Danone generated revenue of 6.71 billion euros in the first quarter of 2026, up 2.7% on a like-for-like basis, marginally ahead of the 2.6% consensus. However, growth slowed compared to the fourth quarter of 2025, when it stood at 4.7%.

Activity was supported by both a 1.5% volume/mix effect and a 1.2% price contribution, with volume/mix growth across all categories. In an environment marked by infant formula recalls and tensions in the Middle East, the Europe, Middle East, and Africa region showed resilience (+0.6%). Momentum improved in the Americas (+3.4%), driven by a strong performance in Latin America and early signs of recovery in the United States.

The Asia-Pacific region, meanwhile, posted a solid performance (+6%), fueled notably by specialized nutrition in China and dairy and plant-based products in Japan.

Against this backdrop, the group confirmed its 2026 targets, in line with its medium-term ambitions, aiming for like-for-like sales growth between 3% and 5%, as well as recurring operating income growth outpacing sales.

Analysts welcomed the reassuring release. Jefferies reaffirmed its "buy" rating, highlighting sales in line with consensus and above its own expectations. Adjusted for the impact of recalls, organic growth was close to 4%, with improving dynamics in the U.S. and a robust performance in China despite supply chain pressures.

Oddo BHF described the first quarter as "well-balanced and high-quality," maintaining its "outperform" rating.

Since the beginning of the year, however, Danone shares have declined by approximately 10%.