In 2025, Vandemoortele’s revenue increased by EUR 138 million to EUR 2.21 billion in 2025, a 7% year-on-year increase, boosted by the recent acquisitions in Italy (frozen bakery specialists Lizzi and Dolciaria Acquaviva). The Belgian bakery also made acquisitions in France* (Délifrance) and the US. Another notable acquisition was Bunge’s European margarines and spreads business. The group’s adjusted EBITDA remained EUR 267 million last year.
The group’s Bakery Products business line grew by 10% in revenue growth in 2025, worth EUR 136 million – to reach EUR 1.5 billion, driven by the integration of Dolciaria Acquaviva and Lizzi Srl in Italy. Adjusted EBITDA increased with 7% to reach EUR 197 million, while overall volumes grew by 4%, supported by particularly strong sales in Italy.
The company’s Plant-Based Food Solutions business increased slightly in revenue to EUR 736 million, while Adjusted EBITDA declined with 14% to EUR 70 million.
Both results reflect 2025’s intensified price competition, higher conversion costs, rising raw material prices and expected margin balancing after an exceptional 2024, the company notes.
“Maintaining stability in a challenging environment was a key priority in 2025,” says CEO Yvon Guérin. “The year was marked by high raw material costs that pushed up consumer prices and weighed on consumption, while geopolitical tensions created a cautious market. We are satisfied that we stabilised our Adjusted EBITDA, which is our key financial performance indicator, and that our recent acquisitions – Banneton Bakery, Dolciaria Acquaviva and Lizzi Srl – performed in line with expectations.”
Group EBITDA declined from EUR 249 million in 2024 to EUR 221 million in 2025, mainly reflecting the impact of consultancy fees linked to acquisition processes and restructuring activities. After accounting for income taxes, earnings after tax (EAT) amounted to EUR 43 million in 2025.
“While earnings after tax were lower than in 2024, we are confident that our investments in new production equipment throughout the year, especially in Plant-Based Food Solutions, will support future capacity and growth,” continues Yvon Guérin. “In Bakery Products, the acquisition of Délifrance, which closed at the end of December, will prove transformative, expanding our product portfolio and international presence in this segment. We also accelerated digitalization and innovation, particularly in the development of plant-based products, all while keeping customer needs at the forefront of our decision-making.”
2026 expectations
Vandemoortele stated it willl focus on returning to organic growth, while consolidating the benefits of recent acquisitions. A key priority will be the full integration of Banneton Bakery and Délifrance.
The planned acquisition of Bunge’s European Margarines & Spreads business is set to finalize this year, as Dolciaria Acquaviva and Lizzi Srl continue to be integrated into the group’s operations.
Jean Vandemoortele, Chair of the Board: “We live in a world of ongoing geopolitical uncertainty that is resulting in high energy prices and cautious consumer behaviour. Nevertheless, we expect lower raw material prices to support margin recovery and volume growth in Bakery Products, while Plant-Based Food Solutions will remain attentive to market volatility and regulatory developments, including the EU Deforestation Regulation.”
Sustainability remains a priority in Vandemoortele’s growth strategy.
*Since Vandemoortele’s acquisition of Délifrance was completed on 31 December 2025, financial figures include the Délifrance acquisition debt but exclude Délifrance’s 2025 turnover and results.
Photo: Vandemoortele