Nestle: Better RIG, But The Recovery Still Falls Short
Nestle S.A. (NSRGY) remains a hold as volume recovery, while improving, is not yet robust enough to offset margin and developed market risks. Q2 2026 showed positive RIG across all major categories, but developed markets—especially North America and Europe—still lag in volume growth. H1 2026 margin of 16.4% was supported by a one-off pension benefit, and sustainable margin expansion remains uncertain amid FX, tariff, and marketing headwinds.