First Read Lindt & Sprüngli: Results call takeaways with the CEO & CFO

Research evidence excerpt

First Read Lindt & Sprüngli: Results call takeaways with the CEO & CFO

up. We think the reinvestment of lower cocoa butter costs 12/26E 3,142.17 3,139.55

into marketing, promotions and selectively lower list prices will support some volume 12/27E 3,412.95 3,418.65

improvements sequentially. Lindt stated to have successfully tested new packaging 12/28E 3,645.33 3,692.10

designs (eg, Lindor packages for €4,99 rather than packages starting at >€7, with an

unchanged ASP per KG) with volumes accelerating attractively. Lindt stated in regions Joern Iffert, CFA

Analyst

with severe price elasticities such as Germany, Christmas product portfolio prices will be

joern.iffert@ubs.com

down low double digit y/y in 2026. Lindt expects volumes in Europe to grow again in H2 +41-44-239 88 00

26 with RoW/ NA against more challenging comps could fade a bit sequentially.

Marti Queral Ferre, CFA

Other takeaways: Consensus will not change we think

marti.queral-ferre@ubs.com

(1) The H1 26 EBIT beat was supported by a CHF12m one off (still a mild beat vs +41-44-236 9246

consensus if excluded) tariff refund but we think this is cosmetic in the margin

momentum discussion as we estimate Lindt will get up to CHF500m support from lower

cocoa bean costs in 2027-28E. (2) We stick to our initial view and think consensus

earnings will not change on the back of H1 26 results. Lindt confirmed cocoa costs

tailwinds from H2 26.

Valuation: DCF based PT of CHF137K; conclusion

We think Lindt has valid instruments to drive volumes up and our key catalyst, material

growth reinvestments potential (link) is approaching in 2027E. Yes, to reach the

guidance on sell in (tougher comps vs sell through) is challenging but approaching the

guidance is our base case.