VC activity across the foodtech ecosystem Q4 2025 REPORT PREVIEW The full report is available through the PitchBook Platform. Contents | Foodtech landscape | 3 | | --- | --- | | Quarterly analysis | 4 | | VC activity | 5 | | Notable deals | 7 | | Exits | 7 | | AI update | 8 | | Foodtech VC deal summary | 25 | Institutional Research Group EMERGING TECH RESEARCH Foodtech VC Trends Alex Frederick Lead Research Analyst, Agri-foodtech alex.frederick@pitchbook.com pbinstitutionalresearch@pitchbook.com Published o ...

Core Insights - Barry Callebaut and its former CEO Peter Feld have parted ways following a clash regarding a proposal to separate the company's cocoa business from its chocolate operations [1] Company Summary - The separation proposal was a significant point of contention between the company's leadership and Peter Feld, indicating potential strategic shifts within Barry Callebaut [1]

Core Viewpoint - Barry Callebaut has appointed Hein Schumacher as the new CEO, succeeding Peter Feld, amid a transformation program aimed at enhancing the company's agility and customer focus [1][2][3][4]. Group 1: Leadership Transition - Hein Schumacher, former CEO of Unilever and FrieslandCampina, has been appointed as the new CEO of Barry Callebaut [1][2]. - Peter Feld, the outgoing CEO, will leave the company next week to pursue other career opportunities after leading the company since 2023 [2][4]. - The chairman, Patrick De Maeseneire, emphasized the timing of the CEO transition coinciding with the nearing completion of the BC Next Level transformation program [3][4]. Group 2: Financial Performance - Barry Callebaut reported an 8.9% increase in revenue for the first quarter of its financial year, reaching SFr3.67 billion ($4.64 billion), despite a nearly 10% decline in volumes [5]. - In the last full financial year, revenue surged by 42.4% to SFr14.79 billion, driven by price increases to offset high cocoa bean costs, although volumes decreased by 6.8% [6]. Group 3: Market Context - The chocolate confectionery market is reportedly declining, as indicated by Nielsen figures, which may impact future sales volumes for Barry Callebaut [5]. - De Maeseneire has denied any plans to separate the cocoa division from the rest of the business, countering rumors regarding the company's strategic direction [4]. Group 4: Leadership Qualities - De Maeseneire praised Schumacher as a seasoned leader with a strong background in food and B2B/B2C sectors, highlighting his proven track record in creating shareholder value [7]. - Schumacher is expected to lead Barry Callebaut into a new phase focused on customer engagement and financial strength, leveraging the company's integrated cocoa and chocolate business model [7].

Market Overview - Futures have reversed modest overnight gains, with S&P futures down 0.1% and Nasdaq futures down 0.3% as small caps outperform for a record 12th day in a row [1] - The market mood remains shaky, with a significant drop in liquidity as top of book collapsed 60% overnight [4] - Gold continues to hit new highs, approaching $4,900 per ounce, while bond yields are 1-2 basis points lower [1][8] Corporate News - Biohaven (BHVN) rises 3% after an upgrade to outperform by RBC due to supportive data [5] - Halliburton (HAL) climbs 2% after reporting fourth-quarter adjusted earnings per share that beat analyst estimates [5] - Kraft Heinz (KHC) declines 5% as Berkshire Hathaway may sell some or all of its stake in the company [5] - Nathan's Famous (NATH) rises 8% after Smithfield Foods agreed to buy the company for $102 per share [5] - Netflix (NFLX) falls 7% after forecasting first-quarter earnings below analyst estimates and pausing share buybacks [5] Economic Indicators - The US economic calendar includes October construction spending and December pending home sales, with expectations of a 0.1% increase and a 0.25% decrease respectively [18][38] - Inflation in the UK rose to 3.4% in December, slightly above expectations, driven by higher tobacco prices and airfares [27] Geopolitical Developments - President Trump's speech at the World Economic Forum is anticipated to address various topics, including trade and tariffs, amid ongoing tensions regarding Greenland [6][30] - The Supreme Court is set to hear arguments regarding Trump's ability to fire Federal Reserve Governor Lisa Cook, coinciding with a criminal investigation into Fed Chair Jerome Powell [11][25] Sector Performance - European stocks drifted lower, with the Stoxx 600 down 0.6%, weighed down by financials and tech, while materials and luxury names outperformed [13][26] - The Russell 2000 is outperforming the Magnificent Seven by more than 10% year-to-date, indicating a rotation in market leadership [9]

