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olivLaw · European equity research

Danone BN.PA

France · Euronext Paris · ISIN FR0000120644 · Vertical: Listed companies from France

67.64EUR+2.45% · 1 dayClose 04 Nov 2026

Danone is a global food group active in three categories: dairy and plant-based products (EDP), specialised nutrition and waters. In fiscal 2024 it grew +4.3 % like-for-like, and its recurring operating margin rose to 13.0 %, while for 2025 the group sets a like-for-like revenue growth target between +3 % and +5 %.

At the close of 04 Nov 2026, Danone (BN.PA) stock was 67.64 EUR (+2.45% on the day), with market capitalisation 43.5 bn EUR, P/E 21.6 on diluted EPS of 3.13 EUR over the last 12 months, beta 0.15, 52-week range 57.58–79.60 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
43.5 bn EUR
shares as of 31 Dec 2024
P/E (TTM)
21.6
Diluted EPS TTM 3.13 · TTM to 31 Dec 2024
E/P (TTM)
4.63%
TTM to 31 Dec 2024
Dividend yield
unavailable
Beta (2y)
0.15
Volatility (1y) 24%
52-week range
57.5879.60

Price history

Loading chart…

Technical reading

RSI (14)
75.1
overbought (≥ 70)
Bollinger (20, 2)
57.06 – 67.20
above the upper band · %B 1.04 · band width 16.3%
SMA 50 / 200
61.67 / 66.55
mixed trend
MACD (12, 26, 9)
1.43 / 0.68
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+17.1%+0.4%+16.7 pp—
3 months−0.5%−3.3%+2.7 pp—
6 months+4.2%+4.0%+0.2 pp—
Year to date−11.9%+8.1%−20.0 pp—
1 year−12.3%+10.7%−23.0 pp−7.0%
3 years+18.6%+50.1%−31.5 pp−17.3%
5 years+17.9%+43.6%−25.7 pp—
Max drawdown (1y)
−27.7%
13 Nov 2025 → 01 Oct 2026
Max drawdown (5y)
−27.7%
13 Nov 2025 → 01 Oct 2026
Compound annual growth (5y)
+3.4%
EURO STOXX 50 +7.5%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 33 percentile of its own 3-quarter history (min 20.8, median 33.3, max 43.1; quarters with earnings only).

Fiscal years

Fiscal year202220232024
Revenue27.7 bn27.6 bn27.4 bn
Revenue YoYunavailable−0.2%−0.9%
Net income959.0 m881.0 m2.0 bn
Net income YoYunavailable−8.1%+129.4%
Diluted EPS1.481.363.13
Diluted EPS YoYunavailable−8.1%+130.1%
net %3.5%3.2%7.4%
Free cash flow2.1 bn2.6 bn2.9 bn

Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
1.5 bn EUR
Financial debt
4.6 bn EUR
Net debt
3.2 bn EUR
Equity
17.9 bn EUR
Total assets
45.3 bn EUR
Debt / equity
0.26x
Current ratio
0.93x
ROE
11.9%
ROA
4.5%
FCF margin
10.6%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2022
27.7 bn
2023
27.6 bn
2024
27.4 bn

