Barry Callebaut AG

After years of research, Callebaut mastered a new fermentation method, flavor code. A breakthrough that reveals vibrant flavor notes with unprecedented intensity. Introducing Callebaut Flavor Code 01, the first expression of this new fermentation method. A 70% dark couverture with more flavor, less sweet. It opens up with flavor. Passion fruit, pineapple, mango, ripe banana, layered with dried fruit and a bittersweet cocoa finish. For chefs, this opens a new way to compose. Flavor code 01. Unexpected taste intensity. Fermentation mastered. Taste unbound. Masters of taste. Calabout.

Good morning, everyone, and welcome to Barry Callebaut's full-year results presentation for 2025-2026. I'm Sophie Lang, Head of Investor Relations, and today's meeting will be hosted by our CEO, Hein Schumacher, and CFO, Peter Vanneste. As usual, at the end of our presentation, we'll have a Q&A session for analysts and investors. Before we get started, please take note of the disclaimer on slide two. And I'd also like to inform you that the webcast and conference call is being recorded. With that, I hand you over to our CEO, Hein Schumacher.

Thank you, Sophie, and good morning, everyone. And thank you for joining us for our full year results presentation. I hope that you enjoyed the flavor code video at the start. It's our latest innovation, and I'll come back to it a little later. Now, let me start with the agenda for today. I'll begin with the key messages for the year. Peter will then take you through the financial performance in more detail. And I'll then come back to update you on the progress that we are making with our Focus for Growth action plan, before closing with our outlook and guidance for the new year. Now, let me start with the key messages from the year. Importantly, we returned to volume growth in the second half, delivering two consecutive quarters of growth with volumes up 5.7% in both Q3 and Q4, and well ahead of the declining chocolate confectionery market. Within this, I'm particularly encouraged by the momentum in our 10 priority markets, identified under Focus for Growth. These markets delivered volume growth of 7% in H2, outperforming the rest of the business and providing some early evidence that our focused approach is beginning to deliver results. Another highlight was Gourmet in the fourth quarter, where we saw a strong customer response to pricing actions, resulting in double-digit volume growth. From a profitability perspective, EBIT declined during the year, which Peter will discuss in more detail. However, I am pleased that through significantly lower financing costs, we were able to recover around two-thirds of the EBIT decline at the profit-before-tax level. and we also continued to progress on the balance sheet through improvements in our working capital cycle and actions to enhance our resilience to cocoa bean price volatility. We generated 2 billion of free cash flow and further reduced leverage to 2.9 times. Underpinning all of this is our Focus for Growth Action Plan. We are still in the early stages of the journey, but we are seeing encouraging signs of progress across customer focus, commercial execution and regional empowerment. And with that, let me hand over to Peter to walk you through the financial performance in more detail. Peter. Thank you, Hein.