Barry Callebaut Ag · SIX:BARN
Barry Callebaut — Q1 FY2025/26 Earnings Presentation
14 slides from Barry Callebaut's earnings presentation, Jan 21, 2026
Slide 1: Anticipated soft start to the year, with lower cocoa bean prices
ANTICIPATED SOFT START TO THE YEAR, WITH LOWER COCOA BEAN PRICES ENCOURAGING SIGN FOR MARKET STABILIZATION 3-Month Key Sales Figures, Fiscal Year 2025/26 21 January 2026
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: Hein Schumacher appointed new CEO of Barry Callebaut
Hein Schumacher appointed new CEO of Barry Callebaut * Hein Schumacher to succeed Peter Feld effective January 26, 2026 * Hein Schumacher combines deep food industry expertise with a proven ability to create shareholder value ¢ Peter Feld will leave Barry Callebaut to pursue other career opportuniti
Slide 4: Key Messages
Global Chocolate volume (-6.8%) in line with market decline & additionally impacted by temporary production pause in St. Hyacinthe, Canada KEY Global Cocoa volume (-22.0%) reflecting negative MESSAGES market demand and strategic returns prioritization Group volume at -9.9%, with resilience in strate
Slide 5: Significantly lowering cocoa bean prices and normalizing forward curve
Significantly lowering cocoa bean prices and normalizing forward curve encouraging for industry stabilization COCOA PRICES' 12,000 - Cocoa bean prices -30% lower since August 2025 10,000 - Forward curve now into a flat/slight carry structure 8,000 (spot cocoa cheaper than forward position) = Strong
Slide 6: Nielsen market pricing, Cocoa Futures LDN, Nielsen market volume
Nielsen market pricing Cocoa Futures LDN Change Nielsen market volume 6
Slide 7: Despite market pressure and short-term headwinds, resilient foundations and greenshoots
Despite market pressure and short-term headwinds, resilient foundations and greenshoots from easing bean prices TEMPORARY HEADWINDS RESILIENT GROWTH FOUNDATIONS Flat volume in a declining market. Strong growth in supercompound and particular momentum in Western Europe and AMEA Declining Global Choco
Slide 8: Q1 25/26 volume development
Deteriorating market and NA production pause impacted Global Chocolate. Return prioritization actions further impacted Cocoa Q1 25/26 volume development Q6 0, Global Chocolate: -6.8% Group: -9.9% (vs. -6.1% market’) BC MARKET! 9, 0, -7.4% -5.2% -3.7% FOOD Impacted by customer behavior MANUFACTURERS
Slide 9: Strong focus on debt and leverage reduction
Strong focus on debt and leverage reduction, with a temporary step up expected in H1 due to cocoa harvest seasonality Pulling all levers to reduce debt and Leverage! expected to temporarily step leverage up at H1 given peak bean buying — Strong focus on key levers: — Reducing working capital through
Slide 10: Confirming FY 2025/26 outlook
Confirming FY 2025/26 outlook. Clear focus on preparing for a return to growth and market stabilization 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 a consequence, Group volume
Slide 11: Focus FY 25/26: Preparing for a return to growth
Preparing for a return to growth FOCUS FY 25/26 Lower cocoa bean prices encouraging for chocolate market stabilization Investing in future growth engines and innovation to emerge an even stronger leader 11
Slide 12: Appendix
APPENDIX
Slide 13: Raw material price developments
Raw material price developments Indexed Raw material price changes September 2023 to November 30, 2025 300% 250% 200% 150% 100% 50% 0% =< -50% ee -100% ‘© Cocoa beans -6% Milk powder -40% Sugar world -55% Sugar EU
Slide 14: Thank you
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