Suresnes, March 25, 2026

• A strategic model built on a portfolio of global, popular, and joyful brands, with a unique signature around cheese, fruit, and plant-based snacking portions that continues to prove its value:
  • 8th consecutive quarter of volume growth across all the Group’s core brands: Babybel®, The Laughing Cow®, Boursin®, Kiri®, and GoGo squeeZ®, illustrating the lasting appeal of healthier, accessible dairy, fruit, and plant-based portions for all.
  • Solid organic growth momentum across all regions, particularly strong in North America (+4.9%) and Asia (+15.1%).
  • Double-digit growth in e-commerce and Out-of-Home (OOH) distribution channels for the 5^th consecutive year.

• Another year of robust financial performance:
  • Sales of €3.83 billion, with organic growth of +4.7 % and reported growth of +2.4%.
  • Recurring operating income of €260.2 million, up 6.7% at constant exchange rates.
  • Group operating margin of 6.8%, stable compared with 2024.

• International acceleration and continued “Data&Tech” investments in line with our strategic plan:
  • Strengthening our industrial investments, notably in the United States and Asia.
  • Minority stake in MBR (Garuda Food), Indonesia’s market leader in cheese.
  • Partnerships with Dassault Systèmes and Accenture to support our digital transformation.

Cécile Béliot, Chief Executive Officer of Bel Group, said: “In 2025, Bel reached another milestone in its growth acceleration, through the deployment of its unique model: a clear mission, a global portfolio of popular and joyful brands, made of cheese, fruit and veggies, rightly positioned as healthier snacking options, a powerful international footprint, a high-performing industrial base, and an ongoing focus on our social and environmental impacts in everything we do. These are the key ingredients of our resilience and of our short- and long-term success. Despite a very uncertain macroeconomic and geopolitical environment, we are entering 2026 with humility and confidence, convinced by the robustness of our growth model, which combines profitability and responsibility, and of the strength of our portfolio in providing access to healthier and sustainable food for all.”

2025 Highlights

2025: ANOTHER YEAR OF ROBUST PERFORMANCE

• In a global environment marked by persistent geopolitical tensions, a rise in trade barriers, rapidly evolving consumer expectations, and limited growth in food sales by limited growth in food sales, the Group posted its 8th consecutive quarter of volume growth, driven by its iconic, joyful brands and its unique portfolio of dairy, fruit, and plant-based portions for healthier snacking moments.
• The Group surpassed the €3.83 billion mark in consolidated sales, up +4.7 % on an organic basis.
• Recurring operating income came to €260.2 million, up organically by 6.7%, representing a stable operating margin of 6.8%, despite renewed inflationary pressure, the impact of new tariffs, and continued investment behind the brands and the Group’s transformation. Operating income reached €234.9 million, up +32.1 %.
• The sharp increase in net profit, Group share, brought it to €106.8 million, compared with €53.0 million in 2024.

ACCELERATING THE MULTI-LOCAL MODEL FOR HEALTHIER SNACKING

• In 2025, Bel continued transforming its international model by strengthening its industrial footprint in priority markets, with a clear ambition: to produce closer to consumers, support the growth of its core brands, and sustainably secure its production capabilities.
  • In North America: Bel’s operations continued to grow, supported in particular by Babybel® and Boursin®’s excellent double-digit performance, as well as the $350 million investment plan for its U.S. plants, notably the expansion of the Brookings plant to support Babybel®’s growth.
  • In Asia: Bel acquired a 22.5% minority stake in Mulia Boga Raya, Indonesia’s market cheese leader, to strengthen its foothold in Indonesia in the healthy snacking segment, launched a €16.7 million investment to double the capacity of its Vietnam plant producing Kiri® and The Laughing Cow®, and strengthened its presence in China with the start of construction of a new plant.
  • In Europe: Bel invested €60 million in a new Babybel® production line in Sablé-sur-Sarthe, France, and continued along its decarbonization roadmap with the installation of biomass boilers in Ulzama (Spain) and Lons-le-Saunier (France).

