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Chocolate · Consumer Sentiment · Geopolitics · Guidance
Swiss chocolatier Lindt & Sprüngli has lowered its 2026 sales growth forecast from 6%-8% to 4%-6%, attributing the revision to geopolitical uncertainties, specifically the ongoing conflict in the Middle East.
Despite this, the company affirmed its operating profit margin improvement target of 20-40 basis points. Barclays analyst Warren Ackerman questioned whether the guidance reduction is primarily due to consumer sentiment and volume issues stemming from Lindt's significant 19% price hike in 2025, rather than direct Middle East exposure.
In 2025, Lindt reported robust 12.4% organic sales growth, largely driven by these price increases, even as volumes saw a 6.6% decline, which was less than anticipated. Overall revenues climbed 8.2% to CHF5.9bn, with strong regional performance in Europe (15.3% growth) and North America (8.9% growth).
Operating profits increased 9.8% to CHF971m, achieving a 16.2% EBIT margin, as the company effectively offset high cocoa costs through efficiency gains and cost discipline. Lindt expects the trend towards quality chocolate consumption to persist, reinstating its medium- to long-term organic sales growth targets of 6%-8% from 2027 onwards.
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