Danone S.A. ($BN)

Ladies and gentlemen, dear shareholders, good afternoon. On behalf of the group and all of our workforce, I'd like to welcome you to the Danone AGM and I declare the assembly open. As Chair of the Board of Directors, I will chair. I have Antoine Santa here with me, the Director General on my right; and then a bit further on Jurgen Essar the Deputy Director General and Financial Director; and on my left, Laurent Sacchi, Secretary General and Secretary of the Board. If you Well, we will now form the bureau, the offices of the assembly, and I call out the 2 active tells the 2 shareholders who are taking part in this assembly and have the largest number of votes and who have accepted this Ibrahim who represents Amundi, and Ann Lar Marinovic, who represents FCPE Danone, which is the salary shareholder fund of the company. I would like to thank them very warmly for having agreed to do this, and I suggest that we designate Laurence Sashi, Secretary of the Board as the Secretary of this assembly. I would like to welcome the members of the Board who are present at this meeting and also the corporate auditors who are here in the room with us and who, in the course of the meeting will be telling us about their findings regarding the accounts and the information regarding sustainability measures. I will now show you on your screen. the outline of the meeting. Laurent Sachi will remind you of the legal formalities that have been carried out prior to the assembly and also the agenda. I will present the work done by the Board in 2025. Pascal Lamy, who is President of the Mission Committee, will present his report and this will be followed by presentations from Antoine de Santa fika and Natalie Percier, who is Vice Chair in charge of Sustainable Development, and then we will have financials from Jurgen Esa. And then we will give the floor to our auditors so that they can inform you of their findings. And finally, you will have the floor. We will have a question-and-answer session before we vote the resolutions. And we are planning to close the meeting at around 5 p.m. Thank you very much for your attention. And I give the floor now to Laurent Sachi.

Thank you very much indeed, Sheila. We will now move on to the rather more legal or administrative part of this introduction. I think you're familiar with how these meetings are conducted. I recognize many familiar faces in the room. Let me remind you that the assembly was convened by invitation and that we have fulfilled all of the prior formalities required by law, legal documents have been made available. They are in this green file in keeping with the legal and regulatory provisions, and they have been communicated or made available to the shareholders and the economic and social committee of the company once the imitation was set out. Once again, this year, any shareholder, whether they be a registered shareholder or to the bearer is able to vote online by Internet using the boat access platform, provided their bank is a member of that platform, and most financial institutions are in France. It's a secure site that was opened on the 1st of April this year. And in keeping with regulation, it was closed at 3 p.m. 15:00 hours. I'll now read out the agenda. This meeting is gathered and will be required to vote on 17 ordinary and extraordinary resolutions. First of all, we have for the ordinary general meeting, approval of the company accounts for the financial year ending 31st December 2025, and Resolution 2 is approval of the consolidated financial statements for the financial year ending 31st of December 2025. Three, allocation of profit for the financial year ending 31st December 2025 and setting the dividend at EUR 2.25 per share. Then we have the new have 3 terms renewal of Gela Schnapps term of office as director pursuant to Article 15 Paraboof the Articles of Association. Then renewal of Valeed. Sixth, renewal of Sanjiv Mehta's, term of office as a Director. Seven, approval of the information relating to the remuneration of corporate officers. 8, Approval of the components of the remuneration paid during or awarded in respect to the financial year ended 31st December 2025 to nontheater our Chief Executive Officer, then we have approval of the components of the remuneration paid during or awarded in respect to the financial year ending 31st December 2025 to Sheila Schnepp, Chairman of the Board of Directors. 10, approval of the remuneration policy for executive directors for the financial year 2026. 11, approval of the remuneration policy for the Chairman of the Board of Directors, for the 2026 financial year. 12, approval of the remunation policy for directors for the financial year 2026. 13, this relates to the authorization to be granted to the Board of Directors to purchase, hold or transfer shares in the company. The 14th resolution is ratification of the transfer of the registered office you may or may not know this. It has moved from Ulan to Lafayette, a few hundred yards away. Then we have the extraordinary general meeting. The agenda for resolutions is. Fifteen, delegation of authority to the Board of Directors to issue ordinary shares and securities reserved for employees participating in a company savings plan and/or to carry out reserved share placement without shareholders preemptive subscription rights, 16, delegation of authority to the Board of Directors to issue ordinary shares and securities, giving access to the share capital with the removal of preemptive rights reserved for categories of beneficiaries comprising employees, working within foreign companies of the Danone group or in situations of international mobility as part of employee share ownership schemes. And finally, the customary final resolution falling within the remit of the ordinary general meeting, #17 powers of attorney for Manati. We have now the figures, and I would like to inform you that according to the attendance sheet that has just being communicated to me the present and represented shareholders or those who have voted by correspondence or Internet have together 466,595,444 shares out of the 640,122,962 shares with voting rights that if you work it out. And I hope the percentage is right, 72.89% of the shares. This is much more than the 25%, which is the quorum required for the general meeting. And I think we've beaten last year's record. Votes by correspondence represent 476,614,560 voting rights. That's the vast majority. The Pas attorney of the chair represents 5,489,036 voting rights of the 640,172,962 shares with voting rights 39,863,794 shares have a double voting right. I would also like, therefore, to point out that the conditions required for this general meeting to meet appropriately as an ordinary and extraordinary general meeting. So we are able to meet. And in keeping with the recommendations of the Financial Market Authority as of the 22nd of April 6 p.m., 18:00 hours. We have added 6 voting instructions that represent 448 shares and 879 voting rights. They were rejected in keeping with the applicable reglementary provisions because the voting instruction was invalid. So these instructions have not been included in the calculation of the quorum that I have just communicated to you. And finally, we have before remind us we will close the registration of the attendance sheet quarter now time. So if people arrive beyond that time, they will not be able to take part in voting the resolutions. If you wish to ask questions in writing, please use the sheets that have been made available to you for that purpose. And please hand them as soon as possible to the welcoming staff so that we can answer your questions during the question-and-answer session. I would also like to remind you that the general meeting has been -- it's broadcast live on our Internet site, www.danone.com and it will remain available there on our Internet site for a number of months after this meeting. And finally, when handing out the electronic voting devices, you were asked to fill out a form to be invited to the next general meeting by electronic means. So this is something that in keeping with changing in communication generally, and there was a decree of the 13th of February 2026, which means that if you filled out that form, you will receive all of the documentation in digital form on your e-mail address. So we would encourage you to fill out the form and to give it to our welcoming staff. Thank you for your attention, and I hand back to our.

Dear shareholders, 2025 has illustrated once again that the Danone model is the right one. It's a twin model based on economic growth the social measures. It dates back to 1972 but it's as topical today as it was then the words used today are different. We talk about financial and nonfinancial performance. But what really counts is that these notions remain valid today. They are intertwined engines of growth for a company like Danone for our 90,000 workforce and for your Board, it's a source of great pride to be able year-after-year to help write a new chapter, a major chapter of a venture that began more than 50 years ago now. Regarding financial performance in 2025, Jorgen Esa, our Deputy Director General, will present this in some detail. But is really sound performance, particularly given that the broader context is brought and uncertain. Our growth is robust and healthy because it's based on value and volume, not just on price. And our profitability is continuing. It's path of gradual improvement year-on-year, and we are paving the way for the future with targeted investments, does this mean that we are completely satisfied with all of our achievements in all of the countries, in all of the categories and with all of our brands, of course, not. But your management, top management and Anandia Africa, who is certainly not someone who gives into complacency are focusing their energy on measures that will help make the group stronger still. And this is the case for our business in America, which has been thoroughly reorganized so that we can make sure that this key zone for the group can be brought back onto a sustainable growth path. This is a continuous improvement of our financial performance that we've seen over the last 3 years, and this strengthened our balance sheet. As a result, we are able now to reactivate our acquisitions policy. A number of transactions have been reviewed and approved by your Board, and they all make sense. The sense is that these transactions will implement the ambitions that were presented by the Director General at the last Investor Day meeting. And at the heart of our mission to increased health through food, we find science and innovation. And on to understand Arik will tell you more in a moment. Regarding the nonfinancial performance, the 2025 financial year is a source of great satisfaction. There are 4 major achievements that I'd like to highlight here. First of all, we have met nearly all of our 2025 objectives as defined in the Danone impact journey road map and also our objectives as a mission driven company. And this is really very rewarding. And indeed, Pascal Lamy, who is the President of the Mission Committee. will be giving you further information about this. I'd like to thank him very much for his commitment. Another source of satisfaction is that after tireless work over the last 10 years, we have achieved a global level, the court certification. Danone is the largest company globally to have this recognition. Also, we have a AAA score from CDP, this is a particularly demanding body, and you can see this when I tell you that only a score of companies worldwide have achieved have been given that AAA ranking, whereas CDP has evaluated 20,000 companies. And finally, and certainly very significant Danone ranks first in the ATNI ranking out of 30 companies in our line of business that were assessed by ATNI. And this is rewards, it's the recognition that we have done well to make our products more healthy, but also tasty.

