Danone: sales up 4% in third quarter, driven mainly by price increases
Danone published on October 28, 2026 quarterly revenue up 4.0% on a comparable basis, a pace close to that of the second quarter (+4.2%). Over nine months, comparable growth reaches 3.6%, within the annual range of +3% to +5% that the group confirmed.
The composition of this growth is the main takeaway of the quarter. The price effect contributed 3.6 percentage points, against 0.4 percentage point for volumes and mix. This publication comes after a marked stock market decline: on October 2, 2026, the share price showed a drop of 18.2% over three months, after reaching a one-year low at the end of September.
Revenue of €7,233 million, up 5.2% as reported
In the third quarter of 2026, sales reached €7,233 million, compared to €6,876 million a year earlier. The reported increase of 5.2% includes a positive foreign exchange effect of 1.5%, linked in particular to the appreciation of the renminbi, Mexican peso and dollar against the euro, as well as a contribution from hyperinflation of 0.4%.
The perimeter had a negative impact of 0.5%. The deconsolidation of dairy operations in Argentina since August 1st was only partially offset by the integration of Huel since September 1st and that of the joint venture with Saputo Dairy Australia.
Over nine months, revenue stands at €21,176 million, up 2.9% as reported.
All three zones advanced. EMEA recorded comparable growth of 3.9% (of which +1.9% in Europe), the Americas 4.4% (of which +2.4% in North America) and Asia-Pacific 3.6%.
Volumes down in Europe, North America and China
The gap between prices and volumes is more pronounced than on a year-to-date basis. Over nine months, volumes and mix grew 1.3%, compared to 0.4% in the third quarter alone. They declined by 1.3% in Europe, 0.6% in North America and 1.6% in the China, Northern Asia and Oceania region, where comparable growth is limited to 0.1%.
Waters explain part of this movement, with volumes and mix down 1.6%. In Asia-Pacific, their comparable sales fell 7.5%, due to an unfavorable season for Mizone linked to weather. According to the group, this decline weighed approximately one percentage point on the quarter's comparable growth.
Conversely, Waters advanced 8.4% in EMEA and 11.7% in the Americas. Specialized Nutrition shows the strongest category increase (+4.7%), with +12.4% in the Americas and +7.9% in Asia-Pacific.
In dairy and plant-based products in North America, Danone announced measures to improve performance, as well as the appointment of new management for the United States, reporting to Henri Bruxelles.
Comparable growth target of 3% to 5% confirmed for 2026
The group maintained its annual guidance: comparable sales growth between 3% and 5%, with operating income growing faster than revenue. These targets had already been confirmed at the half-year publication on July 29, 2026. Chief Executive Officer Antoine de Saint-Affrique indicated he would reiterate them in an environment he considers still volatile.
Danone also plans to repurchase approximately 3.5 million of its own shares by the end of 2026, in order to offset dilution linked to capital increases reserved for employees and long-term incentive plans scheduled for 2027.
On the financial side, the group issued on September 21 a bond loan of 1.5 billion euros in three tranches of 500 million euros, at 18 months, 5 years and 9 years. On the governance front, Vikram Agarwal, Chief Operating Officer, will leave the group in early 2027.
With comparable growth of 3.6% over the first nine months, Danone is positioned in the lower to middle part of its annual range of 3% to 5%.
