2023 Full-Year Results
Press release – Paris, February 22, 2024

Strong full-year results
Consistently delivering on Renew Danone▪ Net sales reached €27,619m in 2023, up +7.0% on a like-for-like (LFL) basis, with price up +7.4% and volume/mix
down -0.4%▪ Q4 sales growth up +5.1% on a LFL basis, with volume/mix turning positive at +0.8%
o EDP transformation in Europe continues to deliver results, with volume/mix back to positive territoryo Solid volume/mix-led performance in North America, mainly driven by International Delight and Oikoso Another quarter of strong competitive growth in China, North Asia & Oceania▪ Recurring operating margin up +40 bps at 12.6%, while reinvesting significantly▪ Record level of free-cash-flow at €2.6 bn, enabling investments and deleverage▪ Recurring EPS up +3.4% at €3.54, driven by operational performance; proposed dividend of €2.10, up +5.0%▪ 2024 guidance in line with mid-term ambition: like-for-like sales growth expected between +3% and +5%, withmoderate improvement in recurring operating margin▪ Capital Market Event to take place in June 2024

2023 Full-Year Key Figuresin millions of euros except if stated otherwise

FY 2022

FY 2023

Sales

27,661

27,619

Reported
Change-0.2%

Recurring operating income

3,377

3,481

+3.1%

Recurring operating margin

12.2%

12.6%

+40 bps(1,234)(1,438)(205)

Operating income

Non-recurring operating income and expenses

2,143

2,042

-4.7%

Operating margin

7.7%

7.4%

-35 bps+3.5%

Recurring net income – Group share

2,205

2,283

(1,246)(1,402)(156)

Net income – Group share

959

881

-8.1%

Recurring EPS (€)

3.43

3.54

+3.4%

EPS (€)
Free cash flow

1.48
2,127

1.36
2,633

-8.0%
+23.8%Cash flow from operating activities

2,964

3,442

+16.1%

Non-recurring net income – Group share

Like-for-like
Change (LFL)
+7.0%

1

All references in this document to Like-for-like (LFL) changes, Recurring operating income and margin, Margin from operations, Recurring net income, Recurring income tax rate, Recurring EPS, Free cash-flow
and net financial debt, correspond to alternative performance measures not defined by IFRS. Their definitions, as well as their reconciliation with financial statements, are listed on pages 5 to 8.

For more information, please contact:
Media Relations: press@danone.com – Investor Relations: finance@danone.com
Danone: 17, Boulevard Haussmann, 75009 Paris, France-1-Antoine de Saint-Affrique: CEO statement
2023 was a year of consistent progress and strong delivery against our Renew Danone agenda. We put scienceback at the heart of what we do and further tied sustainability to business performance. We made significant
progress in sharpening our portfolio. We further invested behind our brands, our innovations and our capabilities,
progressively improving the quality of our growth, while creating value for all stakeholders.
In a context which remains challenging, the progressive improvement of our volume-mix, turning positive in Q4, thevisible progress made by EDP Europe, and the continued strong momentum of our Medical Nutrition activity areencouraging signs, even if lots remains to be done.
Building on the positive momentum of 2023, we are starting this new financial year with confidence in our Renew
strategy. We will continue to focus on consistent execution and delivery, in line with the mid-term ambition we
defined in March 2022. We will keep progressively improving the resilience of Danone, further equipping it with theskills, science and tools it needs to be future fit. As we start projecting ourselves, we look forward to hosting a CapitalMarket Event in June 2024.

I. FOURTH QUARTER AND FULL-YEAR RESULTS
Fourth quarter and full-year sales
In Q4 2023, consolidated sales stood at €6.7 bn, up +5.1% on a like-for-like basis, led by an increase of +4.3% fromprice and +0.8% from volume/mix. On a reported basis, sales decreased by -5.0%, mainly penalized by the strong
negative impact from forex (-6.0%), reflecting the depreciation of the majority of currencies against the euro.
Reported sales were also penalized by a negative effect from scope (-5.8%), mainly resulting from thedeconsolidation of EDP Russia starting from July 2023. Besides, hyperinflation contributed positively to reported sales(+2.8%).
In 2023, consolidated sales stood at €27.6 bn, up +7.0% on a like-for-like basis, with price up +7.4% and volume/mix
down -0.4%. On a reported basis, sales decreased by -0.2%, reflecting notably a negative impact from forex (-4.3%)
and scope (-3.4%), and a positive contribution of hyperinflation (+1.8%).

