巴洛克利宝（BARN）：会议反馈

First LookBARN.S/BARN SWEuropean ConsumerStaplesPrice TargetPrice (03-Jun-25)Potential Upside/DownsideSource: Bloomberg, Barclays ResearchEuropean Consumer StaplesAlex Sloane+44 (0)20 3555 0645alexander.sloane@barclays.comBarclays, UKWarren Ackerman+44 (0)20 3134 1903warren.ackerman@barclays.comBarclays, UKSetu Sharda+ 91 (0)22 6175 1934setu.sharda@barclays.comBarclays, UK Restricted - External EQUAL WEIGHTNEUTRALCHF 900.00CHF 826.50+8.9% Competitive positioning:The CEO emphasized that BARN is strengthening its competitiveedge by leveraging its scale, digital transformation and sustainability leadership. As smaller andmid-sized competitors struggle with rising costs, regulatory demands (like deforestationtracking), and supply chain complexity, BARN is positioned to gain market share in the CEO'sview even if this was not apparent in H1 when BARN declined by more than the overallchocolate market. The CEO acknowledged BARN's pricing model could be more transparentwhich is on the agenda.2 Analyst(s) Certification(s):We, Warren Ackerman, Setu Sharda and Alex Sloane, hereby certify (1) that the views expressed in this research report accurately reflect our personalviews about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will bedirectly or indirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Barry Callebaut(BARN.S, 03-Jun-2025, CHF 826.50), Equal Weight/Neutral, CD/JUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer.CE:Barclays Bank PLC and/or anaffiliateis a market-maker in equity securities issued by this issuer.CH:Barclays Bank PLC and/or its group companies makes, or will make, a market in the securities (as defined under paragraph 16.2 (k) of the HK SFCCode of Conduct) in respect of this issuer.D:Barclays Bank PLC and/or anaffiliatehas received compensation for investment banking services from th