Slide 1: Half-year results 2025
Half-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 Key messages Laurent Freixe Half-year financial results Anna Manz Strategic progress Laurent Freixe Q&A Laurent Freixe & Anna Manz 3 July 24, 2025 Half-year results 2025
Slide 4: Key messages
Key messages Laurent Freixe, CEO 4 July 24, 2025 Half-year results 2025
Slide 5: Consistent execution, improving growth foundations
Consistent execution, improving growth foundations – Delivered good H1 performance in challenging macroeconomic environment – Continuing with actions to accelerate performance – Executing our strategy and transforming the business – Maintaining 2025 guidance, confident in the medium-term outlook 5 J
Slide 6: Broad-based sales growth, solid margin
Broad-based sales growth, solid margin Organic growth UTOP margin Underlying EPS growth Free cash flow (CHF) in constant currency 2.9% 16.5% -1.0% 2.3 bn 6 July 24, 2025 Half-year results 2025
Slide 7: Half-year financial results
Half-year financial results Anna Manz, CFO 7 July 24, 2025 Half-year results 2025
Slide 8: CFO key messages
CFO key messages – Broad based OG, led by improved pricing across all categories – Solid H1 UTOP margin, increased headwinds in H2 – Maintaining 2025 guidance, while recognizing uncertainty 8 July 24, 2025 Half-year results 2025
Slide 9: Improving organic sales growth, increased FX headwind
Improving organic sales growth, increased FX headwind OG +2.9% Flat +2.7% 45.0 +0.2 -4.7% 44.2 Reported sales growth -1.8% H1-24 Sales RIG Pricing Net M&A Foreign H1-25 Sales CHF bn exchange CHF bn 9 July 24, 2025 Half-year results 2025
Slide 10: Organic growth driven by pricing
Organic growth driven by pricing RIG Price OG (x.x) 3.0% 2.8% 2.7% 2.8% 1.9% 1.4% Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 10 July 24, 2025 Half-year results 2025
Slide 11: UTOP margin driven by COGS inflation and marketing investment
UTOP margin driven by COGS inflation and marketing investment 17.4% -60 bps +10 bps -50 bps +10 bps 16.5% Underlying TOP Gross profit Distribution Advertising Administration, other Underlying TOP margin H1-24 margin & marketing marketing, R&D, other margin H1-25 11 July 24, 2025 Half-year results 20
Slide 12: Gross margin pace of recovery differs by category
Gross margin pace of recovery differs by category Gross profit margin by category, indexed Petcare 100 Food Nespresso Coffee (excl. Nespresso) Confectionery 60 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 H1-25 Note: Analysis excludes Nestlé Professional 12 July 24, 2025 Half-year results 2025
Slide 13: Gross margin decline driven by input cost inflation
Gross margin decline driven by input cost inflation Gross profit margin 47.2% 46.6% 46.3% 46.1% 45.6% H1-23 H2-23 H1-24 H2-24 H1-25 13 July 24, 2025 Half-year results 2025
Slide 14: Increasing advertising & marketing investment to drive growth
Increasing advertising & marketing investment to drive growth Advertising and marketing expenses, % of sales 8.6% 8.2% 8.1% 8.2% 7.1% H1-23 H2-23 H1-24 H2-24 H1-25 14 July 24, 2025 Half-year results 2025
Slide 15: 'Fuel for Growth' cost savings on track
‘Fuel for Growth’ cost savings on track 2025 ‘Fuel for Growth’ savings, CHF m Work in progress Secured Booked in P&L 200 400 700 350 300 150 As of Feb-25 As of Jun-25 As of Dec-25 (expected) 15 July 24, 2025 Half-year results 2025
Slide 16: Full year UTOP margin expected to be at or above 16%
Full year UTOP margin expected to be at or above 16% UTOP margin 17.4% 17.4% 17.1% 17.0% 16.5% H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 16 July 24, 2025 Half-year results 2025
Slide 17: H1-2025 Zone performance overview
H1-2025 Zone performance overview Zone Americas Zone AOA Zone Europe Organic growth 2.1% 2.4% 3.5% Real internal growth -0.5% -0.3% -0.2% Pricing 2.7% 2.6% 3.7% UTOP margin 20.2% 21.5% 17.2% vs. LY -120 bps -80 bps -160 bps Organic growth 4.8% 4.7% by quarter 4.0% 3.3% 3.1% 2.4% 2.3% 2.4% 2.4% 2.2%
Slide 18: H1-2025 GMB performance overview
H1-2025 GMB performance overview Nestlé Health Science Nespresso Nestlé Waters & Premium Beverages Organic growth 3.4% 5.8% 4.7% Real internal growth 3.3% 2.0% 2.3% Pricing 0.1% 3.8% 2.4% UTOP margin 15.6% 21.9% 9.3% vs. LY +220 bps +40 bps Flat Organic growth 13.6% by quarter 11.6% 5.7% 5.8% 5.6% 3
