WIXLIB

FY 2020 RESULTSFebruary 19th, 2021I 1 I

Disclaimer This presentation contains certain forward-looking statements concerning Danone. In some cases, you can identify these forwardlooking statements by forward-looking words, such as “estimate”, “expect”, “anticipate”, “project”, “plan”, “intend”, “objective”,“believe”, “forecast”, “guidance”, “outlook”, “foresee”, “likely”, “may”, “should”, “goal”, “target”, “might”, “will”, “could”,“predict”, “continue”, “convinced” and “confident,” the negative or plural of these words and other comparable terminology.Forward looking statements in this document include, but are not limited to, predictions of future activities, operations, direction,performance and results of Danone. Although Danone believes its expectations are based on reasonable assumptions, these forward-looking statements are subject tonumerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in these forwardlooking statements. For a description of these risks and uncertainties, please refer to the “Risk Factor” section of Danone’s UniversalRegistration Document (the current version of which is available on www.danone.com). Subject to regulatory requirements, Danone does not undertake to publicly update or revise any of these forward-lookingstatements. This document does not constitute an offer to sell, or a solicitation of an offer to buy Danone securities. All references in this presentation to Like-for-like (LFL) changes, recurring operating income, recurring operating margin, recurringnet income, recurring income tax, recurring EPS and free cash flow correspond to financial indicators not defined in IFRS. Pleaserefer to the FY 2020 results press release issued on February 19, 2021 for further details on IAS29 (Financial reporting inhyperinflationary economies), the definitions and reconciliation with financial statements of financial indicators not defined in IFRS.Finally, the calculation of ROIC and Net Debt/Ebitda is detailed in the annual registration document. Due to rounding, the sum of values presented in this presentation may differ from totals as reported. Such differences are notmaterial.I 2 I

CEO IntroductionWhat you will hear from us today A brief historyContrasted performance in 2020, after 5 years of consistent and competitive deliveryDanone’s reinvention is underway, around 4 pillarsStrengthened governanceI 3 I

A brief historyContrasted performance in 2020, after 5 years of consistent and competitive deliveryDanone’s reinvention is underway, around 4 pillarsStrengthened governanceI 4 I

5 years of consistent and competitive deliverySales growth, margin and EPS delivery ahead of larger panel up to 2019Like-for-like sales growthTotal CompanyEssential Dairyand Plant-basedSpecialized NutritionRecurring operating margin and EPSWatersRecurring operating marginRecurring EPS 6.9% 260bps 210bps 4.3% 3.6% 3.1% 8% 5% 3.1% 2.0% 0.6%DanoneAvg.Peers (1)-6.8%DanoneTopglobalcompetitor torDanoneAvg.Peers (1)DanoneAvg.Peers (1)Note: LFL sales growth and recurring EPS comparisons made between 2015 and 2019; recurring operating margin comparison between 2014 and 2019(1) Panel of 8 leading global food and beverage companies, used to determine the performance conditions for long-term incentives; (2) Reported growthI 5 I

5 years of consistent and competitive deliveryImproving sales growth and earnings in line with key peersRecurring EPSLife-for-like sales growthRecurring operating margin2015-2019 average growth2015-2019 average growth2014-2019 evolution 9.8% 8.1% 7.4% 3.1% 3.3% 3.4% 5.3% 610bps 464bps 2.1% 260bps 129bpsDanonePeer #1Peer #2Peer #3DanonePeer #1Peer #2Peer #3DanonePeer #1Peer #2Peer #3Note: LFL sales growth and recurring EPS comparisons made between 2015 and 2019; recurring operating margin comparison between 2014 and 2019I 6 I

A brief historyContrasted performance in 2020, after 5 years of consistent and competitive deliveryDanone’s reinvention is underway, around 4 pillarsStrengthened governanceI 7 I

2020 made our frame of action more relevant than everWe bring Health through food to as many people as eI 8 I

Committed to sustainable value creationThrough our business, brand and trust modelFocus on profitablesustainable growthRecognized superiorenvironmental performanceFostering inclusion andengagement 15%AAA91%Plant-Based 2020 like-forlike sales growthCDP ranking for the 2nd year in a rowOne of only 10 companiesThe only food companyof employees recommendDanone as a GPTW(2) 11bps vs FMCG norm(3)-1mt carbon emissions50% 50%of sales coveredby B Corp certificationin 2020 full scope(1)cost of carbonper share -4%of Directors fromunderrepresentednationalities(3)(1) Compared to 2019, based on constant scope of consolidation and constant methodology; (2)Good place to work; (3) % of Danone people saying “I would recommend DanoneI 9 Ias a good place to work” (2020 One Voice consultation); (3) (1) Under-represented nationalities are nationalities within the Africa, Americas, Asia, Eastern Europe and Oceania regions

Closing 2020 with priorities delivered through the Covid crisisFocus on competitive profitable growth and absolute cash14% 2.1bnLFL salesgrowthRecurring operating marginFree cash flowSequential improvement Q4 vs Q3: -1.4% vs -2.5%FY: -1.5% LFL; contrasted performance by categoryI 10 I

Market Share strengthAcross key categories and brandsInfant Milk FormulaDairy & WatersEssential DairyI 11 I

EDP back to solid performance, highest LFL sales growth since 2012Dairy growing low-single-digit in 2020& CISDairy Europe is back to growth201720182019Dairy US: Broad-based sales growthModern & Traditional Dairyportfolios fueling growth recovery2020 1% -3% -2% -7%Like-for-like sales growthI 12 I

EDP back to solid performance, highest LFL sales growth since 2012Dairy reaping the fruits of the repositioning strategyRestored category relevance & market share gainsHealth & Immunity 10%LFL sales growth 20bps MSGlobal(1)(1) Source: Nielsen / IRI, , Value share, YTD vs YTD-1Restored category relevance & market share gainsSmart Indulgence 5%LFL sales growth 23bps MSGlobal (1)I 13 I

