Danone Sa · EURONEXT:BN
Danone Sa — Q3 2026 Earnings Presentation
23 slides from Danone Sa's earnings presentation, October 2026
Slide 1: Q3 2026 Sales
Q3 2026 SALES Juergen Esser Chief Financial Officer
Slide 2: Solid performance in Q3
SOLID PERFORMANCE IN Q3 •1 Another quarter of broad-based momentum and delivery +4.0% LFL sales growth in Q3 26 across the portfolio • +0.4% volume/mix •2 Growth profile in Q3 reflects decisive and disciplined • +3.6% price pricing actionsin an inflationary context •3 Focused actions takento step up
Slide 3: Broad-based growth across categories and geographies
BROAD-BASED GROWTH ACROSS CATEGORIES AND GEOGRAPHIES +3.6% +3.9% +3.6% +4.4% +4.7% Q3 2026 LFL sales growth +4.0% EMEA APAC AMERICAS +3.6% Note: all data in like -for-like. 3 EMEA refers to Europe, Middle East and Africa; APAC refers to Asia Pacific.
Slide 4: A resilient portfolio with multiple growth engines
A RESILIENT PORTFOLIO WITH MULTIPLE GROWTH ENGINES Main outperformers contributing to Q3 2026 LFL growth +3.6% +4.7% Middle East +3.6% Note: all data in like -for-like . Largest contributors to Q3 2026 LFL growth in each category, based on business size and growth rate. 4
Slide 5: Another quarter of strong like-for-like growth
ANOTHER QUARTER OF STRONG LIKE -FOR-LIKE GROWTH GROWTH PROFILE IN Q3 REFLECTS DECISIVE AND DISCIPLINED PRICING ACTIONS +4.8% +4.7% +4.2 % +4.0% Proactive pricing actions +4.3% +4.1% taken in Q3, to build future competitive edge +2.7% Disciplined management of Price +3.6% volume/mix impacts Vol/mix C
Slide 6: Europe: EDP successfully delivering on its turnaround plan
EUROPE: EDP SUCCESSFULLY DELIVERING ON ITS TURNAROUND PLAN SOLID GROWTH UNDERPINNED BY STRONG EXECUTION, WITH 12 CONSECUTIVE QUARTERS OF POSITIVE VOL/M High Protein consistently Activia growing for Danone brand up Alpro driving driving growth 4 consecutive quarters double-digit in Q3 category growth
Slide 7: NorAm: focusing on yogurt execution and competitiveness
NORAM: FOCUSING ON YOGURT EXECUTION AND COMPETITIVENESS DECISIVE ACTIONS TO RESTORE PERFORMANCE Capacities installation on Focusing on step-changing Fully leveraging our unique track execution portfolio With 8 capacity expansion projects across Capacity ramp-up slowed by operational Regaining innova
Slide 8: CNAO: consistent growth in specialized nutrition and EDP
CNAO: CONSISTENT GROWTH IN SPECIALIZED NUTRITION AND EDP DISPROPORTIONATE NEGATIVE IMPACT OF MIZONE IN Q3 2026 Q1 2026 Q2 2026 Q3 2026 Specialized Nutrition NEGATIVE POSITIVE NEGATIVE POSITIVE NEGATIVE POSITIVE Strong momentum for Aptamil,driven byEssensis c.70% Medical Nutrition growing DD MSD MSD+
Slide 9: Q3 sales bridge
Q3 SALES BRIDGE REPORTED GROWTH REFLECTING STRONG LIKE -FOR-LIKE PERFORMANCE LFL GROWTH: +4.0% +1.7% €7,233m +3.6% -0.5% of which +1.5% from €6,876m +0.4% currencies REPORTED GROWTH: +5.2% Q3 2025 Volume/mix Price Currency, Scope Q3 2026 contribution of Sales hyperinflation and others 1 Sales 1. Inc
Slide 10: EMEA
EMEA SOLID PERFORMANCE IN Q3 DRIVEN BY EDP AND WATERS Q3 2026 DEVELOPMENTS • Strong growth in EDP, notably in France, Spain and the UK, driven by Danone , Activia , Alpro and High Protein • In Specialized Nutrition, IMF situation returned to normal in the Middle East, while the category continued to