esef· 24 Sept 2025verified

Cost of revenue
2022
14.9 bn
2023
14.5 bn
2024
13.8 bn

esef· 24 Sept 2025verified

Gross profit
2022
12.7 bn ≈
2023
13.1 bn ≈
2024
13.6 bn ≈

esef· 24 Sept 2025derived

Research & development
2022
339.0 m
2023
398.0 m
2024
447.0 m

esef· 24 Sept 2025verified

Operating income
2022
2.1 bn
2023
2.0 bn
2024
3.4 bn

esef· 24 Sept 2025verified

Income tax
2022
778.0 m
2023
768.0 m
2024
929.0 m

esef· 24 Sept 2025verified

Net income
2022
959.0 m
2023
881.0 m
2024
2.0 bn

esef· 24 Sept 2025verified

Diluted EPS
2022
1.48
2023
1.36
2024
3.13

esef· 24 Sept 2025verified

Balance sheet · EUR

Cash
2022
1.1 bn
2023
2.4 bn
2024
1.5 bn

esef· 24 Sept 2025verified

Inventories
2022
2.6 bn
2023
2.3 bn
2024
2.3 bn

esef· 24 Sept 2025verified

Current assets
2022
12.2 bn
2023
12.9 bn
2024
12.8 bn

esef· 24 Sept 2025verified

Property, plant & equipment, net
2022
6.8 bn
2023
6.4 bn
2024
—

esef· 18 Mar 2024verified

Goodwill
2022
17.9 bn
2023
17.3 bn
2024
18.1 bn

esef· 24 Sept 2025verified

Total assets
2022
45.3 bn
2023
44.5 bn
2024
45.3 bn

esef· 24 Sept 2025verified

Short-term debt
2022
3.6 bn
2023
5.5 bn
2024
4.6 bn

esef· 24 Sept 2025verified

Current liabilities
2022
12.1 bn
2023
14.0 bn
2024
13.7 bn

esef· 24 Sept 2025verified

Equity
2022
18.0 bn
2023
16.2 bn
2024
17.9 bn

esef· 24 Sept 2025verified

Shares outstanding at year end
2022
648.0 m
2023
647.8 m
2024
643.6 m

esef· 24 Sept 2025derived

Cash flow · EUR

Operating cash flow
2022
3.0 bn
2023
3.4 bn
2024
3.8 bn

esef· 24 Sept 2025verified

Capex
2022
873.0 m
2023
847.0 m
2024
923.0 m

esef· 24 Sept 2025verified

Free cash flow
2022
2.1 bn ≈
2023
2.6 bn ≈
2024
2.9 bn ≈

esef· 24 Sept 2025derived

Investing cash flow
2022
-749.0 m
2023
-834.0 m
2024
-463.0 m

esef· 24 Sept 2025verified

Financing cash flow
2022
-1.9 bn
2023
-2.1 bn
2024
-3.8 bn

esef· 24 Sept 2025verified

Share repurchases
2022
0
2023
0
2024
0

esef· 24 Sept 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-0.9%
computed by olivLawFY 2024
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
65.5%
computed by olivLawFY 2024
Net income growth (YoY)
129.4%
computed by olivLawFY 2024
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
130.1%
computed by olivLawFY 2024
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
12.1%
computed by olivLawFY 2024

Profitability

Gross margin
49.7%
computed by olivLawFY 2024
EBITDA margin
unavailable
input data missing
EBIT margin
12.3%
computed by olivLawFY 2024
Net margin
7.4%
computed by olivLawFY 2024
FCF margin
10.6%
computed by olivLawFY 2024

Returns

ROE
11.9%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROA
4.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
14.1%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROCE
10.7%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
3.2 bn EUR
computed by olivLawbalance sheet at 31 Dec 2024
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.3x
computed by olivLawbalance sheet at 31 Dec 2024
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2024
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
3.8 bn EUR
computed by olivLawFY 2024
Capital expenditure
923.0 m EUR
computed by olivLawFY 2024
Free cash flow
2.9 bn EUR
computed by olivLawFY 2024
FCF conversion
143.9%
computed by olivLawFY 2024
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
61 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
43.5 bn EUR
computed by olivLawbalance sheet at 31 Dec 2024
Enterprise value
46.7 bn EUR
computed by olivLawbalance sheet at 31 Dec 2024
Market cap / net income TTM
21.5x
computed by olivLawFY 2024
P/E (TTM)
21.6x
computed by olivLawFY 2024
Earnings yield
4.6%
computed by olivLawFY 2024
P/B
2.4x
computed by olivLawbalance sheet at 31 Dec 2024
P/S
1.6x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
EV/EBIT
13.8x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
EV/Sales
1.7x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
P/FCF
15.0x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
FCF yield
6.7%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 52.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

