Slides
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Full-year Results 2025 Investor & analyst presentation
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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. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, tariffs, commodities prices, competitive product and pricing pressures and regulatory developments. Disclaimer February 19, 2026 Full-year results 20252
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Agenda February 19, 2026 Full-year results 20253 2025 ResultsOverview Philipp Navratil, CEO Strategic Update Philipp Navratil, CEO Anna Manz, CFO Philipp Navratil, CEO Anna Manz, CFO Q&A Anna Manz, CFO
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Philipp Navratil, CEO February 19, 2026 Full-year results 20254 Overview
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Key takeaways February 19, 2026 Full-year results 20255 Key takeaways Improved organic sales growth trends in 2025 Our actions are working Focused portfolio, bolder investment in growth Strategy is clear Performance culture, efficiency through simpler organization Execution is accelerating Expect sustained improvement in 2026 and beyond Performance is improving
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2025 results in line with guidance February 19, 2026 Full-year results 20256 3.5% Organic growth 0.8% Real internal growth 2.8% Pricing 9.2 Free cash flow (CHF billion) 16.1% UTOP Margin 3.10 Dividend per share (CHF, proposed)
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Strategic priorities for 2026 and beyond February 19, 2026 Full-year results 20257 Winning portfolio1 Transformation and efficiency3 2 RIG-led growth 4 Cash and capital allocation Performance culture5
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Anna Manz, CFO 2025 Results February 19, 2026 Full-year results 20258
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Key financial messages February 19, 2026 Full-year results 20259 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 2026 2026 guidance • Expect underlying momentum to continue
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External factors significant in recent years February 19, 2026 Full-year results 202510 Notes: Excludes Water, Nestlé Health Science; volume and mix together comprise RIG 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025 100 0 Organic growth - volume, mix & price, % Gross profit margin, indexed to 100 Coffee and Confectionery Petcare, Nutrition, and Food Covid ‘at home’ consumption Mix VolumePrice Widespread inflation Coffee & cocoa inflation Widespread inflation Coffee & cocoa inflation
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Organic growth more than offset by FX headwind February 19, 2026 Full-year results 202511 OG +3.5% FY-24 Sales CHF bn RIG +2.8% Pricing Net M&A -5.7% Foreign exchange FY-25 Sales CHF bn +0.8% 91.4 89.5 +0.1% -2.0% Reported sales growth
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2.1 2.3 2.9 4.2 Organic growth accelerated over the last two years February 19, 2026 Full-year results 202512 Group OG and drivers, % RIG Pricing OG -4.1 -1.2 1.0 1.8 6.0 11.5 12.4 14.0 Organic growth, % 18 key underperformers H1-24 H2-24 H1-25 H2-25 H1-24 H2-24 H1-25 H2-25 Priority growth opportunities 18 key underperformers excluding Greater China
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Market share trends improved in 2025, but more to do February 19, 2026 Full-year results 202513 Value and volume growth gap to market reducing Moving annual total – 12 month rolling data trend Total group • Value share gap cut by ~60% • Volume share is broadly flat – positive lead indicator Billionaire brands • Closed to gap to market - the best for over a decade 18 key underperformers • Improved throughout 2025 2024 Dec 2025 Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecNov Jan Drivers of market share turnaround 0 Total group, volume gapTotal group, value gap Billionaire brands, value gap
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UTOP margin impacted by gross profit margin and marketing February 19, 2026 Full-year results 202514 -110 bps 17.2% 16.1%+10 bps +40 bps-50 bps Underlying TOP margin FY-24 Gross profit margin Distribution Advertising & marketing Administration, other marketing, R&D, other Underlying TOP margin FY-25
