France · Delayed Price · Currency is EUR Danone Earnings Call Transcripts
Fiscal Year 2026
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Health and nutrition trends continue to drive growth, with innovation, productivity, and channel mix supporting margin expansion. North America and plant-based segments are set for progressive improvement, while AI adoption enhances efficiency and consumer engagement.
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Solid Q1 2026 results with +2.7% like-for-like sales growth, resilient performance across categories despite Middle East conflict and IMF recall. Strategic moves include Huel acquisition and Argentinian dairy JV, with guidance for 3–5% sales growth reaffirmed.
Fiscal Year 2025
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Delivered strong 2025 results with +4.5% like-for-like sales growth, margin expansion, and robust free cash flow, despite temporary infant formula recalls impacting Q1 2026. Growth was broad-based across regions and categories, with continued investment in innovation and sustainability.
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Q3 2025 saw +4.8% like-for-like sales growth, led by specialized nutrition and high-protein dairy, with broad-based regional gains and strong innovation. Guidance for +3% to +5% growth is reaffirmed, despite currency headwinds and North American supply constraints.
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The organization is accelerating growth through a more agile structure, science-driven innovation, and expansion in high-growth categories like high protein, medical nutrition, and infant formula. Channel diversification and targeted M&A, such as the Kate Farms acquisition, support global ambitions and margin expansion.
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Strong H1 2025 results with +4.2% like-for-like sales growth, margin expansion, and robust free cash flow. Specialized Nutrition and high-protein categories led growth, while acquisitions and innovation supported future prospects. Confident in meeting full-year guidance.
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Q1 2025 saw 4.3% like-for-like sales growth, with all regions contributing and health-focused products driving gains. Strategic channels and premium categories outperformed, while guidance for 2025 was confirmed at 3–5% sales growth.
Fiscal Year 2024
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Delivered strong 2024 results with +4.3% like-for-like sales growth, margin expansion, record €3B free cash flow, and double-digit ROIC. All regions and categories contributed, with continued reinvestment in brands and science, and a disciplined approach to M&A and capital allocation.
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Q3 2024 saw like-for-like sales rise +4.2%, with broad-based growth across all regions and categories, especially in North America and China. Full-year guidance for +3% to +5% sales growth and moderate margin improvement is confirmed, despite currency headwinds and input cost inflation.
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H1 2024 saw strong, broad-based growth with like-for-like revenue up 4% and recurring operating margin up 45 bps to 12.69%. Free cash flow rose 11% to €1.2 billion, and all segments contributed positively, with guidance for 2024 reaffirmed.
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A radical transformation over the past two years has refocused the business on science, health, and operational excellence, driving competitive growth and profitability. The company targets 3–5% annual sales growth, double-digit ROIC, and €3 billion free cash flow by 2028, with major opportunities in Medical Nutrition, protein, and geographic expansion.