Nestlé (NESN.SW) 2Q26: Solid Progress

研报英文原文证据摘录

Nestlé (NESN.SW) 2Q26: Solid Progress

23 July 2026

Callum Elliott, CFA, ACA

+44 20 7676 7183

European Food callum.elliott@bernsteinsg.com

Nestle SA Victoria Nice, CFA

+44 20 7762 5862

Rating victoria.nice@bernsteinsg.com

Market-Perform Henry Dennis

Price Target +44 20 7676 6776

henry.dennis@bernsteinsg.com

NESN.SW 74.00 CHF

Simran Cheema

+44 20 7676 6705

simran.cheema@bernsteinsg.com

Nestlé reported its 2Q/1H26 results this morning, with a solid set of numbers. Organic growth

Close Date 22 Jul 2026

is around 20bps ahead of expectations, led by pricing slightly stronger than expected, with

NESN.SW Close Price (CHF) 86.17

volumes in-line. Margins are around 10bps ahead of expectations, with stronger delivery of

Price Target (CHF) 74.00

cost savings funding both margin improvement and an increase in re-investment. As such, EBIT

Upside/(Downside) (14)%

is around 1% ahead of consensus, and EPS nearly 2% ahead. The stock has done well YTD,

52-Week Range 87.09/69.90

and over the past month, meaningfully outperforming a beleaguered peer group. But these

EDME 1,605.29

results should at least be enough to help it hold recent strength today.

FYE Dec

Organic growth of 3.7% is around 17bps ahead of consensus at 3.5%. The slight beat is Div Yield 3.6%

driven by pricing, with RIG in-line with expectations at 1.8%. At a divisional level, coffee is Market Cap (CHF) (M) 222,019

quite a bit stronger than expected, beating by just over 130bps at 5.8% OSG for Q2. As at EV (CHF) (M) 273,145

group level, the strength in coffee is driven all by pricing, albeit we would highlight that this Performance YTD 1M 6M 12M

was against a relatively low bar following cautious commentary from the company around Absolute (%) 9.4 9.1 17.7 11.2

coffee comparisons over the past few months.