Nestlé reported third-quarter organic growth of 4.0% on 22 October, made up of real internal growth of 2.8% and pricing of 1.1%, according to its sales release issued from Vevey. Sales for the quarter were CHF 22,756 million, compared with CHF 21,641 million in the third quarter of 2025. Chief executive Philipp Navratil said the company’s execution is driving stronger growth.
Nine Months and Guidance
For the first nine months of 2026, Nestlé reported sales of CHF 65,865 million against CHF 65,869 million a year earlier, which it showed as 0.0% reported growth. Organic growth over the period was 3.7%, with real internal growth of 1.9% and pricing of 1.8%. The company’s table shows foreign exchange added 1.5% in the third quarter but subtracted 3.7% over nine months.
Nestlé said it was maintaining its 2026 guidance. That covers organic growth of 3% to 4%, with real internal growth accelerating compared with 2025, an improvement in its underlying trading operating profit margin and free cash flow above CHF 9 billion. The company said it expects the second-half margin to be broadly similar to the first half, excluding any tariff refunds.
Where Growth Came From
Real internal growth was positive in every geographic zone and in the globally managed businesses, Nestlé said. Zone Asia, Oceania and Africa recorded third-quarter organic growth of 6.4%, Zone Americas 3.3% and Zone Europe 1.2%. Waters and Premium Beverages grew 12.3% and Nespresso 2.5%. By category, Petcare grew 5.3%, Food and Snacks 5.0% and Coffee 3.4%, while Nutrition grew 0.3%. Nestlé said Nutrition real internal growth was negative 1.1%, reflecting weaker performance in kids and all-family nutrition and infant nutrition. It put the effect of the infant formula recall on group organic growth at 20 basis points in the quarter, and said that impact continued to ease.
The release also covered two portfolio matters. Nestlé said it announced on 1 September an agreement to sell its mainstream vitamins, minerals and supplements business to Yellow Wood Partners for USD 1.0 billion, with closing expected by the first half of 2027, subject to regulatory approvals. It also said its Russian operations were placed under temporary external administration following a September decree and were deconsolidated from the end of September, with no effect on third-quarter or nine-month sales. The company said Russia accounts for about 2% of group sales on an annualised basis.
Why It Matters
Nestlé’s figures show how much the headline depends on the measure used. Organic growth of 4.0% sits alongside reported sales that were flat over nine months once currency movements are counted, so readers need to know which basis a comparison uses. The split between volume-led growth and pricing is also worth watching: the company said pricing is moderating as expected, which puts more weight on real internal growth. With the recall’s impact, a business disposal and the deconsolidation of Russia all covered in the same release, the numbers reflect a group whose shape is changing as well as its sales.
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