Nestle S.a. · SIX:NESN
Nestle — 9M 2026 Earnings Presentation
35 slides from Nestle's earnings presentation, Oct 22, 2026
Slide 1: Q3 and 9M 2026 sales
Q3 and 9M 2026 sales
Slide 2: Disclaimer
Disclaimer This presentation contains forward looking statements which reflect Management’s current views and estimates. The forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.
Slide 3: Agenda
Agenda Highlights and Q3 and 9M Q&A progress sales Philipp Navratil, CEO Anna Manz, CFO Philipp Navratil, CEO Anna Manz, CFO 3 October 22, 2026 2026 third-quarter and nine-month sales
Slide 4: Highlights and progress
Highlights and progress Philipp Navratil, CEO
Slide 5: Sustained RIG improvement
Sustained RIG improvement 4.0% Strong Q3, on track for mid-term target of 2%+ RIG and 4%+ OG • Q3-26 OG positive across all Zones and GMBs, and all categories Organic growth • Strong EMs driving RIG, with improving momentum in DMs Good progress in executing our strategy 2.8% • Investment prioritizat
Slide 6: Strategic priorities for 2026 and beyond
Strategic priorities for 2026 and beyond 1 Winning portfolio 2 RIG-led growth 3 Transformation and efficiency 4 Cash and capital allocation 5 Performance culture 6 October 22, 2026 2026 third-quarter and nine-month sales
Slide 7: Clear growth model
Clear growth model Coffee Petcare Nutrition Food & Snacks Core business Growth platforms OG 3-4% OG HSD RIG 1-3% RIG MSD 70% 30% % of Group sales Growth platforms Growth platforms Growth platforms Growth platforms Core business Growth platforms Coffee NA Wet cat Adult nutrition KitKat Nescafé EM* Em
Slide 8: Building momentum in growth platforms
Building momentum in growth platforms OOH Coffee EM Petcare Medical Nutrition Noodles Opportunity/ • Consumers seeking branded • Growing pet ownership and • Ageing populations & chronic • Families seeking convenient consumer on-the-go consumption humanization of pets disease driving demand meals wit
Slide 9: Growth platforms: accelerating in petcare emerging markets
Growth platforms: accelerating in petcare emerging markets Leveraging existing strengths Pet population growth Calorific coverage • Structural growth drivers • EM pet population growth strongly • EM calorific coverage average 45% outpacing DM, led by cat & small dog vs DM 85% • Pet population, calor
Slide 10: Growth platforms: on-trend offerings in Noodles
Growth platforms: on-trend offerings in Noodles Growth headroom Insight-led innovation • Structural growth drivers • Consumer insight: demand for combining convenience with more exciting meal experiences • Noodles growing 2x overall food, driven by convenience and smaller more frequent consumption o
Slide 11: Improving the core: Milo back to growth and market share gains
Improving the core: Milo back to growth and market share gains Unrivalled Unbeatable Unmissable Unforgettable superiority value visibility communication • Taste that consumers love – • Maintaining attractive price • Strengthening presence in • Taste and Nutritious Energy as made even better points d
Slide 12: Q3 and 9M sales
Q3 and 9M sales Anna Manz, CFO
Slide 13: Q3-26 organic sales growth
Q3-26 organic sales growth OG +4.0% +1.5% 22.8 +1.1% -0.3% 21.6 +2.8% Reported sales growth +5.2% Q3-25 Sales RIG Pricing Net M&A Foreign Q3-26 Sales CHF bn exchange CHF bn 13 October 22, 2026 2026 third-quarter and nine-month sales
Slide 14: Sustained RIG-led growth
Sustained RIG-led growth Quarterly performance, % • Maintaining growth momentum against tougher comparison base • RIG strong, led by improvement in Petcare and Food & Snacks 4.3 4.0 4.0 3.5 3.7 • Pricing has slowed reflecting 3.0 1.1 2.8 comparables and input cost dynamics 2.8 2.8 1.9 2.3 2.1 3.3 2.
