Slides
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Q3 and 9M 2026 sales
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Disclaimer 2026 third-quarter and nine-month sales 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. Note: 2025 figures were restated as of January 1, 2026, following the integration of the Nestlé Health Science Globally Managed Business into the Nutrition business of the three Zones and the decision to focus our portfolio on four categories October 22, 20262
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Agenda October 22, 2026 2026 third-quarter and nine-month sales3 Highlights and progress Philipp Navratil, CEO Q3 and 9M sales Anna Manz, CFO Q&A Philipp Navratil, CEO Anna Manz, CFO
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Highlights and progress Philipp Navratil, CEO
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Sustained RIG improvement October 22, 2026 2026 third-quarter and nine-month sales5 4.0% Organic growth 1.1% Pricing Strong Q3, on track for mid-term target of 2%+ RIG and 4%+ OG • Q3-26 OG positive across all Zones and GMBs, and all categories • Strong EMs driving RIG, with improving momentum in DMs 2026 guidance maintained • OG in the range of 3% to 4%, H2 UTOP margin broadly similar to H1, FCF above CHF 9bn • Russia deconsolidated end-September, limited impact on 2026 underlying results Good progress in executing our strategy • Investment prioritization and execution focus are delivering • Growth platforms at high-single digit OG, further improvement in the core • Agreements on planned divestments 2.8% RIG
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Strategic priorities for 2026 and beyond 2026 third-quarter and nine-month sales Winning portfolio1 Transformation and efficiency3 2 RIG-led growth 4 Cash and capital allocation Performance culture5 October 22, 20266
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Group RIG** 2%+ Clear growth model 30%70% Core business Growth platforms Core business OG 3-4% RIG 1-3% Growth platforms OG HSD RIG MSD % of Group sales Group OG** 4%+ Petcare Nutrition Food & Snacks Growth platforms Coffee NA Nescafé EM* Out of home Cold coffee Growth platforms Wet cat Emerging markets Therapeutics & supplements Growth platforms Adult nutrition Medical nutrition Premium/specialist infant formula Growth platforms KitKat Noodles Maggi cooking solutions HSD = high-single digit; MSD = mid-single digit *EM = Emerging markets Coffee 2026 third-quarter and nine-month salesOctober 22, 20267
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Building momentum in growth platforms October 22, 2026 2026 third-quarter and nine-month sales8 Opportunity/ consumer insight Proposition Medical Nutrition • Ageing populations & chronic disease driving demand • Shift to outpatient & home care • Grow established brands • Scale Compleat: real-food- based, clinically substantiated but feels less medicinal • Expand geographies, scale home-care, pharmacy, e-comm • Roll out Compleat Pediatric Oral Blend in Europe Noodles • Families seeking convenient meals with variety • Gen Z exploring new cuisines • Unlock more occasions with wholesome meals & bowls • Expand into World Cuisine with bold flavor discovery • Rolling out World Cuisine in all Zones (25+ markets) • Brand partnering, such as Maggi x Dragon Ball Z EM Petcare • Growing pet ownership and humanization of pets • Calorific coverage opportunity • Purina brand and propositions globally relevant • Premiumization through advanced science & nutrition • Increase marketing investment to drive awareness • Leverage existing Nestlé distribution OOH Coffee • Consumers seeking branded on-the-go consumption • 1-in-3 OOH coffees now cold • Nescafé & Starbucks coffee, plus KitKat hot cocoa • Cold solutions – hot over ice, cold dispensed, RTD, flavored • Expand via locally-relevant solutions (eg machines, kiosks) • Priority channels: workplaces, hotels, cafés & bakeries Activation
