Nestle S.A (NSRGF) Q2 2025 Earnings Call

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WEBVTT 00:00:00.588 -- 00:00:05.879 Good morning and welcome to Nestlé's half-year 2025 results conference call. 00:00:05.879 -- 00:00:10.649 I'm David Hancock, Head of Investor Relations, and I'm joined today by Laurent Frex, 00:00:10.649 -- 00:00:14.433 CEO, and Anna Manns, CFO. 00:00:14.497 -- 00:00:20.746 Before we begin, please take careful note of the disclaimer on page two of our presentation. 00:00:21.074 -- 00:00:25.799 So for the agenda today, after Laurent shares the key messages, Anna will take us through 00:00:25.799 -- 00:00:31.605 the results in detail, then Laurent will provide an update on our strategic progress. 00:00:31.605 -- 00:00:36.370 We will then open up for Q&A. And with that, I'll hand over to Laurent. 00:00:36.370 -- 00:00:41.095 Thank you, David, and good morning to all. 00:00:41.095 -- 00:00:46.721 We delivered a good performance in the first half of 2025 in a difficult 00:00:46.721 -- 00:00:48.344 environment. 00:00:48.344 -- 00:00:53.752 Thanks to the focus of our teams, we are continuing to execute our strategy 00:00:53.752 -- 00:00:56.936 and transform our business. 00:00:56.936 -- 00:01:03.105 Our growth foundations are improving and we are beginning to see the results. 00:01:03.105 -- 00:01:08.552 Looking ahead, we have maintained our guidance for 2025 despite 00:01:08.552 -- 00:01:14.200 increased headwinds and we remain confident in delivering our medium-term 00:01:14.200 -- 00:01:16.120 guidance. 00:01:16.120 -- 00:01:20.784 In the first half, organic growth reached 2.9%. 00:01:20.967 -- 00:01:26.997 This reflects broad-based sales growth across geographies and categories 00:01:26.997 -- 00:01:31.303 with a slight improvement in Q2 compared to Q1. 00:01:31.303 -- 00:01:36.391 We delivered a solid UTOP margin as we increased inve...