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Barry Callebaut Chocolate volume impacted by exceptional cost-plus pricing, with strategic prioritization resulting in lower Cocoa volume 9-Month Key Sales Figures, Fiscal Year 2024/2025 10 July 2025
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2The World’s Best Chocolate Solutions Disclaimer Certain statements in this presentation regarding the business of Barry Callebaut are of a forward-looking nature and are therefore based on management’s current assumptions about future developments. Such forward-looking statements are intended to be identified by words such as ‘believe,’ ‘estimate,’ ‘intend,’ ‘may,’ ‘will,’ ‘expect,’ and ‘project’ and similar expressions as they relate to the company. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors. The principal risk factors that may negatively affect Barry Callebaut’s future financial results are disclosed in more detail in the Annual Report 2023/24 and include, among others, general economic and (geo-)political conditions, foreign exchange fluctuations, competitive product and pricing pressures, the effect of a pandemic/epidemic, a cyber event or a natural disaster, as well as changes in tax regimes and regulatory developments. The reader is cautioned to not unduly rely on these forward- looking statements that are accurate only as of July 10, 2025. Barry Callebaut does not undertake to publish any update or revision of any forward-looking statements, except as required by law.
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3The World’s Best Chocolate Solutions Cocoa and chocolate industry in a new normal 1 Elevated and volatile bean prices from historic £2,000 average to £6,000-£10,000 over past 2 years creating unprecedented market environment 2 Group volume decline in Q3 impacted by U.S. tariff uncertainty, market demand and strategic prioritization in cocoa 3 Exceptional pass through of higher cocoa prices driving revenue growth of +56.7% in local currencies in first nine months 4 On track with BC Next Level and action plan underway to supporting deleveraging 5 FY 24/25: Due to unprecedented market conditions, revised volume guidance, with mid single-digit decrease in Global Chocolate and double-digit decrease in Global Cocoa. Results in an overall around -7% volume decrease and mid to high-single digit increase in EBIT1 1 On a recurring basis in local currencies
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4The World’s Best Chocolate Solutions Unprecedented market environment continues with significant volatility amid elevated prices London cocoa futures (in GBP/MT)1 – Cocoa bean prices remain elevated, +43% year-over- year in 9M 24/25 – Important to see futures market self-corrected several times now, to return more connected to supply reality – Futures market remained in backwardation, increasing costs. Recently eased amid surplus expectations – ICCO continues to expect slight surplus for 24/25, despite weaker mid-crop – Promising productivity developments in non-West Africa origins, including Ecuador & Indonesia, but impact takes time – Ivory Coast mid-crop farmgate price increased by 22%, providing more income to reinvest in farms 1 2nd continuation 9M 24/25 Actions underway to increase BC’s resiliency to new normal with far higher volatility 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2023 2024 2025
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5The World’s Best Chocolate Solutions Value chain dynamics amplifying short-term impact as B2C customers adjust to new normal Nielsen B2C reaction comes with a delay to futures market price -8% -4% 0% 4% 8% 12% 16% 3M April 23 15% -4% 3M April 25 Market pricing Market volume • Slowing call offs • Destocking • Timing orders around market movements • Shifting business across their network 14% 24% 30% 44% 88% 112% 103% Q1 23/24 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Q3 24/25 Quarterly cumulative pricing (base 100) 2023 2024 20252023 Customers taking action in anticipation of consumer reaction Significant cumulative pricing to pass through higher cocoa costs BC translating cocoa volatility into order-book in real-time Cocoa bean futures price
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6The World’s Best Chocolate Solutions Strategic growth pillars continue to show resilience ‘Fair share’ in AMEA 4Scale up SpecialtiesGourmet 2.0 321 Deepen outsourcing partnerships • Strengthened by new normal: capital intensity, sustainability, specialties • Short-term selective actions by large global customers to prioritize own excess capacity • Continue to see solid pipeline and strong collaboration on innovation • Strong growth in AMEA and Latin America • Q3 impacted by high base of comparison in prior year • Continued investment and progress on digital route-to-market • More resilient volume performance than Group average • Positive growth with FM customers through collaboration on innovative value propositions that enhance consumer appeal • Official opening of Neemrana, India factory • Ramp up of compound Center of Excellence continuing • Strategic collaboration to accelerate sustainable chocolate innovation
