Nestle S.a. · SIX:NESN
Nestle — FY2025 Earnings Presentation
79 slides from Nestle's earnings presentation, Feb 19, 2026
Slide 1: Full-year Results 2025 Investor & analyst presentation
Full-year Results 2025 Investor & analyst presentation
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 Overview 2025 Results Strategic Update Q&A Philipp Navratil, CEO Anna Manz, CFO Philipp Navratil, CEO Philipp Navratil, CEO Anna Manz, CFO Anna Manz, CFO 3 February 19, 2026 Full-year results 2025
Slide 4: Overview
Overview Philipp Navratil, CEO 4 February 19, 2026 Full-year results 2025
Slide 5: Key takeaways
Key takeaways Our actions Strategy Execution is Performance are working is clear accelerating is improving Improved organic Focused portfolio, Performance Expect sustained sales growth bolder investment culture, efficiency improvement in trends in 2025 in growth through simpler 2026 and beyond organ
Slide 6: 2025 results in line with guidance
2025 results in line with guidance Organic Real internal Pricing growth growth 3.5% 0.8% 2.8% UTOP Free Dividend Margin cash flow per share (CHF billion) (CHF, proposed) 16.1% 9.2 3.10 6 February 19, 2026 Full-year results 2025
Slide 7: 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 7 February 19, 2026 Full-year results 2025
Slide 8: Results 2025
2025 Results Anna Manz, CFO 8 February 19, 2026 Full-year results 2025
Slide 9: Key financial messages
Key financial messages 2025 highlights • Solid topline growth with positive trend in RIG • UTOP margin in-line with guidance • Free cash flow above guidance Infant formula recall • Customer returns impact UTOP in 2025 and OG and RIG in 2026 • Stock shortages and potential additional impacts affect 2
Slide 10: External factors significant in recent years
External factors significant in recent years Organic growth - volume, mix & price, % Gross profit margin, indexed to 100 Petcare, Nutrition, and Food 100 Coffee and Confectionery Coffee & Coffee & Covid ‘at home’ Widespread cocoa Widespread cocoa consumption inflation inflation inflation inflation 0
Slide 11: Organic growth more than offset by FX headwind
Organic growth more than offset by FX headwind OG +3.5% +0.1% +2.8% +0.8% 91.4 -5.7% 89.5 Reported sales growth -2.0% FY-24 Sales RIG Pricing Net M&A Foreign FY-25 Sales CHF bn exchange CHF bn 11 February 19, 2026 Full-year results 2025
Slide 12: Organic growth accelerated over the last two years
Organic growth accelerated over the last two years Group OG and drivers, % Organic growth, % 14.0 12.4 4.2 11.5 2.9 6.0 2.3 2.1 1.8 1.0 -1.2 -4.1 H1-24 H2-24 H1-25 H2-25 H1-24 H2-24 H1-25 H2-25 Priority growth 18 key underperformers 18 key RIG Pricing OG opportunities excluding Greater China underpe
Slide 13: Market share trends improved in 2025, but more to do
Market share trends improved in 2025, but more to do Value and volume growth gap to market reducing Drivers of market share turnaround 2024 2025 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total group 0 • Value share gap cut by ~60% • Volume share is broadly flat – positive lead indicato
Slide 14: UTOP margin impacted by gross profit margin and marketing
UTOP margin impacted by gross profit margin and marketing 17.2% -110 bps +10 bps 16.1% -50 bps +40 bps Underlying Gross profit Distribution Advertising Administration, Underlying TOP margin margin & marketing other marketing, TOP margin FY-24 R&D, other FY-25 14 February 19, 2026 Full-year results 2
Slide 15: Gross profit margin reflects significant commodity inflation
Gross profit margin reflects significant commodity inflation Gross profit margin, % 46.7% 45.6% 47.2% 46.6% 46.3% 44.6% H1-24 H2-24 H1-25 H2-25 FY-24 FY-25 FY-26 15 February 19, 2026 Full-year results 2025
Slide 16: Investment increased, with targeted support behind our brands
Investment increased, with targeted support behind our brands Advertising and marketing expenses, % of sales 8.6% 8.7% 8.6% 8.1% 8.2% 8.1% H1-24 H2-24 H1-25 H2-25 FY-24 FY-25 FY-26 16 February 19, 2026 Full-year results 2025
