Bel group reports US$2.2B sales in H1 2026

FRANCE – Bel Group has reported consolidated net sales of US$2.17 billion (€1,877 million), with organic growth of +4.2% in H1 2026.

Recurring operating income was US$158.27 million (€137 million), up US$28.93 million (€25 million) organically (+22.3%) compared to the same period of the previous year.

Volume growth, sustained productivity, and optimized procurement performance enabled the Group to absorb inflationary pressures linked to the geopolitical context, while continuing investments in its core brands and transformation.

Recurring operating margin: 7.3%, reflecting the strength of the Group’s model in a context of currency volatility and increased investments to support the Group’s future growth.

Free cash flow was US$23.16 million (€20 million), illustrating solid cash generation performance in a context of typical seasonality in working capital requirements.

Cécile Béliot, Chief Executive Officer of Bel Group, said: “This first half once again confirms the robustness of our model and the relevance of our brand portfolio, with healthy, accessible, and fun portion-sized products that meet consumers’ needs in their search for more protein and fiber. This momentum enables us to pursue solid growth and outperform in terms of sales growth.”

Strong growth in core brands led to +6.4% in sales and +5.4% in volumes, confirming the enduring appeal of Babybel®, Kiri®, Boursin®, GoGo squeeZ®, and the Group’s other core brands among consumers, supported by continuous innovation momentum.

E-commerce and Out-of-Home (OOH) channels: continued double-digit global growth in these channels (+14%), confirming the ongoing development of new consumption patterns.

In H1 2026, innovation remained at the heart of Bel’s strategy to address new nutritional expectations and evolving food consumption patterns.

The Group notably launched the Pom’Potes® Sport range in France, the GoGo squeeZ® SlymeZ range in the United States, and Mini Babybel® Pro, while enriching its portfolio with the first Skyr spreadable cheese under the Kiri® brand.

2026 outlook

In H2 2026, the Group stated it will continue executing its strategic roadmap, leveraging the strength of its multi-local model, the momentum of its core brands, and the investments made to support its long-term growth.

In an environment still marked by geopolitical, economic, and currency uncertainties, and renewed inflationary pressures, Bel will continue to adapt its product portfolio and industrial base to respond to evolving food consumption patterns and consumer nutritional expectations.

International development will remain a major growth driver, with the strengthening of industrial capacity in strategic markets, particularly in North America and Asia, to sustainably support the growth of its core brands.

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