Slide 1: Q1 2025 Sales
Q12025 SALES Juergen Esser Chief Financial Officer “3 DANONE SP
Slide 2: Strong start to the year
STRONG START TO THE YEAR DEMONSTRATING THE RELEVANCE OF OUR HEALTH-FOCUSED PORTFOLIO Another quarter of quality growth +4.7% 0, +4.1% +4.2% +4.3 % +4.0% Vol/mix Price Q124 Q2 24 Q3 24 Q4 24 Q125 Note: all data in like-for-like
Slide 3: Broad-based growth across geographies
STRONG START TO THE YEAR BROAD-BASED GROWTH ACROSS GEOGRAPHIES hi \ +4.3% Q12025 LFL sales growth Note: all data in like-for-like EUROPE NORTH AMERICA CHINA, NORTH ASIA & OCEANIA LATIN AMERICA AMEA (REST OF THE WORLD) +2.0% +3.7% +9.9% +9.0% +3.3%
Slide 4: Leveraging product superiority and differentiation
STRONG START TO THE YEAR LEVERAGING PRODUCT SUPERIORITY AND DIFFERENTIATION Positive LFL sales growth and = © oO volume/mix in all categories +3.7% | +1.5% +5.3% | +3.1% +4.1% | +1.0% LFL growth | volume/mix LFL growth | volume/mix LFL growth | volume/mix . evian Boosting our key platforms, oa throu
Slide 5: Our diverse channel footprint is providing us resilience
STRONG START TO THE YEAR OUR DIVERSE CHANNEL FOOTPRINT IS PROVIDING US RESILIENCE AWAY-FROM-HOME PHARMACIES, HOSPITALS, HOME- E-COMMERCE CARE & SPECIALIZED CHANNELS = 7 High-single-digit sales growth High-single-digit sales growth High-single-digit sales growth Note: all data in like-for-like
Slide 6: Q1 Sales Bridge
Q1SALES BRIDGE LFL GROWTH PARTIALLY OFFSET BY NEGATIVE SCOPE EFFECT -— LFL GROWTH: +4.3% — +2.4% -0.5% De +1.9% LJ freien -0.8% from €6,789m | | currencies €6,844m REPORTED GROWTH: +0.8% Q1 2024 Volume/mix Price Currency, Scope Q12025 Sales contribution of Sales hyperinflation and others! 1. Include
Slide 7: Europe
EUROPE DELIVERING RESILIENT, VOLUME/MIX-DRIVEN GROWTH Q12025 DEVELOPMENTS * Sequential improvement in growth momentum * Further progress in EDP led by functional products, including High Protein * Resilient growth in Specialized Nutrition driven by Medical; strong growth in Waters ahead of season LF
Slide 8: North America
NORTH AMERICA SOLID GROWTH LED BY A CONTINUED STRONG MOMENTUM IN HIGH PROTEIN Q12025 DEVELOPMENTS Q12025 KEY FIGURES * Consistent winning momentum in High Protein Sales Siebe * Soft start in Coffee Creamers in a competitive category; Like-for-like sales growth 43.7% temporary service challenges Volu
Slide 9: China, North Asia & Oceania
CHINA, NORTH ASIA & OCEANIA VERY STRONG START TO THE YEAR IN ALL CATEGORIES Q12025 DEVELOPMENTS * Consistent market share gains in IMF, with Essensis as a key driver; continued strong demand for Medical * Double-digit growth in Mizone, in a dynamic category * Another strong quarter for EDP in Japan
Slide 10: Latin America
LATIN AMERICA PRICE-LED GROWTH ACROSS THE REGION Q12025 DEVELOPMENTS Q12025 KEY FIGURES * Strong growth in Specialized Nutrition led by Aptamil . Sal €0.7b) across the region aes ° . . Like-for-like sales growth +9.0% * Solid growth in EDP led by Danone, Danette & YoPro Volumeymix| price 21%) 1.1% *
Slide 11: AMEA (Rest of the World)
AMEA (REST OF THE WORLD) SOLID QUARTER DRIVEN BY EDP AND SPECIALIZED NUTRITION Q12025 DEVELOPMENTS Q12025 KEY FIGURES * Continued growth in Dairy Africa, led by Morocco Sales €1.2bn * Solid growth in Specialized Nutrition, notably in India Like-for-like sales growth 43.3% and Middle-East V folume/mi
Slide 12: 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 12
Slide 13: Appendix
Slide 14: Q1 2025 Sales by Category and Geography
Q12025 SALES BY CATEGORY AND GEOGRAPHY o 90 ® ) EUROPE NORTH CHINA, NORTH AMEA, CIS & COMPANY AMERICA ASIA & OCEANIA LATIN AMERICA EDP Sales €1,103m €1,459m €95m €725m €3,381m LFL growth +1.5% 42.9% +8.8% +8.5% +3.7% SPECIALIZED NUTRITION Sales €799m €97m €665m €745m €2,306m LFL growth +1.0% +9.2% +
Slide 15: Q1 2025 Sales by Geographical Zone
Q12025 SALES BY GEOGRAPHICAL ZONE EUROPE NORTH CHINA, NORTH AMERICA ASIA & OCEANIA Qi sales €2,389m €1,633m €936m Like-for-like growth +2.0% 43.7% 49.9% Volume/mix +1.9% +0.9% +10.4% Price +0.0% +2.8% -0.5% LATIN AMERICA €715m +9.0% 2.1% +11.1% REST OF COMPANY THE WORLD €1,170m €6,844m +3.3% +4.3% 1
Slide 16: Q1 2025 Sales by Category
Q1 2025 SALES BY CATEGORY Qisales Like-for-like growth Volume/mix Price COMPANY €6,844m 44.3% +1.9% +2.4%
Slide 17: Q1 2025 Sales by Geographical Zone
Q12025 SALES BY GEOGRAPHICAL ZONE Q12025 Like-for-like sales growth Scope Currency and others! IAS 29 impact Hyperinflation contribution Reported sales growth lexcluding IAS 29 EUROPE +2.0% -0.3% +0.6% 42.3% CHINA, NORTH NORTH AMERICA ASIA & OCEANIA +3.7% +9.9% “11.3% - +1.7% +1.6% -5.9% +11.5% LATI
Slide 18: Changes in Exchange Rates
CHANGES IN EXCHANGE RATES % total Q1 2025 Q125 vs. Q1 24 (avg) United States Dollar 224% +3.1% Chinese Renminbi 11.3% +1.9% Indonesian Rupiah 5.6% -11% = British Pound 5.5% +2.5% Mexican Pesos 4.9% 14.1% Polish Zloty 3.1% +3.2% Canadian Dollar 2.8% -3.1% Argentine Peso 2.5% “18.4% Brazilian Real 24%
Slide 19: 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