Slide 1: H1 2026 Presentation
H1 2026 PRESENTATION July 29, 2026
Slide 2: CEO Introduction
CEO INTRODUCTION Antoine de Saint-Affrique Chief Executive Officer
Slide 3: Strong Quality Growth in Q2
STRONG QUALITY GROWTH IN Q2 DEMONSTRATING THE RELEVANCE OF OUR HEALTH-FOCUSED PORTFOLIO +4.8% +4.3% +4.1% +4.7% +4.2% +2.7% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Note: all data in like-for-like 3
Slide 4: A Solid First Half 2026
A SOLID FIRST HALF 2026 DELIVERING ON OUR BUSINESS MODEL +3.5% +1.7% +12 bps LFL SALES VOLUME/MIX RECURRING GROWTH GROWTH OPERATING MARGIN o/w + 4.2% in Q2 o/w + 1.9% in Q2 +0.9% €0.9 bn RECURRING FREE CASH EPS FLOW 4
Slide 5: Capitalizing on Long Term Trends
CAPITALIZING ON LONG TERM TRENDS LEVERAGING DIFFERENTIATING INNOVATION Multiple growth engines Disciplined execution fueled by increasingly health-conscious consumer trends supporting progressive recovery Functional yogurts US yogurt Plant-based in Europe Medical Nutrition US Creamers EMEA IMF Super
Slide 6: Enhancing Our Portfolio and Growth Platforms Through M&A
ENHANCING OUR PORTFOLIO AND GROWTH PLATFORMS THROUGH M&A TARGETED AND DISCIPLINED APPROACH ACQUISITION OF HUEL CREATION OF DAIRY JV IN ARGENTINA ACQUISITION OF MADE GROUP Differentiated direct-to-consumer business Unlocking new dairy opportunities Complementing our APAC portfolio in the model in pre
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS Juergen Esser Chief Financial Officer 7
Slide 8: Strong Performance in Q2
STRONG PERFORMANCE IN Q2 BROAD-BASED GROWTH ACROSS GEOGRAPHIES AND CATEGORIES EMEA +3.6% +3.8% o/w Europe +0.6% AMERICAS +4.3% +4.5% o/w North America +2.6% +4.2% APAC +5.2% Q2 2026 o/w CNAO +3.6% +4.7% LFL sales growth Note: all data in like-for-like. 8 EMEA refers to Europe, Middle East and Africa
Slide 9: Q2 Sales Bridge
Q2 SALES BRIDGE REPORTED GROWTH OF +4.4% LFL GROWTH: +4.2% +2.3% +0.8% €7,215m +1.9% -0.6% €6,913m of which -1.0% from currencies REPORTED GROWTH: +4.4% Q2 2025 Volume/mix Price Currency, Scope Q2 2026 contribution of Sales hyperinflation and others 1 Sales 1. Includes IAS 29 impact 9
Slide 10: EMEA
EMEA SOLID GROWTH IN EDP AND SPECIALIZED NUTRITION RECOVERY ON TRACK Q2 2026 DEVELOPMENTS • Continued momentum in EDP across the region with functional dairy and Alpro in strong demand • Improved performance in SN with a catch-up in MEA and progressively recovering position throughout Q2 in Europe •
Slide 11: Americas
AMERICAS STRONG MOMENTUM IN SPECIALIZED NUTRITION AND PROGRESSIVE IMPROVEMENT IN NORTH AMERICA EDP Q2 2026 DEVELOPMENTS • Solid regional performance in EDP, driven by functional yogurts • Progressive improvement in North America, with continued strong growth in Oikos and better momentum in creamers
