KKO International has released contrasting results for 2025. While consolidated revenue soared to €17.2 million from €9.3 million in 2024, driven by the rise of the SHOKKO factory in Côte d’Ivoire, the net result attributable to the group plummeted to €0.09 million from €1.23 million in 2024. This deterioration reflects the convergence of three factors: cocoa price volatility, rising logistics and energy costs, and, most importantly, an insufficient utilization rate of the factory leading to higher unit costs.
Published on 04/05/2026 at 10:20
Revenue almost doubles, but operating result declines
The group saw an 85% increase in annual revenue, rising from €9.3 million to €17.2 million. This growth is directly linked to the ramp-up of SHOKKO’s production capacity, inaugurated in 2024 and tripling its capacity to reach 3,600 tons per year, especially in the first semester. KKO International also launched its integrated “Tree-To-Bar” approach, combining responsible cocoa farming and industrial processing for the production of premium chocolates.
However, the operating result stood at €1.76 million, down from €2.48 million in 2024, marking a 29% decrease. The net result attributable to the group suffered an even more pronounced contraction, dropping by 93% to only €0.09 million.
Cocoa volatility and costs: profitability tested
The economic environment of 2025 heavily impacted profit margins. The price of cocoa beans in Côte d’Ivoire reached exceptional levels, significantly inflating sourcing costs. Although the group raised its prices, these adjustments could not be fully passed on to customers, widening the gap between expenses and revenues. Additionally, the increased logistics and energy costs occurred as KKO continued its industrial investments. Furthermore, the SHOKKO factory operates below its optimal regime: its insufficient utilization rate mechanically raises production unit costs, affecting profitability despite volume growth. However, equity increased by 22%, from €8.9 million to €10.8 million.
Lacasa’s entry to redeploy strategy
In response to this complex context, KKO International executed a structuring industrial partnership with Lacasa, a renowned Spanish chocolate and confectionery family group and a longstanding partner. This operation combines financing, joint-venture, and governance modifications to accelerate development through complementary skills synergy.
KKO conducted a €4.68 million capital increase benefiting Lacasa by issuing 46.8 million ordinary shares at €0.10 each (nominal value). Lacasa subscribed with €2.2 million in cash and €2.5 million through the offset of existing debts. The Spanish group also received 48 million non-transferable stock options (BSAs), exercisable annually between 2026 and 2032 at €0.10 each, representing a potential additional amount of €4.8 million. The new governance will see Fernando Lacasa Echeverria assuming the role of Chairman and CEO.
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