Danone S.A.

What does Danone own?
Danone owns approximately 20 major brands across three segments. In Essential Dairy and Plant-Based, it owns Activia, Actimel, Oikos, Danone, Alpro, Silk, and STōK. In Waters, it owns evian, Volvic, Aqua, and Mizone. In Specialized Nutrition, it owns Aptamil, Nutrilon, Nutricia, Nutrison, Neocate, and Kate Farms. The company sold or deconsolidated Horizon Organic in 2024.

Is Danone publicly traded?
Yes. Danone S.A. is publicly traded on Euronext Paris under the ticker BN. The company is a component of the CAC 40 index. An ADR program trades on the OTCQX platform under the symbol DANOY for U.S. investors. There is no parent company or controlling shareholder.

Who founded Danone?
Danone was founded in 1919 by Isaac Carasso in Barcelona, Spain. Carasso named the company after his son Daniel, whose nickname was "Danon." The company began by producing yogurt using cultures from the Pasteur Institute, positioning yogurt as a health food. Daniel Carasso expanded the business to France in 1929.

Where is Danone headquartered?
Danone is headquartered in Paris, Ile-de-France, France. The company's corporate offices, including executive leadership and global functions, are based in Paris, with major operational centers and manufacturing facilities across Europe, North America, Asia, and Latin America.

How many brands does Danone own?
Danone owns approximately 20 major brands across its three segments. The most prominent are Activia, Actimel, Oikos, Alpro, Silk, evian, Volvic, Aqua, Aptamil, Nutricia, and Kate Farms. The company's portfolio is focused on health-focused food and beverage rather than indulgence products.

Who owns Danone?
Danone is an independent publicly traded corporation with no parent company. The company is owned by institutional investors, mutual funds, pension funds, and individual shareholders who hold its Euronext Paris-listed shares. Major institutional holders include BlackRock, Vanguard Group, and European pension funds. There is no founder control or dual-class share structure.

What were Danone's recent financial results?
For FY2025, Danone reported sales of €27.3 billion, up 4.5% like-for-like, with recurring EPS of €3.80, up 4.6%, and recurring operating margin of 13.4%, up 44 basis points. In H1 2026, sales were €13.9 billion, up 3.5% like-for-like, with recurring EPS of €1.92. The company confirmed 2026 guidance of 3% to 5% like-for-like sales growth.

Is Danone B Corp certified?
Yes. Danone achieved worldwide B Corp certification in 2025, independently verified by B Lab. This was the culmination of a decade-long process and makes Danone one of the largest food and beverage companies to hold this certification. The company is also recognized on the CDP Triple A List for climate, water, and forest performance.

Danone was founded in 1919 by Isaac Carasso in Barcelona, Spain. Carasso, a Sephardic Jewish businessman, named the company after his son Daniel, whose nickname was "Danon." The company began by producing yogurt using cultures from the Pasteur Institute, positioning yogurt as a health food rather than a dessert. This health-focused origin remains central to Danone's brand identity more than a century later.

In 1929, Carasso's son Daniel expanded the business to France, establishing Danone in Paris. The French operation grew rapidly, and after World War II, the company merged with Gervais, a French cheese maker, in 1972 to form BSN-Gervais-Danone. In 1973, BSN acquired Kronenbourg, a major French brewer, diversifying beyond dairy.

The company underwent a major strategic shift in the 1990s and 2000s, divesting its beer, glass, and packaging businesses to focus entirely on food and beverage. In 1994, the company changed its name to Groupe Danone. During this period, Danone made several significant acquisitions, including the acquisition of Evian and Volvic mineral water brands, and expanded internationally into Asia, Latin America, and North America.

In 2007, Danone acquired Numico, a Dutch specialized nutrition company, for approximately €12.3 billion. This acquisition added Aptamil, Nutricia, and Milupa to the portfolio and established Danone as a major player in infant formula and medical nutrition. The deal was a transformative moment that shifted Danone's portfolio toward higher-margin, science-based nutrition products.

In 2016, Danone acquired WhiteWave Foods for approximately $12.5 billion, adding Silk, Alpro, Horizon Organic, and International Delight to the portfolio. This was the largest acquisition in Danone's history and significantly expanded the company's plant-based and North American businesses. The acquisition doubled Danone's revenue in North America.

In 2021, Antoine de Saint-Affrique was appointed CEO and launched the "Renew Danone" strategic plan. The plan focused on restoring volume growth, improving margins, and repositioning the portfolio around health-focused nutrition. The plan has delivered consistent results, with like-for-like sales growth of 4.5% in FY2025 and recurring operating margin improving to 13.4%.

In 2024, Danone successfully petitioned the U.S. FDA to secure a science-backed claim linking yogurt consumption with reduced risk of developing type-2 diabetes. This was the first qualified health claim for yogurt in the United States and has provided competitive advantage in the health-focused consumer segment.

