Value Creation and Strategic Directions

Our value creation model and 2025 targets Sustainable organic sales growth mid single-digit Working capital 0% of sales Operating performance Annual underlying EPS growth 6 - 10% Underlying TOP margin 17.5 -18.5% Capital discipline Capex ~ 5% of sales ROIC Free Cash Flow trending toward 12% of sales trending toward 15% Financial policy Dividend maintain practice Net Debt/ EBITDA 2.0-3.0x Share buybacks return excess cash Value creation for both society and our shareholders Organic growth may exceed the mid single-digit level if pricing is materially above the average level of the last 10 years 14 November 15, 2023 CECP Nestle Good food, Good life

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