Danone (DN) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered a strong start with like-for-like sales up 4.3%, driven by balanced volume mix (+1.9%) and price (+2.4%), with all regions and categories contributing positively.

• Broad-based growth was seen across all geographies, with particularly strong momentum in China, North Asia & Oceania (+9.9%) and Latin America (+9.0%).

• Strategic focus on health-centric and science-based innovation, diversified channels, and premiumization underpinned resilience and above-sector growth.

Financial highlights

• Q1 2025 reported sales were €6,844m, up 0.8% year-over-year, with LFL growth partially offset by negative currency (-0.8%) and scope (-3.0%) effects.

• Like-for-like sales growth of 4.3% comprised 1.9% from volume/mix and 2.4% from pricing.

• All main categories grew: EDP +3.7%, Specialized Nutrition +5.3%, Waters +4.1% LFL.

Outlook and guidance

• 2025 guidance confirmed: like-for-like sales growth of 3–5% and recurring operating income to grow faster than sales.

• Confidence in multiple growth engines and strategic positioning in high-growth, health-focused categories.