Barry Callebaut Ag · SIX:BARN
Barry Callebaut — Investor Presentation (June 2026)
43 slides from Barry Callebaut's investor presentation, Jun 2, 2026
Slide 1: Focus for Growth Action Plan
BARRY (( | CALLEBAUT FOCUS FOR GROWTH ACTION PLAN Focused on restoring fundamentals, prioritizing high-impact growth opportunities and ao expanding value-added solutions June 2°94, 2026
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: Focus for Growth
Action plan to further strengthen leadership as a value- added end-to-end chocolate & cocoa solutions provider Relentless focus on restoring fundamentals to strengthen customer service, underpinned by targeted footprint FOCUS FOR investments GROWTH Determined shift to premiumization across portfolio
Slide 4: Our ambition
Our ambition Undisputed integrated global leader in cocoa and chocolate, partner of choice in sustainability & innovation... ... offering full portfolio across cocoa, chocolate, cacao coatings and non- cocoa solutions... ... pivoting towards a solutions provider scaling key Specialties in attractive
Slide 5: Core design principles
Core design principles Market-back Regional Fewer initiatives approach empowerment Internally developed, ensuring strong ownership and commitment Or cts aster
Slide 6: Will sharpen our leadership position and drive value-added growth and profitability
Focus for Growth will sharpen our leadership position and drive value-added growth and profitability Restoring fundamentals... ... with 5 select growth priorities Accelerating key enablers Footprint Planning Core customer processes Data & digital Value chain collaboration ... delivering sustained mi
Slide 7: Structurally attractive category & uniquely positioned to win
STRUCTURALLY ATTRACTIVE CATEGORY & UNIQUELY , POSITIONED TO A ~ ~
Slide 8: Our unique commercial strengths and right to win
Our unique commercial strengths and right to win Scaled execution platform Deep customer connectivity Differentiated portfolio Global footprint Longstanding customer Portfolio breadth relationships End-to-end capabilities Chef ecosystem Innovation ecosystem Unparalleled global market Product and for
Slide 9: Strong structural trends underpinning long-term growth in cocoa & chocolate manufacturing
Strong structural trends underpinning long-term growth in cocoa & chocolate manufacturing Chocolate remains the #1 preferred consumer flavor Adjacent categories Value optimization Premiumization Health & wellness CFA, we #1 flavor in adjacencies with 23% of new ice cream / frozen yogurt launches fea
Slide 10: We see growth both in our core chocolate market and attractive chocolate-powered adjacencies
We see growth both in our core chocolate market and attractive chocolate-powered adjacencies Adjacent categories growing faster hocolate’ ~1-2% ~4% ~3.5% Chocolate confectionery Energy bars Pastries ~2% ~1.5% Ice cream Sweet biscuits 0) ra Market volume growth, 2025-2030, in % CAGR (Source: Euromoni
Slide 11: Winning in ice cream | Example of an attractive adjacency
Winning in ice cream | Example of an attractive adjacency Unique capabilities to win in the ice cream segment and capture structural trends Why is ice cream an attractive adjacency? How do we win? Chocolate consistently top flavor in ice Serving all Top 10 global cream! ice cream players One-stop sh
Slide 12: Driving value optimization through cacao coatings
Driving value optimization through cacao coatings Enhancing global market leadership position How do we win? Leading taste-driven innovation Developing unmatched taste through innovation Enhancing production flexibility Example: Callebaut Cacao Max (premium cacao coatings/ Driving cost leadership Ge
Slide 13: Our premiumization strategy
Our premiumization strategy Premiumization requires faster innovation cycles, co-creation and R&D expertise Example: Callebaut Signature Collection 0 Accelerating Gourmet M AST E RS‘ 2 E Jo cons, 2) Scaling Specialties d Taste. Driving premium Cocoa Powder and cacao coatings CALLEBAUT* = Aw O — >>a>
Slide 14: GLP-1 | Capturing opportunities from evolving consumer behavior
GLP-1 | Capturing opportunities from evolving consumer behavior Opportunity to capture value growth through portfolio evolution How is GLP-1 affecting the industry? How do we win? Low sugar, high-protein/ Reduced snacking moments fiber solutions Health solutions, e.g., high-flavanol Sensory premiumi
Slide 15: We expect to outperform market volume growth of 1-2% in chocolate confectionery