67.64 EUR

04 Nov 2026Source: olivLaw, closing series

Market cap: 43.5 bn EUR

Key indicators

Market capitalisation
43.5 bn EUR
computed by olivLawbalance sheet at 31 Dec 2024
P/E (TTM)
21.6x
computed by olivLawFY 2024
P/B
2.4x
computed by olivLawbalance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
ROE
11.9%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Net margin
7.4%
computed by olivLawFY 2024
Revenue growth (YoY)
-0.9%
computed by olivLawFY 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2024
Source: esefpublished 24 Sept 2025
verified 69derived 3

The data is older than the freshness threshold.

Score by group

52% · Insufficient data

Estimated value range

Low
34.24
EUR per share
Mid
53.04
EUR per share
High
93.69
EUR per share
Price: 67.64 EUR
The price is within the range
Potential to the central value: -21.6% (value / price − 1)
Margin of safety: -27.5% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 34.24 – 93.69 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E34.24 – 93.69 (Mid 53.04)
    20 companies used · median multiple 16.9x · quartiles 10.9x – 29.9x
    74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 52.1% of at least 60%

FactorValueScoreWeight used
ROIC · Quality14.1%71 (vs peers)20%
Net margin · Quality7.4%82 (vs peers)12%
FCF conversion · Quality143.9%100 (on a fixed band)12%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.9x11 (on a fixed band)8%
P/E (TTM) · Valuation21.6x43 (vs peers)20%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation6.7%83 (on a fixed band)16%
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)12%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial11/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality82/100 · 3/3 factors with a value
  • Returns· partial0/100 · 1/2 factors with a value
  • Valuation61/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

DANONE (BN.PA). Latest full fiscal year: 2024; data up to 2024-12-31.

Figures computed from the financial statements: revenue 27.4 bn EUR in 2024; YoY growth -0.9%; net margin 7.4%; ROE 11.9%.

The estimated value range is 34.24–93.69 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 53.04 EUR, the price of 67.64 EUR leaves a potential of -21.6% (value / price − 1) and a margin of safety of -27.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 14.1%
  • Net margin: 7.4%
  • FCF conversion: 143.9%
  • FCF yield: 6.7%

What contradicts it

  • Current ratio: 0.9x
  • Shareholder yield (distributions): 0.0%

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Listed companies from France · same country · compared with 39 companies

