Nestlé reports half-year results for 2024


[Ad hoc announcement pursuant to Art. 53 LR]

This press release is also available in Français (pdf) and Deutsch (pdf)

Follow today's event live
14:00 CEST Investor Q&A audio webcast
Full details on our website

Report published today
Half-Year Report (pdf)

Other language versions available in Publications

.............


Vevey, July 25, 2024

Nestlé reports half-year results for 2024



  • Organic growth of 2.1%, with positive real internal growth (RIG) of 0.1% for the first half and 2.2% for the second quarter improving in all Zones and categories. Pricing of 2.0%.
  • Total reported sales of CHF 45.0 billion (-2.7%), with an impact from foreign exchange of -4.4% and net divestitures of -0.4%.
  • Underlying trading operating profit (UTOP) margin increased 30 basis points to 17.4% on a reported basis and up 40 basis points in constant currency.
  • Trading operating profit (TOP) margin increased 50 basis points to 16.4% on a reported basis.
  • Underlying earnings per share up 3.3% in constant currency (-1.0% on a reported basis to CHF 2.40). Earnings per share increased 1.8% to CHF 2.16 on a reported basis.
  • Free cash flow up CHF 0.6 billion to CHF 4.0 billion.
  • Full-year 2024 outlook updated: we expect organic sales growth of at least 3%. Underlying earnings per share in constant currency is expected to increase at a mid single-digit rate. Underlying trading operating profit margin guidance unchanged with a moderate increase expected.

Mark Schneider, Nestlé CEO, commented: “Positive real internal growth is back. We delivered improved volume and mix growth across the Group in the second quarter. Nestlé Health Science is recovering as planned and is set for a strong second half. Looking ahead to the remainder of the year, we will continue to drive RIG by launching innovations that address consumer trends and growing our large iconic brands. At the same time, we have seen pricing come down faster than expected. Therefore, we consider it prudent to adjust our guidance for the year, with organic sales growth now expected to be at least 3%.”

 Total GroupZone North AmericaZone EuropeZone AOAZone Latin AmericaZone Greater ChinaNestlé Health ScienceNespressoOther Businesses
Sales 6M-2024 (CHF m)45 04512 2349 2838 4416 1662 4403 2393 096146
Sales 6M-2023 (CHF m)46 29312 5539 4679 0606 0822 5483 3183 128137
Real internal growth (RIG)0.1%- 1.5% 1.3%0.0% 0.1%2.9%- 0.2%1.1%8.4%
Pricing2.0%1.4%3.1%3.5%2.5%- 1.3%0.4%0.7%1.4%
Organic growth2.1%- 0.1%4.5%3.5%2.7%1.6%0.1%1.8%9.7%
Net M&A- 0.4%0.0%- 2.7%0.0%- 0.1%0.2%0.4%0.1%0.0%
Foreign exchange- 4.4%- 2.5%- 3.7%- 10.3%- 1.1%- 6.1%- 3.0%- 2.9%- 3.9%
Reported sales growth- 2.7%- 2.5%- 1.9%- 6.8%1.4%- 4.2%- 2.4%- 1.0%6.0%
6M-2024 Underlying TOP Margin17.4%21.8%17.7%23.8%19.8%15.8%13.4%21.5%- 2.9%
6M-2023 Underlying TOP Margin17.1%21.6%16.6%22.8%19.8%16.6%13.0%21.7%- 12.5%

 

Group sales

Organic growth was 2.1%. RIG was 0.1%, strengthening in the second quarter to 2.2%, with broad-based improvement across geographies and categories. Pricing was 2.0%, decelerating to 0.6% in the second quarter, largely reflecting a high base of comparison in 2023 and increased growth investments. By geography, organic growth was driven by Europe and emerging markets. In developed markets, organic growth was 1.0%, led by pricing with negative RIG. In emerging markets, organic growth was 3.7%, driven by pricing and close to flat RIG.

