The company’s broad-based growth currently demonstrates a high resilience of its business. Danone achieved a very strong performance in China, North Asia & Oceania, in all categories, solid growth in North America, led by a continued, winning momentum in High Protein sales, and consistent progress in Europe.
In Q1 2025, sales stood at 6.8 billion euros, up +4.3% like-for-like, led by an increase of +1.9% in volume/mix and +2.4% in price. On a reported basis, sales increased by +0.8%, with a negative impact from scope (-3.0%), resulting predominantly from the sale of Horizon Organic and Wallaby completed in April 2024. Reported sales were also negatively impacted by forex (-0.8%), reflecting the depreciation of several currencies against the euro, notably the Mexican Peso, the Brazilian Real, the Argentine Peso and the Turkish Lira, while hyperinflation contributed positively to reported sales (+0.8%).
In Q1 2025, like-for-like sales in Europe were up +2.0%. The market improved its growth momentum sequentially while achieving positive volume/mix for the sixth consecutive quarter. It was notably led by further progress in EDP, supported by functional products, and particularly the YoPro, Alpro, and Actimel brands. Specialized Nutrition registered resilient growth, driven by Medical Nutrition, while Waters posted strong growth ahead of the summer season, notably led by evian, Volvic and Zywiec Zdroj brands.
In North America, sales were up +3.7%. This solid growth was led by the consistent winning momentum in High Protein products, under the Oikos brand. Coffee Creamers registered a soft start to the year, impacted by temporary service challenges, in a competitive category. Medical Nutrition posted strong growth across the portfolio, while evian and Harmless Harvest drove double-digit growth in Waters.
The biggest growth occurred in China, North Asia & Oceania, where sales were up +9.9%. In Specialized Nutrition, Infant Milk Formula continued to consistently gain market shares, with Essensis as a key driver, while Medical Nutrition saw continued strong demand. In Waters, Mizone delivered double-digit growth, while EDP in Japan sustained its strong performance with further market share gains.
Latin America also showed great results, with LFL sales up +9.0%. Specialized Nutrition posted strong growth, led by the Aptamil brand across the region, while EDP registered solid growth, sustained by YoPro, Danone, and Danette brands.
In the rest of the world, LFL sales increased by +3.3%, with volume/mix at -1.0% and price at +4.3%. The performance was led by the continued growth of EDP in Africa, especially in Morocco, and the solid growth of Specialized Nutrition, notably in India and Middle East, while Waters was impacted by adverse weather conditions.
For 2025, Danone has confirmed its target sales growth to be in line with mid-term ambitions. LFL sales growth is expected between +3% and +5%, with recurring operating income growing faster than sales.
