Slide 1: Q3 2024 Sales
Slide 2: Continued strong momentum in Q3
CONTINUED STRONG MOMENTUM IN Q3 BROAD-BASED GROWTH ACROSS GEOGRAPHIES NORTH AMERICA \ 6 EUROPE CHINA, NORTH ASIA & OCEANIA +4 2% LATIN AMERICA Erk crellcsichrentiln REST OF THE WORLD Note: all data in like-for-like +5.8% +1.4% +8.0% +2.7% +6.0%
Slide 3: 5th quarter of sequential quality improvement
5'4 QUARTER OF SEQUENTIAL QUALITY IMPROVEMENT INCREASING CONTRIBUTION FROM VOLUME/MIX, WHILE PRICE REMAINS RESILIENT Q2 23 Q3 23 Q4 23 Q124 Q2 24 Q3 24 Price | a a — Vol/mix 2.3% -0.3% +0.8% +1.2% +2.9% +3.6%
Slide 4: Delivering broad-based quality growth
DELIVERING BROAD-BASED QUALITY GROWTH POSITIVE VOLUME/MIX AND PRICE IN ALL CATEGORIES 8 © O LFL growth +4,1% +5.2% +3.2% Vol/mix +3.8% +4.1% +2.3% Price +0.3% +1.0% +0.9%
Slide 5: LFL sales growth up +4.2% in Q3
LFL SALES GROWTH UP +4.2% IN Q3 REPORTED GROWTH IMPACTED BY SCOPE AND FOREX -— LFL GROWTH: +4.2% —- +0.7% 2.3% +3.6% : [| €6,906m of which 3.2% from €6,826m currencies REPORTED GROWTH: -1.2% Q3 2023 Volume/mix Price Currency, contribution Scope Q3 2024 Sales of hyperinflation Sales and others! 1. In
Slide 6: Europe
EUROPE CONTINUED PROGRESS IN TRANSFORMING OUR BUSINESS MODEL Q3 2024 DEVELOPMENTS Q3 2024 KEY FIGURES + Further acceleration in volume/mix, led by EDP Sales €2.4bn * Solid growth in Waters despite adverse weather conditions | jke-for-like sales growth 41.4% + Performance led by YoPro, Actimel, Alpro
Slide 7: North America
NORTH AMERICA CONTINUED STRONG MOMENTUM IN Q3 LED BY COFFEE CREATIONS, HIGH PROTEIN AND WATERS Q3 2024 DEVELOPMENTS Q3 2024 KEY FIGURES * Double-digit competitive growth in Coffee Creations Sales €1.6bn * Accelerated growth in Yogurt, ina very dynamic category _Like-for-like sales growth 45.8% * Str
Slide 8: China, North Asia & Oceania
CHINA, NORTH ASIA & OCEANIA STRONG BROAD-BASED GROWTH IN DYNAMIC CATEGORIES Q3 2024 DEVELOPMENTS Q3 2024 KEY FIGURES * Solid competitive growth in IMF, with first signs of sales €1.0bn category growth recovery . . . _ Like-for-like sales growth +8.0% * Sustained momentum in Medical Nutrition Volume-
Slide 9: Latin America
LATIN AMERICA SOLID QUARTER DESPITE HEADWINDS Q3 2024 DEVELOPMENTS * Continued strong growth in Specialized Nutrition * EDP still impacted by milk licensing out in Brazil, while Danone and YoPro brands leading growth + Waters penalized by poor weather conditions in Mexico LFL SALES GROWTH BY QUARTER
Slide 10: Rest of the World (AMEA)
REST OF THE WORLD (AMEA) STRONG QUARTER LED BY SPECIALIZED NUTRITION Q3 2024 DEVELOPMENTS Q3 2024 KEY FIGURES * Strong growth in Specialized Nutrition across the region Sales €1.1bn * Solid growth in Africa Dairy, with portfolio transformation | jke-for-like sales growth 46.0% starting to yield resu