Slide 17: Fuel for growth program over-delivered
‘Fuel for growth’ program over-delivered ‘Fuel for growth’ 2025, CHF billion Source of over-delivery of 2025 ‘Fuel for growth’ 1.1 0.7 50% 50% Procurement Operational savings efficiencies Targeted Achieved 17 February 19, 2026 Full-year results 2025
Slide 18: UTOP margin reflects increased headwinds in H2-25
UTOP margin reflects increased headwinds in H2-25 Underlying trading operating profit margin, % 17.4% 17.2% 17.0% 16.5% 16.1% 15.7% H1-24 H2-24 H1-25 H2-25 FY-24 FY-25 FY-26 18 February 19, 2026 Full-year results 2025
Slide 19: Strong action on costs and pricing to mitigate headwinds
Strong action on costs and pricing to mitigate headwinds Underlying trading operating profit margin, % 17.2% 16.1% -250 bps +140 bps -50 bps +40 bps -40 bps +120 bps -70 bps UTOP Input Net tariffs Others* Advertising Cost RIG Net UTOP FY-24 costs & FX & marketing** savings leverage Pricing FY-25 * O
Slide 20: FY-2025 Zone performance overview
FY–2025 Zone performance overview Zone AMS Zone AOA Zone EUR Organic growth 2.8% 3.2% 4.3% Real internal growth 0.1% 0.8% 0.4% Pricing 2.8% 2.5% 3.9% UTOP margin 20.6% 20.7% 16.1% vs. LY -130 bps -130 bps -180 bps Organic growth X by quarter 5.8% 4.6% 4.7% 4.4% 3.7% 3.4% 3.5% 3.1% 2.3% 2.4% 1.9% 1.7
Slide 21: FY-2025 GMB performance overview
FY–2025 GMB performance overview Nestlé Health Science Nespresso Nestlé Waters & Premium Beverages Organic growth 3.2% 6.0% 5.3% Real internal growth 3.5% 1.6% 2.6% Pricing -0.3% 4.4% 2.7% UTOP margin 16.1% 17.9% 9.1% vs. LY +210 bps -210 bps flat Organic growth X by quarter 8.5% 8.3% 5.7% 5.8% 5.6%
Slide 22: FY-2025 Category performance overview (1/2)
FY–2025 Category performance overview (1/2) Powdered & PetCare Nutrition & Liquid Beverages Health Science Organic growth 7.3% 2.2% 0.6% Real internal growth 0.7% 2.6% 0.1% Pricing 6.6% -0.4% 0.5% UTOP margin 17.2% 21.7% 19.7% vs. LY -280 bps +10 bps -20 bps Organic growth X by quarter 9.7% 7.5% 6.8
Slide 23: FY-2025 Category performance overview (2/2)
FY–2025 Category performance overview (2/2) Prepared dishes Milk products Confectionery Water & cooking aids & Ice cream Organic growth -0.4% 1.3% 8.2% 3.9% Real internal growth -0.2% 0.8% -0.7% 1.0% Pricing -0.1% 0.5% 8.8% 2.9% UTOP margin 19.5% 23.0% 12.7% 9.2% vs. LY -40 bps -50 bps -270 bps +40
Slide 24: Net profit progression
Net profit progression % of sales FY-25 vs FY-24 Underlying trading operating profit 16.1% -110 bps Restructuring flat Impairment of assets -40 bps Onerous contracts, litigations and other trading income/expenses -30 bps Trading operating profit 14.2% -180 bps Gain/loss on disposals -20 bps Net fina
Slide 25: UEPS impacted by operating performance and FX movements
UEPS impacted by operating performance and FX movements CHF 4.77 -2.0% +0.1% +0.1% CHF 4.68 -5.5% CHF 4.42 UEPS FY-24 Operating Net finance Others* UEPS FY-25 FX impact UEPS FY-25 performance cost & tax in constant currency *Others includes M&A and income from associates and joint ventures 25 Februa
Slide 26: Continued discipline on working capital and capex
Continued discipline on working capital and capex Working capital, % of sales Capex*, % of sales 6.1% 6.0% 4.8% 3.7% 3.2% 2.8% 1.7% 1.3% 1.2% Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 2023 2024 2025 2026 Working capital calculated on a 5-quarter average *Additions of owned PP&E 26 February 19, 2026
Slide 27: ROIC pressure mainly driven by lower operating profit
ROIC pressure mainly driven by lower operating profit in 2025 Return on invested capital, after goodwill and intangible assets, % 14.7% 13.9% 14.1% 12.1% 12.7% 12.3% 12.2% 12.2% 9.1% 2017* 2018 2019 2020 2021 2022 2023 2024 2025 *Restated to reflect implementation of IFRS 15 and IFRS 16 in 2017 27 F
Slide 28: Free cash flow of CHF 9.2 bn, with strong H2 performance
