Barry Callebaut again sells massively less chocolate

Sales volumes fell by a whopping 9.9 percent in the period from September to November 2025, as the world's largest chocolate company announced on Wednesday. In the important Global Chocolate division, the volume shrank by 6.8 percent and in the Global Cocoa division by 22.0 percent. In absolute figures, the volume of chocolate sold amounted to 509,401 tons.

Sales rose by 6.4 percent to 3.67 billion Swiss francs; in local currency it would have been 8.9 percent. The growth resulted from higher cocoa prices compared to the previous year. The recent slight decline in cocoa prices has now stabilized at a high level, according to the statement. This gives cause for optimism for the second half of the year.

Reasons for the decline in volume include fewer chocolate sales. Consumers had temporarily bought less due to higher prices, Barry Callebaut explained. The strategic decision to focus more on more profitable segments and regions in the Global Cocoa division also contributed to lower sales, it said.

Barry Callebaut was also hit by a breakdown at one of its largest production facilities in North America. The plant in Saint-Hyacinthe, Canada, was down for around three weeks in the first quarter. A technical defect in a roasting machine left a clear mark on the result.

Worse than expected

With these figures, Barry Callebaut missed the AWP consensus, which was -8.7% for the important volume figure. On the other hand, the Group's less important sales were significantly higher.

Barry Callebaut confirms the outlook for fiscal year 2025/26 and expects an operational improvement in the second half of the year, supported by declining cocoa bean prices. Against this backdrop, the Group anticipates a mid-single-digit percentage decline in volume. On the earnings side, Barry Callebaut continues to expect low to mid single-digit growth in recurring EBIT in local currencies and double-digit growth in recurring profit before tax, while continuing to reduce debt.