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DANONE ONE PLANET , ONE HEALTH Danone back to growth in Q2 with all categories contributing ▪ Net sales of € 6,171m in the second quarter , up + 6.6 % on a like - for - like ( LFL ) basis , and + 3.6 % on a reported basis , leading H1 sales to grow + 1.6 % on a like - for - like basis ■ ▪ Return to growth driven by focus on execution and delivery : core portfolio renovation and innovation , acceleration in strategic channels and selected investments in key battles Recurring operating margin at 13.1 % : selective pricing initiatives , coupled with efficient product mix management and stepped - up productivity partially offsetting adverse category mix and higher inflation Reported EPS up + 5.1 % at € 1.63 and recurring EPS down -9.3 % at € 1.53 ▪ Continued disciplined cash management , with free cash flow reaching € 1.0 bn in H1 , and further progress on portfolio management with the disposal of Mengniu stake and sale of Vega ▪ Launch of a share buyback program of up to € 800m in the second half of the year ▪ 2021 guidance reiterated : return to profitable growth in H2 , and FY recurring operating margin broadly in line with 2020 2021 Half - Year Key Figures in millions of euros except if stated otherwise Sales Recurring operating income Recurring operating margin Non - recurring operating income and expenses 2021 Half - Year Results Press release - Paris , July 29 , 2021 H1 2020 H1 2021 12,189 11,835 1,702 1,551 14.0 % 13.1 % ( 700 ) 851 7.2 % 1,000 68 1,068 1.53 1.63 1,009 1,381 ( 123 ) 1,580 13.0 % 1,100 ( 86 ) 1,015 1.68 1.55 929 1,305 Reported Like - for - like Change For more information , please contact : Media Relations : +33 1 44 70 11 89 - Investor Relations : +33 1 44 35 20 76 Danone : 17 , Boulevard Haussmann , 75009 Paris , France -2.9 % -8.9 % -86 bps ( 577 ) -46.1 % Operating income Operating margin Recurring net income - Group share Non - recurring net income - Group share Net income - Group share Recurring EPS ( € ) EPS ( € ) Free cash flow Cash flow from operating activities All references in this document to Like - for - like ( LFL ) changes , Recurring operating income and margin , Recurring net income , Recurring income tax rate , Recurring EPS , Free cash - flow , and net financial debt , correspond to financial indicators not defined in IFRS . Their definitions , as well as their reconciliation with financial statements , are listed on pages 6 to 8. The calculation of Net Debt / EBITDA is detailed in the universal registration document . ( LFL ) + 1.6 % -4.2 % -83 bps -576 bps -9.1 % +153 + 5.2 % -9.3 % + 5.1 % + 8.6 % + 5.8 % -1