Tony’s Chocolonely has reported double-digit revenue growth and a sharp expansion of its ethical cocoa sourcing programme, positioning the mission-led brand as an outlier in a year marked by severe disruption across the global chocolate industry.
In its integrated impact and financial results for the year ended 30 September 2025, published alongside its 2024/25 Annual FAIR Report, the company said revenues rose 20% year-on-year to €240m. Total volumes increased 4%, while operating profit reached €0.2m, an improvement of €3m on the prior year, as the business continued to reinvest in production and distribution capacity.
The performance comes against a challenging backdrop for the sector. Record cocoa prices and the weakest mid-crop harvest in a decade have weighed heavily on margins and volumes across much of the industry. Tony’s said its results reflected the resilience of its sourcing model, built around long-term supplier relationships and its five sourcing principles.
Growth in the US was a particular standout. Revenue in the market rose 50% year-on-year, making it Tony’s largest geography for the first time, overtaking its home market of the Netherlands. The company is now the fastest-growing premium chocolate brand in the US, according to its own reporting.
In the UK and Ireland, revenues rose 14% year-on-year to €51.2m, with Tony’s continuing to grow both value and volume in a category that has otherwise been under pressure. Core 180g bars remained the strongest-performing range, supported by new product launches and wider distribution.
Alongside its commercial performance, Tony’s reported significant progress in scaling ethical cocoa sourcing through Tony’s Open Chain, the open-access supply chain it launched in 2019. During the year, the initiative sourced nearly 27,000 metric tonnes of cocoa beans, a 50% increase year-on-year, impacting more than 30,000 cocoa farmers in Côte d’Ivoire and Ghana.
Long-term partner cooperatives reported a child labour prevalence rate below 5%, compared with an industry average of 46.7%, while 99.99% of cocoa sourced via Tony’s Open Chain was verified as deforestation-free. The programme now includes more than 20 mission allies and 19 partner cooperatives, with two new partners joining during the reporting period.
Commenting on the results, CEO Douglas Lamont said: “It’s been a challenging year, but we’ve shown how resilient and effective our model is with strong growth in revenue, volume, profitability and, most importantly, impact on the ground for cocoa-farming families.”
Lamont used the results to issue a broader call to the chocolate industry as cocoa prices begin to stabilise. With higher shelf prices now embedded, he argued that the current moment presents an opportunity for companies to commit to paying farmers higher prices over the long term, strengthening crop resilience and reducing exploitation across supply chains.
Tony’s Open Chain has been cited in the 2025 Cocoa Barometer as the only industry player currently implementing all three purchasing practices identified by VOICE Network as essential to a living income approach. Major European retailers including Albert Heijn and Aldi expanded or renewed their commitments during the year.
The company said it will continue to invest in expanded production capacity at its Belgian manufacturing site as it looks to meet rising global demand, while pressing for wider adoption of its sourcing model across the industry.
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