Barry Callebaut: Where is the bar? All the details into FQ326 results

Research evidence excerpt

Barry Callebaut: Where is the bar? All the details into FQ326 results

J P M O R G A N Europe Equity Research

07 July 2026

Barry Callebaut Underweight

BARN.S, BARN SW

Where is the bar? All the details into FQ326 results Price (06 Jul 26):CHF1,151.00

Price Target (Aug-27):CHF1,000.00

Ahead of Barry Callebaut’s FQ326 results on Thursday 9th July, we recap our views European Food Producers and

for the quarter and highlight key areas of focus. We are slightly ahead of consensus Household & Personal Care

for Q3 volumes at +2.4% (vs company compiled consensus +1.4%), but expect Products

market expectations are around this level, with CEO Hein Schumacher confident Edward G Hockin AC

during June conferences that a return to volumes growth is coming through. Yet we (44-20) 7742-6937

expect there to be scrutiny on the longevity of volumes improvement supported by edward.hockin@jpmorgan.com

normalizing customer ordering patterns and easy base of comp, amidst Celine Pannuti, CFA

confectionery end markets that remain weak. And whilst the company reiterated (44-20) 7134-7123

celine.pannuti@jpmorgan.com

in June its FY guidance for -1 to -3% volumes and mid-teens LC adj. EBIT decline, J.P. Morgan Securities plc

higher logistic costs since the ME conflict could risk weighing on FY EBIT

delivery. In the MT, financial KPIs outlined at their in their Focus for Growth plan Specialist Sales contact details:

are solid, however with risks to FY26/27 base earnings level and the stock at a Olivia Petronilho - Specialist Sales -

premium valuation multiple of 19.5x PE 27E despite higher risk profile, we rate the European Consumer

stock Underweight. (44-20) 3493-3709

olivia.b.petronilho@jpmorgan.com

• Release is scheduled for Thursday 6:00am UKT / 7:00am CET.