Chocoladefabriken Lindt & Spruengli Ag · SIX:LISN
Chocoladefabriken Lindt & Spruengli — Chocoladefabriken Lindt & Sprüngli — H1 2026 Earnings Presentation
34 slides from Chocoladefabriken Lindt & Spruengli's earnings presentation, Jul 21, 2026
Slide 1: Lindt & Sprüngli
LINDT & SPRUNGLI We Enchant the World with Chelle’
Slide 2: Half-Year Results 2026
Half-Year Results 2026 Kilchberg July 21, 2026
Slide 3: Agenda
Agenda 01 | Volume growth agenda Adalbert Lechner 02 | Review Half-Year 2026 Martin Hug 03 | Outlook Adalbert Lechner 04 | Q&A Adalbert Lechner & Martin Hug Half-Year Results 2026 3
Slide 4: Volume growth agenda
01 Volume growth agenda
Slide 5: Volume under pressure
Volume under pressure Cocoa Price inflation led to price increases across Geopolitical tensions and inflation weigh on the chocolate industry and strong media coverage. consumer sentiment. The global chocolate market declined in volume. Half-Year Results 2026 5
Slide 6: 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 2026 Brand value (USD) 2026 01 Coca-Cola 02 Red Bull 11.7 bn +24% growth vs. 2025 03 Nong Fu Spring # 04 Pepsi 05 Lay’s 06 Monster Chocolate 07 Lindt brand 08 Yili 09 Nespresso Source: Bran
Slide 7: What sets us apart: The Lindt difference
What sets us apart: The Lindt difference Fine cocoa High quality beans and controlled supply chain Unique roasting and grinding Releases all the aromatic nuances of cocoa The conche – Lindt’s invention Gives chocolate a smooth, melting texture Best ingredients beyond cocoa We use responsibly sourced
Slide 8: Strengthening the core
Strengthening the core Expanding seasonal Broadening core formats Increasing brand presence and leadership and price points investment on social media Half-Year Results 2026 8
Slide 9: New Lindt Choco Wafer factory in Italy
New Lindt Choco Wafer factory in Italy Ready for global roll-out in 2027 Half-Year Results 2026 9
Slide 10: Dubai style takes its place on the shelf
«Dubai style» takes its place on the shelf A viral moment converted into a permanent listing More cities to come Half-Year Results 2026 10
Slide 11: New Flagship Stores New Markets
Global Retail: Profitable brand staging and growth driver Spearhead for new market entries – proven success model with strong Halo effect on wholesale New Flagship Stores Lucerne Oslo Munich New Markets Shanghai India Saudi Arabia Malaysia Half-Year Results 2026 11
Slide 12: Tailwind to support our growth ambitions
Tailwind to support our growth ambitions 01 02 03 04 Growing Aging Geographical Expansion / Premiumization middle class population New Channels 05 06 07 08 Health trend: Shopping experience Innovation Consistent communication mindful indulgence Half-Year Results 2026 12
Slide 13: Review Half-Year 2026
LINDT & SPRUNGLI 02 Review Half- Year 2026
Slide 14: Overview – Half-Year 2026
Overview – Half-Year 2026 2.6% 11.2% 1,564 11.0% 11.2% 8.2% 1’073 8.0% HY 2025 HY 2026 4.3% -3.4% HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 Dec. 2025 HY 2026 Organic growth EBIT margin Net income margin Free cash flow in % Sales Net debt position Half-Year Results 2026 (CHF million) 14
Slide 15: Sales Growth in CHF
Sales Growth in CHF Sales in CHF declined due to weaker foreign currencies Absolute in CHF million (as published) Growth rate in % (as published) 2,400 70% 2,353 2,332 60% 2,300 50% 2,200 2,158 40% 2,100 2,086 30% 2,000 1,992 20% 9.0% 4.7% 3.5% 10% 1,900 10.7% -0.9% 0% 1,800 -10% HY 2022 HY 2023 HY
Slide 16: Organic sales growth
Organic sales growth Compound average growth rate in the last 5 years of +8.8% 12.3% Growth rate in % 11.2% +8.8% CAGR 10.1% 7.0% 4.3% HY 2022 HY 2023 HY 2024 HY 2025 HY 2026 Half-Year Results 2026 16
Slide 17: Sales: Growth Factors
Sales: Growth Factors Organic growth of +4.3% in line with expectations and within guidance Growth rate in % +11.8% -7.5% +4.3% -5.2% -0.9% Price Volume/Mix Organic Forex In CHF Half-Year Results 2026 17
Slide 18: Sales Analysis: Segment Information