Sales by operating segment
Q4
2022

Q4
2023

Reportedchange

LFL Sales
GrowthVolume/Mix
Growth

FY
2022

FY
2023

Reportedchange

LFL Sales
GrowthVolume/Mix
GrowthEurope

2,169

2,313

+6.6%

+6.0%

+0.3%

8,871

9,382

+5.8%

+5.9%

-3.3%

North America

1,759

1,725

-2.0%

+3.1%

+2.8%

6,712

6,889

+2.6%

+5.8%

+0.2%

China, North Asia & Oceania

817

822

+0.6%

+7.4%

+4.8%

3,428

3,496

+2.0%

+10.1%+8.6%

Latin America

745

704

-5.5%

+8.1%

-1.3%

2,805

2,794

-0.4%

+9.8%

-1.3%

Rest of the World

1,517

1,092

-28.0%

+3.5%

-2.9%

5,846

5,058

-13.5%

+7.2%

-1.8%

EDP

3,887

3,462

-11.0%

+4.5%

+2.0%

14,79914,322

-3.2%

+6.6%

-1.4%

Specialized Nutrition

2,147

2,174

+1.2%

+4.7%

-1.3%

8,319

8,504

+2.2%

+6.7%

+0.6%

Waters

972

1,019

+4.9%

+8.5%

+1.5%

4,543

4,793

+5.5%

+9.1%

+0.8%

TOTAL

7,007

6,655

-5.0%

+5.1%

+0.8%

27,661

27,619

-0.2%

+7.0%

-0.4%

€ million except %BY GEOGRAPHICAL ZONEBY CATEGORY

In the fourth quarter, Europe sales were up +6.0% on a like-for-like basis, with price up +5.7% while volume/mix wasback to positive territory, at +0.3%. EDP performance continued to improve sequentially, notably led by Actimel,
Danone, YoPro and Alpro. Specialized Nutrition delivered resilient growth in a soft category, while Waters posted
strong growth, driven by evian, Volvic and Zywiec Zdroj. In North America, sales were up +3.1% on a like-for-likebasis, led by volume/mix, up +2.8%, while pricing normalized (+0.3%). The performance was led by Coffee Creations
For more information, please contact:
Media Relations: press@danone.com – Investor Relations: finance@danone.com
Danone: 17, Boulevard Haussmann, 75009 Paris, France-2-and Yogurts, and in particular by International Delight, Stok and Oikos. China, North Asia & Oceania delivered +7.4%
like-for-like sales growth, led by volume/mix up +4.8% and price up +2.6%. In China, Specialized Nutrition maintained
its momentum, in both Infant Nutrition and Medical Nutrition, while Mizone is confirming its turnaround, growing
double-digits. Besides, EDP registered double-digit growth in Japan, led by Activia and Oikos. In Latin America, sales
were up +8.1%, with price up +9.4% and volume/mix down -1.3%. The performance was driven by all geographiesand categories, and in particular by Oikos, YoPro and Bonafont. In the Rest of the World, sales increased by +3.5%
on a like-for-like basis, with price up +6.4% and volume/mix down -2.9%, notably led by a sustained momentum inSpecialized Nutrition across Asia and Middle-East.

Sales by geography by category
EuropeQ4 2023

North America

China/North
Asia/Oceania

AMEA, CIS & Latin
AmericaTotal

Net sales(€m)

LFL sales
growth (%)

Net sales(€m)

LFL sales
growth (%)

Net sales(€m)

LFL sales
growth (%)

Net sales(€m)

LFL sales
growth (%)

Net sales(€m)

LFL sales
growth (%)

EDP

1,081

+5.6%

1,583

+3.6%

89

+13.1%

708

+3.8%

3,462

+4.5%

Specialized Nutrition

795

+4.6%

77

-8.7%

652

+5.7%

649

+5.9%

2,174

+4.7%

Waters

436

+9.4%

65

+7.2%

80

+15.7%

438

+6.6%

1,019

+8.5%

Total Company

2,313

+6.0%

1,725

+3.1%

822

+7.4%

1,795

+5.2%

6,655

+5.1%

EuropeFY 2023

North America

China/North
Asia/Oceania

AMEA, CIS & Latin
AmericaTotal

Net sales(€m)

