PARIS, France – Danone has released Q4 and full-year results for 2024. In Q4 2024, sales stood at €6,716m, up +4.7% on a like-for-like basis, led by an increase of +4.2% from volume/mix and +0.6% from price. On a reported basis, sales increased by +0.9%, notably due to the negative impact from scope (-3.8%), resulting predominantly from the sale of Horizon Organic and Wallaby.
Reported sales were also negatively impacted by forex (-2.3%), reflecting the depreciation of several currencies against the euro, notably the Argentine Peso, the Mexican Peso, the Brazilian Real and the Turkish Lira. In addition, hyperinflation contributed positively to reported sales (+1.8%).
In 2024, sales stood at €27,376m, up +4.3% on a like-for-like basis, led by an increase of +3.0% from volume/mix and +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%).
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.
Recurring EPS increased by +2.5% to €3.63, driven by higher recurring operating income and a good management of financial costs.
Non-recurring operating income and expense reached -€179 million in 2024, including one-off costs related to transformation projects, mainly in Europe and the United States. This compares to -€1,438 million in 2023, which reflected the deconsolidation of EDP Russia and the impairment resulting from the disposal of Horizon Organic and Wallaby in the US. As a result, Reported EPS stood at €3.13, up +130.2%.
Cash flow and Debt
Free cash flow reached €3,003 million in 2024, up from €2,633 million in 2023, reflecting the increase in recurring operating income, as well as a strong improvement in working capital, now reaching -8.5% of sales. Capex stood at -€923 million.
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.
Dividend
At 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 3, 2025, and the dividend will be payable on May 7, 2025.
Danone: 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.
