Slides
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February 20, 2026 FY 2025 PRESENTATION
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CEO INTRODUCTION Antoine de Saint-Affrique Chief Executive Officer
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3 INFANT MILK FORMULA UPDATE
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4 ANOTHER YEAR OF QUALITY DELIVERY IN LINE WITH OUR BUSINESS MODEL Volume/mix Recurring operating margin Recurring EPS Free Cash Flow ROIC Worldwide certification achieved in 2025 -0.8% -0.4% +3.0% 12.2% 12.6% 13.4% €3.43 €3.54 €3.80 €2.1 bn €2.6 bn €2.8 bn FY 22 FY 23 FY 25 FY 22 FY 23 FY 25 +2.7% FY 24 FY 24 13.0% FY 22 FY 23 FY 25FY 24 €3.63 FY 22 FY 23 FY 25FY 24 €3.0 bn CDP ‘Triple A’ list 8.9% 9.5% 10.7% FY 22 FY 23 FY 25FY 24 10.0%
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5 HEALTH TRENDS COMING OUR WAY UNIQUELY POSITIONED IN STRUCTURALLY GROWING CATEGORIES Danone categories growing faster than F&B1 Volume L3M Total Food & Bev Danone categories Value L3M Total Food & Bev Danone categories 1. Nielsen Scantrack and Danone RMS universe L3M to end November 2025; 2. IFOP survey (June 2025) conducted among a sample of around 1,000 individuals, representative of the population aged 18 and over in France, Spain, the United Kingdom, the United States, Japan, Morocco, Argentina, and Mexico; 3. IFIC Food Nutrition Survey 2025: IFIC-FH-Survey-Food-Nutrition.pdf; 4.Ryan AM, et al. 2019, Malnutrition in Cancer: More than Just a Side Effect; Increasing health- driven consumer choices “Health” is mentioned by 7 out of 10 people as part of the reasons why they consume yogurt2 Soaring demand for protein and fibers Proven impact of medical nutrition Malnutrition affects up to 70% of people with cancer, reducing treatment success4 Among Americans, up to 70% are actively trying to consume protein and fibers, and 23% follow a high-protein diet3 ~70%
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6 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 DD growth in FY25 Note: HSD = high-single-digit, DD = double-digit Infant Milk Formula Medical Nutrition High Protein Gut Health and Fibers
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7 DEPLOYING RENEW CHAPTER 2 AT PACE TRANSFORMING WHILE PERFORMING 1. Including pharmacies, hospitals and homecare Pivoting how we view our categories Shaping the future of nutrition with science -based innovation - making healthy the easy choice Broadening our channel base Double digit growth in Specialised channels1, leveraging our consumer and patient care approach
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Strengthening capabilities across the board Driving digitalization from the shop floor to the shelf FOCUSING ON EXECUTION AND COMPETITIVENESS ENHANCING OUR ABILITY TO SEIZE OPPORTUNITIES 8 Confronting underperformance while broadening our reach Win beyond protein and drive category leadership in the U.S.