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7The World’s Best Chocolate Solutions Continued progress on BC Next Level • BCOS1: Standardizing factory processes. Rolled out in 6 factories, 21 more coming by October • Food Safety: Further upgrade of processes, tools and organization globally • GBS: Ramp up well underway with 93% of knowledge transfer sessions completed • Digital: Rolling out real-time track & trace for shipments. Launched Portfolio AI, enabling customer product recommendations • Culture: eNPS as leading indictor with 12 point improvement from October 2024 to May 2025 1 BCOS - Barry Callebaut Operating System
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8The World’s Best Chocolate Solutions 9M 24/25 volume dynamics a function of market environment and strategic prioritization decisions Gourmet Food Manufacturers Global Cocoa -6.3% -5.8% -11.3% Highly challenging and volatile market environment, amplified by U.S. tariff uncertainty in Q3 67% 19% 9M volume development Key drivers % of Group 9M volume Global Chocolate Group -5.1% -1.7% Market dynamics and high prices impacting customer behavior Strong growth in AMEA and Latin America. High base of comparison in Q3 and more volatility from quarterly price lists Negative market demand from bean price increases & prioritization of higher return segments within Cocoa and to Global Chocolate in a supply constrained environment 81% 15%
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9The World’s Best Chocolate Solutions Chocolate volumes impacted by customers adjusting short-term behaviour as they anticipate B2C impact Global Chocolate sales volume: -5.1% vs. –3.0% Nielsen1 Challenging environment with higher prices affecting customer behavior and SKU rationalization Lower volumes for large regional and local Food Manufacturers, especially in Türkiye despite improved performance in Q3 New customer wins were more than offset by challenging market, customer ramp up in Toluca, Mexico as well as U.S. tariff related uncertainty in Q3 Brazil the key contributor to growth, led by innovation, compound solutions and solid Gourmet demand Solid growth across cluster partly offset by China macro pressure and isolated customer demand challenges BC Nielsen1 9M volume growth Key drivers % of Group 9M volume 32% 13% 24% 3% 8% -6.8% -1.8% -5.5% -5.4% -5.8% -4.3% +8.3% -1.9% +0.5% -1.3% 1 Source: Nielsen chocolate confectionery volume growth excluding e-commerce – 26 countries, September 2024 – April/May 2025. Data subject to adjustment to match Barry Callebaut's reporting period. Nielsen data only partially reflects the out-of-home and impulse consumption. North America Central and Eastern Europe Latin America Western Europe Asia Pacific, Middle East & Africa
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10The World’s Best Chocolate Solutions Clear actions underway to support deleverage Ambition of <3.5x Net Debt / recurring EBITDA Action plan centered on 3 key areas 1 Reduce net working capital intensity 2 Increase EBITDA 3 Enhance financing structure – Structurally lower inventory levels – Optimize cocoa sourcing and bean blending – Customer contracting: timing, flexibility, terms – BC Next Level savings – Pricing actions for financing costs – Cost improvements – Less cash consuming solutions to manage volatility – Inventory-linked financing solutions
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11The World’s Best Chocolate Solutions Revising FY 24/25 outlook in an unprecedented market • Mid single-digit volume decrease in Global Chocolate and double-digit volume decrease in Global Cocoa • Resulting in an overall around -7% volume decrease for the Group, with EBIT recurring expected to see a mid to high single-digit increase in local currencies
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12The World’s Best Chocolate Solutions Building a stronger and more resilient Barry Callebaut As the industry is in a new normal, BC is continuing to drive decisive action to enhance resilience and agility 1. Pricing: Leveraging cost-plus model, to pass through significant cocoa price increases 2. Strategic focus: Prioritizing key growth pillars of Outsourcing, Gourmet, Specialties and AMEA supports our ambition for sustainable, profitable growth 3. Transformation in motion: BC Next Level is delivering better customer experience, and enhancing agility, scalability, and cost efficiency
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13The World’s Best Chocolate SolutionsThe World’s Best Chocolate Solutions Appendix
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14The World’s Best Chocolate Solutions Raw material price developments Indexed Raw material price changes September 2023 to May 31, 2025 126% Cocoa beans +9% Milk powder -33% Sugar world -45% Sugar EU -100% -50% 0% 50% 100% 150% 200% 250% 300% Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25
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15The World’s Best Chocolate Solutions World’s Best Chocolate Solutions