The company, which supplies cocoa to chocolatiers, confectioners, and pastry chefs, announced this morning a 7.3% decline in revenue to CHF 6.75bn for H1 (ending February 28), while analysts had on average expected CHF 6.99bn.

In local currencies, the decline in activity was limited to 3.7%.

Sales volumes fell by 6.9%, penalized by lower bean prices and supply chain disruptions resulting from the partial closure of the Saint-Hyacinthe plant in Canada.

"The unprecedented speed of the market contraction, combined with overcapacity, lower volumes, and supply disruptions, weighed on our operational performance and is leading us to adjust our profitability outlook," CEO Hein Schumacher explained.

Net profit rose by more than 66% to CHF 109m, whereas analysts were expecting an average profit around CF120m.

While recurring operating profit (EBIT) declined by 4.2% to CHF 310.9m in local currencies during the first half, the Swiss group indicated that it anticipates a decrease of approximately 15% in its operating profit in local currencies for FY 2025/2026.

Annual profit under pressure

Against a backdrop of significantly lower cocoa bean prices, the company explained that it intended to take short-term measures to protect its market share and prioritize growth.

In a reaction note, analysts at UBS - who maintain a Neutral rating with a price target of 1,355 francs - estimate that net profit for the full year could settle between CHF 230m and CHF 250m, far below the consensus of CHF 304m.

Around 3pm, shares in the world's leading chocolatier were down 15.1%, returning to their lowest levels since November 2025, while its benchmark index, the SMIM for Swiss mid-caps, was down only 0.5%.