#1DANONE ONE PLANET. ONE HEALTH CAPITAL MARKET EVENT#2DISCLAIMER - - This presentation contains certain forward-looking statements concerning Danone. In some cases, you can identify these forward-looking statements by forward-looking words, such as “estimate”, “expect”, “anticipate”, “project”, “plan”, “intend”, “objective”, “believe”, “forecast”, “guidance”, “outlook”, "foresee", "likely", "may", "should", "goal", "target", "might", "will", "could", “predict", "continue", "convinced" and "confident," the negative or plural of these words and other comparable terminology. Forward looking statements in this document include, but are not limited to, predictions of future activities, operations, direction, performance and results of Danone. Although Danone believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in these forward-looking statements. For a description of these risks and uncertainties, please refer to the "Risk Factor" section of Danone's Universal Registration Document (the current version of which is available on www.danone.com). Subject to regulatory requirements, Danone does not undertake to publicly update or revise any of these forward-looking statements. This document does not constitute an offer to sell, or a solicitation of an offer to buy Danone securities. All references in this presentation to Like-for-like (LFL) changes, recurring operating income, recurring operating margin, recurring net income, recurring income tax, recurring EPS, carbon-adjusted recurring EPS and free cash flow correspond to financial indicators not defined in IFRS. Please refer to the financial press releases issued by the Company for further details on IAS29 (Financial reporting in hyperinflationary economies), the definitions and reconciliation with financial statements of financial indicators not defined in IFRS. Finally, the calculation of ROIC and Net Debt/Ebitda is detailed in the annual registration document. Due to rounding, the sum of values presented in this presentation may differ from totals as reported. Such differences are not material. 2#301 Logistics and agenda 02 Chairman introduction Gilles Schnepp 03 Strategic framework - Antoine de Saint-Affrique 04 Value creation model - Juergen Esser 05 Danoners in action - Executive Committee members 06 CEO Conclusion - Antoine de Saint- Affrique ∞ CAPITAL MARKET EVENT#4OUR STARTING POINT 2006: MAKING HEALTH OUR MISSION BRINGING HEALTH TRHOUGH FOOD TO AS MANY PEOPLE AS POSSIBLE DANONE 4 DIAGNOSIS#5MY STARTING POINT FACING THE REALITY BUT... WE OPERATE IN HEALTHY, ON-TREND AND GROWING CATEGORIES WE HAVE A STRONG PORTFOLIO OF BRANDS AND ASSETS WE HAVE A UNIQUE HERITAGE WE HAVE UNDERPERFORMED OUR CATEGORIES AND PEERS WE LACKED CONSISTENCY IN GUIDANCE AND DELIVERY OUR ORGANIZATION AND DISCLOSURE HAVE BEEN UNSTABLE DIAGNOSIS 5#6WE HAVE UNDERPERFORMED OUR CATEGORIES AND PEERS UNDERPERFORMING OUR CATEGORIES - +3 to +4% 17-19 market growth +2.7% 2017-2019 average Danone BALANCE BETWEEN VOLUME, MIX AND PRICE RELIANCE ON FEW CATEGORIES AND GEOS TT 2015 2016 2017 2018 2019 2020 2021 Sources: Euromonitor, Retail audits, Company data LFL sales growth Volume evolution vs LY DIAGNOSIS CO 6#7OUR UNDERPERFORMANCE STEMS FROM SEVERAL FACTORS CORE PORTFOLIO INNOVATION EXECUTION Lack of focus on the Core Late and sub-scale Inconsistent execution Inconsistent category ownership SKU proliferation Sub-optimal service levels 1 Share Of Voice ACTIVIA subifidus ACTIVIA u bifidus Pruneau ACTIVIA au bifidus Fraise Mangue INVESTMENTS A&P spend (2017-2021) -20% Danone SoV1 - Dairy (2015-2019) -40% -50% ++ DIAGNOSIS 7#8OUR UNDERPERFORMANCE STEMS FROM SEVERAL FACTORS CAPABILITIES GAPS PERFORMANCE CULTURE DISCONNECTED PURPOSE Operations & R&I Data & IT Global marketing POCT CMETAHA 15% МОЛОКО • ОТБОРНОЕ МАСЛО СЛИКАЦИЛ DANONE Faire ses yaourts maison, c'est simple des forments Danone et du lat JAMAIS MIEUX NOURRI QUE PAR Soi-MÊME! Playing not to lose Incentive not aligned to performance Insufficient contribution from purpose to value creation DIAGNOSIS 8#9INTERNATIONAL Delight evian. Volvic EAU MINERALE NATURELLE WE START FROM A UNIQUE BASE OF ASSETS BRANDS, GEOGRAPHICAL MIX AND MARKET POSITIONS A UNIQUE SET OF GLOBAL AND LOCAL A BALANCED BRANDS Silk OIKOS ACTIVIA alpro DANONE Actimel GEOGRAPHICAL FOOTPRINT SGM Aptamil NUTRICIA Neocate O 53% LEADING MARKET POSITIONS¹ #1 in Dairy #1 in Plant-based 47% #2 in Infant Nutrition #4 in Adult Nutrition AQUA YOPRO® TWO GOOD #2 in Waters Developed markets Emerging markets 1 in terms of value, in the relevant categories and markets DIAGNOSIS 6#10WE PLAY AT THE HEART OF THE HEALTHY FOODS MOVEMENT DANONE IS UNIQUELY GEARED TO KEY CONSUMER TRENDS STRUCTURAL CONSUMER MEGA-TRENDS WHOLE FOODS TRENDS AMPLIFIED & ACCELERATED BY COVID SAVE THE EARTH HEALTH SUSTAINABILITY DELIVERY GORILLAS Fetching Location NEW NEW SAYED GOODS CONVENENCE DIGITAL LOCALIZATION URBANIZATION AGEING POPULATION HEALTH, IMMUNITY AND INDULGENCE RENEWED FOCUS ON SUSTAINABILITY 67% of the population will be 40-65 by 2040 cado he online supe ECOM & DIGITALIZATION FLEXIBLE LIVES, AT HOME AND AT WORK ☎ DIAGNOSIS 10#11IMMUNITY DAIRY PLAYS A UNIQUE ROLE IN PEOPLE'S LIFE KEY CONSUMER TRENDS Actimel Unterstüt Immu POWER Heidelbeere- Brombeere Danette GUT HEALTH HIPRO 25g PROTEINES ACTIVIA KEFIR ACTIVIA KEFIR PROBIOTICON NATURAL > 60% OF DAIRY REVENUES ADDRESS HIGH GROWTH SEGMENTS Actimel ACTIVIA YOPRO OIKOS TWO GOOD. OUR PRIORITIES Lead the renewed momentum of Dairy in Immunity, Gut Health and Indulgence Make the most of our Essential and Traditional portfolios in Developed and Emerging markets INDULGENCE PROTEIN FOR PLEASURE, HEALTH & PERFORMANCE Danette INTERNATIONAL Delight =WE PLAY AT THE HEART OF THE HEALTHY FOODS MOVEMENT 11#12WE LEAD THE DAIRY ALTERNATIVE PROTEIN MOVEMENT KEY CONSUMER TRENDS alpro BARISTA -AIMONO- SQ undermi SO Wondermil PLANT-BASED