Danone trumped analyst expectations with robust volume-led gross sales development in FY25 however delivered one other tender quarter in North America as capability and provide constraints continued to chew.
The corporate’s protein and medical vitamin merchandise have been the catalysts for the group’s efficiency, which delivered a 4.5% enhance in like-for-like gross sales within the yr versus a 4.4% consensus.
All areas and classes posted development in FY25, with specialised vitamin (up 7.4% in LFL gross sales) and China, North Asia and Oceania (up 11.7%) main the cost.
Danone’s FY25 highlights
Gross sales: €27.3bn, +4.5% LFL
Recurring margin: 13.4%, +44 bps
Recurring EPS: €3.80, +4.6%
Free money stream: €2.8bn
Internet earnings: €1.83bn, –9.7%
Working earnings: €2.94bn, hit by larger non‑recurring prices
Dividend: €2.25/share, +4.7%
Internet debt: €8.43bn, barely improved
This autumn gross sales: +4.7% LFL
North America was the softest performer attributable to capability constraints in high-protein yogurt and creamers, with the latter nonetheless struggling to regain share following a late 2024 recall of Worldwide Delight merchandise.
Danone CEO Antoine de Saint-Affrique affirmed 2026 steerage of LFL gross sales development between +3% to +5%, consistent with the group’s mid-term goal.
He mentioned the corporate will proceed to lean into well being and wellness developments by doubling down on protein and medical vitamin; re-shaping alt dairy right into a benefit-led class, and exploiting channels exterior mass retail to unlock development.
“Our classes proceed to outperform the broader meals and beverage trade fuelled by highly effective and converging developments, all pointing in the identical path,” he informed traders. “The FY25 efficiency displays the strengths and the resilience of our distinctive health-focused, and this efficiency is deeply related to the structural developments which might be reshaping the meals trade.”
Protein roars forward – however fiber is subsequent
Danone’s protein portfolio together with manufacturers Oikos, YoPro and Skyr drove development in Important Dairy and Plant-based. Within the US, Oikos exceeded €1 billion income in 2025 and the pattern is seen as a long-term alternative for the corporate.
“Protein is crucial for good well being at each stage of life, and demand continues to rise, notably amongst folks utilizing GLP-1 who’re actively looking for methods to protect energy,” the chief government mentioned. “However customers at this time…more and more search nutrient-dense high-quality protein supported by the best dietary enhances.”
Fiber can unlock future development in each protein and intestine well being, he added. “Protein and fiber characterize a significant long-term development alternative, and we’re strengthening our management accordingly, constructing on our capabilities within the subject of biotics.”
To that finish, Danone launched Oikos Fusion, a fiber-fortified yogurt drink appropriate for GLP-1 customers, in addition to kefir and fiber-enriched merchandise as a part of its Activia intestine well being vary.
Danone can be aiming to enhance efficiency in plant-based – notably Silk – with benefit-led messaging.
North America struggles
Exterior of a powerful efficiency in medical vitamin – the place Danone’s strategic acquisitions together with of Kate Farms have enabled it to unlock entry into the US healthcare system – North America struggled to construct on final yr’s efficiency.
With a 2% LFL quantity development, the area struggled attributable to ongoing bottlenecks in yogurt manufacturing and Danone’s lack of shelf share in espresso creamers. The corporate has additionally been sluggish to enter the burgeoning clean-label refrigerated creamer house, the place it at the moment performs via Too Good & Co. (pictured) however not its flagship model Worldwide Delight.
CFO Juergen Esser informed traders that good points from high-protein model Oikos have been offset by ‘unsatisfactory efficiency’ in plant-based and low creamers within the area.
“In espresso creamers, we’ve seen our market shares progressively enhance,” he mentioned. “We’re, nevertheless, clear that we have to double down on our efforts to carry Worldwide Delight again to the place it belongs.” 2026 is anticipated to be a yr of restoration and return to development for creamers, he added, however progress isn’t anticipated till after the second quarter, he added.
Danone has strengthened management in North America with the appointment of Henri Bruxelles as President Americas and is looking for to consolidate into three areas – EMEA, APAC and Americas – going ahead.
