Danone Q1 Report 2023

• Net sales of €6,962m in the first quarter, up +11.6% on a reported basis and +10.5% on a like-for-like (LFL) basis, with price up +10.3% and volume/mix up +0.2%; proforma volume/mix up +1.1% excluding EDP Russia
• Strong start to the year, with all geographies and categories contributing to LFL sales growth:
  o +6.2% in Europe driven by France, UK and Poland; further progress on EDP portfolio transformation
  o +11.8% in North America led by a continued strong and balanced momentum across segments
  o +16.0% in China, North Asia & Oceania with double-digit growth in all three categories
  o +12.6% in Latin America, led by Mexico and Brazil with resilient volumes
  o +11.8% in Rest of the World, notably supported by favorable calendar effects
• 2023 guidance upgrade: like-for-like sales growth now expected between +4 and +6%; moderate improvement
  in recurring operating margin confirmed

In the first quarter of 2023, consolidated sales stood at €6,962m, up +10.5% on a like-for-like basis, with a +10.3%
contribution from price and a +0.2% contribution from volume/mix. On a reported basis, sales increased by +11.6%, benefiting notably from a slightly positive Forex impact of +0.7%, and a positive effect of +1.4% coming from the contribution of hyperinflation. Reported sales were also impacted by a negative scope impact of -0.6%, resulting
from the deconsolidation of the Waters business in Argentina.