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Growth platforms: accelerating in petcare emerging markets October 22, 2026 2026 third-quarter and nine-month sales9 Leveraging existing strengths Pet population growth Calorific coverage • Structural growth drivers • Pet population, calorific coverage, premiumization • DM petcare capabilities • Deep consumer knowledge; R&D, product & manufacturing expertise, leading global brands • EM distribution footprint • Leverage existing scale to expand petcare distribution • EM pet population growth strongly outpacing DM, led by cat & small dog • EM calorific coverage average 45% vs DM 85% • Increasing over time, driven by demand for higher-quality nutrition 1.6% 4.2% 2.1% 6.9% 1.9% 5.0% Pet population CAGR, % (2019-2025) DogCatTotal Emerging markets* Developed markets Calorific coverage 0-20% 20-40% 40-60% 60-80% Selected large emerging markets India, Philippines, Vietnam Saudi Arabia, Turkey, Thailand China, Indonesia, Argentina Brazil, Mexico, Colombia *Scope for Petcare emerging markets growth platform
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Growth platforms: on-trend offerings in Noodles October 22, 2026 2026 third-quarter and nine-month sales10 Insight-led innovationGrowth headroom • Consumer insight: demand for combining convenience with more exciting meal experiences • Proposition: Korean & Ramen ranges, hitting on-trend bold flavors • Activation: global launch, omni-channel campaigns with social, influencer, PR and sampling Maggi 2016 Maggi 2026 Category 2026 India noodles, monthly urban household penetration Maggi noodles, monthly purchase frequency, 20262.4x 25+ markets rolling out World Cuisine across AOA, Europe and the Americas • Structural growth drivers • Noodles growing 2x overall food, driven by convenience and smaller more frequent consumption occasions • Even higher growth in some sub-categories – e.g. World Cuisine growing 4x overall food category • Room to grow penetration and frequency, even in large established markets like India
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Improving the core: Milo back to growth and market share gains October 22, 2026 2026 third-quarter and nine-month sales11 Unforgettable communication • Taste and Nutritious Energy as key message • Inspiring communications, grass-roots sports activations Unrivalled superiority • Taste that consumers love – made even better • “Triple Advantage” nutritional proposition Unbeatable value • Maintaining attractive price points despite cocoa inflation • Mitigating costs pressures with savings Unmissable visibility • Strengthening presence in critical channels • “Paint the Town Green” wherever consumers shop 2022 2026 Taste preference 70% 95%
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Q3 and 9M sales Anna Manz, CFO
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Q3-26 organic sales growth 2026 third-quarter and nine-month sales OG +4.0% Q3-25 Sales CHF bn RIG Pricing Net M&A +1.5% Foreign exchange Q3-26 Sales CHF bn +2.8%21.6 22.8 -0.3% +5.2% Reported sales growth October 22, 202613 +1.1%
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Sustained RIG-led growth October 22, 2026 2026 third-quarter and nine-month sales14 Q3-26Q1-25 Q3-25 Q4-25 Q2-26 0.7 -0.4 1.5 1.3 1.2 1.8 2.8 2.1 3.3 2.8 2.8 2.3 1.9 1.12.8 3.0 4.3 4.0 3.5 3.7 4.0 OG PricingRIG Q1-26 Quarterly performance, % Q2-25 • Maintaining growth momentum against tougher comparison base • RIG strong, led by improvement in Petcare and Food & Snacks • Pricing has slowed reflecting comparables and input cost dynamics
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Broad-based RIG improvement, positive across all zones October 22, 2026 2026 third-quarter and nine-month sales15 1.2 1.2 1.1 1.1 1.8 0.8 4.8 2.8 2.4 5.0 1.0 2026 Quarterly RIG by Zone, % Q1 Q2 Q3 EURAOAAMSGroup Flat • RIG improving across all Zones, temporary impactors in Q2 resolved • US Petcare sell-in now matching strong sell-out • US coffee RIG recovering after impact of price increases earlier in the year • Europe Q2 delisting issue resolved, but environment remains challenging • Infant formula recovery continues, AOA further ahead than EUR Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3
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OG recovery in North America October 22, 2026 2026 third-quarter and nine-month sales16 North America OG, % 0.5 0.8 1.2 2.2 1.5 1.5 2.6 Q3-26Q1-26Q4-25Q3-25Q2-25Q1-25 Q2-26 • Strong OG improvement in Q3-26, driven by a recovery in RIG • Coffee: RIG improving after price increases earlier in the year • Petcare: strong RIG increase, Q3 sell- in matching sell-out • Food & Snacks: strong, driven by better frozen food and confectionery • Nutrition: Medical strong, Gerber signs of stabilization, Adult uneven