LFL sales
growth (%)

Net sales(€m)

LFL sales
growth (%)

Net sales(€m)

LFL sales
growth (%)

Net sales(€m)

LFL sales
growth (%)

Net sales(€m)

LFL sales
growth (%)

EDP

4,300

+5.8%

6,273

+6.3%

360

15.3%

3,389

+7.1%

14,322+6.6%

Specialized Nutrition

3,079

+3.4%

342

-6.5%

2,445

+8.3%

2,639

+11.3%

8,504

+6.7%

Waters

2,003+10.4%

275+13.1%

692+14.1%

1,824

+5.5%

4,793

+9.1%

Total Company

9,382

+5.9%

6,889

+5.8%

3,496

+10.1%

7,852

+8.1%

27,619+7.0%

Recurring Operating Margin
FY 2022

Recurring operating profit(€m) and margin (%)

FY 2023€m

Margin (%)€m

Margin (%)

ReportedchangeEurope

1,084

12.2%

1,076

11.5%

-75 bps

North America

679

10.1%

699

10.1%

+3 bpsChina, North Asia & Oceania

1,037

30.2%

1,052

30.1%

-15 bpsLatin America

55

1.9%

123

4.4%

+247 bps

Rest of the World

522

8.9%

530

10.5%

+155 bps

EDP

1,207

8.2%

1,224

8.5%

+39 bpsSpecialized Nutrition

1,799

21.6%

1,772

20.8%

-79 bps

Waters

370

8.2%

485

10.1%

+197 bps

Total

3,377

12.2%

3,481

12.6%

+40 bps

BY GEOGRAPHICAL ZONEBY CATEGORY

Danone’s recurring operating income reached €3.5 bn in 2023. Recurring operating margin stood at 12.6%, up+40 basis points (bps) compared to last year. This increase was mainly driven by the improvement of the margin

For more information, please contact:
Media Relations: press@danone.com – Investor Relations: finance@danone.com
Danone: 17, Boulevard Haussmann, 75009 Paris, France-3-

from operations, up +142 bps: topline drivers, including volume, mix and price, had a combined impact of c.
+590 bps, partially offset by the still strong negative impact of input-cost inflation net of productivity, at c. -450 bps.
Besides, Danone continued to step-up its reinvestments in A&P, product superiority and capabilities, that had anegative effect of -97 bps in 2023. Finally, Scope, Forex and others had a +13 bps positive impact on Recurring
operating margin, partially offset by Overheads before reinvestments, that had a negative effect of -18 bps.

Net income and Earnings per share
FY 2022in millions of euros except if stated otherwise
Recurring operating income

RecurringNonrecurring

3,377

Other operating income and expense

FY 2023
Total

Recurring

3,377

3,481

(1,234)(1,234)(1,234)

2,143

3,481

(153)

(172)

Nonrecurring

Total
3,481

(1,438)(1,438)(1,438)2,042

Operating income

3,377

Cost of net debt

(153)

Other financial income and expense

(138)

(20)

(158)

(135)

(49)

(185)

Income before taxes

3,086(1,253)

1,832

3,173

(1,487)

1,686

Income tax

(841)

64

(778)

(864)

95

(768)

Effective tax rate

27.3%

42.4%

27.2%

Net income from fully consolidated companies

2,244(1,190)

1,054

2,309

(1,392)

917

31

(63)

(32)

55

(19)

36

Net income

2,275(1,252)

1,023

2,364

(1,411)953• Group share

2,205(1,246)

959

2,283

(1,402)881• Non-controlling interests

70

(6)

64

81

(9)

72

EPS (€)

3.43

1.48

3.54

Share of profit (loss) of equity-accounted companies

(172)

45.6%

1.36

Other operating income and expense reached -€1,438 million in 2023, vs -€1,234 million in the prior year, due to thedeconsolidation of EDP Russia and the impairment resulting from the signing of an agreement to sell the organic
dairy platform in the US.
Share of profit of equity-accounted companies stood at €36 million, improving from -€32 million last year, whichreflected the impairment related to the disposal of the remaining minority investments in Mengniu partnerships.
Non-controlling interests stood at €72 million, up from €64 million in 2022.
As a result, Reported EPS decreased by -8.0% to €1.36, while Recurring EPS was up +3.4% to €3.54.