@ We expect to outperform market volume growth of 1-2% in chocolate confectionery 1970-2020 | Attractive growth 2020-2025 | Continued resilience Mid-term | Return to growth Broadly Category ° ~1- 1 stable ~2.5% ~50% Flat reinvestment 1-2% Market volume growth Market volume growth from Cocoa price Vo
Slide 16: Focus for Growth: Growth Priorities
FOCUS FOR GROWTH: GROWTH PRIORITIES
Slide 17: Our unique integrated cocoa to chocolate business model
Our unique integrated cocoa to chocolate business model delivers volume through the core and value through targeted solutions Cocoa trading & sourcing & 4 Underpins our chocolate business through expertise, supply security and sustainability Barry Callebaut | Focus for Growth FM & Global Accounts Go
Slide 18: Five priority growth areas to drive long-term value creation
Focus for Growth defines five priority growth areas to drive long- term value creation Growth priorities N ~~ @ NO N Global ‘Regional | _ Cocoa Accounts FMs Gourmet Specialties Powder Unlock potential Win in Top 10 Double-down & Scale select- Focus on with Top 7 regional markets invest margin accret
Slide 19: Focusing on the markets with the highest growth potential
Focusing on the markets with the highest growth potential Varying consumer taste Country-specific Go-to-Market Local “license to operate” Focused capital allocation w Conscious selection of focus markets @— based on: Projected market Market size GremTingehio In-market profitability Market share and
Slide 20: Global Accounts | Relentless focus on service, all-in on co-creation
Global Accounts | Relentless focus on service, all-in on co-creation and joint development Focus for Growth highlights 7 targeted Global Accounts represent >25% Group volume Dp vPro ctan annie comes
Slide 21: Regional Food Manufacturers | Restore service, drive must-win segments
Regional Food Manufacturers | Restore service, drive must-win segments per region Ox Represents ~45%' Group volume, of which 10 priority markets are ~2/3 i Excluding Global Accounts and including Specialties ” Barry Callebaut | Focus for Growth Focus for Growth highlights Prioritize 10 markets for i
Slide 22: Gourmet | Accelerate premiumization & prioritize investment
Gourmet | Accelerate premiumization & prioritize investment Focus for Growth highlights Enhanced brand architecture Drive Specialties at scale Represents ~14%' Group volume, of which 10 priority markets are ~2/3 Hero portfolio with "never out of stock" policy Lead recipe inspiration via Academies (o
Slide 23: Specialties | Why focus to scale select Specialties?
Specialties | Why focus to scale select Specialties? We have highly differentiated ... that support customers with products ... holistic solutions ... .. have commercial traction in the regions. ... .. and are financially attractive OF orcaeniie
Slide 24: Specialties | Scale our margin-accretive indulgent solutions
Specialties | Scale our margin-accretive indulgent solutions Select Specialties represent <10% of Group volume, signif Focus for Growth highlights Select capacity investments Focus on attractive, high-growth segments Closer integration into the core Broad review of portfolio long tail Or cts aster F
Slide 25: Specialties are key for margin accretive, indulgent solution selling
Specialties are key for margin accretive, indulgent solution selling Example: Winning in ice cream STANDARD CHOCOLATE e.g., coatings, liquid / molded SKUs Market leader in B2B chocolate SPECIALTY CHOCOLATE e.g., sugar solutions, dairy free, organic BULK DECORATIONS e.g., Crispearls, vermicelli, choc
Slide 26: Cocoa Powder | Premiumize through more complex products
Cocoa Powder | Premiumize through more complex products where BC has unique capabilities Premium powders represent ~10% of Global Cocoa volume CREE * 35 Focus for Growth highlights Black High-fat Low-fat #4 Organic e) High-in-flavanol OW. WY’ Barry Callebaut | Focus for Growth 2%
Slide 27: Focus for Growth: Foundational Enablers for Growth
FOCUS FOR GROWTH: FOUNDATIONAL ENABLERS FOR aa GROWTH Lin iat
Slide 28: Five key enablers to unlock growth
Focus for Growth prioritizes five key enablers to unlock growth Accelerating key enablers ~~ / | | Core customer | Data & | Value chain Footprint Planning processes digital collaboration Selective network Stronger sales & Simplified, Leverage to Collaborate end- enhancements operations customer-faci
Slide 29: Footprint | Selective network enhancements to support growth
