Danone Q3 Report 2023

• Net sales reached €6,906m in Q3 2023, up +6.2% on a like-for-like (LFL) basis, supported by a sequential improvement in volume/mix (-0.3%) led by EDP
• Good momentum across the portfolio, with further progress on Renew Danone agenda:

-EDP transformation in Europe starts delivering results, with volume/mix sequentially improving, giving confidence for next quarters

-Continued solid dynamics in China led by Medical Nutrition and Infant Milk Formula; robust growth during peak season for Mizone confirming turnaround

– Resilient performance in North America supported by Coffee Creations and Yogurts

Strong broad-based growth in AMEA and Latin America

• 2023 guidance raised: like-for-like sales growth now expected between +6% and +7% (versus between +4% and +6% previously); moderate improvement in recurring operating margin confirmed

In Q3 2023, consolidated sales stood at €6.9 bn, up +6.2% on a like-for-like basis, led by an increase of +6.6% from price, and a sequential improvement of volume/mix, down -0.3%. On a reported basis, sales decreased by -5.8%, mainly penalized by the strong negative impact from forex (-7.4%), reflecting the depreciation of the majority of currencies against the euro. Reported sales were also penalized by a negative effect from scope (-6.2%), mainly resulting from the deconsolidation of EDP Russia operations starting from July 2023. Finally, hyperinflation contributed positively to reported sales (+1.8%).