Slide 15: Broad-based RIG improvement, positive across all zones
Broad-based RIG improvement, positive across all zones 2026 Quarterly RIG by Zone, % • RIG improving across all Zones, temporary impactors in Q2 resolved • US Petcare sell-in now matching strong sell-out • US coffee RIG recovering after impact of price increases earlier in the year 4.8 5.0 • Europe
Slide 16: OG recovery in North America
OG recovery in North America North America OG, % • Strong OG improvement in Q3-26, driven by a recovery in RIG 2.6 • Coffee: RIG improving after price increases earlier in the year 2.2 • Petcare: strong RIG increase, Q3 sell- 1.5 1.5 in matching sell-out 1.2 • Food & Snacks: strong, driven by 0.8 be
Slide 17: Broad-based strong performance in emerging markets
Broad-based strong performance in emerging markets Emerging markets excluding China Emerging market sales, % 9M-26 OG RIG Pricing Top 1-5 EM countries Top 6-10 EM countries Rest of EM sales Greater China Brazil Mexico Philippines India Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-2
Slide 18: Q3-26 Zone performance overview
Q3-26 Zone performance overview Zone AMS Zone AOA Zone EUR Organic growth 3.3% 6.4% 1.2% Real internal growth 2.4% 5.0% 1.0% Pricing 1.0% 1.3% 0.2% Organic growth 6.5% 6.4% X by quarter 6.0% 4.7% 4.6% 4.3% 3.8% 3.9% 3.5% 3.3% 3.4% 3.3% 3.2% 2.8% 2.4% 2.6% 2.0% 2.2% 1.8% 1.5% 1.2% Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 19: Q3-26 GMB performance overview
Q3-26 GMB performance overview Nespresso Nestlé Waters & Premium Beverages Organic growth 2.5% 12.3% Real internal growth 1.1% 7.3% Pricing 1.4% 5.0% Organic growth 12.3% by quarter 8.5% 8.3% 6.6% 5.7% 5.8% 5.6% 5.1% 4.2% 3.8% 3.4% 3.6% 3.3% 2.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 1
Slide 20: Q3-26 Product category performance overview
Q3-26 Product category performance overview Coffee Petcare Nutrition Food & Snacks Organic growth 3.4% 5.3% 0.3% 5.0% Real internal growth 1.3% 4.3% -1.1% 5.4% Pricing 2.0% 1.0% 1.4% -0.4% Organic growth 9.3% X X by quarter 9.1% 6.8% 5.8% 5.3% 5.3% 2.1% 1.7% 4.8% 5.0% 4.2% 4.5% 4.2% 0.5% 0.3% 0.3% 3
Slide 21: Impact of Russia deconsolidation
Impact of Russia deconsolidation 9M-26 Nestlé operations in Developments Russian Federation Sales • Business no longer consolidated, effective end September 2026 CHF 1.5 billion • Already excluded from OG since 2022 • Group net debt impact approx. CHF 0.9 billion for year-end 2026 UTOP CHF 0.4 billi
Slide 22: On track for 2026 guidance
On track for 2026 guidance 2026 Medium-term Organic Range of 3% to 4% 4%+ growth RIG accelerating versus 2025 in normal market conditions UTOP Improving vs 2025 17.0%+ margin H2-26 broadly similar to H1-26 Free Above CHF 9 bn cash flow 22 October 22, 2026 2026 third-quarter and nine-month sales
Slide 23: Appendix
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Slide 24: Modeling
Modeling Item 2025 actual 2026 guidance Organic growth 3.5% In the range of 3% to 4%, with RIG accelerating versus 2025 FX effect on sales -5.7% Approx. -2%, assuming current FX spot rates for remainder of the year Gross profit margin 45.6% Improving versus 2025 UTOP margin 16.1% Improving versus 20
Slide 25: Latest sustainability publications – September 2026
Latest sustainability publications – September 2026 The Roots of Net Zero (link to publication) Nestlé Packaging Sustainability Strategy (link to publication) 25 October 22, 2026 2026 third-quarter and nine-month sales
Slide 26: 9M-26 growth in developed and emerging markets
9M-26 growth in developed and emerging markets Developed Emerging Sales (in CHF) 38.2 bn 27.7bn % of Group sales 58% 42% RIG 1.1% 3.3% Pricing 1.2% 2.7% OG 2.3% 6.0% 26 October 22, 2026 2026 third-quarter and nine-month sales
Slide 27: Q3-26 Historical eight quarters
Q3-26 Historical eight quarters Period RIG % Pricing % OG % Q4-24 1.5 1.2 2.7 Q1-25 0.7 2.1 2.8 Q2-25 -0.4 3.3 3.0 Q3-25 1.5 2.8 4.3 Q4-25 1.3 2.8 4.0 Q1-26 1.2 2.3 3.5 Q2-26 1.8 1.9 3.7 Q3-26 2.8 1.1 4.0 27 October 22, 2026 2026 third-quarter and nine-month sales
Slide 28: Q3-26 Operating segments – topline summary
Q3-26 Operating segments – topline summary Q3-26 sales Sales RIG Pricing OG (CHF m) % % % Zone AMS 10 088 2.4 1.0 3.3 Zone AOA 5 340 5.0 1.3 6.4 Zone EUR 4 680 1.0 0.2 1.2 Nespresso 1 593 1.1 1.4 2.5 Nestlé Waters & Premium Beverages 1 033 7.3 5.0 12.3 Other Businesses 22 -18.7 0.9 -17.8 Total Group
Slide 29: Q3-26 Operating segments including AMS & AOA breakdown (1/2)
Q3-26 Operating segments including AMS & AOA breakdown (1/2) 2026 Performance Q1-26 Q2-26 H1-26 RIG Pricing OG RIG Pricing OG RIG Pricing OG % % % % % % % % % Zone AMS 1.2 2.6 3.8 0.8 1.9 2.8 1.0 2.2 3.3 North America 0.2 1.3 1.5 -0.6 2.1 1.5 -0.2 1.7 1.5 Latin America 3.6 5.5 9.1 4.2 1.5 5.8 3.9 3.
