KBC Securities - Lotus Bakeries NV (LOTB) Lotus Bakeries Three Continents, One Momentum: Lotus Turns Up the Heat

Report

KBC Securities

Guy Sips

Lotus Bakeries Three Continents, One Momentum: Lotus Turns Up the Heat

We updated our model after Lotus Bakeries delivered in FY25 a 10% revenue increase to a very nice € 1,355m (KBCSe 1,355m, CSS 1,346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenue.

By the end of 2025, Biscoff production expanded to three continents. We welcome that the new production facility in Thailand delivered its first volumes into the Asia-Pacific region.

In this note, we reiterate our Target Price of € 12 500 and maintain our Buy-rating. Recall we increased after the FY25 release our Target Price form €10 750 to € 12 500 as we welcomed profitability improved further, with REBITDA-margin exceeding 20%, an increase of more than 12% y/y. In this model update we implemented that the licence agreements with Mondelez will strengthen Lotus's margin profile even further.

We welcome that in FY25 we saw again a strong cash flow generation (REBITDA supported by the successful divestment of the participation in The Good Crisp Company by the FF2032 venture fund) reduced NFD to 0.25x.

Lotus Bakeries will increase the gross dividend from € 76 to € 90 per share.

11/02/2026 1 EN

Underlying

Lotus Bakeries NV

Lotus Bakeries is a bakery group based in Belgium. Co. produces and sells bakery products under the Lotus, Peijnenburg and Annas brand names. Co. focuses on authentic specialties from the biscuit and cake world: original caramelized biscuits (Biscoff), gingerbread, cake specialties, waffles and pepparkakor biscuits. Co. maintains production facilities in Belgium, the Netherlands, France and Sweden. Co. maintains its own sales organizations and cooperates with commercial partners in approximately 10 European countries including the United States, Hong Kong, China, South Korea and Chile.

See profile

BE0003604155 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Guy Sips

Other Reports on these Companies

ING Financial Markets

Lotus Bakeries/Entering an era of increased profitability/BUY

We reiterate our BUY rating on Lotus Bakeries and increase our target price from €11,100 to €12,700 following the group stronger-than-expected FY25 results. We, however, remove Lotus Bakeries from the ING Benelux Favourite list, following its strong share price performance since the turn of the year. We upgrade our Normalised EPS by 2-3% respectively over 2026-29F, reflecting a stronger-than-expected benefit of the discontinuation of the ice cream business, as demonstrated by the group's 2H25 Adj. EBITDA margin. We expect the company to continue to deliver above-consensus organic sales growth ...

February 24, 2026 February 24, 2026 1 EN

ING Financial Markets

ING Benelux Favourites/Weekly performance and valuation update

We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 28 January 2026, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Favourites list comprises Aedifica, Ageas, ASM International, Basic-Fit, D'Ieteren, Lotus Bakeries, SBM...

February 16, 2026 February 16, 2026 1 EN

KBC Securities

Morning Notes : ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PHVS US

: ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PHVS US

February 11, 2026 February 11, 2026 1 EN

Morning Notes : ACKB BB, ATEB BB, CPINV BB, SYENS BB, PHVS US

: ACKB BB, ATEB BB, CPINV BB, SYENS BB, PHVS US

14h / 28m 14h / 28m 1 EN

Lynn Hautekeete

Lynn Hautekeete

Care Property Invest FY25 results: Apricusa bankruptcy results in outlook below consensus

Care Property Invest reports FY25 in line with its 3Q25 guidance. In line with previous quarters there was a negative leasing spread (-1.08%), but the EPRA cost ratio further improved to 15.6% (+110bps). The FY26 outlook of € 1.07 EPRA EPS is below our expectations (€ 1.09) and below the € 1.11 consensus estimates. The difference is driven by the Apricusa bankruptcy announced early January (- € 0.02 EPRA EPS impact), lower than expected indexation forecasts (i.e. 1.3% for BE) and rent cuts for Belgian operators. We upgraded Care Property after the capital increase from Hold to Accumulate resul...

14h / 47m 14h / 47m 1 EN

Livio Luyten

Livio Luyten

Ackermans & van Haaren Tempering our expectations for the private banking segment

Recently, the AvH stock rose above our €272 target (set 1 year ago), and for good reasons. FY25 results exceeded expectations, with core participations delivering record contributions overall. Entering 2026, we have updated our valuation model for the private banking segment. Recent financials and a noticeable compression in forward peer multiples have led to modestly lower current valuations and a more material reduction in our forward (FY26E) target valuations. Based on our forecasts of €294m net profit for Delen and €114m for Bank Van Breda in FY26, we now target €3.2bn for Delen (down from...

15h / 26m 15h / 26m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Lotus Bakeries Three Continents, One Momentum: Lotus Turns Up the Heat

We are a financial services provider for several types of professional clients, each with distinct needs.

Lotus Bakeries/Entering an era of increased profitability/BUY

ING Benelux Favourites/Weekly performance and valuation update

Morning Notes : ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PHVS US

Morning Notes : ACKB BB, ATEB BB, CPINV BB, SYENS BB, PHVS US

Care Property Invest FY25 results: Apricusa bankruptcy results in outlook below consensus

Ackermans & van Haaren Tempering our expectations for the private banking segment

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe