Slide 1: FY 2025 Presentation
FY 2025 PRESENTATION February 20, 2026
Slide 2: CEO Introduction
CEO INTRODUCTION Antoine de Saint-Affrique Chief Executive Officer
Slide 3: Infant Milk Formula Update
INFANT MILK FORMULA UPDATE 3
Slide 4: Another Year of Quality Delivery in Line with Our Business Model
ANOTHER YEAR OF QUALITY DELIVERY IN LINE WITH OUR BUSINESS MODEL Volume/mix Recurring operating margin Recurring EPS 13.4% €3.80 +3.0% 13.0% +2.7% 12.6% €3.54 €3.63 12.2% €3.43 -0.8% -0.4% FY 22 FY 23 FY 24 FY 25 FY 22 FY 23 FY 24 FY 25 FY 22 FY 23 FY 24 FY 25 Free Cash Flow ROIC 10.7% €3.0 bn 10.0%
Slide 5: Health Trends Coming Our Way
HEALTH TRENDS COMING OUR WAY UNIQUELY POSITIONED IN STRUCTURALLY GROWING CATEGORIES Danone categories growing Increasing health- Soaring demand for Proven impact of faster than F&B1 driven consumer protein and fibers medical nutrition choices “Health” is mentioned by Among Americans, Malnutrition af
Slide 6: Multi-Engine Growth Model Powering FY25 Performance
MULTI-ENGINE GROWTH MODEL POWERING FY25 PERFORMANCE +4.5% LFL GROWTH, DEMONSTRATING A RESILIENT BUSINESS MODEL Fast growing, diversified platforms Underpinned by a portfolio of billion-euro brands delivering HSD to High Protein Infant Milk Formula DD growth in FY25 Gut Health and Fibers Medical Nutr
Slide 7: Deploying Renew Chapter 2 at Pace
DEPLOYING RENEW CHAPTER 2 AT PACE TRANSFORMING WHILE PERFORMING Pivoting how we view our categories Broadening our channel base Shaping the future of nutrition with science -based Double digit growth in Specialised channels1, innovation - making healthy the easy choice leveraging our consumer and pa
Slide 8: Focusing on Execution and Competitiveness
FOCUSING ON EXECUTION AND COMPETITIVENESS ENHANCING OUR ABILITY TO SEIZE OPPORTUNITIES Strengthening capabilities across the board Confronting underperformance while broadening our reach Driving digitalization from the shop floor to the Win beyond protein and drive category leadership in shelf the U
Slide 9: Building Distinctive Capabilities Where It Matters
BUILDING DISTINCTIVE CAPABILITIES WHERE IT MATTERS CREATING LONG-TERM SUSTAINABLE ADVANTAGE Strengthening supply chain Building differentiation Investing in skills and resilience through science and IP leadership Danone Milk Academy, first-of- Investing in fundamental science to Driving accountabili
Slide 10: Shaping Our Portfolio for the Future
SHAPING OUR PORTFOLIO FOR THE FUTURE DRIVING SCALABLE PERFORMANCE Accelerating scale in U.S. medical Consolidating our dairy position in nutrition Australia1 1. Danone acquired on February 12, 2026, an additional 1% stake in its Australian Dairy joint-venture with Saputo after exercising its call op
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS Juergen Esser Chief Financial Officer
Slide 12: Strong End to the Year 2025 with +4.7% LFL Sales Growth in Q4
STRONG END TO THE YEAR 2025 WITH +4.7% LFL SALES GROWTH IN Q4 LFL GROWTH CONSISTENTLY DRIVEN BY VOLUME/MIX +4.3% +4.8% +4.7% +4.1% +2.1% +4.2% Price Vol/mix +4.5% +2.5% FY 2025 LFL sales growth Q1 25 Q2 25 Q3 25 Q4 25 Note: all data in like-for-like 12
