Core Insights - The company reported strong and consistent growth in Q3 2025, with consolidated sales reaching €6,876 million, reflecting a 4.8% increase on a like-for-like basis, driven primarily by volume/mix growth of 3.2% and price growth of 1.6% [6][10][14] Sales Performance by Geography - **Europe**: Sales increased by 2.6% on a like-for-like basis, with volume/mix contributing 2.1% and positive price growth of 0.5%. This marks eight consecutive quarters of positive volume/mix growth [8][10] - **North America**: Sales grew by 1.5% on a like-for-like basis, with volume/mix contributing 0.3% and price growth of 1.2%. High protein products maintained strong momentum [9][10] - **China, North Asia & Oceania**: Outstanding performance with sales up 13.8% on a like-for-like basis, driven by a volume/mix increase of 15.1% [10][11] - **Latin America**: Sales increased by 4.3% on a like-for-like basis, despite a volume/mix decline of 2.3% [11] - **Asia, Middle East & Africa**: Sales growth accelerated to 6.8% on a like-for-like basis, with volume/mix contributing 2.6% [12] Sales Performance by Category - **EDP (Essential Dairy Products)**: Sales were up 3.5% on a like-for-like basis, with notable growth in functional dairy products [8][10] - **Specialized Nutrition**: Achieved 8.3% growth on a like-for-like basis, with double-digit growth in adult medical nutrition [8][10] - **Waters**: Sales increased by 2.3% on a like-for-like basis, with strong growth driven by brands like evian [8][10] Strategic Developments - The company confirmed its 2025 guidance, expecting like-for-like sales growth between 3% and 5%, with recurring operating income anticipated to grow faster than sales [14] - Recent acquisitions, including Kate Farms, are expected to enhance the company's portfolio in the plant-based nutrition segment [20]

Core Insights - Danone is evolving its leadership structure to operate through three geographical divisions: EMEA, Asia Pacific, and Americas, enhancing agility and market impact as part of its Renew Danone strategy [1][3] - The company aims to accelerate its transformation with a more compact and simpler organization at the top [3] - Danone generated €27.4 billion in sales in 2024, with a mission to bring health through food to as many people as possible [4] Leadership Changes - Christian Stammkoetter, President for Asia, Africa, and the Middle East, will leave Danone after 19 years, remaining in his role until the end of the year [2] - Pablo Perversi is appointed President EMEA, Bruno Chevot is appointed President APAC, and Henri Bruxelles is appointed President Americas [6] - Laurent Sacchi will lead Sustainability efforts to further the company's health mission through sustainability and social impact [2] Strategic Goals - Danone's Renew strategy focuses on restoring growth, competitiveness, and long-term value creation [4] - The company aims to achieve B Corp certification globally by 2025, reflecting its commitment to sustainability [4]

Core Insights - The company reported a strong performance in H1 2025, with like-for-like sales growth of +4.2% driven by a volume/mix increase of +2.6% and price growth of +1.7% [7][9] - Recurring operating income increased by +3.7% to €1,811 million, with a recurring operating margin of 13.2%, up +49 basis points from the previous year [17] - The company confirmed its 2025 guidance, expecting like-for-like sales growth between +3% and +5%, with recurring operating income anticipated to grow faster than sales [22] Financial Performance - H1 2025 sales were reported at €13,737 million, a slight decrease of -0.1% on a reported basis, primarily due to negative currency impacts [9][21] - Recurring net income attributable to the Group increased by +5.9% to €1,231 million, while total net income decreased by -14.7% to €1,040 million due to non-recurring expenses [19][20] - Free cash flow for H1 2025 was €1,172 million, down -6.1% from the previous year [21] Segment Performance - Sales in Europe increased by +2.3% in H1 2025, with strong growth in Dairy and Plant-based products [10][11] - North America saw a decline in sales by -4.6% on a reported basis, but like-for-like sales grew by +3.0% [10][11] - China, North Asia & Oceania experienced robust growth, with sales up +11.3% on a like-for-like basis, driven by strong performance in Specialized Nutrition [12][13] Strategic Developments - The company is actively investing in its portfolio, including the acquisition of Kate Farms and The Akkermansia Company, to enhance its health-focused offerings [4][30] - The CEO emphasized the importance of a consumer-centric and science-based strategy to drive future growth [5][3] - The company remains committed to its Renew Danone strategy, focusing on high protein, medical nutrition, and plant-based products [4][3]