Nestle (NESN SW) Q1 2026 (CHF): Sales 21.3bln (exp. 21.1bln), Organic Growth 3.5%; maintains guidance

• Overall impact of infant formula recall was approximately -90 bps on Q1-26 OG and RIG. Product availability is now back to normal.

Sales Breakdown:

• Americas: 9.1bln (prev. 9.75bln)
• Asia, Oceania & Africa: 5.2bln (prev. 5.7bln)
• Europe: 4.6bln (prev. 4.6bln)
• Nespresso 1.55bln (prev. 1.59bln)

2026 Guidance:

• "After a good Q1, but reflecting increased geopolitical uncertainty and macroeconomic risks, we are maintaining our 2026 guidance."
• Organic Growth seen in the 3-4% range, Real Internal Growth to accelerate Y/Y.
• FCF > 9bln.
• Underlying Trade Operating Margin to improve Y/Y, strengthening in H2.