BEVERAGES ALTERNATIVES TO DAIRY INGREDIENT-LED VERTICALS # 1 PLAYER GLOBALLY ~60% of revenues in Beverages ~40% of revenues in Yogurt, Ice Cream, Cheese alpro Silk REDUCED FAT SO DELICIOUS DAIRY FREE FOLLOW YOUR HEART SINCE 1970 OUR PRIORITIES Profitably grow the category, leveraging our scale Take advantage of our versatile portfolio and our multi-category/ multi-ingredient expertise to lead the category Silk Silk ULTRA 20g PROTEIN Silk ULTRA BENEFIT-LED RECIPES Og SUGAR OAL PAY Silk OATMILK LOWFAT 64 FL 02 2 0S 199 DATHILK alpro BARISTA -OAT- alpro SHHH THIS IS NOT Silk M NEXTMILK LK SO RICH&CREAMY YOU WON'T MISS DAIRY PFLANZLICH & VOLL 3,5% FETT Silk GREEK STYLE SO DELICIOUS DAIRY FREE RASPBERRY Wondermilk coolgies SO DELICIOUS DAIRY FREE PLANT-BASED Mozzarella STYLE SHREDS 902SL ADE HAFER ONE FNT (473) WE PLAY AT THE HEART OF THE HEALTHY FOODS MOVEMENT 12#13WE MAKE A MATERIAL DIFFERENCE TO PEOPLES' HEALTH KEY CONSUMER TRENDS NUTRICIA Syneo neocate Syneo INFANT PREBIOTICS PROBIOTICS CONDITIONS PREVALENCE 141 months HappyBABY FARMED FOR OUR FUTURE ORGANIC & REGENERATIVE PEARS, RASPBERRIES & OATS NATURALITY This pear was grown using regenerative practices! NUTRICIA Fortimel Protein 200 ml Protein 200 ADULT NUTRITION Aptamil FOLLOW ON MILK PRE-MEASURED TABS NEW 2 DIGITALIZATION AND CONVENIENCE Aptamil TABS ~40% OF SN REVENUES IN SPECIAL PEDIATRICS & ADULT NUTRITION UNIQUE ASSETS IN CORE INFANT NUTRITION Science leadership & trusted brands Market access and journey management Aptamil. Fortimel Nutrison Neocate® Fortini OUR PRIORITIES Drive added value mixes In China, play a leading role in current market consolidation Offer the best medicalized solutions during life cycle, from Infant to Adult WE PLAY AT THE HEART OF THE HEALTHY FOODS MOVEMENT 13#14WE LEAD HEALTHY HYDRATION WITH A UNIQUE MIX OF PREMIUM BRANDS AND DEEP REACH IN EMERGING MARKETS KEY CONSUMER TRENDS BONAFONT ACCESS TO HEALTHY Volvic HEALTHY/HEALTHIER HYDRATION, EVERYWHERE REFRESHMENT UNIQUE PREMIUM BRANDS IN DMs 1 PROFITABLE & LEADING REACH IN EMS 2 96% OF REUSABLE, RECYCLABLE PACKAGING evian DRINK TRUE SPARKLING NATURWALD QUELLE BONAFON OUR PRIORITIES Provide access to safe drinking water, everywhere and for each occasion In Developed markets and China, expand our Premium brands across segments, 烟酰胺 | 维生素B | 维生素B 维生素C 時脉动 状态到位 M脉动由我 FUNCTIONALITY 1 Developed Markets 2 Emerging Markets evian DRINK TRUE MIZONE evian OFFER WE ARE SUSTAINABILITY Dua Lipa CARBON NEUTRAL 脉动 模生要饮料 BONAFONE evite Volvic Volvic occasions and channels In Emerging markets, leverage our unique access to consumers WE PLAY AT THE HEART OF THE HEALTHY FOODS MOVEMENT 14#15IN SUMMARY WE HAVE WHAT IT TAKES, WE NEED TO FOCUS ON IT Our categories are on trend and offer growth and added value potential We have solid assets to build on, we can do a better job at leveraging them We can significantly step up our innovation and quality of execution We need to