Lotus Bakeries NV stock (BE0003604155): sweet growth story with US exposure and index tailwind

Lotus Bakeries NV remains in focus after strong 2024 growth and its ongoing presence in the Euronext Next 150 index. The maker of Biscoff cookies is pushing international expansion, including the US market, while investors watch margins and valuation.

Lotus Bakeries NV has drawn renewed investor attention in 2025 after reporting solid growth for 2024 and continuing to benefit from its role in the Euronext Next 150 index, which helps support liquidity in the European mid-cap universe, according to Euronext index data as of 03/31/2025 and the company’s full-year results release published on 02/14/2025.Lotus Bakeries investor information as of 02/14/2025Euronext index data as of 03/31/2025

As of: 21.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Lotus Bakeries NV
• Sector/industry: Consumer staples / packaged food
• Headquarters/country: Belgium
• Core markets: Europe, the United States, and selected international export markets
• Key revenue drivers: Biscoff cookies and spreads, Lotus branded snacks, and international distribution
• Home exchange/listing venue: Euronext Brussels (LOTB)
• Trading currency: EUR

Lotus Bakeries NV: core business model

Lotus Bakeries NV is a Belgian snack food manufacturer best known for its caramelized Biscoff biscuits, as well as a wider portfolio of cakes, waffles, and healthy snacks. The group positions itself in the consumer staples segment, with a focus on affordable indulgence and impulse purchases in supermarkets, convenience channels, and foodservice operators around the world, according to the company profile on its website as of 02/14/2025.Company profile as of 02/14/2025

The business model centers on building strong brands and using them to secure shelf space and visibility in major retail chains. Biscoff has become the flagship brand, often used as a coffee accompaniment and as an ingredient in desserts, ice cream, and bakery products. Lotus Bakeries NV also works with airline and hospitality partners, which historically helped the brand gain international recognition through in-flight servings and hotel placements, according to corporate history information from the company website as of 02/14/2025.Lotus Bakeries history as of 02/14/2025

In recent years, the group has diversified beyond traditional biscuits into natural and healthy snacking, investing in brands such as Nakd and Trek via its natural foods segment. This segment aims to capture demand from consumers looking for perceived healthier alternatives, while still fitting into the broader snacking trend. The combination of legacy biscuit brands and newer healthy lines gives Lotus Bakeries NV exposure to both mature and growth categories in global snacking.

The company’s strategy emphasizes brand-led growth, disciplined marketing investments, and gradual geographic expansion rather than large-scale, high-risk acquisitions. Management has repeatedly highlighted the importance of maintaining product quality, consistent recipes, and a recognizable taste profile as differentiators versus private-label competition, based on narrative in the 2024 annual report released on 02/14/2025.2024 annual report as of 02/14/2025

Main revenue and product drivers for Lotus Bakeries NV

The largest revenue driver for Lotus Bakeries NV remains the Biscoff range, which includes the classic caramelized biscuit, Biscoff Spread, and related formats such as sandwich cookies and ice cream collaborations. The company reported that its Biscoff segment delivered double-digit revenue growth in 2024 compared with 2023, driven by higher volumes and pricing in key markets, according to the 2024 full-year earnings release dated 02/14/2025.Full-year 2024 results as of 02/14/2025

Lotus Bakeries NV has been expanding Biscoff’s presence beyond biscuits into dessert toppings, ice cream partnerships, and baking ingredients. These line extensions aim to reinforce brand recognition while opening new consumption occasions. For example, Biscoff Spread and crushed biscuit toppings are marketed for use in home baking and café-style drinks, catering to trends seen in Europe and North America around premium coffee and home dessert preparation, according to product information from the company’s brand pages as of 01/15/2025.Biscoff brand page as of 01/15/2025

The natural foods segment—containing brands like Nakd and Trek—has become another pillar of growth. These products target consumers seeking plant-based and minimally processed snacks, aligning with long-term health and wellness trends in developed markets. Lotus Bakeries NV indicated that natural foods revenues grew faster than the group average in 2024, aided by distribution gains in the UK and selected European markets, as described in the company’s 2024 annual report published on 02/14/2025.2024 annual report as of 02/14/2025

Besides branded packaged goods, the company also benefits from foodservice volumes, including sales to cafés, restaurants, and airlines. While this channel is more cyclical and sensitive to tourism and travel patterns, it can accelerate brand awareness in markets where retail distribution is still in the early stage. Management highlighted in 2024 that foodservice and out-of-home consumption had recovered compared with the pandemic years and supported overall biscuit volumes, according to commentary in the FY 2024 results presentation published on 02/14/2025.FY 2024 results presentation as of 02/14/2025

