Barry Callebaut: Q3 beat driven by Cocoa drives higher FY26 volume but unchanged EBIT guide

Research evidence excerpt

Barry Callebaut: Q3 beat driven by Cocoa drives higher FY26 volume but unchanged EBIT guide

Equity Research

European Consumer Staples

9 July 2026

Barry Callebaut

Q3 beat driven by Cocoa drives

higher FY26 volume but First Look

BARN.S/BARN SW UNDERWEIGHTunchanged EBIT guide

European Consumer NEUTRAL

Barry Callebaut delivered a stronger-than-expected return to Staples Price Target CHF 1020.00

volume growth in Q3, driven by both Chocolate and Cocoa. Price (08-Jul-26) CHF 1184.00

While the inflection under the new CEO is encouraging, Potential Upside/Downside -13.9% Source: Bloomberg, Barclays Research

management continues to caution that end markets remain

weak and volume recovery is likely to be gradual. European Consumer Staples

Alex Sloane

+44 (0)20 3555 0645

Barry Callebaut reported a stronger-than-expected Q3, with Group volume growth of +5.7%, alexander.sloane@barclays.com

ahead of Barclays at +3.5% and company consensus at +1.4%, marking the first return to Barclays, UK

positive volume growth in more than two years. The result represents an encouraging early sign

Warren Ackermanthat actions under new CEO Hein Schumacher are beginning to gain traction, although the

+44 (0)20 3134 1903

sustainability of the recovery will remain the key investor debate. warren.ackerman@barclays.com

Barclays, UK

The volume beat was driven primarily by Global Cocoa, where volumes increased +18.0% in Q3,

well ahead of our expectations, reflecting elevated demand following the correction in cocoa Setu Sharda

prices, some customer restocking and one-off cocoa butter opportunities. However, Global + 91 (0)22 6175 1934

setu.sharda@barclays.comChocolate also returned to growth at +3.2% in Q3, slightly ahead of our expectations, supported