Slide 1: Half-year results 2026
Half-year results 2026 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 Execution H1-26 Q&A driving RIG Financial results Philipp Navratil, CEO Anna Manz, CFO Philipp Navratil, CEO Anna Manz, CFO 3 July 23, 2026 Half-year results 2026
Slide 4: Execution driving RIG
Execution driving RIG Philipp Navratil, CEO
Slide 5: Execution driving RIG
Execution driving RIG Driving Sharpening Improving Delivering on growth portfolio efficiency expectations and cash RIG accelerating Partnership for Fuel for Growth On track to towards 2%+ Waters announced cost savings up to deliver 2026 medium-term CHF 1.7 billion guidance target Progress on other d
Slide 6: H1-26 results
H1-26 results Organic Real internal Pricing growth growth 3.6% 1.5% 2.1% UTOP Free Underlying Margin cash flow EPS (CHF) (CHF billion) 16.4% 3.4 2.22 6 July 23, 2026 Half-year results 2026
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 July 23, 2026 Half-year results 2026
Slide 8: Sharpening our portfolio
Sharpening our portfolio Partnership for Waters announced Other portfolio actions • 50:50 JV to create a dedicated global leader in • Progressing with sale of mainstream VMS and ice waters with strengthened focus to drive growth cream businesses; classified as assets held-for sale • Enterprise value
Slide 9: 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 Eme
Slide 10: Execution across our value proposition
Execution across our value proposition Unrivalled Unbeatable Unmissable Unforgettable superiority value visibility communication • Taste preference • Price pack architecture • Optimal availability • Distinctive creativity • Proprietary science & • Strategic revenue • Omni-channel approach • Optimal
Slide 11: Increased investment, increased prioritization
Increased investment, increased prioritization Increasing effectiveness Increasing investment in growth platforms • Increased MROI coverage of paid media and Advertising & marketing, % of sales consumer promotions • Paid media spend increased and now concentrated on 135 brands (down from 400) 8.6 8.
Slide 12: Empowering our teams to be agile
Empowering our teams to be agile Equivalent in Share paid media of voice (CHF million) in 90+ markets 180 >30% Social reach Marketing awards (Cannes Lions) (billion) 71 9 Social reach - estimated number of times people have potentially seen a piece of content or mention across social and online medi
Slide 13: Financial results
Financial results Anna Manz, CFO
Slide 14: Good H1 performance, on track for FY guidance
Good H1 performance, on track for FY guidance H1 performance • Solid organic growth with improving RIG • UTOP margin recovering sequentially • Strong free cash flow delivery Full year outlook • Underlying momentum continuing • On track for 2026 guidance 14 July 23, 2026 Half-year results 2026
Slide 15: Organic sales growth offset by FX
Organic sales growth offset by FX OG +3.6% +0.1% +1.5% +2.1% 44.2 -6.2% 43.1 Reported sales growth -2.5% H1-25 Sales RIG Pricing Net M&A Foreign H1-26 Sales CHF bn exchange CHF bn 15 July 23, 2026 Half-year results 2026
Slide 16: RIG momentum continuing
RIG momentum continuing Quarterly performance, % Quarterly RIG, % 4.3 4.0 3.5 3.7 3.0 2.8 3.5 2.2 2.1 1.8 1.5 1.3 1.8 1.8 1.7 2.0 1.2 1.2 0.9 0.7 -0.4 -3.5 Food & Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Group Coffee Petcare Nutrition Snacks OG RIG Pricing Q1-26 Q2-26 16 July 23, 2026 Half-year results 2
Slide 17: Strengthening performance in emerging markets, Greater China now stable
Strengthening performance in emerging markets, Greater China now stable Emerging markets excluding China Greater China Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 • Broad-based strength in recent quarters, further • Good pro
Slide 18: North America resilient, Petcare trends positive
North America resilient, Petcare trends positive Total North America US Petcare North America OG, % Nestlé retail sell-out growth, % 8% Cat food 2.2 6% 1.5 1.5 4% Total pet 1.2 2% Dog food 0.7 0% 0.5 -2% -4% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2
Slide 19: Infant nutrition improving, adult and medical nutrition strong
Infant nutrition improving, adult and medical nutrition strong Infant nutrition Q2-26 Nutrition OG, % • Improving in Q2-26 to mid-single-digit decline • Expect to regain share by end of year Adult nutrition and medical nutrition • Adult Nutrition strong, led by Pure Encapsulations and Vital Proteins
Slide 20: H1-26 Zone performance overview
H1-26 Zone performance overview Zone AMS Zone AOA Zone EUR Organic growth 3.3% 4.3% 2.7% Real internal growth 1.0% 2.8% 0.5% Pricing 2.2% 1.5% 2.2% UTOP Margin 19.3% 21.4% 16.4% vs H1-25 -30 bps Flat -120 bps Organic growth X by quarter 6.5% 6.0% 4.7% 4.6% 4.3% 3.8% 3.9% 3.5% 3.3% 3.2% 3.4% 2.8% 2.4
Slide 21: H1-26 GMB performance overview
H1-26 GMB performance overview Nespresso Nestlé Waters & Premium Beverages Organic growth 4.3% 5.1% Real internal growth 1.7% 1.6% Pricing 2.6% 3.5% UTOP Margin 20.7% 9.5% vs H1-25 -120bps +20 bps Organic growth 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% Q1 Q2 Q3 Q4 Q1 Q2
