Swiss earnings calls, November 2026: DSM-Firmenich raises sales growth outlook to 4–6%

DSM-Firmenich expects higher growth and a rising margin

DSM-Firmenich held its call on its third quarter of fiscal year 2026.

• The chief executive said the company raised its organic sales growth outlook to 4–6% year on year, from the original 2–4%.
• The chief executive said management expects growth in fiscal year 2026 to be in line with, and possibly above, the growth presented in its plan.
• The chief financial officer said the business delivered a 20.4% margin in the third quarter of fiscal year 2026. That is above its stated aim of well over 20%.
• The chief executive said the company expects its EBITDA (earnings before interest, taxes, depreciation and amortization) margin to reach 21% in 2027 and to increase further in 2028.
• The chief financial officer said cost reduction is planned to deliver half of the margin step-up in the plan for fiscal years 2027 to 2028.

Barry Callebaut expects profit growth and aims to reduce debt

Barry Callebaut held its call on its fourth quarter of fiscal year 2026. All statements below are from the chief executive.

• The company expects recurring EBIT (earnings before interest and taxes) to grow 3% to 5% in constant currency in fiscal year 2026-27.
• It said the expected profit before tax growth reflects EBIT growth and financing costs below CHF 240 million (Swiss francs).
• It reiterated its volume growth outlook of 1% to 3% for fiscal year 2026-27.
• It expects free cash flow of 200 to 300 million in fiscal year 2027 and said it remains focused on deleveraging.
• It expects net debt to recurring EBITDA at or below 2.9 times in fiscal year 2027, and capital expenditure of approximately 350 million.

Both companies described their markets

• The chief executive of Barry Callebaut said cocoa prices are expected to remain within the previously discussed £3,000–£5,000 per ton bandwidth. The chief executive called further price hikes somewhat unlikely.
• Barry Callebaut expects the outsourcing market to bottom out in fiscal year 2027 and then become a growth lever.
• The chief executive of DSM-Firmenich said fine fragrance growth is expected to normalize to the high single digits over time, and consumer fragrance growth to the mid-single digits.