Chocoladefabriken Lindt & Spruengli AG | Europe 1H26 Results: FY26 Outlook Confirmed

Research evidence excerpt

Chocoladefabriken Lindt & Spruengli AG | Europe 1H26 Results: FY26 Outlook Confirmed

Update

July 21, 2026 05:57 AM GMT

Morgan Stanley & Co. International plc+MChocoladefabriken Lindt & Spruengli AG | Europe David J Roux

Equity Analyst

1H26 Results: FY26 Outlook David.Roux@morganstanley.comSarah Simon +44 20 7425-1040

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

Confirmed Chris Linford, CFA

Research Associate

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

AlphaSignals Earnings Reaction Tilly Eno

Unchanged Meaningful upside Modest revision higher 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. Lindt & Sprüngli (Lindt) delivered a Chocoladefabriken Lindt & Spruengli AG (LISN.S, LISN

meaningful beat to consensus EBIT expectations largely driven by non-operating SE)

items, and to a lesser extent underlying profitability. The group reiterated its FY26 Food Producers | Switzerland

and medium-term guidance, and implemented selected pricing initiatives to support Stock Rating Equal-weight

Industry View In-Line

volumes from 2H26. On the face of it we think results will be taken well, though the Price target SFr 101,000.00

beat is likely to be scrutinised. At this stage its unclear if initiatives to support Shr price, close (Jul 17, 2026) SFr 98,500.00

52-Week Range SFr 134,800.00-

volumes into FY27 will be material enough to change the debate for buy-side 91,900.00

investors - who based on our discussions, remain below street OSG expectations Mkt cap, curr (mn) SFr 22,835

Net debt (12/26e) (mn)* SFr 1,105

into next year.