Slide 1: H1 2025 Presentation
H12025 PRESENTATION July 30, 2025 Cp DANONE
Slide 2: CEO Introduction
CEO INTRODUCTION Antoine de Saint-Affrique Chief Executive Officer CP DANONE
Slide 3: A Strong First Half
A STRONG FIRST HALF CONSISTENTLY DELIVERING QUALITY RESULTS +44.2% +2.6% +49 bps +5.8% €1.2 bn LFL SALES VOLUME/MIX RECURRING RECURRING FREE CASH GROWTH GROWTH OPERATING MARGIN EPS FLOW o/w + 4.1% in Q2 o/w + 3.2% in Q2 a | = = =—y ® —f to Sa MB beove alpro fare) UCUADO no sueaRs| ‘ >
Slide 4: A Resilient Business, Categories Growing Faster Than F&B
A RESILIENT BUSINESS, CATEGORIES GROWING FASTER THAN F&B LEVERAGING A DIVERSIFIED HEALTH-FOCUSED PORTFOLIO Consistent quality growth Multiple engines growing HSD or DD' in H1 25 +4. 5% 5 ° +h.2% High Medical Alpro Aptamil +4.0% Protein Nutrition Europe portfolio Price mi e\ a Ne Vol/mix H1 24 H2 24
Slide 5: Still Opportunities to Improve
STILL OPPORTUNITIES TO IMPROVE REMAINING CONSTRUCTIVELY DISSATISFIED Dairy Plant-based Supply chain Seam oun Me NUTRIENTS, Global Supply Chain Top 25 ht From ‘back in the game’ to Leveraging Alpro’s successful Continuing to raise the bar in ‘category shaper’ playbook in Europe to reignite supply cha
Slide 6: Renew Next Chapter Has Started
RENEW NEXT CHAPTER HAS STARTED TRANSFORMING WHILE DRIVING PERFORMANCE Pivoting Broadening Expanding UPYOUR & NG GAME ptaml iBall ERNE fi ae Unlocking new growth spaces Accelerating in medical channels, Rolling-out superior platforms with science-based leveraging our global and local into emerging ma
Slide 7: Moving to the Front Foot on Acquisitions
MOVING TO THE FRONT FOOT ON ACQUISITIONS HEALTH-DRIVEN, SCIENCE-BASED, VALUE-ADDING Enhancing our medical nutrition offering with Further investing in gut health and Kate Farms in the US next-generation biotic research The Akkermansia Company”
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS iO) Gy | BRRIViO | 139 PROTEIN TU 7 BREE SEO | DEER CACAO nna ae Juergen Esser Chief Financial Officer Cy DANoNe
Slide 9: Sustained Quality Growth in Q2
SUSTAINED QUALITY GROWTH IN Q2 LED BY VOLUME/MIX Another quarter of quality growth +4.7% 0, 41.1% +h.0% +4.2% +4.3% +4.1% Q124 Q2 24 Q3 24 Q4 24 Q125 Q225 Price Vol/mix Note: all data in like-for-like
Slide 10: Broad-Based Growth Across Geographies
BROAD-BASED GROWTH ACROSS GEOGRAPHIES EUROPE +2.2% “sy NORTH AMERICA +2.3% CHINA, NORTHASIA & OCEANIA +12,4% +4,,1% LATIN AMERICA +2.9% Q2 2025 LFL sales growth AMEA +4,1% Note: all data in like-for-like
Slide 11: Strong LFL Growth
STRONG LFL GROWTH FOREX REFLECTING EURO APPRECIATION -— LFL GROWTH: +4.1% — +1.0% 45% +3.2% P| 0.0% of which 4.9% from currencies REPORTED GROWTH: -0.4% Q2 2024 Volume/mix Price Currency, contribution Scope Sales of hyperinflation and others! 1. Includes IAS 29 €6,913m Q2 2025 Sales
Slide 12: Europe
EUROPE CONTINUED IMPROVEMENT DRIVEN BY VOLUME/MIX Q2 2025: +2.2% LFL| +2.4% vol/mix; -0.2% price * Continued progress in Dairy, led by functional products, especially High Protein, Skyr and Kefir * Strong growth in Alpro * Solid performance in Specialized Nutrition driven by Medical portfolio; compe
Slide 13: North America
NORTH AMERICA VOLUME-DRIVEN GROWTH WITH CONTINUED STRENGTH IN HIGH PROTEIN Q2 2025: +2.3% LFL | +1.8% vol/mix; +0.5% price * Sustained double-digit growth in High Protein * Progressively rebuilding Coffee Creamers following service challenges * Strong performance in Specialized Nutrition LFL SALES G
