Barry Callebaut Ag · SIX:BARN
Barry Callebaut — FY2024/25 Earnings Presentation
50 slides from Barry Callebaut's earnings presentation, Nov 5, 2025
Slide 1: Full-Year Results 2024/25 & Strategy Update
DELIVERING SIGNIFICANT DELEVERAGE IN H2 AND MAJOR PROGRESS ON BC NEXT LEVEL, WHILE WEATHERING UNSEEN MARKET DISRUPTION Full-Year Results 2024/25 & Strategy Update
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: Key Messages
Strong progress on cash generation and deleverage in H2 KEY MESSAGES Major progress on BC Next Level implementation and stepping up resilience to cocoa price volatility Three focus areas for FY25/26: 1. Drive deleverage 2. Prepare for a return to growth 3. Relentlessly address optimization opportuni
Slide 4: Full-Year Results 2024/25
8” —Ae FULL —YEAR RESULTS 2024/
Slide 5: FY 24/25 Results – Highlights
Significant deleveraging progress in H2 reaching 4.5x Net Debt/EBITDA1 FY 24/25 Global Chocolate volume (-5.3%) impacted by RESULTS – challenging B2B environment, as well as Global Cocoa prioritization resulting in Group volume -6.8% HIGHLIGHTS +6.4% EBIT1 growth supported by cost-plus pricing and m
Slide 6: Significant net debt and leverage reduction in H2 24/25
Significant net debt and leverage reduction in H2 24/25, following H1 increase to fund higher inventory value Net Debt / EBITDA' 2.7x RMI2 4.0x 4.5x Net Debt increased to finance higher valued inventory FY 24/25 2B: Nepyee 4,301M j Inventory PAWZACLY Le FY 23/24 H1 24/25 FY 24/25 ee FY 25/26 Balance
Slide 7: Leverage reduction in H2 is the result of decisive actions and lower bean prices
Leverage reduction in H2 is the result of decisive actions and lower bean prices 1. Reducing 2. Increasing 3. Enhancing 4. Increasing working financing planning & EBITDA capital agility prioritization * Broadening * Implemented Letter of + Improving end-to-end © Pricing for higher cost geographic fl
Slide 8: Driving significant free cash inflow in H2
Driving significant free cash inflow in H2 Free Cash Flow (in CHF million) (>) 1,802 -312 1,362 266 13 aH 622 675 664 -276 -241 -224 “80 -322 FY 21/22 FY 22/23 FY 23/24 FY 24/25 H2 24/25 Ce ) Hi Operational FCF HI Investment Capex & BC Next Level I Bean Price FCF Operational FCF Major benefits from
Slide 9: Unprecedented market disruption has created a challenging customer backdrop
Unprecedented market disruption has created a challenging customer backdrop Major cocoa bean Customers Higher consumer linked pricing adjusting behavior prices Where are we now Cost-plus pricing +56% * Reformulation & pack ° Chocolate market * Customers more willing size prices ~30% higher to forwar
Slide 10: Beyond market dynamics, BC ROIC focus and specific actions impacted volume
Beyond market dynamics, BC ROIC focus & specific actions impacted volume, and we remained focused on our growth priorities Prioritization within Global Cocoa North America operations SKU rationalization Sharpening ROIC view and prioritizing volumes in the context of high bean prices and deleverage T
Slide 11: Market dynamics led to -5.3% Chocolate volumes
Market dynamics led to -5.3% Chocolate volumes, while capital prioritization actions in Cocoa further impacted Group volume FY 24/25 volume development Qq 9 Global Chocolate: -5.3% Group: -6.8% (vs. -3.5% market’) BC MARKET! -5.9% -6.6% -3.2% FOOD Customer behavior due to MANUFACTURERS market volati
Slide 12: +6.4% EBIT reflects mix and passing through of higher financing costs
+6.4% EBIT' reflects mix and passing through of higher financing costs In CHF million BENEFITS Mix - Cost-plus pricing through S BC Next Level savings +6.4% +14.1% on per tonne basis oo me lasctauulle COSTS Impact of lower volumes on fixed cost base and inflation Increased operating costs related to
Slide 13: Recurring net profit impacted in H1, flat development in H2