Free cash flow of CHF 9.2 bn, with strong H2 performance In CHF billion 10.7 -1.3 -0.6 9.2 +1.1 -0.7 Free cash Adjusted Working Capex and Tax Free cash flow FY-24 EBITDA capital expenditure & other flow FY-25 on intangible assets 28 February 19, 2026 Full-year results 2025
Slide 29: Net debt reduced with leverage now at 2.85x
Net debt reduced with leverage now at 2.85x In CHF billion -1.2 +2.0 +2.4 -7.8 -56.0 +9.2 -51.4 Net debt decreased by CHF 4.6 bn Net debt Dividends Froneri M&A* Other Free cash Net debt Dec 31, 2024 extraordinary flow Dec 31, 2025 distribution 2.90x 2.85x Net debt/ Net debt/ Adjusted EBITDA Adjusted
Slide 30: Consumer safety prioritized with rapid action on infant formula recall
Consumer safety prioritized with rapid action on infant formula recall • Global precautionary recall launched in January 2026 caused by ingredient from a global industry supplier • Nestlé maintains high quality standards and safety protocols; recall more stringent than EU requirements • Recall is co
Slide 31: Financial impact of infant formula recall
Financial impact of infant formula recall • FY-25 results include estimated impact of customer returns and write-off of inventory • Impact on FY-25 UTOP margin is just under 10 bps • OG and RIG impact recognized in FY-26 • Q1-26 will include one-off impact of sales returns and stock shortages • Pote
Slide 32: 2026 and medium-term financial guidance
2026 and medium-term financial guidance 2026 Medium-term • RIG accelerating versus 2025 Range from • Range includes expected c.-20 bps impact of sales 4%+ Organic growth around 3% returns & stock shortages from infant formula recall in normal up to 4% • Additional impact is uncertain and could drive
Slide 33: Strategic Update
Strategic Update Philipp Navratil, CEO Anna Manz, CFO 33 February 19, 2026 Full-year results 2025
Slide 34: 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 34 February 19, 2026 Full-year results 2025
Slide 35: Winning portfolio
Winning portfolio Winning business Structural growth Leading position Attractive returns Gaining share Winning combination Commercial Shared synergies capabilities 35 February 19, 2026 Full-year results 2025
Slide 36: Focused on four businesses with leading positions and brands
Focused on four businesses with leading positions and brands Coffee Petcare Nutrition Food & Snacks Group sales* 29% 21% 21% 29% CHF 25 billion CHF 18 billion CHF 18 billion CHF 25 billion Market Portion #1 Cat #1 Infant #1 Food** #1/2 positions Soluble #1 Dog #2 Kids & all family #1 Confectionery**
Slide 37: Combining Nutrition and Nestlé Health Science
Combining Nutrition and Nestlé Health Science – a global powerhouse in a highly attractive category Multiple growth opportunities Existing strengths further enhanced • Specialization and premiumization to gain market • Greater focus and simplified organization share (e.g. infant nutrition) • Commerc
Slide 38: Nutrition business well-positioned across four categories
Nutrition business well-positioned across four categories Medical nutrition Infant nutrition Kids & all family nutrition Adult nutrition CHF 2 bn CHF 5 bn CHF 6 bn CHF 5 bn 4-6% CAGR 1-3% CAGR 2-4% CAGR 5-7% CAGR 2025 sales by zone 2025 sales by zone 2025 sales by zone 2025 sales by zone AOA EUR AMS
Slide 39: Increasing focus within Food & Snacks
Increasing focus within Food & Snacks Global and local categories Brand focus and rationalization Sale of ice cream business Leading global brands • Prioritize global strategic brands • Strong positions in 6 key markets • Targeted support for local heroes • More valuable to global player • Transitio
Slide 40: 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 40 February 19, 2026 Full-year results 2025
Slide 41: Positioning our portfolio for four consumer trends
Positioning our portfolio for four consumer trends Affordable Winning retail Out-of-home Health & premium channels & customers & on-the-go & wellness • Polarization of demand • E-commerce and • Busier lifestyles fuelling • Consumer aspiration & discounters growing demand for convenient awareness on