Footprint | Selective network enhancements to support growth Targeted investments to enhance production flexibility Upgrading capacity in developed markets to step up service levels Selectively unlock capacity in fast- growth markets Disciplined capital allocation in line with Focus for Growth Barry
Slide 30: Enhancing planning & customer processes while leveraging data & digital
Enhancing planning & customer processes while leveraging data & digital capabilities to enhance decision-making * Regional planning ownership * Dedicated Supply Chain Partners ° Prioritized safety stocks for core SKUs Core customer * Streamline processes for collaboration [SESS ¢ Interactions better
Slide 31: Value chain collaboration has enhanced agility to cocoa volatility
Value chain collaboration has enhanced agility to cocoa volatility: further commercial opportunities to capture Stepped up resilience to Opportunity to further leverage volatility via collaboration end-to-end Operational Innovation * Broadened geographic flexibility * Enhanced bean blending capabili
Slide 32: Foundations | is built on our core foundations
Foundations | Focus for Growth is built on our core foundations which remain critical to drive growth and execution People & Culture Quality & Safety Sustainability Underpinned by customer centricity Q Or cts aster
Slide 33: Focus for Growth: Mid-term Financial Algorithm
FOCUS FOR GROWTH: MID-TERM FINANCIAL ALGORITHM
Slide 34: Pivoting towards value-added solutions provider with above market growth and enhanced returns
@ Pivoting towards value-added solutions provider with above market growth and enhanced returns Mid-term financial algorithm Sustainable 2-46% Mid-to-high Low-teens operating volume growth alge PBT recurring performance EBIT recurring Solid cash CHF 300-400m CHF 300-350m <2.0x esate ten cael FCF gen
Slide 35: Growth priorities driving above market volume growth
5 growth priorities driving above market volume growth with deliberate mix shift towards solutions & high value-add segments Gradual market TESTE over next 12-18 months driving BC mid-term: 2-4% volume growth, plus mix 1-3% BC volume Volume bridge by key growth priority P| Ye Unlocking further poten
Slide 36: Volume, mix and deleveraging driving accelerated profitability
Volume, mix and deleveraging driving accelerated profitability Profit before tax recurring in local currencies bridge ye Volume and mix driven by growth || priorities & intentional shift to premium Operating leverage through cost discipline Financing cost reduction from ongoing deleveraging agenda P
Slide 37: Disciplined Capital Expenditure to drive growth
Disciplined Capital Expenditure to drive growth Capital Expenditure (CHFm) Prioritizing investments to support growth Priority segments: Specialties, Premium Powders, Gourmet Priority regions: North America, Western ~350 7 7 Historical average FY 26/27 Mid-term - FY 28/29 I Growth Productivity [ll M
Slide 38: Driving strong cash generation, continued deleveraging and higher ROIC
O- Driving strong cash generation, continued deleveraging and higher ROIC r Driving operating leverage & scale through volume growth e@ Enabling margin-accretion through mix shifts r ) Reducing financing costs r ) 11-13% r ) Optimizing cash cycle ROIC gave Assuming a cocoa bean price of GBP 3,000 an
Slide 39: Investing for growth, maintaining discipline, driving shareholder returns
Investing for growth, maintaining discipline, driving shareholder returns and enhancing portfolio Strict financial discipline Invest for growth * <2x Net Debt / EBITDA recurring assuming GBP 3,000 bean price Stabilizing base and focusing investment on key markets / segments Enhancing processes, data
Slide 40: Focus for Growth
FOCUS FOR GROWTH
Slide 41: Will sharpen our leadership position and drive value-added growth and profitability
Focus for Growth will sharpen our leadership position and drive value-added growth and profitability Restoring fundamentals... ... with 5 select growth priorities Accelerating key enablers Footprint Planning Core customer processes Data & digital Value chain collaboration ... delivering sustained mi
Slide 42: Our picture of success
Our picture of success for Focus for Growth Unlocking market share gains with restored fundamentals and ... ... being undisputed integrated global leader in cocoa and chocolate and partner of choice in sustainability & innovation... ... offering full portfolio across cocoa, chocolate, cacao coatings
Slide 43: Thank you
[BARRY ()) CALLEBAUT) THANK YO