Organic cane sugar, cocoa butter, Icelandic milk powder, liquorice, Icelandic sea salt from Saltverk, ammonium chloride (E510), sunflower lecithin.
I'm actually not a huge fan of licorice, so it came as a surprise how much I really loved this chocolate. I bought it to see if my foodie brother had tried it, and he hadn't. The only disappointment is that he scarfed most of this (and the blackened barley flavor one) before I could get much of it. Guess I'll have to order again!