Danone (DN) Q3 2025 earnings summary

Executive summary

• Q3 2025 like-for-like sales grew 4.8% year-over-year, driven by a +3.2% volume/mix and +1.6% price, with broad-based growth across all geographies and categories, especially in China, North Asia & Oceania (+13.8% LFL), and continued improvement in Europe (+2.6% LFL).

• Reported sales reached €6,876m, up 0.7% from Q3 2024, despite significant currency headwinds.

• Portfolio focused on health and well-being, with strong execution and ongoing transformation, particularly in Europe and China, North Asia & Oceania.

• North America saw softer growth (+1.5% LFL), with capacity constraints impacting high-protein yogurts and coffee creamers, but expects improvement.

Financial highlights

• Q3 2025 like-for-like sales growth: +4.8% year-over-year; reported sales: €6,876m, up from €6,826m in Q3 2024.

• Adverse currency impact of -5.1% due to euro appreciation; positive scope effect of +0.7% from the Kate Farms acquisition.

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

• Specialized Nutrition led category growth (+8.3% LFL in Q3), followed by EDP (+3.5% LFL) and Waters (+2.3% LFL).

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.

• Confident in future growth, supported by capacity expansions, innovation, and ongoing portfolio transformation.