2024 Full-Year Results
Press release - Paris, February 26, 2025
Strong FY 2024 results Entering the next chapter of Renew with confidenceFY 2024 sales of €27,376m up +4.3% on a like-for-like (LFL) basis, with volume/mix up +3.0%, and price up +1.3%
Q4 sales up +4.7% LFL, with strong volume/mix of +4.2%, and resilient price of +0.6%
Continued strong momentum in North America, notably in High Protein, Coffee Creations and Waters
5th consecutive quarter of positive volume/mix in Europe, demonstrating notably further progress in EDP competitiveness
Sustained competitive growth in China, North Asia & Oceania in all categories
Recurring operating margin up +39 bps at 13.0% driven by strong improvement in margin from operations, while consistently reinvesting into future growth
Recurring EPS up +2.5% to €3.63
Record level of Free cash flow at €3.0bn, up +14.0%
Proposed dividend up +2.4% to €2.15
2025 guidance in line with mid-term ambition: like-for-like sales growth expected between +3% and +5%, with recurring operating income growing faster than sales
Full-Year 2024 Key Figures
in millions of euros unless stated otherwise | FY 2023 | FY 2024 | Reported change | Like-for-like change (LFL) |
Sales | 27,619 | 27,376 | -0.9% | +4.3% |
Recurring operating income | 3,481 | 3,558 | +2.2% | |
Recurring operating margin | 12.6% | 13.0% | +39 bps | |
Non-recurring operating income and expenses | (1,438) | (179) | +1,259 | |
Operating income | 2,042 | 3,379 | +65.4% | |
Operating margin | 7.4% | 12.3% | +495 bps | |
Recurring net income - Group share | 2,283 | 2,345 | +2.7% | |
Non-recurring net income - Group share | (1,402) | (324) | +1,078 | |
Net income - Group share | 881 | 2,021 | +129.4% | |
Recurring diluted EPS (€) | 3.54 | 3.63 | +2.5% | |
EPS (€) | 1.36 | 3.13 | +130.2% | |
Cash flow from operating activities | 3,442 | 3,831 | +11.3% | |
Free cash flow | 2,633 | 3,003 | +14.0% |
All references in this document to Like-for-like (LFL) changes, Recurring operating income and margin, Margin from operations, Recurring net income, Recurring income tax rate, Recurring EPS, Free cash flow and Net financial debt, correspond to alternative performance measures not defined by IFRS. Their definitions, as well as their reconciliation with financial statements, are listed on pages 6 to 9.
Antoine de Saint-Affrique: CEO statement
We close the first chapter of Renew Danone with a strong set of results, fully delivering on our 2022 mid-term guidance. In 2024, the quality of our growth has further improved, reaching +4.3% like-for-like sales growth driven by +3% volume/mix.
This allowed us to drive operating leverage, enabling us to further reinvest in our brands and capabilities, and support the growth of our categories while maintaining a strong financial discipline. Our focus on value creation and return-oriented capital allocation led to a significant improvement of our ROIC, now back into double-digit territory.
We believe that the food industry is at a tipping point. Our unique, health-driven portfolio, our renewed focus on science to the service of consumers and patients, our strong brand portfolio and a continuous improvement mindset give us the confidence that we can seize this long-term market opportunity. We enter the next chapter as a stronger company, ready for more.
I. FOURTH QUARTER AND FULL-YEAR RESULTS
+1.3% from price. On a reported basis, sales decreased by -0.9%, notably due to the negative impact from scope (-4.8%), resulting predominantly from the exit of EDP Russia and Horizon Organic and Wallaby. Reported sales were also negatively impacted by forex (-2.8%), while hyperinflation contributed positively (+1.6%).
Sales by operating segment€ million except % | Q4 2023 | Q4 2024 | Reported change | LFL sales growth | Volume/ mix growth | FY 2023 | FY 2024 | Reported change | LFL sales growth | Volume/ mix growth |
Europe | 2,313 | 2,358 | +2.0% | +1.8% | +3.0% | 9,382 | 9,568 | +2.0% | +1.7% | +1.4% |
North America | 1,725 | 1,636 | -5.2% | +7.7% | +5.9% | 6,889 | 6,579 | -4.5% | +5.2% | +4.1% |
China, North Asia & Oceania | 822 | 886 | +7.8% | +6.8% | +9.8% | 3,496 | 3,694 | +5.7% | +8.0% | +9.1% |
Latin America | 704 | 724 | +2.9% | +4.7% | +1.2% | 2,794 | 3,029 | +8.4% | +4.2% | +0.0% |
Rest of the World | 1,092 | 1,112 | +1.8% | +5.4% | +1.7% | 5,058 | 4,506 | -10.9% | +5.7% | +1.4% |
EDP | 3,462 | 3,355 | -3.1% | +4.7% | +3.8% | 14,322 | 13,463 | -6.0% | +3.8% | +2.7% |
Specialized Nutrition | 2,174 | 2,308 | +6.1% | +4.6% | +5.3% | 8,504 | 8,936 | +5.1% | +4.6% | +3.4% |
Waters | 1,019 | 1,053 | +3.3% | +5.3% | +3.0% | 4,793 | 4,977 | +3.8% | +5.1% | +2.9% |
TOTAL | 6,655 | 6,716 | +0.9% | +4.7% | +4.2% | 27,619 | 27,376 | -0.9% | +4.3% | +3.0% |
In Q4 2024, Europe sales were up +1.8% on a like-for-like basis, with volume/mix at +3.0% and price at -1.2%. The zone registered its fifth consecutive quarter of positive volume/mix, making step-by-step progress in EDP competitiveness. Specialized Nutrition posted solid performance, while Waters delivered strong growth, driven by evian, Volvic and Zywiec Zdroj brands.
