Robust Financials Highlight Appeal to Investors (Image Credits: Unsplash)
Belgium – Ready-meals producer What’s Cooking? confirmed receipt of an unconditional takeover notice from Luxembourg-based Malaga Investment SCSp, signaling potential consolidation in the European convenience food sector.[1][2]
Robust Financials Highlight Appeal to Investors
The company posted impressive results for the 12 months ended December 31, 2025, that likely caught the eye of potential acquirers. Turnover climbed 16.2% to €468.9 million ($553.6 million), driven by organic volume growth of 6%.[1] Underlying EBITDA rose 22.7% to €40.4 million, while reported EBITDA increased 19.7% to €37.9 million.
These figures underscored operational strength amid a shifting market. Earnings after tax surged 23.5% to €25.4 million, and underlying EBIT climbed 32.9% to €40.4 million. Such performance positions What’s Cooking? as a prime target in the ready-meals space.
| Key Metric | 2025 Value | YoY Change |
|---|---|---|
| Turnover | €468.9m | +16.2% |
| Organic Volumes | – | +6% |
| Underlying EBITDA | €40.4m | +22.7% |
| EBIT | €20m | +7.2% |
| Earnings After Tax | €25.4m | +23.5% |
Takeover Notice Surfaces via Regulator
The Belgian Financial Services and Markets Authority (FSMA) disclosed the approach, which targets all shares of What’s Cooking Group NV not already held by Malaga Investment or its affiliates.[1] Malaga Investment SCSp operates as a Luxembourg société en commandite spéciale, a common structure for funding vehicles in the region.
Details on the bidder remain limited, with its full identity unavailable for comment at press time. What’s Cooking?, led by CEO Piet Sanders, has not publicly addressed the interest or indicated any discussions. The FSMA had yet to confirm additional details when reports emerged.
Strategic Pivot Sharpens Focus on Ready Meals
What’s Cooking? sharpened its portfolio last year by divesting its savoury cold cuts operation to German investor Aurelius. This move allowed deeper investment in branded and private-label ready meals.
In 2025, the firm bolstered its footprint through the acquisition of French rival Sveltic from retail group Les Mousquetaires. Previously known as Ter Beke, the company now operates production sites across Belgium, the Netherlands, France, Poland, and the United Kingdom.[3][4]
- Specializes in lasagne, pizza, pasta dishes, and sauces.
- Maintains 12 production facilities post-restructuring.
- Emphasizes freshly prepared convenience products for retail.
- Listed on Euronext Brussels under ticker WHATS.
Capacity Investments Temper 2026 Outlook
Executives anticipate like-for-like growth to moderate this year due to heavy spending on expansion. A key project involves new production lines at the Opole, Poland facility, slated for 2027 commissioning.
Funding draws from existing credit lines, with underlying EBITDA guidance set at €38 million to €42 million for 2026. These steps aim to support rising demand in the ready-meals category.
Key Takeaways
- What’s Cooking? achieved double-digit revenue growth amid portfolio streamlining.
- Malaga’s bid covers outstanding shares, per FSMA filing.
- Poland expansion signals long-term capacity buildout.
This takeover approach arrives at a pivotal moment for What’s Cooking?, fresh off strong results and amid broader M&A activity in European food manufacturing. Investors will watch closely for next steps from the board or regulator. What implications do you see for the ready-meals market? Share your thoughts in the comments.[1]