Slide 13: Broad-Based Quality Growth in 2025
BROAD-BASED QUALITY GROWTH IN 2025 LFL GROWTH IN ALL REGIONS AND CATEGORIES EUROPE +2.3% +3.5% NORTH AMERICA +2.0% CHINA, NORTH ASIA & OCEANIA +11.7% +7.4% +4.5% LATIN AMERICA +6.0% FY 2025 +1.9% LFL sales growth AMEA +5.6% Note: all data in like-for-like 13
Slide 14: FY Sales Bridge
FY SALES BRIDGE STRONG LFL GROWTH; FOREX REFLECTING EURO APPRECIATION LFL GROWTH: +4.5% +1.8% +2.7% €27,376m €27,283m -4.4% -0.4% of which -4.2% from currencies REPORTED GROWTH: -0.3% FY 2024 Volume/mix Price Currency, Scope FY 2025 contribution of Sales hyperinflation and others 1 Sales 1. Includes
Slide 15: Europe
EUROPE SUSTAINED MOMENTUM, WITH 9 CONSECUTIVE QUARTERS OF POSITIVE VOLUME/MIX Q4 2025: +2.5% LFL | +1.0% vol/mix; +1.5% price FY 2025 KEY FIGURES Sales €9.8bn • Solid performance in Plant-based and Dairy, with continued double-digit growth in High Protein. Activia Like-for-like sales growth +2.3% ba
Slide 16: North America
NORTH AMERICA MORE TO DO TO WIN OUTSIDE PROTEIN AND SPECIALIZED NUTRITION Q4 2025: +0.7% LFL | -0.5% vol/mix; +1.3% price FY 2025 KEY FIGURES Sales €6.3bn • Continued double-digit growth in High Protein; Remaining yogurt portfolio work in progress Like-for-like sales growth +2.0% • Progressively reg
Slide 17: China, North Asia & Oceania
CHINA, NORTH ASIA & OCEANIA CLOSING A YEAR OF EXCEPTIONAL PERFORMANCE WITH STRONG Q4 Q4 2025: +10.4% LFL | +10.6% vol/mix; -0.2% price FY 2025 KEY FIGURES Sales €4.0bn • Continued strong growth in Specialized Nutrition, in both IMF and Medical Nutrition Like-for-like sales growth +11.7% Volume/mix |
Slide 18: Latin America
LATIN AMERICA STRONG END TO THE YEAR Q4 2025: +8.3% LFL | +0.1% vol/mix; +8.2% price FY 2025 KEY FIGURES Sales €2.8bn • Strong competitive growth in EDP, across the region, driven by the Danone brand and High Protein Like-for-like sales growth +6.0% Volume/mix | price -1.8% | +7.8% • Continued stron
Slide 19: AMEA
AMEA STRONG VOLUME/MIX LED GROWTH, DRIVEN BY SPECIALIZED NUTRITION AND EDP Q4 2025: +8.3% LFL | +5.5% vol/mix; +2.8% price FY 2025 KEY FIGURES Sales €4.4bn • Sustained momentum in EDP, with positive volume/mix in Dairy Africa Like-for-like sales growth +5.6% Volume/mix | price +2.1% | +3.5% • Double
Slide 20: Recurring Operating Margin Up +44 bps in FY 2025
RECURRING OPERATING MARGIN UP +44 BPS IN FY 2025 FURTHER EXPANSION IN MARGIN FROM OPERATIONS +77 bps +29 bps 13.4% 13.0% -59 bps -3 bps REPORTED CHANGE: +44 BPS FY 2024 Margin from operations Reinvestment in Overheads before Others 1 FY 2025 Recurring products, A&P, reinvestments Recurring operating
Slide 21: Recurring EPS Up +4.6% in FY 2025
RECURRING EPS UP +4.6% IN FY 2025 DRIVEN BY OPERATIONAL PERFORMANCE +5.9% +0.3% €3.80 -0.6% -0.6% -0.4% €3.63 of which -3.2% from currencies RECURRING EPS GROWTH : +4.6% FY 2024 Operational Financing Scope Tax, Equity Currency and others 1 FY 2025 Recurring EPS performance accounted Recurring EPS co
Slide 22: Disciplined and Return-Oriented Capital Allocation
DISCIPLINED AND RETURN-ORIENTED CAPITAL ALLOCATION DRIVING SUSTAINABLE VALUE CREATION AND SHAREHOLDER RETURN Free cash flow Net debt ROIC Dividend per share 10.7% €2.25 €2.8bn FY 23 FY 24 FY 25 10.0% €2.15 9.5% €2.10 Capex -€8.6 bn -€8.4 bn FY 25 €1.1 bn +€0.1 bn FY 23 FY 24 FY 23 FY 24 FY 25 -€10.2
Slide 23: 2026 Guidance
2026 GUIDANCE IN LINE WITH MID-TERM AMBITION LFL sales growth +3% to +5% Recurring operating income Growing faster than sales 23
Slide 24: CEO Conclusion
CEO CONCLUSION Antoine de Saint-Affrique Chief Executive Officer
Slide 25: Conclusion
CONCLUSION Perform and transform Delivering consistently, and constructively dissatisfied Resilient amid persistent volatility 25
Slide 26: Questions & Answers Session
QUESTIONS & ANSWERS SESSION C3 DaNONe
Slide 27: Appendix
APPENDIX
Slide 28: Q4 2025 Sales by Geographical Zone
Q4 2025 SALES BY GEOGRAPHICAL ZONE EUROPE NORTH CHINA, NORTH LATIN AMEA COMPANY AMERICA ASIA & OCEANIA AMERICA Q4 sales €2, 404m €1,560m €904m €723m €1,093m €6,684m Like-for-like growth +2.5% +0.7% +10.4% +8.3% +8.3% +4.7% Volume/mix +1.0% -0.5% +10.6% +0.1% +5.5% +2.5% Price +1.5% +1.3% -0.2% +8.2%
Slide 29: Q4 2025 Sales by Category
Q4 2025 SALES BY CATEGORY COMPANY Q4 sales €3,288m €2,372m €1,023m €6,684m Like-for-like growth +3.8% +7.2% +2.2% +4.7% Volume/mix +1.6% +5.4% -0.5% +2.5% Price +2.2% +1.8% +2.7% +2.1% 29
Slide 30: Q4 2025 Sales by Category and Geography
Q4 2025 SALES BY CATEGORY AND GEOGRAPHY EUROPE NORTH CHINA, NORTH AMEA & COMPANY AMERICA ASIA & OCEANIA LATIN AMERICA EDP Sales €1,102m €1,355m €103m €728m €3,288m LFL growth +3.0% +0.3% +19.5% +10.3% +3.8% SPECIALIZED NUTRITION Sales €818m €139m €721m €695m €2,372m LFL growth +0.6% +10.3% +10.4% +1
Slide 31: FY 2025 Sales by Geographical Zone
FY 2025 SALES BY GEOGRAPHICAL ZONE EUROPE NORTH CHINA, NORTH LATIN AMEA COMPANY AMERICA ASIA & OCEANIA AMERICA FY sales €9,779m €6,316m €3,953m €2,792m €4,444m €27,283m Like-for-like growth +2.3% +2.0% +11.7% +6.0% +5.6% +4.5% Volume/mix +1.9% +0.6% +12.4% -1.8% +2.1% +2.7% Price +0.5% +1.4% -0.7% +
Slide 32: FY 2025 Sales by Category
FY 2025 SALES BY CATEGORY COMPANY FY sales €13,158m €9,277m €4,848m €27,283m Like-for-like growth +3.5% +7.4% +1.9% +4.5% Volume/mix +1.7% +5.5% +0.3% +2.7% Price +1.7% +1.9% +1.5% +1.8% 32
Slide 33: FY 2025 Sales by Category and Geography
FY 2025 SALES BY CATEGORY AND GEOGRAPHY EUROPE NORTH CHINA, NORTH AMEA & COMPANY AMERICA ASIA & OCEANIA LATIN AMERICA EDP Sales €4,394m €5,554m €407m €2,803m €13,158m LFL growth +2.0% +1.7% +12.8% +8.5% +3.5% SPECIALIZED NUTRITION Sales €3,217m €464m €2,768m €2,828m €9,277m LFL growth +2.1% +6.6% +1
Slide 34: Q4 and FY 2025 Sales by Geographical Zone
Q4 AND FY 2025 SALES BY GEOGRAPHICAL ZONE CHINA, NORTH LATIN Q4 2025 EUROPE NORTH AMERICA AMEA TOTAL ASIA & OCEANIA AMERICA Like-for-like sales growth +2.5% +0.7% +10.4% +8.3% +8.3% +4.7% Scope +0.1% +3.1% 0.0% 0.0% 0.0% +0.8% Currency and others1 -0.7% -8.5% -8.3% -10.3% -11.3% -6.3% IAS 29 impact