Sales Analysis: Segment Information Strong growth in North America and Rest of the World, Europe affected by weak performance in Germany and Switzerland Absolute in CHF million (as published) Growth rate in % (organic) Europe North America Rest of the World 17.7% 12.7% 10.2% 7.8% 3.6% HY 2026 1,250
Slide 19: 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% 827 800 782 60% 700 683 628 627 50% 600 500 33.3% 35.5% 40% 31.5% 30.0% 31.6% 400 30% 300 20% 200 10% 100 0 0% HY 20
Slide 20: Record high cocoa prices and continued volatility
10’000 2’000 4’000 6’000 8’000 0 Mar 2020 May 2020 Jul 2020 Sept 2020 Half-Year Results 2026 Nov 2020 Jan 2021 Mar 2021 May 2021 Jul 2021 Sept 2021 Nov 2021 Jan 2022 Mar 2022 May 2022 Jul 2022 Sept 2022 Nov 2022 Jan 2023 ICE London Cocoa Futures (GBP per ton, 2nd Position) Mar 2023 May 2023 Jul 2023
Slide 21: Personnel Expenses
Personnel Expenses Positive trend continues Absolute in CHF million Ratio in % to sales 560 50% 552 45% 540 40% 525 520 35% 520 30% 500 24.3% 23.7% 24.1% 23.5% 22.5% 25% 493 20% 480 484 15% 10% 460 5% 440 0% HY 2022 HY 2023 HY 2024 HY 2025 HY 2026 Half-Year Results 2026 21
Slide 22: Operating Expenses
Operating Expenses Continued high level of brand support and maintained cost discipline across all other areas Absolute in CHF million Ratio in % to sales 640 70% 634 630 60% 620 610 50% 598 600 594 592 40% 590 28.8% 28.5% 27.4% 26.9% 580 25.6% 30% 570 573 20% 560 10% 550 540 0% HY 2022 HY 2023 HY 2
Slide 23: Operating Profit (EBIT)
Operating Profit (EBIT) EBIT-margin above management expectations of 10% Absolute in CHF million Ratio in % to sales 350 70% 300 292 60% 255 259 260 250 50% 200 185 40% 150 30% 100 20% 12.2% 13.5% 11.0% 11.2% 50 9.3% 10% 0 0% HY 2022 HY 2023 HY 2024 HY 2025 HY 2026 Half-Year Results 2026 23
Slide 24: Net Income
Net Income Net Income in line with EBIT-margin Absolute in CHF million Margin in % to sales 250 50% 218 45% 205 200 189 192 40% 35% 150 138 30% 25% 100 20% 15% 9.8% 10.1% 50 6.9% 8.0% 8.2% 10% 5% 0 0% HY 2022 HY 2023 HY 2024 HY 2025 HY 2026 Half-Year Results 2026 24
Slide 25: Net Financial Position
Net Financial Position Increase in Net Debt Position mainly driven by shareholder return * Including the variation margin related to cocoa futures, the Net Financial Position would be at CHF -1,097 Mio as of 1.1.2026 and CHF -1,435 Mio as of 30.06.2026. Absolute in CHF million Please refer to the Al
Slide 26: Outlook
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Slide 27: Outlook
Outlook Guidance of 4-6% organic growth for 2026 confirmed Stabilizing volumes in H2 2026 For 2027, we expect to regain volume momentum Financial Year 2026 Medium to Long Term 4–6% 6–8% Organic sales growth Expected sales growth pio per year 20–40bp 20–40bp Improvement of EBIT Improvement of EBIT ma
Slide 28: Lindt & Sprüngli
LINDT & SPRUNGLI 04
Slide 29: 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 30: Appendix
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Slide 31: Sales Analysis – Markets
Sales Analysis – Markets Total Group sales in Rest of the North America CHF 819 million CHF 2,332 million (+4.3%) World 13.9% Europe CHF 1,188 million Rest of the World CHF 326 million North America Rest of Europe 35.1% 9.7% CH (excl. DIS and GTR) 4.8% Italy 5.9% UK 7.3% Half-Year Results 2026 Germa
Slide 32: Depreciation and Impairments
Depreciation and Impairments Absolute in CHF million Ratio in % to sales 180 70% 160 156 143 60% 140 133 128 131 50% 120 100 40% 80 30% 60 20% 40 20 6.7% 6.1% 6.1% 6.1% 6.7% 10% 0 0% HY 2022 HY 2023 HY 2024 HY 2025 HY 2026 Half-Year Results 2026 32
Slide 33: EBIT % margin by Segment
EBIT % margin by Segment Absolute in CHF million 16.1% 15.7% EBIT-Margin in % 10.7% 7.7% 3.5% 3.2% 201 186 26 62 32 37 12 39 HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 Europe North America Rest of the World Half-Year Results 2026 33
Slide 34: Capital Expenditure
Capital Expenditure Absolute in CHF million 200 30% 179 180 170 160 148 154 10% 140 121 -10% 120 100 -30% 80 -50% 60 40 -70% 20 0 -90% HY 2022 HY 2023 HY 2024 HY 2025 HY 2026 Half-Year Results 2026 34
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