Slide 1: Q1 2026 Sales
Q1 2026 SALES Juergen Esser Chief Financial Officer
Slide 2: An Eventful Start to the Year
AN EVENTFUL START TO THE YEAR EXCEPTIONAL IN ALL DIMENSIONS Middle East Infant Milk Formula Portfolio Management 2
Slide 3: Further Accelerating on Portfolio Management
FURTHER ACCELERATING ON PORTFOLIO MANAGEMENT EXECUTING ON STRATEGIC PRIORITIES Huel, a leading player in complete and Unlocking new dairy opportunities in convenient nutrition Argentina Signing of the transactions announced on March 23, 2026 (Huel) and March 24, 2026 (Argentina). Both transactions r
Slide 4: Solid Performance in Q1 Amid a Challenging Context
SOLID PERFORMANCE IN Q1 AMID A CHALLENGING CONTEXT BALANCED GROWTH ACROSS CATEGORIES EMEA +0.6% +3.4% o/w Europe +0.4% AMERICAS +3.4% +1.9% Q1 2026 o/w North America +1.5% LFL sales growth +2.7% APAC o/w CNAO +6.0% +10.3% +2.3% (o/w +1.5% vol/mix) Note: all data in like-for-like. 4 EMEA refers to Eu
Slide 5: Scaling Winners While Addressing Challenges
SCALING WINNERS WHILE ADDRESSING CHALLENGES RESILIENT CATEGORY FUNDAMENTALS SUPPORTING LONG-TERM VALUE Amplifying winning platforms Addressing key challenges High Protein, Skyr, Kefir M-E conflict consequences Plant-based in Europe Infant Formula in EMEA Medical Nutrition U.S. competitiveness 5
Slide 6: Q1 Sales Bridge
Q1 SALES BRIDGE REPORTED GROWTH IMPACTED BY EURO APPRECIATION LFL GROWTH: +2.7% +1.2% +1.5% €6,844m +0.5% €6,708m -5.2% of which -5.6% from currencies REPORTED GROWTH: -2.0% Q1 2025 Volume/mix Price Currency, Scope Q1 2026 contribution of Sales hyperinflation and others 1 Sales 1. Includes IAS 29 im
Slide 7: New Geographical Zone Reporting
NEW GEOGRAPHICAL ZONE REPORTING FY 2025 SALES SPLIT BY CATEGORY EMEA AMERICAS APAC €1.0bn €0.4bn €2.3bn €1.5bn €1.0bn €5.6bn €12.2bn €9.1bn €6.0bn €4.3bn €7.1bn €4.0bn EDP SN Waters EDP SN Waters EDP SN Waters FY 2025 FY 2025 FY 2025 % of sales 46% 35% 19% % of sales 78% 11% 11% % of sales 7% 67% 26
Slide 8: EMEA
EMEA RESILIENT PERFORMANCE IN Q1 AMID IMF RECALL AND CONFLICT IN MIDDLE EAST Q1 2026 DEVELOPMENTS • Sustained momentum in EDP across the region, driven by Danone, Activia, Alpro and High Protein • Specialized Nutrition impacted by IMF recall in Europe and Middle East • Evian drove robust growth in W
Slide 9: Americas
AMERICAS CONTINUED STRONG GROWTH IN LATAM; PROGRESSIVELY REGAINING MOMENTUM IN THE U.S. Q1 2026 DEVELOPMENTS • Continued strength in High Protein driving EDP growth across the region. In the U.S., STōK continued to perform strongly, while creamers are progressively improving • Strong growth in Speci
Slide 10: APAC
APAC SOLID PERFORMANCE, DRIVEN BY SPECIALIZED NUTRITION IN CHINA AND EDP JAPAN Q1 2026 DEVELOPMENTS • EDP continued to show strong momentum in Japan • In Specialized Nutrition, CNAO delivered a solid performance in both IMF and Medical • In Waters, Mizone posted solid growth while Indonesia was impa
Slide 11: 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 11
Slide 12: Appendix
APPENDIX
Slide 13: Q1 2026 Sales by Category and Geographical Zone
Q1 2026 SALES BY CATEGORY AND GEOGRAPHICAL ZONE EMEA AMERICAS APAC COMPANY EDP Sales €1,442m €1,767m €95m €3,304m LFL growth +3.2% +3.0% +14.2% +3.4% SPECIALIZED NUTRITION Sales €999m €256m €1,015m €2,271m LFL growth -4.3% +8.9% +7.4% +1.9% WATERS Sales €518m €266m €349m €1,134m LFL growth +3.4% +2.
Slide 14: Q1 2026 Sales by Geographical Zone
Q1 2026 SALES BY GEOGRAPHICAL ZONE EMEA AMERICAS APAC COMPANY Q1 sales €2,959m €2,290m €1,459m €6,708m Like-for-like growth +0.6% +3.4% +6.0% +2.7% Volume/mix -1.4% +2.5% +6.2% +1.5% Price +2.0% +0.9% -0.1% +1.2% 14
Slide 15: Q1 2026 Sales by Category
Q1 2026 SALES BY CATEGORY COMPANY Q1 sales €3,304m €2,271m €1,134m €6,708m Like-for-like growth +3.4% +1.9% +2.3% +2.7% Volume/mix +2.1% +1.3% +0.3% +1.5% Price +1.2% +0.6% +2.0% +1.2% 15
Slide 16: Q1 2026 Sales by Geographical Zone
Q1 2026 SALES BY GEOGRAPHICAL ZONE Q1 2026 EMEA AMERICAS APAC TOTAL Like-for-like sales growth +0.6% +3.4% +6.0% +2.7% Scope -0.3% +1.9% +0.0% +0.5% Currency and others1 -2.6% -8.9% -8.0% -5.9% IAS 29 impact +0.4% +0.6% -0.0% +0.4% Hyperinflation contribution +0.4% +0.4% - +0.3% Reported sales growt
Slide 17: Changes in Exchange Rates
CHANGES IN EXCHANGE RATES % total Q1 2026 Q1 26 vs. Q1 25 (avg) United States Dollar 21.3% -10.0% Chinese Renminbi 12.2% -5.3% British Pound 5.5% -3.7% Mexican Pesos 5.3% +4.6% Indonesian Rupiah 4.8% -12.8% Canadian Dollar 2.8% -5.9% Argentine Peso 2.3% -33.1% Turkish Lira 2.0% -25.4% Moroccan Dirha
Slide 18: 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”,