Danone (AO) | Buy | Acquisition of Australia's MADE, remaining 49% Saputo stake

Research evidence excerpt

Danone (AO) | Buy | Acquisition of Australia's MADE, remaining 49% Saputo stake

News comment

Release date: 22 June 2026

Jon Cox

Head of European Consumer

+41 43 333 6607

jcox@keplercheuvreux.com

BuyDanone

France | Food Beta Profile: MCap: EUR41.6bn

Target Price: EUR85.00 Bloomberg: BN FP Reuters: DANO.PA

Current Price: EUR65.06 Free float 100%

Up/downside: 30.6% Avg. daily volume (EURm) 197.2

YTD abs performance -15.3% Market data: 19 June 2026

52-week high/low (EUR) 79.60/60.94

Acquisition of Australia's MADE, remaining 49% Saputo stake

Key points:

Danone to buy Australia protein drinks maker MADE for undisclosed terms.

Danone to buy out remaining 49% stake in Saputo Dairy Australia fresh dairy venture.

MADE sales EUR300m+ in FY 2026, to boost Danone margin, EPS accretive from first year.

Danone making bolt on deals, which is welcome, but valuations eyed, H1 due 29 July.

Danone to buy MADE, remaining stake in Saputo, boosting Australia business

Danone is to buy Australian protein drinks maker MADE Group for undisclosed terms, the company said.

The Rokeby smoothies and NutrientWater maker had sales of over EUR300m in FY 2026 (to end June) and has consistently

delivered double-digit growth with attractive margins, Danone said.

The deal will make a meaningful contribution to Danone's EDP business in the APAC region and be accretive to group operating

margin and be EPS accretive from the first year of the deal's completion, expected in H2, it added.

Danone said it will buy the remaining 49% stake in fresh dairy venture Saputo Dairy Australia. The business makes YoPRO and

Activia in Australia.

Prior to the announcement, Australia news reports suggested a price tag for MADE Group in excess of AUD1.5bn and we assume

Danone paid around EUR1bn.