BNPP Exane View A confident call from Danone. Not much more to be said really. Notes below. Highlights: QandA . Creamers: Category consistently growing MSD. Have been gaining share over the past 2 years. In Q1 had out-of-stocks at shelf, that is now resolved and expect an improved performance. Have a good innovation pipeline and will be getting back with commercial activities. StoK performing fantastically, starting to be sizeable; . Europe EDP: N. America skewed towards Greek yoghurt which grows very fast. In Europe, EDP is improving Q by Q. Have exited some parts of the portfolio and relaunched others (kefir, skyr, high protein). Believe that both EDP Europe and N. America can deliver a good contribution to the overall company; . Plant based: Alpro from strength to strength in Europe. Seeing green shoots in N. America; . Q1 vol/mix and pricing: leap day; N. America had earlier pricing (vs. late pricing last year) and Waters started slow with bad weather in Mexico and Indonesia (hence Danone slowed its promotional activities). Want to drive vol/mix, pricing should not be the main driver of growth going forward; . China SN: Happy with both Chinese and international labels. Gaining significant share. Essensis now largely available across the country. Pricing normalising as expected. Category doing better, especially for stage 1 products. Re competitor announcements: all participants are trying to stimulate growth. Nuturis will come at some point to the mainland; . Europe EDP: Are happy with the progress. Now 6 quarters of positive vol/mix. The weight of high protein vs. N. America is relatively low (but will rebalance over time). Pricing will not be a big growth driver in Europe (Q1 was in the middle of negotiations, some are closed but an important part is still open); . Q2 LFL: Every quarter is different, there is always a sick child, confident to continue to deliver consistently; . Pricing LATAM: The size of Waters is heavy and it was a slow...