H1 Results: Solid first half of the year & making consistent progress on Renew Danone


Paris, July 26, 2023

Net sales reached €14,167m in H1 2023, up +6.3% on a reported basis and +8.4% on a like-for-like (LFL) basis, with price up +9.4%, and volume/mix down -1.1%


Q2 sales growth reached +6.4% on a LFL basis, with price up +8.7% and volume/mix down -2.3%

o +6.5% in Europe, driven by France, Poland and Spain; further progress on EDP portfolio transformation

o +5.0% in North America, led by Yogurt, Coffee Creations and Waters

o +9.6% in China, North Asia & Oceania, supported by all categories

o +10.8% in Latin America, led by EDP and Specialized Nutrition

o +3.9% in Rest of the World, with Q2 performance normalizing after Q1 one-offs


Recurring operating margin up +14 bps at 12.2%; significant reinvestments in A&P, product superiority and capabilities (-99 bps impact)


▪ Operational performance driving earnings: recurring EPS at €1.76, up +7.6% from last year


€1.1 bn free-cash-flow, driven by operational performance and supported by disciplined capital allocation


2023 guidance reiterated: like-for-like sales growth between +4 and +6%; moderate improvement in recurring operating margin

Press contact:

Email: press@danone.com