Slide 22: H1-26 Product category performance overview
H1-26 Product category performance overview Coffee Petcare Nutrition Food & Snacks Organic growth 7.5% 2.7% -1.2% 3.7% Real internal growth 2.9% 1.8% -1.3% 1.9% Pricing 4.7% 0.9% 0.2% 1.8% UTOP Margin 19.0% 21.8% 19.8% 17.4% vs H1-25 -100 bps -30 bps -90 bps +50 bps Organic growth 9.1% 9.3% X X by q
Slide 23: Cost and pricing actions largely offset significant external headwinds
Cost and pricing actions largely offset significant external headwinds Underlying trading operating profit margin, % 16.5% 16.4% -160 bps +110 bps +60 bps -50 bps -70 bps +150 bps -40 bps UTOP Input Net tariffs Others* Advertising Cost RIG Net UTOP H1-25 costs & FX & marketing** savings leverage pri
Slide 24: Gross profit and UTOP margin improved sequentially
Gross profit and UTOP margin improved sequentially Gross profit margin, % UTOP margin, % 47.2% 46.6% 46.4% 46.3% 17.4% 44.6% 17.0% 16.5% 16.4% 15.7% H1-24 H2-24 H1-25 H2-25 H1-26 H1-24 H2-24 H1-25 H2-25 H1-26 24 July 23, 2026 Half-year results 2026
Slide 25: On track to deliver cost savings targets
On track to deliver cost savings targets Fuel for growth P&L impact, CHF bn (cumulative) 3.0 2.8 2.0 1.7 1.1 1.1 .15 H1-25 H2-25 H1-26 2025 2026 2027 2028 Actual Target Actual Target 25 July 23, 2026 Half-year results 2026
Slide 26: Investment increased, with targeted support behind our brands
Investment increased, with targeted support behind our brands Advertising and marketing expenses, % of sales 8.9% 8.6% 8.7% 8.1% 8.2% H1-24 H2-24 H1-25 H2-25 H1-26 26 July 23, 2026 Half-year results 2026
Slide 27: Net profit impacted by restructuring and write-down of assets held for sale
Net profit impacted by restructuring and write-down of assets held for sale % of sales H1-26 vs H1-25 Underlying trading operating profit 16.4% -10 bps Restructuring -90 bps Impairment of assets (excluding goodwill) -20 bps Onerous contracts, litigations and other trading income/expenses 10 bps Trad
Slide 28: UEPS up 3.4% in constant currency, down 2.4% reported
UEPS up 3.4% in constant currency, down 2.4% reported +0.6% -0.9% CHF 2.35 CHF 2.27 3.7% -5.8% CHF 2.22 UEPS evolution in constant currency +3.4% UEPS evolution -2.4% UEPS H1-25 Operating Net finance Others* UEPS H1-26 FX impact UEPS H1-26 performance cost & tax in constant currency UEPS = underlyin
Slide 29: Free cash flow up strongly
Free cash flow up strongly In CHF billion +0.1 3.4 +0.7 2.3 -0.2 +0.5 Free cash Adjusted Working Capex and Tax Free cash flow H1-25 EBITDA capital expenditure & other flow H1-26 on intangible assets 29 July 23, 2026 Half-year results 2026
Slide 30: Net debt reduced versus last year
Net debt reduced versus last year In CHF billion -60.0 +0.1 -0.4 +3.4 -56.3 -8.0 -51.4 Net debt Net debt Dividends M&A* FX & other Free cash Net debt Jun 30, 2025 Jan 1, 2026 flow Jun 30, 2026 *M&A line includes associates and joint ventures and non-controlling interests 30 July 23, 2026 Half-year r
Slide 31: 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 31 July 23, 2026 Half-year results 2026
Slide 32: Execution driving RIG
Execution driving RIG Driving Sharpening Improving Delivering on growth portfolio efficiency expectations and cash RIG accelerating Partnership for Fuel for Growth On track to towards 2%+ Waters announced cost savings up to deliver 2026 medium-term CHF 1.7 billion guidance target Progress on other d
Slide 33: Appendix
Appendix
Slide 34: 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. -3%, 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 35: Product category sales by Zone
Product category sales by Zone FY-25 sales by Zone, % Coffee Petcare Nutrition Food & Snacks 28% 31% 38% 21% 14% 34% 28% 32% 3% 27% 25% 19% Zone AMS Zone Europe Zone AOA Nespresso, Nestlé Waters & Premium Beverages and other businesses not included 35 July 23, 2026 Half-year results 2026
Slide 36: H1-26 growth in developed and emerging markets
H1-26 growth in developed and emerging markets Developed Emerging Sales (in CHF) 24.8 bn 18.3 bn % of Group sales 58% 42% RIG 0.6% 2.8% Pricing 1.7% 2.8% OG 2.3% 5.6% 36 July 23, 2026 Half-year results 2026
Slide 37: Q2-2026 Historical eight quarters
Q2-2026 Historical eight quarters Period RIG % Pricing % OG % 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 Q1-2026 1.2 2.3 3.5 Q2-2026 1.8 1.9 3.7 37 July 23, 2026 Half-year results 2026
Slide 38: Q2-2026 Operating segments – topline summary
Q2-2026 Operating segments – topline summary Q2-2026 sales Sales RIG Pricing OG (CHF m) % % % Zone AMS 9 540 0.8 1.9 2.8 Zone AOA 5 150 4.8 1.7 6.5 Zone EUR 4 429 flat 1.5 1.5 Nespresso 1 592 1.5 2.0 3.4 Nestlé Waters & Premium Beverages 1 023 2.2 4.4 6.6 Other Businesses 58 10.4 -0.1 10.3 Total Gro
Slide 39: Q2-2026 Operating segments including AMS & AOA breakdown
Q2-2026 Operating segments including AMS & AOA breakdown 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 3.6 7.
