Our business model and value chain
The Lindt & Sprüngli business model describes the pursuit of our mission and purpose – to create premium chocolate and related confectionery for the global market, and to enchant the world with chocolate. It considers our impacts on the environment, society, and economy, as well as our endeavors to sustain our business for the long term.
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Our Guiding Principles
Our Guiding Principles
We enchant
the world with chocolate
Our purpose is deep-rooted in our company and we strive for it every day.
We passionately create premium chocolate and related confectionery for the global market. We continuously identify and meet consumer preferences and cooperate with our partners along the value chain to contribute to a more sustainable tomorrow.
Input
Financial capital
Lindt & Sprüngli has a track record of delivering stable, long-term, organic growth. We allocate our financial resources to affirm our growth-oriented corporate strategy. This drives sustained growth, both in revenue and in EBIT, whilst maintaining a healthy balance sheet position, and robust cash flow generation. It prepares us for market changes and positions us to take advantage of new opportunities to further develop our business success and financial strength.
CHF 313.5 million
Capital expenditures in fixed assets
CHF 649.4 million
Net debt1
52.8 %
Equity ratio
CHF 4,839.6 million
Shareholders’ equity
High-quality commodities and resources
As a premium chocolate producer, we do not compromise on quality. We use fine ingredients and rely on a steady commodity supply, prioritizing the responsible sourcing of our raw and packaging materials. Our responsible sourcing approach applies to both direct and indirect sourcing and considers social and environmental aspects.
CHF 33.6 million
Costs for the responsible sourcing of cocoa in 2024
Human expertise and know-how
We encourage an entrepreneurial culture. With this we aim to empower our employees to reach their full potential in an enabling and motivating working environment that is defined by integrity, responsibility, and respect. Our success is based on a strong corporate culture, deeply rooted in the Lindt & Sprüngli Guiding Principles.
Total number of employees per region (headcount):
4,309
North America
9,109
Europe
2,780
Rest of the World
16,198
Total
CHF 1,065.6 million
Personnel expenditure
Production and distribution
Our chocolate products have a strong global presence and are produced at our 12 production sites in Europe and the US. For certain products, we collaborate closely with trusted co-manufacturers. Our products are sold by 38 subsidiaries and branch offices, in around 560 of our own stores, through our e-shops, as well as via a network of more than 100 independent distributors worldwide. To facilitate this, we source services such as distribution, logistics, production equipment, and technology externally.
CHF 260.4 million
Investments in property, plant, and equipment
Brand assets and innovation
We aim to maintain and develop the reputation of our brands to continue inspiring trust and loyalty in our consumers, customers, and other stakeholder groups. We attach great importance to key factors that shape the brand awareness we enjoy in the premium chocolate sector. These include investments to achieve excellence in our marketing, Global Retail, and product innovation. The Lindt Master Chocolatiers exemplify our integrated approach since they form part of our global Research and Development team and are dedicated to blending innovation and exclusivity in the creation of our chocolate products.
CHF 19.3 million
Research & development costs in 2024
Stakeholder network
At Lindt & Sprüngli the foundation of our work rests on cultivating lasting, trust-based relationships with business partners, communities, customers, investors, and other stakeholders. That is why upholding business ethics and integrity and respecting human rights is fundamental to how Lindt & Sprüngli operates. The framework of principles guiding our stakeholder relationships is articulated in our overarching Compliance Policy, our Business Code of Conduct, our Supplier Code of Conduct, and our Human Rights Policy. In addition, we engage in various partnerships and multi-stakeholder initiatives (see Memberships & Partnerships page on our website) to further address systemic sector issues.
Selected multi-stakeholder initiatives: National initiatives for sustainable cocoa (ISCOs), World Cocoa Foundation (WCF), International Cocoa Initiative (ICI), Child Learning and Education Facility (CLEF), Consumer Goods Forum (CGF)
Our value chain
Lindt & Sprüngli is among the few chocolate manufacturers that produce their own cocoa mass from the cocoa beans they source. This allows us to oversee the entire production process, from the selection and sourcing of cocoa beans to the creation of cocoa mass and the final product, ensuring quality control at each stage (“from bean to bar”).2
Lindt & Sprüngli has strong relationships with many of its suppliers. We aim to collaborate with established partners and reliable suppliers who we select based on high quality, as well as relevant business and social criteria. We collaborate with a spectrum of companies, ranging from major international enterprises to local suppliers.
