Barry Callebaut Ag · SIX:BARN
Barry Callebaut — H1 2025/26 Earnings Presentation
41 slides from Barry Callebaut's earnings presentation, Apr 16, 2026
Slide 1: Sequential volume improvement and strong cash generation, with compelling need to focus for growth
SEQUENTIAL VOLUME IMPROVEMENT AND STRONG CASH GENERATION, WITH COMPELLING NEED TO FOCUS FOR GROWTH
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: CEO Initial Observations & Reflections
CEO INITIAL OBSERVATIONS & REFLECTIONS
Slide 4: My first days at Barry Callebaut
My first 100 days at Barry Callebaut Listening tour Customers, factories, teams, investors, partners Growth Accelerator Coalition 30+ business leaders to co-create action plan for strategic priorities Barry Callebaut Half-Year Results, Fis
Slide 5: The organization has been through a turbulent period of transformation, industry volatility and supply disruption
The organization has been through a turbulent period of transformation, industry volatility and supply disruption BC Next Level had right intentions, ..at the same time, BC navigating but too many initiatives... market & quality challenges Important sisne taken Biggest ever industry disruption (E.g.
Slide 6: As a result, there are clear areas for improvement
As a result, there are clear areas for improvement Hybrid central/regional organization, leading to ambiguity & high complexity ital transformation decoupled fi business priorities Network not adapted to evolving portfolio Growth capacity constraints, Moved too fast and Prior to BC Next Level, with
Slide 7: Importantly, we have strong foundations with clear opportunities
Importantly, we have strong foundations with clear opportunities Uniquely strong Market Customers Leading positioning expect BC to support their ca pabilities growth agenda in cocoa & sustainability . Underlying True expertise Team Growth in R&D and innovation Geaahy gemma, resilient & passionate op
Slide 8: Stabilization of fundamentals needed to unlock sustained profitable growth
STABILIZATION OF FUNDAMENTALS NEEDED TO UNLOCK SUSTAINED PROFITABLE GROWTH
Slide 9: Half-Year Results 2025/26
HALF –YEAR RESULTS 2025/26
Slide 10: Key Messages
Significant and fast decrease in cocoa bean prices in H1 25/26 (-61%), supportive for future chocolate market recovery Sequential volume improvement in Q2 to -3.6% (H1: -6.9%), KEY with a return to strong growth in AMEA and Latin America MESSAGES EBIT1 -4.2% as strong cocoa profit was more than offs
Slide 11: Cocoa bean prices decreased rapidly, with normalizing forward curve
Cocoa bean prices decreased rapidly, with normalizing forward curve encouraging... yet structural supply challenges remain Rapid decrease in cocoa bean prices! PaCeLeL Ae STOUR ese WEES dynamics 10,000 Prices down — Expect a second year of surplus for 25/26 crop 8,000 -53% in 8 weeks 7 ; ; to 28th F
Slide 12: Lower bean prices are positive for future cocoa and chocolate market recovery
Lower bean prices are positive for future cocoa and chocolate market recovery Incentivizing future customer bookings Stabilizing rate of end market decline Increasing customer focus on reinvestment & innovation Barry Callebaut Half-Year Results, Fiscal Year 2025/26 Customers more willing to book fur
Slide 13: Challenges created by pace and magnitude of bean price decreases, combined with BC specific headwinds
Challenges created by pace & magnitude of bean price decreases, combined with BC specific headwinds Cocoa profitability Market overcapacity Temporary Gourmet competitiveness Finance cost pass- through Supply disruption in NA Barry Callebaut Half-Year Results, Fiscal Year 2025/26 VNV VW WV More favor
Slide 14: Evolving and uncertain situation in the Middle East impacting end-to-end supply chain
Evolving and uncertain situation in the Middle East impacting end- to-end supply chain Supply chain disruption Lebahon, Syria 1a Iran “istdel \/ Ps. © « ’ GA L\ Saud UAE Arabia Egypt Oman! sudan Yemen Port closures & shipping disruption Limited container availability Surge in energy prices Rationing
Slide 15: BC Global Chocolate volume development ahead of declining market
BC Global Chocolate volume development ahead of declining market, with a return to growth in AMEA and Latin America H1 25/26 volume development Group: -6.9% Global Chocolate: -5.1% (Q2: -3.6%) (vs. -6.5% market!) BC MARKET! -5.4% °, °, FOOD Impacted by customer behavior WE -4.2% -5.3% MANUFACTURERS
Slide 16: -4.2% EBIT impacted by volume, market overcapacity and supply disruption
-4.2% EBIT' impacted by volume, market overcapacity and supply disruption, partly offset by higher cocoa margins In CHF million 4.2% +2.9% on per tonne basis :--= 330, la 316 t 5 mu 289 -22 H1 tailwind as captured favorable cocoa margin environment. EBIT StrongCocoa Volume Temporary Supply Reversal
Slide 17: Recovering absolute EBIT loss at the PBT and Net profit level
Recovering absolute EBIT loss at the PBT and Net profit level due to lower finance costs and income tax In CHF million EBIT!: Profit before tax’: Net profit’: -4.2% YOY +1.3% YOY +66.1% YOY 330 “14 133 +2 135 +62 106 i I hn —ElUlUlllUlUUUttttététététéiCaleSe H1 24/25 H1 25/26 H1 24/25 H1 25/26 H1 24
Slide 18: Strong free cash flow generation despite peak harvest season
Strong free cash flow generation despite peak harvest season Free Cash Flow (in CHF million) 802 -187 “1116 -2,114 a H122/23 H123/24 124/25 ‘Includes other one-time operating expenses Barry Callebaut Half-Year Results, Fiscal Year 2025/26 H1 25/26 — Ne Bean Price FCF Significant positive impact give
