End of Year Report / 2025 into 2026

This report outlines our progress, challenges, and ethical commitments over the past year.

Introduction.

At MayHawk, we believe in making chocolate with intent. As a small independent craft maker, our commitment goes beyond quality — it includes the people, places, and principles that shape every bar we produce.

1. Cacao Sourcing and Supply Chain

Our sourcing model prioritises smallholder farms, ethical independent traders and regional cooperatives across equatorial countries in Central and South America, Africa, and Asia—selected for their quality, character, and traceability. At MayHawk, within the supply chain, we support the regeneration of existing plantations over the expansion into new rainforest regions.

That is we prioritise suppliers who replant on previously cultivated land, rather than contributing to further deforestation, which is an ongoing problem in West African countries. Within these regions, a handful of multinational industrial operations control a significant share of the global cocoa trade. While they play a vital role in the market, ongoing concerns remain around environmental sustainability, fair trade, the impact on fragile farming communities, and the presence of unreported forced labour practices.

In contrast, most of the cacao we purchase comes from regional cooperatives and independent or family-run plantations with limited resources. These producers face increasing challenges, from unstable market prices to climate pressures and disease control. We work closely with them through long-term partnerships grounded in mutual respect and shared values.

We continue to pay a premium above the fixed world-market price for all our cacao. This approach supports quality-focused farming, responsible practices, and environmental stewardship. The goal is not short-term efficiency, but enduring relationships that strengthen the supply chain and preserve craft traditions.

2. Market Conditions and Pricing Pressures

Cacao remains one of our most significant operating costs. In recent years, those costs have tripled. Global prices have surged due to sustained demand, a tightening of supply, ageing plantations, a lack of investment and climate-related disruptions across multiple producing regions.

These pressures affect every layer of the sourcing process — from producer payments and estate partnerships to the cost of fermenting centres and traditional import channels. While the outlook remains volatile, we are navigating these conditions with clarity, maintaining our commitments, and building resilience through quality, transparency, and direct relationships.

  • In the last 3 years cacao prices have surged, with some reports indicating a four-fold increase in the wholesale price of cocoa.
  • In 2022, the average global cocoa price was around $2.39 per kilogram.
  • In 2023, the price had risen to approximately $3.28 per kilogram.
  • In late 2024, an all time high of $12 per kilogram was seen.
  • In 2025, a return to $8 per kilogram is being reported.
  • Some analysts predict a continued high price environment for cocoa, although production is expected to increase in the 2025/2026 season, potentially leading to a decrease in prices.
  • The cocoa market still faces challenges such as ageing plantations, underinvestment in the industry, and the ongoing impact of climate change.

3. Ethical Standards and Business Conduct

We regularly review our ethics and compliance policies to ensure they remain effective, adaptive, and aligned with our values. This includes updating internal training, refining supplier expectations, and incorporating supply chain feedback into decision-making.

Every bar we make begins with a clear understanding of where our ingredients come from. But ethics for us is not only about traceability — it’s about the daily responsibility to support communities, pay fairly, and protect the environment. These principles are woven into how we source, manufacture, and conduct ourselves as a company.

  • All compliance policies and guidelines have been updated for 2025/26

4. Supplier Responsibility and Standards (SRS)

Human dignity is at the centre of how we operate. Our Supplier Responsibility and Standards (SRS) policy reflects this belief and forms the ethical foundation of our global partnerships.

The SRS framework is aligned with the United Nations “Protect, Respect and Remedy” principles. It complements our Anti-Modern Slavery Policy, which prohibits all forms of modern slavery — including forced labour and human trafficking — across our operations and sourcing networks.

The SRS policy guides how we evaluate suppliers, materials, and partnerships. It ensures that every decision we make — from the cacao we select to the services we rely on — reflects our values and our responsibilities as a business.

  • In 2025 we found no evidence of serious violations to our SRS within our supply chain.

5. Supplier Code of Conduct (SCC)

We expect every supplier we work with to meet MayHawk’s standards for human rights, labour, and environmental responsibility. This includes providing safe working conditions, respecting the dignity of workers, acting with integrity, and adopting responsible environmental practices.

We assess supplier adherence to these standards. Any breach of our Supplier Code of Conduct may result in the termination of a business relationship. Our commitment to responsible sourcing also means taking proactive steps to exclude materials from high-risk regions — including areas associated with conflict, child labour, forced labour, or significant ecological harm.

  • In 2025 we found no evidence of serious violations to our SCC within our supply chain.

Conclusion

This year has brought meaningful progress and material challenges. But through it all, our priorities remain clear: to make exceptional chocolate, uphold ethical practices, and honour the people and communities behind our work.

As we look ahead, we do so with optimism — committed to quality, transparency, and sustainable growth, in everything we do.