Chocoladefabriken Lindt & Spruengli Ag · SIX:LISN
Chocoladefabriken Lindt & Spruengli — Lindt & Sprüngli — FY2025 Earnings Presentation
56 slides from Chocoladefabriken Lindt & Spruengli's earnings presentation, Mar 10, 2026
Slide 1: Full-Year Results 2025
Full-Year Results 2025 Kilchberg 10 March 2026
Slide 2: Agenda
Agenda 01 | Highlights 2025 Adalbert Lechner 02 | Regional performance Adalbert Lechner 03 | Financial Results 2025 Martin Hug 04 | Sustainability Martin Hug 05 | Growth Agenda & Outlook Adalbert Lechner 06 | Q&A Adalbert Lechner & Martin Hug Full-Year Results 2025 2
Slide 3: Financial highlights 2025
Lindt & Sprüngli achieves double-digit organic growth and higher profitability Financial highlights 2025 Group sales (CHF) Earnings per share (CHF) 5.92 bn 3,164 Organic sales growth (+8.5%) +12.4% EBIT (CHF) Free cash flow (CHF) 971 m 446 m EBIT margin Free cash flow margin 16.4% 7.5% (+20bp) Full-
Slide 4: A challenging market environment
A challenging market environment Cocoa price Geopolitical Global trade Consumer volatility tensions wars/tariffs behavior change Full-Year Results 2025 4
Slide 5: Global expansion
Global expansion 01 03 05 02 04 01 Branch office in Bulgaria 06 02 Joint venture in Saudi Arabia 03 Subsidiary in UAE 04 Subsidiary in India 05 Logistics hub in China 06 Retail operator agreement in Malaysia Full-Year Results 2025 5
Slide 6: Global Retail
Global Retail Global Expansion Flagship Stores New Countries 621 stores – we opened 53 2 new flagship stores have Store expansion in Chile, new stores in 2025 been opened – in London New Zealand & Mexico and Vienna +20.8% organic growth Subsidiaries and partnerships in Malaysia, Saudi Arabia & India
Slide 7: Our biggest innovation yet
Our biggest innovation yet Dubai Style Chocolate, available around the world Fastest ever execution Handmade in 5 weeks, market-ready in 12 weeks • Spectacular (social) media buzz • Strengthened brand equity • Unlocked new consumer groups (GenZ) And the success story continues… Full-Year Results 202
Slide 8: Regional Performance
LINDT & SPRUNGLI 02 Regional Performance
Slide 9: Regional performance overview
Regional performance overview Strong growth across all regions 50.0% EUROPE +15.3% Organic growth NORTH AMERICA +8.9% Organic growth 36.9% REST OF THE WORLD +11.7 % Organic growth 13.1% Full-Year Results 2025 9
Slide 10: Europe
Europe Full-Year Results 2025 10
Slide 11: Strong development in Europe
Strong development in Europe Organic growth +13.0% +15.5% +14.6% +11.6% +12.8% Germany France UK & Ireland Italy Switzerland +22.6% +22.9% +19.6% +25.7% +34.9% 2.96bn CEE Iberia Austria Nordic Benelux Total sales in CHF 01 02 03 Key growth drivers were Excellence tablets and pistachio-based recipes.