Slide 11: 2024 Guidance
2024 GUIDANCE » | LFL sales growth +3% to +5% Recurring operating margin iim Moderate improvement : ——
Slide 12: Appendix
APPENDIX C3 DANONe
Slide 13: Q3 2024 sales by geographical zone
Q3 2024 SALES BY GEOGRAPHICAL ZONE EUROPE Q3 sales €2,427m Like-for-like growth +1.4% Volume/mix 42.4% Price 1.0% NORTH AMERICA €1,611m +5.8% +4,9% +0.9% CHINA, NORTH ASIA & OCEANIA €967m +8.0% +10.2% -2.2% LATIN AMERICA €706m +2.7% -0.7% +3.5% REST OF THE WORLD €1,115m +6.0% +1.2% +4.7% COMPANY €6,
Slide 14: Q3 2024 sales by category
Q3 2024 SALES BY CATEGORY Q3 sales Like-for-like growth Volume/mix Price COMPANY €6,826m +4,2% +3.6% +0.7%
Slide 15: Q3 2024 sales by category and geography
Q3 2024 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 NORTH AMERICA €1,069m €1,438m +0.9% +6.2% €770m €96m 0.0% -2.6% €589m €78m +4.3% +9.6% €2,427m €1,611m +14% +5.8% CHINA, NORTH ASIA & O
Slide 16: 9M 2024 sales by geographical zone
9M 2024 SALES BY GEOGRAPHICAL ZONE EUROPE NORTH CHINA, NORTH AMERICA ASIA & OCEANIA Q3 sales €7,210m €4,943m €2,808m Like-for-like growth +1.6% +4 A% +8.4% Volume/mix +0.9% 43.5% +8.9% Price +0.7% +0.8% -0.5% LATIN AMERICA €2,265m +4.0% 0.4% +4.4% REST OF COMPANY THE WORLD €3,350m €20,575m +5.8% +4.
Slide 17: 9M 2024 sales by category
9M 2024 SALES BY CATEGORY Q3 sales Like-for-like growth Volume/mix Price €10,066m 43.5% +24% +1.1% COMPANY €20,575m +4.1% +2.6% +1.5%
Slide 18: 9M 2024 sales by category and geography
9M 2024 SALES BY CATEGORY AND GEOGRAPHY o 90 ® ) EUROPE NORTH CHINA, NORTH AMEA, CIS & COMPANY AMERICA ASIA & OCEANIA LATIN AMERICA EDP Sales €3,243m €4,448m €278m €2,097m €10,066m LFL growth +1.2% +4.6% +12.8% +3.3% +3.5% SPECIALIZED NUTRITION Sales €2,335m €263m €1,857m €2,144m €6,599m LFL growth
Slide 19: Q3 2024 sales by geographical zone
Q3 2024 SALES BY GEOGRAPHICAL ZONE 932024 EUROPE NORTHAMERICA gcin'gQCEAMA AMERICA «©THE WORLD Like-for-like sales growth 14% +5.8% +8.0% 42.7% +6.0% Scope 0.4% 11.8% 0.0% 0.0% 0.0% 3.1% Currency and others! +0.5% -18% -0.1% -21.3% -5.9% -3.5% IAS 29 impact 0.0% 0.0% 0.0% 0.9% 14% -0.3% Hyperinflati
Slide 20: Changes in exchange rates
CHANGES IN EXCHANGE RATES % total Q3 2024 Q3 24 vs. Q3 23 (avg) = united StatesDollar 22.4% -0.9% HM Chinese Renminbi 118% +0.5% SE sritish Pound 5.6% +1.8% MME indonesian Rupiah 5.5% 45% Be) Mexican Peso 5.0% 11.3% ma Polish Zloty 3.0% +5.1% ES} Brazilian Real 27% 12.5% [#1 Canadian Dollar 2.6% 2.7
Slide 21: 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