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47.2% 46.3% 46.6% 44.6% Gross profit margin, % Gross profit margin reflects significant commodity inflation February 19, 2026 Full-year results 202515 46.7% 45.6% FY-24 FY-25 FY-26 H1-24 H2-24 H1-25 H2-25
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Investment increased, with targeted support behind our brands February 19, 2026 Full-year results 202516 8.1% 8.6% FY-24 FY-25 FY-26 H1-24 H2-24 H1-25 H2-25 8.1% 8.2% 8.6% 8.7% Advertising and marketing expenses, % of sales
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‘Fuel for growth’ program over-delivered Source of over-delivery of 2025 ‘Fuel for growth’ 0.7 Targeted Achieved 1.1 February 19, 2026 Full-year results 202517 ‘Fuel for growth’ 2025, CHF billion 50% Procurement savings 50% Operational efficiencies
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UTOP margin reflects increased headwinds in H2-25 February 19, 2026 Full-year results 202518 H1-24 H2-24 H1-25 H2-25 17.4% 17.0% 16.5% 15.7% Underlying trading operating profit margin, % 17.2% 16.1% FY-24 FY-25 FY-26
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Strong action on costs and pricing to mitigate headwinds February 19, 2026 Full-year results 202519 UTOP FY-24 Input costs -250 bps Net tariffs & FX Others* Advertising & marketing** RIG leverage 17.2% -50 bps Cost savings -40 bps Net Pricing UTOP FY-25 16.1% -70 bps +120 bps +40 bps +140 bps Underlying trading operating profit margin, % * Others: primarily depreciation and impact of infant formula recall ** Before cost savings
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X FY–2025 Zone performance overview February 19, 2026 Full-year results 202520 Zone EURZone AOAZone AMS 3.1% 1.7% 3.5% 4.6% 2.4% 4.7% 5.8% 4.4% 3.9%2.5%2.8%Pricing 4.3%2.8% 3.2%Organic growth 0.4%0.8%0.1%Real internal growth Organic growth by quarter 16.1%20.6% 20.7%UTOP margin -180 bps-130 bps-130 bpsvs. LY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1.9% 2.3% 3.4% 3.7%
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X FY–2025 GMB performance overview February 19, 2026 Full-year results 202521 Nestlé Waters & Premium Beverages NespressoNestlé Health Science 2.7%4.4%-0.3%Pricing 5.3%3.2% 6.0%Organic growth 2.6%1.6%3.5%Real internal growth Organic growth by quarter 9.1%16.1% 17.9%UTOP margin flat-210 bps+210 bpsvs. LY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5.7% 5.8% 8.5% 4.2% 3.6% 5.6% 3.8% 8.3% 4.2% 2.7% 4.6% 1.5%
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X FY–2025 Category performance overview (1/2) February 19, 2026 Full-year results 202522 Nutrition & Health Science PetCarePowdered & Liquid Beverages 0.5%-0.4%6.6%Pricing 0.6%7.3% 2.2%Organic growth 0.1%2.6%0.7%Real internal growth Organic growth by quarter 19.7%17.2% 21.7%UTOP margin -20 bps+10 bpsvs. LY -280 bps Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1.6% 1.0% 0.9% 5.3% 0.4% -0.4% 1.6% 0.7% 5.2% 7.5% 9.7% 6.8%
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X X February 19, 2026 Full-year results 202523 FY–2025 Category performance overview (2/2) Organic growth Real internal growth Organic growth by quarter Prepared dishes & cooking aids -0.1% -0.4% -0.2% 19.5% -40 bps Milk products & Ice cream 0.5% 1.3% 0.8% 23.0% -50 bps Confectionery 8.8% 8.2% -0.7% 12.7% -270 bps Water 2.9% 3.9% 1.0% 9.2% +40 bps Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 8.9% 8.1% 7.1% 8.4% -0.1% -1.7% 0.9% -0.3% 2.9% 4.3% 2.7% 6.0% 0.8% 1.4% 3.3% -0.1% UTOP margin vs. LY Pricing
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Net profit progression February 19, 2026 Full-year results 202524 % of sales FY-25 vs FY-24 Underlying trading operating profit 16.1% -110 bps Restructuring Impairment of assets Onerous contracts, litigations and other trading income/expenses flat -40 bps -30 bps Trading operating profit 14.2% -180 bps Gain/loss on disposals Net financing costs Taxes Income from associates / joint ventures Others -20 bps -10 bps +60 bps flat -30 bps Net profit 10.1% -180 bps
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UEPS impacted by operating performance and FX movements February 19, 2026 Full-year results 202525 UEPS FY-24 Operating performance +0.1% Net finance cost & tax Others* -5.5% UEPS FY-25 in constant currency UEPS FY-25 -2.0% CHF 4.77 CHF 4.42 +0.1% FX impact CHF 4.68 *Others includes M&A and income from associates and joint ventures
