Investor Presentaiton

Nestlé 2023 Half-Year Results Thursday 27th July 2023 Warren Ackerman, Barclays: And on Starbucks and Nespresso? François-Xavier Roger, Nestlé SA, Chief Financial Officer: So we continue to see strong growth on Starbucks. So the growth was almost double-digit with a strong momentum in out-of-home channels. And positive growth as well in retail channels, both North America and International, so high single-digit growth, and within retail for Starbucks, we have seen a strong development and strong momentum for coffee creamers and ready-to-drink formats as well. And Nespresso, we are very pleased to see what we knew would happen eventually to see the RIG back into positive territories that happened in Q2, and it will continue for the remaining part of the year. We knew that the pressure that we had over the last couple of quarters was largely linked to the post pandemic landing. And so what we saw happening in Q2 is exactly in line with what we expected. Mark Schneider, Nestlé S.A. Chief Executive Officer: Let me just chime in on that. When you and I had the fireside chat in early May, that was exactly what we talked about. We expressed confidence that at some point, this spring or early summer, Nespresso would turn the corner after this post-covid normalization. And that's exactly what happened. And so very pleased that it came in exactly in line with our expectations. Luca Borlini, Nestlé S.A, Head of Investor Relations: Next question is from Jon Cox at Kepler. Questions on: Guidance for Organic growth, margin and EPS growth Pricing levels for 2024 Jon Cox, Kepler Cheuvreux: A couple of questions from my side. Mark, in your sort of preamble, you appear to say that you expected organic sales growth to be in the top half, if not at the top of the new 7 to 8 range. You also seemed to say that you're in a position to meet, if not beat, your margin and EPS growth goals. Just a point of clarification there, if you could clarify that. And then the second question, just on the fact that there are quite a few commodities, cocoa, sugar, coffee, still quite inflationary. Just wondering, should we still expect potentially mid- 15

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