Lindt & Spruengli: Post Results Agenda

Research evidence excerpt

Lindt & Spruengli: Post Results Agenda

Equity Research

European Consumer Staples

21 July 2026

Lindt & Spruengli

Post Results Agenda

Management expects group vols to be flat in H2 with LSD to

MSD pricing to reach the 4-6% 26 guidance. Easier comps

around Xmas should help as will relisting in key European LISN.S/LISN SW UNDERWEIGHT European Consumer

Staplesretailers. However 2027 guidance is at risk as we can see no NEUTRAL

Price Target CHF 95000.00

reasons why pricing will be positive given lower cocoa COGS. Price (20-Jul-26) CHF 97600.00

UW Potential Upside/Downside -2.7%

Source: Bloomberg, Barclays Research

FY26 guidance unchanged despite softer volume assumptions. Management reiterated FY26

European Consumer Staplesguidance of 4-6% OSG, with broadly flat group volumes and LSD to MSD pricing in H2. Europe is

Warren Ackerman

expected to improve, supported by LDD Christmas price reductions in Germany, revised price

+44 (0)20 3134 1903

pack architecture, smaller Lindor pack sizes and easier comps especially around Christmas last warren.ackerman@barclays.com

year. The resolution of customer issues with Leclerc in France and Migros in Switzerland should Barclays, UK

provide an additional tailwind. In contrast, North America and RoW are expected to moderate

Imogen McCurley

from strong H1 growth rates given tougher H2 comps.

+44 (0)20 3555 4999

imogen.mccurley@barclays.comMargin guidance maintained for the year. Management reiterated its expectation for 20-40bp

Barclays, UK

EBIT margin expansion in FY26. Roughly half of the H1 margin beat came from the

reimbursement of previously paid US tariffs, equivalent to c.60bp of margin benefit, while the Varshil Modi

remainder reflects efficiencies across logistics, supply chain, manufacturing, maintenance and +91 (0)22 6175 3995