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Continued discipline on working capital and capex February 19, 2026 Full-year results 202526 Capex*, % of sales 6.1% 6.0% 4.8% 3.7% 3.2% 2.8% 1.3% 1.7% 1.2% Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Working capital, % of sales *Additions of owned PP&EWorking capital calculated on a 5-quarter average 2023 2024 2025 2026
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9.1% 12.1% 12.3% 14.7% 12.2% 12.2% 13.9% 14.1% 12.7% ROIC pressure mainly driven by lower operating profit in 2025 February 19, 2026 Full-year results 202527 Return on invested capital, after goodwill and intangible assets, % 2017* 2018 2019 2020 2021 2022 2023 2024 2025 *Restated to reflect implementation of IFRS 15 and IFRS 16 in 2017
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Free cash flow of CHF 9.2 bn, with strong H2 performance February 19, 2026 Full-year results 202528 Free cash flow FY-24 Adjusted EBITDA -0.7 Working capital Capex and expenditure on intangible assets -0.6 Tax & other Free cash flow FY-25 -1.3 10.7 9.2+1.1 In CHF billion
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Net debt reduced with leverage now at 2.85x February 19, 2026 Full-year results 202529 Net debt Dec 31, 2024 Dividends +9.2 Froneri extraordinary distribution M&A* +2.4 Free cash flow Net debt Dec 31, 2025 -7.8 -56.0 -51.4 +2.0 CHF 4.6 bn Net debt decreased by In CHF billion Other Net debt/ Adjusted EBITDA 2.90x 2.85x Net debt/ Adjusted EBITDA -1.2 *M&A line includes associates and joint ventures and non-controlling interests
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Consumer safety prioritized with rapid action on infant formula recall February 19, 2026 Full-year results 202530 • 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 completed, focus is now on replenishing stocks • Our top priorities are quality, product safety and compliance
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Financial impact of infant formula recall February 19, 2026 Full-year results 202531 • 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 • Potential additional impacts remain uncertain
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2026 and medium-term financial guidance February 19, 2026 Full-year results 202532 Organic growth Medium-term2026 Range from around 3% up to 4% 4%+ in normal market conditions • RIG accelerating versus 2025 • Range includes expected c.-20 bps impact of sales returns & stock shortages from infant formula recall • Additional impact is uncertain and could drive OG towards the lower end of the range • Strengthening in second half of yearUTOP margin Improving vs 2025 Free cash flow Above CHF 9 bn 17.0%+
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Strategic Update February 19, 2026 Full-year results 202533 Philipp Navratil, CEO Anna Manz, CFO
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Strategic priorities for 2026 and beyond February 19, 2026 Full-year results 202534 Winning portfolio1 Transformation and efficiency3 2 RIG-led growth 4 Cash and capital allocation Performance culture5
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Structural growth Attractive returns Winning portfolio February 19, 2026 Full-year results 202535 Winning business Winning combination Leading position Gaining share Commercial synergies Shared capabilities
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29% CHF 25 billion Focused on four businesses with leading positions and brands February 19, 2026 Full-year results 202536 21% CHF 18 billion 21% CHF 18 billion 29% CHF 25 billion Portion #1 Soluble #1 Coffee creamers #1 Cat #1 Dog #2 Therapeutics & supplements #2 Infant #1 Kids & all family #1 Adult #1 Medical #2 * 2025 group sales, % split excluding Nestlé Waters & Premium Beverages **Market position in footprint (not global) Food** #1/2 Confectionery** #3 Ice cream** #1/2 Leading global brands Group sales* Market positions Coffee Petcare Nutrition Food & Snacks
