Lindt & Sprüngli (LISN) H1 2026 earnings summary

Executive summary

• Organic sales grew 4.3% to CHF 2.33 billion in H1 2026, driven by double-digit growth in North America and Rest of the World, and price increases, while Europe softened due to record cocoa prices, inflation, and geopolitical uncertainty.

• EBIT reached CHF 260.2 million with an 11.2% margin, exceeding guidance and prior year, and net income was CHF 191.7 million (8.2% margin).

• Brand equity remains strong, with Lindt named the world's most valuable chocolate brand for the second year, brand value up 24% year-on-year, and continued investment in premiumization and innovation.

• Groupwide price increases of 11.8% offset higher input costs but led to a 7.5% decline in volume/mix; stabilization of volumes expected in H2 2026 and return to growth from 2027.

• Continued investment in innovation, retail expansion, and targeted pricing actions to support volume recovery.

Financial highlights

• Total sales reached CHF 2.33 billion, with a -0.99% decline in Swiss francs due to currency effects, but organic growth was 4.3%.

• EBIT margin at 11.2%, net income margin at 8.2%, and EBITDA increased 3.5% to CHF 415.8 million.

• Free cash flow improved to CHF 61.1 million (2.6% of sales), up from -3.4% in H1 2025.

• Net debt increased to CHF 1.6 billion, mainly due to dividend payments and share buybacks.

• Equity ratio stood at 53.7% at June 30, 2026.

Outlook and guidance

• Full-year 2026 organic sales growth expected in the 4-6% range, with EBIT margin improvement of 20-40 basis points.

• Medium- to long-term organic sales growth target of 6-8% per year, with annual EBIT margin increase of 20-40 basis points.

• Pricing impact to fade in H2 2026; stabilization of volumes expected, with sustainable volume growth from 2027.