Slide 11: Americas
AMERICAS ADRESSING CHALLENGES IN NORAM EDP; STRONG GROWTH ACROSS ALL OTHER BUSINESSES Q3 2026 DEVELOPMENTS • High Protein continued to drive EDP growth across the region. Decisive actions to regain momentum in NorAm • Outstanding performance in SN across the region, driven by Aptamil (Latin America)
Slide 12: APAC
APAC SUSTAINED PERFORMANCE IN SPECIALIZED NUTRITION AND EDP; POOR SEASON FOR CHINA WATERS Q3 2026 DEVELOPMENTS • In SN, MSD+ growth in CNAO, with solid performance in both IMF and Medical. Rest of APAC very dynamic • Waters impacted by Mizone amid poor season with adverse weather conditions • EDP co
Slide 13: 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 13
Slide 14: Appendix
APPENDIX
Slide 15: Q3 2026 sales by category and geographical zone
Q3 2026 SALES BY CATEGORY AND GEOGRAPHICAL ZONE EMEA AMERICAS APAC COMPANY EDP Sales €1,491m €1,779m €139m €3,409m LFL growth +4.9% +2.2% +10.9% +3.6% SPECIALIZED NUTRITION Sales €1,043m €315m €1,096m €2,454m LFL growth -0.3% +12.4% +7.9% +4.7% WATERS Sales €681m €278m €411m €1,370m LFL growth +8.4%
Slide 16: Q3 2026 sales by geographical zone
Q3 2026 SALES BYGEOGRAPHICAL ZONE EMEA AMERICAS APAC COMPANY Q3 sales €3,215m €2,372m €1,646m €7,233m Like-for-like growth +3.9% +4.4% +3.6% +4.0% Volume/mix -0.4% +0.7% +1.7% +0.4% Price +4.3% +3.7% +1.9% +3.6% 16
Slide 17: Q3 2026 sales by category
Q3 2026 SALES BY CATEGORY COMPANY Q3 sales €3,409m €2,454m €1,370m €7,233m Like-for-like growth +3.6% +4.7% +3.6% +4.0% Volume/mix +0.9% +0.9% -1.6% +0.4% Price +2.8% +3.8% +5.2% +3.6% 17
Slide 18: 9M 2026 sales by category and geographical zone
9M 2026 SALES BY CATEGORY AND GEOGRAPHICAL ZONE EMEA AMERICAS APAC COMPANY EDP Sales €4,367m €5,348m €373m €10,089m LFL growth +3.8% +2.9% +12.6% +3.6% SPECIALIZED NUTRITION Sales €3,139m €876m €3,176m €7,192m LFL growth -0.5% +11.6% +6.5% +3.7% WATERS Sales €1,843m €839m €1,213m €3,895m LFL growth
Slide 19: 9M 2026 sales by geographical zone
9M 2026 SALES BYGEOGRAPHICAL ZONE EMEA AMERICAS APAC COMPANY 9M sales €9,349m €7,064m €4,762m €21,176m Like-for-like growth +2.7% +4.1% +4.9% +3.6% Volume/mix +0.1% +1.1% +3.7% +1.3% Price +2.6% +2.9% +1.2% +2.4% 19
Slide 20: 9M 2026 sales by category
9M 2026 SALES BY CATEGORY COMPANY 9M sales €10,089m €7,192m €3,895m €21,176m Like-for-like growth +3.6% +3.7% +3.6% +3.6% Volume/mix +1.8% +1.0% +0.4% +1.3% Price +1.8% +2.8% +3.2% +2.4% 20
Slide 21: Q3 2026 sales by geographical zone
Q3 2026 SALES BY GEOGRAPHICAL ZONE Q3 2026 EMEA AMERICAS APAC TOTAL Like -for -like sales growth +3.9% +4.4% +3.6% +4.0% Scope +0.0% -2.9% +1.9% -0.5% Currency and others 1 -1.0% +3.7% +3.1% +1.5% IAS 29 impact -0.1% -0.2% +0.0% -0.1% Hyperinflation contribution +0.6% +0.3% - +0.4% Reported sales gr
Slide 22: Changes in exchange rates
CHANGES IN EXCHANGE RATES Q3 26 vs. Q3 25avg) ( Chinese Renminbi +8.4% Mexican Pesos +9.8% United States Dollar +1.8% Indonesian Rupiah -6.4% Turkish Lira -12.6% Brazilian Real +7.8% Argentine Peso +22.7% Japanese Yen -5.9% Australian Dollar +10.2% Note: Currencies that most significantly impacted s
Slide 23: 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”, “inten