By product category:

  • Coffee was the largest organic growth contributor with mid single-digit growth, supported by our three leading global coffee brands Nescafé, Nespresso and Starbucks.
  • PetCare delivered mid single-digit growth, driven by continued momentum for science-based premium brands, Purina Pro Plan, Fancy Feast and Purina ONE.
  • Sales in confectionery grew at a high single-digit rate, led by KitKat and key local brands.
  • Water delivered mid single-digit growth, underpinned by continued momentum for S.Pellegrino and a rebound in Perrier.
  • Infant Nutrition sales grew at a low single-digit rate, based on continued momentum for NAN, Lactogen and human milk oligosaccharides (HMOs) products.
  • Growth in Nestlé Health Science turned positive, with sales improvements across most segments in the second quarter. The integration plan is fully on track.
  • Dairy posted close to flat growth, as dairy culinary solutions delivered robust growth, offsetting a sales decline in coffee creamers and ambient dairy.
  • In culinary, Maggi delivered robust growth, which was offset by frozen food in North America.

By channel, organic growth in retail sales was 2.0%. E-commerce sales grew by 10.6%, reaching 18.2% of total Group sales. Organic growth of out-of-home channels was 3.8%.

Net divestitures impacted sales by -0.4%, largely related to the creation of a joint venture with PAI Partners for Nestlé’s frozen pizza business in Europe. The impact on sales from foreign exchange was negative at -4.4%. Total reported sales decreased by -2.7% to CHF 45.0 billion.

Underlying Trading Operating Profit

Underlying trading operating profit decreased by -0.8% to CHF 7.8 billion. The underlying trading operating profit margin increased to 17.4%, an improvement of 30 basis points on a reported basis and 40 basis points in constant currency.

Gross profit margin increased by 160 basis points to 47.2%, driven by pricing, lower input costs and portfolio optimization.

Distribution costs as a percentage of sales decreased by 10 basis points to 8.5%, mainly as a result of lower freight and energy costs.

Marketing and administration as a percentage of sales increased by 130 basis points to 19.9%. Advertising and marketing expenses were 8.1% of sales, an increase of 100 basis points compared to the first half of 2023. This step up is aimed at driving future RIG-led growth. In constant currency, advertising and marketing expenses increased by 14.4% compared to the prior year. Administration expenses increased by 30 basis points, largely reflecting the appreciation of the Swiss Franc and one-off items.

R&D expenses increased by 10 basis points following increased investments to support product innovation.

Net other trading items decreased from CHF 553 million to CHF 443 million, mainly due to lower restructuring costs. As a result, trading operating profit increased by 0.6% to CHF 7.4 billion. The trading operating profit margin increased to 16.4%, an improvement of 50 basis points on a reported basis and 60 basis points in constant currency.

Net Financial Expenses and Income Tax

Net financial expenses increased from CHF 697 million to CHF 744 million, following a higher level of average net debt. The average cost of net debt was 2.6%, unchanged versus in the first half of 2023.

The Group reported tax rate increased by 170 basis points to 25.0%. The underlying tax rate increased by 150 basis points to 22.1%, mainly due to increased tax rates in some geographies related to the implementation of OECD Pillar Two.

Net Profit and Earnings Per Share

Net profit was flat at CHF 5.6 billion. Net profit margin increased by 30 basis points to 12.5% on a reported basis and by 40 basis points in constant currency. As a result, earnings per share increased by 1.8% to CHF 2.16 on a reported basis.

In constant currency, underlying earnings per share increased by 3.3% to CHF 2.51. The increase was mainly the result of positive organic growth and improved underlying trading operating profit margin. On a reported basis, underlying earnings per share decreased by -1.0% to CHF 2.40, largely due to the impact of exchange rates. Nestlé’s share buyback program contributed 1.0% to the underlying earnings per share increase, net of finance costs.

Cash Flow

Cash generated from operations increased to CHF 8.1 billion from CHF 7.1 billion. The step up was mainly due to a positive contribution from working capital movements. Free cash flow increased to CHF 4.0 billion from CHF 3.4 billion. Excluding the CHF 0.6 billion proceeds from the disposal of the Prometheus Biosciences stake in the first half of 2023, the increase in free cash flow was CHF 1.2 billion.

Share Buyback Program

In the first half, the Group repurchased CHF 2.4 billion of Nestlé shares as part of the three-year CHF 20 billion share buyback program, which began in January 2022.

Net Debt

Net debt increased to CHF 59.5 billion as at June 30, 2024, compared to CHF 49.6 billion as at December 31, 2023. The increase largely reflected the dividend payment of CHF 7.8 billion and share buybacks of CHF 2.5 billion.

Portfolio Management

On March 1, 2024, the Group completed the acquisition of a majority stake in Grupo CRM, a premium chocolate boutique chain in Brazil.

