• Sales volume in Global Chocolate decreased by -6.8%, in line with the declining chocolate confectionery market (-6.1%)¹, and additionally impacted by the temporary suspension of production in St. Hyacinthe, Canada which is now resolved
• Global Cocoa sales volume declined by -22.0% reflecting negative market demand and prioritization of volume towards higher return segments within Cocoa
• Overall, Group sales volume decreased by -9.9%, with resilience in strategic growth areas of cacao coatings (compound) and AMEA region
• Sales revenue increased by +8.9% in constant currency to reach CHF 3.7 billion. While Group pricing was higher year-on-year, it is sequentially stabilizing and past its peak reflecting the recent softening of bean prices
• Driving innovation and enhancing customer experience across the full spectrum of chocolatey solutions to fuel growth, including ~600 cacao coating R&D projects underway and executing the phased international roll out of ChoViva, the chocolate alternative without cocoa
• Confirming FY 2025/26 outlook with clear focus on preparing for a return to growth. Lower cocoa bean prices encouraging for chocolate market stabilization
• Hein Schumacher appointed new CEO of Barry Callebaut, effective January 26, 2026 (see separate press release)

¹ _{Source: Nielsen volume growth excluding e-commerce – 26 countries, September 2025 - October/November 2025. Data subject to adjustment to match Barry Callebaut's reporting period. Nielsen data only partially reflects the out-of-home and impulse consumption.}

Global Chocolate saw a -6.8% volume decrease, in the context of a declining chocolate confectionery market according to Nielsen (-6.1%)². Volume development in Food Manufacturers (-7.4%) was impacted by the negative market dynamics as customers adapted behaviors in the context of high prices, as well as by the temporary suspension of production at the St. Hyacinthe plant in Canada. Volumes in Gourmet were more resilient, decreasing by -3.6% as customers reduced elevated stock levels in a high price and competitive environment as well as some impact from the St. Hyacinthe plant pause.

Looking at regional performance within Global Chocolate, Asia Pacific, Middle East and Africa (AMEA, +0.6%) was the strongest contributor. Volume growth in AMEA was driven by improved demand in China, market share gains and momentum in India and additional business secured in Australia, partly offset by market pressure in Japan and South Korea. Latin America saw slightly negative volume growth (-1.4%) as strong momentum in Gourmet was offset by more challenging dynamics for large Food Manufacturers navigating higher prices. Central and Eastern Europe (-2.7%) was impacted by lower volumes for large Food Manufacturer customers, while local accounts saw solid growth especially in Türkiye. Western Europe reported a -5.2% volume decrease as higher prices resulted in demand softness and influenced customer behavior. Volume development in North America ( -14.0%) was impacted by the temporary suspension of production at the St. Hyacinthe plant in Canada due to a technical malfunction which is now resolved, as well as a challenging customer environment.

Sales volume for Global Cocoa declined by -22.0%. The business was impacted by negative market demand, particularly in AMEA, as well as the prioritization of volume towards higher return segments.

Overall, the Barry Callebaut Group reported sales volume of 509,401 tonnes (-9.9%) during the first three months of fiscal year 2025/26 (ended November 30, 2025).

The Group continues to capture strategic growth opportunities and leverage innovation across the entire spectrum of chocolate solutions, to fuel future growth. Cacao coatings (compound) continued to attract interest from customers with around 600 R&D projects currently underway. Cacao coatings saw flat growth in the first three months of the year, demonstrating particularly good momentum for super compound products. Barry Callebaut is also exploring non-cocoa solutions with ChoViva - the world’s leading chocolate alternative without cocoa. The phased international commercial roll out is in process, aligning local and global partnerships, production and distribution as well as go-to-market strategies to ensure a scalable and sustainable launch beyond Europe.

Sales revenue amounted to CHF 3,669.4 million, an increase of +8.9% in local currencies (+6.4% in CHF). The increase was driven by higher year-on-year cocoa pricing, which is sequentially stabilizing given the recent lowering of cocoa bean prices.

