Lindt on track for worst day since March 2020 after EBIT miss

Chocoladefabriken Lindt & Spruengli AG

22/07/2025 08:55

Corrects period in 1st and 2nd bullet points to H1 from Q2

** Shares in Lindt & Spruengli LISN.S drop around 6% after the Swiss chocolate maker reported lower than expected H1 EBIT, even as it hiked its full-year organic sales guidance

** H1 EBIT came in at CHF 259.2 million while analysts polled by LSEG had on average forecast 270.8 million

** J.P.Morgan says the weaker than expected volume/mix at -4.6% and EBIT miss are likely to overshadow the guidance hike

** "The stock has outperformed strongly YTD led by re-rating, and with the stock trading on PE 26E of 41x we would expect scrutiny on the scale of the volume/mix decline (vs expectations closer to -2%) to weigh on the stock’s premium valuation," it adds in a  note

** Baader Helvea notes that the volume growth was even weaker in H1 than during the financial crisis or the coronavirus pandemic, adding that even as Lindt is steering through the challenging environment better than Swiss food peers, it is still impacted

** Up to the previous session's close, shares were up around 35%​ YTD; if losses hold, they will see their worst day since March 2020

 (Reporting by Simon Ferdinand Eibach)

 ((simonferdinand.eibach@thomsonreuters.com))