Recurring net profit impacted in H1 by market volatility, with flat development in H2 In CHF million H2 improvement given further aE, 4% pass-through actions and market stabilization at me H1 ° : 24/25 | -69.4% WwW 188 a “487 79 (PY -255) | O EBIT EBIT One Offs EBIT Financial Net Oneoffs Net Net Rec
Slide 14: Looking Back
A LOOKING i DELIVERING BC NEX © LEVEL WHILE TAKING DECISIVE ACTION INA RADICALLY CHANG ENVIRONMENT
Slide 15: Looking back over the last two years
Looking back over the last two years Delivering BC Next Leve' [BARRY (|) CALLEBAUT @ < i] Note: Chart on the right shows the daily close of the second position continuation for London Cocoa Futures (from January 2022 until October 20", 2025), in £ / MT | Source: ICE
Slide 16: We launched BC Next Level as a strategic investment program
We launched BC Next Level as a strategic investment program in bevel September 2023 WHY > To earn our place as the trusted advisor of our customers by ° creating BEST value, service, sustainability and food safety/quality Move closer to customers & markets to enable more sustainable growth HOW ? Sim
Slide 17: Major progress delivered since starting BC Next Level journey
|Next Major progress delivered since starting BC Next Level journey wil e e e e Behind BC Next Level are 36 in Iti atives delivering tangible benefits best best best best VALUE SERVICE SUSTAINABILITY QUALITY/SAFETY Step-up in commercial rn Pyeath an P , C) Standardizing processes @ Delivering tracea
Slide 18: BC Next Level brings tangible benefits: food safety and quality
Next eve BC Next Level brings tangible benefits to our customers & BC A few examples Upgraded Food Safety Full product testing: 100% positive release ty SB ‘Quatty Management ‘Systems Enhanced control of supplier base Satety & Quality Ute savers We breathe quality, rel 1 we hear it, we see it, we fe
Slide 19: BC Next Level benefits: real-time track and trace
BC Next Level brings tangible benefits to our customers& BC A few examples Introduced real-time track and trace Real-time location data for all shipments in Europe and NA Customers know when an order is ready, when it leaves the factory, when it arrives, or if there is a delay Everything at their fi
Slide 20: BC Next Level benefits: OceanEdge with DHL
BC Next Level brings tangible benefits to our customers& BC A few examples Launched “OceanEdge” with DHL (sea freight) End-to-end visibility on our ocean shipments & performance Detailed tracking of individual shipments AREY CALLEBAUTELGWUM NY Centralized document repository — everything in one plac
Slide 21: BC Next Level benefits: factory operating system BCOS
BC Next Level brings tangible benefits to our customers& BC A few examples Introduced our new factory operating system (BCOS) BCOS - our global, standardized way of working in all our factories Sites in initial deployment waves seeing 20% OEE! improvements driven by operational excellence New factor
Slide 22: BC Next Level benefits: Global Business Services hubs
(Mext BC Next Level brings tangible benefits to our customers & BC wil A few examples Scaled Global Business Services across 4 global hubs (of which 2 hubs are new) All 4 Global Business Services hubs are now fully operational kodé Q @otand) Increased size of all hubs and Monterrey (Mexico) . opened
Slide 23: BC Next Level benefits: Masters of Taste under Callebaut
BC Next Level brings tangible benefits to our customers & BC A few examples Launched Masters of Taste under Callebaut Strengthened one global power brand (Callebaut) and simplified to one local brand by geography WE ARE CALLEBAUT. New brand promise underscores 2 , WE ARE MASTERS OF TASTE. ; . 5 } al
Slide 24: Looking back: taking decisive action in a radically changing environment
