Danone: Strong Q2 performance and solid H1 results, demonstrating the relevance of our health-focused portfolio

Strong Q2 performance and solid H1 results, demonstrating the relevance of our health-focused portfolio

Q2 sales up +4.2% on a like-for-like (LFL) basis , with volume/mix of +1.9%, and price of +2.3%, including:

EMEA +3.6% , with solid growth in EDP and SN progressively recovering

Americas +4.3% , driven by strong momentum in SN across the region and progressive improvement in EDP in North America

APAC +5.2%, with competitive growth in Infant Milk Formula (IMF) China and strong performance of Aqua in Waters

H1 2026 sales of €13,936m up +3.5% LFL , with volume/mix up +1.7%, and price up +1.8%

H1 2026 recurring operating margin up +12 bps to 13.3% , driven by strong productivity gains amid inflationary pressure

Recurring EPS up +0.9% to €1.92 , driven by operational performance

Free cash flow at €0.9bn

2026 guidance confirmed, in line with mid-term ambition

LFL sales growth expected between +3% and +5%, with recurring operating income growing faster than sales

Half-Year 2026 Key Figures € million unless stated otherwise

H1 2025 H1 2026 Reported change Like-for-like change (LFL)

Sales 13,737 13,936 +1.4% +3.5%

Recurring operating income 1,811 1,854 +2.3%

Recurring operating margin 13.2% 13.3% +12 bps

Non-recurring operating income and expenses (238) (161) +77

Operating income 1,573 1,693 +7.6%

Operating margin 11.5% 12.1% +70 bps

Recurring net income – Group share 1,231 1,246 +1.2%

Non-recurring net income – Group share (191) (71) +120

Net income – Group share 1,040 1,175 +13.0%

Recurring diluted EPS (€) 1.91 1.92 +0.9%

EPS (€) 1.61 1.81 +12.5%

Cash flow from operating activities 1,519 1,258 -17.1%

Free cash flow 1,172 852 -27.3%

We are closing a solid first half, demonstrating once again the relevance of our health-focused portfolio and the strength of our multi-engine growth model. We delivered strong quality growth in Q2, with like-for-like sales up +4.2%, reflecting broad-based performance across categories and geographies. Demand for our winning platforms remained strong, including High-protein products and Medical Nutrition across all regions, and Skyr, Kefir and Plant-based in Europe. At the same time, we made step-by-step progress in North America EDP and saw improving trends in Infant Milk Formula in EMEA. During the semester, we continued to enhance our portfolio in attractive health-focused categories through our disciplined approach to M&A, including the signing of agreements to acquire Huel and, more recently, Made Group in APAC, both with strong potential across key geographies. While some areas still require further progress and the environment remains unstable, we enter the second half of the year with confidence that 2026 will be another year of delivery, aligned with our value creation model and mid-term ambitions.

In Q2 2026 , sales stood at €7,215m, up +4.2% LFL, with a contribution of +1.9% from volume/mix and +2.3% from price. On a reported basis, sales increased by +4.4%, including a positive scope effect of +0.8%, mainly reflecting the consolidation of Kate Farms in the Americas and of the joint venture with Saputo Dairy Australia in APAC, and a negative impact of currencies (-1.0%). Additionally, both hyperinflation (+0.2%) and the application of IAS29 (+0.1%) contributed positively to reported sales. In H1 2026 , sales stood at €13,936m, up +3.5% LFL, with a contribution of +1.7% from volume/mix and +1.8% from price. On a reported basis, sales increased by +1.4%, including a positive scope effect of +0.7%, mainly reflecting the consolidation of Kate Farms and of the joint venture