• Bel products’ success reflects a clear ambition: to make the Group a leader in healthier, accessible everyday portions. Whether cheese, plant-based, or fruit & vegetable, the portion format delivers the right amount of nutrients, with controlled calories and at an affordable price, designed to meet local tastes and nutritional needs.

INNOVATION AND DIGITALIZATION

• Driven by the momentum of its core brands, the Group launched more than 160 product innovations in 2025, confirming its ability to evolve its historic brands while remaining true to their DNA. Bel aims to provide relevant solutions for different consumer profiles seeking healthy, tailored food offerings.
  • Portions adapted to different life moments, and local tastes included Babybel® Protein, launched in France, the United Kingdom, and the United States for people seeking higher protein intake, GoGo squeeZ® Active enriched with electrolytes in the United States, and The Laughing Cow® Harissa launched in Morocco during the Africa Cup of Nations.
  • Bel also developed new plant-based Boursin® recipes in France, the United Kingdom and the Benelux countries, as well as Babybel® Hellfire in the United Kingdom.
  • The Group also continued transforming its packaging, with the gradual rollout of paper wrapper replacing cellophane for Babybel® across all Bel countries and plants.
  • The continued partnership with FoodTech start-up Standing Ovation enabled the implementation in 2025 of a process to recover dairy co-products, making it possible to turn whey supplied by Bel into functional proteins.

• To drive its digital transformation and reinvent its operating model, Bel selected Dassault Systèmes and Accenture as part of strategic partnerships. Bel is pursuing several ambitions: strengthening safety, quality and productivity, increasing resilience and agility, driving growth, and shortening time-to-market while reducing CO₂ emissions.

SOCIAL AND ENVIRONMENTAL PERFORMANCE

• The strength of its environmental trajectory is also recognized by leading organization CDP, with a triple A rating: A for climate, A- for forests, and A- for water, reflecting the growing integration of environmental issues at the heart of the Group’s strategy.
• The Group also continued reducing its carbon footprint on scopes 1 and 2, reaching -41% in absolute carbon emissions between 2017 and 2025, exceeding the objectives it had set for 2025.
• The We Share employee share ownership plan is rolling out internationally in 2025, thereby opening up to +80% of the Group’s employees.

Detailed Financial Results for Full-Year 2025

The Group surpassed the €3.83 billion mark in consolidated sales, up +4.7% on an organic basis, including +1.7% from volume/mix. On a reported basis, growth stood at +2.4%, reflecting an unfavorable currency effect of approximately €83 million, mainly due to the depreciation of the dollar against the euro.

Recurring operating income came to €260.2 million, up organically by 6.7%, representing a stable operating margin of 6,8%. This performance reflects the growth of our business across nearly all geographies, in a general environment marked by renewed inflationary pressures and increasing trade barriers. Financial year 2025 was also affected by continued investments behind the Group’s flagship brands and its digital transformation. Operating income reached €234.9 million, up +32.1%, given that 2024 was impacted by industrial restructuring.

The strong increase in net profit, Group share, which amounted to €106.8 million compared with €53.0 million in 2024, is explained by the €57 million improvement in operating performance, the €22 million decrease in financial result due to negative impacts related to foreign exchange transactions and hyperinflation, despite an improvement in our financing rate, and by a normalization adjustment to income tax expense of €18 million.

Lastly, Bel’s financial structure remains solid, with net financial debt of €920.8 million, equity of €1 536.6 million, and a high level of liquidity with €362 million in cash and cash equivalents surplus at year-end 2025. Free cash flow amounted to €49 million in 2025. This level of free cash flow includes investment outflows totaling €214 million (i.e. +€22 million more than in 2024), reflecting both the acceleration of the Group’s digital transformation efforts and the plan supporting the Group’s future growth.