Financial PerformanceAdjusted EBIT of CHF704m beats consensus and our estimate, up +12.7% at constant currencies.
Market PositionBarry Callebaut's outsourcing position for chocolate manufacturers is increasingly relevant due to its cost-plus model, helping navigate the high-inflation period.
ProfitabilityProgress on the cost-saving plan is providing better visibility on next year's profitability, aligning with double-digit EBIT growth estimates.