Looking back over the last two years ..while taking decisive action in a radically changing environment jan 2022 Jan 2023 Jan 2024 Jan 2025 Note: Chart on the right shows the daily close of the second position continuation for London Cocoa Futures (from January 2022 until October 20", 2025), in £ /
Slide 25: Shortly after announcing BC Next Level, the cocoa crisis hit
Shortly after announcing BC Next Level, the cocoa crisis hit COCOA PRICES ile £9,835 £9,425 Jan 2022 Jan 2023 Jan 2024 Jan 2025 Oct 20*, 2025 Note: Chart on the right shows the daily close of the second position continuation for London Cocoa Futures (from January 2022 until October 20°, Unprecedente
Slide 26: This brought new challenges for BC and the industry
This brought new challenges — for BC and the industry Bean price/ volatility Bean supply * Higher capital requirements * More complex logistics * Short term demand response to price changes * Stock forecasting challenges * More volatility in customer ordering cadence * Lower bean quality * Increased
Slide 27: We took decisive action while pushing forward on BC Next Level
We took decisive action — while pushing forward on BC Next Level to enable further structural improvements Bean price/volatility Bean supply * Proactively tapped debt capital markets * Broadened geographic focus * Increased efficiency of funding choices * Unlocked changes in processing capabilities
Slide 28: Looking Ahead
LOOKING AHEAD i > y, PULLING ALLLEVER DELEVERAGE AND DECOUPLE FROM BEA PRICE, WHILE ENA GROWTH AND R
Slide 29: Future cocoa backdrop
Future cocoa backdrop: Cautiously optimistic on short-term supply, long-term challenges remain SHORT-TERM LONG-TERM (NEXT ~6 MONTHS) (3-5 YEARS) 1. SUPPLY 2. PRICE LEVEL 3. VOLATILITY 4. DEMAND Note: Any forward-Jooking statements on cocoa supply, demand and price development are based on our best e
Slide 30: Flattening of cocoa prices until December 2026
We observe a flattening of cocoa prices until December 2026 providing more price stability for market to function properly DEC 2025 DEC 2026 FORWARD CONTRACT FORWARD CONTRACT - Significant price drop in the last few months; volatile around various grind publications 6M AGO 5,700 ¢/ ut 5,150 ¢/ mrt -
Slide 31: Daily market volatility has reduced but is still ~4x higher than pre-crisis
Daily market volatility has reduced significantly, but is still ~4x higher than pre-crisis levels Before 2024 2024 2025 Oct 2025 - Cocoa crisis caused unprecedented increase in daily bean price volatility up to 400 £ - — Starting early 2024, volatility ly ct increase 20x vs. pre-crisis levels - Vola
Slide 32: Customers are only gradually adjusting to the new environment
Customers are only gradually adjusting to the new environment, while we passed through the majority of pricing already BC quarterly pricing % Nielsen quarterly pricing % only peaked in Q2 24/25 now starting to stabilize Global chocolate confectionary (avg. price / kg) Cumulative quarterly pricing [b
Slide 33: Long-term challenges remain for the industry to solve
Long-term challenges remain for the industry to solve We have taken range of actions on supply to lead the industry forward Ingredient innovation Susiketinalsiliay jaregyreiines, Smallholder farming Large-scale (e.g., cocoa cell culture) incl. EUDR readiness for (North Star) high-tech farming (FFI)
Slide 34: Progressing well with our Future Farming Initiative (FFI)
We are progressing well with our Future Farming Initiative (FFI) Goals of FFI Many elements in place to scale FFI * Modernized sustainable cocoa farming at scale * High-tech, profitable farming model for future * Diversified geographic footprint * Catalyst to the industry to invest in farming @ Team
Slide 35: We remain focused on our long-term strategic growth priorities