reinvest, in brand support and capabilities alpro SHHH... THIS IS NOT M > A RESET IS NEEDED PLANT-BASED & SEMI Cultural OAT Executional Financial 15 G DIAGNOSIS#16MOVING TO THE FRONT FOOT IT ALL STARTS WITH HIGHER ORGANIC GROWTH Focus of today Perform in line with our markets Underperform 2022 Outperform our markets ACCELERATE FIX AND SEED 2025 and beyond DIAGNOSIS 16#17RENEW DANONE SPARKLING sonated batural miners w SUSTAINABLE VALUE CREATION, FOR ALL " PERFORMANCE - PEOPLE - PURPOSE evian 17 RENEW DANONE#18RECONNECTING WITH SUSTAINABLE VALUE CREATION OUR 2023-2024 GUIDANCE 2023-2024 GUIDANCE 1 LFL SALES GROWTH +3 to +5% STRONGER STRONGER RECURRING Growing faster than topline OPERATING INCOME ROIC DIVIDEND Sequential improvement over the period Stable or growing year on year STRONGER MAKES EVERYTHING BETTER 20g PROTEIN VANILLA OIKOS PRO 209 PROTEIN BG ADDED SUGA 2% VS STRAWBERRY OIKOS TRIPLE ZERO BLENDED GREEK YOGURT 15g PROTEIN ADDED SUGAR ARTIFICIAL SWEETENERS FAT SAIN GAINVSMAINTAIN 1 Assuming no major unforeseeable event RENEW DANONE 18#19RENEW DANONE 01 FOUR STRATEGIC PILLARS 02 eva 03 04 Win where We are Expand where we should be Seed Manage our the future portfolio FOUR KEY ENABLERS evian (re)new CULTURE CAPABILITIES SUSTAINABILITY COST COMPETITIVENESS DO IT THE DANONE WAY DANONE ONE PLANET. ONE HEALTH Certified B Corporation ENTREPRISE À MISSION, RENEW DANONE 19#20RENEW DANONE 01 FOUR STRATEGIC PILLARS 02 eva 03 04 Win where Expand where Seed Manage our we are we should be the future portfolio FOUR KEY ENABLERS evian (re)new CULTURE CAPABILITIES SUSTAINABILITY COST COMPETITIVENESS DO IT THE DANONE WAY DANONE ONE PLANET. ONE HEALTH Certified B Corporation ENTREPRISE À MISSION, WIN WHERE WE ARE 20#21MAKE CLEAR PORTFOLIO CHOICES DRIVE THE CORE - 55% of revenues FIX THE UNDERPERFORMERS 2 ~ 25% of revenues BOOST THE WINNERS 2 - 20% of revenues Activate the full playbook to accelerate growth and improve competitiveness Address and fix Sense of emergency No taboo / sacred cows Over-allocate investments Roll-out and scale WIN WHERE WE ARE 21#22DRIVE THE CORE GREATER FOCUS, BETTER INNOVATION, EXECUTION AND SUPPORT Actimel worldwide ~ +20% since 2019 RENOVATION AND INNOVATION STEP-UP IN EXECUTION Revenue growth management Channel strategies, shelf execution TARGETED REINVESTMENTS timel efensas multifu DANONE Actimel defensas timel fensas Zn granad DANONE Actimel defensas WIN WHERE WE ARE 22#23FIX THE UNDERPERFORMERS WITH URGENCY AND DETERMINATION CHALLENGED AREAS Selection Mizone 脉动 TEMA HORIZON TRADITIONAL ORGANIC DAIRY PORTFOLIO Portfolio renovation / innovation Revenue growth management playbook Sourcing model, manufacturing and supply chain set up Channel mix management, distribution partnerships Execution step up, from sourcing to shelf PRIORITY TO FIXING THE ASSETS; DISPOSALS CONSIDERED AS AN ALTERNATIVE WIN WHERE WE ARE 24#24BOOST THE WINNERS LEVERAGING POCKETS OF EXCELLENCE LEADING