Slide 14: China, North Asia & Oceania
CHINA, NORTH ASIA & OCEANIA ANOTHER QUARTER OF VERY STRONG MOMENTUM IN ALL CATEGORIES Q2 2025: +12.4% LFL | +13.2% vol/mix; -0.8% price H12025 KEY FIGURES * DD growth in Specialized Nutrition, with sustained Sales €2.0bn strong momentum for IMF and Medical Nutrition Like-for-like sales growth +11.3%
Slide 15: Latin America
LATIN AMERICA RESILIENT PERFORMANCE IN A CHALLENGING ENVIRONMENT Q2 2025: +2.9% LFL | -3.1% vol/mix; +5.9% price * Strong growth in Specialized Nutrition across the region driven by Aptamil * Solid performance in EDP, notably led by High Protein and drinkable yogurt successful launches « Adverse wea
Slide 16: AMEA
AMEA SOLID GROWTH LED BY SPECIALIZED NUTRITION AND EDP Q2 2025: +4.1% LFL | +1.4% vol/mix; +2.7% price H12025 KEY FIGURES + Strong performance in Specialized Nutrition, notably in Sales _ €2.2bn South-East Asia, India and the Middle-East Like-for-like sales growth +3.7% + Aptamil further expanding i
Slide 17: Recurring Operating Margin Up +49 bps in H1 2025
RECURRING OPERATING MARGIN UP +49 BPS IN H12025 FURTHER EXPANSION IN MARGIN FROM OPERATIONS +139 bps -92 bps 0, |] -17 bps +19 bps 13.2% 12.7% a a REPORTED CHANGE: +49 BPS H1 2024 Margin Reinvestments in Overheads before Others! H12025 Recurring operating from operations product, A&P, reinvestments
Slide 18: Recurring EPS Up +5.8%, Driven by Operational Performance
RECURRING EPS UP +5.8%, DRIVEN BY OPERATIONAL PERFORMANCE STABLE CASH GENERATION +6.2% +0.7% -2.1% “i 42.1% €1.91 = _ €1.80 of which -2.4% from currencies H12024 Operational Financing Scope Tax, Equity = Currency H12025 Recurring EPS Performance accounted and others! Recurring EPS companies, minorit
Slide 19: 2025 Guidance Confirmed
2025 GUIDANCE CONFIRMED A. “ IN LINE WITH MID-TERM AMBITION \ => } LFL sales growth 0 —f \ Proudsupporter - Recurring operating income famed. nose who care | OFFICIAL SPONSOR
Slide 20: CEO Conclusion
CEO CONCLUSION Antoine de Saint-Affrique Chief Executive Officer
Slide 21: Driving Renew Chapter
DRIVING RENEW CHAPTER 2 e) PROTEINS PERFORMING CONSISTENTLY O% DEM. eo aoe saroxrynarns MGR ACD c 1 WHILE TRANSFORMING a 21
Slide 22: Appendix
APPENDIX Cy DANoNe
Slide 23: Q2 2025 Sales by Category and Geography
Q2 2025 SALES BY CATEGORY AND GEOGRAPHY o 90 ® ) EDP Sales LFL growth SPECIALIZED NUTRITION Sales LFL growth WATERS Sales LFL growth COMPANY Sales LFL growth EUROPE €1,102m +1.6% €81im +3.8% €591m +1.4% €2,505m +2.2% NORTH AMERICA €1,375m +2.4% €92m +7.6% €79m 42% €1,546m +2.3% CHINA, NORTH ASIA & O
Slide 24: Q2 2025 Sales by Geographical Zone
Q2 2025 SALES BY GEOGRAPHICAL ZONE EUROPE NORTH CHINA, NORTH AMERICA ASIA & OCEANIA Q2 sales €2,505m €1,546m €1,080m Like-for-like growth 42.2% 42.3% 412.4% Volume/mix 42.4% 41.8% 413.2% Price 0.2% +0.5% -0.8% LATIN AMERICA €714m +2.9% 3.1% +5.9% AMEA €1,067m +h.1% +14% +2.1% COMPANY €6,913m +4.1% +
Slide 25: Q2 2025 Sales by Category
Q2 2025 SALES BY CATEGORY Q2 sales Like-for-like growth Volume/mix Price COMPANY €6,913m +4.1% +3.2% +1.0%
Slide 26: H1 2025 Sales by Category and Geography
H1 2025 SALES BY CATEGORY AND GEOGRAPHY o 90 ® ) EUROPE NORTH CHINA, NORTH AMEA& COMPANY AMERICA ASIA & OCEANIA LATIN AMERICA EDP Sales €2,205m €2,834m €202m €1,392m €6,632m LFL growth +1.5% +2.6% +8.5% +7.3% +3.3% SPECIALIZED NUTRITION Sales €1,610m €189m €1,370m €1,437m €4,606m LFL growth +2.4% +8