And of course, Danone doesn't plan to stop there. The governance of the group during the course of 2025, the full governance worked on drawing up the next nonfinancial road map that will take us through to 2030 management, CSR Committee, the Board and the Mission Committee each in their role contributed to defining ambitious and impactful goals for 2030. This will all be set out to you during the course of this afternoon, notably by Carin the time where some questioning a possible shift in CSR policies. Also known as the backlash, Danone intends to continue its original approach, not because it is in line with way more fashion, but because it's at the heart of its corporate project. And lastly, if this is more matter for 2026 and 2025. I'd like to refer to the infant milk crisis as it's known affected our industry earlier this year. I don't understand that return to that in detail. But let me say here that your Board was particularly attentive and vigilant by convening a meeting on several occasions to track the development of a particularly sensitive situation regarding infant health. Turning now to the portion of the meeting relating to group governance as well as the remuneration of the Chief Executive Officer and respective governance is a point that I view as very positive. It's perfectly stable because the Board remains with its 11 members if, of course, that is you vote on the resolution to renew the term set out by the secretary a moment ago. The characteristics of the Board remain unchanged, a closely net team, an exceptional concentration of sector skills, a remarkable independence ratio, feminization ratio in accordance with legislation, a very large contribution of international profiles, bringing their insights of markets across continents. The Board was once again very much engaged during the course of this year, both in the Board itself as well as it 3 committees. As you can read on the screen member engagement was once again outstanding this year if we refer to the participation rate. Now the stability that I referred to a moment ago in respect of governance, also reflected in the remuneration structure of the CEO. The 3 pillars fix and your variable and long-term variable remain unchanged -- have remained unchanged since 2021. You can see on screen the detailed figures for 2025 in respect of 2025. And on this visual charge, the same degree of detail for 2026. Now -- this year, what is put to your vote, the only changes will concern the components of the variable part. Variable part in respect of annual remuneration with a criteria pertaining to regenerative agriculture replacing the BCR certification criteria. And the fair wage network, we're almost at 100% on that. as well as greenhouse gas emissions because, in fact, it's always included in the long-term variable remuneration, we wanted to avoid duplication in terms of variable long-term remuneration, a criteria linked to the Dan live program, will be introduced replacing the criteria concerning the consumption cycle and production facilities so that each can have a criteria for the Danone impact journey Dan Life, Karin will speak to that in a moment that embodies the sustainable commitment of Danone to support each of our employees at every stage in their career so as to grow their potential and to nurture collective performance. That's what I wish to say in opening this AGM, and I don't want to leave the lectin by expressing on behalf of the Board. My sincere thanks to the 80,000 Danoners without whom or this would not have been achievable. On behalf of the Board, I'd like to congratulate the management team led by its CEO, Antoine Santa for 5 years now that has genuinely as form this fine company recognized today for what has been undertaken and achieved has appealed. Lastly, I'd like to thank the Board members of particular those because our 3 committees are chaired by women, those who lead them as well as our lead board member, member of the Mission committee and his chair because this year saw both the assessment of achievements of our first road map that ended in 2025 and the preparation of the second that required a particular commitment. I will now hand over to the Chair of the Mission Committee, Pascal Lai who will read through his report on the work of the Mission Committee.

We have Pascal Leme. I was looking -- I didn't see you. I didn't see that you're so discrete -- ladies and gentlemen, good afternoon. And just to recall that the committee that I have the owner of chairing must under French legislation report to you on the way in which Danone is implementing the nonfinancial performance obligations that it has underwritten as a mission company. And to do that, we're assisted by an independent external auditor. You will have found in the written documents made available to you the detail of the assessments and observations of the mission committee that I shall now briefly summarize, just to say, first of all, that FY '25 ends a first cycle of a 5-year pathway with its annual objectives. And it's followed by another Sanyal, the same duration that has just begun in 2026. As in previous years, we note with satisfaction that the targets agreed by Dana after consultation with our committee were either reached or exceeded with 1 specificity that concerns the percentage of plastic parts designed to be recyclable where the formal collection systems, and that rate will only reach 100% in 2026. Indeed, has developed with its partners, innovative solution in this field of recycling of plastic parts. And these solutions are lagging behind owing to circumstances external to Danone's responsibilities, which led the auditor to conclude in his report that Danone indeed complied with each of its social environmental objectives as a purpose-driven or mission company results obtained this year are concerned, not just the major category set by the company, health, environment, social but as Gilles Schnepp just recall the B Corp certification, which was part of the engagement and was obtained this year as planned. We also approved after discussion, the pathway for the next 5 years by ensuring that the new objectives maintain the previous level of ambition, even if, of course, they had to be adjusted to the changes in the Danone portfolio products, regulations or the comparative benchmarks that we use to be as complete as possible. I would add as Gilles Schnepp just said, even if these points pertain to 2026. The committee was informed by Danone of developments concerning the recall of infant formula that occurred during the course of the year. Now 2 comments in conclusion. Firstly, I'd like to thank my colleagues for their commitment. Our contacts at Danone as well the auditors for their extensive availability, but also to mourn to surpassing 1 of the members of the Mission Committee, David Nabar, whose expertise and rigor contributed a great deal to the work of our committee in particular of maternal breast feeding. Lastly, in order to underscore the -- here again, by no means happen stands here as Gillette steadfast approach by Danone's management to highlight the convergence of its strategy with its mission company commitments. In other words, this convergence between financial and nonfinancial results. And this, let me emphasize, by concluding that from our viewpoint. This consistency is truly remarkable at a time when we know the attention paid to nonfinancial results tends to be decreasing, at least on other continent than ours under shall we say various pressures and even -- and we have a few signs of that, indeed, perhaps in a more attenuated way in our own continent, this consistency is clearly very firm in the Mission Committee. I thank you for your attention. [Presentation]

We're really in a truly remarkable business, Chairman, Ladies and gentlemen, shareholders, dear Danoners. I'm very pleased to be with you again for our shareholders meeting. It's a major event annually to review the path travel, share the progress and success of our strategy and present the outlook that it opens up for Danone and its ecosystem. For you as shareholders, as well as its employees, its consumers, its patients and its partners. We are evolving in an environment that is marked by profound transformations, economic and geopolitical challenges may the how issues rapidly changing consumption habits in this demanding context ability of corporations to adapt to transform themselves and strengthen their resilience is no longer a notion. It's a precondition for success. More than ever, we remain true to our mission, Greenhealth through food, with healthy and quality projects and true to our dual project, combining economic performance, social responsibility consolidating our assets, creating lasting value and preparing the future and a cost changing well a company such as ours offers a bearing in terms of its history of its brands, and also the fact that it's rooted in communities in people's daily lives, we've been able to build and grow strong brands, experts in their category, recognized for their know-how and forward looking behind Danone yogurt, there's over 100 years of signed and research behind Evian. We celebrated that 2 weeks ago, almost 2 centuries of unique expertise in water management and a rare capacity to reinvent ourselves to address new generation behind new tricare, there's 130 years of engagements at the side of patients with global expertise recognized in specialized and medical nutrition. These are strong foundations that allow us to move forward with confidence this strength is expressed through our territorial routes were their present where our consumers are close to our communities and partners, notably farmers in France, the historic cradle of Danone remains at the heart of our strategy. We're proud of producing locally and continuing to invest in our industrial plants serving jobs and the economic and social dynamism of communities. We are a key player of food sovereignty, these local routes, we carry this internationally. Danone is a company with international renowned present where demand is strong. and our skills really make the same difference. The same demanding approach guides our choice, better serve consumers and patients in their essential needs is healthy food at every age of life hydration and Unfortunately, the need is being felt medical nutrition. It's around these convictions that is articulated our strategy and action that I'd like to tell you about today. I'm going to first of all, review our 2025 performance that demonstrates Gisel, the relevance of our positioning, our growth model for the out years. And then I'll go into greater detail regarding the rollout of Chapter 2 of our renewed strategy and explain how we're accelerating the pace to turn Danone into an even more efficient and resilient company. Before starting the heart of my presentation, it seemed to me important to address the developments that marked the beginning of the year an infant formula, it's a priority so for us all and above all, the families who count on us daily. I know how much recent events were disruptive in a source of concern for all. That's, of course, the last thing we want to experience when we feed a deal 1.