Slide 42: Expanding priority growth platforms and driving the core
Expanding priority growth platforms and driving the core underpins 4%+ medium term OG Coffee Petcare Nutrition Food & Snacks Category growth* Category growth* Category growth* Category growth* Core business Growth platforms 3-4% 3-4% 3-5% 2-3% OG 3-4% OG HSD RIG 1-3% RIG MSD Growth platforms Growth
Slide 43: Growth platforms – four examples
Growth platforms – four examples Cold coffee Pet therapeutics Medical nutrition KitKat Drivers • New need states: refreshment, • Pet humanization • Ageing populations, • Continued growth in snacking functionality, indulgence accelerating premiumization chronic disease prevalence culture • Convenienc
Slide 44: Transforming for marketing of the future
Transforming for marketing of the future Our environment is shifting rapidly… …Nestlé is well positioned to navigate such shifts • Consumers expecting more and • 30+ billionaire brands, mostly category leaders, with engaging differently outstanding consumer brand strength • Consumers becoming more d
Slide 45: Connecting consumer insights, innovation and marketing
Connecting consumer insights, innovation and marketing Re-establishing best brand building Fewer, bigger priorities Transformed marketing operations • Company-wide upskilling • Investing behind fewer brands • Integrated, AI-powered content operations • Attract the best talent • Higher share of worki
Slide 46: 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 46 February 19, 2026 Full-year results 2025
Slide 47: Fundamentally changing how work gets done across Nestlé
Fundamentally changing how work gets done across Nestlé Context Key shared services opportunities Outcome • Largely standard IT Accelerate activity transfer • Process performance backbone group wide improvement Full potential of shared services • Common data structures • Simple, agile operating mode
Slide 48: Increased pace of delivery of cost savings
Increased pace of delivery of cost savings ‘Fuel for growth’ P&L impact, CHF billion ‘Fuel for growth’ key figures • Fuel for growth cost savings target increased to CHF 3.0 billion in October 2025 3.0 2.8 • Accelerated delivery in 2025 with CHF 1.1 billion versus CHF 0.7 billion target 2.0 • Saving
Slide 49: 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 49 February 19, 2026 Full-year results 2025
Slide 50: Improving cash flow is a focus
Improving cash flow is a focus Working capital*, % of sales Cash generation action plan 3.2% • Enhanced governance and accountability 1.9% 1.6% 1.4% 1.3% 1.2% 0.6% • Data-led control 0.0% 0.1% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 • Capex discipline tightened Capex**, % of sales • Safety
Slide 51: Capital allocation priorities
Capital allocation priorities Growth Shareholder returns Leverage Organic growth M&A Dividend Share buyback Debt reduction Targeted growth Bolt-ons in areas Practice of year-on- Use of excess cash, Lower leverage, investments with with proven ability year DPS increase when available within target ri
Slide 52: 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 52 February 19, 2026 Full-year results 2025
Slide 53: Building a performance culture
Building a performance culture Performance culture • Teams acting as business owners, winning is recognized and rewarded Empowered and accountable organization • Markets own execution and P&L, above-market limited to what benefits from global scale Performance measurement and rewards • Group-wide KP
Slide 54: Organization to promote accountability and leverage scale
Organization to promote accountability and leverage scale Local execution at market level • Consumer insights and customer relationships • Commercial execution and prioritization • Local brand activation • Deploying and scaling innovation pipelines • Responsibility for operational P&L Strategic abov
Slide 55: Incentives adjusted to support priorities and reward performance
