Investor Presentaiton

Nestlé 2023 Half-Year Results Thursday 27th July 2023 Luca Borlini, Nestlé S.A, Head of Investor Relations: Next question is from Thomas Sykes at Deutsche Bank Questions on: RIG-Volume and mix Infant nutrition - Drivers of growth Thomas Sykes, Deutsche Bank: Firstly, just going back to RIG. Are you able to give a view on how wide the gap is between volume and mix in RIG at the moment and maybe in Q2 versus where you were in Q1, and you flagged the lower working days in Canada. But is it definitely too early to see a positive RIG in Q3? Or is that a possibility? . And you picked out also Infant Nutrition in LatAm, Africa and China. Maybe you could talk about the drivers of growth for you overall in Infant Nutrition, I appreciate the different geographies. But to what extent is there an improvement in birth rates at all post pandemic, and are there any transactional effect impacts for you on that business that maybe get a bit better or not in the second half. So should we see more margin improvement out of the Infant Nutrition, please? François-Xavier Roger, Nestlé SA, Chief Financial Officer: On the RIG, so we don't provide the breakdown between volume and mix for each and every single quarter. We usually do that once a year. But let me help you there. Volume is still negative as we speak, and it was negative in H1. No surprise, once again impacted as well by our portfolio actions as well there. No real difference when adjusted for the number of days of trading days between Q1 and Q2, so no major issues there. Mix remains positive and has even a tendency to improve, we always, as you know, value mix as well because it's a good reflection of our capacity to innovate and to premiumize. So the fact of having seen our mix progressing, I would say, almost quarter-after-quarter over the last couple of years, is something really positive. I don't want to provide the guidance by quarter as far as RIG is concerned. For Q3 don't forget what I mentioned earlier as well that Q3 has one less trading day. So I would be a little bit more cautious for Q3. On the drivers of Infant Nutrition, first of all, very pleased to see that we have grown double digit again, in the first half of 2023 in Infant Nutrition. The clear main driver is HMOs, human milk oligosaccharide. We did CHF 700 million, more than CHF 700 million, of sales in the first semester. And this growth that we have seen in Infant Nutrition in the first half was led both by pricing and resilient RIG. So RIG was positive, 0.6%, which was very good. 23 23

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