We are taking the situation very seriously. And let me be very clear food safety and quality are and have always been -- they will remain our top priority at Danone. We are confident in the safety and the quality of our products which are based on sound scientific principles and rigorous testing. In light of recent events, we reviewed the consumer feedback received during that period, and we did not identify any cause for concern. However, in the context of evolving regulatory requirements, we have worked closely with the various national food safety authorities, and we have taken the necessary steps to comply with their new recommendations. We have recalled from those markets, certain batches of infant formula and our priority has been to support parents and health care professionals to provide clear information and help restore trust. as that trust makes all the difference. Let me now turn to the 2025. Now before Jurgen goes into more detail about our 2025 financial results. I am pleased to share with you results that are once again robust and of high quality. The numbers that you see on this chart are much more than mere data. They reflect the hard work, the commitment and the passion of Danones, whom I would like to thank more sincerely. These achievements are theirs. In 2025, we embarked on Chapter 2 of our renewed strategy, and we grew revenue by more than 4.5% on a like-for-like basis. That is all the more remarkable as it is underpinned by a positive volume mix throughout the year, which contributed more than 2.7% to growth in 2025. We achieved these strong results while continuing to pursue, as Pascal said, our sustainability approach with a focus on responsibility and impact. And Natalie will give you more information on progress made this year. under our climate strategy. But allow me to highlight just a few key achievements now. Yet again, and Gilles mentioned this, we were awarded a AAA rating by the CDP. This underscores our leadership when it comes to transparency and strong performance in the areas of climate change, sustainable water management and forest conservation. We also received B Corp certification at the global level. And this is the culmination of a 10-year process started in 2015. And it tests to our goal of bringing together financial performance with social and environmental impact. The overall 2025 performance that you see here demonstrates the strength and the resilience of our unique health-focused portfolio. which is fully aligned with the major structural trends transforming our sector. As I said, the food sector is at a turning point across the world. Consumers are becoming increasingly aware of the close link between diet and health as science advances, their expectations are changing, and they are seeking nutritional solutions that are ever more tailored to themselves and to their families. Health through food has never been more relevant than it is today. That is why Danone, your company is ideally positioned. Our health-focused approach underpinned by science and high-quality standards, enable us to offer nutritional solutions that are tailored to every stage of life. This is not just what we do. It is, in fact, what constantly guides our strategy and its implementation. And the results speak for themselves. our categories are growing faster than the food industry average, driven by strong converging trends, all geared towards healthier eating, protein, fiber, medical nutrition. These are 3 promising trends in which Danone has a real advantage. Demand for high-quality, nutritionally rich proteins is growing, particularly among consumers using GLP-1 treatment to lose weight, but who also wish to preserve their muscle mass. Fiber is still largely underconsumed but plays a vital role in metabolic and gut health, whilst optimizing the effectiveness of protein. This is an area where Danone's expertise and probiotics really makes a difference. Finally, Medical Nutrition is proving its positive impact. It enhances treatment outcomes, speeds up recovery and reduces hospital stays, thus benefiting both patients and health care systems. Our revenue growth in 2025 was driven by our high-growth platforms, in particular, high protein products. gut health, infant milk and medical nutrition. In North America, Oikos Pro exceeded the EUR 1 billion revenue mark in 2025, confirming the strength and development of this platform, the Danone brand, which also has sales at over EUR 1 billion posted very strong growth, too. Gut Health and Fiber, as I just said, are also solid growth drivers, particularly Activia. which is back to growth in Europe. Alpro is another key driver of growth in Europe. We have turned Alpro from a simple plant-based alternative into a plant-based nutritional supplement as reflected in our new packaging. Finally, in infant formula, Optimal recorded double-digit growth, driven by the change in our core range and the launch of new products to meet specific nutritional needs. We have also expanded our geographical presence in high potential countries. At our last capital markets event in 2024, we outlined our ambition with Chapter 2 of Renew Danone. To strengthen our fundamentals while continuing the group's transformation. This is what we have begun to do in 2025. We launched client-based innovations that remain true to our health-focused approach. We also overhauled the way we view our categories to create new opportunities for growth. For example, we launched Alpro Meal to go which is a new traditionally balanced plant-based meal replacement. designed for active lifestyles, providing 20 grams of protein and 26 essential vitamins and minerals. We are making healthy food, simpler and more accessible. We have also continued to expand our presence in strategic channels, creating value across all distribution channels and strengthening the resilience of our model. In 2025, channels outside mass retail grew significantly faster out-of-home pharmacies, convenience stores, hospitals and home-based care. all posted double-digit growth. This diversification enables us to address new needs, complementing our long-standing mass retail partners and to reach more consumers and patients in more places and at every stage of life. We also remain strongly focused on execution and competitiveness by strengthening several key capabilities. On the operational front, we made significant progress in recent years. We are very proud to be ranked tenth in the Gartner top supply chains 2025 ranking, which identifies best practices in supply chain management. This is the best performance among all FMCG players worldwide. We are accelerating our transformation through our Industry 5.0 approach, equipping our teams and our sites with advanced AI capabilities, automating quality systems, predictive maintenance, and real-time performance visualization. Beyond production, we are also strengthening digital execution across the entire value chain. Our planning centers are equipped with AI tools. Our shared service centers are increasingly automated, and we have rolled out new in-store visualization tools all of this improves accuracy, speed and the efficiency with which we serve our customers and consumers. But as Gilles said, we remain realistic. We know that there's still work to be done and certain areas in which perhaps we fall short, as Gilles said, in the U.S., our performance in 2025. did fall short of our expectations. We know we must raise the bar. Succeeding in this market means restoring performance in categories other than proteins and specialized nutritions. So from creamers to nonprotein yogurts and plant-based products, we appointed Ali Brussel as President of the Americas region and implemented broader organizational changes to create a performance culture based on excellence in implementation and greater operational intensity. To bolster long-term performance and build lasting competitive advantage. We are strengthening the key capabilities that truly make a difference at Danone. We are convinced that the future of dairy products lies in more resilient and sustainable agricultural supply chains. And that is why we have launched the Danone Milk Academy, a unique multiyear global program, bringing together academics technical partners and Danone to provide farmers with practical, scientific and digital know-how. This approach is tailored to regional specificities and different farming models. It aims to strengthen the dairy sector in a sustainable way. The same philosophy underpins partner for growth. This is more than a program. It is a catalyst for creating shared value, transforming our supplier relationships into long-term partnerships ever since it was launched 2 years ago. The initiative has helped improve efficiency, unlock capacity and accelerate our own sustainability goals. When it comes to innovation, we continue to invest in cutting-edge research. Recently, we inaugurated the 1 Biome laboratory at Paris, this is dedicated to the study of intestinal microbiome. We also acquired the Aker Mansa company, Belgian pioneer in the field of probiotics with nearly 20 years of expertise. This further strengthens our scientific differentiation. Finally, we are investing in skills and leadership for our employees. in particular, through our global Dan skills training program to prepare our teams for the challenges of tomorrow and to continue the cultural transformation we began 4 years ago. As part of Chapter 2 of renewal, we also clearly signaled our intention to be more proactive when it comes to acquisitions in 2025, we began along this path with a strong focus on strategic fit and rigorous governance. With the acquisition of Kate Farms, we now have a $500 million medical nutrition platform in the United States. This, for the first time is giving us significant presence within the U.S. healthcare system and the sector rather Kate farms has posted strong growth and the integration is going very well. In Australia, we acquired an additional 1% stake in our dairy joint venture management partnership with Saputo at the end of February, bringing us stake to 51% and enabling the financial consolidation of the business. We generated over EUR 100 million in revenue through this joint venture, which operates in Australia and New Zealand. In Argentina, you would have heard, last month, we announced the creation of a joint venture with our long-standing partner, our core giving rise to a major player in the dairy sector in the region. By joining forces on an equal footing, we are creating a robust growth platform to bring healthy, high-quality products to add many Argentine consumers as possible. Finally, last month, we announced that we had signed an agreement to acquire -- human Huel, a global leader in balanced meal solutions with a strong presence in the U.K., the U.S. and a presence in the rest of Europe. Over the past 10 years, Huel built a strong brand with leading digital capabilities. By combining Hull's strengths with Danone's global footprint and nutritional expertise, we are paving the way for tremendous opportunities in the new and rapidly growing world of complete nutrition. These decisions demonstrate our commitment to actively shaping our portfolio to support sustainable long-term growth. And this cannot be achieved without taking into account sustainability issues. Balancing the growth of our business with a positive impact on society. That is at the heart of our DNA and our model, but it is also a challenge. Today, our industry faces major challenges, access to healthy food for all food security and sovereignty, climate adaptation and social progress. At Danone, we are committed to championing a model that supports our partners particularly farmers and offering consumers healthy, sustainable, high-quality food at the best price while continuing to invest in the future through science, the circular economy and the sustainability of our products and production methods. That is the essence of our commitments. which are structured in our Danone impact journey. The second phase of which we're launching this year, a road map, which extends to 2030. and we want to go even further in promoting health through nutrition, managing our impact, our use of natural resources, supporting the necessary transformations and ultimately, strengthening the resilience of our business lines and our entire ecosystems in the long term. Before handing over to Natalie Elke, Vice Chairperson in charge of Sustainable Development. And Danone, Let's watch a video about our approach. [Presentation]