Multiples and returns vs the median

P/E
21.6x
vertical median 18.6x
above median (+16.4%)
EV/EBITDA
—
vertical median 6.3x
P/S
1.6x
vertical median 0.5x
above median (+206.6%)
P/B
2.4x
vertical median 1.1x
above median (+131.5%)
ROE
11.9%
vertical median 4.2%
above median (+186.4%)
Net margin
7.4%
vertical median 1.1%
above median (+555.0%)
EBIT margin
12.3%
vertical median 3.2%
above median (+288.6%)
Revenue YoY
-0.9%
vertical median 0.6%
below median (−249.5%)
Net debt/EBITDA
—
vertical median -1.2x
Dividend yield
—
vertical median 1.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude107.9 bn32.812.9%12.2%−2.0%+25% / +30%
BN.PADanone43.5 bn21.611.9%7.4%−0.9%−12% / +15%
AC.PAAccor13.8 bn30.79.6%8.0%+0.6%+6% / +55%
ADP.PAAeroports De Paris11.6 bn34.07.8%5.6%+12.1%−7% / +4%
AKE.PAArkema7.0 bn113.40.9%0.7%−5.0%+10% / −38%
ALO.PAAlstom5.9 bn18.63.1%1.7%+3.7%−51% / −2%
AF.PAAir France - Klm3.8 bn12.1—1.0%+4.8%+7% / −3%
ATE.PAAlten3.1 bn29.74.8%2.6%−1.1%+34% / −28%
BB.PASociete Bic2.6 bn30.85.0%4.1%−4.8%+30% / +4%
ANTIN.PAAntin Infrastructure Partners1.4 bn13.121.9%36.6%−8.1%−23% / −34%
74SW.PA74software806.8 m21.28.9%8.5%+44.8%−11% / +43%
AUB.PAAubay671.2 m17.913.6%6.3%+11.3%+4% / +46%
ASY.PAAssystem507.8 m70.02.5%1.1%+7.4%−19% / −18%
ATO.PAAtos Se503.9 m—-23,400.0%-17.5%−16.5%−42% / −94%
ARAMI.PAAramis Group293.9 m14.810.0%0.8%+6.3%−34% / −17%
ARVEN.PAArverne Group246.9 m—-14.0%-115.3%+27.0%+20% / −34%
BGO.PACompagnie Chargeurs Invest184.8 m—-8.6%-5.7%−2.9%unavailable / unavailable
ALCIS.PACatering International & Services148.2 m29.09.3%1.9%+5.8%+42% / +111%
ALCGM.PACegedim145.3 m—-2.6%-1.2%+10.9%−25% / −49%
ALHEX.PAHexaom143.3 m6.69.9%2.2%+13.1%−32% / +7%
ATEME.PAAteme133.9 m140.62.8%1.0%+2.2%+69% / +65%
ALBON.PACompagnie Lebon108.5 m16.04.2%8.8%−17.9%+3% / +5%
ALHYF.PALhyfe75.9 m—-33.4%-570.5%+287.2%unavailable / unavailable
ABEO.PAAbeo62.3 m7.46.9%3.0%+12.6%−11% / −53%
ALFER.PASergeferrari Group60.6 m11.35.1%1.5%+7.4%−34% / −28%

1- and 3-year price returns: for BN.PA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
37.94
Total return -44% · Per year -44%
67.26
Total return -1% · Per year -1%
101.56
Total return 50% · Per year 50%
3 years
32.95
Total return -51% · Per year -21%
66.08
Total return -2% · Per year -1%
110.10
Total return 63% · Per year 18%
5 years
28.61
Total return -58% · Per year -16%
64.92
Total return -4% · Per year -1%
119.36
Total return 76% · Per year 12%
What moves the 3-year price the most
  • Exit P/E± 16.52
  • Net margin± 11.56
  • Annual revenue growth± 10.01
  • Annual dilution± 0.97

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Danone is a global food group active in three categories: dairy and plant-based products (EDP), specialised nutrition and waters. In fiscal 2024 it grew +4.3 % like-for-like, and its recurring operating margin rose to 13.0 %, while for 2025 the group sets a like-for-like revenue growth target between +3 % and +5 % 1.

SWOT

Strengths

  • Diversified portfolio across categories and geographies, with a strong position in specialised nutrition and waters.
  • High productivity and the ability to generate solid free cash flow, which supports investment and dividends.
  • Globally recognised brands and health-oriented innovation, with new launches in specialised nutrition.

Weaknesses

  • Dependence on the EDP category, which has the lowest operating margin among the group's categories.
  • Sensitivity to exchange rates, which reduce revenue reported in euros.
  • Brand reinvestment and transformation costs that weigh on margin in some periods.

Opportunities

  • Growing demand for high-protein and plant-based products, which could open new segments.
  • Expansion in Asian and African markets, where dairy and nutrition categories showed positive momentum.
  • Reduction of CO2 emissions through lower-carbon ingredients, which could support demand from environmentally conscious consumers.

Threats

  • Intense competition from international groups and local brands in core categories.
  • Currency fluctuations and instability in economies under hyperinflation.
  • Regulatory pressure on sugar content and food labelling.

Risks

  • Currency exposuremedium

    Movements of currencies against the euro could reduce reported revenue, as happened in fiscal 2024 1.

