Annual Report 2023
OUR MISSION IS TO CREATE SMALL MOMENTS
OF JOY AND HAPPINESS. WE DO THAT BY OFFERING A VERSATILE RANGE OF BRANDED SNACKS
WITH SUPERIOR TASTE EXPERIENCE.
TO EVERY CONSUMER. FOR EVERY OCCASION.
IN EVERY COUNTRY.

Jan Boone – CEO
Jan Vander Stichele – Non-Executive Chairman of the Board of Directors
4 - Lotus Bakeries
navigating growth
Dear reader,
In this annual report, we are eager to elucidate the strategy, milestones, challenges, and initiatives that define 2023 for our Lotus Bakeries Group. Looking back over the past year, we take pride and enthusiasm in the steps we have taken and are pleased to offer you an open window into our journey in this report.
As you delve into the content, you will find that throughout 2023, our strategic growth ambition and our Environmental Social Governance (ESG) vision have been of utmost importance, as they are increasingly intertwined and mutually reinforcing. This synergy is reflected in the structure of the annual report, which consists of three main sections: a corporate chapter, a financial chapter, and a comprehensive ESG compilation along with the Global Reporting Initiative (GRI) report.
2023 was a meaningful year, in which more than one milestone was reached. For the first time in history, Lotus Bakeries achieved a revenue milestone of more than one billion euro. 2023 also marked the implementation of our Biscoff growth model, the outcome of which confirmed our ambition to be present in consumers’ favourite indulgence moments around the world and confirmed our confidence to take our fair share in the cookie category in every country. This successfull implementation was complemented by the robuust performance of our Natural Foods healthy snacking business, driven by its continued internationalisation, its strong performance in the UK and its focus on innovation. Additionally, our Local
Heroes business played a central role in our Group’s success, leveraging its strong position in local home markets, renowned brands and remarkable products.
After a few turbulent years due to the pandemic, geopolitical tensions, and inflationary pressure, today we look ahead with optimism. We start the new year in more calm waters and look forward to continuing structural, good cooperation with our customers.
We would like to extend our heartfelt gratitude to everyone who contributes daily to our mission of creating small moments of joy and happiness by offering a diverse range of branded snacks with a superior taste experience, reaching every consumer, for every occasion, in every country.
On behalf of the entire Executive Committee and the Board of Directors, we end this message with confidence, as in 2023 strong foundations were further strenghtened and we continue to believe in a bright future for the company based on our elaborated strategy.
Enjoy reading!
Jan Boone Jan Vander Stichele
CEO Non-Executive Chairman of
the Board of Directors
Lotus Bakeries - 5
Navigating growth