Lindt & Sprüngli (LISN) Investor update summary

Leadership and succession

• The board seeks new leadership to restore consistent, strong global growth; Dr. Adalbert Lechner leaves after 33 years.

• Dieter Weisskopf is interim CEO, with Group Management reporting to him immediately; the CEO search spans internal and external candidates, with an appointment expected in Q2 2027.

• From 26 October 2026, Ali Kulein becomes Germany CEO, subject to local Supervisory Board approval, and Fabian Reinhardt becomes Austria CEO; both report to Weisskopf.

• Daniel Studer left in September; his departure was unrelated to the leadership announcement and did not signal a change in marketing strategy.

• A board generation change is under consideration, with steps expected at the next AGM and over the following 1–2 years.

Financial outlook and performance

• 2026 outlook remains 0%–2% organic growth and 20–40 bps EBIT margin improvement; medium-term targets from 2028 remain 6%–8% organic growth and 20–40 bps annual margin improvement.

• H1 organic sales: Europe declined 2.1%, North America grew 12.7% on 37% of sales, and the rest of the world grew 10.2%; Europe represents almost half of sales.

• H1 volume mix fell 7.5% against price increases of 11.8%; Germany, Switzerland and Austria were particularly challenging.

• H1 EBIT margin rose to 11.2% from 11.0%; equity ratio was 53.7% at end-June.

• Share buyback of up to CHF 1 billion continues; the leadership change has no effect on capital allocation.

Pricing and execution priorities

• Selected markets have seen price reductions and price-and-pack adjustments, with first positive effects; volume impact takes time.

• 2026 Christmas pricing and plans are generally unchanged from 29 September; promotional pricing may be adjusted based on sales flow.

• 2027 plans include selected list-price cuts, less reliance on deep promotions and increased brand investment to restore volume momentum while supporting profitability.

• Early Germany signals include lower-priced, smaller Lindor packs and improved Excellence performance; these are initial signals, not a quantified trend.

• 2027 planning includes a realistic budget, stronger support for Lindor, Excellence and seasonal ranges, and attention to the global wafer launch.