Danone: Post the call: FY26 expectations underpinned with better pricing and margin

研报英文原文证据摘录

Danone: Post the call: FY26 expectations underpinned with better pricing and margin

J P M O R G A N Europe Equity Research

29 July 2026

Danone Overweight

DANO.PA, BN FP

Post the call: FY26 expectations underpinned with Price (28 Jul 26):€72.24

better pricing and margin Price Target (Dec-27):€90.00

Following Q2/H126 results, management presented the conference call with European Food Producers,

confidence in the +3% to +5% FY26 LFL guide. By division, EDP growth Household & Personal Care

remained anchored in protein/functional platforms, with management pointing to Products, Beverages & Tobacco

an improving breadth of growth as core brands (Danone/Activia) start to contribute Celine Pannuti, CFA AC

via newer renovation, while North America commentary was incrementally better (44-20) 7134-7123

(protein “flying” and creamers stabilizing), but still framed as a progressive, celine.pannuti@jpmorgan.com

capacity-led rebuild. SN is seeing progressive recovery from recalls as shelf Edward G Hockin

presence normalizes and the focus shifts to rebuilding trust (HCP engagement, (44-20) 7742-6937

edward.hockin@jpmorgan.com

transparency, and a Q3 campaign). Management also said to expect to see “a J.P. Morgan Securities plc

continued good contribution” from China IMF in the quarters to come (we believe

SN China was cMSD growth despite the tougher comps). Meanwhile, Waters saw Specialist Sales contact details:

a good start to the season in Europe and momentum in Indonesia but weaker China Olivia Petronilho - Specialist Sales -

(weather related, though market shares holding up). On margin, SN held up well European Consumer

despite the IMF recall effect and EDP was weighed by the lag of pricing to offset (44-20) 3493-3709

inflation which should improve in H2.