Nestlé
Note: This is a daily stock update and the information stands true as of 22/10/26, 09:00 CET
Sales reached CHF 22,756m, with organic growth of +4.0% (above consensus at +3.4%).
Pricing came in at +1.1% (below consensus at +1.9%), while volume (RIG) reached +2.8% (above consensus at +1.5%).
FY26 guidance reiterated (Organic growth expected to be in the range of 3% to 4%, UTOP margin expected to improve versus 2025)
Russia deconsolidated from end of September 2026 (no impact on Q3 or 9M sales), with limited impact on 2026 underlying results.
Overall positive news, with volume (RIG) above pricing for the first time this year. Given the clear organic growth beat, the strong volume (RIG) surprise and unchanged FY26 guidance, we would expect a positive market reaction.
Expert Opinion:
This is a good release. It is unclear at this stage whether this better-than-expected performance results from the group's new strategy, but it is nonetheless encouraging. Nestlé offers a rather defensive profile with a very large exposure to all markets and most categories in food. The stock trades on PE 26 and 278 of 17.9x and 17x, which isn't excessive considering the potential shift in perception. Still a buy for us.
This is a good release. It is unclear at this stage whether this better-than-expected performance results from the group's new strategy, but it is nonetheless encouraging. Nestlé offers a rather defensive profile with a very large exposure to all markets and most categories in food. The stock trades on PE 26 and 278 of 17.9x and 17x, which isn't excessive considering the potential shift in perception. Still a buy for us.
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