Danone Full-Year Report 2023

Highlights

• Net sales reached €27,619m in 2023, up +7.0% on a like-for-like (LFL) basis, with price up +7.4% and volume/mix down -0.4%
• Q4 sales growth up +5.1% on a LFL basis, with volume/mix turning positive at +0.8%
• EDP transformation in Europe continues to deliver results, with volume/mix back to positive territory
• Solid volume/mix-led performance in North America, mainly driven by International Delight and Oikos
• Another quarter of strong competitive growth in China, North Asia & Oceania
• Recurring operating margin up +40 bps at 12.6%, while reinvesting significantly
• Record level of free-cash-flow at €2.6 bn, enabling investments and deleverage
• Recurring EPS up +3.4% at €3.54, driven by operational performance; proposed dividend of €2.10, up +5.0%
• 2024 guidance in line with mid-term ambition: like-for-like sales growth expected between +3% and +5%, with moderate improvement in recurring operating margin
• Capital Market Event to take place in June 2024