After transforming input material into final products, we leverage an omnichannel distribution approach to bringing our products to consumers. Our largest channel is physical distribution via retail partners around the globe, ranging from large supermarkets to smaller convenience stores. Digital channels like “Click-and-Mortar” and “Pure players” have been growing in importance and present an opportunity for consumers to order our products conveniently online to meet their individual needs. A unique channel is our Direct-to-Consumer business, incorporating our own retail stores and our brand websites. We collaborate with a large number of distributor partners, especially in markets where we are not present through one of our own legal entities.
Our consumers select our products for their quality, taste, and experience. We offer a vast portfolio of products catering to all relevant current demands in chocolate and chocolaterelated categories, be they for gifts, seasonal treats, or personal consumption.
Sourcing
We are committed to responsible sourcing of our raw and packaging materials. Our focus is on our most important raw material, cocoa, and our other priority materials.
Transportation
Raw and packaging materials are traded, stored, and then transported to our production sites.
Production
The production process starts in our in-house cocoa mass production sites, where cocoa beans are processed into cocoa mass2. Cocoa mass is the defining ingredient for our chocolates, which we mold, refine, and pack in our chocolate production sites.
Retail
We sell our products to consumers through our own shops, own websites, and via our retail partners offline and online.
Consumption
We provide our consumers with premium chocolate products and anticipate trends. We take care to fulfill consumer expectations, creating responsible and transparent marketing material that reflects our values and helps consumers make informed choices about their buying and consumption habits.
Output & Outcome
For 180 years, Lindt & Sprüngli has produced premium chocolate with a focus on quality and excellence. We cooperate with our partners along the value chain towards achieving our sustainability goals. By building our sustainability strategy around our purpose pillars, we aim to contribute to optimizing our positive social impact and reducing our environmental footprint. For a detailed explanation of our Sustainability Plan 2025 and purpose pillars, refer to Sustainability Plan within this chapter.
The Lindt & Sprüngli Group incorporates the brands Lindt, Ghirardelli, Russell Stover, Whitman’s, Pangburn’s, Caffarel, Hofbauer, and Küfferle. The Lindt brand is present globally with its key franchises Lindor, Lindt Excellence, and its seasonal ranges, including the Lindt Gold Bunny. Ghirardelli enjoys increasing popularity in the North American market with its chocolate bars and Ghirardelli Squares, while Russell Stover continues to be a market leader in sugar-free chocolates. The Group’s more local brands – Whitman’s, Caffarel, Hofbauer, Küfferle, and Pangburn’s – have a strong presence in their core markets with iconic, well-established chocolate products, such as the Küfferle chocolate umbrellas. We have also integrated our quality standards into product lines across all brands with a variety of flavors inspired by local cultures and specific innovations. These take into account current trends and changes in consumer demand and include non-dairy and sugar-reduced options.