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Strengthening supply chain resilience Danone Milk Academy, first-of- its-kind multi-year programme Investing in skills and leadership Driving accountability and performance Building differentiation through science and IP Investing in fundamental science to create proprietary differentiation 9 BUILDING DISTINCTIVE CAPABILITIES WHERE IT MATTERS CREATING LONG-TERM SUSTAINABLE ADVANTAGE
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10 SHAPING OUR PORTFOLIO FOR THE FUTURE DRIVING SCALABLE PERFORMANCE 1. Danone acquired on February 12, 2026, an additional 1% stake in its Australian Dairy joint-venture with Saputo after exercising its call option, bringing its ownership up to 51%. This will result in the financial consolidation of this business. Accelerating scale in U.S. medical nutrition Consolidating our dairy position in Australia 1
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FINANCIAL HIGHLIGHTS Juergen Esser Chief Financial Officer
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12 Note: all data in like-for-like +4.5% FY 2025 LFL sales growth STRONG END TO THE YEAR 2025 WITH +4.7% LFL SALES GROWTH IN Q4 LFL GROWTH CONSISTENTLY DRIVEN BY VOLUME/MIX +4.3% +4.1% +4.8% +4.7% Vol/mix Price+4.2% Q1 25 Q2 25 Q3 25 +2.1% +2.5% Q4 25
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13Note: all data in like-for-like +2.0%NORTH AMERICA EUROPE +2.3% CHINA, NORTH ASIA & OCEANIA +11.7% AMEA +5.6% LATIN AMERICA +6.0% +4.5% FY 2025 LFL sales growth +3.5% +7.4% +1.9% BROAD-BASED QUALITY GROWTH IN 2025 LFL GROWTH IN ALL REGIONS AND CATEGORIES
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FY SALES BRIDGE STRONG LFL GROWTH; FOREX REFLECTING EURO APPRECIATION 14 LFL GROWTH: +4.5% REPORTED GROWTH: -0.3% 1. Includes IAS 29 FY 2024 Sales Volume/mix Price Currency, contribution of hyperinflation and others Scope FY 2025 Sales €27,376m +2.7% +1.8% -4.4% -0.4% €27,283m of which -4.2% from currencies 1
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EUROPE SUSTAINED MOMENTUM, WITH 9 CONSECUTIVE QUARTERS OF POSITIVE VOLUME/MIX 15 +2.0% +2.2% +2.6% +2.5% +2.3% Q1 25 Q2 25 Q3 25 Q4 25 FY 25 • Solid performance in Plant-based and Dairy, with continued double-digit growth in High Protein. Activia back to growth, across the region • Specialized Nutrition driven by strong performance in Adult Medical Nutrition • Strong momentum in Waters LFL SALES GROWTH BY QUARTER FY 2025 KEY FIGURES Sales €9.8bn Like-for-like sales growth +2.3% Volume/mix | price +1.9% | +0.5% Recurring Operating Margin 12.0% Reported change +10 bps Q4 2025: +2.5% LFL | +1.0% vol/mix; +1.5% price
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NORTH AMERICA MORE TO DO TO WIN OUTSIDE PROTEIN AND SPECIALIZED NUTRITION 16 • Continued double-digit growth in High Protein; Remaining yogurt portfolio work in progress • Progressively regaining competitiveness in Coffee Creamers; entering ‘clean label’. STōK thriving • Strong performance in Specialized Nutrition, in both Kate Farms and legacy Nutricia businesses +3.7% +2.3% +1.5% +0.7% +2.0% Q1 25 Q2 25 Q3 25 Q4 25 FY 25 LFL SALES GROWTH BY QUARTER FY 2025 KEY FIGURES Sales €6.3bn Like-for-like sales growth +2.0% Volume/mix | price +0.6% | +1.4% Recurring Operating Margin 11.0% Reported change -39 bps Q4 2025: +0.7% LFL | -0.5% vol/mix; +1.3% price
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CHINA, NORTH ASIA & OCEANIA CLOSING A YEAR OF EXCEPTIONAL PERFORMANCE WITH STRONG Q4 17 • Continued strong growth in Specialized Nutrition, in both IMF and Medical Nutrition • Remarkable performance in EDP Japan, led by functional brands Activia and Oikos • Preparing Mizone for 2026 season after a solid 2025 +9.9% +12.4% +13.8% +10.4% +11.7% Q1 25 Q2 25 Q3 25 Q4 25 FY 25 LFL SALES GROWTH BY QUARTER FY 2025 KEY FIGURES Sales €4.0bn Like-for-like sales growth +11.7% Volume/mix | price +12.4% | -0.7% Recurring Operating Margin 29.2% Reported change -19 bps Q4 2025: +10.4% LFL | +10.6% vol/mix; -0.2% price
