Danone reports US$32.2B sales in full year 2025

FRANCE -Danone has reported sales of US$32.15 billion (€27,283 million), up +4.5% LFL, led by an increase of +2.7% from volume/mix and +1.8% from price in full year 2025.

In Q4 2025, sales stood at US$7.9 billion (€6,684 million), up 4.7% LFL, with increases of 2.5% from volume/mix and 2.1% from price.

Sales decreased by -0.5%, negatively impacted by forex and others (-6.3%), mainly reflecting the depreciation of several currencies against the euro, notably the US dollar, the Argentine peso and the Chinese renminbi.

“In 2025, we again delivered broad‑based, quality growth, reaffirming the strength and resilience of our health‑focused portfolio. Like‑for‑like sales grew +4.5%, driven by positive volume/mix and supported by our multiengine growth model. All categories and geographies contributed, with strong momentum in China, North Asia & Oceania, and sustained progress in Europe.

“We continued to perform, expand our recurring operating margin, improve ROIC and generate strong free cash flow, while transforming the company and reinvesting in capabilities, science, and innovation,” Antoine de Saint-Affrique, CEO stated.

Danone posted recurring operating income of US$4.33 billion (€3,665m) in 2025. Recurring operating margin stood at 13.4%, up 44 bps from last year. This increase was mainly driven by an improvement in operating margin (+77 bps).

Danone continued to reinvest in A&P, product superiority and capabilities for -59 bps. Finally, Overheads before reinvestments had a relatively neutral impact (-3 bps), while Other effects had a combined impact of +29 bps, mainly related to IAS 29.

Free cash flow reached US$3.3 billion (€2,799 million) in 2025, compared to the record level of €3,003 million in 2024. Capex increased by US$156 million (€132 million) compared to last year.

Working Capital stood at a record -10.2% of sales (163bps improvement), and change in working capital contributed positively to free cash flow generation, although to a lower extent than the exceptional 2024 contribution.

As of December 31, 2025, Danone’s net debt stood at €8.4 billion, improving from €8.6 billion last year, reflecting mainly the strong free cash flow generation.

In Asia, the Middle East & Africa (AMEA), Q4 sales increased by +8.3% LFL, led by volume/mix at +5.5% and price up +2.8%.

Dairy Africa benefited from a sustained momentum with positive volume/mix.

Specialised Nutrition delivered double-digit growth, driven by the good performance of Aptamil across geographies, including strong competitive growth in India.

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