Slide 19: H1-2025 Category performance overview
H1-2025 Category performance overview OG RIG Pricing xx bps change vs. H1-24 H1-25 OG (%) H1-25 UTOP margin (%) Group 2.9% 16.5% -90 Powdered & Liquid Beverages 6.4% 19.1% -190 PetCare 1.3% 22.1% Flat Nutrition and Health Science 0.0% 20.7% +120 Prepared dishes & cooking aids -0.9% 18.5% -60 Milk pr
Slide 20: Net profit progression mainly driven by UTOP
Net profit progression mainly driven by UTOP % of sales H1-25 vs H1-24 Underlying trading operating profit 16.5% -90 bps Restructuring +10 bps Impairment of assets +20 bps Onerous contracts, litigations and other trading income/expenses -20 bps Trading operating profit 15.6% -80bps Gain/loss on disp
Slide 21: Underlying EPS -1.0% in constant currency, -5.4% on reported basis
Underlying EPS -1.0% in constant currency, -5.4% on reported basis CHF 2.40 +0.4% -0.2% CHF 2.38 -1.9% +0.7% -4.4% CHF 2.27 UEPS H1-24 Operating Share Tax & Others* UEPS H1-25 FX impact UEPS H1-25 performance buyback financing cost in constant currency * M&A line includes associates and joint ventur
Slide 22: Free cash flow generation impacted by working capital
Free cash flow generation impacted by working capital In CHF billion 4.0 -0.5 -1.3 +0.4 -0.3 2.3 Free cash Adjusted Working Capex and Tax & Free cash flow H1-24 EBITDA capital expenditure on other flow H1-25 intangible assets 22 July 24, 2025 Half-year results 2025
Slide 23: First half movements in net debt
First half movements in net debt In CHF billion -1.4 +2.9 +2.3 -60.0 -7.8 -56.0 Net debt increased by CHF 4.0 bn Net debt Dividends M&A* FX & Free Net debt Jan 1, 2025 other cash flow June 30, 2025 * M&A line includes associates and joint ventures and non-controlling interests 23 July 24, 2025 Half-
Slide 24: Guidance maintained
Guidance maintained Reported Guidance FY-2024 H1-2025 2025 Medium-term Organic 2.2% 2.9% Improving 4%+ in normal sales growth compared to 2024 market conditions Underlying At or above trading operating 16% as we invest 17.0%+ 17.2% 16.5% profit margin for growth 24 July 24, 2025 Half-year results 20
Slide 25: Strategic progress
Strategic progress Laurent Freixe, CEO 25 July 24, 2025 Half-year results 2025
Slide 26: Executing on our strategy
Executing on our strategy Accelerate performance, transform for the future Nestlé Virtuous Circle is our framework 4%+ 3-4% Nestlé Accelerate Improve Nestlé category category market organic growth growth share growth NCE = Nestlé Continuous Excellence, CSV = Creating Shared Value 26 July 24, 2025 Ha
Slide 27: 'Fuel for Growth' plan on track
‘Fuel for Growth’ plan on track Phasing of savings, 2025 ‘Fuel for Growth’ initiatives - examples CHF bn H1 H2 & beyond Procurement AI-powered procurement & supplier management Streamlined sourcing for scalable value 2025 0.7 Deployment of global specifications catalogues AI-enhanced demand and supp
Slide 28: Investing in the fundamentals of the value proposition
Investing in the fundamentals of the value proposition Unrivalled Unbeatable Unmissable Unforgettable Product superiority Value Visibility Brand Communications – Taste preference – Strategic revenue – Omni-channel – Distinctive creativity management – Optimal availability – Optimal media spend – Pro
Slide 29: Accelerating category growth and improving market share trends
Accelerating category growth and improving market share trends Expand winners Scale big bets Address Build new growth – Global platforms – Fewer, bigger, better underperformers platforms – Growing channels – Drive speed to impact – Progress in 18 – Capture opportunities underperforming cells in emer
Slide 30: Strengthening our model for sustainable growth in Greater China
Strengthening our model for sustainable growth in Greater China Our footprint Steps to improve quality of growth 38 >21k – Driving sustainable growth through demand generation years in market employees in market – Accelerating speed and agility 24 > 25% – Changing leadership factories 2024 e-intensi
Slide 31: Sharpening focus in Nestlé Health Science
