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Use ‘Indent’ button for subheader Use ‘Indent’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB PICTURE TAB Use ‘Reset Slide’ to fit picture & ‘ Crop ’ to adjust picture PICTURE TAB Image can be replaced Click 'New Slide' button to insert a slide tailored to your content. HOME TAB Click ‘Right Mouse button’ on photo and select ‘ Send to back’ or reset slide RIGHT CLICK Q3 2026 SALES Juergen Esser Chief Financial Officer
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 2 SOLID PERFORMANCE IN Q3 • Another quarter of broad - based momentum and delivery across the portfolio • Growth profile in Q3 reflects decisive and disciplined pricing actions in an inflationary context • Focused actions taken to step up execution and restore performance in EDP North America • 2026 guidance confirmed , in line with our mid - term ambition 1 2 3 4 +4.0% LFL sales growth in Q3 26 • +0.4% volume/mix • +3.6% price 2026 guidance • LFL +3% to +5% • Rec. Op. Income growing faster than sales
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB BROAD - BASED GROWTH ACROSS CATEGORIES AND GEOGRAPHIES 3 Note: all data in like - for - like. EMEA refers to Europe, Middle East and Africa; APAC refers to Asia Pacific. Q3 2026 LFL sales growth +4.0% +3.6% +3.6 % EMEA +3.9% AMERICAS +3.6% APAC +4.4% +4.7%
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 4 Note: all data in like - for - like . Largest contributors to Q3 2026 LFL growth in each category, based on business size and growth rate. +3.6% +3.6 % +4.7% Main outperformers contributing to Q3 2026 LFL growth A RESILIENT PORTFOLIO WITH MULTIPLE GROWTH ENGINES Middle East
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Use ‘Indent’ button for subheader Use ‘Indent’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 5 Note: all data in like - for - like Q1 25 Q2 25 Q3 25 Q4 25 Q3 26 Q1 26 +4.1% +4.7% +4.0% + 2.7 % +4.8% +4.3% Q 2 26 + 4.2 % Vol/mix Price +3.6% +0.4% Proactive pricing actions taken in Q3, to build future competitive edge Disciplined management of volume/mix impacts Continued focus on quality growth, d elivering on our long - term business model ANOTHER QUARTER OF STRONG LIKE - FOR - LIKE GROWTH GROWTH PROFILE IN Q3 REFLECTS DECISIVE AND DISCIPLINED PRICING ACTIONS
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 6 EUROPE: EDP SUCCESSFULLY DELIVERING ON ITS TURNAROUND PLAN SOLID GROWTH UNDERPINNED BY STRONG EXECUTION, WITH 12 CONSECUTIVE QUARTERS OF POSITIVE VOL/MIX Note: all data in like - for - like. Activia growing for 4 consecutive quarters Danone brand up double - digit in Q3 Alpro driving category growth High Protein consistently driving growth
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 7 NORAM: FOCUSING ON YOGURT EXECUTION AND COMPETITIVENESS DECISIVE ACTIONS TO RESTORE PERFORMANCE Capacities installation on track Focusing on step - changing execution Fully leveraging our unique portfolio Fibers Kefir Everyday Greek 85% Target Q4 25 Q1 26 Q2 26 Q3 26 First weeks of Oct. Capacity ramp - up slowed by operational disruptions Restoring service level to drive on - shelf presence By mid - 2027 With 8 capacity expansion projects across 4 factories since Dec. 2025, capacity is no longer a limiting factor Regaining innovation leadership through strong product pipeline beyond high protein Service level for Yogurt in the U.S. ( % Case Fill Rate) Existing High - protein Greek Launching Everyday Greek
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 8 CNAO : CONSISTENT GROWTH IN SPECIALIZED NUTRITION AND EDP DISPROPORTIONATE NEGATIVE IMPACT OF MIZONE IN Q3 2026 Specialized Nutrition Strong momentum for Aptamil, driven by Essensis Medical Nutrition growing consistently Mizone Poor season with adverse weather conditions, prompting disciplined inventory management c. - 1 pt impact on Q3 Group LFL Note: all data in like - for - like. DD = double digit, MSD = mid - single digit. Charts are intended to illustrate orders of magnitud e. Q2 2026 NEGATIVE POSITIVE TOTAL CNAO +3.6% LFL GROWTH ↑ Q3 2026 NEGATIVE POSITIVE TOTAL CNAO +0.1% LFL GROWTH ↑ Q1 2026 NEGATIVE POSITIVE DD DD DD MSD DD MSD TOTAL CNAO +10.3% LFL GROWTH ↑ MSD MSD+ DD c.70% of sales
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB Q3 SALES BRIDGE REPORTED GROWTH REFLECTING STRONG LIKE - FOR - LIKE PERFORMANCE 9 1. Includes IAS 29 impact Q3 2025 Sales Volume/mix Price Currency, contribution of hyperinflation and others Scope Q3 2026 Sales € 6,876m +0.4% +3.6% + 1 .7% - 0.5% €7,233m LFL GROWTH: +4.0% of which +1.5% from currencies REPORTED GROWTH: +5.2% 1
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB EMEA SOLID PERFORMANCE IN Q3 DRIVEN BY EDP AND WATERS 10 • 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 recover progressively in Europe • Strong season in Waters, notably with DD growth in Volvic Q3 2026 DEVELOPMENTS Q3 2026 KEY FIGURES +4.6% +4.3% +0.6% +3.6% +3.9% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 LFL SALES GROWTH BY QUARTER Q3 LFL BY CATEGORY +4.9% - 0 .3 % +8.4 % EMEA o/w Europe Sales €3.2bn €2.5bn LFL growth +3.9% +1.9% Vol/mix - 0.4% - 1.3% Price +4.3% +3.2% Note: IMF refers to Infant Milk Formula. DD = double digit.