Another year of accelerated innovation36% of revenues generated from products launched less than 2 years ago% of Innovation in Net Sales (1) x236%16%201620%20182020(1) Innovations and renovations over the last 24 monthsI 14 I

Innovation model will be adapted to the new contextSKU rationalization to allow for more selective and meaningful innovationSuccessful dynamic portfolio management2020 example2021 plan# of SKUs cut 10% volume output on20202021performing assets -500Double-digit growthin 2020-30% in # SKU onhalf-gallon formatsin 2020 200bps share gains (1)widening gap with competition(1) Source: IRI, Value share, YTD vs YTD-1 -1500-20% of total Company SKUscut by end of 2021I 15 I

2020, the last year of the WhiteWave integrationValue creation plan deliveredGrowth engine sincethe acquisitionLegacy WW drivinggrowth in 2020Value creation planfully delivered2016 – 2020 CAGR2020 like for like sales growthIntegration Synergies 6% 13%Category leadership#1PB Beveragesand Yogurt#1Organic milkPB Beveragesand Yogurt 11%Original planDelivery 300moverdeliveredContribution to Danone 2020 LFL growthEBITDA evolution 160bps 40%between 2016 and 2020I 16 I

A brief historyContrasted performance in 2020, after 5 years of consistent and competitive deliveryDanone’s reinvention is underway, around 4 pillarsStrengthened governanceI 17 I

Four pillars to reconnect with Danone’s mid-term profitable growth ambitionAnd restore shareholder value creationInvesting forportfolio superiorityand differentiationOptimizingexecution acrossthe value chainReshaping theorganizationReviewing ourportfolio, makingselective divesturesand bolt onacquisitionsI 18 I

Four pillars to reconnect with Danone’s mid-term profitable growth ambitionAnd restore shareholder value creationInvesting forportfolio superiorityand differentiationOptimizingexecution acrossthe value chainReshaping theorganizationReviewing ourportfolio, makingselective divesturesand bolt onacquisitionsI 19 I

Plant-based now representing c. 20% of EDP revenuesReaching scale thanks to accelerated geographic and portfolio expansionPlant-based nowcontributing at scaleContinued categorypenetration gains 15% 5ptsLFL sales growthsince 2016 (1)Acceleratedexpansion 750m 60%revenus in 2020vs 2015Number of countries addressed 2.2bn 8ptsrevenues in 2020since 2016 (1) 60 302015WW x22020Danone(1) Source: IRI – Refrigerated plant-based beverages (US), GfK – Plant-based Beverages; weighted average including Belgium, Germany, UK, Italy and SpainI 20I

Portfolio superiority and differentiation through incremental innovationYoPro and Two Good, reinventing the High Protein and Greek segments2020 revenues130 m 3 years after launch2020 revenues100 m 2 years after launchI 21 I

2bn revenues from eCommerce in 2020Growth fueled by consumer adoption and market share gains 2bnrevenues in 2020 (1) 40%like for like sales growth(1) 10%of Company 2020 sales75%of businesses gaining eCommarket share in Europe EDP (3) 162 bps 190 bps 340 bps(2)(1) Excluding Indirect sales; (2) Including Indirect sales; (3) Evolution of Danone eCommerce market share YTD 2020 (source I RI / Nielsen)I 22 I

Four pillars to reconnect with Danone’s mid-term profitable growth ambitionAnd restore shareholder value creationInvesting forportfolio superiorityand differentiationOptimizingexecution acrossthe value chainReshaping theorganizationReviewing ourportfolio, makingselective divesturesand bolt onacquisitionsI 23 I

Delivering superior consumer value for profitable growthWith unmatched science and technology in Plant-based, Probiotics and ProteinsPlant-basedAccelerating brand support in 20218% LFL sales growth vs LYProbioticsProteinsI 24 I

Delivering superior consumer value for profitable growthDesign to Deliver integration already in action with AlproUnique 40-yearingredient datasetDirect farmerrelationships 4.0relativemarketshareFirst brand of choice (18-24yo) logyComp.#1(1) Source: Consumer surveys (2020)I 25 I

Four pillars to reconnect with Danone’s mid-term profitable growth ambitionAnd restore shareholder value creationInvesting forportfolio superiorityand differentiationOptimizingexecution acrossthe value chainReshaping theorganizationReviewing ourportfolio, makingselective divesturesand bolt onacquisitionsI 26 I

Local First: organization design as a lever for growth and resilienceFrom category-led independent businesses to geography-led cross-category unitsFROM 3 BUSINESSES OPERATING IN PARALLELTO CROSS-CATEGORY LOCAL ENTITIESLocal cross-category consumer zed manufacturing & supply chain capabilitiesManufacturing& Supply chainManufacturing& Supply chainManufacturing& Supply chainSynergized sales & distribution effortsSales &DistributionSales &DistributionSales &Distributionprotected category expertise3 divisions13 regional teams61 country business units6 zone teams22 country business unitsI 27 I

A fitter and more agile organization 700m savings on SG&A by 2023 to fuel growth and restore margins 1bnOverheads (% of NS, 2019) 300m 700mDanoneAveragepeersPeer APeer BPeer CCost of goods soldand logistic costsExtra productivity 20% SG&Acosts reductionin 3 years to restorecompetitiveness andinvest in growth2023 savingsI 28 I

Four pillars to reconnect with Danone’s mid-term profitable growth ambitionAnd restore shareholder value creationInvesting forportfolio superiorityand differentiationOptimizingexecution acrossthe value chainReshaping theorganizationReviewing ourportfolio, makingselective divesturesand bolt onacquisitionsI 29 I