3Q26 Sales: Back to Positive Volumes

Research evidence excerpt

3Q26 Sales: Back to Positive Volumes

Update

July 9, 2026 06:05 AM GMT

Morgan Stanley & Co. International plc+MBarry Callebaut AG | Europe David J Roux

Equity Analyst

3Q26 Sales: Back to Positive David.Roux@morganstanley.comSarah Simon +44 20 7425-1040

Sarah.Simon@morganstanley.com +44 20 7425-6064

Volumes Chris Linford, CFA

Research Associate

Chris.Linford@morganstanley.com +44 20 7425-1639

Reaction to earnings Tilly Eno

Strengthens our thesis Modest upside Largely unchanged Tilly.Eno@morganstanley.com +44 20 7677-3662

Impact to our thesis Financial results versus consensus Direction of next 12-month Richard Li

consensus EPS

Source: Company data, Morgan Stanley Research Richard.Li@morganstanley.com +44 20 7425-1976

Expect positive share price reaction. Barry Callebaut (BARN) 3Q26 volumes for its Barry Callebaut AG (BARN.S, BARN SW)

key Global Chocolate segment were ahead of consensus expectations (+3.2% vs VA Food Producers | Switzerland

cons -0.5%) and returned to positive growth for the first time in two years. BARN's Stock Rating Overweight

Industry View In-Line

Global Chocolate volumes grew +7ppts ahead of the global retail chocolate market Price target SFr 1,370.00

(vs. 2Q at +3ppt) - showing continued positive development in what is considered a Shr price, close (Jul 8, 2026) SFr 1,184.00

52-Week Range SFr 1,538.00- 786.00

key proxy for out-sourcing. FY26 group volume has been raised, while EBIT growth Mkt cap, curr (mn) SFr 6,505

target has been maintained. Additional one-off finance costs from bond buyback Net debt (08/26e) (mn)* SFr 2,565

EV, curr (mn)* SFr 10,811

suggests a modest implied downgrade at PBT level. Nonetheless we see today's

* = GAAP or approximated based on GAAP

update as positive for shares. BARN currently trades on 24.4x CY26E P/E / 6.0%