Lindt cuts sales forecast as higher chocolate prices, heatwave dampen demand

Lindt & Spruengli cut its 2026 organic growth forecast for the second time this year on Tuesday, citing ‌subdued consumer sentiment and rising price sensitivity that together with a European heatwave hurt demand for chocolate treats. The Swiss chocolate maker now expects organic sales growth of 0% to 2% in 2026, ‌down from its previous guidance of 4% to 6% and below the 3.9% consensus estimate ‌cited by Vontobel. The company had already cut the guidance in March.

Lindt shares opened more than 5% lower following the warning. "A second cut within six months dents Lindt's reputation for reliable guidance, a key support for its ⁠premium ​valuation," Vontobel analysts said in ⁠a note to investors.

Lindt CEO Adalbert Lechner said historically high cocoa prices had forced it to raise product ⁠prices substantially, while subdued consumer mood led to weaker-than-expected order volumes in certain European markets, particularly in ​seasonal products. The European heatwave this summer reduced growth by roughly 1.5%, he added in a media ⁠call.

Despite the weaker sales forecast, Lindt maintained its guidance for a 20 to 40 basis point improvement in ⁠its ​2026 operating profit margin, and reiterated its medium-term targets for 6% to 8% organic sales growth and yearly operating profit margin improvements of 20 to 40 basis points from ⁠2028 onwards. The company does not plan job cuts, although it has implemented a hiring freeze, Lechner ⁠said.

Lechner expects the ⁠company's adjusted pricing strategy, higher brand investments, innovations and cost-saving measures to improve demand and drive positive volume growth in 2027, he added.