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 11 • 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), Neocate and Kate Farms • Strong growth in Waters, with solid performance of evian in North America and improved momentum in Mexico Q3 2026 DEVELOPMENTS Q3 2026 KEY FIGURES +2.3% +3.0% +3.4% +4.3% +4.4% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 LFL SALES GROWTH BY QUARTER Q3 LFL BY CATEGORY +2.2% +12.4 % +11 .7 % Americas o/w NorAm Sales €2.4bn €1.7bn LFL growth +4.4% +2.4% Vol/mix +0.7% - 0.6% Price +3.7% +3.0% AMERICAS ADRESSING CHALLENGES IN NORAM EDP; STRONG GROWTH ACROSS ALL OTHER BUSINESSES
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 12 • 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 continued to show strong volume/mix - based momentum in Japan, with both Activia and Oikos Q3 2026 DEVELOPMENTS Q3 2026 KEY FIGURES +9.0% +8.3% +6.0% +5.2% +3.6% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 LFL SALES GROWTH BY QUARTER Q3 LFL BY CATEGORY + 10 . 9 % +7.9 % - 7.5 % APAC o/w CNAO Sales €1.6bn €1.1bn LFL growth +3.6% +0.1% Vol/mix +1.7% - 1.6% Price +1.9% +1.7% APAC SUSTAINED PERFORMANCE IN SPECIALIZED NUTRITION AND EDP; POOR SEASON FOR CHINA WATERS Note: IMF refers to Infant Milk Formula. MSD= mid - single digit.
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 2026 GUIDANCE CONFIRMED IN LINE WITH MID - TERM AMBITION 13 LFL sales growth +3% to +5% Recurring operating income Growing faster than sales
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Use ‘Indent’ button for subheader Use ‘Indent’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB PICTURE TAB Use ‘Reset Slide’ to fit picture & ‘ Crop ’ to adjust picture PICTURE TAB Image can be replaced Click 'New Slide' button to insert a slide tailored to your content. HOME TAB Click ‘Right Mouse button’ on photo and select ‘ Send to back’ or reset slide RIGHT CLICK APPENDIX
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 15 Q3 2026 SALES BY CATEGORY AND GEOGRAPHICAL ZONE APAC AMERICAS COMPANY EMEA €1,491m €1,779m €139m €3,409m +4.9% +2.2% +10.9% +3.6% €1,043m €315m €1,096m €2,454m - 0.3% +12.4% +7.9% +4.7% €681m €278m €411m €1,370m +8.4% +11.7% - 7.5% +3.6% €3,215m €2,372m €1,646m €7,233m +3.9% +4.4% +3.6% +4.0% EDP Sales LFL growth SPECIALIZED NUTRITION Sales LFL growth WATERS Sales LFL growth COMPANY Sales LFL growth
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 16 Q3 2026 SALES BY GEOGRAPHICAL ZONE Volume/mix Like - for - like growth COMPANY €7,233m +4 .0 % + 0 .4% +3.6% Q3 sales Price AMERICAS E MEA APAC €3, 215 m +3.9% - 0.4 % +4.3 % €2,372m +4.4% +0 .7 % +3 .7 % €1,646 m +3.6% +1. 7 % +1.9 %
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 17 Q3 2026 SALES BY CATEGORY €3,409m +3.6% +0 .9 % + 2 .8% Volume/mix Like - for - like growth €1,370m +3.6% - 1.6% +5.2% COMPANY €7,233m +4 .0 % +0.4% +3.6% €2,454m +4.7% +0.9% +3.8 % Q3 sales Price
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 18 9M 2026 SALES BY CATEGORY AND GEOGRAPHICAL ZONE APAC AMERICAS COMPANY EMEA €4,367m €5,348m €373m €10,089m +3.8% +2.9% +12.6% +3.6% €3,139m €876m €3,176m €7,192m - 0.5% +11.6% +6.5% +3.7% €1,843m €839m €1,213m €3,895m +6.1% +4.9% - 0.8% +3.6% €9,349m €7,064m €4,762m €21,176m +2.7% +4.1% +4.9% +3.6% EDP Sales LFL growth SPECIALIZED NUTRITION Sales LFL growth WATERS Sales LFL growth COMPANY Sales LFL growth
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 19 9M 2026 SALES BY GEOGRAPHICAL ZONE Volume/mix Like - for - like growth COMPANY €21,176m + 3.6 % +1.3 % + 2.4 % 9M sales Price AMERICAS E MEA APAC € 9,349 m + 2.7 % +0.1% +2.6 % € 7,064 m +4.1% +1.1 % + 2.9 % € 4,762m + 4.9 % + 3.7 % +1.2 %
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 20 9M 2026 SALES BY CATEGORY € 10,089 m +3.6% + 1.8 % +1.8% Volume/mix Like - for - like growth €3,895m +3.6% +0.4% +3.2% COMPANY € 21,176 m + 3.6 % + 1.3 % + 2.4 % € 7,192 m + 3.7 % + 1.0% +2.8 % 9M sales Price
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 21 Q3 2026 SALES BY GEOGRAPHICAL ZONE 1 Excluding IAS 29 impact 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 growth +3.5% +5.3% +8.6% +5.2% Q3 2026
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB Q3 26 vs. Q3 25 ( avg ) 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% 22 CHANGES IN EXCHANGE RATES Note: Currencies that most significantly impacted sales during the period, ranked by contribution of the currency to sales
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Use ‘ Indent ’ button for subheader Use ‘ Indent ’ button for text formats Click 'Reset Slide' button to revert the slide to its original layout & font HOME TAB HOME TAB 23 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 IAS 29 (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 . DISCLAIMER