Lotus Bakeries Nv · EURONEXT:LOTB
Lotus Bakeries Nv — FY2025 Earnings Presentation
58 slides from Lotus Bakeries Nv's earnings presentation, Feb 6, 2026
Slide 1: Lotus Bakeries Annual Results 2025
LOTUS BAKERIES Annual Results 2025
Slide 2: Highlights 2025
HIGHLIGHTS 2025 EBITDA(u) 273 €m or 20% on Revenue 1,355 €m +10% +12% revenue Strong reduction in net Net Result 172 €m +13% financial debt to 0.25x EBITDA(u) 0.25 Successful exit of FF2032’s Dividend per share 90 € +18% participation in The Good Crisp Company Capex 120 €m, mainly to increase Biscof
Slide 3: 20 Years of Sustainable Double-Digit Growth
20 YEARS OF SUSTAINABLE DOUBLE-DIGIT GROWTH In €m 20 years of strong growth Lotus Bakeries Group – Revenue 3
Slide 4: Focus with 3 Strategic Brand Pillars
FOCUS WITH 3 STRATEGIC BRAND PILLARS Lotus® LotusTM Lotus® Biscoff® Natural Foods Local Heroes Share of revenue1 57% 25% 18% 2025 growth 13%2 17% 2% 10-year CAGR 15% 17% 2% Become the number 3 Become a leader in the Secure market Strategic ambition cookie brand in the better-for-you snacking leaders
Slide 5: Broad-Based Growth Across Segments
BROAD-BASED GROWTH ACROSS SEGMENTS Strong growth in US and Rest of the World Revenue share by segment Revenue growth in % by segment 5
Slide 6: Top 10 Countries Represent More Than 80% of Revenue
TOP 10 COUNTRIES REPRESENT MORE THAN 80% OF REVENUE Branded revenue distribution by country 6
Slide 7: Lotus Biscoff
Lotus® Biscoff® Become the number 3 cookie brand in the world
Slide 8: Biscoff Growing Rapidly
BISCOFF GROWING RAPIDLY Revenue growth ≈ 670 €m CAGR 2015 – 2025: +15% 8
Slide 9: 2025 Biscoff Milestones
2025 BISCOFF MILESTONES MARCH MARCH Launch of co-branded chocolate Mondelēz partnership expands innovations, amplifying Biscoff® into ice cream with Froneri. through partnerships with Featuring a new Biscoff® ice Mondelēz’s iconic global brands. cream product range. MAY APRIL Biscoff® household pene
Slide 10: Biscoff Spread Bespoke Jar
Biscoff Spread Bespoke jar
Slide 11: Since the Launch, Our Spread Jar Remained Unchanged
SINCE THE LAUNCH, OUR SPREAD JAR REMAINED UNCHANGED 2008 2012 2018 2010 2015 2023 11
Slide 12: New Jar, Same Irresistible Taste
New Jar Same irresistible taste Poel See ale iam
Slide 13: Telling Our Biscoff Story in a Distinctive Way
TELLING OUR BISCOFF STORY IN A DISTINCTIVE WAY Embossment Standout mimicking Label via our iconic orientation contoured cookie shape 13
Slide 14: In Accordance with Other Global Spread Brands
IN ACCORDANCE WITH OTHER GLOBAL SPREAD BRANDS 14
Slide 15: Biscoff Cookie Engraving
Biscoff Cookie engraving
Slide 16: Our Distinct Biscoff Brand Identity Over the Years
OUR DISTINCT BISCOFF BRAND IDENTITY OVER THE YEARS… Introduction of “Biscoff” brand name Rebranding of the Biscoff logo 2009 2018 2013 2023 Creation of iconic red banner framework 16
Slide 17: And We Are Ready to Take the Final Step
AND WE ARE READY TO TAKE THE FINAL STEP
Slide 18: Moving to a Biscoff Engraved Cookie
