LINDT & SPRUENGLI CERT (=) : Corporate Contact: Key Takeaways

Research evidence excerpt

LINDT & SPRUENGLI CERT (=) : Corporate Contact: Key Takeaways

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FOOD & HPC

LINDT & SPRUENGLI CERT NEUTRALPRICE* CHF9,210  TARGET PRICE CHF11,000 (UPSIDE 19%)

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Corporate Contact: Key Takeaways

11 JUNE 2026 Securities Research Report Production time: 09:54* (London time)

Research Analyst & Publishing Entities

Mikheil Omanadze BNP Paribas London Branch (+44) 203 430 8616 mikheil.omanadze@uk.bnpparibas.com

What happened?

We recently caught up with Lindt & Spruengli to get an update on what it has been saying to investors over recent

weeks (Lindt reports H126 results on 21st Jul 2026). The tone of the call was slightly on the cautious side (in line with

what we believe Lindt’s messaging was at an Investor Conference last week), supporting our view that Bloomberg

consensus volume expectation for H1 at -6.6% may be a tad optimistic (we model -7.5%). Lindt commented that H2 is

likely to outperform H1 in terms of organic sales growth; note that company consensus from 28th May has group organic

sales growth at +4.8% for H126 and +4.6% for FY26). Lindt remains confident in its ability to reach its unchanged FY

guidance of +4-6% LFL and +20-40bp EBIT margin expansion.

Points of detail:

– Volumes: Lindt expects H126 to see volume declines potentially similar to what was seen in H225, whereas

H226 volumes are expected to be flattish to slightly positive. As to what factors should help this sequential

improvement in volume trends, Lindt referred to i) consumer becoming more used to pricing, ii) lapping

headwinds from retailer disputes in H225, iii) retail stores growth, iv) some degree of portfolio adaptation into the

Christmas season.

– Pricing: It is expected to be in the LDD territory for H1, whereas H2 price growth should be lower (however still