Danone reports sales of US$15.71B in first half of 2025

FRANCE – Danone, a giant dairy manufacturer, has reported sales of US$15.71 billion (€13,737million) up +4.2% on a like-for-like (LFL) basis, with volume/mix up +2.6%, and price up +1.7% in the first half of 2025.

In H1 2025, sales stood at US$15.71 billion (€13,737 million), 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%).

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%).

Danone’s recurring operating income reached US$2.06 billion (€1,811 million) in H1 2025. Recurring operating margin stood at 13.2%, an increase of +49 basis points (bps) compared to last year.

This performance was primarily driven by the solid improvement in margin from operations (+139 bps). Reinvestments in A&P, product superiority and capabilities accounted for -92 bps. Overheads before reinvestments had a negative effect of -17 bps, while other effects had a combined impact of +19 bps.

Free cash flow reached US$1.34 billion (€1,172 million) in H1 2025, compared to the record level of US$1.44 billion (€1,248 million) in H1 2024. This relative stability includes notably a solid improvement in the operating performance and tight management of financial costs.

Q2 2025

In Q2 2025, sales stood at US$7.88 billion (€6,913 million), up +4.1% LFL, led by an increase of +3.2% from volume/mix and +1.0% 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. Additionally, hyperinflation contributed positively to reported sales (+0.7%), while there was no impact from scope effect.

Antoine de Saint-Affrique, CEO, stated, “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.”

In Asia, Middle East & 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 Specialized 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.

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