Summary of Q125 sales While Q125 LFL sales growth at +4.3% was c.50bp ahead of co. consensus, vol/mix at +1.9% was 70bp below co. consensus. The pricing beat was principally driven by Latin America (with +11.1% pricing vs. Bbg consensus at +2.8%). As to the vol/mix miss, we note that both North America (+0.9% vs. Bbg consensus at +2.6%) and ROW (-1.0% vs. Bbg consensus at +2.2%) were light. News We highlight that Danone expects an improved performance from Creamers from Q2. Earnings We revise our FY25e/FY26e/FY27e EPS by +1%. Investment thesis While we can see the attraction in the protein narrative, post the material re-rating that Danone has experienced over recent years, we struggle to argue for a further re-rating at this juncture. Rating / target price We maintain our Neutral rating. Our TP moves from EUR75 to EUR79 (principally reflecting an increase in target multiple). 15 questions for management Given the absence of a leap day headwind, assumed more normalised weather in Mexico/Indonesia and more Creamers availability, why should LFL sales growth not meaningfully accelerate in Q2?