Nestle S.a. · SIX:NESN
Nestle — Q3 2025 Earnings Presentation
32 slides from Nestle's earnings presentation, Oct 16, 2025
Slide 1: Nine-month sales 2025 Investor & analyst presentation
Nine-month sales 2025 Investor & analyst Investor & analyst presentation 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 Nine-month sales 2025 Investor & analyst presentation Strategic priorities Philipp Navratil Nine-month sales Anna Manz Q&A Philipp Navratil & Anna Manz
Slide 4: Strategic priorities
Nine-month sales 2025 Strategic priorities Investor & analyst Philipp Navratil, CEO presentation
Slide 5: Key financial messages
Key financial messages Nine-month organic growth 3.3% 2025 full-year guidance Real internal growth confirmed 0.6% Pricing 2.8% 5 October 16, 2025 Nine-month sales 2025
Slide 6: Key strategic messages
Key strategic messages 1 2 3 4 RIG-led growth, Winning Performance Accelerating bolder investment portfolio culture, where business and innovation winning transformation is rewarded and cost savings 6 October 16, 2025 Nine-month sales 2025
Slide 7: Growth actions are delivering impact
Growth actions are delivering impact Group OG (%) Contribution to Group OG (bps) Growth rates (%) Group Priority growth 18 key Priority growth 18 key opportunities underperformers opportunities underperformers + 130 bps + 60 bps + 40 bps ~10% ~20% of sales of sales 120 14% 7% 3.3% 60 2.0% -5 0% 9M–2
Slide 8: RIG-led growth through bolder investment and innovation
1 RIG-led growth through bolder investment and innovation Bolder investment at scale Rigorous approach to resource allocation Bigger innovation, step-up marketing capabilities 8 October 16, 2025 Nine-month sales 2025
Slide 9: Ensuring we have a winning portfolio
2 Ensuring we have a winning portfolio Data-based and rational assessment Unconstrained, no preconceived ideas Leverage the benefits of scale 9 October 16, 2025 Nine-month sales 2025
Slide 10: Performance culture, where winning is rewarded
3 Performance culture, where winning is rewarded Performance culture Speed over perfection, collaboration over consensus Performance measurement Group-wide leading KPIs Performance-based rewards Compensation driven by winning performance 10 October 16, 2025 Nine-month sales 2025
Slide 11: Accelerating business transformation and cost savings
4 Accelerating business transformation and cost savings Business transformation Agile ways of working c.16,000 planned headcount reduction* Digitization & automation CHF 3.0 bn total ‘Fuel for Growth’ savings Simple structures run-rate by end of 2027 Shared service centers * Subject to consultation,
Slide 12: Key strategic messages
Key strategic messages 1 2 3 4 RIG-led growth, Winning Performance Accelerating bolder investment portfolio culture, where business and innovation winning transformation is rewarded and cost savings 12 October 16, 2025 Nine-month sales 2025
Slide 13: Nine-month sales 2025
Nine-month sales 2025 sales & analyst Investor Anna Manz, CFO presentation
Slide 14: Sales growth impacted by FX movement
Sales growth impacted by FX movement OG +3.3% +0.1% +2.8% +0.6% 67.1 -5.4% 65.9 Reported sales growth -1.9% 9M-24 Sales RIG Pricing Net M&A Foreign 9M-25 Sales CHF bn exchange CHF bn 14 October 16, 2025 Nine-month sales 2025
Slide 15: Organic growth strengthened in Q3
Organic growth strengthened in Q3 led by RIG acceleration Group Group excluding Greater China & NHSc Greater China and NHSc 88% of sales (9M–25) 12% of sales (9M–25) Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 RIG Pric
Slide 16: 9M–2025 Zone performance overview
9M–2025 Zone performance overview Zone AMS Zone AOA Zone EUR Organic growth 2.5% 2.7% 4.3% Real internal growth -0.4% 0.3% 0.5% Pricing 2.9% 2.4% 3.7% Organic growth by quarter 5.8% 4.7% 3.4% 4.0% 3.5% 3.3% 3.1% 2.3% 2.4% 2.4% 1.9% 1.7% 0.9% 0.9% -0.5% 2024 2025 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q
Slide 17: 9M–2025 GMB performance overview
9M–2025 GMB performance overview Nestlé Health Science Nespresso Nestlé Waters & Premium Beverages Organic growth 3.8% 6.7% 4.4% Real internal growth 4.1% 2.4% 2.0% Pricing -0.3% 4.3% 2.4% Organic growth 13.6% by quarter 11.6% 8.5% 5.7% 5.8% 5.6% 4.6% 4.2% 3.8% 3.6% 3.2% 2.7% 1.9% 1.6% 0.7% 2024 202
Slide 18: 9M–2025 Category overview (1/2)