Zone North America

  • -0.1% organic growth: -1.5% RIG; 1.4% pricing.
  • The underlying trading operating profit margin increased by 20 basis points to 21.8%.
 Sales 6M-2024Sales 6M-2023RIGPricingOrganic growthUTOP 6M-2024UTOP 6M-2023Margin 6M-2024Margin 6M-2023
Zone North AmericaCHF 12.2 bnCHF 12.6 bn- 1.5%1.4%- 0.1%CHF 2.7 bnCHF 2.7 bn21.8%21.6%

 

Organic growth was -0.1%. RIG was -1.5%, turning positive in the second quarter at 2.8% reflecting increased growth investments with strong growth in e-commerce and specialty channels. The improvement was supported by larger than usual orders from some retailers ahead of key July promotional campaigns. Pricing was 1.4%. Foreign exchange had a negative impact of -2.5%. Reported sales in Zone North America decreased by -2.5% to CHF 12.2 billion. The Zone drove market share gains in pet food and coffee, with losses in frozen pizza and coffee creamers.

By product category, Purina PetCare was the largest growth contributor with mid single-digit growth, led by Purina Pro Plan, Fancy Feast and Dog Chow. The business expanded its range of functional offerings across segments with launches, including Pro Plan Vital Systems for cats and Pro Plan Veterinary Diets Elemental for dogs. Water and flavored water offerings delivered mid single-digit growth, driven by sustained momentum for S.Pellegrino and the launch of Maison Perrier. Sales of confectionery grew at a mid single-digit rate, led by Tollhouse in the U.S. and KitKat in Canada. Growth for the beverages category, including Starbucks at-home products, Coffee mate and Nescafé, was close to flat, as continued growth momentum for Starbucks and Nescafé was offset by Coffee mate. In the second quarter, sales of Coffee mate turned slightly positive. Infant Nutrition saw a sales decrease, with robust growth for Nido growing up milks more than offset by a category slowdown, which impacted Gerber baby food. Growth in frozen food was negative as the category remains under pressure, reflecting soft consumer demand and continued price competition. The business delivered improved trends in the second quarter for all segments through sharpened price points and affordable innovations such as DiGiorno Classic Crust.

The Zone’s underlying trading operating profit margin increased by 20 basis points, following gross profit margin improvement and lower distribution costs. Advertising and marketing investments increased to support future growth.

Zone Europe

  • 4.5% organic growth: 1.3% RIG; 3.1% pricing.
  • The underlying trading operating profit margin increased by 110 basis points to 17.7%.
 Sales 6M-2024Sales 6M-2023RIGPricingOrganic growthUTOP 6M-2024UTOP 6M-2023Margin 6M-2024Margin 6M-2023
Zone EuropeCHF 9.3 bnCHF 9.5 bn1.3%3.1%4.5%CHF 1.6 bnCHF 1.6 bn17.7%16.6%

 

Organic growth of 4.5% was broad-based across geographies and almost all categories. RIG was 1.3%, increasing to 2.9% in the second quarter. Pricing was 3.1%. Foreign exchange reduced sales by -3.7% and net divestitures impacted sales by -2.7%. Reported sales in Zone Europe decreased by -1.9% to CHF 9.3 billion. The Zone achieved market share gains in pet food and ambient culinary, with continued but slowing market share losses in water.

By product category, the key contributor to growth was Purina PetCare. The business delivered mid single-digit growth, driven by differentiated offerings across premium brands Gourmet, Purina ONE and Felix. Confectionery achieved high single-digit growth fueled by strong momentum for KitKat and key local brands. Coffee delivered mid single-digit growth, led by Nescafé soluble coffee and Starbucks products. Sales in water grew at a mid single-digit rate, driven by the relaunch of Perrier. Nestlé Professional delivered mid single-digit growth, led by beverage solutions. Culinary achieved positive growth, supported by new product launches in Maggi, including its new Asia range and Thomy. Infant Nutrition posted flat growth, following a high base of comparison in 2023.

The Zone’s underlying trading operating profit margin increased by 110 basis points, following gross profit margin improvement and portfolio optimization. Advertising and marketing investments increased to support future growth.

