countries
Lotus Bakeries announced an investment program of at least €500M spread over the 2026-2030 period, covering three sites: the United States (Mebane), Thailand (Chonburi) and Belgium (Lembeke). The group presents it as the largest capex program in its history for Biscoff.
Over the past five years, more than €350M had already been invested to increase production capacity. The first phase of the Chonburi plant was completed towards the end of the first half and is now fully operational, with its performance in the upper range of expectations according to the group.
For the second half of 2026, the group anticipates less pronounced exchange rate effects than in the first six months, based on current US dollar and pound sterling rates. It also mentions cost pressure linked to the situation in the Middle East, geopolitical uncertainty and climate risks, likely to continue into 2027. Combined capex for 2026 and 2027 is estimated at more than €250M.
