Barry Callebaut: Post Results Agenda

Research evidence excerpt

Barry Callebaut: Post Results Agenda

Equity Research

European Consumer Staples

9 July 2026

Barry Callebaut

Post Results Agenda

First LookBarry Callebaut's stronger-than-expected Q3 confirmed a

return to volume growth, helped by improving execution and

stronger Cocoa demand. However, management continues to BARN.S/BARN SW UNDERWEIGHT European Consumer

Staplescaution that underlying chocolate markets remain weak, with NEUTRAL

Price Target CHF 1020.00

FY27 volume growth still expected at just 1-3%. Price (08-Jul-26) CHF 1184.00

Potential Upside/Downside -13.9%

Source: Bloomberg, Barclays Research

Q3 volume beat was not solely driven by restocking: Management acknowledged some

customer restocking in Cocoa, particularly in cocoa powder across Latin America and Asia.

Global Chocolate growth also likely reflected some customer restocking but was also driven by European Consumer Staples

underlying continued momentum in Asia, market share gains in India, additional business wins Alex Sloane

in Australia and improving service levels in North America, where OTIF improved six percentage +44 (0)20 3555 0645

points. Management also noted future order books are materially stronger year-on-year, alexander.sloane@barclays.com

Barclays, UKsuggesting improving customer confidence.

Warren Ackerman

Q4 should remain strong, but FY27 growth still seen at only 1-3%: The updated FY26 volume +44 (0)20 3134 1903

guidance of around -1% implies approximately 4.5% volume growth in Q4, with Gourmet warren.ackerman@barclays.com

expected to return to growth after price list reductions introduced from July. Despite the Barclays, UK

stronger H2 trajectory, management reiterated its expectation of only 1-3% volume growth over Setu Sharda

the next 12-18 months.