International expansion and US market exposure

Lotus Bakeries NV has transformed from a largely Benelux-focused producer into an international snacks business with a presence in around 70 countries across Europe, the Americas, Asia, and Australia, according to the company’s corporate overview as of 01/15/2025.Corporate overview as of 01/15/2025

The United States has become one of the most important growth markets for Biscoff. Lotus Bakeries NV has invested in strengthening its US distribution and in-store visibility, including broader placements in national retail chains. The company has also leveraged collaborations with major coffee and ice cream brands in the US, allowing Biscoff flavors to appear in beverages and frozen desserts and helping convert curiosity into repeat purchases, based on information in the 2024 annual report published on 02/14/2025.2024 annual report as of 02/14/2025

To support this growth, Lotus Bakeries NV has been scaling up production capacity for Biscoff. In previous years it announced investments in additional manufacturing lines and facilities to serve international markets, including North America, aiming to reduce logistics complexity and improve service levels, according to capital expenditure descriptions in earlier company reports and updates as of 02/14/2025.Company press releases as of 02/14/2025

For US-based investors, this internationalization means that while Lotus Bakeries NV is listed in Brussels and reports in euros, part of its revenue base is linked to US consumer demand. Exchange rate movements between the euro and the US dollar therefore affect reported figures, and the company’s performance can be influenced by macroeconomic conditions in both Europe and the US consumer sector.

Recent earnings momentum and financial profile

In its full-year 2024 results published on 02/14/2025, Lotus Bakeries NV reported that group revenue increased compared with 2023, supported by higher volumes and price adjustments across its core biscuit and natural foods segments. The company also indicated that profitability improved, with operating margins expanding year-on-year, helped by easing input cost inflation and operating leverage arising from higher sales volumes, according to the FY 2024 results release dated 02/14/2025.Full-year 2024 results as of 02/14/2025

The management commentary in the annual report emphasized continued investment in marketing and brand building, even as cost pressures remained present in areas such as labor and logistics. The company described a balance between protecting profitability and supporting long-term brand strength, a common theme for consumer staples groups during periods of inflation, according to the 2024 annual report published on 02/14/2025.2024 annual report as of 02/14/2025

From a balance sheet perspective, Lotus Bakeries NV has historically maintained a conservative financial structure, with a focus on maintaining sufficient liquidity to fund working capital and capital expenditures. The company has financed capacity expansions and brand investments while signaling an intention to keep leverage at levels it considers prudent for a mid-cap consumer business, according to financial overview sections in its 2024 annual report as of 02/14/2025.Financial overview as of 02/14/2025

Dividend policy remains an element of the investment case. Lotus Bakeries NV has a track record of paying a dividend and has previously raised the payout in line with earnings growth, although exact figures vary by year. Any future dividend developments will depend on profitability, cash generation, and investment needs, as indicated in the company’s shareholder information published on 02/14/2025.Shareholder information as of 02/14/2025

Why Lotus Bakeries NV matters for US investors

Although Lotus Bakeries NV is a Belgian company listed on Euronext Brussels under the ticker LOTB, its products are increasingly visible on US shelves and in US coffee shops. For US investors looking beyond domestic consumer staples, the stock offers exposure to European and global snacking trends with a recognized brand that also resonates in the US market, according to the company’s overview and regional breakdowns in the 2024 annual report as of 02/14/2025.Regional breakdowns as of 02/14/2025

Because trading occurs in euros on Euronext Brussels, US-based retail investors typically access Lotus Bakeries NV through international brokerage accounts that support European listings. This structure introduces currency considerations, as both share price movements in euros and the EUR/USD exchange rate influence returns in US dollars. Additionally, Belgium’s tax environment and any applicable withholding tax on dividends can affect the net yield for US investors, subjects often covered in broker documentation and general tax guidance for cross-border investments.

The company operates within the global packaged food sector, which includes well-known US names as peers. Its positioning in biscuits and indulgent snacks differentiates it from some larger diversified players, but it participates in the same overall consumer dynamics: demand for treats, premiumization, and the balance between health-focused and indulgent categories. For some US investors, Lotus Bakeries NV may represent a way to diversify away from domestic giants while staying within a familiar consumption theme.

Conclusion

Lotus Bakeries NV combines a strong flagship brand in Biscoff with a growing portfolio of natural snacks and a steadily widening international footprint. Recent results show that the company has been able to grow revenues and improve margins despite cost headwinds, while continuing to invest in marketing and capacity. For US-focused investors, the stock offers indirect exposure to US consumer spending alongside European markets, with additional layers of currency and cross-border tax considerations. As always, the investment case hinges on how well management can sustain brand momentum, navigate competition, and balance expansion with financial discipline in the coming years.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.