Nestlé (NESN) Q3 2026 TU earnings summary

Executive summary

• Q3 organic growth was 4.0%, with RIG of 2.8%; growth was positive across all Zones, globally managed businesses and categories.

• 9M organic growth was 3.7%; growth platforms delivered high-single-digit growth as core businesses improved further.

• Strategy prioritizes growth platforms, efficiency-funded investment and more consistent execution across core brands.

Financial highlights

• Q3 sales were CHF 22.756bn; reported growth was 5.2%, comprising 4.0% organic growth, 1.5% net M&A and -0.3% FX.

• Q3 organic growth comprised RIG of 2.8% and pricing of 1.1%; most RIG came from volume rather than mix.

• 9M sales were CHF 65.865bn, with organic growth of 3.7%, net M&A of -0.1%, FX of -3.7% and reported sales growth of 0.0%.

• Q3 growth benefited from seasonal order timing in Food & Snacks, partly offset by order phasing in Nutrition.

Outlook and guidance

• FY 2026 organic growth guidance remains 3%-4%, with RIG accelerating versus 2025; the medium-term organic growth target remains 4%+ in normal markets.

• FY underlying UTOP margin is expected to improve versus 2025; H2 margin is expected broadly similar to H1, excluding tariff refunds.

• FY 2026 free cash flow is expected above CHF 9bn; the medium-term target remains sustainable RIG of 2%+.

• 2026 FX effect on sales is modeled at -2% at current spot rates; 2027 margin guidance is due in February, with inflation and further pricing expected.