Nestle: Feedback from sell-side CEO & CFO meeting

Research evidence excerpt

Nestle: Feedback from sell-side CEO & CFO meeting

J P M O R G A N Europe Equity Research

27 July 2026

Nestle Neutral

NESN.S, NESN SW

Feedback from sell-side CEO & CFO meeting Price (27 Jul 26):CHF80.52

Price Target (Dec-27):CHF90.00

Today we joined a sell-side meeting with Nestle’s CEO Philipp Navratil and CFO European Food Producers,

Anna Manz following the company’s H126 results last week. The key highlights Household & Personal Care

from the discussion were 1) EM's strength supported by outperformance in Asia, Products, Beverages & Tobacco

Latam, China stabilization (though China categories are still declining with Celine Pannuti, CFA AC

continued market share pressures), and overall better execution; 2) US (44-20) 7134-7123

performance weighed in Q2 by pet destocking, remaining areas to fix such as celine.pannuti@jpmorgan.com

Gerber, but noting a good underlying RIG there and that mid-term they should Edward G Hockin

expect a consistent solid RIG (towards 2%) from the region; 3) on media spend, the (44-20) 7742-6937

edward.hockin@jpmorgan.com

company is putting “more money, spent better”, whilst the company sees the J.P. Morgan Securities plc

importance of availability, data and availability in the growth of agentic commerce/

LLM search; 4) Coffee saw some ST elasticity impact in US Starbucks from HSD Specialist Sales contact details:

pricing, but the company sees long-term support from the Nespresso system Olivia Petronilho - Specialist Sales -

gaining household penetration and share there, whilst also highlighting strong European Consumer

performance in Europe; and 5) Savings – delivered CHF 600m in H1, with a further (44-20) 3493-3709

CHF 300m to come in H2. Overall, the discussion focused on underlying RIG olivia.b.petronilho@jpmorgan.com