Barry Callebaut Ag · SIX:BARN
Barry Callebaut — 9M FY2025/26 Earnings Presentation
22 slides from Barry Callebaut's earnings presentation, Jul 9, 2026
Slide 1: Return to volume growth in the third quarter, amid a still challenging chocolate market
RETURN TO VOLUME GROWTH IN THE THIRD QUARTER, AMID A STILL CHALLENGING CHOCOLATE MARKET
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: Agenda
Agenda ) Focus for Growth & strategic priorities ll Barry Callebaut | 9-Menth Ke
Slide 4: Key Messages
Group volume returned to growth in Q3 for first time in >2 years Global Chocolate volume -2.3% in 9M, turning positive in Q3 as we restore service levels in North America KEY Chocolate market remains challenging, -4.4%1 in Q3, with improvement expected to be gradual MESSAGES Global Cocoa volumes -4.
Slide 5: Our Focus for Growth ambition
Our Focus for Growth ambition Undisputed integrated global leader in cocoa and chocolate, partner of choice in sustainability & innovation... ... offering full portfolio across cocoa, chocolate, cacao coatings and non- cocoa solutions... ... pivoting towards a solutions provider scaling key Specialt
Slide 6: Focus for Growth will sharpen our leadership position and drive value-added growth and profitability
Focus for Growth will sharpen our leadership position and drive value-added growth and profitability Restoring fundamentals... ... with 5 select growth priorities Accelerating key enablers Footprint & Quality Planning Core customer processes Data & digital Value chain collaboration ... delivering su
Slide 7: Early trends in restoring fundamentals
While there is significant work to do, we are seeing early trends in restoring fundamentals Footprint & Quality Planning Customer processes Selective network enhancements Stronger sales & operations planning More effective customer-facing processes Focus on & step up Food Safety Process improvements
Slide 8: We are taking action on our commercial growth agenda
We are taking action on our commercial growth agenda Global Accounts Unlock potential with largest, global customers Regional FMs Win in Top regional FM markets Gourmet Double down and invest in Gourmet Specialties Scale select margin accretive Specialties Cocoa Powder Increase premium cocoa powder
Slide 9: Moving closer to customers and adapting our regional go-to-market approach
Taking action to move closer to customers, be more responsive to market dynamics and adapt our regional go-to-market approach Se % . \ 4 unstensed GY RRR Y AL) MENA (Middle East & North Africa) New Global NG North america, 7 we & SEWA (South-East & West Africa) Chocolate Whee ete \\ ~_ ee transition
Slide 10: Market update & 9M Key Sales figures
Market update & 9M Key Sales figures Market update & 9M Key Sales figures idl Barry Callebaut | 9-Menth Ke
Slide 11: Strong surplus in 25/26 crop leaves industry well stocked into 26/27
Strong surplus in 25/26 crop leaves industry well stocked into 26/27 = > Gu Large supply driven Large surplus Strong El Nifio confirmed by UN ] Potential weather impacts deficit, marking 3" (of similar size to consecutive deficit year | 23/24 deficit) 42.000 create downside risk on supply 10,000 Imp
Slide 12: Chocolate market demand remains challenging, but signs of prices easing
Chocolate market demand remains challenging, but starting to see signs of prices easing Chocolate market demand declining, early signs GB PERE STR ka EES in the right direction... Global Nielsen chocolate confectionery market, Global Chocolate Confectionery Price per rolling 3 months, yoy kilogram C
Slide 13: Returning to positive volume, with elevated Q3 supported by cocoa demand
Returning to positive volume, with elevated Q3 supported by cocoa demand. Absolute volume recovery will take time Gro ‘olume growth % yo: (om “pwowme's Aas sm \ 2% -2% -6% Ql @2 G3 Q4/Q1 @2 G3 Q4] QI Q2 G3 2023/24 2024/25 2025/26 Ne = Global Chocolate Global Cocoa yw Barry Callebaut | 9-Month Key Sa
Slide 14: BC Global Chocolate volume development ahead of declining market
For the first 9 months, BC Global Chocolate volume development ahead of declining market across most geographies 9M 25/26 volume development Global Chocolate: -2.3% Group: -2.8% (vs. -5.6% market!) (Q3: +5.7%) BC MARKET! -2.3% 9) FOOD Impacted by customer behavior WE -2.5% -4.7% MANUFACTURERS given
Slide 15: Recent bond buyback supports our ongoing journey to deleverage
Recent bond buyback supports our ongoing journey to deleverage and reduce our financing costs Outcome EUR 849m Total bond buyback Reducing gross debt and future cost of ms financing @ EUR 399.9m on the 2028 Bonds Around CHF 15m upfront cost in net financial _————————————————— items in FY 25/26 { ) E
Slide 16: Guidance & Outlook
Guidance & Outlook Barry Callebaut | 9-Menth Ke Guidance & Outlook " “y
Slide 17: FY 2025/26 outlook: Upper-end of expected volume range
FY 2025/26 outlook: Upper-end of expected volume range, maintaining profit and leverage guidance VOLUME Around -1% decrease PROFIT Mid-teens decrease in EBIT', with around half of the absolute EBIT decrease recovered at Profit before tax level! LEVERAGE Net Debt/EBITDA recurring of <3.0x, with worki
Slide 18: Maintain profit guidance as volume development offset by key headwinds
Maintain profit guidance as volume development more than offset by a few key headwinds Va Headwinds e—{ Short-term actions to prioritize growth & market share, particularly in Gourmet H2 cocoa profit normalization, with Global Cocoa key H2 volume driver Profit before tax impacted by bond buyback upf
Slide 19: Thank you
BARRY (0 CALLEBAUT THANK
Slide 20: Appendix
APPENDI
Slide 21: Raw material price developments
Raw material price developments Indexed Raw material price changes September 2023 to May 2026 300% 250% 200% 150% 100% 50% 0% A -50% Se -100% Br OO OP OO PP PS go a” oP a & Y Vv v vow Xk ys ws Rol ys of Ros ys ws os yy of Ros ys we ao) Barry Callebaut 9-Months Results, Fiscal Year 2025/26 Cocoa bean
Slide 22: Thank you
BARRY (0 CALLEBAUT THANK