Chocoladefabriken Lindt & Spruengli AG Partizipsch.

Reported sales for H1 2026 were CHF 2.33 billion, down 0.99% in Swiss francs due to currency. Organic sales growth was 4.3%, versus the company’s March guidance range of 4%–6%. EBIT was CHF 260 million with an EBIT margin of 11.2%, up 20 basis points year over year. Net income was CHF 192 million, or 8.2% of net sales. Free cash flow was CHF 61 million, or 2.6% of sales, versus -3.4% in H1 2025. Net debt rose to CHF 1.6 billion from CHF 1.1 billion at year-end 2025, reflecting CHF 414 million of dividend payments and CHF 100 million of share buybacks. For the full year, management reaffirmed organic sales growth of 4%–6% and an EBIT margin improvement of 20–40 basis points; for H2, they expect flat volumes at the group level, with Europe improving and North America/rest of world slightly softer than H1.

Adalbert Lechner framed the first half as a difficult but solid period, emphasizing that the category is still digesting record cocoa-related price increases and weak consumer sentiment. His message was that Lindt believes it has reached a turning point: pricing pressure is normalizing, the brand is strong, and the company is taking targeted actions on affordability, brand investment, innovation, and retail expansion to restore volume growth. He repeatedly expressed confidence that these actions can stabilize volumes in H2 2026 and return the company to sustainable volume growth in 2027.

Martin Hug said H1 sales growth and margin performance were supported by price increases, cost savings, and efficiency projects across regions. He cited material costs at 35.5% of sales, 220 basis points higher year over year, but said the full-year material cost ratio should be in line with 2025 as cocoa eases in H2, with a positive cocoa impact expected in 2027. He also pointed to personnel expenses improving by 100 basis points of sales, operating expenses down 130 basis points, and free cash flow improving by CHF 141 million versus 2025; capex was CHF 154 million, CHF 16 million lower, due to postponed investments. On capital allocation, he highlighted the higher net debt after CHF 414 million in dividends and CHF 100 million in buybacks, while keeping the medium-term EBITDA ratio target at 0.5x to 1x.

Analysts focused on Europe volume recovery, the durability of the 6%–8% medium-term growth target, pricing resets, and whether H2 would really see improving volumes. Management said group volumes should be flat in H2, with Europe expected to turn positive thanks to price-pack changes, lower price points, and easier comparisons, while North America and rest of world may slow a bit after very strong H1 growth. On pricing, management said 2027 should not see broad price increases, but some adjustments may still be needed; they stressed they do not want a “roller coaster” of prices and volumes. Questions also probed marketing and retail execution, with management saying brand support remains high and that retail store openings and smaller-pack tests have already been validated in wholesale and retail before rollout.