Slide 12: North America
North America Full-Year Results 2025 12
Slide 13: North America accelerated growth in H2
North America accelerated growth in H2 with +11.9% Organic growth +16.2% +9.4% -6.2% Ghirardelli Lindt USA Russell Stover +8.8% -31.4% 2.18bn Canada Mexico Total sales in CHF 01 02 03 Robust performance in a challenging environment marked by volatile tariffs and weak consumer sentiment. Overall valu
Slide 14: Rest of the World
Rest of the World Full-Year Results 2025 14
Slide 15: Accelerated growth in H2 in Rest of the World and further expansion
Accelerated growth in H2 (+14.5%) in Rest of the World and further expansion Organic growth -2.2% +9.6% +18.3% +19.9% Distributors Australia & NZ Japan Brazil +19.3% +13.1% +19.6% +413.0% 0.78bn China South Africa Global Travel Retail Chile Total sales in CHF 01 02 03 Australia regained growth momen
Slide 16: Financial Results 2025
03 Financial Results 2025
Slide 17: Overview – Financial year 2025
Overview – Financial year 2025 Key performance indicators remain strong 3,164 12.4% 11.6% 2,917 7.8% 7.5% 1,073 16.4% 882 16.2% 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 Organic growth EBIT margin FCF margin Earnings per share Net debt position (CHF) (CHF million) Full-Year Results 2025 17
Slide 18: Organic sales growth
Organic sales growth Compound average growth rate in the last 5 years of +10.9% 13.3% 12.4% +10.9% 10.8% CAGR 10.3% 7.8% 2021 2022 2023 2024 2025 Full-Year Results 2025 18
Slide 19: Sales in CHF
Sales in CHF Record sales of CHF 5.92 billion despite the strong CHF and a challenging environment Absolute in CHF million (as published) Growth rate in % (as published) 7’000 30 6’000 5,916 5,468 25 4,970 5,201 5’000 4,585 20 4’000 14.2% 15 3’000 8.4% 8.2% 10 2’000 4.6% 5.1% 5 1’000 0 0 2021 2022 2
Slide 20: Sales: Growth factors
Sales: Growth factors Organic growth of 12.4% driven by price, strong innovation and premium focus Growth rate in % +19.0% -6.6% +12.4% -3.9% -0.3% +8.2% Price Volume/Mix Organic Forex Other In CHF Full-Year Results 2025 20
Slide 21: Sales analysis: Segment information
Sales analysis: Segment information Strong growth across regions Absolute in CHF million (as published) +15.3% Growth rate in % (organic) +11.7% +9.5% +8.9% +10.0% +5.0% 2,590 2,956 2,155 2,184 724 776 2024 2025 2024 2025 2024 2025 Europe North America Rest of the World Full-Year Results 2025 21
Slide 22: Sales analysis: Segment information full year 2025
Sales analysis: Segment information full year 2025 Acceleration of growth in North America and Rest of the World Absolute in CHF million (as published) Growth rate in % (organic) +17.7% +14.5% +13.6% +11.9% +7.8% +3.6% 1,250 1,706 799 1,385 304 472 H1 H2 H1 H2 H1 H2 Europe North America Rest of the
Slide 23: Material costs incl. change in inventories
Material costs incl. change in inventories Expense ratio driven by higher cocoa costs, partly compensated by price increases Absolute in CHF million Ratio in % to sales 2’500 70% 2,215 60% 2’000 1,904 1,678 1,706 50% 1,518 1’500 37.5% 33.1% 33.8% 32.9% 34.8% 40% 30% 1’000 20% 500 10% 0 0% 2021 2022
Slide 24: High cocoa prices and continued volatility
High cocoa prices and continued volatility Numbers will be updated ICE London Cocoa Futures (GBP per ton, 2nd Position) 10’000 8’000 6’000 4’000 2’000 0 Feb 21 Jun 21 Oct 21 Feb 22 Jun 22 Oct 22 Feb 23 Jun 23 Oct 23 Jun 24 Feb 24 Oct 24 Feb 25 Jun 25 Oct 25 Feb 26 Full-Year Results 2025 24
Slide 25: Personnel expenses
Personnel expenses Positive trend continues Absolute in CHF million Ratio in % to sales 1200 1’122 100.00% 1’026 1’066 986 1’008 90.00% 1000 80.00% 70.00% 800 60.00% 600 50.00% 40.00% 400 21.5% 20.3% 19.7% 19.5% 19.0% 30.00% 20.00% 200 10.00% 0 0.00% 2021 2022 2023 2024 2025 Full-Year Results 2025 2
Slide 26: Operating expenses
Operating expenses Increased local brand support offset by leverage in supply chain costs and SG&A Absolute in CHF million Ratio in % to sales 1’404 1’398 100.00% 1400 1’295 1’343 90.00% 1200 1’191 80.00% 70.00% 1000 60.00% 800 50.00% 600 40.00% 26.0% 26.0% 27.0% 25.6% 400 22.7% 30.00% 20.00% 200 10
