Barry Callebaut - It's Reversing, Albeit Slowly

  • Barry Callebaut's share price and results are highly correlated to volatile cocoa bean prices, which have reached unprecedented highs, impacting the entire chocolate industry. Despite volume declines, the company delivered over 55% revenue growth in 9M24/25, driven by higher cocoa prices and resilient top-line performance. Management is responding with efficiency upgrades, standardization, and digitization, but external factors like supply constraints and market demand remain largely uncontrollable.