Barry Callebaut assumes higher cocoa prices as it guides for weaker profit outlook
HSY•Barry Callebaut expects recurring core earnings to grow 3% to 5% in 2026/27, below analysts’ 5.5% forecast, and raised its cocoa price assumption to £4,000 per ton from about £3,000. Full-year volumes fell 0.7%, while its Hershey partnership is set to expire at the end of 2027.
1. Profit and cocoa outlook
Barry Callebaut guided for recurring core earnings (EBIT) growth of 3% to 5% in constant currencies in its 2026/27 financial year. Analysts had expected 5.5% growth, to 627 million Swiss francs ($760 million). The company now projects a cocoa bean price of £4,000 per ton, compared with its July assumption of about £3,000.
2. Volumes and Hershey agreement
Volumes fell 0.7% in the financial year ended in August, slightly less than the 0.9% decline analysts expected. Fourth-quarter volume grew 5.7%, matching the third-quarter increase. Barry Callebaut said its partnership agreement with Hershey will expire at the end of 2027, affecting volumes by 1% in 2026/27.
