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Analyses on Carmit (5)
- April 18, 2026
- March 26, 2026March 26, 2026
- Follow-up
Carmit: What Really Happened to Chocolate Margins After the Cocoa Shock
Carmit's chocolate margins stabilized after the cocoa shock, but they still have not returned to 2023 quality because the commodity relief was offset by tighter trade terms, supplier pressure, almost no real volume growth, and only partial use of CBE.
- Follow-up
Carmit: Was 2025 Cash Flow a Real Turn or Mainly an Inventory Release?
Carmit's 2025 cash flow reflects a real liquidity improvement, but most of the annual jump came from a favorable working-capital turn, mainly inventory release and more supplier funding, rather than from a fully repaired cash-conversion profile.
- Follow-up
Carmit: How the New Credit Framework Changes the Risk Profile
The March 2026 credit reset materially improves Carmit's debt structure, but shifts the core risk away from an accounting covenant and a short maturity wall toward a continuous operating test of EBITDA and working capital.
Carmit in 2025: Profit Is Back, but the Real Test Is Still the Credit Framework
Carmit proved in 2025 that operations can improve beyond chocolate alone, but it still has not proved that this improvement can translate into a cleaner capital structure and cleaner cash for shareholders.