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Broad-based strong performance in emerging markets October 22, 2026 2026 third-quarter and nine-month sales17 OG PricingRIG Q3-26Q1-26Q4-25Q3-25Q2-25Q1-25Q4-24Q3-24Q2-24Q1-24 Emerging markets excluding China Emerging market sales, % 9M-26 Q2-26 • Annualized sales of at least CHF 1 bn in 10 emerging market countries Top 1-5 EM countries Rest of EM salesTop 6-10 EM countries • Broad-based growth momentum sustained against higher comparison base in Q3-26 Greater China Brazil Mexico Philippines India
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X Q3-26 Zone performance overview October 22, 2026 2026 third-quarter and nine-month sales18 2.0% 2.2% 3.5% 3.3% 3.8% 2.8% 3.3% 3.2% 1.8% 3.4% 4.3% 2.4% 6.5% 6.4% 2.6% 4.7% 6.0% 4.6% 3.9% 1.5% 1.2% 20262025 Pricing Organic growth Real internal growth Organic growth by quarter Q3 Q4 Q1 Q3Q2 Q2Q1 Q3 Q4 Q1 Q3Q2 Q2Q1Q3 Q4 Q1 Q3Q2 Q2Q1 Zone AMS Zone AOA Zone EUR 1.0% 1.3% 0.2% 3.3% 6.4% 1.2% 2.4% 5.0% 1.0%
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5.7% 5.8% 8.5% 4.2% 5.1% 3.4% 2.5% 3.6% 5.6% 3.8% 8.3% 3.3% 6.6% 12.3% October 22, 2026 2026 third-quarter and nine-month sales19 Q3-26 GMB performance overview Pricing Organic growth Real internal growth Organic growth by quarter Q3 Q4 Q1 Q3Q2 Q2Q1 Q3 Q4 Q1 Q3Q2 Q2Q1 20262025 Nestlé Waters & Premium Beverages 5.0% 12.3% 7.3% Nespresso 1.4% 2.5% 1.1%
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Q3-26 Product category performance overview X X Petcare Nutrition Food & Snacks 0.5% -0.2% 2.1% 0.3% -3.9% 1.7% 0.3%4.2% 6.8% 9.1% 4.8% 9.3% 5.8% 3.4% 3.9% 2.7% 4.0% 4.5% 4.2% 3.2% 5.0% 1.6% 1.0% 0.9% 5.3% 2.7% 2.8% 5.3% Coffee 20262025 October 22, 2026 2026 third-quarter and nine-month sales20 Nestlé Waters & Premium Beverages not included Pricing Organic growth Real internal growth Organic growth by quarter Q3 Q4 Q1 Q2Q2 Q3Q1 Q3 Q4 Q1 Q2Q2 Q3Q1 Q3 Q4 Q1 Q2Q2 Q3Q1 Q3 Q4 Q1 Q2Q2 Q3Q1 Petcare Nutrition Food & Snacks 1.0% 1.4% -0.4% 5.3% 0.3% 5.0% 4.3% -1.1% 5.4% Coffee 2.0% 3.4% 1.3%
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Impact of Russia deconsolidation October 22, 2026 2026 third-quarter and nine-month sales21 • Business no longer consolidated, effective end September 2026 • Already excluded from OG since 2022 • Group net debt impact approx. CHF 0.9 billion for year-end 2026 • Net assets of CHF 1.6 billion derecognized, non-cash charge of CHF 1.4 billion in respect of cumulative currency translation adjustments 9M-26 Nestlé operations in Russian Federation Sales CHF 1.5 billion UTOP CHF 0.4 billion Free Cash Flow CHF 0.3 billion Developments
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On track for 2026 guidance 2026 third-quarter and nine-month sales 2026 Range of 3% to 4% RIG accelerating versus 2025 Above CHF 9 bn Medium-term 17.0%+ October 22, 202622 4%+ in normal market conditions Organic growth UTOP margin Improving vs 2025 H2-26 broadly similar to H1-26 Free cash flow
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Appendix
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Modeling October 22, 2026 2026 third-quarter and nine-month sales24 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. -2%, 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, H2-26 broadly similar to H1-26 ‘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 * Working capital calculated on a 5-quarter average; ** Additions of owned PP&E
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Latest sustainability publications – September 2026 October 22, 2026 2026 third-quarter and nine-month sales25 Nestlé Packaging Sustainability Strategy (link to publication)The Roots of Net Zero (link to publication)
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9M-26 growth in developed and emerging markets 2026 third-quarter and nine-month sales Sales (in CHF) % of Group sales 38.2 bn 58% 27.7bn 42% 1.1% 3.3% 1.2% 2.7% 2.3% 6.0% RIG Pricing OG Developed Emerging October 22, 202626
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Q3-26 Historical eight quarters 2026 third-quarter and nine-month sales Period RIG % Pricing % OG % Q4-24 1.5 1.2 2.7 Q1-25 0.7 2.1 2.8 Q2-25 -0.4 3.3 3.0 Q3-25 1.5 2.8 4.3 Q4-25 1.3 2.8 4.0 Q1-26 1.2 2.3 3.5 Q2-26 1.8 1.9 3.7 Q3-26 2.8 1.1 4.0 October 22, 202627
