Core Viewpoint - The company has reported a strong start to 2025 with a like-for-like (LFL) sales growth of +4.3%, indicating the effectiveness of its health-oriented portfolio and execution strategy [3][4]. Group 1: First Quarter Sales Performance - Total sales for Q1 2025 reached €6,844 million, reflecting a +4.3% increase on a like-for-like basis, driven by a +1.9% increase in volume/mix and a +2.4% increase in price [4]. - Reported sales increased by +0.8%, impacted negatively by a scope change of -3.0% due to the sale of Horizon Organic and Wallaby, and a forex impact of -0.8% [4][5]. - The company experienced broad-based growth across all categories, with particularly strong performance in China, North Asia & Oceania, and solid growth in North America and Europe [4][6][7][8]. Group 2: Sales by Geography - In Europe, LFL sales grew by +2.0%, supported by a +1.9% increase in volume/mix, achieving positive growth momentum for six consecutive quarters [6]. - North America saw LFL sales increase by +3.7%, driven by strong performance in High Protein products and Medical Nutrition [7]. - China, North Asia & Oceania reported LFL sales growth of +9.9%, with significant contributions from Specialized Nutrition and Waters [8]. - Latin America experienced LFL sales growth of +9.0%, primarily led by the Aptamil brand in Specialized Nutrition [9]. - The Rest of the World had LFL sales growth of +3.3%, with notable performance in EDP and Specialized Nutrition [10]. Group 3: 2025 Guidance and Recent Developments - The company has confirmed its 2025 guidance, expecting LFL sales growth between +3% and +5%, with recurring operating income anticipated to grow faster than sales [12]. - Recent developments include a completed share buyback of €192 million and a successful bond issuance of €800 million, reflecting strong investor confidence in the company's business model [13][14].
Danone: Strong start to the year, demonstrating the relevance of our health-oriented portfolio