In North America, sales were up +7.7% on a like-for-like basis, led by strong volume/mix, up +5.9%, and resilient price, up +1.9%. This performance was driven by the continued strong momentum in High Protein, Coffee Creations and Waters, as well as solid growth in Specialized Nutrition, led by Medical.
In China, North Asia & Oceania sales were up +6.8% on a like-for-like basis, with strong volume/mix at +9.8% and price at -3.0%. In Specialized Nutrition, Infant Milk Formula continued to gain further market share, in an improving category, while Medical Nutrition maintained its strong momentum. In Waters, Mizone delivered another quarter of strong growth, while EDP sustained its strong performance in Japan.
In Latin America, sales were up +4.7% on a like-for-like basis, with volume/mix up +1.2% and price up +3.5%. In EDP, the growth was still impacted by the licensing out of milk business in Brazil, while Danone, Danette and YoPro brands delivered a robust performance. Specialized Nutrition delivered strong growth, led by Aptamil, while Waters benefited from normalized weather conditions.
In the Rest of the World, sales increased by +5.4% on a like-for-like basis, with volume/mix up +1.7% and price up
+3.7%, notably led by the solid performance of Specialized Nutrition and Waters across the region. In EDP, Dairy Africa showed further progress, with another quarter of strong growth in Morocco.
Sales by geography by categoryQ4 2024 | Europe | North America | China, North Asia & Oceania | AMEA, CIS & Latin America | Total |
Sales (€m) LFL sales growth (%) | Sales (€m) LFL sales growth (%) | Sales (€m) LFL sales growth (%) | Sales (€m) LFL sales growth (%) | Sales (€m) LFL sales growth (%) | |
EDP Specialized Nutrition Waters Total Company | 1,075 +0.0% 819 +2.0% 464 +5.6% 2,358 +1.8% | 1,474 +7.8% 89 +3.2% 73 +12.3% 1,636 +7.7% | 95 +8.2% 700 +6.6% 91 +7.2% 886 +6.8% | 712 +5.2% 699 +6.1% 424 +3.5% 1,836 +5.1% | 3,355 +4.7% 2,308 +4.6% 1,053 +5.3% 6,716 +4.7% |
FY 2024 | Europe | North America | China, North Asia & Oceania | AMEA, CIS & Latin America | Total |
Sales (€m) LFL sales growth (%) | Sales (€m) LFL sales growth (%) | Sales (€m) LFL sales growth (%) | Sales (€m) LFL sales growth (%) | Sales (€m) LFL sales growth (%) |
EDP | 4,318 | +0.9% | 5,922 | +5.4% | 372 | +11.6% | 2,850 | +3.8% | 13,463 | +3.8% |
Specialized Nutrition | 3,154 | +1.4% | 353 | -3.0% | 2,557 | +6.3% | 2,873 | +7.9% | 8,936 | +4.6% |
Waters | 2,096 | +3.6% | 304 | +10.9% | 764 | +12.2% | 1,813 | +3.0% | 4,977 | +5.1% |
Total Company | 9,568 | +1.7% | 6,579 | +5.2% | 3,694 | +8.0% | 7,536 | +5.1% | 27,376 | +4.3% |
Recurring operating income
(€m) and margin (%)
BY GEOGRAPHICAL ZONEFY 2023
Reported change
Margin (%)
€m
FY 2024
€m Margin (%)
Europe | 1,076 | 11.5% | 1,143 | 11.9% | +48 bps |
North America | 699 | 10.1% | 749 | 11.4% | +124 bps |
China, North Asia & Oceania | 1,052 | 30.1% | 1,086 | 29.4% | -70 bps |
Latin America | 123 | 4.4% | 113 | 3.7% | -68 bps |
Rest of the World | 530 | 10.5% | 468 | 10.4% | -11 bps |
EDP | 1,224 | 8.5% | 1,142 | 8.5% | -6 bps |
Specialized Nutrition | 1,772 | 20.8% | 1,842 | 20.6% | -22 bps |
Waters | 485 | 10.1% | 574 | 11.5% | +142 bps |
Total | 3,481 12.6% 3,558 13.0% +39 bps |
Danone's recurring operating income reached €3,558m in 2024. Recurring operating margin stood at 13.0%, up
+39 basis points (bps) compared to last year. This increase was mainly led by the strong improvement in margin from operations (+242 bps), notably driven by record productivity levels. Danone continued to step-up its reinvestments in A&P, product superiority and capabilities, which accounted for -173 bps. Finally, Overheads before reinvestments had a negative effect of -18 bps, while other effects had a combined impact of -12 bps, mainly due to a negative impact from Forex.
