Danone S.A.

Danone, based in Paris, is a global food company built on three pillars: dairy and plant-based products such as Activia and Alpro, bottled water including Evian and Volvic, and specialised nutrition for infants and medical patients. These everyday, health-oriented staples give it defensive, relatively stable demand. Danone has a long record of paying and gradually raising its dividend, funded by dependable consumer cash flow, though growth has been slower than at some peers during a lengthy turnaround. A steady, moderate yield from a resilient food business defines its income profile.