Incentives adjusted to support priorities and reward performance Annual bonus metrics evolution, 2026 vs 2024 Key changes in 2026 vs 2024 • RIG ‘gatekeeper’ introduced Growth Profitability Personal goals 2024 60% 40% Often • Personal goals linked to standard KPIs OG UTOP margin subjective and projec
Slide 56: Reinforced governance through Board of Directors
Reinforced governance through Board of Directors Continued practice of regular Board refreshment • Two new Directors proposed for election in April 2026 – Fama Francisco - CEO Global Baby, Feminine and Family Care at Procter & Gamble – Thomas Jordan – former Chairman of the Governing Board at the Sw
Slide 57: Key takeaways
Key takeaways Our actions Strategy Execution is Performance are working is clear accelerating is improving Improved organic Focused portfolio, Performance Expect sustained sales growth bolder investment culture, efficiency improvement in trends in 2025 in growth through simpler 2026 and beyond organ
Slide 58: Appendix
Appendix 58 February 19, 2026 Full-year results 2025
Slide 59: Creating shared value in 2025
Creating shared value in 2025 Category Action Climate Reduction of greenhouse gas emissions 24.5% net reduction* Packaging Reduction in virgin plastic use 28% reduction* Regenerative Sourcing from regenerative agriculture 27.6% of ingredients agriculture Nutrition Micronutrient fortified food & beve
Slide 60: Key financial guidance for 2026
Key financial guidance for 2026 Item 2025 actual 2026 guidance Organic growth 3.5% In the range of around 3% up to 4%, with RIG accelerating versus 2025 FX effect on sales -5.7% Approx. -6%, assuming current FX spot rates for remainder of the year Gross profit margin 45.6% Improving versus 2025 UTOP
Slide 61: Financial impact of infant formula recall
Financial impact of infant formula recall Drivers 2025 2026 • Sales returns • Sales returns and stock shortages in Q1 Impact on of CHF c.200 million (= c.90 bps in Q1) • Stock shortages • Zero OG and sales: • Potential consumer impact • Potential consumer impact uncertain Impact on • Gross profit ef
Slide 62: Organic growth by quarter
Organic growth by quarter Group Group excluding Greater China & NHSc Greater China and NHSc 88% of sales (FY–25) 12% of sales (FY–25) Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 RIG Pricing OG RIG Pri
Slide 63: Historical eight quarters
Q4-2025 Historical eight quarters Period RIG % Pricing % OG % Q1-2024 -2.0 3.4 1.4 Q2-2024 2.2 0.6 2.8 Q3-2024 1.3 0.6 1.9 Q4-2024 1.5 1.2 2.7 Q1-2025 0.7 2.1 2.8 Q2-2025 -0.4 3.3 3.0 Q3-2025 1.5 2.8 4.3 Q4-2025 1.3 2.8 4.0 63 February 19, 2026 Full-year results 2025
Slide 64: Operating segments – topline summary Q4-2025
Q4-2025 Operating segments – topline summary Q4-2025 sales Sales RIG Pricing OG (CHF m) % % % Zone AMS 9 188 1.3 2.4 3.7 Zone AOA 5 290 2.0 2.6 4.6 Zone EUR 4 796 0.2 4.2 4.4 Nestlé Health Science 1 702 1.9 -0.4 1.5 Nespresso 1 775 -0.6 4.8 4.2 Nestlé Waters & Premium Beverages 795 4.5 3.8 8.3 Other
Slide 65: Products – topline summary Q4-2025
Q4-2025 Operating segments – topline summary Q4-2025 sales Sales RIG Pricing OG (CHF m) % % % Powdered and Liquid Beverages 6 701 -0.6 7.4 6.8 Water 697 2.1 3.9 6.0 Milk products and Ice cream 2 523 0.7 -0.9 -0.1 Nutrition and Health Science 3 586 -0.1 0.8 0.7 Prepared dishes and cooking aids 2 669
Slide 66: Operating segments breakdown (1 of 2)
FY-2025 Operating segments including AMS & AOA breakdown (1 of 2) 2025 Performance Q1-25 Q2-25 H1-25 RIG Pricing OG RIG Pricing OG RIG Pricing OG % % % % % % % % % Zone AMS 0.1 1.7 1.9 -1.2 3.5 2.3 -0.5 2.7 2.1 North America 1.1 -1.0 0.1 0.2 0.4 0.5 0.6 -0.3 0.3 Latin America -1.6 6.7 5.1 -3.9 9.8 5
Slide 67: Operating segments breakdown (2 of 2)
FY-2025 Operating segments including AMS & AOA breakdown (2 of 2) 2025 Performance (continued) Q3-25 Q4-25 FY-25 RIG Pricing OG RIG Pricing OG RIG Pricing OG % % % % % % % % % Zone AMS 0.0 3.4 3.4 1.3 2.4 3.7 0.1 2.8 2.8 North America -0.6 1.1 0.5 2.4 0.1 2.5 0.8 0.2 1.0 Latin America 1.5 8.3 9.9 -1
Slide 68: FY-2025 Operating segments – topline summary