We remain focused on our long-term strategic growth priorities delivering continued improvements on execution Deeper outsourcing Scale up ‘Fair share’ . Gourmet 2.0 oon ; partnerships Specialties in AMEA Commercial centers of + Re-launch of global + Enhanced focus through + Delayered RTM for excelle
Slide 36: Growth through best customer experience and a diversified portfolio
Growth enabled through best customer experience and through a more diversified portfolio of chocolatey solutions Trusted advisor to our customers with strong focus on enhancing customer experience, driving customer-relevant innovation, and designing to value DRIVING TOWARDS THE BEST PORTFOLIO TO DEL
Slide 37: Cacao Coatings / Chocolate Overall
CACAO COATINGS CHOCOLATE OVERALL
Slide 38: Commercial long-term partnership with Planet A Foods
We are excited to announce our commercial long-term partnership with Planet A Foods (PAF) ChoViva: groundbreaking solution made from locally available crops, such as sunflower seeds Planet A Foods and Barry Callebaut partner to pioneer sustainable chocolate alternatives without cocoa - driving growt
Slide 39: Pulling all levers to unlock three key strategic objectives
Beyond BC Next Level, we are pulling all levers to unlock three key strategic objectives to drive shareholder value Increasing our FINANCIAL agility Less cash-consuming funding for daily market volatility More flexible, inventory- linked financing Step-changing digitalization & analytics Increasing
Slide 40: Guidance and Outlook 2025/26
GUIDANCE AND OUTLOOK 2025/26
Slide 41: Challenging and volatile operating environment expected to continue
Challenging and volatile operating environment expected to continue OPERATING IN CHALLENGING ENVIRONMENT - Customers still digesting impact of significantly higher cocoa bean prices - BC taken operational improvements to enhance resiliency - Volatility likely to continue, albeit at a lower level. Wo
Slide 42: Clear focus for FY 25/26 on deleveraging and preparing for a return to growth
Clear focus for FY 25/26 on deleveraging and preparing for a return to growth, with H1 still pressured and improvements in H2 VOLUME - Global Chocolate expected to see a mid single-digit volume decrease - Focus on ROIC in Global Cocoa resulting in mid to high single-digit volume decrease - As aconse
Slide 43: Focus FY 25/26
Drive deleverage FOCUS FY 25/26 Prepare for a return to growth Relentlessly address optimization opportunities for the new environment 43
Slide 44: Thank You
THANK YOU
Slide 45: Appendix
APPENDIX
Slide 46: Raw material price developments
Raw material price developments Indexed Raw material price changes September 2023 to August 31, 2025 300% ° 250% +82% Cocoa beans 200% 150% +8% Milk powder 100% 50% -33% Sugar world 0% -50% -44% Sugar EU -100% Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
Slide 47: Gross profit increase driven by cost plus pricing and mix
Gross profit increase driven by cost plus pricing and mix In CHF million | v 53 1,493 74 1,382 Us a ; =e 1,419 Ee CU -92 Gross profit Volume Pricing & Mix Cocoa Gross profit FX Gross profit FY 2023/24 FY 2024/25 inLc FY 2024/25 47
Slide 48: Key figures
Key figures Group performance (in CHF million) Sales volume (in tonnes) Sales revenue Gross profit EBIT reported EBIT (recurring)! EBIT per tonne (in CHF, recurring)! Net profit for the period Net profit for the period (recurring)! Free cash flow "Recurring, Please refer to the Annual Report for the
Slide 49: Balance sheet
Balance sheet (in CHF million) Net working capital Aug'24 3,808 Non-current assets 2,979 Total assets 15,159 Net debt 3,818 Adj. Net debt" 1,124 Shareholders’ equity 2,839 ROIC reported 6.6% ROIC (recurring)? 11.0% ROE reported 6.7% ROE (recurring)? 14.7% Net debt / EBITDA (recurring)? 4.0x Adj. Net
Slide 50: Thank You
BARRY (|) CALLEBAUT] THANK YOU,