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February 19, 2026 Full-year results 202537 Combining Nutrition and Nestlé Health Science – a global powerhouse in a highly attractive category Existing strengths further enhancedMultiple growth opportunities • Greater focus and simplified organization • Commercial synergies (e.g. route to market, consumer insights) • Shared capabilities (e.g. science & technology, manufacturing footprint) • Specialization and premiumization to gain market share (e.g. infant nutrition) • Acceleration and geographical expansion (e.g. medical nutrition, premium VMS) • Pioneering new demand spaces (e.g. women’s health, healthy longevity, weight management)
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Nutrition business well-positioned across four categories Medical nutrition CHF 2 bn 4-6% CAGR Infant nutrition CHF 5 bn 1-3% CAGR Kids & all family nutrition CHF 6 bn 2-4% CAGR Adult nutrition CHF 5 bn 5-7% CAGR CHF x bn refers to 2025 sales x-x% CAGR refers to projected category CAGR 2025-2030 based on Euromonitor and internal data AOA EUR AMS AOA EUR AMS AOA EUR AMS AOA EUR AMS 2025 sales by zone 2025 sales by zone 2025 sales by zone 2025 sales by zone February 19, 2026 Full-year results 202538
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Increasing focus within Food & Snacks February 19, 2026 Full-year results 202539 Global and local categories Leading global brands Scaled strategic local heroes 2025 sales split by brand scale Sale of ice cream business • Strong positions in 6 key markets • More valuable to global player • Advanced negotiations to sell Retaining frozen food • Strong synergies and cash flow • Priority is driving organic growth Top 4 global brands, sales CHF >1bn Strategic brands, sales CHF 100m – 1bn Local brands, sales CHF <100m Brand focus and rationalization • Prioritize global strategic brands • Targeted support for local heroes • Transition or exit tail brands
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Strategic priorities for 2026 and beyond February 19, 2026 Full-year results 202540 Winning portfolio1 Transformation and efficiency3 2 RIG-led growth 4 Cash and capital allocation Performance culture5
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February 19, 2026 Full-year results 202541 Positioning our portfolio for four consumer trends Affordable & premium • Polarization of demand • Value-seeking households shopping on a tight budget • Others increasingly willing to pay more for premium products Winning retail channels & customers • E-commerce and discounters growing fastest • Convenience stores gaining share globally • Critical to win with the winners Out-of-home & on-the-go • Busier lifestyles fuelling demand for convenient formats • 55% of consumption occasions are single- serve/on-the-go • Foodservice, travel retail & specialty coffee driving out-of-home growth Health & wellness • Consumer aspiration & awareness on healthy eating is increasing • 94% of consumers want to eat a healthier diet • 85% pay attention to nutritional labels at least some of the time
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Expanding priority growth platforms and driving the core underpins 4%+ medium term OG February 19, 2026 Full-year results 202542 Petcare Nutrition Food & Snacks Category growth* 3-4% Category growth* 3-4% Category growth* 3-5% Category growth* 2-3% 30%70% Core business Growth platforms Core business OG 3-4% RIG 1-3% Growth platforms OG HSD RIG MSD % of group sales, 2025 Group OG** 4%+ Group RIG** 2%+ Growth platforms Nespresso NA Nescafé EM Out of home Cold coffee Growth platforms Wet cat Emerging markets Therapeutics & supplements Growth platforms Medical nutrition Adult nutrition Premium/specialist infant formula Growth platforms KitKat Noodles Maggi cooking solutions *Euromonitor, 2024–2029 **Medium-term growth HSD = high-single digit; MSD = mid-single digit Coffee
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Cold coffee Pet therapeutics Medical nutrition KitKat Drivers • New need states: refreshment, functionality, indulgence • Convenience, experimentation • Low penetration • Pet humanization accelerating premiumization • Preventive care now mainstream • Ageing populations, chronic disease prevalence • Shift from hospital to outpatient and home care • Continued growth in snacking culture • Consumers shifting towards lighter indulgent options Competitive advantages & opportunities • Unmatched global coffee brand portfolio • Strong R&D, technology and innovation capabilities • Brand strength and scientific capability and credibility • Global reach, but below ‘fair share’ of market • Clinical trust & credibility, R&D and manufacturing expertise • Strong market positions where present, but scope to expand • Well-suited for innovation – formats, sizes, flavors, textures • Present in over 100 countries, with significant share potential Actions to capture opportunity • Expanding footprint, global rollouts in 2026 & beyond • Multi-year innovation pipeline, including Starbucks refreshers • Innovation on top conditions (GI, allergy, urinary, joint) • Increasing sales reps and investing in digital channels • Strengthening and expanding geographic footprint • Scaling home-care, pharmacy and e-commerce • New formats (tablets, balls, miniatures), seasonal ranges • Reach new consumers leveraging Formula 1 campaigns February 19, 2026 Full-year results 202543 Growth platforms – four examples
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Transforming for marketing of the future February 19, 2026 Full-year results 202544 Our environment is shifting rapidly… …Nestlé is well positioned to navigate such shifts 174 Billionaire Brands Relative Brand Equity Score (100 industry average) • Consumers expecting more and engaging differently • Consumers becoming more demanding • Complexity of capturing consumers’ attention is rising • 30+ billionaire brands, mostly category leaders, with outstanding consumer brand strength • From pockets of excellence to systematic excellence at scale
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Connecting consumer insights, innovation and marketing February 19, 2026 Full-year results 202545 • Investing behind fewer brands • Higher share of working media • Supporting our growth platforms • Media support for 150 brands in 2026, down from 400 in 2024 • Company-wide upskilling • Attract the best talent • Elevating consumer insights and analytics • Integrated, AI-powered content operations • Content studios for all billionaire brands • Accelerated business services adoption Re-establishing best brand building Fewer, bigger priorities Transformed marketing operations
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Strategic priorities for 2026 and beyond February 19, 2026 Full-year results 202546 Winning portfolio1 Transformation and efficiency3 2 RIG-led growth 4 Cash and capital allocation Performance culture5
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February 19, 2026 Full-year results 202547 Fundamentally changing how work gets done across Nestlé Context Key shared services opportunities Accelerate activity transfer Full potential of shared services Outcome • Largely standard IT backbone group wide • Common data structures • Strong shared service capability • Process performance improvement • Simple, agile operating model • Leverage data and insights • Standard controls Current footprint Expand existing services Standardize and automate • Reduces cost 30-75% • Improves outcome KPIs up to 80% New services
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Increased pace of delivery of cost savings February 19, 2026 Full-year results 202548 ‘Fuel for growth’ P&L impact, CHF billion 2025 2026 2027 2028 Revised target Original target 1.1 3.0 ‘Fuel for growth’ key figures • Fuel for growth cost savings target increased to CHF 3.0 billion in October 2025 • Accelerated delivery in 2025 with CHF 1.1 billion versus CHF 0.7 billion target • Savings in 2026 now expected to be CHF 2.0 billion, up from CHF 1.4 billion previously 2.0 2.8
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Strategic priorities for 2026 and beyond February 19, 2026 Full-year results 202549 Winning portfolio1 Transformation and efficiency3 2 RIG-led growth 4 Cash and capital allocation Performance culture5
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Improving cash flow is a focus February 19, 2026 Full-year results 202550 Cash generation action plan • Enhanced governance and accountability • Data-led control • Capex discipline tightened • Safety and quality non-negotiable 1.6% 1.4% 0.6% 0.0% 0.1% 1.9% 3.2% 1.3% 1.2% Working capital*, % of sales Capex**, % of sales 4.4% 4.2% 4.0% 4.8% 5.8% 5.8% 6.1% 6.0% 4.8% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 *Working capital calculated on a 5-quarter average **Additions of owned PP&E
