Barry Callebaut AG (0QO7) Q4 2026 Earnings Report
GB:0QO7 Q4 2026 EPS Results
- Actual EPS
- CHF 20.16
- Consensus EPS
- CHF 21.07
- Beat/Miss
- Missed by -CHF 0.91
- One Year Ago EPS
- CHF 33.13
GB:0QO7 Q4 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- CHF 2.48B
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q4 2026
- Date
- 11/04/2026
- Time
- Before Open
- Conference Call
- Wednesday, November 4, 2026
Barry Callebaut AG's next earnings date is estimated for April 15, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
The call was broadly positive. Management highlighted a return to strong volume growth in the second half, substantial free cash flow, significant debt reduction, improved customer and employee engagement, strategic investments, and positive fiscal 2026-27 profit and cash guidance. These positives were tempered by the full-year EBIT and volume declines, continued weakness in North America and the chocolate confectionery market, the expected 1% group volume impact from the Hershey transition, crop and weather risks, and the need to stabilize the fixed cost base.
For fiscal year ’26-’27, the company reiterated its commitment to deliver volume growth of 1% to 3% for the year, weighted towards the first half with a strong start to the year expected in the first quarter; it expects recurring EBIT growth of 3% to 5% in constant currency, profit before tax growth of around 30% in constant currency and to be below CHF 240 million in financing costs, approximately CHF 25 million of nonrecurring operating expenses, free cash flow of CHF 200 million to CHF 300 million, net debt to recurring EBITDA to remain at or below 2.9x, capital expenditure of approximately CHF 350 million, including supply chain spending of approximately CHF 300 million to CHF 320 million, and an average cocoa bean price of GBP 4,000 per tonne; the Hershey transition is expected to have an impact of around 1% at group level with no impact on profitability in fiscal year ’26-’27 and beyond, while the company is aiming for flat fixed costs in this fiscal year and then the fiscal year beyond.
- Return to Volume Growth in the Second HalfGroup volumes grew 5.7% in both Q3 and Q4, marking two consecutive quarters of growth and outperforming the declining chocolate confectionery market.
- Strong Performance in Priority MarketsThe 10 priority markets identified under Focus for Growth delivered approximately 7% volume growth in the second half, outperforming the rest of the business.
- Gourmet Momentum RecoveredGourmet delivered 13.6% volume growth in Q4, supported by customer response to pricing adjustments, and Gourmet volumes increased 0.8% for the full year.
- Market Conditions Show Signs of ImprovementGlobal cocoa grindings increased 14% in Q3, European grindings rose 3% for the first positive quarter in almost two years, Western European consumer prices declined 0.7% over the last two months, and global chocolate confectionery market volume declines improved to 3.2% in the latest three-month period.
- Chocolate Volumes Outperformed the MarketGlobal chocolate volumes declined 0.5% for the full year, outperforming the Nielsen-reported market decline of 4.3%.
- Regional Volume Growth in Several MarketsWestern Europe grew 0.2%, Central and Eastern Europe grew 1.1%, Latin America grew 1.2%, and EMEA volumes grew almost 10%, driven by momentum with key customers in India, market share gains in China, and additional business in Australia.
- Improved Financing Costs and Profit Before Tax ResilienceRecurring EBIT declined by CHF 109 million, while recurring profit before tax declined by CHF 40 million. Lower net financial costs recovered CHF 69 million, or about two-thirds of the EBIT decline, at the profit before tax level.
- Debt Reduction and Lower LeverageThe company repaid approximately CHF 1.5 billion of debt during the year, including the EUR 849 million bond buyback completed in June. Leverage declined to 2.9x at the end of August from 6.5x in February of the prior year and 3.9x at half year, while net debt declined by more than 40%.
- Very Strong Free Cash FlowFree cash flow was CHF 2 billion, including a CHF 1.5 billion positive impact from cocoa bean prices and CHF 0.9 billion of positive operational free cash flow. The company invested CHF 336 million in its manufacturing footprint and capabilities.
- Balance Sheet Resilience MeasuresThe company broadened geographical sourcing flexibility, increased bean blending, reduced inventories, improved demand and inventory planning, optimized contracting, implemented a letter-of-credit facility, and established a CHF 2 billion borrowing-base facility. Leverage would have been 1.5x when adjusted for marketable cocoa bean inventories.
