Danone // 2020 Universal Registration Document

3 DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 In millions of euros except if stated otherwise 2019 2020 Reported Change Like-for-like Sales 25,287 23,620 (6.6)% (1.5)% Recurring operating income (a) 3,846 3,317 (13.8)% (10.9)% Recurring operating margin (a) 15.2% 14.0% -117 bps -150 bps Non-recurring operating income and expenses (609) (519) +89 Operating income 3,237 2,798 (13.6)% Operating margin 12.8% 11.8% -96 bps Recurring net income – Group share (a) 2,516 2,189 (13.0)% Non-recurring net income – Group share (586) (233) +353 Net income – Group share 1,929 1,956 +1.4% Recurring EPS (a) (in €) 3.85 3.34 (13.2)% EPS (in €) 2.95 2.99 +1.2% Free cash flow (a) 2,510 2,052 (18.3)% Cash flow from operating activities 3,444 2,967 (13.9)% (a) Financial indicator not defined in IFRS, see definition in section 3.6 Financial indicators not defined in IFRS . KEY FIGURES KEYS FINANCIAL FIGURES