Slide 1: Q3 2025 Sales
Q3 2025 SALES Juergen Esser Chief Financial Officer
Slide 2: Consistently Delivering Quality Growth
CONSISTENTLY DELIVERING QUALITY GROWTH SALES GROWTH LED BY VOLUME/MIX +4.7% +4.8% +4.2% +4.3% +4.1% +4.1% +4.0% +1.6% Price +3.2% Vol/mix Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Note: all data in like-for-like 2
Slide 3: Continued Strong Momentum in Q3
CONTINUED STRONG MOMENTUM IN Q3 BROAD-BASED GROWTH ACROSS GEOGRAPHIES EUROPE +2.6% NORTH AMERICA +1.5% CHINA, NORTH ASIA & OCEANIA +13.8% +4.8% LATIN AMERICA +4.3% Q3 2025 LFL sales growth AMEA +6.8% Note: all data in like-for-like 3
Slide 4: Quality Growth Across All Categories in Q3
QUALITY GROWTH ACROSS ALL CATEGORIES IN Q3 LEVERAGING SCIENCE-BASED AND VALUE-ADDED DIFFERENTIATION +3.5% | +1.7% +8.3% | +6.5% +2.3% | +1.3% LFL growth | volume/mix LFL growth | volume/mix LFL growth | volume/mix Note: all data in like-for-like 4
Slide 5: Q3 Sales Bridge
Q3 SALES BRIDGE POSITIVE REPORTED GROWTH DESPITE FOREX HEADWINDS LFL GROWTH: +4.8% +1.6% +3.2% +0.7% €6,876m €6,826m -4.7% of which -5.1% from currencies REPORTED GROWTH: +0.7% Q3 2024 Volume/mix Price Currency, Scope Q3 2025 contribution of Sales hyperinflation and others 1 Sales 1. Includes IAS 29
Slide 6: Europe
EUROPE CONTINUED STEP-UP, DRIVEN BY VOLUME/MIX Q3 2025 DEVELOPMENTS Q3 2025 KEY FIGURES • Sustained progress in EDP, driven by functional dairy and Sales €2.5bn Alpro Like-for-like sales growth +2.6% • Solid growth in Specialized Nutrition with double digit Volume/mix | price +2.1% | +0.5% growth in
Slide 7: North America
NORTH AMERICA SOFTER GROWTH DESPITE SUSTAINED MOMENTUM IN HIGH PROTEIN Q3 2025 DEVELOPMENTS Q3 2025 KEY FIGURES • Strong growth in High Protein and Waters Sales €1.6bn • Good performance in Medical Nutrition, positive momentum Like-for-like sales growth +1.5% of Kate Farms Volume-mix / price +0.3% |
Slide 8: China, North Asia & Oceania
CHINA, NORTH ASIA & OCEANIA OUTSTANDING PERFORMANCE WITH STRONG MOMENTUM IN ALL CATEGORIES Q3 2025 DEVELOPMENTS Q3 2025 KEY FIGURES • Consistently strong growth across Specialized Nutrition Sales €1.0bn • Sustained momentum in Mizone Like-for-like sales growth +13.8% • Double-digit growth of Activia
Slide 9: Latin America
LATIN AMERICA SOLID PERFORMANCE AMID MARKET CHALLENGES Q3 2025 DEVELOPMENTS Q3 2025 KEY FIGURES • Double-digit growth in Specialized Nutrition driven by Sales €0.7bn Aptamil Like-for-like sales growth +4.3% • Strong performance in EDP led by Danone, Oikos Greek Volume/mix | price -2.3% | +6.6% and Y
Slide 10: AMEA
AMEA ACCELERATION IN Q3 WITH SOLID CONTRIBUTION FROM VOLUME/MIX Q3 2025 DEVELOPMENTS Q3 2025 KEY FIGURES • Continued strong momentum in Dairy Africa, led by Sales €1.1bn Danone and Activia Like-for-like sales growth +6.8% • Strong growth in Specialized Nutrition, led by Aptamil Volume/mix | price +2