Slide 12: APAC
APAC SOLID PERFORMANCE WITH COMPETITIVE GROWTH IN IMF CHINA Q2 2026 DEVELOPMENTS • Solid performance in SN, with competitive growth in IMF China amid a normalizing category • In Waters, strong, competitive performance in Aqua Indonesia, with a soft category in China • Continued strong activation dri
Slide 13: Recurring Operating Margin Up 12 bps in H1 2026
RECURRING OPERATING MARGIN UP +12 BPS IN H1 2026 STRONG PRODUCTIVITY GAINS AND CONTINUED REINVESTMENTS 13.2% +84 bps +7 bps 13.3% -54 bps -25 bps REPORTED CHANGE: +12 BPS H1 2025 Margin from operations Reinvestment in Overheads before Others 1 H1 2026 Recurring products, A&P, reinvestments Recurring
Slide 14: Recurring EPS Up 0.9%, Solid Cash Generation
RECURRING EPS UP +0.9%, DRIVEN BY OPERATIONAL PERFORMANCE SOLID CASH GENERATION RECURRING EPS FREE CASH FLOW +8.3% +1.1% -1.2% -0.1% €1.92 €0.9 bn €1.91 -7.2% • Strong operational of which performance -7.0% from currencies • Focused discipline on financial costs RECURRING EPS GROWTH +0.9% • Step up
Slide 15: 2026 Guidance Confirmed
2026 GUIDANCE CONFIRMED IN LINE WITH MID-TERM AMBITION LFL sales growth +3% to +5% Recurring operating income Growing faster than sales
Slide 16: CEO Conclusion
CEO CONCLUSION Antoine de Saint-Affrique Chief Executive Officer
Slide 17: Appendix
APPENDIX y DANONE Lo
Slide 18: Q2 2026 Sales by Category and Geographical Zone
Q2 2026 SALES BY CATEGORY AND GEOGRAPHICAL ZONE EMEA AMERICAS APAC COMPANY EDP Sales €1,435m €1,799m €139m €3,372m LFL growth +3.1% +3.7% +13.0% +3.8% SPECIALIZED NUTRITION Sales €1,087m €301m €1,065m €2,453m LFL growth +2.9% +12.9% +4.4% +4.5% WATERS Sales €643m €295m €453m €1,390m LFL growth +6.0%
Slide 19: Q2 2026 Sales by Geographical Zone
Q2 2026 SALES BY GEOGRAPHICAL ZONE EMEA AMERICAS APAC COMPANY Q2 sales €3,165m €2,394m €1,656m €7,215m Like-for-like growth +3.6% +4.3% +5.2% +4.2% Volume/mix +2.2% +0.3% +3.5% +1.9% Price +1.5% +4.0% +1.6% +2.3% 19
Slide 20: Q2 2026 Sales by Category
Q2 2026 SALES BY CATEGORY COMPANY Q2 sales €3,372m €2,453m €1,390m €7,215m Like-for-like growth +3.8% +4.5% +4.7% +4.2% Volume/mix +2.4% +0.7% +2.6% +1.9% Price +1.4% +3.8% +2.2% +2.3% 20
Slide 21: H1 2026 Sales by Category and Geographical Zone
H1 2026 SALES BY CATEGORY AND GEOGRAPHICAL ZONE EMEA AMERICAS APAC COMPANY EDP Sales €2,878m €3,569m €234m €6,681m LFL growth +3.2% +3.3% +13.5% +3.6% SPECIALIZED NUTRITION Sales €2,092m €558m €2,080m €4,730m LFL growth -0.6% +11.1% +5.8% +3.2% WATERS Sales €1,162m €561m €802m €2,525m LFL growth +4.