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Q3-26 Operating segments – topline summary 2026 third-quarter and nine-month sales Q3-26 sales Sales RIG Pricing OG (CHF m) % % % Zone AMS 10 088 2.4 1.0 3.3 Zone AOA 5 340 5.0 1.3 6.4 Zone EUR 4 680 1.0 0.2 1.2 Nespresso 1 593 1.1 1.4 2.5 Nestlé Waters & Premium Beverages 1 033 7.3 5.0 12.3 Other Businesses 22 -18.7 0.9 -17.8 Total Group 22 756 2.8 1.1 4.0 October 22, 202628
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Q3-26 Operating segments including AMS & AOA breakdown (1/2) 2026 third-quarter and nine-month salesOctober 22, 202629 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 7.5 Zone AOA 1.1 1.3 2.4 4.8 1.7 6.5 2.8 1.5 4.3 AOA excluding Greater China 4.6 1.8 6.4 6.0 1.8 7.7 5.3 1.8 7.0 Greater China -10.4 -0.2 -10.6 0.5 1.5 2.0 -5.6 0.6 -5.0 Zone EUR 1.1 2.8 3.9 flat 1.5 1.5 0.5 2.2 2.7 Nespresso 2.0 3.1 5.1 1.5 2.0 3.4 1.7 2.6 4.3 Nestlé Waters & Premium Beverages 0.9 2.4 3.3 2.2 4.4 6.6 1.6 3.5 5.1 Other Businesses 2.6 -0.7 1.8 10.4 -0.1 10.3 5.9 -0.5 5.4 Total Group 1.2 2.3 3.5 1.8 1.9 3.7 1.5 2.1 3.6
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Q3-26 Operating segments including AMS & AOA breakdown (2/2) 2026 third-quarter and nine-month salesOctober 22, 202630 2026 Performance Q3-26 9M-26 RIG Pricing OG RIG Pricing OG % % % % % % Zone AMS 2.4 1.0 3.3 1.5 1.8 3.3 North America 1.8 0.8 2.6 0.5 1.4 1.8 Latin America 3.7 1.5 5.2 3.8 2.9 6.7 Zone AOA 5.0 1.3 6.4 3.5 1.5 5.0 AOA excluding Greater China 5.4 1.6 6.9 5.3 1.7 7.0 Greater China 3.7 0.5 4.2 -2.9 0.6 -2.3 Zone EUR 1.0 0.2 1.2 0.7 1.5 2.2 Nespresso 1.1 1.4 2.5 1.5 2.2 3.7 Nestlé Waters & Premium Beverages 7.3 5.0 12.3 3.5 4.0 7.5 Other Businesses -18.7 0.9 -17.8 2.3 -0.4 2.0 Total Group 2.8 1.1 4.0 1.9 1.8 3.7
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Q3-26 Products categories – topline summary 2026 third-quarter and nine-month sales Note: Waters included in Nestlé Waters & Premium Beverages which became a Globally Managed Business, as of January 1, 2025 Q3-26 sales Sales RIG Pricing OG (CHF m) % % % Coffee 6 155 1.3 2.0 3.4 Petcare 4 659 4.3 1.0 5.3 Nutrition 4 440 -1.1 1.4 0.3 Food & Snacks 6 469 5.4 -0.4 5.0 Waters & Premium Beverages 1 033 7.3 5.0 12.3 Total Group 22 756 2.8 1.1 4.0 October 22, 202631
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9M-26 Operating segments – topline summary 2026 third-quarter and nine-month sales 9M-26 sales Sales RIG Pricing OG (CHF m) % % % Zone AMS 28 735 1.5 1.8 3.3 Zone AOA 15 706 3.5 1.5 5.0 Zone EUR 13 724 0.7 1.5 2.2 Nespresso 4 740 1.5 2.2 3.7 Nestlé Waters & Premium Beverages 2 814 3.5 4.0 7.5 Other Businesses 146 2.3 -0.4 2.0 Total Group 65 865 1.9 1.8 3.7 October 22, 202632
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9M-26 Products categories – topline summary 2026 third-quarter and nine-month sales Note: Waters included in Nestlé Waters & Premium Beverages which became a Globally Managed Business, as of January 1, 2025 9M-26 sales Sales RIG Pricing OG (CHF m) % % % Coffee 18 281 2.4 3.8 6.1 Petcare 13 591 2.6 0.9 3.5 Nutrition 12 779 -1.2 0.5 -0.7 Food & Snacks 18 400 3.1 1.0 4.2 Waters & Premium Beverages 2 814 3.5 4.0 7.5 Total Group 65 865 1.9 1.8 3.7 October 22, 202633
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9M-26 currency overview 2026 third-quarter and nine-month sales Average rate 9M-25 9M-26 Variation (%) US Dollar 1 USD 0.842 0.795 -5.6 Euro 1 EUR 0.939 0.924 -1.7 Chinese Yuan Renminbi 100 CNY 11.658 11.653 Flat Brazilian Real 100 BRL 14.884 15.448 3.8 Philippine Peso 100 PHP 1.474 1.311 -11.0 UK Pound Sterling 1 GBP 1.105 1.069 -3.2 Mexican Peso 100 MXN 4.311 4.571 6.0 Canadian Dollar 1 CAD 0.602 0.574 -4.6 Japanese Yen 100 JPY 0.568 0.502 -11.7 Australian Dollar 1 AUD 0.539 0.559 3.8 Indian Rupee 100 INR 0.974 0.847 -13.1 October 22, 202634
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Abbreviations 2026 third-quarter and nine-month sales AMS Americas October 22, 202635 OG Organic growth RIG Real internal growth GMB Globally managed business OOH Out-of-home 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 EM Emerging market FCF Free cash flow