Barry Callebaut Ag · SIX:BARN
Barry Callebaut — 9M FY2024/25 Earnings Presentation
15 slides from Barry Callebaut's earnings presentation, Jul 10, 2025
Slide 1: Barry Callebaut 9-Month Key Sales Figures, Fiscal Year 2024/2025
Barry Callebaut Chocolate volume impacted by exceptional cost-plus pricing, with strategic prioritization resulting in lower Cocoa volume 9-Month Key Sales Figures, Fiscal Year 2024/2025 10 July 2025
Slide 2: Disclaimer
Disclaimer Certain statements in this presentation regarding the business of Barry Callebaut are of a forward-looking nature and are therefore based on management’s current assumptions about future developments. Such forward-looking statements are intended to be identified by words such as ‘believe,
Slide 3: Cocoa and chocolate industry in a new normal
Cocoa and chocolate industry in a new normal Elevated and volatile bean prices from historic £2,000 average to £6,000-£10,000 over past 2 1 years creating unprecedented market environment Group volume decline in Q3 impacted by U.S. tariff uncertainty, market demand and 2 strategic prioritization in
Slide 4: Unprecedented market environment continues with significant volatility amid elevated prices
Unprecedented market environment continues with significant volatility amid elevated prices London cocoa futures (in GBP/MT)1 10,000 – Cocoa bean prices remain elevated, +43% year-over- 9,000 year in 9M 24/25 8,000 – Important to see futures market self-corrected several times now, to return more co
Slide 5: Value chain dynamics amplifying short-term impact as B2C customers adjust to new normal
Value chain dynamics amplifying short-term impact as B2C customers adjust to new normal BC translating cocoa volatility Significant cumulative pricing to Customers taking action in Nielsen B2C reaction comes with into order-book in real-time pass through higher cocoa costs anticipation of consumer r
Slide 6: Strategic growth pillars continue to show resilience
Strategic growth pillars continue to show resilience 1 Deepen outsourcing 2 3 Scale up 4 ‘Fair share’ partnerships Gourmet 2.0 Specialties in AMEA • Strengthened by new • Strong growth in AMEA • More resilient volume • Official opening of normal: capital intensity, and Latin America performance than
Slide 7: Continued progress on BC Next Level
Continued progress on BC Next Level • BCOS1: Standardizing factory processes. Rolled out in 6 factories, 21 more coming by October • Food Safety: Further upgrade of processes, tools and organization globally • GBS: Ramp up well underway with 93% of knowledge transfer sessions completed • Digital: Ro
Slide 8: 9M 24/25 volume dynamics a function of market environment and strategic prioritization decisions
9M 24/25 volume dynamics a function of market environment and strategic prioritization decisions 9M volume % of Group Key drivers development 9M volume Group -6.3% Highly challenging and volatile market environment, amplified by U.S. Global Chocolate -5.1% tariff uncertainty in Q3 81% Food Manufactu
Slide 9: Chocolate volumes impacted by customers adjusting short-term behaviour as they anticipate B2C impact
Chocolate volumes impacted by customers adjusting short-term behaviour as they anticipate B2C impact Global Chocolate sales volume: -5.1% vs. –3.0% Nielsen1 % of Group 9M volume growth Key drivers 9M volume BC Nielsen1 Western Europe -6.8% -1.8% Challenging environment with higher prices affecting 3
Slide 10: Clear actions underway to support deleverage
Clear actions underway to support deleverage Action plan centered on 3 key areas Reduce net working capital intensity – Structurally lower inventory levels 1 – Optimize cocoa sourcing and bean blending – Customer contracting: timing, flexibility, terms Increase EBITDA – BC Next Level savings 2 – Pri
Slide 11: Revising FY 24/25 outlook in an unprecedented market
Revising FY 24/25 outlook in an unprecedented market • Mid single-digit volume decrease in Global Chocolate and double-digit volume decrease in Global Cocoa • Resulting in an overall around -7% volume decrease for the Group, with EBIT recurring expected to see a mid to high single-digit increase in
Slide 12: As the industry is in a new normal, BC is continuing to drive decisive action
As the industry is in a new normal, BC is continuing to drive decisive action to enhance resilience and agility 1. Pricing: Leveraging cost-plus model, to pass through significant cocoa price increases 2. Strategic focus: Prioritizing key growth pillars of Outsourcing, Gourmet, Specialties and AMEA
Slide 13: Appendix
Appendix The World’s Best Chocolate Solutions 13
Slide 14: Raw material price developments
Raw material price developments Indexed Raw material price changes September 2023 to May 31, 2025 300% 250% 126% Cocoa beans 200% 150% +9% Milk powder 100% 50% -33% Sugar world 0% -50% -45% Sugar EU -100% Oct-23 May-25 Jul-24 Jan-24 Aug-24 Oct-24 Jan-25 Sep-23 Feb-24 Dec-23 Mar-24 Feb-25 May-24 Jun-
Slide 15: World's Best Chocolate Solutions
World’s Best Chocolate Solutions The World’s Best Chocolate Solutions 15