In 2025, Danone achieved worldwide B Corp certification, the culmination of a decade-long journey. The company was also recognized on the CDP Triple A List for climate, water stewardship, and forest preservation. In the same year, Danone acquired Kate Farms, a U.S.-based plant-based nutrition company, and deconsolidated Horizon Organic.

For FY2025, Danone reported sales of €27.3 billion, up 4.5% like-for-like, with volume/mix growth of 2.7%. Recurring operating income was €3.67 billion with a margin of 13.4%, up 44 basis points. Recurring EPS was €3.80, up 4.6%. Free cash flow was €2.8 billion.

In H1 2026, sales reached €13.9 billion, up 3.5% like-for-like, with Q2 2026 sales of €7.2 billion, up 4.2%. Recurring operating margin improved 12 basis points to 13.3%. Recurring EPS was €1.92, up 0.9%. The company confirmed 2026 guidance of like-for-like sales growth between 3% and 5%, with recurring operating income growing faster than sales.

In Q1 2026, Danone initiated a recall of certain infant milk formula products in EMEA, which impacted Specialized Nutrition performance in the region. The company also faced headwinds from the conflict in the Middle East, which affected operations in that region.

Danone achieved worldwide B Corp certification in 2025, the culmination of a decade-long process. The company is one of the largest food and beverage companies to achieve this certification, which is independently verified by B Lab. The certification covers Danone's global operations and requires meeting standards for social and environmental performance, accountability, and transparency.

The company has set science-based targets for carbon emissions reduction and has committed to net-zero emissions by 2050. Danone has been recognized on the CDP Triple A List for its performance on climate, water stewardship, and forest preservation. The company publishes an annual sustainability report and participates in global sustainability frameworks including the Science Based Targets initiative and the Task Force on Climate-related Financial Disclosures (TCFD).

Danone is included in several sustainability indexes, including the MSCI ESG Indexes, FTSE4Good Index Series, and Bloomberg Gender Equality Index. These inclusions are based on independent assessments by the respective organizations.

On ethical grounds, Danone maintains compliance programs for food safety, labeling accuracy, and regulatory requirements across its global operations. The company has policies on responsible marketing, particularly for infant formula, where it follows the International Code of Marketing of Breast-milk Substitutes. The Danone Ecosystem Fund supports regenerative agriculture projects and sustainable farming practices across the company's supply chain.

Danone has committed to sourcing 100% renewable electricity by 2030 and has implemented sustainable packaging targets, including a goal of 100% recyclable, reusable, or compostable packaging by 2025. The company has also established animal welfare standards for its dairy supply chain.

Danone has received recognition from independent organizations for its corporate and sustainability performance:

• CDP Triple A List (2025): Recognized for leadership in climate, water stewardship, and forest preservation
• B Corp Certification (2025): Achieved worldwide B Corp certification, independently verified by B Lab
• FTSE4Good Index Series: Included for corporate sustainability performance
• MSCI ESG Indexes: Included for environmental, social, and governance performance
• Bloomberg Gender Equality Index: Included for gender equality in the workplace
• Access to Nutrition Index: Recognized for nutrition-related commitments and performance

These recognitions are based on independent assessments by the respective organizations.

Danone has faced regulatory and public scrutiny across several areas of its business.

Infant milk formula recall (2026): In Q1 2026, Danone initiated a recall of certain infant milk formula products in EMEA. The recall impacted Specialized Nutrition performance in the region, contributing to a volume/mix decline of 1.4% in EMEA in Q1 2026. The company worked with food safety authorities to manage the recall and implemented enhanced quality control measures. Costs related to the recall were recorded in non-recurring operating items.

Infant formula marketing: Danone, like all infant formula manufacturers, is subject to the International Code of Marketing of Breast-milk Substitutes adopted by the World Health Organization. Advocacy groups have criticized formula manufacturers for marketing practices in developing countries. Danone maintains policies intended to comply with the code and publishes annual reports on its compliance.

Horizon Organic deconsolidation (2024): Danone deconsolidated Horizon Organic, its organic dairy brand in the United States, in early 2024. The deconsolidation was part of a portfolio review and reduced reported revenue. The company faced criticism from organic dairy farmers who were affected by changes in milk purchasing contracts associated with the deconsolidation.

Middle East operations: The conflict in the Middle East has affected Danone's operations in the region, impacting supply chains and distribution. The company has had to secure alternative supply routes and manage working capital impacts. This was noted as a factor affecting Q1 2026 performance in the EMEA region.

Commodity price volatility: Danone faces exposure to commodity price volatility, particularly for dairy raw materials, packaging, and energy. The company uses pricing and productivity programs to offset input cost inflation, but significant commodity price increases can pressure margins if pricing cannot be implemented quickly enough.