Lindt & Sprüngli growth stutters as European weakness causes volume decline

Swiss chocolatier Lindt & Sprüngli has missed growth expectations in the first half as the group struggled to cope with global geopolitical volatility and cautious consumer sentiment.

Volumes in the first half of 2026 sank by 7.5% as Lindt pushed up prices by 11.8%. It meant organic sales growth came in at just 4.3%, which was at the bottom end of the revised forecasted range of 4%-6%. Analysts had expected growth of around 5% for the half.

Lindt lowered its annual growth forecasts from 6%-8% in March as the war in Iran hammered consumer confidence and affected tourism from Asia and the Middle East to Europe.

This morning Lindt said it was putting targeted actions in place for volume recovery in the second half, including price adjustments in selected markets and increased brand activations.

Revenues for the first six months of 2026 totalled CHF2.3bn (£2.1bn), down 0.9% year and year, with price hikes offsetting significantly higher input costs.

Organic growth of 12.7% in North America was weakened by a 2.1% decline in Europe, which had previously registered double-digit increases.

Operating profits at the group were broadly flat at CHF260m.

“In a volatile market environment, we delivered results in line with expectations,” CEO Adalbert Lechner said. “The actions we have initiated focus on volume recovery in the second half of 2026 and lay the foundation to regain volume growth momentum in 2027.”

Lindt upheld its annual growth target of 4%-6% and said it was confident of meeting guidance thanks to “strong plans” for the second half.