Slide 27: Depreciation and impairments
Depreciation and impairments Decrease in percentage of sales over the last years Absolute in CHF million Ratio in % to sales 305 70% 300 300 297 60% 295 290 50% 285 281 40% 280 277 275 273 30% 270 20% 265 260 6.0% 5.5% 5.4% 5.4% 5.1% 10% 255 0% 2021 2022 2023 2024 2025 Full-Year Results 2025 27
Slide 28: Operating Profit (EBIT)
Operating Profit (EBIT) EBIT-margin continues to improve by +20 bp in 2025, +51% in absolute terms vs. 2021 (+230bp) Absolute in CHF million Ratio in % to sales 1’200 70% +9.8% 1’000 971 60% 884 813 50% 800 745 645 40% 600 30% 400 14.1% 15.0% 15.6% 16.2% 16.4% 20% 200 10% 0 0% 2021 2022 2023 2024 20
Slide 29: EBIT by segment
EBIT by segment Continuous increase of profitability in Europe and North America Absolute in CHF million 20.1% 19.3% EBIT-Margin in % 14.4% 13.7% 13.0% 10.0% 500 594 280 299 104 78 2024 2025 2024 2025 2024 2025 Europe North America Rest of the World Full-Year Results 2025 29
Slide 30: EBITDA
EBITDA EBITDA in line with expectations Absolute in CHF million Margin in % to sales 1’400 70% +7.6% 1,271 1’200 1,181 60% 1,094 1,018 1’000 921 50% 800 40% 600 30% 20.1% 20.5% 21.0% 21.6% 21.5% 400 20% 200 10% 0 0% 2021 2022 2023 2024 2025 Full-Year Results 2025 30
Slide 31: Tax rate
Tax rate Tax rate in line with the 5-year average In % of income before taxes 23.6% Adjusted 21.1% 21.0% 8.9% 21.0% 21.3% one-off tax benefit 14.7% 2021 2022 2023 2024 2025 Full-Year Results 2025 31
Slide 32: Net income
Net income Net income in line with expectations * One-off tax benefit Absolute in CHF million Margin in % to sales 800 50% 727 672 +8.1% 45% 700 671 600 570 70* 40% 601 35% 500 491 30% 400 25% 20% 300 11.5% 12.9% 12.3% 12.3% 200 10.7% 15% 10% 100 5% 0 0% 2021 2022 2023 2024 2025 Full-Year Results 20
Slide 33: Capital expenditure
Capital expenditure Continued investments in line with guidance Absolute in CHF million Ratio in % to sales 350 30% 314 331 302 300 25% 250 241 230 20% 200 15% 150 10% 100 5.3% 5.8% 5.8% 5.6% 4.6% 5% 50 0 0% 2021 2022 2023 2024 2025 Full-Year Results 2025 33
Slide 34: Free cash flow
Free cash flow Average cash flow generation over the last five years in line with guidance. Net working capital in 2025 increased due to higher inventory values. Absolute in CHF million 10.3% Margin in % to sales Average 700 30% 635 600 585 25% 526 500 477 446 20% 400 12.8% 15% 300 10.6% 11.6% 9.2%
Slide 35: Non-diluted earnings per share
Non-diluted earnings per share* Strong increase of +54% over the last five years * Equivalent to 10 PC Absolute in CHF ** One-off tax benefit +8.5% 3,164 2,889 2,917 301 2,416 2,588 2,049 2021 2022 2023 2024 2025 Full-Year Results 2025 35
Slide 36: Net financial position
Net financial position Net debt position driven by higher shareholder returns, EBITDA multiple remains below 1 0.84x Absolute in CHF million EBITDA Free cashflow = 446 -331 Shareholder return = 678 -882 +777 + -1,073 -345 + -333 +200 -159 01.01.2025* Operating cash flow* CAPEX Dividend Share buyback
Slide 37: Equity ratio
Equity ratio Balance sheet remains strong In % of total assets 58.3% 55.4% 54.5% 54.2% 52.8% 2021 2022 2023 2024 2025 Full-Year Results 2025 37
Slide 38: Shareholder return
Shareholder return Increase in shareholder return continues * Subject to approval by the AGM 2021 2022 2023 2024 2025 Ordinary dividend 1,200 1,300 1,400 1,500 1,800* reg. (CHF) Dividend yield reg. 1.0% 1.4% 1.4% 1.5% 1.5% Payout ratio 59.3% 54.6% 49.2% 51.9% 57.7% Share buyback (CHF million) 445 55
Slide 39: Share price & market capitalization
Share price & market capitalization Registered share price (at year-end in CHF) Market capitalization (CHF million) 140’000 45’000 122,200 120’000 116,400 40’000 102,000 100,000 35’000 100’000 30,035 95,000 27,049 30’000 80’000 22,679 23,958 23,350 25’000 60’000 20’000 15’000 40’000 10’000 20’000 5’
Slide 40: Launch of a new share buyback program
Launch of a new share buyback program New share buyback program for registered shares and participation certificates of up to CHF 1 billion The program will start on June 1, 2026, and run for three years until May 31, 2029, at the latest It will replace the existing share buyback program (2024–2026)
