Danone Q2 sales rise on resilient dairy, specialized nutrition and bottled water demand
Key takeaways
- Danone’s Q2 sales rose 4.2% on a like-for-like basis, supported by resilient demand across dairy, specialized nutrition, and Waters.
- Asia Pacific was the strongest-performing region, with growth driven by Specialized Nutrition and strong Waters performance in key markets.
- Danone maintained its 2026 outlook, targeting 3–5% like-for-like sales growth, as it continues investing in health-focused nutrition categories.
Danone has reported strong second-quarter sales. Demand for high-protein dairy, specialized nutrition, and bottled water remained resilient amid ongoing inflationary pressures and an uncertain consumer environment.
The French food and beverage company posted second-quarter sales of €7.22 billion (US$8.2 billion), with like-for-like sales increasing 4.2%.
Growth was supported by a 1.9% contribution from volume and mix, alongside a 2.3% contribution from pricing, reflecting continued momentum across key product categories
Strong category performance
Specialized Nutrition sales increased 4.5% on a like-for-like basis, supported by growth across regions. Waters recorded 4.7% like-for-like growth, supported by strong performance in key markets, including Volvic in Europe and Aqua in Indonesia
Regionally, Asia Pacific was the strongest performer, with like-for-like sales up 5.2% in Q2, followed by the Americas at 4.3% and EMEA at 3.6%
Danone’s Essential Dairy & Plant-Based category delivered the strongest contribution by sales value, with like-for-like growth of 3.8% in Q2.
The company highlighted continued demand for functional dairy products, including high-protein offerings, as well as brands such as Skyr, Kefir, and plant-based products in Europe
Danone is expanding Silk Protein into plant-based yogurts and shakes to meet demand for high-protein, fiber-rich nutrition. The move reflects broader formulation trends combining protein, fiber, and prebiotics to support gut health and well-being
Second-quarter and half-year sales
In Q2 2026, Danone reported sales of €7.2 billion (US$8.2 billion), representing like-for-like growth of 4.2%. Growth was driven by a 1.9% contribution from volume and mix, alongside a 2.3% contribution from pricing.
On a reported basis, sales increased 4.4%, including a 0.8% positive impact from portfolio changes, mainly reflecting the consolidation of Kate Farms in the Americas and Danone’s joint venture with Saputo Dairy Australia in Asia Pacific. Currency movements had a negative impact of 1.0% on reported sales, notes the company
In H1 2026, sales were €13.94 billion (US$15.8 billion), up 3.5% on a like-for-like basis, with a contribution of 1.7% from volume/mix and 1.8% from price. On a reported basis, sales increased by 1.4%
Danone’s “disciplined approach to M&A”
Danone CEO, Antoine de Saint-Affrique, stresses how the company closed a solid first half, demonstrating the relevance of the company’s health-focused portfolio and growth model
“Demand for our winning platforms remained strong, including high-protein products and medical nutrition across all regions, and Skyr, Kefir, and plant-based in Europe,” he says
He cites recent enhancements to Danone’s portfolio and health-focused categories, including the recent move to buy plant-based nutrition brand Huel in a planned €1 billion (US$1.2 billion) deal.
As part of its strategy to strengthen its position in high-protein and functional nutrition, particularly across Asia Pacific, French dairy giant Danone announced plans to acquire Australia-based MADE Group, a fast-growing health and wellness F&B company
“At the same time, we made step-by-step progress in North America Essential Dairy & Plant-Based and saw improving trends in Infant Milk Formula in EMEA,” de Saint-Affrique says
“While some areas still require further progress and the environment remains unstable, we enter the second half of the year with confidence that 2026 will be another year of delivery, aligned with our value creation model and mid-term ambitions.”
Danone maintained its 2026 guidance, targeting like-for-like sales growth of 3–5% and expecting recurring operating income to grow faster than sales
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