Dear shareholders, ladies and gentlemen, as you know, the nonsustainability doesn't take the back seat in our strategy. It has always actually been at the very heart of our long-term value creation model. It feeds into our economic performance, our corporate resilience and the positive impact that we try to have on our societies and on the planet. You've just seen this with the 3 key dimensions of our sustainable development road map. First of all, health through food. Secondly, nature, and finally, working for our employees and communities. We are now moving into the second phase of our sustainability road map. It's what we have termed the Danone impact journey, and I would like to share with you some facts and figures that illustrate what has been achieved and also our renewed commitments for 2030 and 2025. Our commitments led to concrete, measurable progress in line with our trajectory and that enjoy strong and unique external recognition. and this for all 3 pillars. First of all, the health through food pillar. Everybody recognized that Danone has the healthiest product portfolio in the industry. And this is why we rank #1 in the key global index ATNI some 99% of our dairy and plant-based products for children have seen their sugar contact cut to less than 10 grams, this in line with the most stringent requirements. For the same product categories, some 9 Danone products out of 10 are recognized as being a healthy choice, and this in international standards. The social companies that we support guaranteed access to drinking water for 25 vulnerable people in 11 countries on a daily basis. The third pillar nature, there, we have cut back our CO2 and methane emissions. And this in a major way since 2020, we are continuing large-scale development of regenerative agriculture with our partner farmers, and we are also ensuring that sensitive raw materials are provided without causing deforestation. And then our third pillar, the social pillar, there too, we have met our goals. We have been awarded the BCR certification globally after 10 years of tireless endeavors. So this is a world first for a company of our size. B-Corp is an independent label of international renowned. It recognizes good corporate practice in social, societal and environmental terms. Some 98% of our employees benefit from good health and provident coverage, thanks to our Dan Cares program. and half of managerial posts are held by women. This reflects our firm commitment in the matter. This is major progress on all strategic indicators. What it shows is that when we make a commitment, we follow up, we act and we get results, and this has a positive impact for Danone and for its ecosystems. On the back of this advance, we want to renew our ambition for each of these 3 pillars between now and 2030, beginning with health There, our ambition is to reinforce our positive impact on food and diet at large scale and to ensure that we really stand out as completely specific and unique in our competitive environment. For instance, we want to cut back on sugar content for daily adult products. We also want to try and prevent iron caused anemia, which is the #1 nutritional deficiency worldwide, particularly in Africa and Asia. So we have set ourselves a very ambitious target. We want to contribute to 14 million anemia screening test between now and 2030. And we once again assert ambition to be the leader in terms of healthy food with the healthiest product portfolio of the industry. Regarding climate commitments. We to continue to fight climate change. Our climate objectives are fully in line with the scientific data and compatible with the objective of limiting global warming to 1.5-degree Centigrade. They have been approved by the key international organization, SBTI. The progress made in 2020 is in line with this objective. We pursue a strong and structural reduction of our CO2 and methane emissions throughout our value chain. In our industrial and energy operations, we have cut back on our CO2 emissions by more than 40%. In farming and raw materials, we are pioneers. We are the first Food Corporation to made a commitment regarding methane reduction. And this has brought good results. At the end of 2025, we had already reduced our methane emissions for fresh milk by more than 29%. For transport and logistics, we have also made headway by reducing emissions by 17%. Our resilience depends on the resilience of natural ecosystems. And that's why we focus on 3 major levers when it comes to protecting nature. First of all, Regenerative farming, which aims to restore soils to protect biodiversity and to strengthen the economic resilience of our partner farmers. We continue this approach and roll out these practices. Our objective is that 45% of sensitive main ingredients in terms of volume should be sourced directly from holdings that have regenerative farming. And this by 2030,; then we want to protect the water resources. We want to have the best practice in terms of management of water sheds and catchment areas. This will benefit our sites, the local communities. We have 28 years now being a pioneer partner with Rama, which is United Nations Convention for wet plants. This shows our long-term commitment to good management of this strategic resource. Finally, day-to-day management of packaging, this is key. And there our ambition is to work tirelessly to ensure that all of the packaging is recycled so that we avoid ending up in the environment. And this is why we have 3 major priorities: improving our packaging, make sure that it can be easily recycled, cutting back on the amount of virgin plastic used and recovering all of the packaging that is used where by supporting effective recycling systems. Our approach is very clear cut. We want to protect nature and thus secure resilience and the sustainability and indeed, the very future of our business. Sustainability is, perhaps, first and foremost, about humans, about people. We intend to forge ahead with greater social ambition to help our employees and all of the people who work with us throughout our value chains. And this requires structural programs. First of all, Dan life, which is based on the Dan care program, but it's more ambitious still. The idea is to support our employees at all stages of their life, parenthood or when they become carriers or if they have a serious illness like cancer. Then we have Dan skills, which is to give the 90,000 people who work with us, the skills they need for the future. And finally, the milk Academy to support and train farmers in regenerative agriculture. These will be our future partners, and they will be more resilient. In addition to that, we have made firm commitments in protecting human rights in having responsible supply chains and fair wages so as to ensure that our growth can benefit all in very concrete terms. By way of conclusion, I would like to go back to some key points. In just a few minutes, I've tried to give you a broad overview of the aims of the second phase of the Danone impact journey. Basically, we are restating our deeply held conviction that sustainability is not just a matter of corporate responsibility. It's a strategic issue that is very inbuilt into our business model because it strengthens our resilience. It feeds into innovation, and it secures in the long term our supplies. This requires investment, and we plan this investment carefully. thinking of financial factors and real impact. Sometimes we meet hurdles. They may be of a technical nature, regulatory due to competition or financial. And this means sometimes that we have to change the pace of transformation, but we always have the long-term vision, which goes hand-in-hand with pragmatic choices. And this is the hallmark of Danone. And this means that sustainability strengthens the confidence our customers have in us, our clients and our partners. And we hope also your confidence in a dear shareholders. I will now hand over to Jurgen Eser, who will be presenting financial results for 2025.

