Danone Reports 4 Rise in Like for Like Sales
In Q2 2025, sales stood at €6.9 billion, up +4.1% on a like-for-like basis (LFL), led by an increase of +3.2% from volume/mix and +1% from price.
On a reported basis, sales decreased by -0.4%, due to the negative impact of currencies (-4.9%), reflecting the depreciation of several currencies against the euro, notably the US dollar, the Mexican peso, the Chinese renminbi and the Argentine peso.
Hyperinflation also contributed positively to reported sales (+0.7%), while there was no impact from scope effect, the company has reported in its latest financial results.
In the first half of 2025 (H1), sales stood at €13.7 billion, up +4.2% LFL, led by an increase of +2.6% from volume/mix and +1.7% from price.
On a reported basis, sales decreased by -0.1%, mainly due to the negative impact of currencies (-2.9%), according to the company report.
Reported sales were also negatively impacted by scope (-1.5%), resulting predominantly from the sale of Horizon Organic and Wallaby on April 1, 2024, while hyperinflation contributed positively (+0.8%).
In Q2 2025, Europe sales were up +2.2% LFL, with volume/mix at +2.4% and price at -0.2%.
Source: Danone
The zone recorded its seventh consecutive quarter of positive volume/mix, reflecting continued progress in dairy, notably driven by functional products such as High Protein, Skyr and Kefir, while Alpro delivered strong growth in plant-based.
Specialised nutrition posted a solid performance, notably driven by the medical nutrition brands Fortimel and Nutrison, while Waters achieved competitive growth, supported by evian.
In North America, sales were up +2.3% LFL, led by volume/mix at +1.8% and price up +0.5%. This performance was supported by sustained double-digit growth in High Protein and a strong momentum in specialized nutrition, while Coffee Creamers is progressively recovering following service challenges.
China, North Asia & Oceania delivered another quarter of broad-based strong performance, with sales up +12.4% LFL, led by volume/mix at +13.2% and price at -0.8%.
Specialised nutrition recorded double-digit growth, driven by strong growth in both IMF (infant milk formula) and medical nutrition.
In waters, Mizone sustained its good performance, while EDP delivered another quarter of competitive growth in Japan, led by Activia and Oikos brands.
In Latin America, sales were up +2.9% LFL, with volume/mix down -3.1% and price up +5.9%. Specialised nutrition posted strong growth across the region, particularly through the Aptamil brand.
EDP delivered a solid performance, notably supported by the successful launches of High Protein and drinkable yogurt offerings, while 'waters' was impacted by adverse weather conditions in Mexico.
In Asia, Middle East and Africa, sales increased by +4.1% LFL, with volume/mix up +1.4% and price up +2.7%.
The performance was fueled by the strong momentum in specialised nutrition, particularly in South-East Asia, India and the Middle East, as well as the continued expansion of the Aptamil brand into new countries.
In EDP, dairy maintained growth, notably supported by solid performance in North and West Africa.
In April this year, Danone successfully issued an €800 million bond with an eight-year maturity and a 3.438% coupon.
The company said that the bond issue was widely subscribed by a diversified investor base.
Also in April at Danone's 2025 Annual General Meeting, shareholders approved all resolutions including the distribution of a dividend of €2.15 per share in cash, up +2.4% compared to last year, and the proposed renewals of terms of office of Antoine de Saint-Affrique, chief executive officer (CEO), as well as independent directors Patrice Louvet, Geraldine Picaud, and Susan Roberts.
In July 2025, Danone completed the acquisition of a majority stake in Kate Farms, a fast-growing U.S business and the top doctor-recommended plant-based brand in the US.
Danone also announced the acquisition of The Akkermansia Company (TAC), a Belgian company with nearly 20 years of history and science, specialising in biotics.
Speaking in relation to the result published today, Danone CEO, Antoine de Saint-Affrique said: "We started chapter two of the Renew Danone strategy with a strong performance, demonstrating consistency in driving quality growth and reflecting the strength and resilience of our health-focused portfolio: sales for the first half increased by +4.2% on a like-for-like basis, driven by volume-mix up +2.6%.
"In a volatile and uncertain environment, we are consistently doubling down on our fundamentals, further fueling our winning platforms such as high protein, medical nutrition, Alpro and Aptamil, while moving forward with this next chapter of our strategy.
"We started actively complementing our portfolio, further investing in medical nutrition, acquiring Kate Farms in the US, and in next generation biotics through The Akkermansia Company.
"We remain focused on the consistent execution of our consumer-centric and science-based strategy and the delivery of our mid-term guidance," he said.
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