Barry Callebaut: Focus for Growth Preview

研报英文原文证据摘录

Barry Callebaut: Focus for Growth Preview

Equity Research

European Consumer Staples

29 May 2026

Barry Callebaut

Focus for Growth Preview

After the FY26 profitability reset, a key question into the CEO's

2nd June strategy update is how much margin pressure is

temporary vs structural. FY27 expectations hinge on Gourmet BARN.S/BARN SW UNDERWEIGHT European Consumer

Staplesrebuild, but risks around reinvestment, capex and volume NEUTRAL

Price Target CHF 1020.00

credibility leave the recovery still to be proven. Price (27-May-26) CHF 1216.00

Potential Upside/Downside -16.1%

Source: Bloomberg, Barclays Research

We downgraded Barry Callebaut to Underweight in March in part on concerns that new

CEO Hein Schumacher would prioritise restoring customer service and competitiveness at

the expense of near-term margins. To an extent this played out at H1 results where the European Consumer Staples

CEO explicitly framed FY26 as an earnings “rebasing” year, with material EBIT and PBT Alex Sloane

guidance downgrades confirming that margins are being at least temporarily sacrificed in +44 (0)20 3555 0645

part to stabilise operations and rebuild customer confidence. A key question into the alexander.sloane@barclays.com

Barclays, UKformal Focus for Growth Action Plan update next Tuesday 2nd June is therefore how much

of this pressure in FY26 is temporary versus structural reset, and crucially, how much Warren Ackerman

carries into FY27 and beyond? While our base case, as with consensus, assumes some +44 (0)20 3134 1903

unwind of profitability pressure in FY27, the market will be looking for confirmation that warren.ackerman@barclays.com

Barclays, UKthis is indeed the case, alongside clarity on the growth algorithm Schumacher believes is

achievable longer term. Setu Sharda