Nestlé (NESN.SW) 3Q26: Another step in the right direction

Nestlé reported its 3Q26 trading statement with a positive set of numbers, marking another step in the right direction. For the past two years the core debate has been whether new management teams could drive a turnaround in executional performance at a company that has consistently lost share for fifteen-plus years, and reinvigorate volume/RIG growth. 3Q RIG accelerated back to +2.8%, a sequential acceleration of around 100bps that was unexpected and the strongest quarterly performance since 2021, roughly 130bps ahead of consensus. All regions saw a sequential pickup in RIG;