3 months ago
12
2024 Full-Year Results
Press release - Paris, February 26, 2025
Strong FY 2024 results
Entering the next chapter of Renew with confidence
- FY 2024 sales of €27,376m up +4.3% on a like-for-like (LFL) basis, with volume/mix up +3.0%, and price up +1.3%
- Q4 sales up +4.7% LFL, with strong volume/mix of +4.2%, and resilient price of +0.6%
- Continued strong momentum in North America, notably in High Protein, Coffee Creations and Waters
- 5th consecutive quarter of positive volume/mix in Europe, demonstrating notably further progress in EDP competitiveness
- Sustained competitive growth in China, North Asia & Oceania in all categories
- Recurring operating margin up +39 bps at 13.0% driven by strong improvement in margin from operations, while consistently reinvesting into future growth
- Recurring EPS up +2.5% to €3.63
- Record level of Free cash flow at €3.0bn, up +14.0%
- Proposed dividend up +2.4% to €2.15
- 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
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Full-Year 2024 Key Figures
| in millions of euros unless stated otherwise | FY 2023 | FY 2024 | Reported change | Like-for-like
change (LFL) |
| Sales | 27,619 | 27,376 | -0.9% | +4.3% |
| Recurring operating income | 3,481 | 3,558 | +2.2% | |
| Recurring operating margin | 12.6% | 13.0% | +39 bps | |
| Non-recurring operating income and expenses | (1,438) | (179) | +1,259 | |
| Operating income | 2,042 | 3,379 | +65.4% | |
| Operating margin | 7.4% | 12.3% | +495 bps | |
| Recurring net income - Group share | 2,283 | 2,345 | +2.7% | |
| Non-recurring net income - Group share | (1,402) | (324) | +1,078 | |
| Net income - Group share | 881 | 2,021 | +129.4% | |
| Recurring diluted EPS (€) | 3.54 | 3.63 | +2.5% | |
| EPS (€) | 1.36 | 3.13 | +130.2% | |
| Cash flow from operating activities | 3,442 | 3,831 | +11.3% | |
| Free cash flow | 2,633 | 3,003 | +14.0% |
1
Antoine de Saint-Affrique: CEO statement
We close the first chapter of Renew Danone with a strong set of results, fully delivering on our 2022 mid-term guidance. In 2024, the quality of our growth has further improved, reaching +4.3% like-for-like sales growth driven by +3% volume/mix.
This allowed us to drive operating leverage, enabling us to further reinvest in our brands and capabilities, and support the growth of our categories while maintaining a strong financial discipline. Our focus on value creation and return-oriented capital allocation led to a significant improvement of our ROIC, now back into double-digit territory.
We believe that the food industry is at a tipping point. Our unique, health-driven portfolio, our renewed focus on science to the service of consumers and patients, our strong brand portfolio and a continuous improvement mindset give us the confidence that we can seize this long-term market opportunity. We enter the next chapter as a stronger company, ready for more.
I. FOURTH QUARTER AND FULL-YEAR RESULTS
Fourth quarter and full-year sales
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%).
Sales by operating segment
| € million except % | Q4 2023 | Q4 2024 | Reported change | LFL sales growth | Volume/mix growth | FY
2023 | FY 2024 | Reported change | LFL sales growth | Volume/mix growth | ||||||||||
| BY GEOGRAPHICAL ZONE | ||||||||||||||||||||
| Europe | 2,313 | 2,358 | +2.0% | +1.8% | +3.0% | 9,382 | 9,568 | +2.0% | +1.7% | +1.4% | ||||||||||
| North America | 1,725 | 1,636 | -5.2% | +7.7% | +5.9% | 6,889 | 6,579 | -4.5% | +5.2% | +4.1% | ||||||||||
| China, North Asia & Oceania | 822 | 886 | +7.8% | +6.8% | +9.8% | 3,496 | 3,694 | +5.7% | +8.0% | +9.1% | ||||||||||
| Latin America | 704 | 724 | +2.9% | +4.7% | +1.2% | 2,794 | 3,029 | +8.4% | +4.2% | +0.0% | ||||||||||
| Rest of the World | 1,092 | 1,112 | +1.8% | +5.4% | +1.7% | 5,058 | 4,506 | -10.9% | +5.7% | +1.4% | ||||||||||
| BY CATEGORY | ||||||||||||||||||||
| EDP | 3,462 | 3,355 | -3.1% | +4.7% | +3.8% | 14,322 | 13,463 | -6.0% | +3.8% | +2.7% | ||||||||||
| Specialized Nutrition | 2,174 | 2,308 | +6.1% | +4.6% | +5.3% | 8,504 | 8,936 | +5.1% | +4.6% | +3.4% | ||||||||||
| Waters | 1,019 | 1,053 | +3.3% | +5.3% | +3.0% | 4,793 | 4,977 | +3.8% | +5.1% | +2.9% | ||||||||||
| TOTAL | 6,655 | 6,716 | +0.9% | +4.7% | +4.2% | 27,619 | 27,376 | -0.9% | +4.3% | +3.0% | ||||||||||
In Q4 2024, Europe sales were up +1.8% on a like-for-like basis, with volume/mix at +3.0% and price at -1.2%. The zone registered its fifth consecutive quarter of positive volume/mix, making step-by-step progress in EDP competitiveness. Specialized Nutrition posted solid performance, while Waters delivered strong growth, driven by evian, Volvic and Zywiec Zdroj brands.
