1、Nestl.We unlock the power of foodto enhance quality of life for everyone,today and for generations to come.Half-Year ReportJanuaryJune 2024 Half-Year Report of the Nestl Group 20241Dear fellow shareholders,ForewordThe Half-Year Report contains certain financial performance measures not defined by IF

2、RS Accounting Standards(hereinafter“IFRS”),which are used by management to assess the financial and operational performance of the Group.They include among others:Organic growth,Real internal growth and Pricing;Underlying trading operating profit margin and Trading operating profit margin;Net financ

3、ial debt;Free cash flow;and Underlying earnings per share as reported and in constant currency.Management believes that these nonIFRS financial performance measures provide useful information regarding the Groups financial and operating performance.The Alternative Performance Measures document publi

4、shed under defines these nonIFRS financial performance measures.IntroductionPositive real internal growth(RIG)is back.We delivered improved volume and mix growth across the Group in the second quarter.Nestl Health Science is recovering as planned and is set for a strong second half.Looking ahead to

5、the remainder of the year,we will continue to drive RIG by launching innovations that address consumer trends and growing our large iconic brands.At the same time,we have seen pricing come down faster than expected.Therefore,we consider it prudent to adjust our guidance for the year,with organic sal

6、es growth now expected to be at least 3%.Group resultsGroup salesOrganic growth was 2.1%.RIG was 0.1%,strengthening in the second quarter to 2.2%,with broadbased improvement across geographies and categories.Pricing was 2.0%,decelerating to 0.6%in the second quarter,largely reflecting a high base of