Lindt & Spruengli: Chocolate volumes remain in focus

Research evidence excerpt

Lindt & Spruengli: Chocolate volumes remain in focus

ted retail chocolate prices, with UK media citing 50% cumulative price increases in just 3

Price Performance Exchange-SWXyears. This has led to a bit of consumer backlash but the key point from Lindt's point of view is

CHFthe commentary doesn't fully capture the lagged nature of industry cost pass-through, given 52 Week range 134800.00-94000.00

hedging, procurement timing and broader input cost pressures. Some media including CNBC

have noted that lower cocoa futures do not immediately translate into lower shelf prices,

however the mainstream media has not. This is particularly sensitive in Germany, where

discounters and private label make up around c.50% of the market and Lindt’s premium

positioning and 15% market share make it a more visible and high profile target. While we view

this as more of a perception issue than a distribution issue, it nevertheless adds to the volume

recovery debate after a period of significant pricing.

Source: IDC

Link to Barclays Live for interactive charting

It is also worth noting that Lindt is not the only one in the spotlight with Mondelez (covered by

Andrew Lazar) also under scrutiny. In May 2026, a German court ruled that Mondelez misled

consumers by reducing Milka bar size by 10% with minimal packaging changes, whilst European Consumer Staples

Warren Ackermansimultaneously increasing prices from €1.49 to €1.99. Overall, this points to growing consumer

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perception that pricing in chocolate has increased too much. If we look at Lindt's cumulative

warren.ackerman@barclays.com

pricing in the last four years, it is 40% – which from a consumer point of view is very noticeable Barclays, UK

Alex Sloane

Barclays Capital Inc.