Slide 30: Q3-26 Operating segments including AMS & AOA breakdown (2/2)
Q3-26 Operating segments including AMS & AOA breakdown (2/2) 2026 Performance Q3-26 9M-26 RIG Pricing OG RIG Pricing OG % % % % % % Zone AMS 2.4 1.0 3.3 1.5 1.8 3.3 North America 1.8 0.8 2.6 0.5 1.4 1.8 Latin America 3.7 1.5 5.2 3.8 2.9 6.7 Zone AOA 5.0 1.3 6.4 3.5 1.5 5.0 AOA excluding Greater Chin
Slide 31: Q3-26 Products categories – topline summary
Q3-26 Products categories – topline summary Q3-26 sales Sales RIG Pricing OG (CHF m) % % % Coffee 6 155 1.3 2.0 3.4 Petcare 4 659 4.3 1.0 5.3 Nutrition 4 440 -1.1 1.4 0.3 Food & Snacks 6 469 5.4 -0.4 5.0 Waters & Premium Beverages 1 033 7.3 5.0 12.3 Total Group 22 756 2.8 1.1 4.0 Note: Waters includ
Slide 32: 9M-26 Operating segments – topline summary
9M-26 Operating segments – topline summary 9M-26 sales Sales RIG Pricing OG (CHF m) % % % Zone AMS 28 735 1.5 1.8 3.3 Zone AOA 15 706 3.5 1.5 5.0 Zone EUR 13 724 0.7 1.5 2.2 Nespresso 4 740 1.5 2.2 3.7 Nestlé Waters & Premium Beverages 2 814 3.5 4.0 7.5 Other Businesses 146 2.3 -0.4 2.0 Total Group
Slide 33: 9M-26 Products categories – topline summary
9M-26 Products categories – topline summary 9M-26 sales Sales RIG Pricing OG (CHF m) % % % Coffee 18 281 2.4 3.8 6.1 Petcare 13 591 2.6 0.9 3.5 Nutrition 12 779 -1.2 0.5 -0.7 Food & Snacks 18 400 3.1 1.0 4.2 Waters & Premium Beverages 2 814 3.5 4.0 7.5 Total Group 65 865 1.9 1.8 3.7 Note: Waters inc
Slide 34: 9M-26 currency overview
9M-26 currency overview Average rate Variation 9M-25 9M-26 (%) US Dollar 1 USD 0.842 0.795 -5.6 Euro 1 EUR 0.939 0.924 -1.7 Chinese Yuan Renminbi 100 CNY 11.658 11.653 Flat Brazilian Real 100 BRL 14.884 15.448 3.8 Philippine Peso 100 PHP 1.474 1.311 -11.0 UK Pound Sterling 1 GBP 1.105 1.069 -3.2 Mex
Slide 35: Abbreviations
Abbreviations AMS Americas AOA Asia, Oceania and Africa EUR Europe EM Emerging market FCF Free cash flow GC Greater China GMB Globally managed business OG Organic growth OOH Out-of-home RIG Real internal growth UEPS Underlying Earnings Per Share UTOP Underlying Trading Operating Profit VMS Vitamins,