9M–2025 Category overview (1/2) Powdered & PetCare Nutrition & Liquid Beverages Health Science Organic growth 7.5% 1.2% 0.5% Real internal growth 1.2% 1.6% 0.1% Pricing 6.3% -0.5% 0.4% 9.7% Organic growth by quarter 7.5% 5.2% 5.0% 4.8% 4.1% 3.3% 1.9% 1.6% 1.6% 1.3% 1.0% 0.9% 0.4% -0.4% 2024 2025 Q3
Slide 19: 9M–2025 Category overview (2/2)
9M–2025 Category overview (2/2) Prepared dishes Milk products Confectionery Water & cooking aids & Ice cream Organic growth -0.4% 1.8% 8.0% 3.4% Real internal growth -0.6% 0.8% -1.5% 0.7% Pricing 0.3% 1.0% 9.6% 2.7% 8.9% Organic growth 8.1% by quarter 7.3% 7.1% 4.3% 3.5% 2.9% 3.3% 2.7% 1.4% 1.1% 0.9
Slide 20: Fuel for growth to deliver savings by 2027
‘Fuel for growth’ to deliver CHF 3.0 bn savings by end of 2027 2.5 CHF 1.0 billion annual savings from Original CHF bn white-collar headcount reductions One-time restructuring cost of approximately 2 times the annual savings Revised 3.0 1.0 CHF bn Procurement Commercial investments Operational effic
Slide 21: Guidance maintained
Guidance maintained Reported Guidance FY-2024 9M-2025 2025 Medium-term Organic 2.2% 3.3% Improving 4%+ in normal sales growth compared to 2024 market conditions Underlying 17.2% n/a At or above 17.0%+ trading operating 16% as we invest profit margin for growth 21 October 16, 2025 Nine-month sales 20
Slide 22: Appendix
Nine-month Appendix sales 2025 Anna Manz, CFO Investor & analyst presentation
Slide 23: Q3-2025 historical eight quarters
Q3-2025 historical eight quarters Period RIG % Pricing % OG % Q4-2023 0.4 5.2 5.7 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 23 October 16, 2025 Nine-month sales 2025
Slide 24: Q3-2025 Operating segments – topline summary
Q3-2025 Operating segments – topline summary Q3-2025 sales Sales RIG Pricing OG (CHF m) % % % Zone AMS 8 340 0.0 3.4 3.4 Zone AOA 4 821 1.5 1.9 3.5 Zone EUR 4 318 2.0 3.8 5.8 Nestlé Health Science 1 624 5.6 -1.0 4.6 Nespresso 1 534 3.3 5.3 8.5 Nestlé Waters & Premium Beverages 932 1.4 2.4 3.8 Other
Slide 25: Q3-2025 Products – topline summary
Q3-2025 Products – topline summary Q3-2025 sales Sales RIG Pricing OG (CHF m) % % % Powdered and Liquid Beverages 6 135 2.4 7.3 9.7 Water 820 0.2 2.5 2.7 Milk products and Ice cream 2 345 2.2 1.1 3.3 Nutrition and Health Science 3 481 1.9 -0.3 1.6 Prepared dishes and cooking aids 2 394 0.3 0.5 0.9 C
Slide 26: 9M-2025 Operating segments including AMS & AOA breakdown (1 of 2)
9M-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 27: 9M-2025 Operating segments including AMS & AOA breakdown (2 of 2)
9M-2025 Operating segments including AMS & AOA breakdown (2 of 2) 2025 Performance (continued) Q3-25 9M-25 RIG Pricing OG RIG Pricing OG % % % % % % Zone AMS 0.0 3.4 3.4 -0.4 2.9 2.5 North America -0.6 1.1 0.5 0.2 0.2 0.4 Latin America 1.5 8.3 9.9 -1.4 8.3 6.8 Zone AOA 1.5 1.9 3.5 0.3 2.4 2.7 AOA ex
Slide 28: 9M-2025 Operating segments – topline summary
9M-2025 Operating segments – topline summary 9M-2025 sales Sales RIG Pricing OG (CHF m) % % % Zone AMS 25 294 -0.4 2.9 2.5 Zone AOA 15 263 0.3 2.4 2.7 Zone EUR 12 785 0.5 3.7 4.3 Nestlé Health Science 4 849 4.1 -0.3 3.8 Nespresso 4 706 2.4 4.3 6.7 Nestlé Waters & Premium Beverages 2 753 2.0 2.4 4.4
Slide 29: 9M-2025 Products – topline summary
9M-2025 Products – topline summary 9M-2025 sales Sales RIG Pricing OG (CHF m) % % % Powdered and Liquid Beverages 18 443 1.2 6.3 7.5 Water 2 431 0.7 2.7 3.4 Milk products and Ice cream 7 175 0.8 1.0 1.8 Nutrition and Health Science 10 718 0.1 0.4 0.5 Prepared dishes and cooking aids 7 445 -0.6 0.3 -
Slide 30: 9M-2025 growth across developed and emerging markets
9M-2025 growth across developed and emerging markets Developed Emerging Sales (in CHF) 39.0 bn 26.9 bn % of Group sales 59% 41% RIG 1.0% -0.1% Pricing 1.1% 5.3% OG 2.1% 5.2% 30 October 16, 2025 Nine-month sales 2025
Slide 31: 9M-2025 currency overview
9M-2025 currency overview Average rate Variation 9M-2024 9M-2025 in % US Dollar 1 USD 0.881 0.842 -4.5% Euro 1 EUR 0.958 0.939 -1.9% Chinese Yuan Renminbi 100 CNY 12.245 11.658 -4.8% Brazilian Real 100 BRL 16.834 14.884 -11.6% Philippine Peso 100 PHP 1.547 1.474 -4.7% UK Pound Sterling 1 GBP 1.125 1
Slide 32: Abbreviations
Abbreviations AMS Americas AOA Asia, Oceania and Africa EUR Europe 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 32 October 16, 2025 Nine-month sales 2025