Barry Callebaut Ltd

Latest Results (30.04.2026):

Barry Callebaut Ltd — Quarter: Annual (Fiscal Year) 2024/25. Summary: For fiscal year 2024/25 Barry Callebaut Ltd reported sales volume of 2,125,420 tonnes (‑6.8% vs prior year), sales revenue CHF 14,788.6 million (+49.0% in local currencies, +42.4% in CHF), recurring EBIT CHF 703.4 million (+6.4% in local currencies, ‑0.1% in CHF) and recurring net profit CHF 249.6 million (‑35.9% in local currencies, ‑40.2% in CHF). Free cash flow for the year was CHF ‑312.0 million but the company generated strong H2 cash flow of CHF 1,802 million, enabling net debt / EBITDA (recurring) to fall to 4.5x (from 6.5x in H1). The Board will propose a dividend of CHF 29.00 per share (subject to AGM approval).

Volume and revenue drivers

Volumes fell in FY 2024/25: Global Chocolate volumes down ~5.3% and Global Cocoa down ~12.8%, reflecting softer demand and a prioritization of higher‑return cocoa business. Despite lower volumes, revenue rose sharply due to significant cocoa‑linked price increases, producing CHF 14.79 billion in sales revenue (+49.0% in local currencies).

Profitability (recurring vs reported)

Recurring EBIT was CHF 703.4 million (up 6.4% in local currencies; nearly flat in CHF). Reported operating profit (EBIT) was lower at CHF 635.1 million. Recurring net profit was CHF 249.6 million, down materially year‑on‑year due largely to the volume decline and investments to navigate disruption.

Cash flow and leverage

Full‑year free cash flow was CHF ‑312.0 million, but the second half produced CHF 1,802 million, driven by working capital actions and lower cocoa prices. Net debt stood at CHF 4,301.3 million and Net debt / EBITDA (recurring) improved to 4.5x (from 6.5x in H1); management’s target is to deleverage below 3.5x in FY 2025/26.

Dividend and capital allocation

The Board will propose a dividend of CHF 29.00 per share at the AGM (to be paid around 14 January 2026, subject to approval). Management signals continued emphasis on deleveraging before a return to growth.

Outlook for FY 2025/26

Guidance: group volumes expected to decline mid single‑digit, Global Chocolate mid single‑digit, Global Cocoa mid‑to‑high single‑digit (prioritization of return on invested capital). Group recurring EBIT expected to grow low‑to‑mid single‑digit in local currencies (Profit Before Tax recurring expected double‑digit growth in local currencies). One‑time BC Next Level costs of ~CHF 60 million expected; working cocoa bean price assumption ~GBP 5,000.

Strategic progress

BC Next Level transformation is delivering savings and most initiatives are implemented. Management highlights improved customer NPS, strengthening supply‑chain resilience, investments in digital/capability building, and a new non‑cocoa partnership (Planet A Foods / ChoViva) as part of innovation and diversification efforts.