Financials Danone

Equities

Market Closed - Euronext Paris Other stock markets 16:55:00 11/07/2025 BST			5-day change	1st Jan Change
67.84 ^EUR	-0.53%		-1.80%	+4.18%

07-09	Coffee maker Lavazza calls for further delay to EU deforestation law	RE
07-08	Nestlé: still in a tricky situation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	23,620	24,281	27,661	27,619	27,376	27,493	28,287	29,348
Change	-	2.8%	13.92%	-0.15%	-0.88%	0.43%	2.89%	3.75%
EBITDA ¹	4,769	4,602	5,240	5,092	4,726	4,755	4,967	5,233
Change	-	-3.5%	13.86%	-2.82%	-7.19%	0.62%	4.46%	5.35%
EBIT ¹	3,317	3,337	3,377	3,481	3,558	3,666	3,862	4,085
Change	-	0.6%	1.2%	3.08%	2.21%	3.04%	5.36%	5.76%
Interest Paid ¹	-310	-267	-291	-307	-305	-322.3	-313.4	-298.9
Earnings before Tax (EBT) ¹	2,488	1,995	1,832	1,686	2,999	3,246	3,502	3,741
Change	-	-19.82%	-8.17%	-7.97%	77.88%	8.23%	7.9%	6.81%
Net income ¹	1,956	1,924	959	881	2,021	2,295	2,457	2,610
Change	-	-1.64%	-50.16%	-8.13%	129.4%	13.56%	7.04%	6.22%
Announcement Date	19/02/21	23/02/22	22/02/23	22/02/24	26/02/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	6,242	5,954	5,821	5,628	5,657	6,171	6,158	6,242	6,236	7,067	7,334	7,007	6,962	7,235	6,906	6,655	6,789	6,938	6,826	6,823	6,844	7,200	7,118	6,963
Change	-	-4.61%	-2.23%	-3.32%	0.52%	9.09%	-0.21%	1.36%	-0.1%	13.33%	3.78%	-4.46%	-0.64%	3.92%	-4.55%	-3.63%	2.01%	2.19%	-1.61%	-0.04%	0.31%	5.19%	-1.13%	-2.18%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,807	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	21/04/20	30/07/20	19/10/20	19/02/21	20/04/21	29/07/21	19/10/21	23/02/22	20/04/22	27/07/22	27/10/22	22/02/23	26/04/23	26/07/23	26/10/23	22/02/24	18/04/24	31/07/24	24/10/24	26/02/25	23/04/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	11,431	11,835	12,446	13,325	14,336	14,167	13,452	13,757	13,619	13,900	13,760
Change	-	3.53%	5.16%	7.06%	7.59%	-1.18%	-5.05%	2.27%	-1%	2.07%	-1.01%
EBITDA ¹	2,493	2,112	2,490	2,158	2,424	2,267	2,825	2,298	2,428	2,355	2,514
Change	-	-15.28%	17.9%	-13.33%	12.33%	-6.48%	24.61%	-18.65%	5.66%	-3.01%	6.75%
EBIT ¹	1,615	1,551	1,786	1,612	1,765	1,734	1,747	1,746	1,812	1,816	1,912
Change	-	-3.96%	15.15%	-9.74%	9.49%	-1.76%	0.75%	-0.06%	3.78%	0.23%	5.25%
Charge d'intérêts ¹	-140	-129	-137	-	-144	-141	-166	-151	-154	-156.5	-160.5
Earnings before Tax (EBT) ¹	-	-	-	-	-	1,525	161	1,654	1,345	1,677	1,742
Change	-	-	-	-	-	-	-89.44%	927.33%	-18.68%	24.68%	3.88%
Net income ¹	-	-	-	-	-	1,093	-212	1,219	802	1,219	1,254
Change	-	-	-	-	-	-	-119.4%	675%	-34.21%	52%	2.87%
Announcement Date	19/02/21	29/07/21	23/02/22	27/07/22	22/02/23	26/07/23	22/02/24	31/07/24	26/02/25	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	11,941	10,500	10,107	10,221	8,601	7,737	6,854	6,084
Change	-	-12.07%	-3.74%	1.13%	-15.85%	-10.05%	-11.41%	-11.23%
Announcement Date	19/02/21	23/02/22	22/02/23	22/02/24	26/02/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	962	1,043	873	847	923	1,026	1,076	1,128
Change	-	8.42%	-16.3%	-2.98%	8.97%	11.15%	4.86%	4.87%
Free Cash Flow (FCF) ¹	2,052	2,431	2,091	2,633	3,003	2,580	2,684	2,769
Change	-	18.47%	-13.99%	25.92%	14.05%	-14.09%	4.04%	3.19%
Announcement Date	19/02/21	23/02/22	22/02/23	22/02/24	26/02/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.19%	18.95%	18.94%	18.44%	17.26%	17.3%	17.56%	17.83%
EBIT Margin (%)	14.04%	13.74%	12.21%	12.6%	13%	13.33%	13.65%	13.92%
EBT Margin (%)	10.53%	8.22%	6.62%	6.1%	10.95%	11.81%	12.38%	12.75%
Net margin (%)	8.28%	7.92%	3.47%	3.19%	7.38%	8.35%	8.68%	8.89%
FCF margin (%)	8.69%	10.01%	7.56%	9.53%	10.97%	9.38%	9.49%	9.44%
FCF / Net Income (%)	104.91%	126.35%	218.04%	298.86%	148.59%	112.41%	109.25%	106.13%
Profitability
ROA	4.44%	4.96%	4.86%	5.09%	4.5%	5%	5.27%	5.56%
ROE	11.7%	11.49%	12.53%	13.39%	13.81%	13.09%	13.38%	13.84%
Financial Health
Leverage (Debt/EBITDA)	2.5x	2.28x	1.93x	2.01x	1.82x	1.63x	1.38x	1.16x
Debt / Free cash flow	5.82x	4.32x	4.83x	3.88x	2.86x	3x	2.55x	2.2x
Capital Intensity
CAPEX / Current Assets (%)	4.07%	4.3%	3.16%	3.07%	3.37%	3.73%	3.8%	3.84%
CAPEX / EBITDA (%)	20.17%	22.66%	16.66%	16.63%	19.53%	21.57%	21.66%	21.56%
CAPEX / FCF (%)	46.88%	42.9%	41.75%	32.17%	30.74%	39.77%	40.08%	40.73%
Items per share
Cash flow per share ¹	4.565	5.374	4.635	5.364	5.945	5.421	5.565	5.933
Change	-	17.73%	-13.75%	15.72%	10.83%	-8.82%	2.66%	6.61%
Dividend per Share ¹	1.94	1.94	2	2.1	2.15	2.212	2.331	2.488
Change	-	0%	3.09%	5%	2.38%	2.88%	5.4%	6.74%
Book Value Per Share ¹	24.94	27.07	28.02	25.2	25.1	28.9	30.41	32.09
Change	-	8.54%	3.52%	-10.07%	-0.4%	15.14%	5.22%	5.53%
EPS ¹	2.99	2.94	1.48	1.3	3.13	3.642	3.895	4.168
Change	-	-1.67%	-49.66%	-12.16%	140.77%	16.36%	6.95%	7.01%
Nbr of stocks (in thousands)	649,380	650,849	626,246	641,543	643,653	645,998	645,998	645,998
Announcement Date	19/02/21	23/02/22	22/02/23	22/02/24	26/02/25	-	-	-