Group 1 - Hein Schumacher has succeeded Peter Feld, who has stepped down to pursue other career opportunities [1] - The group reported an 8.9% increase in sales [1]

Barry Callebaut on Wednesday said it would appoint former Unilever boss Hein Schumacher as its chief executive and reported first quarter results showing it sold less of its cocoa products than expect... ...

Core Insights - Infosys reported Q3 revenues of $5,099 million, reflecting a year-on-year growth of 1.7% and a sequential growth of 0.6% in constant currency [1][7] - The reported IFRS operating margin was 18.4%, while the adjusted operating margin increased to 21.2% [1][7] - Free cash flow generation was strong at $915 million, with adjusted free cash flow at $965 million, representing 112.8% of adjusted net profit [1][7] Financial Performance - Year-to-date revenues for December 2025 grew by 2.8% year-on-year in constant currency, with reported IFRS revenues at $15,117 million, a growth of 3.9% year-on-year [2][7] - The reported IFRS operating margin for the year-to-date period was 20.0%, and the adjusted operating margin was 21.0% [2][7] - Basic EPS for Q3 was reported at $0.18, while adjusted basic EPS was $0.21 [7][23] Strategic Initiatives - Infosys emphasized its differentiated value propositions in enterprise AI through Infosys Topaz, which has helped increase market share and client partnerships [3][8] - The company is committed to reskilling and empowering its workforce to succeed in an AI-augmented environment [3][8] Client Collaborations - Infosys extended its collaboration with Metro Bank to enhance finance operations using Workday solutions [9] - The company launched an AI-first Global Capability Center model to support digital transformation for clients like Lufthansa Systems [9] - Collaborations with NHS Business Services Authority and Telenor Shared Services aim to modernize workforce management and HR operations, respectively [9][10] Awards and Recognitions - Infosys received multiple recognitions, including being named a leader in various IDC MarketScape assessments and recognized for its commitment to inclusion and diversity [14][19]

Core Viewpoint - The article discusses the investment potential of BYCBF, highlighting the author's long position in the stock and expressing a positive outlook on its future performance [1]. Company Analysis - BYCBF is positioned favorably in the market, with the author indicating a beneficial long position through stock ownership and derivatives [1]. - The article emphasizes the importance of conducting thorough due diligence and research before making investment decisions, particularly in the context of BYCBF [2]. Industry Context - The article does not provide specific details about the broader industry context or market trends related to BYCBF, focusing primarily on the company's investment potential [1][2].

Core Viewpoint - Shares of Swiss-Belgian chocolate maker Barry Callebaut increased significantly following a Reuters report indicating that the company is considering options to separate its cocoa processing division [1] Company Summary - Barry Callebaut is exploring the potential separation of its cocoa processing division, which could lead to strategic changes within the company [1] - The report has positively influenced investor sentiment, resulting in a sharp rise in the company's stock price [1]

Core Viewpoint - Barry Callebaut, the world's largest chocolate manufacturer, is considering separating its global cocoa unit from the rest of the company, indicating a potential strategic shift in its operations [1] Group 1: Company Strategy - The exploration of the separation of the cocoa unit suggests that Barry Callebaut is looking to streamline its operations or focus on its core chocolate business [1] - This move may reflect broader trends in the industry where companies are reassessing their business models to enhance efficiency and profitability [1] Group 2: Market Implications - The potential separation could impact the cocoa market dynamics, as Barry Callebaut is a significant player in the industry [1] - Investors may view this strategic consideration as a signal of the company's intent to optimize its resources and improve financial performance [1]