经济观察网根据达能于2026年2月20日发布的2025年全年业绩报告，其财报亮点主要体现在整体业绩、 区域市场表现以及对未来发展的指引上。 业绩经营情况 2025年，达能全球销售收入同比增长4.5%，规模超过2200亿元人民币。公司预计2026年全年销售收入 同口径增长在3%至5%之间，且经常性经营利润增速将高于销售收入增速。 业务进展情况 该地区是达能业绩增长的重要引擎。 第四季度强劲增长：销售收入同比增长10.4%，主要由销量与组合驱动(增长10.6%)。 全年业务表现：专业特殊营养业务(含婴幼儿配方奶粉和医学营养品)2025年收入为27.68亿欧元，同比增 长13.2%；饮用水和饮料业务收入为7.77亿欧元，同比增长6.1%。 近期事件 婴幼儿配方奶粉事件影响：财报提及，针对近期部分市场的奶粉召回事件，公司评估其财务影响"并不 重大"，预计对2026年第一季度净销售额的影响约为0.5%至1%。公司强调其在华官方渠道销售的产品未 受影响，并将工作重心放在重建信任上。 脉动品牌焕新计划：公司表示已为2026销售季在中国市场准备了"力度空前的产品焕新计划"，目前正有 意将库存降至最低水平以配合新品推出。 以上 ...

格隆汇2月20日｜达能公司首次估算了近期因污染恐慌而召回婴儿配方奶粉可能造成的损失，称预计今 年第一季度将遭受3500万至7000万欧元（约合8240万美元）的经济损失。"在经历了那次一次性冲击之 后，我们应该会逐步恢复正常，"副首席执行官尤尔根·埃塞尔在接受采访时表示。"因此，我们今天上 午也非常有信心地确认了全年业绩预期。" ...

Group 1 - The core viewpoint of the article highlights that while like-for-like sales increased by 4.7%, the food company is facing challenges due to a series of infant formula recalls [1] Group 2 - The increase in like-for-like sales indicates a positive trend in consumer demand for the company's products [1] - The recalls of infant formula have negatively impacted the overall perception of the company's latest results, overshadowing the sales growth [1]

Core Insights - The company reported a slight decline in sales for FY 2025, with total sales of €27,283 million, down 0.3% year-over-year, but like-for-like (LFL) sales grew by 4.5% driven by positive volume/mix and pricing strategies [2][9][10] - Recurring operating income increased by 3.0% to €3,665 million, with a recurring operating margin improvement of 44 basis points to 13.4% [2][19] - The company generated strong free cash flow of €2,799 million, although this was a decrease of 6.8% compared to the previous year [2][21] Financial Performance - FY 2025 sales were €27,283 million, with LFL sales growth of 4.5%, attributed to a 2.7% increase in volume/mix and a 1.8% increase in price [5][9] - Recurring net income attributable to the Group increased by 5.0% to €2,461 million, while total net income decreased by 9.7% to €1,825 million due to non-recurring expenses [2][20] - Recurring diluted EPS rose by 4.6% to €3.80, while reported EPS fell by 10.1% to €2.82 [2][20] Operational Highlights - The company experienced strong sales momentum across all categories and geographies, particularly in China, North Asia & Oceania, and Europe [4][5] - Q4 2025 sales were €6,684 million, reflecting a 4.7% increase LFL, driven by strong volume/mix and pricing [8][10] - The company proposed a dividend of €2.25 per share, up 4.7% from the previous year, reflecting confidence in future performance [23] Strategic Initiatives - The company is focused on reshaping its portfolio, enhancing capabilities in U.S. Medical Nutrition, and advancing microbiome science and digitalization [6][4] - The 2026 guidance aligns with mid-term ambitions, expecting LFL sales growth between 3% and 5%, with recurring operating income anticipated to grow faster than sales [26][7] - The company has been recognized for its sustainability efforts, achieving CDP 'Triple A' List and B Corp certification [5][32]