Thank you very much, Natalie. Ladies and gentlemen, dear shareholders, good afternoon. I'm delighted to be speaking here at this Annual General Meeting, and I will be presenting to you the financials for 2025 and also confirming our medium-term ambitions. As Antoine has said, we have now opened Chapter 2 of Renew Danone with solid results completely in line with the medium-term objectives set in 2024, which shows that our business model is indeed the right one. 2025 saw a strong growth in revenue by 4.5% like-for-like, but it was quality growth. And it was based on the volume mix. The revenue amounted to EUR 27.3 billion. We give priority to growth that is driven by the volume mix, and this helps to improve the gross margin. And this is why the current operating margin has been improved by 44 basis points and is now at 13.4%. We've also reinvested in our brands in research and innovation and key skills so as to fuel future growth. Good operating performance together with the financial stringency means that we have current earnings per share, up 4.6% and our free cash flow is at EUR 2.8 billion. If we look more closely at revenue for 2025, we can see that growth quarter-by-quarter was driven by the volume mix. As we move into Phase 2 of Renew Danone, we have a diversified portfolio, which means that quarter by quarter, we deliver sustainable growth across all of our business, as you will see, I think, on the next slide, and there it is. In 2025, we achieved high-quality growth. across all of our product categories and all of our geographies. I'd like to make a few comments about the key regions. In Europe, revenue advanced by 2.3% like-for-like. The zone of Europe continued with sustained momentum. We have seen 9 quarters in a row of positive volume mix at the end of the fourth quarter. This good performance reflects the progress that has been made for dairy products. So we have functional products such as high-protein range, kirana and the Alpro brand has also seen strong growth in plant-based products. Specialized Nutrition has been bolstered by the very good performance of adult medical nutrition and Waters also see robust growth thanks in particular to the Volvic and Avion brands. In North America, revenue was up 2% like-for-like. There was more moderate growth in 2025 for the EDP product category. There were some hitches. High-protein products continued strong with double-digit growth, but coffee creamers were beset by temporary delivery problems. Specialized Nutrition recorded robust growth and the recent acquisition of Kate Farms, not yet included in our comparable data has a very strong growth. Finally, in China, North Asia and Oceania, revenue increased by 11.7%. Specialized Nutrition in this area recorded outstanding growth in 2025. Thanks to comparative growth that was very strong for infant milk formula. And also, we continue to see very strong demand for medical nutrition products, Waters, the Mizone brand did very well. The EDP product category in this area recorded double-digit growth, thanks in particular to Activia as a brand and IQOS in Japan. These are just a few examples, which show that our growth was very high quality in 2025. And we are very pleased to note that we are able to meet our commitments regarding value creation across all of the main financial indicators. We have generated a lot of free cash flow. I already mentioned this and this means that once again this year, we have reduced our net debt level, which is now EUR 8.4 billion as of end 2025. And finally, thanks to the improvement of operating performance. We are pleased to note that our ROIC is 10.7%. This is now a double-digit structural level and it's a key pillar of our value creation road map. Finally, I'm very proud to put to you the payout of EUR 2.25 dividend per share, this is some 5% increase compared to last year, in line with the current earnings per share. But above all, it is a record level in the whole history of our company, dear shareholders. With this message, we would like to close the review of the 2025 financial year results. And I would now briefly like to present to you our first quarter 2026 revenue figures that were published yesterday. And moving on, looking at the slides. As you know, since the 1st of January 2026, Danone has been reorganized with 3 new geographic zones. We've got Europe, Middle East and Africa and then the Americas and Asia Pacific. This means that our reporting structures have been changed, and we present our main financial indicators along those lines. The overall environment is somewhat fraught and yet the figures are good. over the first quarter with a growth of plus 2.7% like-for-like, thanks to volume mix of plus 1.5%. It's positive for all product categories. Revenue in EMEA increased by 0.6% like-for-like. It should be noted the context was difficult with infant milk products having to be recalled and the conflict in the Middle East. In the Americas, revenue increased 3.4% like-for-like, thanks to a continued good performance in Latin America. And we're seeing a picking up of momentum in the United States and in Asia Pacific, revenue recorded a 6% growth level like-for-like. This is very good, thanks to a large extent, a specialized nutrition in China and the ED category in Japan. I would now like to close my presentation by reminding you that our long-term value creation model remains unchanged. We presented this at the large investor seminar, and it is rooted in high-quality growth and attractive yields. As you know, we are planning for 2025-'28 revenue growth of between plus 3% and plus 5% and also growth of the current operating income that should outstrip the growth of revenue. This objective means that we should be able to structurally enhance the generation of free cash flow, aiming up to EUR 3 billion. And thus, continue to have a double-digit ROIC. The results for the first quarter of 2026 shows that we're on the right track, and we're confident about remainder of the year. Yesterday, we were able to confirm our annual objectives. They are fully in line with our medium-term ambition. And now I will give the floor back to Antoine. Thank you very much for your attention.

Thank you, Jorgen, and thank you, Natalie, for these presentations. As you can see, our results are solid, and we are now fully embarked on the execution of Chapter 2 of our renewed strategy. We continue to act with both responsibility and ambition to transform our food systems to the benefit of consumers and patients whom we serve, but also communities and ecosystems in which we operate. Danone is today a stronger company that has restored solid fundamentals and is projecting itself into the future. We continue to invest in our daily brand Activia, Danette Levi or Bledina site, but a few that have contributed to Danone's success who daily support the lives of millions of consumers. In France, we innovate, and we prepare tomorrow's food thanks to world-class research exactly players of food sovereignty. We invest in our industrial facilities, and we work with our partners, our farmers to build strong and sustainable farming value chains, over 40,000 tonnes of production are being relocated to Ball in France. These are industrial investments but are above all choices of confidence in our communities like the tolerance that we're proud to support the epitomize and embody a company that is rooted popular, but also forward-looking. And this momentum is also present internationally in the United States, we're strengthening our capabilities to meet the strong demand for hyperprotein yogurts in Asia that would be in China and Indonesia. We continue our expansion in Medical Nutrition. serving the health needs based on 100 years of expertise in science, health and nutrition, building on our routes in the communities in our international renowned. We're well positioned today to address new expectations, and we do this. I hope you seen this with discipline, ambition and the commitment of our 90,000 Danoners to offer products that have flavor and that meet the highest standards of quality and safety. Our priority is clear, deliver steady performance by continuing the transformation of the group. We have charted a clear course driven by innovation, acquisitions and a clear focus on segments that are high growth or with high-value added where the science and the health benefits make the difference. We remain committed to delivering quality results. thanks to rigorous execution, correct what needs to be corrected, amplify what works and to maintain a constructive demanding mindset in an increasingly complex environment in spite of an uncertain external context, particularly volatile. Our approach remains unchanged for 2026, discipline and focus on execution. All that in line with our medium-term ambition. Thank you for your trust and confidence, your engagement at our side to continue to make Danone grow month after month, year after year. Thank you.

Thank you, Antoine. I suggest we now give the floor to Sumoforthis a statutory auditors -- so as to hear the report on 2025.

