Tony’s Chocolonely – the mission-led chocolate brand with a vision to end exploitation in cocoa – today reports its integrated impact and financial results for year-end Sept 30, 2025, with the launch of its 2024/5 Annual FAIR Report.
With record cocoa prices and the worst mid-crop harvest in a decade, many companies in the chocolate industry are facing volume and profit declines. Tony’s growth in net revenue, volume and profitability this financial year, whilst continuing to accelerate its positive impact on the ground in West Africa, demonstrates the company’s resilience and the success of its 5 Sourcing Principles.
- The company reported +20% overall revenue growth to €240m, with +50% YoY revenue growth in the US, making it Tony’s biggest market, overtaking the Netherlands for the first time. Tony’s Chocolonely total volume grew +4% YOY.
- Tony’s reported an operating profit (EBIT) of €0.2m (+€3M YoY), whilst reinvesting in production and distribution to meet rising consumer demand for its products globally
- Tony’s Open Chain sourced nearly 27,000 metric tons of beans, a +50% increase year-on-year, positively impacting 30,000+ cocoa farmers in Côte d’Ivoire and Ghana (+60% YoY)
- Long-term partner co-operatives report a child labor prevalence rate below 5% (vs industry average 46.7%)
- 99.99% of cocoa sourced via Tony’s Open Chain is verified deforestation-free
Commenting on the results, Tony’s Chocolonely 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.
“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. More industry players are already joining Tony’s Open Chain each year, and together, we’re committed to ending exploitation in the cocoa industry to create a fairer, more sustainable future for farmers and chocolate lovers alike.
“A huge thank you to everyone at Tony’s Chocolonely, Tony’s Open Chain and all our partners for yet another year of strong impact and financial delivery.”
Background:
Credible recognition of Tony’s impact:
- Tony’s Chocolonely was named a 2025 TIME100 Most Influential company and featured in Fast Company’s 2024 Brands That Matter.
- For the 6th consecutive year, Tony’s Chocolonely has topped the Chocolate Scorecard, assessing how chocolate companies are tackling sustainability issues.
Product performance & consumer preferences:
Tony’s core 180g bar range continues to perform strongly delivering substantial growth across the markets. As the business scales, and brand awareness rises, new innovation now plays an important role to unlock new market opportunities for the brand.
- 90g format offers consumers a solo-sweet treat moment and a different price point: The company launched its new range of 90g bars in key European retailers. This format offers consumers a product at a lower price point, without changing the grammage or cocoa content of its primary bars range.
- Costco US pouch launch: for the first time Tony’s launched a retailer specific product to meet its customers’ preferences.
- New 180g flavors: Additionally, the UK welcomed a new 180g bar, milk rice crispy caramel, which created buzz online and resulted in the biggest organic social launch for any Tony’s product ever.
- The company is investing in expanded production capacity at its own site in Belgium to satisfy growing global consumer demand for its products.
- The UK & Ireland are turning heads and turning profit: both countries kept moving on their upward trajectory, delivering double-digit sales growth of 14% year-on-year, reaching €51.2 million in combined revenue. The company continues to be one of the fastest-growing bar brands in the UK, bucking the category trend with growth in both value and volume.
A call to the industry: now is the time to invest in long-term resilience:
- As cocoa costs have risen rapidly, chocolate companies have sought to protect their margins by raising consumer prices for chocolate at shelf.
- As cocoa prices begin to recover, this presents a unique opportunity for the industry to invest for the long term in the yield resilience of the cocoa crop, while at the same time reducing exploitation in the supply chain, all without eroding their long-term average margins.
- Tony’s is urging chocolate companies to do exactly that, by paying cocoa farmers a higher price, for the long term. This will protect crop yields and market pricing, benefiting both sides of the supply chain.
On this topic, Lamont adds: “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. This approach will drive benefits in a more holistic way to all the players in the cocoa value chain, the chocolate companies, the cocoa industry and the cocoa farmers and their families.”
Tony’s Open Chain: collaborating on cocoa, competing at shelf
Tony’s opened its supply chain to cocoa-buying companies in 2019, with the creation of Tony’s Open Chain. This means any chocolate company can source from its partner cooperatives, all of which use Tony’s 5 Sourcing Principles.
- The initiative now has 20+ Mission Allies and 19 partner cooperatives with 30,000+ farmers impacted.
- This approach actively fights exploitation in the supply chain and offers cocoa-buying businesses more resilience, as demonstrated by the higher yield at partner cooperatives vs industry average in this report.
- Per the 2025 Cocoa Barometer, Tony’s Open Chain is currently the only industry player implementing all 3 of the key purchasing practices considered by VOICE Network as essential towards implementing a living income approach. Namely, good agricultural practices, good governance policies, and good purchasing practices.
- Tony’s Open Chain welcomed two new partners during the reporting period, while major Dutch grocer Albert Heijn expanded its scope and Aldi renewed its commitment for 5 years.
