Continued Good Momentum Across Categories And Geographies

Continued Good Momentum Across Categories And Geographies

Net sales of €13,325m in H1 2022, up +7.4% on a like-for-like (LFL) basis and +12.6% on a reported basis

Strong sales growth in Q2 at +7.7% LFL, led by price up +6.8% and volume/mix up +0.9%

Continued good momentum across categories and geographies

• +8.9% in North America driven by coffee creamers, yogurts and plant-based
• +5.1% in Europe led by Specialized Nutrition and Waters
• +3.3% in China, North Asia & Oceania led by Specialized Nutrition, while Mizone was penalized by Covid-related restrictions and lockdowns
• +12.3% in Rest of the World with all categories contributing

Recurring operating margin at 12.1%: focus on revenue growth management and productivity efforts, reinvestment journey kickstarted

Recurring EPS at €1.63, +7.2% from last year; €0.7bn free-cash-flow

2022 guidance updated: LFL net sales growth now expected between +5 and +6%, recurring operating margin above 12% confirmed