May 2026
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Largest Food & Beverages Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
AB InBev, Lotus Bakeries, Spadel, What's Cooking and Miko.
 | Anheuser-Busch InBev is the largest brewer in the world and one of the world's top five consumer product companies, as measured by EBITDA. The company's portfolio contains six of the top 10 beer brands by volume, according to Euromonitor, and we estimate it distributes 23 brands with retail sales over $1 billion. AB InBev was created by the 2008 merger of Belgium-based InBev and US-based Anheuser-Busch. The firm holds a 62% economic interest in Ambev, an 87% stake in Budweiser APAC, and in 2016 it acquired SABMiller. | $84 | +18% | $162B | $223B | 3.8x | 10.5x | ||
| Lotus Bakeries NV produces and sells snacks under a range of brands. Under the Peijnenburg and Snelle Jelle brands, the company supplies gingerbread in Netherlands. With the Nakd, Trek, Bear, and Urban Fruit brands, the company offers snacks made from natural ingredients and no added sugar. Lotus Bakeries operates in Belgium, with production facilities in Belgium, the Netherlands, France, and Sweden, and a number of sales units in Europe, the U.S., and Asia. The company's product portfolio is divided into six product lines: the caramelized biscuits line, the waffles and galettes line, the cake specialties line, the gingerbread line, the pepparkakor biscuits line, and the Dinosaurs biscuits line. Lotus Bakeries distributes its products through retail, catering, and food services. | $12,584 | +20% | $10B | $10B | 6.5x | 33.0x | ||
| Spadel SA produces and markets mineral water, lemonade, and fruit juices. The company also sells water coolers and dispensers. It produces brands of natural mineral water, spring water, and refreshing beverages. Its products are marketed under the brand names Spa, Bru, Wattwiller, Carola, and Brecon. | $413 | +81% | $2B | $2B | 3.3x | 14.8x | ||
| Whats Cooking Group NV/SA is a fresh savoury food group. It commercializes in Europe and beyond a wide range of high-quality and savoury cold cuts and ready meal food products and related services. | $168 | +14% | $311M | $308M | 0.6x | 6.5x | ||
| Miko NV is involved in the business of producing and distributing coffee and plastic packaging. The company also manages its subsidiaries in European countries and Australia as well as sells its coffee concepts via independent distributors in countries across Europe and beyond. The sole business segment focuses exclusively on coffee, catering to the Out-of-Home market. This market includes offices, businesses, and restaurants where coffee is consumed away from home. Additionally, the segment supplies coffee to retail outlets. The various national subsidiaries within the coffee division all focus on the market segments of office coffee, the hospitality sector, and health care. It mainly operates in Belgium, England, Germany, New Zealand, France and others. | $67 | +15% | $84M | $179M | 0.5x | 3.8x | ||
| Newtree SA is a chocolate manufacturer. It is engaged in the production of chocolate bars and sandwich spread made from fruit and plant natural extracts. | $2 | +6% | $30M | $26M | — | (59.2x) | ||
| Fountain SA markets coffee and other beverage dispensing machines intended mainly for businesses. The Group distributes its products through its subsidiaries, but also through a network of independent distributors. | $2 | +7% | $11M | $16M | 0.5x | 4.3x | ||
| Cumulex NV is a holding company mainly engaged in sugar milling and other sugar-related businesses. Currently, the company has no activities. | $1 | +6% | $378K | $378K | — | (2.2x) | ||
| Median | $75 | +14% | $198M | $244M | 1.9x | 5.4x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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