Chocoladefabriken Lindt & Spruengli Ag · SIX:LISN
Chocoladefabriken Lindt & Spruengli — Chocoladefabriken Lindt & Sprüngli — Q2 2025 Earnings Presentation
30 slides from Chocoladefabriken Lindt & Spruengli's earnings presentation, Jul 22, 2025
Slide 1: Lindt & Sprüngli: We Enchant the World with Chocolate
LINDT & SPRUNGLI We Enchant the World with Chelle’
Slide 2: Half-Year Results 2025
Half-Year Results 2025 Kilchberg July 22, 2025
Slide 3: Agenda
Agenda 01 | Trends & Highlights Adalbert Lechner 02 | Review Half-Year 2025 Martin Hug 03 | Outlook Martin Hug 04 | Q&A Adalbert Lechner & Martin Hug 3
Slide 4: Trends & Highlights
LINDT & SPRUNGLI 01 Trends & Highlights
Slide 5: Global chocolate market and trends
Global chocolate market and trends Challenging market environment Global chocolate Cocoa market impacted Trend price inflation by price increases Volume decline − slight value increase Cocoa price remained high Ongoing premiumization Private label gaining Crop yields in West Africa (Ghana and Mindfu
Slide 6: Global launch of the Lindt Dubai Style Chocolate
Global launch of the Lindt Dubai Style Chocolate 6
Slide 7: Prominent opening of the first Lindt UK Flagship Store
Prominent opening of the first Lindt UK Flagship Store 7
Slide 8: 2025 Most Valuable Global Brands
2025 MOST VALUABLE GLOBAL BRANDS FOOD AND BEVERAGES 2025 1 Coca-Cola 2 Red Bull 3 Pepsi 4 Lay’s 5 Nongfu Spring 6 Yili 7 Nespresso 8 Lindt 9 Nescafé 10 Kinder Chocolate Brand Half-Year Results 2025 8
Slide 9: Review Half-Year 2025
02 Review Half- Year 2025
Slide 10: Overview – Half-Year 2025
Overview – Half-Year 2025 3.3% 11.2% 10.1% 13.5% 1,413 11.0% 8.0% 7.0% HY 2025 882 HY 2024 -3.4% HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 Dec. 2024 HY 2025 Organic growth EBIT margin Net income margin Free cash flow in % Sales Net debt position Half-Year Results 2025 (CHF million) 10
Slide 11: Sales Growth in CHF
Sales Growth in CHF Sales reaching a new record high of CHF 2.4 billion despite the strengthening of CHF Absolute in CHF million (as published) Growth rate in % (as published) 2,500 2,353 70% 2,086 2,158 1,992 60% 2,000 1,799 50% 1,500 40% 30% 1,000 17.2% 20% ,500 10.7% 9.0% 4.7% 3.5% 10% ,0 0% HY 2
Slide 12: Organic sales growth
Organic sales growth Compound average growth rate in the last 5 years of +11.5% Growth rate in % 17.4% 12.3% 11.2% 10.1% 7.0% HY 2021 HY 2022 HY 2023 HY 2024 HY 2025 Half-Year Results 2025 12
Slide 13: Sales: Growth Factors
Sales: Growth Factors Organic growth of +11.2% above our guidance of +7% to +9% Growth rate in % +15.8% -4.6% +11.2% -2.0% -0.2% +9.0% Price Volume/Mix Organic Forex Other In CHF Half-Year Results 2025 13
Slide 14: Sales Analysis: Segment Information
Sales Analysis: Segment Information Outstanding growth in Europe, gaining market share in challenging market environment in North America 17.7% Absolute in CHF million (as published) Growth rate in % (organic) 9.3% 10.0% 7.8% 3.6% 3.0% 1,071 1,250 795 799 293 304 HY 2024 HY 2025 HY 2024 HY 2025 HY 2
Slide 15: Material Costs incl. Change in Inventories
Material Costs incl. Change in Inventories Higher expense ratio driven by higher cocoa costs, partly compensated by price increases Absolute in CHF million Ratio in % to sales 900 70% 800 782 60% 700 683 628 627 600 594 50% 500 40% 33.1% 31.5% 31.6% 33.3% 400 30.0% 30% 300 20% 200 10% 100 0 0% HY 20
Slide 16: Cocoa Price
Cocoa Price Cocoa bean prices remain at a very high level 10’000 ICE London Cocoa Futures 10’000 (2nd Position) in GBP/t 9’000 9’000 8’000 8’000 7’000 7’000 6’000 6’000 5’000 5’000 4’000 4’000 3’000 3’000 2’000 2’000 1’000 1’000 0 0 Aug /23 Sep /23 Jul /23 Oct /23 Nov /23 Dec /23 Jan /24 Feb /24 May