In North America, sales were up +7.7% on a like-for-like basis, led by strong volume/mix, up +5.9%, and resilient price, up +1.9%. This performance was driven by the continued strong momentum in High Protein, Coffee Creations and Waters, as well as solid growth in Specialized Nutrition, led by Medical.
In China, North Asia & Oceania sales were up +6.8% on a like-for-like basis, with strong volume/mix at +9.8% and price at -3.0%. In Specialized Nutrition, Infant Milk Formula continued to gain further market share, in an improving category, while Medical Nutrition maintained its strong momentum. In Waters, Mizone delivered another quarter of strong growth, while EDP sustained its strong performance in Japan.
In Latin America, sales were up +4.7% on a like-for-like basis, with volume/mix up +1.2% and price up +3.5%. In EDP, the growth was still impacted by the licensing out of milk business in Brazil, while Danone, Danette and YoPro brands delivered a robust performance. Specialized Nutrition delivered strong growth, led by Aptamil, while Waters benefited from normalized weather conditions.
In the Rest of the World, sales increased by +5.4% on a like-for-like basis, with volume/mix up +1.7% and price up +3.7%, notably led by the solid performance of Specialized Nutrition and Waters across the region. In EDP, Dairy Africa showed further progress, with another quarter of strong growth in Morocco.
Sales by geography by category
| Q4 2024 | Europe | North America | China, North Asia & Oceania | AMEA, CIS & Latin America | Total | |||||
| Sales (€m) | LFL sales growth (%) | Sales (€m) | LFL sales growth (%) | Sales (€m) | LFL sales growth (%) | Sales (€m) | LFL sales growth (%) | Sales (€m) | LFL sales growth (%) | |
| EDP | 1,075 | +0.0% | 1,474 | +7.8% | 95 | +8.2% | 712 | +5.2% | 3,355 | +4.7% |
| Specialized Nutrition | 819 | +2.0% | 89 | +3.2% | 700 | +6.6% | 699 | +6.1% | 2,308 | +4.6% |
| Waters | 464 | +5.6% | 73 | +12.3% | 91 | +7.2% | 424 | +3.5% | 1,053 | +5.3% |
| Total Company | 2,358 | +1.8% | 1,636 | +7.7% | 886 | +6.8% | 1,836 | +5.1% | 6,716 | +4.7% |
| FY 2024 | Europe | North America | China, North Asia & Oceania | AMEA, CIS & Latin America | Total | |||||
| Sales (€m) | LFL sales growth (%) | Sales (€m) | LFL sales growth (%) | Sales (€m) | LFL sales growth (%) | Sales (€m) | LFL sales growth (%) | Sales (€m) | LFL sales growth (%) | |
| EDP | 4,318 | +0.9% | 5,922 | +5.4% | 372 | +11.6% | 2,850 | +3.8% | 13,463 | +3.8% |
| Specialized Nutrition | 3,154 | +1.4% | 353 | -3.0% | 2,557 | +6.3% | 2,873 | +7.9% | 8,936 | +4.6% |
| Waters | 2,096 | +3.6% | 304 | +10.9% | 764 | +12.2% | 1,813 | +3.0% | 4,977 | +5.1% |
| Total Company | 9,568 | +1.7% | 6,579 | +5.2% | 3,694 | +8.0% | 7,536 |
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