MOVING TO A BISCOFF ENGRAVED COOKIE
Slide 19: Carefully Implementing Our Biscoff Engraving
CAREFULLY IMPLEMENTING OUR BISCOFF ENGRAVING Connecting “FFs” to ensure readability after baking Font aligned to our Biscoff logo Keeping true to our iconic cookie embossment 19
Slide 20: Across Our Full Cookie Range
ACROSS OUR FULL COOKIE RANGE 20
Slide 21: Biscoff & Mondelēz Partnership
Biscoff & Mondelēz Partnership
Slide 22: Biscoff India
BISCOFF INDIA
Slide 23: Sales Conferences Across 15 Key Cities
SALES CONFERENCES ACROSS 15 KEY CITIES Boosting sales teams to paint India red 23
Slide 24: Marketing Plan (1/3) - Strong Presence Across Mediums
MARKETING PLAN (1/3) - STRONG PRESENCE ACROSS MEDIUMS WITH FOCUS ON PRODUCT TASTE Tempt Assets Launch Thematic Videos Content Partnerships Statics 24
Slide 25: Marketing Plan (2/3) - Painting the Town Red with Biscoff Billboards
MARKETING PLAN (2/3) - PAINTING THE TOWN RED WITH BISCOFF BILLBOARDS ACROSS TOP CITIES 25
Slide 26: Marketing Plan (3/3) - Social & Influencer Buzz
MARKETING PLAN (3/3) - UNPRECEDENTED SOCIAL & INFLUENCER BUZZ DELIVERING 150+ MILLION VIEWS Launch Event Influencer Content Organic Social Buzz 26
Slide 27: Launch Press Conference
LAUNCH PRESS CONFERENCE Coverage across 50+ top publications & media in India Economic Times Times of India Fortune India CNBC Storyboard 18 Financial Express PTI Business Standard Hindu Business Line 27
Slide 28: Impactful In-Market Execution in Retail
IMPACTFUL IN-MARKET EXECUTION IN RETAIL Modern trade Traditional trade 28
Slide 29: Global Chocolate License
GLOBAL CHOCOLATE LICENSE
Slide 30: In 2025, We Launched
IN 2025, WE LAUNCHED |Y CADBURY MILK MEETS S BISCOFF 30
Slide 31: Global Ice Cream License
GLOBAL ICE CREAM LICENSE 31
Slide 32: Portfolio Delivering Unique Biscoff Taste Experience
PORTFOLIO DELIVERING UNIQUE BISCOFF TASTE EXPERIENCE Focus on fastest growing strategic segments within the category 32
Slide 33: Biscoff Production on 3 Continents
Biscoff Production on 3 continents
Slide 34: Global Manufacturing Footprint for Biscoff
GLOBAL MANUFACTURING FOOTPRINT FOR BISCOFF LEMBEKE MEBANE CHONBURI INDIA 34
Slide 35: Chonburi
35 CHONBURI
Slide 36: Spread Production Now on 3 Continents
SPREAD PRODUCTION NOW ON 3 CONTINENTS 36
Slide 37: Lotus Natural Foods
Lotus Natural Foods Become a leader in the better-for-you snacking segment
Slide 38: Lotus Natural Foods 10 Year CAGR
LOTUS NATURAL FOODS 10 YEAR CAGR Revenue growth CAGR ≈ 300 €m 2015 – 2025: +17% 38
Slide 39: 2025 Natural Foods Milestones
2025 NATURAL FOODS MILESTONES JANUARY FEBRUARY BEAR® doubles production Launch of TREK® Protein capacity in South Africa. Flapjack with Biscoff®: a #1 category innovation. JUNE APRIL TREK® is the fastest-growing nākd.® becomes #1 brand by brand in the UK in the bars value in Spain in the cereal bar
Slide 40: Innovation BEAR
Innovation BEAR 40
Slide 41: Fruit Splits Consolidated as Strong Second Range Next to BEAR Fruit Rolls