- Improved Employee and Customer EngagementThe office employee Net Promoter Score improved by 7 percentage points since February. Customer Net Promoter Scores improved by 8 percentage points in Western Europe and 9 percentage points in North America.
- Quality and Safety PerformanceDuring fiscal 2025-26, the company recorded zero critical quality incidents and zero product recalls, while also reporting improvements in service levels, including on-time-in-full performance in North America.
- Progress on Sustainability and EUDR ReadinessThe company further strengthened traceability, geolocation, and due diligence capabilities across sourcing activities and stated that it is ready for EUDR implementation.
- Strategic Partnership and Innovation InitiativesBarry Callebaut is working with Magnum Ice Cream Company through a joint innovation office in the U.K. and announced a 15-year future farming partnership with Mondelez in Brazil intended to support higher productivity per hectare, geographic diversification, supply and price predictability, and fully traceable deforestation-free sourcing.
- Expansion and Network InvestmentsThe company is expanding its Brantford, Canada facility to increase cocoa coatings capacity, adding a baked inclusions line in India, strengthening export and warehousing capabilities, and investing in a new greenfield facility in Karawang, Indonesia, with commercial production planned for the first quarter of 2029.
- Gourmet and Specialty Product InnovationThe company launched the Flavourcode01 product, based on a proprietary cocoa fermentation approach, with first deliveries expected in November and a planned ramp-up in February. It is also expanding filled and baked inclusions, increasing premium cocoa powder capacity, and launching a functional cocoa powder replacer with Planet A Foods.
- Positive Ice Cream Segment MomentumIce Cream delivered high single-digit growth for the full year and was a meaningful contributor to Q4 volumes, supported by continued production needs from ice cream companies during a hot summer.
- Focus on Higher-Value Growth SegmentsThe company is targeting faster-growing and higher-margin segments such as Ice Cream and Bakery, while pursuing premium, specialty, compound, and other value-added solutions. Management stated that 55% of chocolate sales are tied to adjacent markets where it sees positive momentum.
- Fiscal 2026-27 Volume and Profit GuidanceThe company reiterated volume growth guidance of 1% to 3% and expects recurring EBIT growth of 3% to 5% in constant currency. Profit before tax is expected to grow by around 30% in constant currency, with financing costs expected to be below CHF 240 million.
- Continued Deleveraging and Cash GuidanceFiscal 2026-27 free cash flow is expected to be CHF 200 million to CHF 300 million, net debt to recurring EBITDA is expected to remain at or below 2.9x, and capital expenditure is expected to be approximately CHF 350 million.
- Cocoa Market Starting Position Considered More ResilientManagement stated that the market is entering the new crop season after two years of surplus, with healthy industry coverage and increasing terminal stocks. The company continues to believe that a bean price of roughly GBP 3,000 to GBP 5,000 per tonne represents a sustainable medium-term level.
- Productivity Programs InitiatedThe company launched two productivity programs focused on supply-chain efficiency and SG&A simplification, including material usage, factory support, maintenance efficiency, streamlined structures, reduced duplication, and faster decision-making.
GB:0QO7 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Apr 15, 2027 | 2027 (Q2) | 24.24- | 19.81 | ― | ― |
| Nov 04, 2026 | 2026 (Q4) | 21.0720.16 | 33.13 | -39.15% (-12.97) | |
| Apr 16, 2026 | 2026 (Q2) | 25.1619.81 | 5.85 | 238.75% (+13.96) | |
| Nov 05, 2025 | 2025 (Q4) | ―33.13 | 20.41 | 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) | 29.0629.10 | 42.75 | -31.93% (-13.65) | |
| Nov 01, 2023 | 2023 (Q4) | ―38.10 | 24.77 | 53.82% (+13.33) | |
| Apr 05, 2023 | 2023 (Q2) | 36.6742.75 | 40.87 | 4.60% (+1.88) | |
| Nov 02, 2022 | 2022 (Q4) | 20.2124.77 | 32.44 | -23.64% (-7.67) |
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.
