October 2026
Largest Food & Beverages Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
AB InBev, Lotus Bakeries, Spadel, Miko and Newtree.
 | Anheuser-Busch InBev is a global brewing group based in Leuven, Belgium, with publicly traded shares and American depositary receipts. The company produces, markets and distributes beer across a broad portfolio of international and local brands. Important brands include Budweiser, Corona, Stella Artois, Beck’s, Hoegaarden and numerous regional products. Its revenue derives primarily from beverage sales through wholesale, retail and hospitality distribution channels. The group was formed through the combination of InBev and Anheuser-Busch and operates across both developed and emerging markets. Its business model combines large-scale brewing and distribution with local consumer brands and international brand investment. AB InBev sold Oriental Brewery in 2009 as part of its deleveraging programme and agreed to reacquire the South Korean brewer in 2014. The transaction brought Cass and Oriental Brewery’s domestic operations back into its Asia-Pacific business. | $74 | +21% | $146B | $217B | 3.7x | 11.1x | ||
| 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. | $13,551 | +55% | $11B | $11B | 7.3x | 37.4x | ||
| 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. | $382 | +43% | $1.6B | $1.4B | 3.2x | 14.7x | ||
| 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. | $79 | +31% | $98M | $211M | 0.6x | 4.8x | ||
| 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 | -26% | $28M | $28M | - | (53.6x) | ||
| 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. | $1 | -25% | $8M | $14M | 0.4x | 3.8x | ||
| Cumulex NV is a holding company mainly engaged in sugar milling and other sugar-related businesses. Currently, the company has no activities. | $1 | -14% | $326K | $325K | - | (3.9x) | ||
| Median | $74 | +21% | $98M | $211M | 3.2x | 4.8x |
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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