Zone Asia, Oceania and Africa (AOA)

  • 3.5% organic growth: flat RIG; 3.5% pricing.
  • The underlying trading operating profit margin increased by 100 basis points to 23.8%.
 Sales 6M-2024Sales 6M-2023RIGPricingOrganic growthUTOP 6M-2024UTOP 6M-2023Margin 6M-2024Margin 6M-2023
Zone AOACHF 8.4 bnCHF 9.1 bn0.0%3.5%3.5%CHF 2.0 bnCHF 2.1 bn23.8%22.8%

 

Organic growth was 3.5%. With ongoing consumer hesitation around global brands in some markets, RIG was flat turning slightly positive in the second quarter. Pricing was 3.5%. Foreign exchange reduced sales by -10.3%. Reported sales in Zone AOA decreased by -6.8% to CHF 8.4 billion. By geography, the key growth drivers were Central and West Africa, South Asia and Thailand. The Zone achieved market share gains in confectionery and coffee ready-to-drink, with losses in dairy.

By product category, culinary delivered high single-digit growth, fueled by distribution expansion and strong sales momentum for Maggi. Infant Nutrition reached mid single-digit growth, led by NAN and our affordable nutrition range, Lactogen. Coffee delivered mid single-digit growth, driven by Nescafé and supported by new product launches including the new espresso concentrate for cold coffee. Sales for Nestlé Professional grew at a high single-digit rate across most geographies and categories, underpinned by customer acquisition. Dairy posted positive growth, supported by affordable milks and dairy culinary solutions. Water delivered mid single-digit growth, driven by local brands. Confectionery reported low single-digit growth, with continued momentum for KitKat.

The Zone’s underlying trading operating profit margin increased by 100 basis points, following gross profit margin improvement. Advertising and marketing investments increased to support future growth.

Zone Latin America

  • 2.7% organic growth: 0.1% RIG; 2.5% pricing.
  • The underlying trading operating profit margin was unchanged at 19.8%.
 Sales 6M-2024Sales 6M-2023RIGPricingOrganic growthUTOP 6M-2024UTOP 6M-2023Margin 6M-2024Margin 6M-2023
Zone Latin AmericaCHF 6.2 bnCHF 6.1 bn0.1%2.5%2.7%CHF 1.2 bnCHF 1.2 bn19.8%19.8%

 

Organic growth was 2.7%. RIG was 0.1%, turning positive to 1.1% in the second quarter. Foreign exchange had a negative impact of -1.1%. Pricing was 2.5%. Reported sales in Zone Latin America increased by 1.4% to CHF 6.2 billion. Growth was driven by robust sales momentum in Brazil, Mexico and Central America, which more than offset slower sales growth in other markets. The Zone achieved market share gains in chocolate, portioned coffee and ambient culinary, with losses in soluble coffee and dairy.

By product category, confectionery continued to grow at a high single-digit rate, driven by KitKat and key local brands Garoto and Carlos V. The launch of Choco Trio tablets, under the Nestlé brand, resonated strongly with consumers. Sales for Nestlé Professional grew at a double-digit rate, fueled by continued customer expansion. Coffee posted low single-digit growth, driven by Nescafé. The Zone launched Starbucks and Nescafé ready-to-drink offerings in Brazil. Culinary delivered low single-digit growth, underpinned by Maggi and new product launches. Sales in dairy grew at a low single-digit rate, with strong growth for La Lechera and Carnation. Infant Nutrition posted positive growth, with robust demand for infant cereals. Purina PetCare saw close to flat growth, supported by Felix and Friskies.

The Zone’s underlying trading operating profit margin was unchanged versus the prior year. Gross profit margin improvement was offset by increased growth investments, particularly in advertising and marketing.

Zone Greater China

  • 1.6% organic growth: 2.9% RIG; -1.3% pricing.
  • The underlying trading operating profit margin decreased by 80 basis points to 15.8%.
 Sales 6M-2024Sales 6M-2023RIGPricingOrganic growthUTOP 6M-2024UTOP 6M-2023Margin 6M-2024Margin 6M-2023
Zone Greater ChinaCHF 2.4 bnCHF 2.5 bn2.9%- 1.3%1.6%CHF 0.4 bnCHF 0.4 bn15.8%16.6%

 

Organic growth was 1.6%. RIG was 2.9%, increasing to 3.8% in the second quarter, driven by continued momentum for out-of-home and e-commerce channels. Pricing was -1.3%, impacted by low single-digit deflation in the food & beverage industry. Foreign exchange had a negative impact of -6.1%. Reported sales in Zone Greater China decreased by -4.2% to CHF 2.4 billion. The Zone drove market share gains in soluble coffee, pet food, confectionery and infant nutrition, with losses in culinary.