Net income and Earnings per sharein millions of euros unless stated otherwise | Recurring | FY 2023 Non-recurring | Total | Recurring | FY 2024 Non-recurring | Total |
Operating income | 3,481 | (1,438) | 2,042 | 3,558 | (179) | 3,379 |
Cost of net financial debt | (172) | (172) | (197) | (197) | ||
Other financial income and expense | (135) | (49) | (185) | (108) | (75) | (183) |
Income before tax | 3,173 | (1,487) | 1,686 | 3,253 | (254) | 2,999 |
Income tax | (864) | 95 | (768) | (888) | (41) | (929) |
Effective tax rate | 27.2% | 45.6% | 27.3% | 31.0% | ||
Net income from fully consolidated companies | 2,309 | (1,392) 917 | 2,365 | (295) 2,070 | ||
Share of profit (loss) of equity-accounted companies | 55 | (19) 36 | 76 | (46) 30 | ||
Net income | 2,364 | (1,411) 953 | 2,441 | (340) 2,100 | ||
| 2,283 | (1,402) 881 | 2,345 | (324) 2,021 | ||
| 81 | (9) 72 | 96 | (17) 79 | ||
Diluted EPS (€) | 3.54 | 1.36 | 3.63 | 3.13 | ||
As of December 31, 2024, Danone's net debt stood at €8.6 billion, decreasing significantly from €10.2 billion last year, reflecting mainly the strong free cash flow generation.
DividendAt the Annual Shareholders' Meeting on April 24, 2025, Danone's Board of Directors will propose a dividend of €2.15 per share in respect of the 2024 fiscal year, up +2.4% compared to previous year. Assuming this proposal is approved, the ex-dividend date will be May 5, 2025, and the dividend will be payable on May 7, 2025.
II. 2025 GUIDANCE
2025 guidance in line with mid-term ambition: like-for-like sales growth expected between +3% and +5%, with recurring operating income growing faster than sales.
III. SHARE BUYBACK
Danone intends to buy back 2.7 million of shares, in one or more tranches in 2025, in order to offset the dilutive impacts resulting from the capital increases reserved to employees and the long-term incentive plans to be implemented in 2025. The repurchased shares will be allocated to employee shareholding plans. Details of the share buyback program are available in section 7.2 of Danone's 2023 Universal Registration Document, available on Danone's website.
IV. RECENT MAJOR DEVELOPMENTS
- November 8, 2024: Danone has been awarded #1 position in the 2024 Global Access To Nutrition index (ATNi), which assesses the world's 30 largest food and beverage manufacturers. This award highlights Danone's dedication to promoting health and nutrition for consumers and patients.
- February 21, 2025: Following the mediation process ordered by the Judicial Court of Paris before which three NGOs had brought legal proceedings against Danone on January 9, 2023, an agreement between the parties has been reached to end the proceedings concerning Danone's vigilance plan. This agreement involves reinforcing the vigilance plan, which now gives a more detailed description of the consequences of the use of plastic packaging and sets out in detail all the actions that Danone is implementing in this respect.
V. SHAREHOLDERS' MEETING AND FINANCIAL STATEMENTS
At its meeting on February 25, 2025, the Board of Directors approved the draft resolutions that will be submitted to the approval of the Shareholders' Meeting on April 24, 2025. In particular, the Board proposes that shareholders renew the term of office of Antoine de Saint-Affrique, Patrice Louvet, Géraldine Picaud and Susan Roberts as Directors, whose current term of office will expire on the next Shareholders' Meeting. It will also submit to the Shareholder's Meeting resolutions notably on the compensation of corporate officers, and on the renewal of the existing financial authorizations.
Attachments
- Original document
- Permalink
Disclaimer
Danone SA published this content on October 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 29, 2025 at 16:11 UTC.