Slide 35: Changes in Exchange Rates
CHANGES IN EXCHANGE RATES % total FY 25 FY 25 vs. FY 24 (avg) Q4 25 vs. Q4 24 (avg) United States Dollar 21.6% -4.2% -8.1% Chinese Renminbi 12.1% -4.1% -7.1% British Pound 5.6% -1.2% -5.1% Indonesian Rupiah 5.0% -7.8% -13.0% Mexican Pesos 4.9% -8.5% +3.0% Polish Zloty 3.0% +1.6% +1.6% Canadian Dolla
Slide 36: Recurring Operating Margin
RECURRING OPERATING MARGIN FY 2024 FY 2025 Margin €m margin (%) €m margin (%) reported change Europe 1,143 11.9% 1,178 12.0% +10 bps North America 749 11.4% 694 11.0% -39 bps China, North Asia & Oceania 1,086 29.4% 1,154 29.2% -19 bps Latin America 113 3.7% 179 6.4% +267 bps AMEA 468 10.4% 460 10.4%
Slide 37: Recurring P&L
RECURRING P&L € million FY 2024 FY 2025 Sales 27,376 27,283 Recurring operating income 3,558 3,665 Recurring operating margin 13.0% 13.4% Cost of net financial debt (197) (197) Other recurring financial income and expense (108) (111) Recurring income before taxes 3,253 3,357 Recurring income tax (88
Slide 38: Non-Recurring Items
NON-RECURRING NET INCOME € million FY 2024 FY 2025 Change Recurring net income group share 2,345 2,461 +116 Non-recurring net income group share (324) (636) -312 Operating income (179) (725) -546 NON-RECURRING ITEMS Total Financial expenses (75) (96) -21 Income tax (41) 166 +207 Share of profit (los
Slide 39: EBITDA Calculation
EBITDA CALCULATION € million FY 2024 FY 2025 Operating income 3,379 2,940 Depreciation, amortization and impairment of property, plant and 1,168 1,355 equipment and intangible assets EBITDA 4,546 4,295 39
Slide 40: Tax Development
TAX DEVELOPMENT € million FY 2024 FY 2025 Total income tax (reported) (929) (741) Reported tax rate 31.0% 29.2% Non-current income tax (41) 166 Recurring income tax (888) (906) Underlying tax rate 27.3% 27.0% FY 2024 FY 2025 Income tax payments during the year (766) (697) 40
Slide 41: Free Cash Flow Bridge
FREE CASH FLOW BRIDGE € million FY 2024 FY 2025 Change Recurring operating income 3,558 3,665 +107 Recurring financial result (305) (308) (4) Recurring income tax (888) (906) (18) D&A and other non-cash items1 +1,293 +1,272 (21) Transformation projects and other cash items2 (266) (145) +121 Capital
Slide 42: Balance Sheet
BALANCE SHEET € million ASSETS1 LIABILITIES 31/12/24 31/12/25 31/12/24 31/12/25 17,853 Shareholders’ equity Intangible assets 16,970 24 009 23 136 8 601 8 431 Net debt2 Other assets 8 496 8 680 3,718 3,646 Other liabilities 8,919 9,337 Working capital Working capital 6 586 6 567 39 091 38 383 39 091
Slide 43: Net Debt
NET DEBT Reported Net 2.0x Debt/EBITDA REPORTED: -€0.2bn €8.6bn +1.5 +0.5 €8.4bn -0.2 +0.8 -2.8 Net Debt FCF M&A Dividends Share Buyback1 Others2 Net Debt 31/12/2024 31/12/2025 1. To offset the dilutive impact of employee shareholder plans; 2. Includes +€0.3 bn new leases on the period, -€0.5 bn of
Slide 44: 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”,