H1 2025 Results

Fernando Fernandez & Srinivas Phatak

31 July 2025

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Safe harbour statement

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Exchange Commission, including in the Annual Report on Form 20-F 2024 and the Unilever Annual Report and Accounts 2024.

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H1 performance supports full-year confidence

1 Underlying sales growth balanced across volume and price

2 Increased brand investment fuelled by strong gross margin

3 Continued outperformance in developed markets

4 Improving performance in emerging markets driven by APA

5 Good Ice Cream performance; demerger on track for mid-November

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Sequential improvement despite subdued markets

Q2 2025 H1 2025 Volume and price

3.8% 3.4%
UPG UVG USG

2.3%
2YR UVG CAGR
Underlying sales growth Underlying sales growth 4.5% 4.0%
3.9% 3.8%
3.0%

1.8%
Underlying volume growth
1.5%
Underlying volume growth
2.9% 3.6% 2.7%
1.3% 1.8%

2.0%
Underlying price growth
1.9%
Underlying price growth Q2'24 Q3'24 Q4'24 Q1'25 Q2'25

4
Power Brands growth improved in Q2 with volume growth above 2%

Power Brands Q2 2025 Power Brands H1 2025 Volume and price

4.4% 3.8%
UPG UVG USG

3.1%
2YR UVG CAGR
5.2% 5.4%
Underlying sales growth Underlying sales growth 4.5% 4.4%
3.0%

2.1% 1.6%
4.1% 4.3%
3.1% 2.1%
1.2%
Underlying volume growth Underlying volume growth

2.3%
Underlying price growth
2.1%
Underlying price growth Q2'24 Q3'24 Q4'24 Q1'25 Q2'25

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Premium innovations driving outperformance in developed markets

North America Europe

23% of Group turnover 21% of Group turnover

5.4%
Underlying sales growth
• Strong performance led by
Wellbeing and Personal Care 3.4%
Underlying sales growth
• Solid performance led by
Home Care, Ice Cream and
Personal Care
H1 2025 H1 2025
• Share gains driven by
premium innovations • Share gains across the region
3.7% 2.8% including in top 5 markets
Underlying volume growth
• Continued step up in brand Underlying volume growth

investment • Multi-year premium

1.6%
Underlying price growth
0.6%
Underlying price growth
innovations performing well

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APA performance accelerating; subdued growth in Latin America

Asia Pacific Africa Latin America

43% of Group turnover 13% of Group turnover

3.5%
Underlying sales growth
• India growth strengthened
(H1 4%; Q2 5%) with
continued share gains in a
0.5%
Underlying sales growth
• Price increases to offset
currency movements led to
pressure on volumes
H1 2025 gradually improving market H1 2025

• Subdued market growth

1.9%
Underlying volume growth
• Indonesia & China
delivered sequential
(4.6)%
Underlying volume growth
expected for H2

progress, with improving

• Lapping a high-single digit
1.6% 5.3%
run rates
prior year comparator
Underlying price growth Underlying price growth

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Beauty & Wellbeing €6.5bn turnover |19.4% UOM, (60)bps vs. PY
Sustained strong Wellbeing performance offset softer growth in beauty

H1 2025 UPG UVG USG

3.7%
Underlying sales growth 6.8% 6.7%
3.2%
2YR UVG CAGR
5.2%
4.1% 3.4%

1.7% 1.0%
Underlying volume growth 5.4% 5.7% 3.9% 2.5%

2.0% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25

Underlying price growth

Hair Care was flat with Double-digit growth in Dove

Continued double-digit growth
good growth in Dove offset and Vaseline helped to
in Wellbeing driven by Nutrafol
by volume declines in Clear deliver low-single digit growth
and Liquid IV
and TRESemmé in Skin Care

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Personal Care €6.5bn turnover |22.1% UOM, (90)bps vs. PY
Dove’s continued success powered by premium innovations

H1 2025 UPG UVG USG

4.8%
Underlying sales growth 6.4%
2.3%
2YR UVG CAGR
4.4% 5.3% 5.1% 4.5%

1.4%
Underlying volume growth
4.4% 3.6% 2.7% 0.2%
3.1%

3.3% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25

Underlying price growth

Deodorants and Skin

Dove grew high-single digit Acquisitions of Wild and
Cleansing back to share gain
with strong volume and Dr. Squatch1 enhance
in the US, while growth was
positive price driven by portfolio in premium and high
impacted by a subdued Latin
premium innovations growth spaces
America

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1Signed an agreement to acquire
Home Care €5.9bn turnover |15.5% UOM, (80)bps vs. PY
Continued momentum in Europe partially offset by challenges in Latin America

H1 2025 UPG UVG USG

1.3%
Underlying sales growth
3.1%
2YR UVG CAGR

3.4% 3.0%
1.9% 1.8%
1.1%
0.9%

Underlying volume growth

4.9% 3.3% 3.3% 1.0% 1.3%

0.2% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25

Underlying price growth

Europe momentum continued Competitive pressure in Home & Hygiene grew mid-
driven by premium innovations Brazil’s laundry powders single digit driven by strong
including significant growth in segment led to a price performances in Domestos
Wonder Wash correction and Cif

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Foods €6.6bn turnover |23.3% UOM, +100bps vs. PY
Competitive growth led by Hellmann’s, strong margin progression

