Bel group reports net sales of US$2.13B in H1 2025

FRANCE – Bel Group recorded consolidated net sales of US$2.13 billion (€1.867 billion), up +3.2% on an organic basis compared with the same period last year.

Overall sales growth was driven by higher volumes and price increases to offset persistent inflation in raw materials in several markets.

This dynamic performance helped absorbing a slight decline in dairy product volumes, which were affected by geopolitical tensions in the Middle East and heightened consumer sensitivity to price pressure.

Sales growth was driven by the robust performance of Bel’s core brands, especially Kiri (+8.2%), Mini Babybel (+6.1%) and Boursin (+7.3%).

The e-commerce and out-of-home (OOH) distribution channels continued to record strong growth, up 8% and 15% respectively across most geographies, confirming their strategic role in delivering Bel’s portfolio of products.

Recurring operating income amounted to US$142.5 million (€125 million), or 6.7% of sales, down US$34.66 million (€30 million) in 2024.

In the context of a resurgence in raw material inflation since the second half of 2024, this decline again reflects the temporary lag between the impact of the additional costs borne by the group due to inflationary pressures and the effect of passing these costs onto retailers through sales prices. This lag amounts to US$27.16 million (€23 million) as of June 30, 2025.

Free cash flow (excluding securitization and calendar effects) amounts to –€6 million for the period, compared with US$66.84 million (€58 million) in the first half of 2024.

This significantly lower figure is due to a decrease in EBITDA (–€38 million) and a US$43.03 million (€37 million) increase in working capital requirement.

After several consecutive half years of improved operational performance — reflected in reduced inventory levels and better collection of trade receivables — the first half of 2025 was impacted by the effects of industrial reorganization coupled with geopolitical tensions, leading the Group to implement alternative supply chain routes.

Outlook for 2025

Bel has again demonstrated the strength of its international growth strategy and the relevance of its positioning in offering healthier, more sustainable portion-sized products to consumers, in an environment still marked by geopolitical tensions, rising raw material costs and heightened consumer price sensitivity.

In the second half of the year, Bel will continue to pursue its strategy of investing in its core brands to support their development, accessibility and performance in its strategic markets.

The faster pace of its digital transformation, through partnerships with Accenture and Dassault Systèmes, is a key lever to drive the competitiveness and sustainability of Bel’s business model. The Group will continue to strengthen its market-leading position in healthy dairy, fruit and plant-based snacks.

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