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Organic growth M&A Dividend Share buyback Debt reduction Targeted growth investments with rigor on returns Bolt-ons in areas with proven ability to win Practice of year-on- year DPS increase in CHF Use of excess cash, when available Lower leverage, within target range of 2-3x net debt/EBITDA Capital allocation priorities February 19, 2026 Full-year results 202551 High priority Low priority High priority Low priority High priority Growth Shareholder returns Leverage
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Strategic priorities for 2026 and beyond February 19, 2026 Full-year results 202552 Winning portfolio1 Transformation and efficiency3 2 RIG-led growth 4 Cash and capital allocation Performance culture5
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Building a performance culture February 19, 2026 Full-year results 202553 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 KPIs, compensation linked to outcomes, new performance framework
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Organization to promote accountability and leverage scale February 19, 2026 Full-year results 202554 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 above-market activities • Multi-year category strategy • Global brand stewardship • Science-based global innovation • Functional expertise, standardized processes
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Incentives adjusted to support priorities and reward performance February 19, 2026 Full-year results 202555 Key changes in 2026 vs 2024 • RIG ‘gatekeeper’ introduced • Personal goals linked to standard KPIs • Replacement of functional objectives with Group objectives • New performance review framework Growth Profitability Personal goals 2024 60% OG 40% UTOP margin Often subjective and project-based 2026 50% OG with RIG ‘gatekeeper’ 30% UTOP margin with PFME ‘gatekeeper’ Objective and consistent 10% market share 10% structural cost reduction Annual bonus metrics evolution, 2026 vs 2024 ‘Gatekeeper’ is minimum threshold level for achievement of this component of the bonus
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Reinforced governance through Board of Directors February 19, 2026 Full-year results 202556 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 Swiss National Bank • Adds deep expertise in FMCG and global finance Revised committee structures and responsibilities • Reinforced governance with new committee scope, including Science, Technology & Sustainability Committee • Broader Director participation across committees
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Key takeaways February 19, 2026 Full-year results 202557 Key takeaways Improved organic sales growth trends in 2025 Our actions are working Focused portfolio, bolder investment in growth Strategy is clear Performance culture, efficiency through simpler organization Execution is accelerating Expect sustained improvement in 2026 and beyond Performance is improving
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Full-year results 202558 February 19, 2026 Appendix
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Creating shared value in 2025 February 19, 2026 Full-year results 202559 ActionCategory Reduction of greenhouse gas emissionsClimate 24.5% net reduction* Reduction in virgin plastic usePackaging 28% reduction* Sourcing from regenerative agriculture Regenerative agriculture 27.6% of ingredients Micronutrient fortified food & beveragesNutrition ~ 135 bn servings Females in mid-senior management rolesDiversity 48% *Versus 2018 baseline
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Key financial guidance for 2026 February 19, 2026 Full-year results 202560 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 margin 16.1% Improving versus 2025, strengthening in H2-26 ‘Fuel for growth’ savings CHF 1.1 billion Incremental savings of CHF 0.9 billion, to reach CHF 2.0 billion p.a. in total Net financial expense CHF 1.5 billion Approx. CHF 1.5 billion Underlying tax rate 22.1% Approx. 22% Working capital* 1.2% of sales Reducing versus 2025 Capex** 4.8% of sales Reducing versus 2025 Free cash flow CHF 9.2 billion Above CHF 9.0 billion Infant formula recall See next slide * Working capital calculated on a 5-quarter average; ** Additions of owned PP&E