Cash flow and Debt
Free cash flow reached €2,633 million in 2023, increasing from €2,127 million in 2022, reflecting the significant
increase in cash-flow from operating activities. Capex stood at €847 million.
As of December 31, 2023, Danone’s net debt stood at €10.2 billion, slightly increasing from €10.1 billion last year.
While the company reduced its debt by c. €0.7 billion in 2023, this improvement was offset by the redemption of ac. €0.8 billion hybrid bond which was financed by a bond issuance. This reflects Danone’s continued improvementin the quality of its balance sheet.

For more information, please contact:
Media Relations: press@danone.com – Investor Relations: finance@danone.com
Danone: 17, Boulevard Haussmann, 75009 Paris, France-4-

Dividend
At the Annual Shareholders’ Meeting on April 25, 2024, Danone’s Board of Directors will propose a dividend of €2.10
per share in respect of the 2023 fiscal year, up +5.0% compared to last year, and back to 2019 record-level.
Assuming this proposal is approved, the ex-dividend date will be May 3, 2024, and the dividend will be payable on
May 7, 2024.

II. 2024 GUIDANCE
2024 guidance in line with mid-term ambition: Like-for-like sales growth between +3% and +5% with moderate
improvement in recurring operating margin.

III. MAJOR DEVELOPMENTS OVER THE PERIOD▪

November 6, 2023: Danone issued a €800 million bond with a 6-year maturity and a 3.706% coupon. The
settlement took place on November 13, 2023, and the bonds are listed on Euronext Paris.

▪

December 20, 2023: Danone published its Climate Transition Plan, detailing its roadmap to reach its 2030 1.5°C
science-based targets and setting its pathway to achieve Net-Zero emissions by 2050 across its entire value
chain.

▪

January 2, 2024: Danone announced it has signed an agreement to sell its premium organic dairy activity in
the U.S. to Platinum Equity, a US-based investment firm. The sale is part of Danone’s portfolio review and asset
rotation program the company announced in March 2022, as part of its Renew Danone strategy.

▪

February 6, 2024: Danone has been recognized, for the fifth year in a row, for leadership in corporatetransparency and performance in climate change, forests, and water security by global environmental nonprofit organization CDP. Out of the 21,000 companies scored in 2023, Danone is one of the only 10 companies
that achieved a place on the A List for the three environmental areas covered by CDP: climate change, forest
preservation and water security.

IV. SHAREHOLDERS’ MEETING AND FINANCIAL STATEMENTS
At its meeting on February 21, 2024, the Board of Directors approved the draft resolutions that will be submitted tothe approval of the Shareholders’ Meeting on April 25. In particular, the Board proposes that shareholders renew
the appointments of Gilbert Ghostine and Lise Kingo, whose current term of office will expire on the next
Shareholders’ Meeting. It will also submit to the Shareholder’s Meeting resolutions on the compensation of corporate
officers, on the appointment of sustainability auditors, on share buy-backs and on employees share capitalincreases, as well as a resolution proposing to remove from the by-laws the statutory cap on voting rights.
At its meeting on February 21, 2024, the Board of Directors closed statutory and consolidated financial statements
for the 2023 fiscal year. Regarding the audit process, the statutory auditors have substantially completed their
examination of financial statements as of today.

V. ALTERNATIVE PERFORMANCE MEASURES NOT DEFINED BY IFRSIAS 29: impact on reported data
Danone has been applying IAS 29 in hyperinflation countries as defined in IFRS. Adoption of IAS 29 in
hyperinflationary countries requires its non-monetary assets and liabilities and its income statement to be restatedto reflect the changes in the general pricing power of its functional currency, leading to a gain or loss on the net
monetary position included in the net income. Moreover, its financial statements are converted into euros using theclosing exchange rate of the relevant period.

