Lindt & Sprüngli (LISN) Guidance summary

Opening remarks and agenda

• Conference call convened at short notice to address ad hoc news and provide an open Q&A session for participants.

Guidance on key objectives

• 2026 organic sales growth guidance revised to 0%-2%, down from 4%-6%, with significant H2 improvement expected after a -7.5% volume decline in H1.

• EBIT margin target for 2026 remains at 20-40 basis points improvement over the previous year.

• No official guidance for 2027 net sales or margin yet, but confidence expressed for positive volume and margin development; financial guidance for 2027 to be published in Q1 2027.

• Medium- to long-term targets from 2028 onwards reaffirmed: 6%-8% organic sales growth and 20–40 basis points EBIT margin improvement per year.

Market trends and strategic opportunities

• Volume recovery observed in Switzerland and Germany after price adjustments and promotions, with global market share gains in key products.

• Robust growth in North America and Asia-Pacific, especially for Ghirardelli, Russell Stover, and in markets like China, Japan, Australia, and India.

• Premium chocolate demand and premiumization trend expected to strengthen global leadership position, with plans to open over 70 new stores globally.

• High price sensitivity and subdued consumer sentiment in Europe, especially in Germany, Switzerland, and Austria, led to weaker seasonal sales.