Slide 17: Personnel Expenses
Personnel Expenses Positive trend continues Absolute in CHF million Ratio in % to sales 600 50% 552 520 45% 484 493 500 458 40% 35% 400 30% 25.5% 24.3% 23.7% 24.1% 300 23.5% 25% 20% 200 15% 10% 100 5% 0 0% HY 2021 HY 2022 HY 2023 HY 2024 HY 2025 Half-Year Results 2025 17
Slide 18: Operating Expenses
Operating Expenses Increased brand support offset by leverage in supply chain costs and SG&A Absolute in CHF million Ratio in % to sales 700 70% 634 600 573 594 592 60% 500 495 50% 400 40% 300 27.5% 28.8% 28.5% 27.4% 26.9% 30% 200 20% 100 10% 0 0% HY 2021 HY 2022 HY 2023 HY 2024 HY 2025 Half-Year Re
Slide 19: Operating Profit (EBIT)
Operating Profit (EBIT) EBIT-margin in line with our HY guidance of 10 – 12% Absolute in CHF million Ratio in % to sales 350 70% 300 292 60% 255 259 250 50% 200 185 40% 150 139 30% 100 20% 12.2% 13.5% 11.0% 50 7.7% 9.3% 10% 0 0% HY 2021 HY 2022 HY 2023 HY 2024 HY 2025 Half-Year Results 2025 19
Slide 20: Net Income
Net Income Net Income in line with expectations Absolute in CHF million Margin in % to sales 250 50% 218 45% 205 200 189 40% 35% 150 138 30% 25% 100 102 20% 15% 9.8% 10.1% 50 6.9% 8.0% 10% 5.6% 5% 0 0% HY 2021 HY 2022 HY 2023 HY 2024 HY 2025 Half-Year Results 2025 20
Slide 21: Net Financial Position
Net Financial Position Increase in Net Debt Position driven by higher inventory value and shareholder returns * Excluding impact from variation margin related to cocoa futures Absolute in CHF million Free cash flow= -80 -882* -1,277 Shareholder return = 608 -1,413* 90 + -170 -345 + -263 177 -20 30.0
Slide 22: Outlook
Bk LINDT & SPRUNGLI
Slide 23: Outlook
Outlook Organic sales growth guidance increased to 9-11% (from 7-9%) for 2025 Financial Year 2025 Medium to Long Term 9-11% 6-8% Organic sales growth Organic sales growth pi per year Lower end of 20-40bp 20-40bp Improvement of EBIT Improvement of EBIT margin above 2024 margin per year Capex around 6
Slide 24: Lindt & Sprüngli
LINDT & SPRUNGLI 04
Slide 25: Disclaimer
Disclaimer This presentation contains forward-looking statements which reflect the management’s current views and estimates. The forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking stateme
Slide 26: Appendix
LINDT & SPRUNGLI 05 Appendix
Slide 27: Sales Analysis – Markets
Sales Analysis – Markets Strong growth across the globe; North America contributing almost 35% to total sales Total Group sales in Rest of the North America CHF 799 million CHF 2,353 million (+11.2%) World 12.9% Europe CHF 1,250 million Rest of the World CHF 304 million Rest of Europe North America
Slide 28: Depreciation and Impairments
Depreciation and Impairments Decrease in percentage of sales over the last years Absolute in CHF million Ratio in % to sales 145 70% 143 60% 140 50% 135 133 40% 131 30% 130 128 128 20% 125 7.1% 6.7% 6.1% 6.1% 6.1% 10% 120 0% HY 2021 HY 2022 HY 2023 HY 2024 HY 2025 Half-Year Results 2025 28
Slide 29: EBIT % margin by Segment
EBIT % margin by Segment 16.7% Absolute in CHF million 16.1% 12.6% EBIT-Margin in % 10.7% 9.7% 3.2% 178 201 77 26 37 37 32 39 HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 Europe North America Rest of the World Half-Year Results 2025 29
Slide 30: Capital Expenditure
Capital Expenditure Continued investments into future growth and efficiency Absolute in CHF million Ratio in % to sales 200 30% 179 180 170 10% 160 148 140 134 121 -10% 120 100 -30% 80 -50% 60 40 -70% 20 0 -90% HY 2021 HY 2022 HY 2023 HY 2024 HY 2025 Half-Year Results 2025 30
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