For more information, please contact:
Media Relations: press@danone.com – Investor Relations: finance@danone.com
Danone: 17, Boulevard Haussmann, 75009 Paris, France-5-

IAS 29: impact on reported data
€ million except %Q4 2023

FY 2023-52-198-0.78%-0.71%

Sales
Sales growth (%)
Recurring Operating Income-55

Recurring Net Income – Group share-64

Breakdown by quarter of FY 2023 sales after application of IAS 29
FY 2023 sales correspond to the addition of:▪
Q4 2023 reported sales;▪
Q1, Q2 and Q3 2023 sales resulting from the application of IAS 29 until December 31, 2023, to sales of entities
in hyperinflation countries (application of the inflation rate until December 31, 2023, and translation into
euros using the December 31, 2023, closing rate) and provided in the table below for information(unaudited data)€ million

Q1 20231

Q2 20232

Q3 20233

Q4 2023

FY 2023

Europe

2,248

2,429

2,392

2,313

9,382

North America

1,714

1,704

1,747

1,725

6,889

China, North Asia & Oceania

824

954

896

822

3,496

Latin America

639

727

724

704

2,794

Rest of the World

1,480

1,392

1,095

1,092

5,058

Total

6,904

7,205

6,854

6,655

27,6191Results from the application of IAS 29 until December 31, 2023, to Q1 sales of entities of hyperinflation countries.
2Results from the application of IAS 29 until December 31, 2023, to Q2 sales of entities of hyperinflation countries.
3Results from the application of IAS 29 until December 31, 2023, to Q3 sales of entities of hyperinflation countries.

Definitions of geographical zones
Europe refers to European countries and Ukraine.
North America includes United States and Canada.
China, North Asia & Oceania includes China, Japan, Australia and New-Zealand.
Latin America includes Mexico, Brazil, Argentina and Uruguay.
Rest of the World includes AMEA (Asia, Middle East including Turkey, Africa) and CIS.
Financial indicators not defined in IFRSDue to rounding, the sum of values presented may differ from totals as reported. Such differences are not material.
Like-for-like changes in sales reflect Danone's organic performance and essentially exclude the impact of:▪
changes in consolidation scope, with indicators related to a given fiscal year calculated on the basis of
the previous year's scope;▪
changes in applicable accounting principles;▪
changes in exchange rates, with both previous-year and current-year indicators calculated using the same
exchange rates (the exchange rate used is a projected annual rate determined by Danone for the current
year and applied to both previous and current years).
Like-for-like changes in recurring operating margin are not disclosed anymore as the indicator is not constitutive of
the company’s guidance nor used by the company to comment the results.
Since January 1st, 2023, all countries with hyperinflationary economies are taken into account in like-for-like changes
as follows: net sales growth in excess of around 26% per year (a three-year average at 26% would generally trigger

For more information, please contact:
Media Relations: press@danone.com – Investor Relations: finance@danone.com
Danone: 17, Boulevard Haussmann, 75009 Paris, France-6-the application of hyperinflationary accounting as defined in IFRS) is now excluded from the like-for-like net sales
growth calculation.
Bridge from reported data to like-for-like data(€ million except %)Sales

