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Barry Callebaut (BARN) investor relations material

Barry Callebaut H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary5 Nov, 2025

Executive summary

  • Strong progress on cash generation and deleveraging in H2, reducing Net Debt/EBITDA to 4.5x after a spike in H1 due to higher inventory values and cocoa price volatility, supported by strategic actions under the BC Next Level program.

  • Major progress on the BC Next Level strategy, driving operational improvements, digitalization, and customer experience enhancements.

  • Navigated unprecedented cocoa market disruption, with chocolate prices tripling within months and market volumes declining.

  • Focus areas for the year ahead: deleverage to below 3.5x net debt/EBITDA, strong cash generation, and preparing for growth through customer experience and innovation.

Financial highlights

  • Recurring EBIT grew 6.4% in constant currency, with EBIT per ton up 14% year-over-year.

  • Group sales volume declined 6.8% year-over-year, with Global Chocolate down 5.3% due to B2B headwinds and cocoa prioritization.

  • Net profit at CHF 250 million (CHF 267 million constant currency), down 36% in local currencies, with H2 flat versus last year after a weak H1.

  • Free cash flow returned to positive in H2 (CHF 1.1 billion to CHF 1,802M), driven by working capital actions and lower bean prices.

  • Sales revenue grew 49.0% in local currencies, driven by cost-plus pricing and mix, despite lower volumes.

Outlook and guidance

  • Targeting deleverage below 3.5x net debt/EBITDA and strong cash generation in FY 2025/2026, assuming a working bean price of ~£5,000.

  • Expecting mid-single digit volume decrease in global chocolate and group, and mid- to high-single digit decrease in global cocoa.

  • Recurring EBIT expected to grow low- to mid-single digit, and profit before tax recurring to grow double-digit in local currencies, excluding CHF 60M one-time opex.

  • H1 2025/2026 to remain challenged, with improvements anticipated in H2.

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Frequently asked questions

Barry Callebaut AG is a manufacturer of high-quality chocolate and cocoa products, serving the food industry globally. The company provides a wide range of products including cocoa powders, chocolate coatings, fillings, and decorations for confectionery, bakery, and beverage applications. Barry Callebaut caters to food manufacturers, artisanal chocolatiers, and professional chefs. The company is headquartered in Zurich, Switzerland, and its shares are listed on the SIX Swiss Exchange.

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