1. Belgium Stocks

  2. •

    Consumer non-durables

  3. •

    Beverages: non-alcoholic
SPADEL S.A.

SPADEL S.A.

346.00
EUR
-66.00
(-16.02%)
879.87MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
50.69
55.68
58.31
60.34
69.63
75.76
71.9
64.24
67.99
77.29
83.36
86.09
96.27
- -
Basic EPS, GAAP
2.84
4.01
5.06
4.15
6.36
9.16
6.5
6.59
6.42
3.08
6.8
9.89
12.33
- -
Free Cash Flow per Basic Share
4.09
5.49
5.33
5.04
5.57
5.47
4.63
6.89
6.86
4.83
9.68
10.85
9.28
- -
Dividend per Share
0.84
1
1.24
1.6
1.6
1.8
2
2
2
2
1.5
2.2
3.2
- -
Book Value per Share
25.43
28.42
32.41
34.52
39.27
46.78
50.96
55.38
60.59
62.11
67.24
74.78
83.93
83.93
Tangible Book Value per Share
21.19
24.32
28.51
30.85
9.26
17.23
21.85
25.89
31.48
33.9
39.7
47.88
57.55
57.55
Basic Weighted Avg Shares
4
4
4
4
4
4
4
4
4
4
4
4
4
4
Sales/Revenue/Turnover
210
231
242
250
289
314
298
267
282
321
346
357
400
- -
Operating Margin (%)
8.17
10.1
12.25
9.9
11.05
16.79
12.44
12.06
12.94
7
9.84
13.37
15.41
- -
Depreciation Expense
13
12
12
13
17
20
20
21
20
21
22
22
24
- -
Net Income, GAAP
12
17
21
17
26
38
27
27
27
13
28
41
51
- -
Effective Tax Rate (%)
30.96
30.07
32.1
32.71
16.2
27.37
23.33
22.01
26.16
25.55
18.35
20.42
19.96
- -
Profit Margin (%)
5.6
7.19
8.68
6.88
9.14
12.09
9.04
10.25
9.44
3.99
8.16
11.48
12.81
- -
Working Capital
40
53
54
68
16
32
37
40
48
54
77
106
133
133
LT Debt
2
- -
- -
- -
53
39
29
16
5
4
3
3
4
4
Total Equity
106
118
134
143
163
194
211
230
252
258
279
310
348
348
Return on Invested Capital (%)
11.49
14.24
16.17
11.99
14.7
16.13
10.8
10.76
10.14
5.76
10.15
12.84
14.6
- -
Return on Capital (%)
11.57
14.57
16.54
12.4
14.69
16.18
10.92
10.69
10.12
4.83
10.41
13.77
15.33
- -
Return on Common Equity (%)
11.63
14.87
16.65
12.4
17.25
21.28
13.3
12.39
11.07
5.02
10.52
13.92
15.54
- -

Capital Structure

EUR

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
2
2
2
LT Borrowings
- -
- -
- -
LT Finance Leases
3
3
4
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
4
4
4
Market Capitalization
- -
838
880

Working Capital

EUR

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
235
267
264
Cash, Cash Equivalents & STI
150
141
173
Accounts Receivable, Net
59
100
61
Inventories
25
26
28
Total Current Liabilities
129
142
131
Payables & Accruals
- -
- -
- -
ST Debt
2
2
2
Deferred Revenue
- -
- -
- -

Growth Rates

EUR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.07%
8.73%
12.23%
Free Cash Flow
10.47%
13.6%
-14.51%
Net Income, GAAP
18.79%
27.27%
24.77%
Sales/Revenue/Turnover
5.44%
8.49%
11.82%
Total Cash Common Dividend
- -
- -
45.45%

Semi-annual Revenue

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
346
2024
- -
- -
357
2025
- -
- -
400

Semi-annual Earnings Per Share

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
6.8
2024
- -
- -
9.89
2025
- -
- -
12.33

Semi-annual Dividends Per Share

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
1.5
2024
- -
- -
2.2
2025
- -
- -
3.2

Company Description

Company Profile APIChatGPT
CEO
Marc du Bois
Full Time Employees
1,416
Sector
Consumer non-durables
Industry
Beverages: non-alcoholic
Address
Avenue des Communities N ° 110 Brussels BU Belgium 1200
IPO Date
Jan 2, 1987
Website
spadel.com
Similar Companies
Coca-Cola Company (The) (NYSE:KO)
Celsius Holdings, Inc. (NASDAQ:CELH)
Varun Beverages Ltd. (NSE:VBL)
Monster Beverage Corporation (NASDAQ:MNST)
Anadolu Efes Biracilik ve Malt Sanayii A.S. (BIST:AEFES)
Coca-Cola Icecek A.S. (BIST:CCOLA)
Business
Spadel SA (SPA.BR), a family-owned European group founded in 1980 and headquartered in Brussels, Belgium, produces and markets natural mineral waters, spring waters, flavored waters, and soft drinks under strong regional brands including Spa (Reine, Barisart, Marie-Henriette, Finesse, Intense, Fruit, Duo, Touch), Bru, Wattwiller, Carola, and Devin; it also offers lemonades, fruit syrups, natural zero-calorie beverages, and innovative products such as Eco Packs, returnable glass bottles, recyclable PET bottles, and the SPA Fountain water dispenser. The company operates five production sites in Belgium (Spa Monopole and Bru-Chevron), France (Wattwiller and Carola), and Bulgaria (Devin), serving primarily Benelux (65% of sales), Bulgaria (24%), and France (11%) with a focus on low-carbon, sustainable, 100% natural products for health-conscious consumers, athletes, families, and gastronomy; it additionally manages Thermes de Spa facilities. In recent developments, Spadel announced in April 2025 a €40 million investment through 2027 at its Spa Monopole plant to renovate production lines, add a new line for SPA Reine, reduce PET bottle weights by 15%, and enhance energy efficiency as part of an €80 million group-wide capex plan including new lines in Bulgaria and Alsace; the company launched Zyla natural low-calorie energy drinks and the SPA Fountain office dispenser in 2024, achieved record €379.3 million turnover and one billion liters sold in 2024, earned B Corp certification for all brands in 2022, and secured CO2 Neutral labeling across sites and products.