Lindt & Spruengli: H1-26 Preview: Tale of two regions

Research evidence excerpt

Lindt & Spruengli: H1-26 Preview: Tale of two regions

Equity Research

European Consumer Staples

12 June 2026

Lindt & Spruengli

H1-26 Preview: Tale of two regions

For H1,we now expect Europe OSG to be negative due to

weakness in Germany where LISN is seeing elevated vol

elasticity. We lower H1 group OSG to 4.2% from 5%. For 27, LISN.S/LISN SW UNDERWEIGHT Unchanged

we continue to struggle to see how it delivers its 6-8% OSG European Consumer NEUTRAL

guide given pricing could be negative. UW, TP down to Staples Unchanged

CHF95,000. Price Target CHF 95000.00

lowered -5% from CHF 100000.00

Price (11-Jun-26) CHF 94700.00

The key debate for Lindt centres on how pricing and margins will evolve through 2026, and Potential Upside/Downside +0.3%

what this implies for the credibility of the 6-8% growth algorithm into 2027, although Source: Bloomberg, Barclays Research

technically the 6-8% OSG is medium-term guidance. With cocoa costs easing and signs of

pricing fatigue emerging, the ability to sustain pricing looks increasingly constrained, Market Cap (CHF mn) 21883

shifting the focus to whether European volumes can meaningfully recover particularly Shares Outstanding (mn) 1.13

given continued softness in some key European markets such as Germany and Free Float (%) 100.00

Switzerland. 52 Wk Avg Daily Volume (mn) 0.0001

Dividend Yield (%) 1.90At the same time, the rolling effect on input costs and the necessary step-up in reinvestment to

Return on Equity TTM (%) 14.85drive volume growth are likely to weigh on margins in H1-26 where guidance at the analyst

Current BVPS (CHF) 21288.81conference in March was for H1-26 margins to be down 100bp to 10% (vs 11% in H1-25). It is

Source: Bloomberg

important to say we do expect Lindt to reach its margin guidance for 2026 as a better