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Financial impact of infant formula recall February 19, 2026 Full-year results 202561 Drivers 2025 2026 Impact on OG and sales: • Sales returns • Stock shortages • Potential consumer impact • Zero • Sales returns and stock shortages in Q1 of CHF c.200 million (= c.90 bps in Q1) • Potential consumer impact uncertain Impact on gross profit and UTOP: • Gross profit effect from sales impact • CHF (75) million from estimated sales returns • Impact of stock shortages and potential consumer impact Impact on Other operating expenses: • Write-off of inventory (sales returns and unsold) • CHF (110) million from estimated inventory write-offs • Not significant
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Organic growth by quarter Group excluding Greater China & NHSc 88% of sales (FY–25) Greater China and NHSc 12% of sales (FY–25) RIG Pricing OG RIG Pricing OG RIG Pricing OG 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 Group February 19, 2026 Full-year results 202562
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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 February 19, 2026 Full-year results 202563
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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 Businesses 75 5.4 0.4 5.8 Total Group 23 621 1.3 2.8 4.0 February 19, 2026 Full-year results 202564
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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 0.9 -1.2 -0.3 Confectionery 2 622 1.4 7.0 8.4 PetCare 4 823 5.4 -0.1 5.3 Total Group 23 621 1.3 2.8 4.0 February 19, 2026 Full-year results 202565
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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 5.9 -2.7 8.3 5.5 Zone AOA 0.7 2.4 3.1 -1.2 2.9 1.7 -0.3 2.6 2.4 AOA excluding Greater China -0.3 3.8 3.5 0.5 4.7 5.2 0.1 4.2 4.3 Greater China 4.0 -2.3 1.7 -7.1 -3.1 -10.2 -1.5 -2.7 -4.2 Zone EUR -0.6 3.0 2.4 0.2 4.5 4.7 -0.2 3.7 3.5 Nestlé Health Science 4.8 -0.7 4.2 1.9 0.8 2.7 3.3 0.1 3.4 Nespresso 2.6 3.2 5.7 1.4 4.4 5.8 2.0 3.8 5.8 Nestlé Waters & Premium Beverages 1.6 2.0 3.6 2.9 2.7 5.6 2.3 2.4 4.7 Other Businesses 3.9 2.5 6.4 -2.1 2.5 0.3 0.7 2.5 3.2 Total Group 0.7 2.1 2.8 -0.4 3.3 3.0 0.2 2.7 2.9 February 19, 2026 Full-year results 202566
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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 -1.1 7.3 6.2 -1.4 8.0 6.7 Zone AOA 1.5 1.9 3.5 2.0 2.6 4.6 0.8 2.5 3.2 AOA excluding Greater China 3.7 3.7 7.3 5.5 3.0 8.6 2.3 3.8 6.1 Greater China -6.1 -4.4 -10.4 -8.3 1.3 -7.0 -4.5 -1.9 -6.4 Zone EUR 2.0 3.8 5.8 0.2 4.2 4.4 0.4 3.9 4.3 Nestlé Health Science 5.6 -1.0 4.6 1.9 -0.4 1.5 3.5 -0.3 3.2 Nespresso 3.3 5.3 8.5 -0.6 4.8 4.2 1.6 4.4 6.0 Nestlé Waters & Premium Beverages 1.4 2.4 3.8 4.5 3.8 8.3 2.6 2.7 5.3 Other Businesses 5.1 0.0 5.1 5.4 0.4 5.8 3.0 1.3 4.3 Total Group 1.5 2.8 4.3 1.3 2.8 4.0 0.8 2.8 3.5 February 19, 2026 Full-year results 202567
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FY-2025 Operating segments – topline summary FY-2025 sales Sales RIG Pricing OG Net M&A FX Reported sales 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 3.2 -0.4 -5.6 -2.8 Nespresso 6 481 1.6 4.4 6.0 0.2 -4.6 1.6 Nestlé Waters & Premium Beverages 3 548 2.6 2.7 5.3 -0.1 -5.2 0 Other Businesses 294 3.0 1.3 4.3 0.0 -4.3 0.0 Total Group 89 490 0.8 2.8 3.5 0.1 -5.7 -2.0 February 19, 2026 Full-year results 202568
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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 -0.4 Confectionery 8 696 -0.7 8.8 8.2 PetCare 18 406 2.6 -0.4 2.2 Total Group 89 490 0.8 2.8 3.5 February 19, 2026 Full-year results 202569
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FY-2025 Operating segments – sales and profit In CHF m Net other trading income/ (expense) Of which impairment of property, plant and equipment Of which restructuring costs Depreciation and amortizationSales Underlying Trading Operating Profit Trading Operating Profit Zone AMS 34 482 7 118 6 474 (644) (259) (52) (1 258) Zone AOA 20 553 4 254 3 985 (269) (16) (106) (594) Zone Europe 17 581 2 834 2 600 (234) (82) (98) (776) Nestlé Health Science 6 551 1 056 709 (347) (1) (4) (296) Nespresso 6 481 1 160 1 136 (24) (11) (11) (292) Nestlé Waters & Premium Beverages 3 548 322 199 (123) (69) (1) (157) Other Businesses 294 6 (15) (21) (1) - (36) Unallocated items - (2 361) (2 413) (52) (4) (34) (224) Total Group 89 490 14 389 12 675 (1 714) (443) (306) (3 633) February 19, 2026 Full-year results 202570
