Nestle SA | Europe 1H26 Results

研报英文原文证据摘录

Nestle SA | Europe 1H26 Results

Update

July 23, 2026 06:36 AM GMT

Morgan Stanley & Co. International plc+MNestle SA | Europe Sarah Simon

Equity Analyst

1H26 Results Sarah.Simon@morganstanley.comDavid J Roux +44 20 7425-6064

David.Roux@morganstanley.com +44 20 7425-1040

AlphaSignals Earnings Reaction Tilly Eno

Unchanged Modest upside Largely unchanged Tilly.Eno@morganstanley.com +44 20 7677-3662

Impact to our thesis Financial results versus consensus Direction of next 12-month Chris Linford, CFA

consensus EPS

Research Associate

Source: Company data, Morgan Stanley Research Chris.Linford@morganstanley.com +44 20 7425-1639

Richard Li

Key Takeaways Richard.Li@morganstanley.com +44 20 7425-1976

Q2 OSG of 3.7%, modestly above consensus, but we believe that the buyside bar Nestle SA (NESN.S, NESN SE)

was higher than this, particularly after the strong India print yesterday ADRNSRGY.PK

Food Producers | Switzerland

H1 UTOP margin of 16.4%, vs 16.2% consensus, benefiting from 30bps related to

Stock Rating Underweight

changes to a pension plan, and faster recognition of savings Industry View In-Line

Price target SFr 76.00

The company has narrowed OSG guidance (now "3-4%"), which we don't think Shr price, close (Jul 22, 2026) SFr 86.17

will surprise, and now sees H2 margin similar to H1 implying no FY change to 52-Week Range SFr 87.09- 69.90

Mkt cap, curr (mn) SFr 221,905

consensus Net debt (12/26e) (mn)* SFr 51,836

EV, curr (mn)* SFr 273,826

Waters deal: 50% sold to Platinum Equity at an EV of CHF4.5bn. Net proceeds of

* = GAAP or approximated based on GAAP

CHF2.8bn will include a leverage-funded distribution from the new entity.

With expectations high, we believe the risk is to the downside

Expect negative share price reaction. Nestle reported 2Q26 OSG of +3.7% (vs cons