Core Insights - The company achieved a like-for-like sales growth of +4.5% in FY 2025, driven by positive volume/mix and pricing strategies [6][9][19] - Recurring operating income increased by +3.0% to €3,665 million, with a recurring operating margin of 13.4%, up +44 basis points from the previous year [2][19] - The company reported a net income of €1,825 million, a decrease of -9.7% compared to FY 2024, primarily due to non-recurring expenses [2][21] Financial Performance - FY 2025 sales were €27,283 million, reflecting a -0.3% change on a reported basis, while like-for-like sales grew by +4.5% [2][9] - Recurring net income attributable to the Group increased by +5.0% to €2,461 million, with recurring diluted EPS rising by +4.6% to €3.80 [2][20] - Free cash flow decreased by -6.8% to €2,799 million, with cash flow from operating activities at €3,779 million, down -1.3% [2][21] Operational Highlights - Strong sales growth was observed across all categories and geographies, particularly in China, North Asia & Oceania, and Europe [4][12][14] - The company continued to invest in capabilities, science, and innovation while maintaining a focus on sustainability, achieving CDP 'Triple A' List recognition and B Corp certification [4][31] - The proposed dividend for FY 2025 is €2.25 per share, representing a +4.7% increase from the previous year [22] Strategic Initiatives - The company is advancing its "Renew Danone" strategy, focusing on scaling U.S. Medical Nutrition, enhancing dairy operations, and accelerating digitalization [5][31] - Guidance for 2026 indicates expected like-for-like sales growth between +3% and +5%, with recurring operating income anticipated to grow faster than sales [25][31] - The company is actively reshaping its portfolio and addressing areas requiring further progress, particularly in North America [5][11]

Traces of a toxin that can cause nausea and vomiting were found in two types of infant formula recalled by France's Danone earlier this month, Swiss authorities said on Wednesday. ...

Nestle, Danone face scrutiny over baby formula recalls | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]A view of the logo during the Annual General Meeting of Nestle in Ecublens near Lausanne, Switzerland, April 18, 2024. REUTERS/Denis Balibouse/File Photo [Purchase Licensing Rights, opens new tab]- Companies- Summary- France has launched investigations into handling of recalls- Investors, analysts expecting clarity on the financia ...

2月11日，法国卫生部发布通报称，已有三名婴儿因食用被召回的婴幼儿配方奶粉死亡。各地区卫生局共收到约50起相关报告，其中14起 病例因疑似食用被召回的婴幼儿配方奶粉而住院治疗。 截至目前，据界面新闻查询公开报道，我国未发现因食用婴幼儿配方乳粉导致蜡样芽胞杆菌呕吐毒素中毒的确诊病例。 市场监管总局已部署各地强化婴幼儿配方乳粉质量安全管控，督促所有生产企业开展相关毒素检测，严格原料验收和产品出厂把关。 海关总署进出口食品安全局提醒消费者，请密切关注相关召回公告及后续进展，核对个人通过跨境电商、携带、代购等渠道可能保有的相 关产品信息，安全理性作出消费选择。 法国巴黎检察官办公室在欧洲中部时间2月13日发布声明称，已针对雀巢公司、达能集团、拉克塔利斯集团等5家公司分销可能受污染的婴 儿配方奶粉展开调查。 上述调查可能涉及"以危害人类健康的商品进行欺骗"的指控，相关主体最高可被判处7年监禁和375万欧元（约合3075万人民币）罚款。 近期全球多起婴幼儿奶粉召回事件引发乳制品行业关注，原因均与产品可能含有蜡样芽孢杆菌毒素有关。涉及品牌包括多美滋、伴宝乐、 新安琪儿等。 达能已宣布，将对特定市场的极少量婴幼儿配方奶粉批次 ...

格隆汇2月14日｜法国首都巴黎检察官办公室已针对雀巢公司、达能集团、拉克塔利斯集团及其他两家 公司分销可能受污染的婴儿配方奶粉展开调查。此次调查可能涉及"以危害人类健康的商品进行欺骗"的 指控，最高可判处七年监禁和375万欧元（近562万新元）的罚款。此次调查由检察官办公室公共卫生部 门牵头，旨在查明相关公司是否因违反安全规定、未能召回受污染产品及其他违规行为而对危及生命负 有责任。 ...

华泰证券在2026年2月12日的研报中指出，食品饮料板块旺季景气度延续，建议关注基本面改善的优质 龙头，间接提振达能等跨国食品企业市场情绪。欧洲股市分化中食品板块防御性凸显，资金向稳健标的 倾斜。 以上内容基于公开资料整理，不构成投资建议。 2026年2月5日，奥地利食品安全部门宣布召回部分批次爱他美和米路米牌婴儿配方奶粉；2月6日，达能 在荷兰召回部分婴幼儿配方奶粉。2月11日，法国卫生部通报三名婴儿因食用问题奶粉死亡并立案调 查，但达能此前已声明其官方进口奶粉未使用涉事供应商ARA原料，以缓解市场担忧。事件引发全球 多国监管关注，原因均与产品可能含蜡样芽孢杆菌毒素风险相关。 机构观点 经济观察网2026年2月12日，达能(DANOY.PS)股价单日上涨4.09%至17.06美元，成交额激增至1332.55 万美元(较前一日增长65.1%)，表现优于当日下跌的美股大盘(道指跌1.34%)及包装食品板块(涨0.55%)。 2月13日股价进一步微涨0.18%至17.09美元，近5日累计涨幅达4.90%。上涨主要受中国业务增长强劲及 对安全事件的及时澄清支撑。 近期事件 ...