  • Transformation costsmedium

    Exceptional costs of transformation projects, mainly in Europe and the United States, weighed on non-recurring results 1.

  • Hyperinflation accountingmedium

    Applying hyperinflation accounting rules can change reported results in affected countries 1.

  • Cost of financinglow

    Higher interest rates increased net financial cost, which could weigh on profit if rates stay high 1.

  • Sugar and health regulationmedium

    Regulatory pressure on sugar content could change product formulations and associated costs 1.

Investment thesis

What would need to be true (bull case)

  • Growth like-for-like and a rising operating margin show solid execution, supported by productivity and a portfolio oriented to specialised nutrition.
  • Rising free cash flow and the 2025 guidance could support investment and dividends if the 2024 trends hold.
  • Innovation in high-protein and plant-based products could open new growth segments.

What would break the thesis

  • The EDP category, the group's largest, has a lower operating margin and more modest growth, which could limit overall progress.
  • Negative currency effects and deconsolidations reduced published revenue, and this effect could persist.
  • Brand reinvestment and transformation costs could keep weighing on margin if competitive pressure increases.

What to watch

  • Delivery of the like-for-like revenue growth guidance2025
  • Development of the recurring operating margin in EDP2025
  • Effect of exchange rates on published revenuenext 10-K
  • Momentum of specialised nutrition sales in Europe and China2025

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Danone organises its activity across five geographic zones and three categories: EDP (dairy and plant-based products), Specialised Nutrition and Waters. In fiscal 2024 consolidated revenue was 27376 million euros, and Specialised Nutrition kept the highest operating margin at 20.6 % 1. The group reported free cash flow of 3003 million euros, reflecting higher recurring operating profit and an improved working capital requirement 1.

Segments

Specialised Nutrition

With 8936 million euros of revenue in fiscal 2024 and +4.6 % growth like-for-like, this category includes infant formula and medical nutrition. Its recurring operating margin stayed high at 20.6 % 1. High-protein plant-based products and launches for children with growth problems are highlighted as innovation drivers 1.

EDP (dairy and plant-based products)

The largest category, with 13463 million euros of revenue in fiscal 2024 and +3.8 % growth like-for-like. Its recurring operating margin was 8.5 %, stable versus the prior year 1.

Market context

The group reported a negative scope effect from the deconsolidation of Russian activities and the sale of Horizon Organic and Wallaby, and exchange rates had a negative effect on published revenue 1. For 2025 management targets recurring operating profit growing faster than revenue 1.

Trends

  • High-protein dairy and plant-based productstailwind

    Launches such as Fortimel Plant-Based High Energy High Protein and Fortimel Omega Care are presented as responses to consumer demand for products good for health. If demand holds, the segment could support growth in Specialised Nutrition 1.

  • Exchange rate effectsheadwind

    The weakening of some currencies against the euro reduced published revenue, a negative impact that weighed on results reported in euros 1. If the trend continues, euro-reported growth could remain below like-for-like growth.

  • Operational efficiency and brand reinvestmentmixed

    The group achieved record productivity levels that supported operating margin, but part of the gain was reinvested in brands, with a negative margin effect 1. The balance between the two could shape margin development in the coming years.

Competitive position

Danone competes in dairy and plant-based foods, infant nutrition and bottled waters against international food groups and local brands. The official source does not name competitors explicitly, so the list below is limited to what can be supported from the document.

The group's differentiation rests on innovation in specialised nutrition and on strong brands in waters and coffee-related products, which help it maintain margin in the face of competitive pressure 1.

  • Nestlé

    Global competitor in dairy, infant nutrition and waters, relevant to Danone's core categories.

  • Lactalis

    International dairy group present in the same dairy and infant formula categories.

  • Local dairy and mineral water brands

    Regional producers competing with Danone in European, Asian and Latin American markets.

  • Plant-based food producers

    Companies specialised in plant-based alternatives that compete in the plant-based EDP segment.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Danone · 31 Dec 2024

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.