Chairman, ladies and gentlemen, shareholders, good afternoon, about half of the Board of statutory auditors, Ernst & Young and for visas. I'm pleased to present to you the conclusions of our work on the financial statements of the fiscal year ended December 31, 2025. as is the case with current practice of this meeting. I propose to summarize the key pics of the various reports we've issued both in respect of the ordinary shareholders' meeting and the extraordinary general meeting. All these reports were made available to you by the company. Let me begin, first of all, with our reports on the annual and consolidated financial statements. These reports that are subject to approvals of the first and second resolutions of our AGMs to be found on pages 155 to 158, 126 to 129 of the universal registration document. Now the purpose of our assignment is to ensure the financial statements are true and fair. And to do this, we conduct procedures in the major entities of the group, both in France and abroad on an approach that is tailored to the organization of Danone to its activities and to our assessment of the risk. In respect of 2025, we presented the conclusions of our work to the Audit Committee of company on 17th of February 2026 as well as to the Board on the 18th of February 2026. For the consolidated financial statements, we consider 3 issues as being key audit matters. The first pertaining to assessing revenue, in particular, the assessment of discounts offered to customers. It's a point of attention given the multiplicity of contractual relations and the significant pages on the complexity of their estimate at closing. The second point concerns estimates. On goodwill impairment tests and brands of indefinite life, which rest on the estimate and exercise of judgment by management. Lastly, final pool concerns is assessing tax liabilities as well as provisions for tax risk based on the judgment needed to assess the outgoing of probable resource. On the annual financial statements, our report incorporates a mandate retechnical observation, Patni, to the first application of the new regulation, ANC 2206 report states that we consider the valuation of equity interest as being a key audit matter report, furthermore report on specific verifications provided by law aimed at ensuring the sincerity of certain information set out in the management report and documents and to shareholders. Furthermore, we ensured the verification of the presentation of the consolidated financial statements with the SF European electronic information format for all these verifications we have new observation to make. And in summary, in respect to the first and second resolutions, we certify without reservation the accounts of Danone as presented to still -- in respect of the ordinary shareholders meeting. We also issued a report on regulated party agreement that set out the terms and conditions, as said, agreements that we have been informed on our report is to be found on Pages 458, 459 of the universal registration document. We inform you that we have not being informed of any agreement authorized and implemented during the course of the past year to be submitted to the AGM report recalls the conventions and agreements whose execution continued 2025, but previously approved by your meeting. Lastly, in respect of the extraordinary general meeting. We've issued 2 reports covering the 15th and 16th resolution. Resolution 15 pertains to the issuance of ordinary shares and securities for members of a corporate savings plan Resolution 16 concerns the issuance of ordinary shares and securities giving access to the share capital with removal of the preferential subscription right. These reports prompt no comments or particular observations or operations that fall within the framework of legal provisions. In closing, I'd like to move to the presentation of certification of sustainability information on behalf of these ads. I'm pleased to present the conclusion. Our report is to be on Page 297 to 300 of the universal registration document. Our assignment is to express limited assurance on the state of sustainability of Dana and covers 4 areas. The first focus area is compliance of the analysis of process of dual materiality implemented by your company to determine the information to be published and also to respect the consultation obligation of the Social and Economic Committee. Second, focus area compliance of information published with European sustainability standards and to comply with publication requirements of information as provided for the regulation of taxonomy for these 3 areas, we present in our report, the nature of the audits that we conducted the conclusions drawn there from and in support of the conclusions, the components that gave rise to a particular attention on that part. In this respect, the information public in respect of the dual materiality analysis mentioned in Section 42 and not referring to climate change mentioned in 431 of the sustainability report with a subject a particular attention on our part. In summary, we have noted no errors, omissions or inconsistencies regarding the 3 areas previously described that we certify without reservation, Chairman, ladies and gentlemen, shareholders. I thank you for your kind attention.

Thank you to our statutory auditor. We're not going to open the Q&A session.

Before starting, let me inform you that we have received prior to this meeting, 12 written questions coming from 1 single shareholder. The answer of these questions are already available on our website, and you can, of course, consult them if you so wish. So we're now going to open the Q&A session. You been able to draft your questions in writing on cards made available to you. We're going to answer your questions, alternating between questions live and questions submitted writing. Let's start with questions from the hall. Let's start over there with Panel #7.

Ladies and gentlemen, Chairman. Before I follow the figures you present, I'm a bit lost because you're talking about a net income. The earnings per share going from EUR 3.63 to EUR 3.80 that's an increase of about 5%. But when I go into the consolidated financial statements, net income of group interest per share goes from EUR 3.14 to EUR 2.82. That's a drop of 10%. So I explored a bit further. Are the constant current fact that it generates a bit of confusion. I hope the dividends you're going to be paying us are not in constant francs, but in current francs, I mean there's a difference of 15%. So why present the figures like that? It's not very serious. Is it?

Thank you for your question. Well, first of all, you're right. We shared with you the current EPS EUR 3.80, which is indeed up for 86%. That's a very good result. It's true that it doesn't include exceptional effects the areas where there are exceptional effects in 2024, come back to -- in '24, we had exceptional profits. We sold companies. It created gains, but with just focused on -- particularly in 2025, we had exceptional one-off costs that were linked to 2 projects. There was a transformation project in Europe and in Asia of depreciation of our brand Silk in the U.S. that was an impairment. I mean those are exceptional results, which are most noncash. And so we exclude that from the earnings per share. Now there's a direct link between the EPS and the dividend and the dividend that we're proposing today. Is 59% at current EPS, and that's been stable flat for years. So we're going to take a second question from the whole from panel #12. Okay, let's move to 9, please. No questions either Okay. Okay. Well, there's actually no question, okay, what we'll do is take written questions? First question, does a plan to expand into cheeses onto 1 perhaps. Well, Danone does really plan to expand into cheese. We've got a very small cheese business in countries such Morocco, where we have a business and a presence with something that is about small fresh cheese and a triangle sold at a very affordable that's to be found everywhere in Morocco. But we don't plan to expand into the cheese segment, Danone strategy, which is rooted in the legacy, the history as a group that was born in 1919 in Barcelona in the yogurt, but in yogurt that has been liberated by science. Our strategy is health through food that is underpinned by science. That's something we do extraordinarily well with yoga is something far more difficult to achieve with cheese. So we remain our core business of cheese, proteins and many other things, but cheese and part of our core business. Thank you on to one, perhaps a second written question for your attention. But a question on artificial intelligence. Yes, there was a question on what's the impact of AI owners, how is the group using AI and what impact in terms of human relations. Now we've been working on this for a very long time and we've been working on for a very long time at very different levels, of course, on the use of AI. And here, we're fundamentally doing 2 things: one, to equip all the Dunoon standless with knowledge of AL giving them a -- it's not just to tools, but to education, training on AI so as to create familiarity with the tool, with the enabler the way it works, and we do that very much across the board. And we use beginning to use AI, very intentionally where we believe it can make a disproportionate difference. So we use AI for industrial planning to go 40x faster and achieve better results. We use it in certain fields of R&D where it opens up universes that are truly fascinating. We use it in certain areas of finance to consolidate things and to arrive at faster, more impact potful reasons on verticals. We use it, of course, in marketing on verticals where we think it can bring value. We use it in our plants. We've created an academy in Poland for the production supervisors to use AI in our plants. We got extraordinary results.

And this is at the heart of what Nathalie was explaining. We want the entire company to be constantly reskilling and to be thinking far more long term. in order to manage the age pyramid and the knowledge pyramid, we know that in the West, we have aging societies and so there will be younger Danoners, new Danoners in the years to come, and jobs are changing as well. And so trying to find that fit between people and jobs and creating a learning society. That is something we're trying to do with our social partners because it requires engagement on the part of people who are being affected, but this can only be done in partnership with our social partners. And I think that we have had a pioneering approach at Danone. And we're learning new things every day because things are changing so quickly. But certainly, it's a field for which we have a particular passion because after all, it's the future of society. Thank you very much, Antoine. We had 2 questions more for Jurgen about dividends. A question on the payment of dividends in shares. And another 1 about the split between directors' remunerations and investment. So the first question was why not offer dividend payments in shares? Well, first of all, we're very pleased to be offering a dividend payout of EUR 2.25, which is a record number for our company, and it is paid in cash. It will be paid in 2 weeks. And it's paid out in cash because we have such strong levels of free cash flow in 2025, EUR 2.8 billion of free cash flow. And our net debt is at its lowest since 2016. So the company is doing really well in terms of its balance sheet and cash flow, and that is why we are able to offer this cash dividend which leaves you with a choice. And of course, we would be very happy if you decided to reinvest that cash, that dividend in Danone shares. To answer the second question. The question that Laurent shared, which is -- what is our strategy when it comes to allocating capital between dividends and reinvesting in Danone. As you saw in 2025 and in previous years, we reinvested in the company on the brands, on our plants and our various commercial initiatives. But we also made acquisitions, as you saw with Huel or Kate farms in 2025. And thanks to these strong results and our cash flow position. We are able to allocate capital across all dimensions. So lower the net debt, invest in the future and pay out attractive dividends. Perhaps we could give the floor to Gilles as well who may also be able to respond as indeed this is a part of the responsibility of the Board of Directors. Did you have anything to add on the -- this allocation of capital?

