Real internal growth reached 2.8% against 1.5% expected by analysts and 1.8% in the previous quarter.
Putin ordered a temporary seizure on 17 September, and Nestlé deconsolidated the Russian business from the end of September, with about CHF 900 million ($1.09 billion) weighing on 2026 net debt.
The 2026 organic sales outlook stays at 3% to 4%, while nine-month organic growth reached 3.7%.
Nestlé published its third-quarter 2026 figures on Thursday, 22 October, and sales volumes grew faster than in the previous quarter. Real internal growth, the volume measure that chief executive Philipp Navratil stresses at every opportunity, reached 2.8%, up from 1.8% in the prior quarter and above the 1.5% analysts had expected. Price increases added 1.1%, below the average analyst estimate of 1.9%, and together the two components lifted organic sales by 4.0%. The company's own survey of analysts had pointed to 3.4% organic growth and revenue of CHF 22.5 billion, while actual revenue reached CHF 22.8 billion. Over the first nine months organic growth stood at 3.7%, with volumes contributing 1.9%, and cumulative revenue was stable at CHF 65.9 billion.
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Philipp Navratil took over as chief executive in September 2025, and since then he has reduced Nestlé's exposure to ice cream and water brands through joint ventures. Neue Zürcher Zeitung reports that Pablo Isla is now the group's chairman of the board. Navratil aims for real internal growth to stay above 2% over the long term, and the third quarter was the first time in more than four years that the figure clearly exceeded that level. In September the group agreed to sell its consumer vitamins, minerals and supplements business (VMS) for $1 billion. Bloomberg reported that demand for snacks and pet food strengthened in emerging markets. Navratil described the results as follows.
“The implementation of our strategy is translating into stronger growth.”
Vladimir Putin ordered the temporary seizure of Nestlé's Russian assets on 17 September. RTE described the move as part of an intensifying crackdown on European firms over Europe's support for Ukraine, a characterization attributed to Russian officials and US business people. Le Temps describes the Russian operations as placed under external administration. Nestlé has deconsolidated the Russian business from the end of September, and CFO Anna Manz said organic sales, volumes and pricing are not affected. From the fourth quarter the move does affect reported sales, free cash flow and underlying trading operating profit. Derecognising the net assets would weigh on net debt by roughly CHF 900 million ($1.09 billion) in 2026, and the company kept its full-year organic sales outlook at 3% to 4%.
Nestlé's share price has not yet recovered in a sustained way since Navratil took over, although its direction has been positive in recent weeks, according to Neue Zürcher Zeitung. The same newspaper expects the figures to be well received on the stock market. Pricing trailed analyst expectations, which is the weaker side of an otherwise stronger quarter. RTE notes that the portfolio reshaping follows a tactic similar to rival consumer goods firms such as Unilever and Reckitt, which have also slimmed their portfolios.
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Nestlé's third-quarter sales volumes rose 2.8%, above the 1.5% analysts expected, while its Russian business dropped out of consolidated results after a temporary Russian state seizure of its assets.
AI text based on reports by N-tv, RTE.ie, Le Temps and other publishers. Published .