Danone sees €1 billion revenue for high protein and nutrition in Q4

Danone reported strong financial performance for the fourth quarter of 2025, driven by robust like-for-like sales growth and strategic innovation, despite facing significant currency headwinds. The company’s recurring earnings per share (EPS) reached €3.80, marking a 4.6% increase in hard currency, supported by volume-led growth and operational efficiencies.  

Winners were the high protein and medical nutrition segments of the business, which saw €1 billion in revenue reached in the quarter. The French dairy giant saw a 4.4% negative currency impact on reported sales, but the operating margin remained “robust” at 13.4%, it said in its earnings call (transcript on uk.investing.com). 

Antoine de Saint-Affrique, CEO of Danone, began the call by noting, “I thought it was important to talk about the recent developments regarding infant milk formula. It is obviously top of mind for everyone and to start with, and most importantly, for all the families that rely on us daily. I know how much the current events are disturbing and worrying for them. This is the last thing you want to live through when you are feeding the most precious person in your life. We obviously take this extremely seriously, let me be clear. Food safety and quality are, have been, and will always remain our top priority at Danone. 

“We are confident in the safety and quality of our products, which are supported by extensive scientific evidence and rigorous testing. In the light of recent events, we went back to review the level of consumer complaints over the period in question, and we didn’t find any cause for concern. However, in the context of the ongoing evolution of authorities’ requirements, we are working closely with those national food safety authorities and are taking action to comply with their new requirements. We have been recalling from relevant markets, essentially in Europe and now in the Middle East, batches of infant formula products. While doing this, our focus is on supporting parents and healthcare professionals, providing clear information, and helping to restore trust, as their trust makes all the difference.” 

When discussing the high protein sector, he said, “Our rapidly expanding range, built on the strong product superiority and differentiated functional benefit, continues to drive penetration across geographies, supported by ongoing rollouts of innovations. In the US, Oikos Pro exceeded €1 billion revenue in 2025, a clear demonstration of the scale and relevance of this platform. The broader shift toward value-added dairy is also supporting the growth of our Danone brands. With a strengthened portfolio, including Skyr and Kate, the brand also surpassed the €1 billion revenue mark in 2025, delivering high single-digit growth for the year. Gut health and fibre are also strong growth drivers, particularly for Activia, where we have started to reclaim our leadership territory in gut health. With innovations in kefir and fibre-enriched products, Activia returned to growth in Europe in 2025.” 

On the nutrition side, he observed, “In medical nutrition, we are seeing strong growth across both adult oral nutrition and tube feeding. Our flagship brands, Fortimel and Nutrison, together now represent a rapidly growing €1 billion platform. We continue to expand our portfolio, including hybrid protein solutions designed to improve tolerance and adherence, helping more patients access the nutrition support they need.”