Slide 41: Sustainability
Bd LINDT & SPRUNGLI 04 Sustainability
Slide 42: Sustainability highlights 2025
Sustainability highlights 2025 Lindt & Sprüngli surpassed some of its 2025 key targets while setting the course for 2030 Priority raw and packaging 20% progress materials covered by a towards 2030 science-based targets Responsible Sourcing Standard vs. our 2020 baseline 93.2% (2025 target: 80%) Pack
Slide 43: Cocoa sourcing
Cocoa sourcing Strategic progress Roll out of a strengthened child protection strategy supported by the International Cocoa Initiative (ICI) Launch of our living income pilot program Launch of an agroforestry project in Côte d’Ivoire As of 2026, all our cocoa is sourced as Rainforest Alliance Certif
Slide 44: 2030 Sustainability Plan
2030 Sustainability Plan Our mission Caring for people and the environment by contributing to cocoa excellence, reduced emissions, and a safe workplace Full-Year Results 2025 44
Slide 45: Growth Agenda & Outlook
05 Growth Agenda & Outlook
Slide 46: Our path back to volume growth
Our path back to volume growth Key levers: strengthening our brand, increasing visibility, and sharpening execution across all touchpoints. 01 Stronger than ever brand equity 02 Portfolio focus on the core and key innovations 03 Visibility, physical and mental availability Accelerated expansion in n
Slide 47: Our brand equity is stronger than ever
Our brand equity is stronger than ever Lindt is the world’s most valuable chocolate brand Food and beverages 2025 Brand value (CHF) 2025 01 Coca-Cola 9.4 bn 02 Red Bull 03 Pepsi # 04 Lay’s 05 Nongfu Spring 06 Yili Chocolate 07 Nespresso brand 08 Lindt 09 Nescafé Source: Brandz-2025 - Kantar 10 Kinde
Slide 48: Long-term track record – highest ever absolute organic growth in 2025
Long-term track record – highest ever absolute organic growth in 2025 Consistently outperforming long-term market average (3-4%) In CHF million 10.1% Sales (NTS) CAGR 6.5% 5’916 CAGR 5’201 5’468 4’970 4’509 4’585 448 4’313 4’088 4’017 3’653 3’723 3’385 2’883 2’606 2’670 2’573 2’525 2’579 2’489 2’312
Slide 49: World chocolate market & competitive environment
World chocolate market & competitive environment – Lindt & Sprüngli as the N 6 o Top 6 chocolate companies account for 57% of the market share Lindt & Sprüngli 12.6% value market share 12.3% 10.6% Global: 6% Europe and 8.2% 7.8% North America: 7% 5.8% Rest of the World: 2% Market share in long- esta
Slide 50: US study: Chocolate is growing overproportionally in value among GLP-1 users
US study: Chocolate is growing overproportionally in value among GLP-1 users 15% of US households use GLP-1, respresenting 17.5% of chocolate sales. US sales change vs. year ago in % 16.6 8.7 6.5 4.1 Total chocolate Premium chocolate Non-GLP-1 users GLP-1 users Full-Year Results 2025 50 Source: Circ
Slide 51: Visibility & accessibility in all premium-relevant channels
Visibility & accessibility in all premium-relevant channels Classic Confectionery GTR Global E-Commerce Convenience Discounters wholesale trade stores Travel Retail Global chocolate category 2025 43% 7% 6% 27% 3%1 14% L&S presence L&S growth High single-digit Double-digit Double-digit High double-di
Slide 52: Tailwind to support our growth ambitions
Tailwind to support our growth ambitions 01 02 03 04 Growing Aging Gifting Premiumization middle class population culture 05 06 07 Consumer Shopping Health trend: sentiment improving experience mindful indulgence Full-Year Results 2025 52
Slide 53: Outlook
Outlook We remain committed to our long-term strategy Ambition to grow faster than the market Continued brand support and innovation to drive volume growth and household penetration Financial Year 2026 Medium to Long Term 4–6% 6–8% Organic sales growth Expected sales growth pio per year 20–40bp 20–4
Slide 54: Q&A
BH LINDT & SPRUNGLI 06 Q&A
Slide 55: Full-Year Results 2025
Full-Year Results 2025 55
Slide 56: 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