Tony’s Chocolonely has reported double-digit revenue growth and an expansion of its ethical cocoa sourcing programme, according to its integrated impact and financial results for the year ending 30 September 2025.
The chocolate company reported a 20% year-on-year increase in revenue to €240m, despite ongoing volatility in global cocoa markets. Total sales volumes rose by 4% year on year. The company recorded an operating profit (EBIT) of €0.2m, an improvement of €3m compared with the previous year, while continuing to invest in production and distribution.
The United States became Tony’s largest market during the reporting period, with revenue growth of 50% year on year, overtaking the Netherlands for the first time. The UK and Ireland also reported double-digit growth, with combined revenue rising 14% year on year to €51.2m.
Tony’s said its ethical sourcing initiative, Tony’s Open Chain, sourced nearly 27,000 metric tonnes of cocoa beans during the year, an increase of 50% year on year. The company said the programme now works with more than 30,000 cocoa farmers in Côte d’Ivoire and Ghana, representing a 60% increase compared with the previous year.
According to the company, long-term partner cooperatives reported a child labour prevalence rate below 5%, compared with an industry average of 46.7%. Tony’s also reported that 99.99% of cocoa sourced through Tony’s Open Chain was verified as deforestation-free.
Commenting on the results, chief executive 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.
“We are immensely proud to take yet another step forward in proving the case for a more holistic impact model for the cocoa industry. As an industry, we need to learn the lessons of this recent crisis and make a collective long-term commitment to paying cocoa farmers a higher price.”
Lamont added that more companies are joining Tony’s Open Chain each year. “Together, we’re committed to ending exploitation in the cocoa industry to create a fairer, more sustainable future for farmers and chocolate lovers alike.”
Tony’s Open Chain was launched in 2019 and allows other chocolate companies to source cocoa through the same cooperatives using Tony’s sourcing principles. The initiative now includes more than 20 partner companies and 19 cooperatives. During the reporting period, two new companies joined the programme, while Dutch retailer Albert Heijn expanded its participation and Aldi renewed its commitment for a further five years.
The company said cocoa price volatility and poor harvest conditions across West Africa have contributed to financial pressure across the chocolate sector, with many manufacturers reporting declining volumes and margins. Tony’s said it is urging the wider industry to invest in long-term resilience by paying higher cocoa prices to farmers as market prices begin to ease.
Addressing the issue, Lamont said: “With higher pricing now passed through on shelf to consumers, and as the market pricing for cocoa begins to fall, the industry must collectively consider how we can work together to invest in becoming more resilient to future climate shocks and yield crises.
“Investing in cocoa farmers by committing to pay a higher price for the long term allows them to invest in the sustainability of their crops. This reduces dramatic yield declines in years of climate stress and at the same time actively reducing the worst forms of exploitation, not least child labor.”
Tony’s said it continues to invest in expanded production capacity at its site in Belgium to meet rising global demand. The company also introduced new product formats and retailer-specific lines during the year as part of its commercial strategy.
