This report does not constitute a rating action. S&P Global Ratings expects Nestlé to report organic revenue growth at around 4.5% in 2027 from 3% forecast in 2026. Following nine-month results, we have revised our organic revenue growth forecasts for Nestlé upward to about 4.5% by 2027, from 3% in 2026. The group’s robust nine-month performance--characterized by 3.7% organic growth driven by both real internal growth (1.9%) and pricing (1.8%)--reinforces confidence in its medium-term ambition to exceed 4% top-line growth under normal market conditions. This is underpinned by Nestlé’s dominant position in nondiscretionary categories, with high growth prospects such as Coffee and PetCare, which collectively accounted for 48.4% of revenue as of September 2026. Nestlé’s strong brand equity provides significant