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LATIN AMERICA STRONG END TO THE YEAR 18 • Strong competitive growth in EDP, across the region, driven by the Danone brand and High Protein • Continued strong momentum in Specialized Nutrition driven by double-digit growth in Aptamil and medical • Waters back to growth after challenging 2025 season LFL SALES GROWTH BY QUARTER +9.0% +2.9% +4.3% +8.3% +6.0% Q1 25 Q2 25 Q3 25 Q4 25 FY 25 FY 2025 KEY FIGURES Sales €2.8bn Like-for-like sales growth +6.0% Volume/mix | price -1.8% | +7.8% Recurring Operating Margin 6.4% Reported change +267 bps Q4 2025: +8.3% LFL | +0.1% vol/mix; +8.2% price
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AMEA STRONG VOLUME/MIX LED GROWTH, DRIVEN BY SPECIALIZED NUTRITION AND EDP 19 • Sustained momentum in EDP, with positive volume/mix in Dairy Africa • Double-digit growth in Specialized Nutrition, driven by Aptamil across geographies, including strong competitive growth in India LFL SALES GROWTH BY QUARTER +3.3% +4.1% +6.8% +8.3% +5.6% Q1 25 Q2 25 Q3 25 Q4 25 FY 25 FY 2025 KEY FIGURES Sales €4.4bn Like-for-like sales growth +5.6% Volume/mix | price +2.1% | +3.5% Recurring Operating Margin 10.4% Reported change -2 bps Q4 2025: +8.3% LFL | +5.5% vol/mix; +2.8% price
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20 RECURRING OPERATING MARGIN UP +44 BPS IN FY 2025 FURTHER EXPANSION IN MARGIN FROM OPERATIONS 1. Includes FX, IAS 29, contribution of hyperinflation, scope, and effects from other income and expenses FY 2024 Recurring operating margin Margin from operations Reinvestment in products, A&P, capabilities Overheads before reinvestments Others FY 2025 Recurring operating margin 13.0% +77 bps -59 bps -3 bps +29 bps 13.4% REPORTED CHANGE: +44 BPS 1
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21 RECURRING EPS UP +4.6% IN FY 2025 DRIVEN BY OPERATIONAL PERFORMANCE FY 2024 Recurring EPS Operational performance Financing Scope Tax, Equity accounted companies, minorities Currency and others FY 2025 Recurring EPS €3.63 +5.9% -0.6% -0.6% +0.3% -0.4% €3.80 RECURRING EPS GROWTH : +4.6% 1 of which -3.2% from currencies 1. Includes IAS 29
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Free cash flow Capex Working Capital €2.8bn -10.2% -163bps improvement vs. FY24 22 Net debt Net debt / EBITDA ROIC Progress Dividend per share Payout ratio 2.0x in FY25 59% in FY25 stable vs. FY24 +62bps vs. FY24 DISCIPLINED AND RETURN-ORIENTED CAPITAL ALLOCATION DRIVING SUSTAINABLE VALUE CREATION AND SHAREHOLDER RETURN FY 23 FY 25 FY 23 FY 25 -€10.2 bn -€8.4 bn 9.5% 10.7% €2.10 €2.25 10.0% FY 24 -€8.6 bn FY 24 €2.15 FY 23 FY 25FY 24 of sales €1.1 bn +€0.1 bn vs. FY24 1. Dividend to be proposed at the Annual Shareholder’s meeting of April 23, 2026 divided by 2025 Recurring EPS 1
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23 2026 GUIDANCE IN LINE WITH MID-TERM AMBITION LFL sales growth +3% to +5% Recurring operating income Growing faster than sales
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CEO CONCLUSION Antoine de Saint-Affrique Chief Executive Officer
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25 CONCLUSION Perform and transform Delivering consistently, and constructively dissatisfied Resilient amid persistent volatility
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QUESTIONS & ANSWERS SESSION
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APPENDIX
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28 Q4 2025 SALES BY GEOGRAPHICAL ZONE €904m +10.4% +10.6% -0.2% CHINA, NORTH ASIA & OCEANIA Volume/mix NORTH AMERICA €1,560m +0.7% -0.5% +1.3% AMEA €1,093m +8.3% +5.5% +2.8% COMPANY €6,684m +4.7% +2.5% +2.1% EUROPE €2, 404m +2.5% +1.0% +1.5% LATIN AMERICA €723m +8.3% +0.1% +8.2% Q4 sales Price Like -for -like growth
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29 Q4 2025 SALES BY CATEGORY €3,288m +3.8% +1.6% +2.2% Volume/mix Like -for -like growth €1,023m +2.2% -0.5% +2.7% COMPANY €6,684m +4.7% +2.5% +2.1% €2,372m +7.2% +5.4% +1.8% Q4 sales Price
