EarningsQ2 2026 Earnings Report

Barry Callebaut AG (0QO7) Q2 2026 Earnings Report

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Previous Report: Q4 2025

GB:0QO7 Q2 2026 EPS Results

Actual EPSCHF19.81

Consensus EPSCHF25.16

Beat/MissMissed by -CHF5.35

One Year Ago EPSCHF5.85

GB:0QO7 Q2 2026 Revenue Results

Actual RevenueCHF6.75B

Expected RevenueCHF3.26B

Beat/MissBeat by +CHF3.49B

YoY Revenue Growth-7.34%

Earnings Announcement Details

QuarterQ2 2026

Date04/16/2026

TimeBefore Open

Conference CallThursday, April 16, 2026

GB:0QO7 Upcoming Earnings

Barry Callebaut AG's next earnings date is estimated for November 4, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Apr 16, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presented a mixed picture: strong financial resilience (CHF 802m free cash flow, significant deleveraging, net profit and PBT resilience, diversified financing) and clear, focused management actions (leadership simplification, Focus for Growth plan) are compelling positives. However, material operational weaknesses (volume declines, North America supply disruptions, quality incidents), pressured Gourmet margins from rapid cocoa price moves, and a downgraded EBIT outlook are significant near-term negatives. Management has a concrete remediation plan and balance sheet strength to execute it, but execution risks and external uncertainties (Middle East, cocoa market volatility) temper near-term upside.

Company Guidance

Barry Callebaut updated guidance: group volumes now expected to decline -1% to -3% for the full year (implying a return to positive growth in H2), recurring EBIT is guided to a mid‑teens % decline in local currencies, and net debt/EBITDA is targeted below 3x using a GBP 3,000 working mean price; management expects to recover more than half of the absolute EBIT decline at the profit‑before‑tax level driven by a planned CHF 50–60m reduction in finance costs. Key H1 metrics: recurring EBIT ~CHF 311m (‑4.2%), volumes down 6.9% (Q2 -3.6%), free cash flow CHF 802m, net debt reduced by ~CHF 2.5bn to leverage 3.9x (adjusted 2.7x excluding cocoa bean inventories), inventories 10% lower vs Feb last year, CHF 183m CapEx in H1; market context: cocoa beans fell ~53% in eight weeks to GBP 2,057 (short‑term view GBP 2,000–3,000; medium term GBP 3,000–5,000), and the group has secured a EUR 2bn sustainability‑linked borrowing base facility (EUR 1.6bn committed + EUR 400m uncommitted).

Strong cash generation and deleveraging

Generated CHF 802 million free cash flow in H1 despite peak buying season; net debt reduced by ~CHF 2.5 billion year-on-year; reported leverage (net debt / EBITDA) fell to 3.9x from 6.5x (Feb prior year) and adjusted leverage excluding cocoa bean inventories is 2.7x.

Net profit and PBT resilience despite EBIT decline

Recurring EBIT decreased by 4.2% (CHF ~14 million) but profit before tax increased by CHF 2 million (+1.3%) and net profit rose by CHF 42 million (+66%), helped by substantially lower finance costs and a reduced effective tax charge (income tax expense down to CHF 29.6m from CHF 69.4m; effective tax rate 21.4%).

Favorable cocoa market dynamics and booking momentum

Cocoa bean prices fell ~53% within eight weeks (Jan–Feb) to GBP 2,057, replenishing global stocks and creating a carry structure in futures; customers are booking further ahead again and forward bookings are materially higher than last year.

Operational cash benefit from lower bean prices

Cocoa bean price decline contributed a CHF 1.5 billion positive impact to cash in H1 and inventories in February were ~10% lower year-on-year, supporting the strong cash generation.

Sequential volume improvement and regional outperformance

Sequential quarterly improvement in volumes: Q2 group volume decline improved to -3.6%; global chocolate volumes down 5.1% in H1, outperforming Nielsen market decline of -6.5%; strong regional performance in AMEA (+8.5% in H1, double-digit in Q2) and Latin America (+1.5%).

Balance sheet and financing actions

Signed a EUR 2 billion sustainability-linked borrowing base facility (EUR 1.6bn committed + EUR 400m uncommitted) to diversify funding and increase flexibility; repaid EUR 263m term loan and EUR 191m Schuldschein and materially reduced commercial paper/bilateral exposures.

Cost savings delivered from prior program

The prior Next Level program delivered savings of ~CHF 150 million and enabled investments in digital, quality and supply processes.

Leadership and strategic refocus underway (Focus for Growth)

New CEO previewed Focus for Growth: reduced executive leadership team from 20 to 12, removed standalone transformation office, reduced consultancy spend, and outlined concentrated commercial, operational and organizational priorities (top markets/customers, Gourmet brand hierarchy, specialties prioritization, service/OTIF restoration).

GB:0QO7 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 04, 2026	2026 (Q4)	21.07 / -	33.13	―
Apr 16, 2026	2026 (Q2)	25.16 / 19.81	5.848	238.75% (+13.96)
Nov 05, 2025	2025 (Q4)	- / 33.13	20.407	62.35% (+12.72)
Apr 10, 2025	2025 (Q2)	- / 5.85	29.1	-79.90% (-23.25)
Nov 06, 2024	2024 (Q4)	- / 20.41	38.1	-46.44% (-17.69)
Apr 10, 2024	2024 (Q2)	29.06 / 29.10	42.75	-31.93% (-13.65)
Nov 01, 2023	2023 (Q4)	- / 38.10	24.77	53.82% (+13.33)
Apr 05, 2023	2023 (Q2)	36.67 / 42.75	40.87	4.60% (+1.88)
Nov 02, 2022	2022 (Q4)	20.27 / 24.77	32.44	-23.64% (-7.67)
Apr 13, 2022	2022 (Q2)	34.23 / 40.87	37.69	8.44% (+3.18)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed