Lotus Bakeries FIRST LOOK – FY24 Results : Bake Baby Bake

In 2024, Lotus Bakeries achieved significant double-digit growth of almost 15.9% (KBCSe 17.2%) to € 1,232m (KBCSe 1,245.8 million). Lotus Bakeries indicated that the organic growth in FY24 is driven almost exclusively by record volume growth. Price increases have, combined with FX impact, a limited contribution of less than 2%


The significant volume increase in 2024 demonstrates continued momentum and robust demand across the entire product range and across the different geographies. All three pillars of Lotus Biscoff (56% of branded revenues, 21% y/y growth), Lotus Natural Foods (24% of branded revenues, 16% y/y growth) and Lotus Local Heroes (20% of branded revenues and 5% y/y growth) have contributed to this growth.


The increase of REBITDA and REBIT of 17% and 19% respectively confirms the robustness of the growth strategy. The strategic focus on Lotus Biscoff and Lotus Natural Foods allows to translate sustainable organic growth into corresponding solid profits and cash flow.


We maintain our Hold rating and increase our Target Price to €10 750 as the growth strategies of Lotus Biscoff and Lotus Natural Foods will further drive the ambition to become a global top 3 cookie and a leader in the better-for-you snacking segment.