Danone Full-Year Report 2022

• Net sales reached €27,661m in 2022, up +13.9% on a reported basis and +7.8% on a like-for-like (LFL) basis, with price up +8.7%, and volume/mix down -0.8%; proforma volume/mix up +0.2% excluding EDP Russia
• Q4 sales growth reached +7.0% LFL
  o +9.7% in North America led by International Delight, Activia, Oikos and Silk
  o +4.0% price-led growth in Europe driven by Specialized Nutrition
  o +3.4% in China, North Asia & Oceania led by Specialized Nutrition and EDP
  o +9.8% in Rest of the World, led by price, with all categories and geographies contributing
• Recurring operating margin at 12.2% while reinvesting in A&P, product superiority and capabilities
• Resilient earnings in a context of transformation: recurring EPS at €3.43, up +3.6% from last year
• €2.1bn free-cash-flow with focus on cash conversion cycle and capital allocation
• Proposed dividend of €2.00
• Next stage of Danone’s sustainability journey unveiled, focused on impact
• 2023 guidance in line with mid-term targets: like-for-like sales growth between +3 and +5% with moderate
  improvement in recurring operating margin

In 2022, consolidated sales stood at €27.7 bn, up +7.8% on a like-for-like basis, with a +8.7% contribution from price and a -0.8% contribution from volume/mix. On a reported basis, sales increased by +13.9%, benefiting from a
positive forex impact of +4.9%, reflecting in particular the appreciation of the US dollar and various Asian and Latin
American currencies against the euro. Reported sales were also impacted by a positive organic contribution of
+1.2% from hyperinflation geographies.

In the fourth quarter, sales increased by +7.0% on a like-for-like basis, with a +11.3% contribution from price and
a -4.4% contribution from volume/mix. On a reported basis, sales increased by +12.3%, benefiting in particular from
a positive forex impact of +3.7% and a positive organic contribution to growth of +1.7% by hyperinflation countries.