THE HIGH PROTEIN TREND ~ €400m net sales in less than 4 years PEACH OIKOS TRIPLE ZERO 0 BLENDED GREEK YOGURT 0 159 PROTE O'FAT O ADDED SUGAR 01AT O ADDED SUGAR CITRUS COFFEE MANGO DANONE YOPRO 15g PROTEINA MIXED BERRY OIKOS PRO 20g PROTEIN ADDED SUGAR ⚫0"FAT ADDED SUGAR! •0 FAT DANONE YOPRO 15g PROTEINA 1. Excludes Indirect sales 2. Includes revenues from Home Delivery services in Waters and cross-category D2C online platforms GETTING TO CRITICAL MASS IN ECOMMERCE +16% in 2021 vs LY 1 >10% of 2021 revenues 1 amazon E2A S Shopee LEVERAGING D2C CAPABILITIES - €500m revenues in 2021 2 Alibaba.com® Unique access to consumers' data and insights through household delivery Lazada WIN WHERE WE ARE 25#25MAKING CLEAR INVESTMENT CHOICES COMPETITIVENESS AND CONSUMER VALUE Ingredients GROWTH DRIVERS (ROI-BASED ALLOCATION) Brand support Formulation Commercial investments Packaging Winning Channels Product superiority and differentiation Product & brand visibility, numerical/ weighted distribution CORE CAPABILITIES AND ENABLERS Operations & R&I Data & IT Global marketing Step up on core capabilities enabling profitable growth Actime Unterstütze dein Immunsystem* POWER Heidelbeere- Brombeere WIN WHERE WE ARE 27#26RENEW DANONE FOUR STRATEGIC PILLARS eva 01 02 03 04 Win where we are Expand where we should be Seed Manage our the future portfolio FOUR KEY ENABLERS evian (re)new CULTURE CAPABILITIES SUSTAINABILITY COST COMPETITIVENESS DO IT THE DANONE WAY DANONE ONE PLANET. ONE HEALTH Certified B Corporation ENTREPRISE À MISSION, EXPAND WHERE WE SHOULD BE 28#27STRENGHTHEN RESILIENCE EXPANDING OUR COVERAGE BROADEN SEGMENT COVERAGE Expand segment coverage from Plain to Sparkling evian SPARKLING evian evian evian Expand format coverage Aptamil PRE-MEASUR TA PRE-MEA DIVERSIFY REVENUE BASE Expanding existing category footprint seeding Healthy Ageing in China (NUTRICIA 100 ·敢迈 敢迈·每时每刻 EVERY MOMENT,敢想敢为 185 289 LIVE WHAT YOUR DARE accelerating Adult nutrition in the US Souvenaid HELPS SUPPORT MEMORY IN AGEING ADULTS Vanilla BUILD ACCELERATE CHANNEL AGNOSTICITY & EXPAND DIGITAL Built on e commerce momentum Expansion with partners Strategic partnerships | JBPS amazon Alibaba.com RETAIL ECOMMERCE IMPULSE AND PROXIMITY OTHERS Shopee Lazada Ti Rappi Glovo Cornershop JUMIA Flipkart PIC Nic Leverage pockets of excellence ELN China Upgrade & embed in Operations EXPAND WHERE WE SHOULD BE 29#28RENEW DANONE FOUR STRATEGIC PILLARS evan 01 02 03 04 Win where Expand where Seed Manage our we are we should be the future portfolio evian FOUR KEY ENABLERS (re)new CULTURE CAPABILITIES SUSTAINABILITY COST COMPETITIVENESS DO IT THE DANONE WAY DANONE ONE PLANET. ONE HEALTH Certified B Corporation ENTREPRISE À MISSION, SEED THE FUTURE 30#29PREPARING NEW GROWTH AVENUES SELECTIVE AND FOCUSED APPROACH CREATING VALUE WITH OUR PARTNERS With a special focus on Asia, Middle East & Africa REFOCUSING OUR FUNDS MANIFESTO DANONE VENTURES ONE