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.
Context
Nestlé's Q1 2026 results showed stronger-than-expected sales, displaying resilience amidst challenges like the recent infant formula recall, which impacted organic growth by about 90 basis points. The company maintains its guidance for the year, indicating a growth outlook amid elevated geopolitical risks and macroeconomic uncertainty, which reflects confidence in sustained demand within key markets despite slight declines in specific regions.
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