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30 Q4 2025 SALES BY CATEGORY AND GEOGRAPHY CHINA, NORTH ASIA & OCEANIA NORTH AMERICA AMEA & LATIN AMERICA COMPANYEUROPE €1,102m €1,355m €103m €728m €3,288m +3.0% +0.3% +19.5% +10.3% +3.8% €818m €139m €721m €695m €2,372m +0.6% +10.3% +10.4% +11.3% +7.2% €484m €66m €81m €393m €1,023m +4.8% -1.6% +0.1% +0.4% +2.2% €2,404m €1,560m €904m €1,816m €6,684m +2.5% +0.7% +10.4% +8.3% +4.7% EDP Sales LFL growth SPECIALIZED NUTRITION Sales LFL growth WATERS Sales LFL growth COMPANY Sales LFL growth
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31 FY 2025 SALES BY GEOGRAPHICAL ZONE €3,953m +11.7% +12.4% -0.7% CHINA, NORTH ASIA & OCEANIA Volume/mix NORTH AMERICA €6,316m +2.0% +0.6% +1.4% AMEA €4,444m +5.6% +2.1% +3.5% COMPANY €27,283m +4.5% +2.7% +1.8% EUROPE €9,779m +2.3% +1.9% +0.5% LATIN AMERICA €2,792m +6.0% -1.8% +7.8% FY sales Price Like -for -like growth
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32 FY 2025 SALES BY CATEGORY €13,158m +3.5% +1.7% +1.7% Volume/mix Like -for -like growth €4,848m +1.9% +0.3% +1.5% COMPANY €27,283m +4.5% +2.7% +1.8% €9,277m +7.4% +5.5% +1.9% FY sales Price
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33 FY 2025 SALES BY CATEGORY AND GEOGRAPHY CHINA, NORTH ASIA & OCEANIA NORTH AMERICA AMEA & LATIN AMERICA COMPANYEUROPE €4,394m €5,554m €407m €2,803m €13,158m +2.0% +1.7% +12.8% +8.5% +3.5% €3,217m €464m €2,768m €2,828m €9,277m +2.1% +6.6% +13.2% +8.1% +7.4% €2,168m €299m €777m €1,605m €4,848m +3.3% +2.6% +6.1% -1.9% +1.9% €9,779m €6,316m €3,953m €7,236m €27,283m +2.3% +2.0% +11.7% +5.8% +4.5% EDP Sales LFL growth SPECIALIZED NUTRITION Sales LFL growth WATERS Sales LFL growth COMPANY Sales LFL growth
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34 Q4 AND FY 2025 SALES BY GEOGRAPHICAL ZONE 1 Excluding IAS 29 Q4 2025 EUROPE NORTH AMERICA CHINA, NORTH ASIA & OCEANIA LATIN AMERICA AMEA TOTAL 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 0.0% 0.0% 0.0% -0.1% +0.3% 0.0% Hyperinflation contribution 0.0% 0.0% 0.0% +1.9% +1.0% +0.4% Reported sales growth +1.9% -4.7% +2.1% -0.1% -1.7% -0.5% FY 2025 EUROPE NORTH AMERICA CHINA, NORTH ASIA & OCEANIA LATIN AMERICA AMEA TOTAL Like-for-like sales growth +2.3% +2.0% +11.7% +6.0% +5.6% +4.5% Scope 0.0% -1.5% 0.0% 0.0% 0.0% -0.4% Currency and others1 -0.1% -4.5% -4.7% -13.6% -7.3% -4.4% IAS 29 impact 0.0% 0.0% 0.0% -3.9% -0.9% -0.6% Hyperinflation contribution 0.0% 0.0% 0.0% +3.7% +1.2% +0.6% Reported sales growth +2.2% -4.0% +7.0% -7.8% -1.4% -0.3%
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35 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 Dollar 2.8% -6.1% -8.1% Brazilian Real 2.8% -7.6% -1.5% Argentine Peso 2.2% -29.9% -35.0% Turkish Lira 2.0% -20.7% -25.0% Moroccan Dirham 1.9% +2.0% -1.2% Japanese Yen 1.5% -3.0% -8.9%
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36 RECURRING OPERATING MARGIN FY 2024 FY 2025 Margin reported change€m margin (%) €m margin (%) 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% -2 bps Essential Dairy & Plant-based 1,142 8.5% 1,121 8.5% +4 bps Specialized Nutrition 1,842 20.6% 2,016 21.7% +112 bps Waters 574 11.5% 528 10.9% -64 bps Total 3,558 13.0% 3,665 13.4% +44 bps
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37 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 (888) (906) Recurring effective tax rate 27.3% 27.0% Recurring net income from fully consolidated companies 2,365 2,450 Recurring share of profit (loss) of equity-accounted companies 76 108 Recurring net income from non-controlling interests 96 97 Recurring net income group share 2,345 2,461 Recurring EPS ( €) 3.63 3.80
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38 NON-RECURRING NET INCOME € million FY 2024 FY 2025 Change Recurring net income group share 2,345 2,461 +116 NON-RECURRING ITEMS Non-recurring net income group share (324) (636) -312 Operating income (179) (725) -546 Total Financial expenses (75) (96) -21 Income tax (41) 166 +207 Share of profit (loss) of equity- accounted companies (46) (16) +30 Non-controlling interests (17) (34) -17 Total net income group share 2,021 1,825 -197
