Danone Half-Year Report 2023

• Net sales reached €14,167m in H1 2023, up +6.3% on a reported basis and +8.4% on a like-for-like (LFL) basis,
  with price up +9.4%, and volume/mix down -1.1%
• Q2 sales growth reached +6.4% on a LFL basis, with price up +8.7% and volume/mix down -2.3%
  o +6.5% in Europe, driven by France, Poland and Spain; further progress on EDP portfolio transformation
  o +5.0% in North America, led by Yogurt, Coffee Creations and Waters
  o +9.6% in China, North Asia & Oceania, supported by all categories
  o +10.8% in Latin America, led by EDP and Specialized Nutrition
  o +3.9% in Rest of the World, with Q2 performance normalizing after Q1 one-offs
• Recurring operating margin up +14 bps at 12.2%; significant reinvestments in A&P, product superiority and
  capabilities (-99 bps impact)
• Operational performance driving earnings: recurring EPS at €1.76, up +7.6% from last year
• €1.1 bn free-cash-flow, driven by operational performance and supported by disciplined capital allocation
• 2023 guidance reiterated: like-for-like sales growth between +4 and +6%; moderate improvement in recurring
  operating margin

In Q2 2023, consolidated sales stood at €7.2 bn, up +6.4% on a like-for-like basis, with a +8.7% contribution from price and a -2.3% contribution from volume/mix. On a reported basis, sales increased by +2.4%, reflecting notably a
negative impact from forex (-4.3%) and scope (-0.4%), and a positive contribution of hyperinflation (+1.3%).

In H1 2023, consolidated sales stood at €14.2 bn, up +8.4% on a like-for-like basis, with a +9.4% contribution from
price and a -1.1% contribution from volume/mix. On a reported basis, sales increased by +6.3%, notably penalized
by a negative forex effect of -2.0%, reflecting in particular the depreciation of various Asian and Latin American
currencies against the euro. Reported sales were also impacted by a positive contribution of hyperinflation of +1.3%,
and a slightly negative scope effect of -0.5%.