Well, I think that a company like Danone, like all listed companies are very attentive to pay out that is the share that is paid out as dividends and what remains in the company. So to try not to have a level of dividends that actually weighs too heavily on the balance sheet. and which has an impact on investment, whether it's organic or external. And I think that we have found the right balance, and we believe to continue along these lines. we intend to continue along these lines?

We have a question on whether we might create an advisory committee of individual shareholders. The answer is that at this stage, we have not quite taken a decision. I know that some companies Liquide have done that, but they have quite a large number of shareholders. We meet with the Investor Relations team regularly. We have a letter sent out twice a year. A lot of information is available. The universal registration document, more than 500 pages. So plenty of information is available, and we have -- there's no decision on this particular front. Thank you. #10, please, Panel 10.

Our company consumes a lot of plastic. Part of it is recyclable. Part of it is recycled for bottles, we know what happens. But for the yogurt containers that plastic is waste. And we know that a great deal of oil and therefore, plastic comes from the Middle East. And so how sensitive are we to the present crisis if it were to continue?

Well, indeed, we use plastic not much if we look at it at a global scale. And we have considerably reduced our consumption of virgin plastic, 17% in the last few years. The first thing we did in a highly disciplined way, and Natalie mentioned this as well, is we sought to ensure that all our packaging would be designed to be recyclable. And we are pioneers on that front more than 85% of all our packaging is designed for recycling. Nearly half of our water volumes are in reusable and in fact, reused packaging. So we try to make sure that we design for recyclability. The second point is that we try to encourage recycling. Some systems work really well. In Norway, for example, recycling rates are nearly 100%. I think they're 97% or 98%. It's highly effective and they collect all the containers, they have return deposit systems A similar system is being set up in Poland and in other parts of Europe, and we believe very strongly in the return deposit system because if the packaging has value, then it will be reintegrated into the value chain, and that is a circular approach. We are among a few companies that are highly committed to this with Ellen McArthur and circularity. We constantly innovate on packaging as well. We reduce the amount of material used. We try to make packaging lighter. And we also use different -- radically different types of packaging. Of course, we want to achieve the same level of quality for the consumer, the same level of safety, food safety and affordability because that is also important to us. But we are indeed pioneering on that front. And to answer your question about the Middle East, flexible packaging is more exposed to this risk than we are. But certainly, this is something we are following with a great deal of attention. Thank you. Yes, #11. .

I wanted to talk about water. We know competitors based challenges, water contamination forever chemicals. At the same time, water reserves are dwindling. The water table has been depleted. Glaciers are melting., There's less snow. So -- are you feeling a lack of water? Do you have to dig deeper for water? Is demand increasing -- and are you able to meet it.

I'll answer that question along with 1 written question that we received on water from an economic and an ecological standpoint. Now First of all, water as a resource is a priority for us, protecting it, protecting catchment areas in order to ensure that we protected the land on which rainwater falls. This is what we've done in Evian and the local areas where we have worked as well on wetlands, mechanizes to avoid water contamination in Evian when it falls on the plateau, it comes down the other side 15 years down the road. So we're doing it here, we're also doing it in Indonesia in partnership with local communities, local authorities, but also Rama the UN convention on wetlands with whom we have been partnering for a long time to preserve water Second, there are very strict water conservation quotas. The sources that we use are very deep, highly regulated and with the local authorities, we're very clear on how much we can actually take and we are below that ceiling, far below it. We also adapt based on the local circumstances. So for example, we sometimes take less water and do not meet demand because we cannot afford to have that source become too depleted. So this is to answer the written question. We have a very simple water strategy in countries where water is not drinkable. So producing high-quality mineral drinking water in Mexico, Indonesia, for example. These are premium waters of a very high quality in France and in developed countries. So in France, Evian is like the champagne of water, its benefits have been recognized for 200 years. Evian is a symbol of France, much like champagne. It is drunk in New York and Tokyo and Alula and all over the world. So our strategy is focusing, first of all, on access to water, whether in countries where there's no drinking water; and second, premium drinking waters in developed countries. So it is a huge focus for us. And what I do today in Evian will have an impact 15 years down the road. So we have a very long-term approach as well. Thank you. Speaking of Evian, there's another question about Avion. And about the tourist complex in Avion, Why does Danone keep that complex given that it's probably not very profitable? I'll answer that question because I'm Chairman of the Avion Resort company. Now these results do not have much impact on the bottom line because it's quite a small company, the resort but you must understand that this segment is a legacy that we're very proud of because up until 1960 much of the revenue came from the tourism segment and not from the Water segment. That changed with mass retail, logistics and so on, of course. Third, to understand what we do on the water segment and the specificity of Danone is that as a mineral water provider, we need to be rooted in local communities. And so we believe that being present there and managing the hotels, the casino, the golf course in Evian that strengthens our routes in the community. And actually, they have asked that we continue to operate the resort. Yes. And I would add that actually, it shines a light on your company when the G7 meeting takes place at Danone that has a positive impact on the company. For example, when the Berlin fill Harmonic comes to play in a concert hall build for Rostropovich, that also has positive repercussions. A golf tournament that presents the same award to a man as it does to a woman. That too has a positive repercussions. We also host a French German meeting there, and all of that really puts Danone in a very positive light. We also have the 2 of the France coming to Avion soon. But it's also a family business. And a business is also a journey that people go on. And in order for that journey to occur, you need different stops and places along the way. And it is there that we actually train our management team every year. It is like a training center for Danone. And we don't go there on holiday. It's hard work that is done when our management team participates in these trainings. Now we have a question about risk analysis. And perhaps on Tan and Gilles would like to answer the question on the way that we manage risk.

Well, the risk analysis is explained in great detail in the annual report. It's the formal part of the risk analysis under the authority of the Board. She will probably mention that. But the question that we've been asked was risk versus opportunity. So just briefly, perhaps, I could explain something that both Jorgen and myself already mentioned. The world has become a much more volatile place. It's more complicated place and everything is changing very fast. Since COVID, there have been a whole succession of crises, demiological crisis and wars more in number than the previous 30 years. So a volatile world has a lot at stake in terms of technology, geopolitical issues and major challenges. And obviously, all of that spells risk. We try and divide this risk up into different categories and consider those risks. When you're a company like us that has a very clear mission statement that has gathered in strength and power, we're in a better position. And this is what we're trying to do with your company. There are challenges we need to adapt. We need to be agile, but there are also numerous opportunities. We can outstrip competitors. We can buy up other companies that are not doing as well as ours. and we can also be an island of stability for the shareholders and for our employees in a world that is very volatile. I think Antoine has said it all. I don't want to be redundant, but the way in which we manage risk is to map them and we do this in a very pragmatic approach. And we have 1 person who's in charge of each risk and follows through that management of that risk. It's very transparent process as well. The risk assessment is done as an objective manner as possible, the more risk, if you will. And then we take into account the various factors that might impact that. And then we have the residual risk. And it's also very agile as a process. If you look at the universal registration document, you will see that risks change. The world is changing very fast, and it's hard to predict what's going to happen. A lot of the risks in -- our risk map currently weren't there 2 or 3 years ago. It's a system that has really worked out very well. We are able to identify risks that might have an impact. And a risk that you control is actually an opportunity. We have a question from the room, #10.

Hello. Thank you. I'd like to thank all of the employees who work for Danone, who are very committed and hard working. I've got a question. It's a kind of pain point. Danone in China in your presentation there's strong growth there for the company. That's great. It means that Chinese consumers like the quality of our brands' products. However, there have been health issues for Danone and to other companies as well. And 1 supplier has encountered legal issues, a Chinese supplier who seems to be blamed for the health risk. So China in the past, has had many health problems. And given all of that, I find it hard to understand that you rely on Chinese suppliers for infant milk formulas. Given that background, I mean, we've got research and development. We've got the buy plant and health has taken very seriously there. I'm sure that we can find safe supplies elsewhere. We don't have to go to China for them. Well, 2 points regarding the facts. It was 1 of our suppliers that was accused and the supplier we bought from was actually in the Netherlands. and then originally, and then the supplier sourced elsewhere, but the source originally was the Netherlands. Obviously, we stepped up our monitoring and inspection and we continue to do so. Our #1 priority is quality and safety. And we don't make any shortcuts regarding that.

