Kepler Cheuvreux downgrades Barry Callebaut on uncertainty amid CEO swap

Barry Callebaut AG

22/01/2026 08:23

** Kepler Cheuvreux downgrades Barry Callebaut BARN.S to "hold" from "buy", citing uncertainty after the appointment of new CEO Hein Schumacher on Wednesday

** "While we welcome the move, Barry Callebaut is in the middle of its biggest restructuring plan ever," said the broker, pointing to uncertainty on the Swiss chocolate producer's savings plan and growth prospects amid falling global cocoa prices

** The broker says ex-Unilever CEO Schumacher has a mandate to drive growth and lower debt ratio, departing from former CEO's plan to cut costs by 250 million Swiss francs ($315 million)

** Kepler also acknowledges the slightly underwhelming Q1 volume reported by the company on Wednesday but notes signs of recovery, expects stock price to stabilise after nearly doubling since April

** It raises doubts on whether the chocolate sector will return to 2% volume growth due to structual pressure in the food industry

 (Reporting by Danny Callaghan)

 ((danny.callaghan@thomsonreuters.com))