Key Outputs
Financial
CHF 5,468.5 million
Group sales
CHF 884.2 million
EBIT
CHF 635.3 million
Free cash flow
CHF 23,350.5 million
Market capitalization
626.6 million dividend + buyback
Shareholder return (from the net financial position)
179.0 million
Tax expenses
815.4 million
Wage and salary expenses
Sales per region
CHF 2,154.6 million
North America
CHF 2,589.6 million
Europe
CHF 724.3 million
Rest of World
Environmental
3.2 million tons CO2 equivalent
Total GHG emissions (Scopes 1, 2, and 3)
+3.0 %
Change in GHG emissions in 2024 compared to our 2020 levels
105,670 metric tons
Total weight of packaging used in our own production in 2024
91.4 %
Percentage of packaging designed to be recyclable
-11.4 %
Reduction of municipal water withdrawal in 2024 compared to our 2019 levels
84.2 %
of cocoa (cocoa beans, powder, butter, and chocolate mass, in volume) sourced from farmers covered by our No-Deforestation & Agroforestry Action Plan
Social
39.5 %
women in senior leadership positions
82.2 %
sourced volumes of raw and packaging materials bearing significant sustainability risks covered by a responsible sourcing program
84.2 %
cocoa sourced through the Farming Program or other responsible sourcing programs
100 %
cocoa beans sourced through the Farming Program or other responsible sourcing programs
118,000
farmers in seven origin countries participate in the Lindt & Sprüngli Farming Program
75
school facilities in cocoa origins built or renovated since start of Farming Program, benefiting around 14,200 children
14,200
children benefiting from school facilities
35
on-site sustainability assessments in Asia (initial and follow-up) focused on social and working conditions
Output and outcome continued
Consumers
Our chocolate and brands are loved around the world by a loyal consumer fan base. A key contributor to this outcome is our comprehensive quality management system, ensuring that our chocolate meets our high quality standards worldwide. Additionally, our transparent and responsible communication avoids direct advertising to children, encourages responsible consumption, and provides clear nutritional information via our labeling, in line with legal and regulatory requirements.
Economies and society
We contribute to economies and society through the taxes we pay. The companies of the Lindt & Sprüngli Group pay taxes in the countries in which they operate their respective businesses. Lindt & Sprüngli fully complies with both national and international tax laws and regulations, including the OECD standards that mandate multinational companies to pay a minimum of 15% tax on profits.
Employees
Our organization is built on a foundation of passionate and talented employees who contribute to our growth. We endeavor to be an attractive employer, fostering a stimulating work environment. Our commitment extends to offering fulfilling and fair career prospects, ensuring equal employment opportunities, and providing a combination of educational opportunities alongside other employee benefits.
Investors
Strategic choices and ambitious growth targets will continue to drive Lindt & Sprüngli’s financial performance moving forward. Our financial strategies have generated growth and value creation, and will continue to do so. Lindt & Sprüngli is well positioned to capture the growth opportunities of increasing demand for premium products. Our sustainability strategy contributes to risk reduction and long-term business sustainability, while promoting good governance.
Natural environment
We are committed to taking steps to reduce negative environmental impacts through our Sustainability Plan. Our science-based targets align with the goal of the Paris Agreement to limit a global temperature increase to 1.5°C above pre-industrial levels. We have defined action plans to reduce our emissions throughout our value chain and operations. We are addressing deforestation in our key deforestation-linked supply chains and support the conservation of biodiversity and natural ecosystems as part of the Lindt & Sprüngli Farming Program. We are working on improving our packaging materials, designing for recyclability, and striving to reduce material use. The appropriate handling of waste and water within production processes is another priority for Lindt & Sprüngli, in order to avoid, or to reduce, negative environmental impacts at a local level.
People in the supply chain
One of Lindt & Sprüngli’s focus areas is supporting initiatives designed to improve the livelihoods of people within our supply chain, including farmers and their families, employees, and the corresponding communities. To achieve this, we have implemented a responsible sourcing approach which considers social, economic, and environmental aspects of our direct and indirect sourcing. For cocoa, the Lindt & Sprüngli Farming Program aims to increase the resilience of farming households and reduce the risk of child labor.
Suppliers
We aim to have positive relationships with our suppliers and supply chain partners, while highlighting our responsible sourcing approach. This is achieved through fostering long-term partnerships with many suppliers, collaborating closely to define responsible sourcing solutions, and being a reliable business partner.
Unless otherwise stated, the business model shows 2024 data. All financial figures are from Lindt & Sprüngli’s audited Financial Report (Annual Report 2024).
1 For more information, see section “Liquidity risks” in note 4 “Risk Management” of the Consolidated Financial Statements in our Annual Report 2024.
2 Russell Stover and Ghirardelli purchase chocolate mass.
PwC CH