Lotus Bakeries N.V.

Mondelēz International announced on September 22 the global launch of Toblerone Diamond Truffles with Biscoff, expanding its strategic partnership with Lotus Bakeries. The product combines Toblerone's milk chocolate truffles with Biscoff spread and nougat and debuts across multiple formats, including a 495g premium box launched globally with Costco. The move reflects Mondelēz's broader strategic focus on driving volume growth through premiumization, cross-brand innovation, and expanded distribution in high-traffic retail channels. The company reported Q2 2026 net revenue growth of 4.1%, organic revenue gains of 2.2%, and positive volume/mix of 0.7%, while gross margins rose 900 basis points to 42.6%. Adjusted Operating Income fell 2.7% on a constant currency basis, with margins contracting 120 basis points to 13.1% on higher raw material, advertising, and promotional costs.

Lotus Bakeries shares have surged nearly 590% over the past decade, driven by soaring global sales of its Biscoff cookies. The stock is up 47% year-to-date, even as food and staple stocks have largely struggled worldwide. Biscoff is now among the world's top five biscuit brands by sales, and a viral TikTok trend involving Lotus biscuits in a Japanese cheesecake recipe has further boosted demand. The company has expanded into spreads, ice cream, and chocolates, and opened a factory in Thailand to reach Asian markets, helping revenue jump an average 17% annually between 2014 and 2024. Despite the strong performance, the stock trades at about 46 times expected earnings, more than double the MSCI World Food, Beverage and Tobacco Index, and the average analyst price target suggests no upside over the next 12 months.