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FY-2025 Products – sales and profit In CHF m Net other trading income/ (expense) Of which impairment of property, plant and equipment Of which restructuring costsSales Underlying Trading Operating Profit Trading Operating Profit Powdered and Liquid Beverages 25 144 4324 4 183 (141) (34) (61) Water 3 128 288 166 (122) (69) (1) Milk products and Ice cream 9 698 2 229 2 154 (75) (9) (22) Nutrition and Health Science 14 304 2 825 1 922 (903) (142) (74) Prepared dishes and cooking aids 10 114 1 977 1 850 (127) (59) (56) Confectionery 8 696 1 107 1 005 (102) (19) (33) PetCare 18 406 4 000 3 808 (192) (107) (25) Unallocated items - (2 361) (2 413) (52) (4) (34) Total Group 89 490 14 389 12 675 (1 714) (443) (306) February 19, 2026 Full-year results 202571
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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 other income/(expense) 27 646 Adjustment for income from associates and joint ventures 356 446 Tax effect on above items & adjustment of one-off tax items 208 (207) Adjustment in non-controlling interests (51) (17) Underlying Net Profit 12 376 11 367 Weighted average number of shares outstanding (million) 2 596 2 573 Underlying EPS (in CHF) 4.77 4.42 February 19, 2026 Full-year results 202572
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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 ventures 1 605 1 589 Adjusted non-controlling interests (341) (238) Underlying Net Profit 12 376 11 367 Weighted average number of shares outstanding (million) 2 596 2 573 Underlying EPS (in CHF) 4.77 4.42 February 19, 2026 Full-year results 202573
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FY-2025 growth across developed and emerging markets Sales (in CHF) % of Group sales 53.2 bn 59% 36.3 bn 41% 1.1% 0.2% 1.2% 5.1% 2.3% 5.4% RIG Pricing OG Developed Emerging February 19, 2026 Full-year results 202574
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2025 sales by geographic area and average currency rate By principal markets FY-2025 (CHF m) FY-2025 (%) AMS 42 958 48.0 United States 28 605 32.0 Brazil 3 983 4.5 Mexico 3 576 4.0 Other markets of geographic area 6 794 7.5 AOA 23 989 26.8 Greater China 4 876 5.4 Philippines 2 608 2.9 India 2 007 2.2 Other markets of geographic area 14 498 16.3 EUR 22 543 25.2 United Kingdom 3 598 4.0 France 3 398 3.8 Germany 1 921 2.1 Other markets of geographic area 13 626 15.3 of which Switzerland 1 020 1.1 Total 89 490 100.0 Average rate FY-2024 FY-2025 Variation (%) US Dollar 1 USD 0.880 0.831 -5.6% Euro 1 EUR 0.952 0.937 -1.6% Chinese Yuan Renminbi 100 CNY 12.234 11.562 -5.5% Brazilian Real 100 BRL 16.351 14.869 -9.1% UK Pound Sterling 1 GBP 1.125 1.094 -2.7% Philippine Peso 100 PHP 1.537 1.446 -5.9% Mexican Peso 100 MXN 4.804 4.324 -10.0% Canadian Dollar 1 CAD 0.643 0.594 -7.5% Japanese Yen 100 JPY 0.581 0.556 -4.4% Australian Dollar 1 AUD 0.581 0.536 -7.8% Indian Rupee 100 INR 1.052 0.955 -9.3% February 19, 2026 Full-year results 202575
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Sales in CHF and USD 89.5 89.6 91.4 92.6 84.3 87.1 94.4 93.0 91.4 89.590.8 91.0 93.4 93.2 90.0 95.2 98.8 103.6 103.8 107.6 Sales, CHF billion and USD billion 2022 2023 2024 20252018 2019 2020 20212017 CHF USD 2016 February 19, 2026 Full-year results 202576
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UEPS in CHF and USD 3.40 3.55 4.02 4.41 4.21 4.42 4.80 4.80 4.77 4.42 3.45 3.61 4.10 4.44 4.49 4.84 5.02 5.35 5.41 5.31 UEPS, CHF and USD 2022 2023 2024 20252018 2019 2020 20212017* CHF USD 2016 February 19, 2026 Full-year results 202577 *Restated to reflect implementation of IFRS 15 and IFRS 16 in 2017
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1.1% 1.3% 1.5% 3.7% -1.7% -2.5% -0.7% -0.7% 1.4% 1.8% 2.2% 1.4% 1.6% 2.6% 1.1% 1.2% 0.5% 0.5% 0.6% 2.0% 8.6% 7.7% 1.5% 3.0% Volume, mix and price Notes: Excludes Water, Nestlé Health Science, volume and mix together comprise RIG 2018 2019 2020 2021 2022 2023 2024 2025 Mix VolumePrice February 19, 2026 Full-year results 202578
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Abbreviations OG Organic growth RIG Real internal growth AMS Americas GMB Globally managed business OOH Out-of-home RTD Ready-to-drink UTOP Underlying Trading Operating Profit AOA Asia, Oceania and Africa UEPS Underlying Earnings Per Share EUR Europe GC Greater China VMS Vitamins, minerals and supplements February 19, 2026 Full-year results 202579