PLANET.ONE HEALTH BETTER LEVERAGING OUR ECOSYSTEM CHR HANSEN iff eit Food UC San Diego Arla DANONE communities = ADM DSM Givaudan loop INDUSTRIES College LONDON Utrecht University WAGENINGEN UNIVERSITY & RESEARCH " SEED THE FUTURE 31#30RENEW DANONE 01 FOUR STRATEGIC PILLARS 02 eva 03 04 Win where we are Expand where we should be Seed Manage our the future portfolio evian FOUR KEY ENABLERS (re)new CULTURE CAPABILITIES SUSTAINABILITY COST COMPETITIVENESS DO IT THE DANONE WAY DANONE ONE PLANET. ONE HEALTH Certified B Corporation ENTREPRISE À MISSION, MANAGE OUR PORTFOLIO 32#31MANAGE OUR PORTFOLIO ACTIVELY PRUNING AND STRENGTHENING OUR PORTFOLIO RECENT DISPOSALS VeGa RECENT ACQUISITIONS Yakult DANONE ONE PLANET. ONE W 达能特殊营养品(青岛)有限公司 DANONE DANONE SPECIALIZED NUTRITION IQINGDAOICO.LTD. Aqua d'Or MENGNIU 夢半 Committed to all our categories Value creation imperative in everything we do (keep, buy or sell) FOLLOW YOUR HEART® REALFOOD BLENDS™ MEALS FOR PEOPLE WITH FEEDING TUBES We will keep pruning - No sacred cows SCOPE FOR PORTFOLIO ROTATION EQUIVALENT TO ~10% OF NET SALES MANAGE OUR PORTFOLIO 33#32RENEW DANONE FOUR STRATEGIC PILLARS eva 01 02 03 04 Win where we are Expand where we should be Seed Manage our the future portfolio FOUR KEY ENABLERS evian (re)nck CULTURE CAPABILITIES SUSTAINABILITY COST COMPETITIVENESS DO IT THE DANONE WAY DANONE ONE PLANET. ONE HEALTH Certified B Corporation ENTREPRISE À MISSION, CULTURE, CAPABILITIES, SUSTAINABILITY & COST COMPETITIVENESS 34#33RELOAD CAPABILITIES AND PERFORMANCE CULTURE STRENGTHENING THE LEADERSHIP TEAM Internationally recognized newcomers Seasoned Danone leaders ALIGNING INCENTIVES WITH PERFORMANCE STIS ADJUSTMENT More "metricated" More stretch VIKRAM AGARWAL 30+ YEARS OF EXPERIENCE OPERATIONS ISABELLE ESSER 25+ YEARS OF EXPERIENCE R&I, QUALITY AND FOOD SAFETY ROBERTO DI BERNARDINI 30+ YEARS OF EXPERIENCE HUMAN RESOURCES HENRI BRUXELLES 35+ YEARS OF EXPERIENCE SUSTAINABILITY & STRATEGIC BUSINESS DEVELOPMENT LAURENT SACCHI 30+ YEARS OF EXPERIENCE GENERAL SECRETARY More upside LTIS: FROM "PLAYING NOT TO LOSE" TO "PLAYING TO WIN" More performance-focused metrics: TSR, EPS, Sustainability Upside as well as downside More stretch CULTURE, CAPABILITIES, SUSTAINABILITY & COST COMPETITIVENESS 35#34REUNITING SUSTAINABILITY AND PERFORMANCE SUSTAINABILITY AS A DRIVER OF ECONOMIC PERFORMANCE STRONG ROOTS STRONG CREDENTIALS STRONG ASSETS CDP DISCLOSURE INSIGHT ACTION A LIST 2021 CLIMATE FORESTS WATER 90% of volumes sold in healthy categories 50 years of the Marseille speech (1972) MSCI ESG RATINGS Bloomberg Gender-Equality Index 2022 ACCESS TO NUTRITION INITIATIVE Healthiest Portfolio #1 of product profile ranking TRANSLATING DANONE'S SUSTAINABILITY LEADERSHIP INTO A COMPETITIVE ADVANTAGE More focus & more impact Tangibly contributing to Danone's performance and resilience Driving market norms upward CULTURE, CAPABILITIES, SUSTAINABILITY & COST COMPETITIVENESS 36