Barry Callebaut : Capital Markets Day 2023 Presentation

Barry Callebaut

Setting course for sustainable profitable growth and higher cash generation

1 November 2023

Disclaimer

Certain statements in this presentation regarding the business of Barry Callebaut are of a forward-looking nature and are therefore based on management's current assumptions

about future developments. Such forward-looking statements are intended to be identified

by words such as 'believe,' 'estimate,' 'intend,' 'may,' 'will,' 'expect,' and 'project' and similar expressions as they relate to the company. Forward-looking statements involve certain risks and uncertainties because they relate to future events.

Actual results may vary materially from those targeted, expected or projected due to several

factors. The principal risk factors that may negatively affect Barry Callebaut's future financial results are disclosed in more detail in the Annual Report 2022/23 and include, among others, general economic and political conditions , foreign exchange fluctuations, competitive product and pricing pressures, the effect of a pandemic/epidemic, a cyber event or a natural disaster, as well as changes in tax regimes and regulatory developments. The reader is cautioned to not unduly rely on these forward-looking statements that are accurate only as of November 1, 2023. Barry Callebaut does not undertake to publish any update or revision of any forward-looking statements.

The World's Best Chocolate Solutions

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Key messages

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Creating the world's best chocolate solutions

Leading with global scale, deep capabilities and high-quality relationships

Operating in attractive markets with significant runway for growth

Learning from recent missteps

Unlocking next phase of long-term growth and shareholder value creation

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Providing chocolate ingredient solutions at scale

							Food
Customers	Global FMCGs		Regional Accounts		Chains	Artisans
/ Products				Service		& other

Cocoa

products1

Liquid

chocolate

Solid

chocolate

Compound

Specialty chocolate

Decorations

& Inclusions

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Note: Pictures shown are for illustrative purposes only. 1) Mainly cocoa powder

Chocolate ingredients market provides significant growth potential

Rebounding growth outlook…

…and long runway for expansion

+1%Premiumization (value growth / mix)

+3-4% volume growth

Increased outsourcing (volume growth)

Underlying demand growth (volume growth)

CAGR 2024-27

The World's Best Chocolate Solutions

Note: 1) Includes Cocoa, FM and Gourmet markets

CHF 50B1

Today

Captive

Competitors

Barry

Callebaut

2022

~16%

value

market

share

5

Source: Global consulting firm; Company data; Euromonitor

Partner of choice for global FMCGs due to scale and global presence

Partner of choice to global FMCGs	Unmatched footprint supporting their growth

3-4x

RMS
with the Top 10 FMCGs1	Locations

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Source: Global consulting firm, Company data, Euromonitor

1) Relative market share compared with next largest competitor

Leading across the global Gourmet market

Relative market share	Market position by region

19%

							2-3x
	Global	8%	RMS1
49%
Gourmet
	Market	7%
						4%
			1%
				3%
		1%		3%3%
			2%

#1	#1
	#1
	#2

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Source: Global consulting firm; Company data; Euromonitor

Note: (1) Relative Market Share compared to next largest competitor

Leading globally in cocoa - and chocolate

Relative market share

Global footprint

Barry Callebaut Cocoa factories

21%

1.3x

38%	Global	RMS1

Cocoa

Grinding 16%

3%

3%5% 14%

14 cocoa factories

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Source: Global consulting firm; Company data; Euromonitor

Note: (1) Relative Market Share compared to next largest competitor

Specialty solutions across all customer segments globally

From specialty chocolate ...

Free-from		Religious		Sustainability		Nutrition		Indulgence
Dairy-free		Kosher		Traceable		Added nutrients		Ruby
Nut-free		Halal		Sustainable		Vegan
				Wholefruit
Reduced /				Origin
						2nd Gen
sugar-free
			Organic

To inclusions and decorations

		Chocolate sprinkles		Baked inclusions		Chocolate decorations		Chocolate inclusions
			All customer segments - from FMCG to Artisans
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Recognizing and acting upon recent challenges

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While our commitment to serve customers has never wavered, we must also recognize some recent missteps:

• Wieze and other issues
• Service levels
• Internal complexity

We did not respond fast enough to help our customers adapt to a post-covid environment

This was a wake-up call, and we took immediate action

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