Sharpening focus in Nestlé Health Science Nestlé Health Science (CHF 6.7bn, 2024 sales) Vitamins, minerals & supplements (VMS), 38%* Active nutrition, 29%* Medical Nutrition, 33%* Strategic review * 1) Percentage of 2024 sales 2) Non-exhaustive list of brands 31 July 24, 2025 Half-year results 2025
Slide 32: Key takeaways
Key takeaways – Delivered good H1 performance in challenging operating environment – Continuing with actions to accelerate performance – Executing our strategy and transforming the business – Maintaining 2025 guidance, confident in the medium-term outlook 32 July 24, 2025 Half-year results 2025
Slide 33: Appendix
Appendix 33 July 24, 2025 Half-year results 2025
Slide 34: Q2-2025 historical eight quarters
Q2-2025 historical eight quarters Period RIG % Pricing % OG % Q3-2023 -0.3 6.3 6.0 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 34 July 24, 2025 Half-year results 2025
Slide 35: Q2-2025 Operating segments – topline summary
Q2-2025 Operating segments – topline summary Q2-2025 sales Sales RIG Pricing OG (CHF m) % % % Zone AMS 8 315 -1.2 3.5 2.3 Zone AOA 4 903 -1.2 2.9 1.7 Zone Europe 4 114 0.2 4.5 4.7 Nestlé Health Science 1 632 1.9 0.8 2.7 Nespresso 1 577 1.4 4.4 5.8 Nestlé Waters & Premium Beverages 1 012 2.9 2.7 5.6
Slide 36: Q2-2025 Products – topline summary
Q2-2025 Products – topline summary Q2-2025 sales Sales RIG Pricing OG (CHF m) % % % Powdered and Liquid Beverages 6 184 0.7 6.8 7.5 Water 889 1.3 3.0 4.3 Milk products and Ice cream 2 288 -0.3 1.7 1.4 Nutrition and Health Science 3 580 -1.6 1.3 -0.4 Prepared dishes and cooking aids 2 391 -2.5 0.8 -1
Slide 37: H1-2025 Operating segments – topline summary
H1-2025 Operating segments – topline summary H1-2025 sales Reported sales Sales RIG Pricing OG Net M&A FX growth (CHF m) % % % % % % Zone AMS 16 954 -0.5 2.7 2.1 -0.1 -6.9 -4.9 Zone AOA 10 442 -0.3 2.6 2.4 -0.3 -3.6 -1.4 Zone Europe 8 467 -0.2 3.7 3.5 0.2 -2.2 1.5 Nestlé Health Science 3 225 3.3 0.1
Slide 38: H1-2025 Operating segments including AMS & AOA breakdown
H1-2025 Operating segments including AMS & AOA breakdown 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 5.9 -2.7 8
Slide 39: H1-2025 Products – topline summary
H1-2025 Products – topline summary H1-2025 sales Sales RIG Pricing OG (CHF m) % % % Powdered and Liquid Beverages 12 308 0.6 5.8 6.4 Water 1 611 0.9 2.8 3.7 Milk products and Ice cream 4 830 0.2 0.9 1.1 Nutrition and Health Science 7 237 -0.8 0.8 0.0 Prepared dishes and cooking aids 5 051 -1.1 0.2 -
Slide 40: H1-2025 Operating segments – sales and profit
H1-2025 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 16 954 3 429 3 280 (1
Slide 41: H1-2025 Products – sales and profit
H1-2025 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 12 308 2 350 2 267 (83) (26) (27) Water
Slide 42: H1-2025 EPS reconciliation (1 of 2)
H1-2025 EPS reconciliation (1 of 2) From underlying trading operating profit to underlying net profit In CHF m H1-2024 H1-2025 Underlying trading operating profit 7 841 7 287 Net financial income / (expense) (744) (759) Adjusted taxes (1 566) (1 439) Adjusted income from associates and joint venture
Slide 43: H1-2025 EPS reconciliation (2 of 2)
H1-2025 EPS reconciliation (2 of 2) From net profit to underlying net profit In CHF m H1-2024 H1-2025 Net Profit 5 644 5 065 Restructuring costs 158 101 Impairments of property, plant & equipment, goodwill and int. assets 189 88 Net result on disposal of businesses 43 (11) Other adjustment in Net ot
Slide 44: H1-2025 growth across developed and emerging markets
H1-2025 growth across developed and emerging markets Developed Emerging Sales (in CHF) 26.0 bn 18.2 bn % of Group sales 59% 41% RIG 1.0% -1.1% Pricing 0.8% 5.6% OG 1.8% 4.5% 44 July 24, 2025 Half-year results 2025
Slide 45: H1-2025 currency overview
H1-2025 currency overview Average rate HY-2024 HY-2025 Variation in % US Dollar 1 USD 0.889 0.863 -3.0% Euro 1 EUR 0.961 0.942 -2.1% Chinese Yuan Renminbi 100 CNY 12.324 11.895 -3.5% Brazilian Real 100 BRL 17.500 14.980 -14.4% Philippine Peso 100 PHP 1.563 1.510 -3.3% UK Pound Sterling 1 GBP 1.125 1
Slide 46: Abbreviations
Abbreviations AMS Americas AOA Asia, Oceania and Africa 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 46 July 24, 2025 Half-year results 2025