Danone Q3 Report 2022

  • Q3 net sales up +19.1% on a reported basis and +9.5% on a like-for-like (LFL) basis, with price up +10.9%, and volume/mix down -1.4%; proforma volume/mix -0.2% excluding EDP Russia
  • Accelerated like-for-like sales growth in all geographies and categories
    o +11.2% in North America driven by balanced competitive growth across categories
    o +6.0% in Europe led by Specialized Nutrition and Waters
    o +6.8% in China, North Asia & Oceania led by Specialized Nutrition in China and EDP in Japan
    o +13.6% in Rest of the World with price-led growth across all countries and categories
  • Portfolio management: initiation of a process to transfer the effective control of the EDP Russia business
  • 2022 guidance upgraded: LFL net sales growth now expected between +7 and +8%, versus +5 to +6% previously; recurring operating margin above 12% confirmed

Antoine de Saint-Affrique: CEO statement

“In what remains a challenging environment, we continue to display consistent progress in all aspects of our Renew
agenda, with active portfolio management and a disciplined approach to boosting our winners, fixing our
underperformers and driving our core, as exemplified by the ongoing transformation of our European dairy
platform.

Q3 was another quarter of strong growth, with sales up +9.5% on a like-for-like basis, led by a sequential growth
acceleration across all our categories and geographies. We now expect LFL sales growth between +7 and +8% in
the full-year 2022.

We continue to implement pricing actions in a responsible and disciplined manner, while focusing on the quality of our execution and reinvesting behind our brands and capabilities. This shows in the performance of our Specialized Nutrition business, led by Aptamil, in Waters, where our evian, Bonafont and Aqua brands continue to perform strongly in the marketplace, but also in EDP, with the resilience of portfolio, notably in the US, Canada and Japan.”

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