FY-2025 Operating segments – topline summary FY-2025 sales Reported sales Sales RIG Pricing OG Net M&A FX growth (CHF m) % % % % % % Zone AMS 34 482 0.1 2.8 2.8 -0.1 -7.3 -4.6 Zone AOA 20 553 0.8 2.5 3.2 -0.4 -5.8 -3.0 Zone Europe 17 581 0.4 3.9 4.3 1.2 -2.6 2.9 Nestlé Health Science 6 551 3.5 -0.3
Slide 69: FY-2025 Products – topline summary
FY-2025 Products – topline summary FY-2025 sales Sales RIG Pricing OG (CHF m) % % % Powdered and Liquid Beverages 25 144 0.7 6.6 7.3 Water 3 128 1.0 2.9 3.9 Milk products and Ice cream 9 698 0.8 0.5 1.3 Nutrition and Health Science 14 304 0.1 0.5 0.6 Prepared dishes and cooking aids 10 114 -0.2 -0.1
Slide 70: FY-2025 Operating segments – sales and profit
FY-2025 Operating segments – sales and profit In CHF m Of which Underlying Net other impairment Trading Trading trading of property, Of which Depreciation Operating Operating income/ plant and restructuring and Sales Profit Profit (expense) equipment costs amortization Zone AMS 34 482 7 118 6 474 (6
Slide 71: FY-2025 Products – sales and profit
FY-2025 Products – sales and profit In CHF m Of which Underlying Net other impairment Trading Trading trading of property, Of which Operating Operating income/ plant and restructuring Sales Profit Profit (expense) equipment costs Powdered and Liquid Beverages 25 144 4324 4 183 (141) (34) (61) Water
Slide 72: FY-2025 EPS reconciliation (1 of 2)
FY-2025 EPS reconciliation (1 of 2) From net profit to underlying net profit In CHF m FY-2024 FY-2025 Net Profit 10 884 9 033 Restructuring costs 311 306 Impairments of property, plant & equipment, goodwill and int. assets 579 923 Net result on disposal of businesses 62 237 Other adjustment in Net o
Slide 73: FY-2025 EPS reconciliation (2 of 2)
FY-2025 EPS reconciliation (2 of 2) From underlying trading operating profit to underlying net profit In CHF m FY-2024 FY-2025 Underlying trading operating profit 15 704 14 389 Net financial income / (expense) (1 485) (1 526) Adjusted taxes (3 107) (2 847) Adjusted income from associates and joint v
Slide 74: FY-2025 growth across developed and emerging markets
FY-2025 growth across developed and emerging markets Developed Emerging Sales (in CHF) 53.2 bn 36.3 bn % of Group sales 59% 41% RIG 1.1% 0.2% Pricing 1.2% 5.1% OG 2.3% 5.4% 74 February 19, 2026 Full-year results 2025
Slide 75: 2025 sales by geographic area and average currency rate
2025 sales by geographic area and average currency rate Average rate FY-2025 FY-2025 Variation By principal markets (CHF m) (%) FY-2024 FY-2025 (%) AMS 42 958 48.0 US Dollar 1 USD 0.880 0.831 -5.6% United States 28 605 32.0 Euro 1 EUR 0.952 0.937 -1.6% Brazil 3 983 4.5 Chinese Yuan Renminbi 100 CNY
Slide 76: Sales in CHF and USD
Sales in CHF and USD Sales, CHF billion and USD billion 107.6 103.6 103.8 98.8 95.2 93.4 93.2 93.0 90.8 91.0 91.4 90.0 89.5 94.4 92.6 87.1 91.4 89.5 89.6 84.3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CHF USD 76 February 19, 2026 Full-year results 2025
Slide 77: UEPS in CHF and USD
UEPS in CHF and USD UEPS, CHF and USD 5.35 5.41 5.31 5.02 4.84 4.44 4.49 4.80 4.80 4.77 4.10 4.41 4.42 4.42 4.21 3.61 4.02 3.45 3.55 3.40 2016 2017* 2018 2019 2020 2021 2022 2023 2024 2025 CHF USD *Restated to reflect implementation of IFRS 15 and IFRS 16 in 2017 77 February 19, 2026 Full-year resul
Slide 78: Volume, mix and price
Volume, mix and price Price Mix Volume 2.0% 7.7% 8.6% 1.4% 0.6% 0.5% 0.5% 2.2% 3.0% 1.4% 1.8% 3.7% 1.5% 2.6% 1.1% 1.3% 1.5% 1.6% 1.1% 1.2% -0.7% -0.7% -1.7% -2.5% 2018 2019 2020 2021 2022 2023 2024 2025 Notes: Excludes Water, Nestlé Health Science, volume and mix together comprise RIG 78 February 19
Slide 79: Abbreviations
Abbreviations AMS Americas AOA Asia, Oceania and Africa EUR Europe GC Greater China GMB Globally managed business OG Organic growth OOH Out-of-home RIG Real internal growth RTD Ready-to-drink UEPS Underlying Earnings Per Share UTOP Underlying Trading Operating Profit VMS Vitamins, minerals and suppl