Slide 40: Q2-2026 Products categories – topline summary
Q2-2026 Products categories – topline summary Q2-2026 sales Sales RIG Pricing OG (CHF m) % % % Coffee 6 124 2.2 3.6 5.8 Petcare 4 538 2.0 0.8 2.8 Nutrition 4 355 0.9 0.7 1.7 Food & Snacks 5 752 1.8 1.5 3.2 Waters & Premium Beverages 1 023 2.1 4.4 6.6 Total Group 21 792 1.8 1.9 3.7 Note: Waters inclu
Slide 41: H1-26 Operating segments – topline summary
H1-26 Operating segments – topline summary H1-26 sales Reported sales Sales RIG Pricing OG Net M&A FX growth (CHF m) % % % % % % Zone AMS 18 646 1.0 2.2 3.3 0.0 -6.2 -3.0 Zone AOA 10 366 2.8 1.5 4.3 -0.3 -7.9 -3.8 Zone EUR 9 044 0.5 2.2 2.7 0.9 -4.0 -0.5 Nespresso 3 147 1.7 2.6 4.3 0.1 -5.1 -0.8 Nes
Slide 42: UTOP margin
UTOP margin 16.5% - 20 bps 16.4% -10 bps -30 bps +50 bps Underlying Gross profit Distribution Advertising Administration, Underlying TOP margin margin & marketing other marketing, TOP margin H1-25 R&D, other H1-26 42 July 23, 2026 Half-year results 2026
Slide 43: H1-26 Operating segments – sales and profit
H1-26 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 18 646 3 606 3 282 (324
Slide 44: H1-26 Products – sales and profit
H1-26 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 Coffee 12 126 2 304 2 059 (245) (4) (178) Petcare 8 933 1 943 1 820 (123
Slide 45: H1-26 EPS reconciliation (1 of 2)
H1-26 EPS reconciliation (1 of 2) From net profit to underlying net profit In CHF m H1-25 H1-26 Net Profit 5 065 3 472 Restructuring costs 101 469 Impairments of property, plant & equipment, goodwill and int. assets 88 181 Net result on disposal of businesses (11) 1 250 Other adjustment in Net other
Slide 46: H1-26 EPS reconciliation (2 of 2)
H1-26 EPS reconciliation (2 of 2) From underlying trading operating profit to underlying net profit In CHF m H1-2025 H1-2026 Underlying trading operating profit 7 287 7 081 Net financial income / (expense) (759) (688) Adjusted taxes (1 439) (1 428) Adjusted income from associates and joint ventures
Slide 47: H1-26 currency overview
H1-26 currency overview Average rate Variation H1-2025 H1-2026 (%) US Dollar 1 USD 0.863 0.787 -8.9 Euro 1 EUR 0.942 0.918 -2.5 Chinese Yuan Renminbi 100 CNY 11.895 11.460 -3.7 Brazilian Real 100 BRL 14.980 15.274 2.0 Philippine Peso 100 PHP 1.510 1.311 -13.2 UK Pound Sterling 1 GBP 1.118 1.058 -5.3
Slide 48: Sales in CHF and USD
Sales in CHF and USD FY Sales, CHF billion and USD billion 107.6 103.6 103.8 98.8 95.2 93.4 93.2 90.8 91.0 90.0 94.4 92.6 93.0 91.4 91.4 89.5 89.6 89.5 87.1 84.3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CHF USD 48 July 23, 2026 Half-year results 2026
Slide 49: UEPS in CHF and USD
UEPS in CHF and USD FY 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 49 July 23, 2026 Half-year result
Slide 50: 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 UEPS Underlying Earnings Per Share UTOP Underlying Trading Operating Profit VMS Vitamins, minerals and supplements 50 July 23,