Slide 27: H1 2025 Sales by Geographical Zone
H1 2025 SALES BY GEOGRAPHICAL ZONE H1sales Like-for-like growth Volume/mix Price EUROPE €4,894m +2.1% 42.2% -0.1% NORTH CHINA, NORTH AMERICA ASIA & OCEANIA €3,179m €2,017m +3.0% #11.3% 41.3% +11.9% +1.6% -0.7% LATIN AMERICA €1,411m +5.7% -2.6% +8.3% AMEA €2,236m +3.7% +0.2% +3.5% COMPANY €13,737m +4
Slide 28: H1 2025 Sales by Category
H1 2025 SALES BY CATEGORY H1sales Like-for-like growth Volume/mix Price COMPANY €13,737m +4,2% +2.6% +1.7%
Slide 29: Q2 and H1 2025 Sales by Geographical Zone
Q2 AND H1 2025 SALES BY GEOGRAPHICAL ZONE 2 2025 EUROPE —NORTHAMERICA CN NORRIE AMEA Like-for-like sales growth +2.2% 42.3% H2.4% +2.9% +4.1% Scope 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Currency and others! +0.1% 5.4% 45% -17.8% 7.2% -5.0% IAS 29 impact 0.0% 0.0% 0.0% “11% -0.4% -0.2% Hyperinflation contrib
Slide 30: Changes in Exchange Rates
CHANGES IN EXCHANGE RATES % total H125 H125 vs. H1 24 (avg) Q2 25 vs. Q2 24 (avg) United States Dollar 21.6% -11% 49% Chinese Renminbi 12.2% 1.6% 4.2% British Pound 5.7% +1.5% +0.6% Indonesian Rupiah 5.1% 4.1% 7.1% Mexican Pesos 5.1% -15.1% -15.9% Polish Zloty 3.1% +2.0% +1.0% Canadian Dollar 2.8% 4
Slide 31: Recurring Operating Margin
RECURRING OPERATING MARGIN H1 2024 H12025 gin reported change Europe 11.5% TA% -14 bps North America 355 10.7% 349 1.0% +33 bps China, North Asia & Oceania 563 30.6% 620 30.7% +12 bps Latin America 35 2.2% 61 4.3% +206 bps AMEA 243 10.8% 226 10.1% -72 bps Essential Dairy & Plant-based 512 7.5% 521 7
Slide 32: Recurring P&L
RECURRING P&L € million Sales 13,757 13,737 Recurring operating income 1,746 1,811 Recurring operating margin 12.7% 13.2% Cost of net debt (96) (90) Other recurring financial income and expense (55) (48) Recurring income before taxes 1,595 1,674 Recurring income tax (429) (458) Recurring effective t
Slide 33: Non-Recurring Net Income
NON-RECURRING NET INCOME € million Recurring net income group share 1,162 1,231 Non-recurring net income group share 57 (191) -248 g Operating income 69 (238) -307 E 2 Total Financial expenses (9) (47) -38 = 5 gS Income tax 25 84 +59 oa z . . S Share of profit (loss) of equity- (32) (n) 421 accounte
Slide 34: Free Cash Flow Bridge
FREE CASH FLOW BRIDGE € million Recurring operating income 1,746 1,811 Recurring financial result (151) (138) +13 Recurring income tax (429) (458) -29 D&A and other non-cash items! 620 634 +14 Transformation projects and other cash items® (127) (75) +52 Capital Expenditure (319) (373) -54 Change in
Slide 35: Balance Sheet
BALANCE SHEET € million > ASSETS'_ —— LIABILITIES ——+ 31/12/24 30/06/25 31/12/24 30/06/25 15,920 Intangible assets Other assets. Working capital 39,091 37,629 39,091 37,629 1. Excluding assets included in net debt; 2. Net of cash, cash equivalents, marketable securities, other short-term investments
Slide 36: Net Debt
NET DEBT €8.6bn €9.1bn rs 0.0 +14 +€0.5bn Net debt FCF M&A Dividends Others Net debt 31/12/24 30/06/25
Slide 37: Disclaimer
DISCLAIMER This presentation contains certain forward-looking statements concerning Danone. In some cases, you can identify these forward-looking statements by forward-looking words, such as “estimate”, “expect”, “anticipate”, “project”, “plan”, “intend”, “objective”, “believe”, “forecast”, “guidanc