By product category, coffee achieved high single-digit growth, led by Nescafé ready-to-drink offerings and supported by new product launches with functional benefits. Nestlé Professional delivered high single-digit growth, fueled by continued innovation and customer acquisition. Sales of confectionery grew at a high single-digit rate, driven by Shark Wafer, Hsu Fu Chi and KitKat. Purina PetCare achieved double-digit growth, building on new product launches and strong e-commerce momentum for Purina Pro Plan. Culinary reported flat growth, with strong contributions from out-of-home and e-commerce channels. Infant Nutrition delivered negative growth, outperforming a category decline. Dairy posted negative growth, reflecting a market slowdown in dairy-based categories.

The Zone’s underlying trading operating profit margin decreased by 80 basis points, following increased growth investments in advertising and marketing.

Nestlé Health Science

  • 0.1% organic growth: -0.2% RIG; 0.4% pricing.
  • The underlying trading operating profit margin increased by 40 basis points to 13.4%.
 Sales 6M-2024Sales 6M-2023RIGPricingOrganic growthUTOP 6M-2024UTOP 6M-2023Margin 6M-2024Margin 6M-2023
Nestlé Health ScienceCHF 3.2 bnCHF 3.3 bn- 0.2%0.4%0.1%CHF 0.4 bnCHF 0.4 bn13.4%13.0%

 

Organic growth was 0.1%. RIG was -0.2%, improving to 3.0% in the second quarter. Pricing was 0.4%. Net acquisitions increased sales by 0.4%. Foreign exchange negatively impacted sales by -3.0%. Reported sales in Nestlé Health Science decreased by -2.4% to CHF 3.2 billion. By geography, Europe delivered high single-digit growth, while other regions combined saw slightly negative growth.

Vitamins, minerals and supplements posted negative growth, reflecting the impact of supply constraints encountered in the second half of 2023. The recovery plan is on track and the business is starting to retake market share. Active nutrition saw low single-digit growth, with strong sales contribution from Orgain offsetting negative growth for Boost. Medical Nutrition delivered high single-digit growth, with continued market share gains. Growth was driven by strong sales momentum for adult medical care products and Vitaflo. Sales for gastrointestinal products continued to grow at a double-digit rate.

The underlying trading operating profit margin of Nestlé Health Science increased by 40 basis points, driven by portfolio optimization and cost efficiencies.

Nespresso

  • 1.8% organic growth: 1.1% RIG; 0.7% pricing.
  • The underlying trading operating profit margin decreased by 20 basis points to 21.5%.
 Sales 6M-2024Sales 6M-2023RIGPricingOrganic growthUTOP 6M-2024UTOP 6M-2023Margin 6M-2024Margin 6M-2023
NespressoCHF 3.1 bnCHF 3.1 bn1.1%0.7%1.8%CHF 0.7 bnCHF 0.7 bn21.5%21.7%

 

Organic growth was 1.8%. RIG was 1.1%, improving to 2.4% in the second quarter. Pricing was 0.7%. Foreign exchange negatively impacted sales by -2.9%. Reported sales in Nespresso decreased by -1.0% to CHF 3.1 billion. By geography, sales in North America grew at a mid single-digit rate with market share gains. Europe posted close to flat growth.

Growth was driven by the Vertuo system, with continued broad-based sales momentum. New product launches, including the expansion of compostable capsules in seven European markets, supported growth. Out-of-home channels continued to generate robust growth, fueled by the further adoption of the Momento system.

The underlying trading operating profit margin of Nespresso decreased by 20 basis points, following increased advertising and marketing investments to drive future growth.

Business as a force for good: Cocoa-farming families of Nestlé’s income accelerator are seeing higher yields and incomes

Launched just two years ago, Nestlé’s income accelerator is already making a difference in addressing the challenges facing cocoa-farming families. In the first 18 months of the program’s test at scale, cocoa yields of participating farmers increased by 32% after adopting the high-quality pruning practices learned through the program. Their household income also rose by 38%. This is according to a report published by the KIT Institute, an independent center of expertise and education for sustainable development.

The KIT study, which was based on a sample of 1 500 income accelerator households, found that participating households had a higher rate of school enrollments than non-participating households. It confirmed that the program is helping to effectively mitigate diseases and pests on farms, facilitating income diversification, promoting financial access and empowering women.

