Danone Posts €27.3B Sales, 13.4% Margin and 4.5% Growth
Danone delivered €27,283m in 2025 sales, up 4.5% like-for-like, driven by 2.7% volume/mix and 1.8% price increases, and raised its recurring operating margin by 44bps to 13.4%. Free cash flow reached €2.8bn, dividend proposed at €2.25, while 2026 sales growth is targeted at 3%-5%.
1. 2025 Sales and Profitability Highlights
Danone reported full-year 2025 sales of €27,283m, a 4.5% increase on a like-for-like basis, with volume/mix up 2.7% and price up 1.8%. Recurring operating income rose to €3,665m, lifting the recurring operating margin to 13.4% (up 44 basis points), and recurring EPS climbed 4.6% to €3.80.
2. Regional Performance
Europe saw sustained momentum from Early Life Nutrition and Waters Soft, while North America benefited from High Protein and Specialized Nutrition. China, North Asia & Oceania delivered exceptional full-year performance, driven by strong Q4 sales in Specialized Nutrition and Early Life Nutrition.
3. Cash Flow and Dividend
Operating cash flow reached €3,779m, and free cash flow was €2,799m, reflecting a 6.8% decline versus 2024. The board proposed a 4.7% higher dividend of €2.25 per share, underlining confidence in cash generation.
4. 2026 Outlook and Sustainability
Management expects like-for-like sales growth of 3% to 5% in 2026, with recurring operating income growing faster than sales. The company earned CDP Triple A recognition and achieved global B Corp certification, highlighting its commitment to sustainability.