²_{Source: Nielsen volume growth excluding e-commerce – 26 countries, September 2025 - October/November 2025. Data subject to adjustment to match Barry Callebaut's reporting period. Nielsen data only partially reflects the out-of-home and impulse consumption.}

Barry Callebaut reiterates its outlook for fiscal year 2025/26. The clear focus areas are on deleveraging and preparing for a return to growth, with H1 still pressured and improvements expected in H2. Lower cocoa bean prices are encouraging for chocolate market stabilization.

In particular, Global Chocolate volumes are expected to see a mid single-digit decrease. Focus on ROIC in Global Cocoa is expected to result in a mid to high single-digit volume decrease. As a consequence, Group volume is expected to see a mid single-digit decrease, related to bean price developments impacting Global Cocoa return prioritization. 

On profitability, the Group expects low to mid single-digit EBIT recurring growth in local currencies and double-digit growth in Profit Before Tax recurring in local currencies. One-time operating expenses of around CHF 60 million are expected in relation to BC Next Level. Deleverage progress is expected to continue with a plan to reach <3.5x Net debt / EBITDA recurring, with a working cocoa bean price assumption of around GBP 5,000.

Barry Callebaut Group 3-Month Key Sales Figures Fiscal Year 2025/26

This will be a virtual presentation for analysts and investors, hosted by Patrick De Maeseneire, Chairman, and Peter Vanneste, CFO. Dial-in and access details can be found here.

Financial Calendar for Fiscal Year 2025/26

(September 1, 2025 to August 31, 2026)

³ _{Certain customers have been shifted to a different product group to better serve them. The minor reallocation represented less than 1% of the total volume and sales revenue in fiscal year 2024/25.}

⁴ _{Certain customers have been shifted to a different product group to better serve them. The minor reallocation represented less than 1% of the total volume and sales revenue in fiscal year 2024/25.}

During the first three months of fiscal year 2025/26, terminal market⁵ prices for cocoa beans declined on the back of improved prospects for the start of the main crop. On average, cocoa bean prices decreased by -16% versus the prior-year period and closed the period at GBP 4,069. The start of the crop saw strong arrivals in Ivory Coast and Ecuador, alongside weak cocoa bean grinding in Q3 of the calendar year, thus helping to bring some replenishment of global stocks of cocoa.

Global sugar prices averaged -22% lower than the same period last year, driven by improving fundamentals in key producing regions. Unlike the previous year, when El Niño had prolonged adverse effects on sugarcane development in India and Thailand, conditions toward the end of 2025 appeared far more favorable for crop recoveries. In Europe, sugar prices remained broadly stable (-2%) despite reduced plantings, reflecting higher than expected yields for the 25/26 campaign and lower prices in the world market.

Dairy prices decreased on average by -16% compared to the prior year. This is mainly due to milk production, which recorded exceptional growth supported by high payouts and recovery after severe disease impacts on the herd, especially in the US and Europe.

⁵ _{Source: London terminal market prices for 2nd position, September 2025 to November 2025. Terminal market prices exclude Living Income Differential (LID) and country differentials.} 

About Barry Callebaut Group:

With annual sales of about CHF 14.8 billion in fiscal year 2024/25, the Zurich-based Barry Callebaut Group is the world’s leading solutions provider of high-quality chocolate experiences across the full spectrum of chocolate, cocoa, cacao coatings and non-cocoa alternatives – from sourcing and processing cocoa beans to crafting premium chocolates, fillings and decorations. The Group operates more than 60 production facilities worldwide and employs a diverse, committed workforce of over 13,000 people. Barry Callebaut serves as a trusted partner for the entire food industry, from large-scale food manufacturers to artisanal and professional users such as chocolatiers, pastry chefs, bakers, hotels, restaurants and caterers with Callebaut® as its main global brand. The Barry Callebaut Group is dedicated to making sustainable chocolate the norm – helping secure the future of cocoa and improving the livelihoods of cocoa farmers. It supports the Cocoa Horizons Foundation which aims to shape a sustainable future for cocoa and chocolate.