This report does not constitute a rating action. MILAN (S&P Global Ratings) Feb. 26, 2024--S&P Global Ratings said today that Nestlé S.A. 's 2024 focus on volume-driven growth and improving mix should underpin operating performance in 2024. We assume S&P Global Ratings-adjusted debt to EBITDA will remain in the 2.5x-3x range in 2024, compared with 2.6x in 2023, on the back of moderate organic top line growth and stable profitability, amid still-high shareholder distributions. Nestlé (AA-/Stable/A-1+) announced its full-year 2023 results on Feb. 22, highlighting volume-led growth and better product mix as a priority for the current year. Nestlé reported about Swiss franc (CHF) 93.0 billion in sales, 1.5% less than the 2022 level and well below our expected 7.3%