Thank you, Antoinne, we have a written question here. how do you care for your Danoners in terms of mental health. It's a complex issue, obviously. But the answer is fairly straightforward. We've got a number of concrete initiatives. And in 2023, we set up the B well program which has a lot of projects relating to mental health. We try to work on the work life balance, for instance, and also how to prevent stress. We also have psychologists who step in when times of crisis, if there are major problems. So mental health is of concern to us and is taken on board. And there's a second part to the question as well, which was -- you are a mission-led company, you say, is this not a form of social washing or green washing, That's Second part of the question. I trust that Natalie lies intervention and the statement made by Pascal Lamy have convinced you that, that is far from the case.

So you want to have EUR 3 billion of free cash flow and an ROIC in double digits. So what is your discipline regarding capital allocation. Why is it that you've increased the dividends in that case? Is it to help, to be nice to the shareholders?

You're right. Number one, our dividend-related policy is related to actual earnings per share and the dividend pay out. So we've tried to keep those more or less in line. Every day, we look very close capital allocation. It's something we take very seriously because what we want to do is to generate profit and get good results. And that's why we're constantly readjusting capital allocation and thinking about investing in organic growth, and outside growth, reducing net debt. These are trade-offs all paying out higher dividends. And we're fortunate enough to be in a situation that we can combine all of that at once, Thanks to the strong cash flow of EUR 2.8 billion at the moment. I would like to remind you that 4 years ago, it was only EUR 2 billion. So we're doing well. We're in a strong position. Thank you.

And a final question, perhaps regarding the situation in the beef sector, which is worrying. And we're asked also whether what we call local milk actually travels over long distances. Natalie has explained this very carefully, I think. We are very much involved in farming. and in supporting farmers and particularly dairy farmers because if there are no farmers in 5 years' time, if they don't have access to good pass, you land if there's not good water for their cows if nobody takes over farm holdings, there won't be any milk and there won't be any danonproducts anymore. So it's a strategic issue for us. And we've been working on this for many, many years now. in a number of ways in enhancing visibility for farmers and guaranteeing a long-term contract with them with good prices. We've increased our milk collection in France. We also help young farmers who are setting up their business by giving them low interest loans because dairy farming requires a lot of capital. We also help and providing people to replace them when they need to leave the holding. And we're also helping them to get more involved in a regenerative style of farming. With cows on past your land in a field and the idea of a rotation of the past your land, which is regenerative, we work on this constantly, and we're doing this in France. You asked about local milk, local means 60 to 70 kilometers from factories. We are really local, but we also do this in other countries like Morocco or Sea. We have a long-term partnership approach with the farmers so that they have future prospects that they have a future so that they can enhance their farming practice to reduce the methane and carbon emissions, but also to generate more profits.

Thank you very much, Antoine. I think this brings us to the end of the questions. I note a shareholders' concern about everything going online and becoming electronic regarding the invitation to the general meeting. It's an option. It's not compulsory. And many companies have offered this as an alternative. But if you don't choose that, you will still get everything in hard copy. Let us move on then to the voting. I'd like to thank the hostess and the host for their support. Let me give you the final quorum. We've been given this figure by the centralized bank present and represented shareholders or those who voted by correspondence or Internet hold together 467,826,567 shares. That's a percentage of 73.8% of shares with voting rights. That's an absolute record in Danone. We are well ahead of the legal quorum, and this means that decisions taken by the Annual General Meeting are valid decisions. I think that you're all used to the way we work. Let me explain about the voting devices that you now have available to you. they indicate the number of votes you have and you can vote on each of the resolutions. You can vote for, you can vote against or you can abstain. The green vote means for, the red means against and the yellow vote or if you don't vote at all, means you've abstained. For each resolution, there will be a summary posted on the screen. You do have the full text of each resolution in the documents that you could consult on the Internet side, but you did get the list was available as you came into the room. When I say the -- you can vote now, you'll have 10 seconds to vote,; to press the right button. And when you vote, you can see your choice on the device. You can't change it. The results will be posted just a few seconds after each of the votes. And all of this is subject to the supervision of notary Lilleey. I will now read out the resolutions in an abbreviated form. So the first resolution is the approval of the company accounts for the financial year ending 31st December 2025 vote now. [Voting]

No more voting. 99.98% in favor. Thank you. Resolution #2, approval of the consolidated financial statements for the same financial year. Vote now. [Voting]

No more voting. 99.99% in favor. It's adopted. The third resolution is the allocation of the profit for the financial year 2025. and the setting of the dividend at EUR 2.25 per share. The dividend will be paid out fully in cash. and attached from the share as of the 4th of May and will be made available for payment as of the 6th of May. You can vote now. [Voting]

No more voting. 99.91% in favor. We now come to the fourth resolution, which is the renewal of Gilles Schnepp term of office as Director.pursuant to Article 15 to Paragraph 2 of the Articles of Association. You can vote now. [Voting]

Voting ended in favor, 98.99%. Congratulations to Gilles. This brings us to the fifth resolution renewal at Valerie Shaul flocks term of office as Director. She is here with us in the room today. Vote now.. [Voting]

Voting ended. Result is 99.16%. Congratulations to Vanity and then we have the third resolution relating to the term of office of the Director. That is the renewal of Sanjiv Meta's term of office, vote now, and this is resolution 6. [Voting]

Voting ended 99.08%. Congratulations to Sanjiv. He is also in the room with us today. And then we have the seventh resolution, approval of the innovation relating to the remuneration of corporate officers. referred to in Paragraph 1 of Article L22109 of the French Commercial Code for the financial year 2025. Vote now. [Voting]

Thank you. Voting ended in favor, 93.19%. Eighth resolution. Approval of the components of the remuneration paid during or awarded in respect of the financial year ending 31st of December 2025 to Antoine de Santa Price, Chief Executive Officer of the company. Vote now. [Voting]

Voting ended. In favor, 89.73%. Ninth resolution, approval of the components of the remuneration paid during or awarded in respect to the financial year ending 31st December 2025 to Gil Schnepp, Chairman of the Board of Directors, Vote now. [Voting]

Voting ended. In favor, 99.85%, and tenth resolution approval of the remuneration policy for executive directors for the financial year 2026, the current year. Vote now. [Voting]

Thank you for your vote. Voting has now ended. In favor, 91.26%. Resolution 11, still relating to remuneration. This is the remuneration policy for the Chairman of the Board of Directors for the 2026 financial year, Vote now. [Voting]

Voting ended .99.8% in favor. Resolution 12, approval of the remuneration policy for directors for the financial year 2026. Vote now. [Voting]

Voting ended. In favor, 99.66%. Resolution 13, authorization to be granted to the Board of Directors to purchase hold or transfer shares in the company. Vote now. [Voting]

Voting ended. In favor 97.51%. And this brings us to resolution 14, ratification of the transfer of the registered office, which has moved from the ninth district to elsewhere in the Ninth District, vote now. [Voting]

Voting closed. We have, in favor, 99.99%, that's almost unanimous. And then the 15th resolution is delegation of authority to the Board of Directors to issue ordinary shares and securities reserve for employees participating in the company's savings plan and/or to carry out reserved share placements without shareholders preemptive subscription rights.. Vote. [Voting]

No more voting. In favor, 97.78%. Resolution 16 also delegation of authority to the Board, 2 is ordinary shares and securities giving access to the share capital with the removal of preempt and subscription rights reserved for categories of beneficiaries comprising employees working within foreign companies of Danone or in situations of international mobility as part of employee share ownership schemes. The vote is open. [Voting]

No more voting. Resolution approved 97.77%, 17th powers over 34 maladies. Vote is open. [Voting]

No more voting. In favor, 99.99%. That's the last resolution before pending the floor back to Gil Schnepp for the conclusion. Don't forget to hand in your voting devices as you leave and you will receive a gift in exchange. Well, the votes are now completed. All the resolutions tabled by your Board or accepted on behalf of the Board and the Danone teams, I'd like to thank you once again for your attendance and your trust and confidence. We look forward to seeing you next year, April 29, 2027, at Misonifor for a new AGM, there'd be no further business, the meeting is adjourned. [Statements in English on this transcript were spoken by an interpreter present on the live call.]