Slide 19: Significant net debt and leverage reduction
Significant net debt and leverage reduction as a result of actions to reduce cash cycle and lower bean prices More debt reduction actions to Lower Net Debt / EBITDA'driven by come, whilst investing to ensure customer service lower inventory value & volume OSs + In H1, repaid EUR 263M term loan and E
Slide 20: Increasing financial agility through Borrowing Base Facility
Increasing financial agility through Borrowing Base Facility More flexible, inventory-linked financing to increase agility of capital structure * Inaugural EUR 2 billion sustainability-linked borrowing base facility signed on April 13, 2026 * Revolving character, with a borrowing base linked to Grou
Slide 21: Outlook
OUTLOOK yy
Slide 22: Updating FY 2025/26 outlook: Focusing on volume & leverage
Updating FY 2025/26 outlook: Focusing on volume & leverage, while taking short-term action to protect share and support growth VOLUME -1% to -3% decrease, with a return to positive growth in H2 Mid-teens decrease in EBIT', with majority of absolute EBIT PROFIT decrease recovered at Profit before tax
Slide 23: H2 profitability outlook reflects actions to protect share and prioritize growth
H2 profitability outlook reflects actions to protect share and prioritize growth in declining cocoa market Offset by.... 1) Short-term actions to prioritize growth and protect market share given significantly lower bean prices H2 profitability moving parts Including in Gourmet following temporary lo
Slide 24: Focus for Growth Preview
FOCUS FOR GROWTH PREVIEW
Slide 25: We need to focus on the opportunities that really matter today
WE NEED TO FOCUS ON THE OPPORTUNITIES THAT REALLY MATTER TODAY
Slide 26: We need to focus for growth
WE NEED TO FOCUS FOR GROWTH 4 COMMERCIAL FOCUS OPERATIONAL FOCUS ORGANIZATIONAL FOCUS on distinct growth on restoring on impactful initiatives and opportunities fundamentals er tomas centric winning culture TO REINVIGORATE BARRY CALLEBAUT AS A RELIABLE, INNOVATIVE GLOBAL LEADER Barry Callebaut Half-
Slide 27: We need to focus for growth
WE NEED TO FOCUS FOR GROWTH • • • • •
Slide 28: Focus on clear Gourmet brand tiering and customer propositions
Focus on clear Gourmet brand tiering and customer propositions A clear group commercial identity... CALLEBAUT® Examples: Signature I | Noir Intense Powders Purete ..With leading global brands, scx complemented Core CALLEBAU by locally Selection Doon ‘ relevant ‘ 823 offering § [IR (UMMM StttteettQ v
Slide 29: Focus to scale & integrate select margin-accretive Specialties
Focus to scale & integrate select margin-accretive Specialties Inclusions Decorations Fillings & coatings Example: Peanut Butter Cups used in ice cream Example: Granella used on chocolate-glazed donuts | Example: Reduced sugar fillings used in biscuits Filled inclusions Bul colate decorations Fillin
Slide 30: We need to focus for growth
WE NEED TO FOCUS FOR GROWTH • • •
Slide 31: Focus to enhance network and restore service
Focus to enhance network and restore service FOCUS NORTH AMERICA #1 Focus market Immediate need to stabilize network & meet demand through tactical line changes Future proof portfolio & enhance footprint over time FOCUS EMERGING MARKETS Focus on key growth markets, e.g. Indonesia & Brazil Drive capa
Slide 32: We need to focus for growth
WE NEED TO FOCUS FOR GROWTH • • • •
Slide 33: Initial steps taken, with more to come
Initial steps taken, with more to come YY Restructured ELT from 20 people to 12 to form a smaller, VY Removed Global Transformation Office and heavil Y Integrated remaining BC Next Level initiatives in stopped standalone tracking to focus on bottom-line delivery VY Enhanced global account alignment
Slide 34: Full update in June: Focus for Growth
FULL UPDATE IN JUNE: FOCUS FOR GROWTH
Slide 35: Thank you
[BARRY ()) CALLEBAUT THANK YOU
Slide 36: Appendix
7 Om ~ : : , a ~ APPENDI P ,
Slide 37: Raw material price developments
Raw material price developments Indexed Raw material price changes September 2023 to February 28, 2026 300% 250% 200% 150% 100% 50% ” SS -50% -100% Barry Callebaut Half-Year Results, Fiscal Year 2025/26 -30% Cocoa beans +14% milk powder -43% Sugar world
Slide 38: Recurring profit before tax and net profit increased due to lower finance costs and tax
Recurring profit before tax and net profit increased due to lower finance costs and tax In CHF million 133 85 -181 |e ~16M in LC -30 — 6 64 vs. PY (197M). -40M in LC PBT EBIT Fin Items PBT Net Profit One Offs &FX Net Profit Net Profit Recurring Recurring Recurring Recurring Reported Recurring HY24/2
Slide 39: Key figures
Key figures Group performance (in CHF million) Sales volume (in tonnes) Sales revenue Gross profit Operating profit (EBIT) reported Operating profit (EBIT, recurring)" EBIT per tonne (in CHF, recurring)! Profit before tax reported Profit before tax (recurring)' Net profit for the period Net profit f
Slide 40: Balance sheet
Balance sheet (in CHF million) Net working capital Non-current assets Total assets Net debt Shareholders’ equity ROIC reported ROIC (recurring)! ROE reported ROE (recurring)! Net debt / EBITDA (recurring)' ‘Please refer to the Half-Year Report for the detailed recurring results reconciliation. Barry
Slide 41: Thank you
[BARRY ()) CALLEBAUT THANK YOU