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39 EBITDA CALCULATION € million FY 2024 FY 2025 Operating income 3,379 2,940 Depreciation, amortization and impairment of property, plant and equipment and intangible assets 1,168 1,355 EBITDA 4,546 4,295
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40 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)
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41 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 Expenditure (923) (1,055) (132) Change in Working Capital +534 +276 (258) Free Cash Flow 3 3,003 2,799 (204) 1. Other non cash items are not significant; 2. Transformation projects, and mainly proceeds on disposals and dividends received from equity-accounted entities; 3. Alternative performance measures not defined by IFRS
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42 BALANCE SHEET € million 1. Excluding assets included in net debt; 2. Net of cash, cash equivalents, marketable securities, other short-term investments and financial instrument asset 31/12/2431/12/24 31/12/2531/12/25 39 09139 091 38 38338 383 LIABILITIESASSETS1 Other assets Working capital Intangible assets Net debt2 Working capital Shareholders’ equity Other liabilities 6 586 6 567 8 496 8 680 24 009 23 136 8,919 9,337 3,718 3,646 8 601 8 431 17,853 16,970
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43 NET DEBT REPORTED: -€0.2bn 1. To offset the dilutive impact of employee shareholder plans; 2. Includes + €0.3 bn new leases on the period, -€0.5 bn of new hybrid financing Reported Net Debt/EBITDA 2.0x Net Debt 31/12/2024 FCF M&A Dividends Share Buyback1 Others2 Net Debt 31/12/2025 €8.6bn -2.8 +0.8 +1.5 +0.5 -0.2 €8.4bn
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44 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”, “objective”, “believe”, “forecast”, “guidance”, “outlook”, “foresee”, “likely”, “may”, “should”, “goal”, “target”, “might”, “will”, “could”, “predict”, “continue”, “convinced” and “confident,” the negative or plural of these words and other comparable terminology, or by using future dates. Forward looking statements in this document include, but are not limited to, predictions of future activities, operations, direction, performance and results of Danone. These forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in these forward-looking statements. For a description of these risks and uncertainties, please refer to the “Risk Factors” sections of Danone’s Universal Registration Document (the current version of which is available on www.danone.com). Subject to regulatory requirements, Danone does not undertake to publicly update or revise any of these forward-looking statements. This document does not constitute an offer to sell, or a solicitation of an offer to buy Danone securities. All references in this presentation to Like-for-like (LFL) changes in sales, margin from operations, recurring operating income, recurring operating margin, other non-recurring financial income and expense, non-recurring income tax, recurring effective tax rate, non-recurring share of profit (loss) of equity-accounted companies, recurring net income, recurring EPS, free cash flow, working capital/sales, net financial debt, net debt/EBITDA, ROIC and payout ratio correspond to financial indicators not defined in IFRS. Please refer to the financial press releases issued by the Company for further details on IAS29 (Financial reporting in hyperinflationary economies), the definitions and reconciliation with financial statements of financial indicators not defined in IFRS. Due to rounding, the sum of values presented in this presentation may differ from totals as reported. Such differences are not material. Photo credits: Cover page with Carlos Alcaraz, image courtesy of Tennis Australia / Fiona Hamilton; Photo By Tennis Australia / Morgan Hancock