Slide 22: H1 2026 Sales by Geographical Zone
H1 2026 SALES BY GEOGRAPHICAL ZONE EMEA AMERICAS APAC COMPANY H1 sales €6,133m €4,688m €3,116m €13,936m Like-for-like growth +2.1% +3.9% +5.6% +3.5% Volume/mix +0.4% +1.4% +4.8% +1.7% Price +1.7% +2.5% +0.8% +1.8% 22
Slide 23: H1 2026 Sales by Category
H1 2026 SALES BY CATEGORY COMPANY H1 sales €6,681m €4,730m €2,525m €13,936m Like-for-like growth +3.6% +3.2% +3.6% +3.5% Volume/mix +2.3% +1.0% +1.5% +1.7% Price +1.3% +2.3% +2.1% +1.8% 23
Slide 24: Q2 and H1 2026 Sales by Geographical Zone
Q2 AND H1 2026 SALES BY GEOGRAPHICAL ZONE Q2 2026 EMEA AMERICAS APAC TOTAL Like-for-like sales growth +3.6% +4.3% +5.2% +4.2% Scope -0.6% +2.0% +1.8% +0.8% Currency and others1 -1.4% -0.6% -0.8% -1.0% IAS 29 impact +0.2% +0.2% - +0.1% Hyperinflation contribution +0.5% +0.0% - +0.2% Reported sales gr
Slide 25: Changes in Exchange Rates
CHANGES IN EXCHANGE RATES H1 26 vs. H1 25 (avg) Q2 26 vs. Q2 25 (avg) United States Dollar -6.3% United States Dollar -2.4% British Pound -2.9% Mexican Pesos +9.3% Mexican Pesos +7.0% Chinese Renminbi +3.0% Indonesian Rupiah -10.6% Argentine Peso -19.3% Brazilian Real +4.7% Indonesian Rupiah -7.6% C
Slide 26: Recurring Operating Margin
RECURRING OPERATING MARGIN H1 2025 H1 2026 Margin €m margin (%) €m margin (%) reported change EMEA 635 10.4% 635 10.4% -6 bps Americas 425 9.3% 448 9.6% +31 bps APAC 751 24.6% 771 24.7% +9 bps Essential Dairy & Plant-based 515 7.8% 473 7.1% -68 bps Specialized Nutrition 1,012 22.0% 1,044 22.1% +10 b
Slide 27: Recurring P&L
RECURRING P&L € million H1 2025 H1 2026 Sales 13,737 13,936 Recurring operating income 1,811 1,854 Recurring operating margin 13.2% 13.3% Cost of net debt (90) (104) Other recurring financial income and expense (48) (40) Recurring income before taxes 1,674 1,710 Recurring income tax (458) (453) Recu
Slide 28: Non-Recurring Net Income
NON-RECURRING NET INCOME € million H1 2025 H1 2026 Change Recurring net income group share 1,231 1,246 +15 Non-recurring net income group share (191) (71) +120 Operating income (238) (161) +77 NON-RECURRING ITEMS Total Financial expenses (47) (40) +7 Income tax 84 19 -65 Share of profit (loss) of eq
Slide 29: Free Cash Flow Bridge
FREE CASH FLOW BRIDGE € million H1 2025 H1 2026 Change Recurring operating income 1,811 1,854 +42 Recurring financial result1 (138) (144) -6 Recurring income tax (458) (453) +5 D&A and other non-cash items2 634 612 -22 Transformation projects and other cash items3 (75) (36) +40 Capital Expenditure (
Slide 30: Balance Sheet
BALANCE SHEET € million ASSETS1 LIABILITIES 31/12/25 30/06/26 31/12/25 30/06/26 16,970 17,689 Shareholders’ equity Intangible assets 23,136 23,848 8,431 8,975 Net debt2 Other assets 8,680 8,914 3,646 3,789 Other liabilities 9,337 9,720 Working capital Working capital 6,567 7,411 38,383 40,173 38,384
Slide 31: Net Debt
NET DEBT REPORTED: +€0.54bn +1.5 €9.0bn €8.4bn -0.0 -0.9 -0.0 Net Debt FCF M&A Dividends Others Net Debt 31/12/2025 30/06/2026 31
Slide 32: Disclaimer
DISCLAIMER This presentation contains certain forward-looking statements concerning Danone that are subject to risks and uncertainties. In some cases, you can identify these forward-looking statements by forward-looking words, such as “estimate”, “expect”, “anticipate”, “project”, “plan”, “intend”,