Investor Presentaiton

Nestlé 2023 Half-Year Results Thursday 27th July 2023 We saw market share gains across most markets. And by geography, growth was actually broad-based. In China, it was mid-single digit, the growth, particularly for NAN specialty offering on illuma. And by segment, we had three growth drivers, as I mentioned, premium, value-added infant formula like HMO and Infant cereals is also a good growth driver for us with robust sales development, mainly in North America as well as in other geographies. The birth rate is not really improving dramatically. We don't have any signs of it, so which is the reason why our strategy to premiumize and to make a difference in our offering is really paying off. Mark Schneider, Nestlé S.A. Chief Executive Officer: And Tom if I could just build on that. I think the last point that Francois made is a very important point. So we're still seeing fairly low birth rates pretty much around the world. And so there's a very clear consensus inside of the business that this will be not so much a birth rate driven growth going forward, but growth that is driven by market shares, and market shares boils down to meaningful innovation and then also a superb on-the-ground execution. I think you've seen a good example of that in the China turnaround. And then obviously, as François said, the HMOs are a good example of meaningful innovation that is now showing good growth around the world in markets where we're present with that. François-Xavier Roger, Nestlé SA, Chief Financial Officer: And Tom on the margin side for Infant Nutrition, so it was north of 24% with an increase of 60 basis points in H1, so which is obviously very positive. Luca Borlini, Nestlé S.A, Head of Investor Relations: Next question is from Jeremy Fialko at HSBC Questions on: Marketing spend Foreign exchange rates Jeremy Fialko, HSBC: First one is on your A&P. So you've indicated for H2 that it's going to be up by at least 100 basis points. So I guess it will be the high 7s approaching 8%, would that be what you'd regard as a kind of a normalized level of marketing spend for the business given this is the first time that you disclosed this numbers? Or would you actually see it higher more in like the 8.5%, 9% range is where you would ideally be getting back to? 24

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