FRUIT SPLITS CONSOLIDATED AS STRONG SECOND RANGE NEXT TO BEAR FRUIT ROLLS Outstanding performance in key markets UK and US >50% incrementality (UK + US) Both flavours rotating in Top #1 Quartile* (UK + US) 41 Source: Circana . Weekly WTD Unit Rate of sale and Weighted Distribution. Dec 2025
Slide 42: Seasonal BEAR
Seasonal BEAR
Slide 43: Concept Launched in US with Strategic National Listings
CONCEPT LAUNCHED IN US WITH STRATEGIC NATIONAL LISTINGS 43
Slide 44: Branding Innovation
Branding Innovation
Slide 45: We Launched Strong Innovation
WE LAUNCHED STRONG INNOVATION 45
Slide 46: Community Building in Action
Community building in action Golazo & RunThrough events
Slide 47: Financials
Financials Annual Results 2025
Slide 48: Another Strong Set of Annual Results in 2025
ANOTHER STRONG SET OF ANNUAL RESULTS IN 2025 Revenue EBITDA(u) Free Cash Flow* Investments Net Financial Debt** Dividend In €m In €m In €m In €m In €/share In €m NFD/EBITDA(u)** +10% +12% +20% ≈ -39% +18% 0.6 0.5 0.25 *Excluding expansion CAPEX **Excluding IFRS 16 48
Slide 49: Continued Robust Volume Growth
CONTINUED ROBUST VOLUME GROWTH Volume Growth in % Volume Growth in €m 49 *FY25 before exclusion of HY2 Biscoff Ice Cream
Slide 50: EBITDA(u) Outpacing Revenue Growth
EBITDA(u) OUTPACING REVENUE GROWTH Revenue evolution EBITDA(u) evolution In €m In €m 50
Slide 51: Net Result and EPS Increase of 13%
NET RESULT AND EPS INCREASE OF 13% In €m 2025 % Revenue 2024 % Revenue % Evolution Revenue 1,355.1 1,231.9 10.0% Raw Material, packaging and co-manufacturing -461.4 -420.0 Services and other goods -356.2 -331.9 Employee benefit expenses -259.9 -234.6 Depreciation and amortisation expenses -41.0 -36.
Slide 52: Investment Programme to Support Organic Growth
INVESTMENT PROGRAMME TO SUPPORT ORGANIC GROWTH In €m CAPEX Biscoff plant Thailand anticipated to be completed and fully operational by end of the first semester of 2026 at the latest Plan to invest approximately 250 €m in 2026 and 2027 combined Expansion Maintenance Total CAPEX (in €m) 60 134 78 120
Slide 53: Strong Cash Flow Generation
STRONG CASH FLOW GENERATION Supporting expansion capex and low leverage In €m 2025 2024 2023 Underlying operating cash flow 273.4 243.1 207.5 Change in working capital -0.2 -12.8 -2.0 Maintenance CAPEX -15.7 -15.6 -18.8 Free cash flow 257.5 214.7 186.7 Cash conversion 94% 88% 90% Expansion CAPEX -10
Slide 54: Net Financial Debt Reduced to 0.25 Times EBITDA(u)
NET FINANCIAL DEBT* REDUCED TO 0.25 TIMES EBITDA(U) In €m NFD/EBITDA(u) 54 *Excluding IFRS16
Slide 55: Strong Balance Sheet with Low Leverage
STRONG BALANCE SHEET WITH LOW LEVERAGE AND CONTROL ON WORKING CAPITAL REQUIREMENTS Key Balance Sheet Components in €m 2025 2024 2023 55 *Including IFRS16
Slide 56: Evolution of Underlying Earnings per Share
EVOLUTION OF UNDERLYING EARNINGS PER SHARE In €/share 56
Slide 57: Dividend Aristocrat 25 Consecutive Years of Dividend Growth
DIVIDEND ARISTOCRAT 25 CONSECUTIVE YEARS OF DIVIDEND GROWTH In €/share 57
Slide 58: Thank you!
Thank you!