FY 2022

Like-for-likechangeImpact ofchangesin scope of
consolidation

Impact ofchanges inexchange
rates & othersincl. IAS 29

Contributionofhyperinflation

ReportedchangeFY 2023

27,661

+7.0%

-3.4%

-5.6%

+1.8%

-0.2%

27,619Margin from operations is defined as the Gross margin over Net sales ratio, where Gross margin corresponds to thedifference between Net sales and Industrial costs excluding reengineering initiatives and Logistics / Transportation
costs.
Recurring operating income is defined as Danone’s operating income excluding Other operating income andexpenses. Other operating income and expenses comprise items that, because of their significant or unusual
nature, cannot be viewed as inherent to Danone’s recurring activity and have limited predictive value, thus
distorting the assessment of its recurring operating performance and its evolution. These mainly include:▪
capital gains and losses on disposals of fully consolidated companies;▪
impairment charges on intangible assets with indefinite useful lives;▪
costs related to strategic restructurings or transformation plans;▪
costs related to major external growth transactions;▪
costs related to major crisis and major litigations;▪
in connection with IFRS 3 (Revised) and IAS 27 (Revised) relating to business combinations, (i) acquisition
costs related to business combinations, (ii) revaluation profit or loss accounted for following a loss of control,and (iii) changes in earn-outs relating to business combinations and subsequent to acquisition date.
Recurring operating margin is defined as the Recurring operating income over Sales ratio.
Other non-recurring financial income and expense corresponds to financial income and expense items that, inview of their significant or unusual nature, cannot be considered as inherent to Danone’s recurring financial
management. These mainly include changes in value of non-consolidated interests.
Non-recurring income tax corresponds to income tax on non-recurring items as well as tax income and expense
items that, in view of their significant or unusual nature, cannot be considered as inherent to Danone’s recurring
performance.
Recurring effective tax rate measures the effective tax rate of Danone’s recurring performance and is computed
as the ratio of income tax related to recurring items over recurring net income before tax.
Non-recurring share of profit of equity-accounted companies includes items that, because of their significant or
unusual nature, cannot be viewed as inherent to the companies' recurring activity and thereby distort theassessment of their recurring performance and trends in that performance. These items mainly relate to (i) capitalgains and losses on disposals of investments in equity-accounted companies, (ii) impairment of goodwill, and (iii)
non-recurring items, as defined by Danone, included in the share of profit of equity-accounted companies.
Recurring net income (or Recurring net income – Group Share) corresponds to the Group share of the consolidated
Recurring net income. The Recurring net income excludes items that, because of their significant or unusual nature,cannot be viewed as inherent to Danone’s recurring activity and have limited predictive value, thus distorting theassessment of its recurring performance and its evolution. Such non-recurring income and expenses correspond to
Other operating income and expenses, Other non-recurring financial income and expenses, Non-recurring income
tax, and Non-recurring income from equity-accounted companies. Such income and expenses, excluded from
Net income, represent Non-recurring net income.
Recurring EPS (or Recurring net income – Group Share, per share after dilution) is defined as the ratio of Recurring
net income adjusted for hybrid financing over Diluted number of shares. In compliance with IFRS, income used to
For more information, please contact:
Media Relations: press@danone.com – Investor Relations: finance@danone.com
Danone: 17, Boulevard Haussmann, 75009 Paris, France-7-

calculate EPS is adjusted for the coupon related to the hybrid financing accrued for the period and presented netof tax.
FY 2022
Recurring

FY 2023
Total

RecurringTotal

Net income-Group share (€ million)

2,205

959

2,283

881

Coupon related to hybrid financing net of tax (€ million)

(13)

(13)

(8)

(8)

Number of shares• Before dilution

639,050,821

639,050,821

641,030,818

641,030,818• After dilution

639,484,607

639,484,607

641,738,674

641,738,674• Before dilution

3.43

1.48

3.55

1.36

• After dilution

3.43

1.48

3.54

1.36

EPS (€)

Free cash flow represents cash flows provided or used by operating activities less capital expenditure net of
disposals and, in connection with IFRS 3 (Revised), relating to business combinations, excluding (i) acquisition costs
related to business combinations, and (ii) earn-outs related to business combinations and paid subsequently toacquisition date.
(€ million)

FY 2022

FY 2023

Cash-flow from operating activities

2,964

3,442

Capital expenditure

(873)

(847)

37

38

2,127

2,633

Disposal of tangible assets & transaction fees related tobusiness combinations1
Free cash-flow
1 Represents acquisition costs related to business combinations paid during the period.

Net financial debt represents the net debt portion bearing interest. It corresponds to current and non-current
financial debt (i) excluding Liabilities related to put options granted to non-controlling interests and earn-outs on
acquisitions resulting in control and (ii) net of Cash and cash equivalents, Short term investments and Derivatives –
assets managing net debt.
(€ million)
Non-current financial debt

December 31, 2022

December 31, 2023
11,238

10,739Current financial debt

3,298

4,270

Short-term investments(3,631)(3,638)Cash
Bank Overdraft(1,051)330(2,363)
1,264

Derivatives — non-current assets1

(18)

(34)

Derivatives — current-assets1

(60)

(16)

10,107

10,221

(59)

-

(263)

(356)

9,785

9,865

Net debt• Liabilities related to put options granted to noncontrolling interests — non-current• Liabilities related to put options granted to noncontrolling interests and earn-outs on acquisitions
resulting in control — current
Net financial debt
1 Managing net debt only

