Danone Acquisition of MADE Group and remaining share in Australian dairy JV

Research evidence excerpt

Danone Acquisition of MADE Group and remaining share in Australian dairy JV

J P M O R G A N Europe Equity Research

22 June 2026

Danone Overweight

DANO.PA, BN FP

Acquisition of MADE Group and remaining share in Price (19 Jun 26):€65.06

Australian dairy JV Price Target (Dec-27):€90.00

Danone announced today that it has entered into two agreements that grow its European Food Producers,

presence in APAC EDP. MADE Group, an Australia-based producer of health Household & Personal Care

foods such as RTDs, gut health yoghurts and coconut products, has revenues of Products, Beverages & Tobacco

€300m, growing double digits, and operating margins that are accretive to the Celine Pannuti, CFA AC

Group. The majority of sales are in ANZ but with a presence in SE Asia, notably (44-20) 7134-7123

Thailand, that gives a foothold for EDP in the region. Financial details were not celine.pannuti@jpmorgan.com

disclosed, though news reports of €1.2bn (link) may imply EV/EBITDA multiples Edward G Hockin

in the high teens. Danone has also announced the acquisition of its remaining 49% (44-20) 7742-6937

edward.hockin@jpmorgan.com

stake in Saputo Dairy Australia, which was originally formed back in 2010. J.P. Morgan Securities plc

Expected to be completed in the H226, the transactions are subject to customary

closing conditions, including regulatory approvals. Overall, we expect the deals to Specialist Sales contact details:

be LSD EPS accretive initially, but giving the company a greater foothold in APAC Olivia Petronilho - Specialist Sales -

to drive growth in EDP. European Consumer

(44-20) 3493-3709

• MADE Group details: Founded in 2005, MADE is a Melborne-based olivia.b.petronilho@jpmorgan.com

producer of health-focused food products, including high-protein ready-to-