Barry Callebaut (AO) | Reduce | CEO sees early signs of volume pick up, focus on growth

Research evidence excerpt

Barry Callebaut (AO) | Reduce | CEO sees early signs of volume pick up, focus on growth

News comment

Release date: 20 May 2026

Jon Cox

Head of European Consumer

Reduce +41 43 333 6607Barry Callebaut jcox@keplercheuvreux.com

Switzerland | Food Beta Profile: MCap: CHF6.7bn

Target Price: CHF1000.00 Bloomberg: BARN SW Reuters: BARN.S

Current Price: CHF1224.00 Free float 65%

Up/downside: -18.3% Avg. daily volume (CHFm) 28.9

YTD abs performance -6.3% Market data: 19 May 2026

52-week high/low (CHF) 1523.00/727.50

CEO sees early signs of volume pick up, focus on growth

Key points:

CEO sees early signs of volume recovery as the organisation focuses on growth, closer ties with biggest accounts.

CEO says quality products, customer service and reliable process planning key ingredients for growth.

CEO says previous centralisation went too far, seeks to galvanise organisation amid change fatigue.

CEO sees early signs of volume pick up as organisation shifts to growth focus after restructuring

New CEO Hein Schumacher sees early signs of a chocolate market volume recovery and as the company refocuses on growth

after heavy restructuring and the unprecedented cocoa price disruption of the last couple of years.

Record-high cocoa prices hurt Barry Callebaut's volume. At the same time, it struggled from quality and customer service issues

amid a turnaround under former management.

Schumacher said the priority for the next 12-18 months was ensuring the company has quality products, the right customer

service and reliable process planning in place as key ingredients for growth and as a way to galvanise an organisation that has

suffered from change fatigue.

The company cut around a fifth of its workforce amid its transformation programme. It also struggled with liquidity and balance