Swiss luxury chocolate maker Lindt & Spruengli cut its 2026 sales growth forecast on Tuesday, warning of a hit to consumer confidence and tourism from the Middle East conflict and sending its shares sharply lower.
“When the geopolitical tensions in the Middle East kicked in, we clearly saw consumers holding back,” Chief Executive Adalbert Lechner told a press conference.
He also noted a hit to tourism – a particular problem for Lindt which sells many of its products at airports and in major tourist destinations such as London, Paris and Vienna.
The company said it expects organic growth – which excludes exchange rate moves – of 4% to 6% this year, down from its previous estimate of 6% to 8% for 2026 and beyond.
Its registered shares, which carry voting rights, were down 7.8% at 1045 GMT, while its participation certificates dropped 10.9%, on track for their worst day since October 1987.
PROFIT RISES AFTER PRICE HIKES
Lechner said Lindt would continue raising prices in the first half of this year, with a double-digit increase for Easter business. He added the company expected volumes to fall in the first half of 2026, before returning to growth in the second.
The company reported a roughly 10% rise in annual operating profit, beating analyst estimates, as it successfully passed on higher cocoa prices to customers.
Earnings before interest and taxes totalled 971 million Swiss francs ($1.25 billion) in 2025, compared with analysts’ average forecast of 968.9 million francs, according to data compiled by LSEG.
Lindt had previously reported 2025 organic sales growth slightly ahead of expectations, up 12.4%, helped by a 19% hike in prices.
($1 = 0.7774 Swiss francs)
(Reporting by John Revill in Kilchberg and Bernadette Hogg and Danny Callaghan in Gdansk)