For more information, please contact:
Media Relations: press@danone.com – Investor Relations: finance@danone.com
Danone: 17, Boulevard Haussmann, 75009 Paris, France-8-

ooOooFORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning Danone. In some cases, you can identify
these forward-looking statements by forward-looking words, such as “estimate”, “expect”, “anticipate”, “project”,“plan”, “intend”, “objective”, “believe”, “forecast”, “guidance”, “foresee”, “likely”, “may”, “should”, “goal”,“target”, “might”, “will”, “could”, “predict”, “continue”, “convinced” and “confident,” the negative or plural ofthese words and other comparable terminology. Forward looking statements in this document include, but are notlimited to, predictions of future activities, operations, direction, performance and results of Danone.
Although Danone believes its expectations are based on reasonable assumptions, these forward-looking
statements are subject to numerous risks and uncertainties, which could cause actual results to differ materiallyfrom those anticipated in these forward-looking statements. For a detailed description of these risks anduncertainties, please refer to the “Risk Factor” section of Danone’s Universal Registration Document (the current
version of which is available at www.danone.com).
Subject to regulatory requirements, Danone does not undertake to publicly update or revise any of these forwardlooking statements. This document does not constitute an offer to sell, or a solicitation of an offer to buy Danone
securities.

The presentation to analysts and investors will be broadcast live today from 8:00 a.m. (Paris time)on Danone’s website (www.danone.com).
Related slides will also be available on the website in the Investors section.

For more information, please contact:
Media Relations: press@danone.com – Investor Relations: finance@danone.com
Danone: 17, Boulevard Haussmann, 75009 Paris, France-9-

APPENDIX – Sales by geographical zone and by category (in € million)

First quarter

Second quarter

Third quarter

Fourth quarter

Full year

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

Europe

2,142

2,248

2,289

2,429

2,270

2,392

2,169

2,313

8,871

9,382

North America

1,477

1,714

1,662

1,704

1,813

1,747

1,759

1,725

6,712

6,889

China, North Asia & Oceania

735

824

936

954

940

896

817

822

3,428

3,496

Latin America

602

689

704

779

757

771

745

704

2,805

2,794

Rest of the World

1,280

1,486

1,476

1,369

1,555

1,100

1,517

1,092

5,846

5,058

EDP

3,365

3,768

3,684

3,731

3,862

3,474

3,887

3,462

14,79914,322

Specialized Nutrition

1,919

2,143

2,106

2,142

2,134

2,070

2,147

2,174

8,319

8,504

Waters

951

1,051

1,277

1,362

1,338

1,362

972

1,019

4,543

4,793

TOTAL

6,236

6,962

7,067

7,235

7,334

6,906

7,007

6,655

27,661

27,619BY GEOGRAPHICAL ZONEBY CATEGORYFirst quarter
2023

Second quarter
2023

Third quarter
2023

Fourth quarter
2023

Full year
2023

ReportedchangeLike-forlike
changeReportedchangeLike-forlike
changeReportedchangeLike-forlike
changeReportedchangeLike-forlike
changeReportedchangeLike-forlike
changeEurope

+4.9%

+6.2%

+6.1%

+6.5%

+5.4%

+5.1%

+6.6%

+6.0%

+5.8%

+5.9%

North America+16.0%+11.8%

+2.5%

+5.0%

-3.7%

+3.9%

-2.0%

+3.1%

+2.6%

+5.8%

China, North Asia & Oceania+12.1%+16.0%

+1.9%

+9.6%

-4.6%

+8.4%

+0.6%

+7.4%

+2.0%

+10.1%

Latin America+14.6%+12.6%+10.7%+10.8%

+2.0%

+8.2%

-5.5%

+8.1%

-0.4%

+9.8%

Rest of the World+16.2%+11.8%

-7.2%

+3.9%

-29.3%+9.7%-28.0%+3.5%-13.5%+7.2%

EDP+12.0%

+9.3%

+1.3%

+6.2%

-10.1%+6.3%-11.0%

+4.5%

-3.2%

+6.6%

Specialized Nutrition+11.6%+12.0%

+1.7%

+4.9%

-3.0%

+5.7%

+1.2%

+4.7%

+2.2%

+6.7%

Waters+10.5%+12.0%

+6.6%

+9.6%

+1.8%

+7.0%

+4.9%

+8.5%

+5.5%

+9.1%

TOTAL

+11.6%+10.5%

+2.4%

+6.4%

-5.8%

+6.2%

-5.0%

+5.1%

-0.2%

+7.0%

BY GEOGRAPHICAL ZONEBY CATEGORY

For more information, please contact:
Media Relations: press@danone.com – Investor Relations: finance@danone.com
Danone: 17, Boulevard Haussmann, 75009 Paris, France- 10 -