The goal of Nestlé’s income accelerator is to help close the living income gap of cocoa-farming families and to reduce the risk of child labor. The program rewards participating households for enrolling children in school; implementing good agricultural practices, like pruning; taking up regenerative agriculture activities, such as agroforestry; and diversifying their household income.

Nestlé introduced the first-ever KitKat bars made with cocoa grown by income accelerator farming families earlier this year. These KitKat bars aim to raise consumers’ awareness about the sustainability of the cocoa used in the iconic bars and build consumer trust, as they showcase the traceability of Nestlé’s cocoa. Consumer research shows that these efforts can help build brand loyalty and engagement1.

Nestlé’s income accelerator has so far supported more than 10 000 families in Côte d'Ivoire. It is expanding to Ghana in 2024 to include a total of 30 000 families. By 2030, the program aims to reach an estimated 160 000 cocoa-farming families in Nestlé's cocoa supply chain. 

1 Nestlé Sustainability Pillars Research

Outlook

Full-year 2024 outlook updated: we expect organic sales growth of at least 3%. Underlying earnings per share in constant currency is expected to increase at a mid single-digit rate. Underlying trading operating profit margin guidance unchanged with a moderate increase expected.

Annex

Half-year sales and underlying trading operating profit (UTOP) overview by operating segment

 Total GroupZone North AmericaZone EuropeZone AOAZone Latin AmericaZone Greater ChinaNestlé Health ScienceNespressoOther Businesses
Sales 6M-2024 (CHF m)45 04512 2349 2838 4416 1662 4403 2393 096146
Sales 6M-2023 (CHF m)46 29312 5539 4679 0606 0822 5483 3183 128137
Real internal growth (RIG)0.1%- 1.5%1.3%0.0%0.1%2.9%- 0.2%1.1%8.4%
Pricing2.0%1.4%3.1%3.5%2.5%- 1.3%0.4%0.7%1.4%
Organic growth2.1%- 0.1%4.5%3.5%2.7%1.6%0.1%1.8%9.7%
Net M&A- 0.4%0.0%- 2.7%0.0%- 0.1%0.2%0.4%0.1%0.0%
Foreign exchange- 4.4%- 2.5%- 3.7%- 10.3%- 1.1%- 6.1%- 3.0%- 2.9%- 3.9%
Reported sales growth- 2.7%- 2.5%- 1.9%- 6.8%1.4%- 4.2%- 2.4%- 1.0%6.0%
6M-2024 Underlying TOP (CHF m)7 8412 6621 6442 0061 219386433667- 5
6M-2023 Underlying TOP (CHF m)7 9042 7131 5702 0681 202422432678- 17
6M-2024 Underlying TOP Margin17.4%21.8%17.7%23.8%19.8%15.8%13.4%21.5%- 2.9%
6M-2023 Underlying TOP Margin17.1%21.6%16.6%22.8%19.8%16.6%13.0%21.7%- 12.5%

 

Half-year sales and underlying trading operating profit (UTOP) overview by product

 Total GroupPowdered & liquid beveragesWaterMilk products & ice creamNutrition & Health SciencePrepared dishes & cooking aidsConfec-tioneryPetCare
Sales 6M-2024 (CHF m)45 04512 0411 6215 1897 6375 2603 8459 452
Sales 6M-2023 (CHF m)46 29312 3391 7065 4187 8325 9313 6949 373
Real internal growth (RIG)0.1%0.9%- 0.8%- 0.8%- 0.6%- 3.0%2.1%1.3%
Pricing2.0%1.9%4.8%0.7%1.4%1.0%4.9%2.5%
Organic growth2.1%2.8%4.0%- 0.1%0.8%- 2.0%7.0%3.8%
6M-2024 Underlying TOP (CHF m)7 8412 5291521 2021 4921 0035482 086
6M-2023 Underlying TOP (CHF m)7 9042 6071871 2611 5299895361 959
6M-2024 Underlying TOP Margin17.4%21.0%9.4%23.2%19.5%19.1%14.3%22.1%
6M-2023 Underlying TOP Margin17.1%21.1%11.0%23.3%19.5%16.7%14.5%20.9%


 

 


 

Contacts:

Media:
Christoph Meier  Tel.: +41 21 924 2200
mediarelations@nestle.com

Investors:
Luca Borlini  Tel.: +41 21 924 3509
ir@nestle.com

 

 



Mot-clé