Slide 11: 2025 Guidance Confirmed
2025 GUIDANCE CONFIRMED IN LINE WITH MID-TERM AMBITION LFL sales growth +3% to +5% Recurring operating income Growing faster than sales 11
Slide 12: Appendix
4 FTYEYYS gl 18s APPENDIX C3 DaNONe
Slide 13: Q3 2025 Sales by Geographical Zone
Q3 2025 SALES BY GEOGRAPHICAL ZONE EUROPE NORTH CHINA, NORTH LATIN AMEA COMPANY AMERICA ASIA & OCEANIA AMERICA Q3 sales €2,481m €1,577m €1,032m €676m €1,111m €6,876m Like-for-like growth +2.6% +1.5% +13.8% +4.3% +6.8% +4.8% Volume/mix +2.1% +0.3% +15.1% -2.3% +2.6% +3.2% Price +0.5% +1.2% -1.3% +6.6
Slide 14: Q3 2025 Sales by Category
Q3 2025 SALES BY CATEGORY COMPANY Q3 sales €3,255m €2,299m €1,322m €6,876m Like-for-like growth +3.5% +8.3% +2.3% +4.8% Volume/mix +1.7% +6.5% +1.3% +3.2% Price +1.8% +1.8% +0.9% +1.6% 14
Slide 15: Q3 2025 Sales by Category and Geography
Q3 2025 SALES BY CATEGORY AND GEOGRAPHY EUROPE NORTH CHINA, NORTH AMEA & COMPANY AMERICA ASIA & OCEANIA LATIN AMERICA EDP Sales €1,087m €1,365m €103m €701m €3,255m LFL growth +2.1% +1.5% +14.5% +8.7% +3.5% SPECIALIZED NUTRITION Sales €789m €136m €678m €696m €2,299m LFL growth +3.0% +0.1% +17.0% +7.6
Slide 16: 9M 2025 Sales by Geographical Zone
9M 2025 SALES BY GEOGRAPHICAL ZONE EUROPE NORTH CHINA, NORTH LATIN AMEA COMPANY AMERICA ASIA & OCEANIA AMERICA 9M sales €7,375m €4,757m €3,048m €2,066m €3,332m €20,578m Like-for-like growth +2.3% +2.5% +12.1% +5.2% +4.8% +4.4% Volume/mix +2.2% +1.0% +13.0% -2.5% +1.0% +2.8% Price +0.1% +1.5% -0.9% +
Slide 17: 9M 2025 Sales by Category
9M 2025 SALES BY CATEGORY COMPANY 9M sales €9,853m €6,904m €3,822m €20,578m Like-for-like growth +3.4% +7.5% +1.8% +4.4% Volume/mix +1.8% +5.5% +0.6% +2.8% Price +1.6% +1.9% +1.2% +1.6% 17
Slide 18: 9M 2025 Sales by Category and Geography
9M 2025 SALES BY CATEGORY AND GEOGRAPHY EUROPE NORTH CHINA, NORTH AMEA & COMPANY AMERICA ASIA & OCEANIA LATIN AMERICA EDP Sales €3,292m €4,199m €305m €2,058m €9,853m LFL growth +1.7% +2.2% +10.5% +7.8% +3.4% SPECIALIZED NUTRITION Sales €2,399m €325m €2,048m €2,132m €6,904m LFL growth +2.6% +5.3% +14
Slide 19: Q3 2025 Sales by Geographical Zone
Q3 2025 SALES BY GEOGRAPHICAL ZONE Q3 2025 CHINA, NORTH LATIN EUROPE NORTH AMERICA AMEA TOTAL ASIA & OCEANIA AMERICA Like-for-like sales growth +2.6% +1.5% +13.8% +4.3% +6.8% +4.8% Scope - +2.8% - - - +0.7% Currency and others1 -0.4% -6.5% -7.0% -11.8% -9.0% -5.3% IAS 29 impact - - - +1.3% +0.9% +0.
Slide 20: Changes in Exchange Rates
CHANGES IN EXCHANGE RATES % total Q3 2025 Q3 25 vs. Q3 24 (avg) United States Dollar 21.6% -5.9% Chinese Renminbi 12.7% -6.0% British Pound 5.5% -2.6% Indonesian Rupiah 4.7% -9.4% Mexican Pesos 4.6% -2.6% Polish Zloty 3.0% +0.5% Brazilian Real 2.8% -4.0% Canadian Dollar 2.7% -6.7% Turkish Lira 2.1%
Slide 21: 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”,