Belgian multinational snack food company Lotus Bakeries reported revenue growth of 16% to €1.23 billion in its financial year 2024.
CEO of Lotus Bakeries, Jan Boone, commented, "This increase was primarily driven by a record volume growth in all three strategic pillars of Lotus Biscoff, Lotus Natural Foods and Lotus Local Heroes.
"In challenging market conditions, Lotus Bakeries remains an industry beacon of profitable growth."
EBITDA for the period grew by 17% to €243 million, while net profit increased by €23 million to €152 million – accounting for 12.4% of revenue.
Strong cash flow allowed the company to reduce net financial debt to 0.5 times EBITDA while investing over €120 million in capacity expansion.
Capex for 2025 is projected to be around €155 million, consistent with the previously announced €275 million investment plan for 2024 and 2025 combined, the company noted.
Lotus Biscoff
Lotus Biscoff, which accounted for 56% of the company's branded revenue, experienced growth of over 20% in 2024, adding €100 million in sales and exceeding €600 million in revenue.
This growth surpassed the sweet biscuit category's performance and consolidated Biscoff's position in the top five global 'Cookie Ranking', supporting the company's goal to become the world's number three cookie brand.
Household penetration for Biscoff cookies continued to rise in both the US and Canada. Significant sales growth was also achieved in major European markets like Germany, Spain, and Italy, with strong growth and increased household penetration also seen in Australia.
Biscoff production lines operated at maximum capacity, achieving a 20% year-over-year volume increase.
The new €160 million Thailand production facility is crucial for Asia-Pacific growth and remains on track for completion in the second quarter of 2026, the company noted.
Due to capacity constraints, Biscoff original cookie volume growth in 2025 is limited to a maximum of 10%.
Lotus Natural Foods
Lotus Natural Foods, comprising the Bear, Trek, nākd, Kiddylicious, and Peter’s Yard brands, continued to outperform the market with double-digit volume growth.
With sales of approximately €250 million, this segment represented nearly a quarter (24%) of the group’s branded revenue.
This segment has become a significant pillar since its 2015 launch, with a 17% CAGR over nine years and quadrupled like-for-like sales.
In 2024, substantial growth was achieved outside the UK, particularly in the US and in France, Spain, the Netherlands, and Belgium. International activities within Lotus Natural Foods grew by over 20% in 2024 and now account for 35% of total Lotus Natural Foods sales.
Lotus Bakeries continued investing in capacity, capability, and sustainability at its South Africa plant. In early 2024, nākd raw bar production began in a new dedicated facility, while in early 2025, a new extension for Bear fruit roll production was commissioned.
The company also invested in implementing sustainability initiatives in the plant, including a solar panel park, solar power batteries, and an eco-friendly oven heating system.
Lotus Local Heroes
Lotus Bakeries' third strategic pillar focuses on 'local hero' brands in Belgium, the Netherlands, France, and Sweden.
In 2024, the portfolio achieved mid-single-digit growth, primarily driven by volume. Belgium and France were the main contributors, with growth in both pastry and waffles segments.
Annas also showed good growth in 2024, strengthening its position in the Swedish sweet biscuits category.
The gingerbread category in the Netherlands remained challenging, although increased focus on the no-added-sugar variant, with improved recipes and updated designs, continued to gain consumer traction.
Mondelēz International Partnership
In 2024, Mondelēz International and Lotus Bakeries entered into a partnership to expand the Lotus Biscoff cookie brand in India and create new chocolate products in Europe.
These new products will combine Biscoff's distinct flavour and texture with Mondelēz's established chocolate brands like Cadbury, Milka, and Côte d'Or. Future expansion into other markets and product types is also possible, the company added.
The first co-branded Cadbury bars will be available in the UK by the end of March 2025, followed shortly by Milka tablets in various European countries.
New Financing
Lotus Bakeries arranged €225 million in new financing during the second half of 2024 to prepare for debt due in 2025 and 2026.
The company secured agreements with KBC, BNP Paribas Fortis, and Belfius, primarily for long-term loans with fixed interest rates, maturing as late as 2033.
These funds will be accessed within the next year and used to refinance existing debt and fund ongoing investments in expanding their production capacity.
