Danone (DN) Q3 2025 earnings summary

Executive summary

• Q3 2025 like-for-like sales grew 4.8%, driven by a +3.2% volume/mix and +1.6% price, with broad-based growth across all regions and categories, especially strong in China, North Asia & Oceania.

• Reported sales reached €6,876m, up 0.7% year-over-year, despite significant currency headwinds (-5.1%).

• Specialized nutrition and high-protein dairy platforms were key growth drivers, with strong innovation and market share gains.

• Europe showed eight consecutive quarters of positive volume/mix, while CNAO delivered double-digit growth.

• North America saw softer growth (+1.5% LFL), constrained by production capacity, but supported by new product launches and the Kate Farms acquisition.

Financial highlights

• Like-for-like sales growth of +4.8% year-over-year; reported net sales up +0.7% to €6,876m, with a positive scope effect (+0.7%) from the Kate Farms acquisition and a negative forex impact (-5.1%).

• 9M 2025 LFL sales growth: +4.4%, totaling €20,578m.

• Category LFL growth in Q3: EDP +3.5%, Specialized Nutrition +8.3%, Waters +2.3%.

• Volume/mix and price contributed positively across all categories.

Outlook and guidance

• 2025 guidance confirmed: like-for-like sales growth expected between +3% and +5%, with recurring operating income projected to grow faster than sales.

• Management remains confident in future growth, citing capacity expansions, innovation, and ongoing portfolio transformation.