H1 2025 UPG UVG USG

2.2%
Underlying sales growth
1.1%
2YR UVG CAGR

2.7% 2.6% 2.8%

1.6%
0.3%
1.5%

Underlying volume growth 1.7%

0.4% 0.4% 0.5% (1.1)%

1.9% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25

Underlying price growth

Hellmann’s grew mid-single Good UFS growth in North Improved productivity in gross
digit with continued strength in America underpinned by margin and overheads drove
flavoured mayo Knorr’s category leadership 100bps margin expansion

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Ice Cream €4.6bn turnover |14.2% UOM, (40)bps vs. PY
Good performance with improving execution and strong innovations

H1 2025 UPG UVG USG

5.9%
1.9%
2YR UVG CAGR
9.8%
Underlying sales growth 7.1%
4.3% 4.0%

3.8% (0.5)%
Underlying volume growth
2.2% 1.8% 5.0%
6.7%
(1.1)%
2.0% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
Underlying price growth

Magnum grew double-digit

Market share gains Operational efficiencies offset
led by continued momentum
underpinned by stronger majority of commodity cost
in Bon Bons and the launch of
execution and innovations increases
its new Utopia range

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Creating a global, pure-play ice cream company

Ice Cream demerger

1 July: standalone operating company within Unilever:
The Magnum Ice Cream Company (“TMICC”)

9 September: TMICC Capital Markets Day with details

on business strategy and value creation plan

Early-October: Unilever circular available with details

on the demerger process and shareholder FAQs

Mid-November: demerger and listing; prospectuses

available c. 1 week prior to demerger

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Unilever will retain a stake in TMICC, shares to be consolidated

Ice Cream demerger

Retained stake*: Unilever to retain a <20%

stake in TMICC

Debt allocation: expected leverage of ~2x

for Unilever and ~2.4x for TMICC, supporting
strong capital structures

Proposed share consolidation**: to enable

comparability of Unilever’s share price, EPS
and DPS pre and post demerger

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*Subject to regulatory approval; **Subject to shareholder approval
USG more than offset by net disposals and adverse currency
Turnover
(3.2)%

USG 3.4% A&D (2.5)%

1.9% 0.2%
1.5%
(2.7)%
(4.0)%

€31.1bn €30.1bn

H1 2024 UVG UPG Acquisitions Disposals Currency H1 2025

turnover turnover

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Structural improvements delivering gross margin strength

Strong gross margin progression Structural levers driving uplift

45.7%
45.0%
Volume growth

Positive mix
42.2%

Net productivity gains

40.2%

Cost control discipline

2022 2023 2024 H1 2025

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Strong gross margin fuelled increased brand investment
Underlying operating margin (UOM)

(30)bps

-%
0.1%

(0.4)%

Increased brand
19.6% investment in our top 19.3%
growth opportunities

H1 2024 H1 2025
Gross margin BMI Overheads
UOM UOM

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UEPS impacted by adverse currency
Underlying earnings per share (UEPS)
Current underlying EPS
(2.1)%
1.5%
1.4%
(0.2)%
0.4%

(0.1)%

(5.1)%

€1.62 €1.59

H1 2024 Operational Finance Tax Share Minorities & Currency H1 2025

UEPS performance costs buybacks Other UEPS

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~100% cash conversion expected for FY; significant acquisitions in PC

Cash generation Portfolio reshaping Capital returns

€1.5bn
Bolt-on acquisitions

€1.1bn
Free cash flow in H1 2025 Share buyback completed in H1 2025

(1.1)bn
H1 2025 Free cash flow vs. H1 2024
Portfolio pruning
+3.0%
~100%
Q2 2025 dividend increase vs. Q2 2024

Cash conversion expectation for FY 2025

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*Dr. Squatch transaction is expected to close later this year, subject to customary regulatory approvals and closing conditions
On track to deliver full year 2025 outlook

• Underlying sales growth to be within our range of 3-5%

Growth • Second half growth ahead of the first half despite subdued
market conditions

• Improvement in FY underlying operating margin versus 2024

Margin
• Second half margins of at least 18.5%

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H2 growth supported by continued strength in DMs & improving EMs

Momentum in developed markets Improvement in emerging markets

• North America: continued • Asia Pacific Africa:

outperformance supported by
• Building momentum in India
multi-year portfolio transformation
and premium innovations • Return to growth in Indonesia
• Europe: resilient growth led by • Continued improvement in China
premium innovations and improved
execution • Latin America: subdued market
growth and pricing will continue to
pressure volumes

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Laser focused on volume growth and gross margin expansion

From 2026 onwards

Mid-single digit growth

UVG of at least 2% (USG)

Modest margin improvement

Gross margin expansion (UOM)

Top 1/3rd
shareholder returns

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Unilever financial profile post Ice Cream

Unilever, post demerger

Post demerger*
based on FY 2024

Turnover ~ €52bn
GM +160 bps
UOM +100 bps
ROIC +100 bps

Cash conversion ~100%

Expected leverage ~2x

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*based on FY 2024 financials; actual post demerger impact may vary
Transforming Unilever into a consistent, higher performer

1 More Beauty & Wellbeing and Personal Care

2 Disproportionate investment in the US and India

3 Decisive shift into premium segments

4 Desire at scale - every brand, every geography

5 Execution excellence across all channels, particularly online

6 Uncompromising on talent and a play-to-win culture

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Transforming a 155-year-old brand

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 11%
4%
USG CAGR
USG CAGR

Turnover:

2014 2021 2024

€ 1.1bn
Turnover FY 2024
> 10%
USG H1 2025
> 10%
UVG H1 2025
26
2014 to 2024 turnover
 SCIENCE AESTHETICS SENSORIALS

“invisible” serum premium formats

instant absorption
burst SPF & materials 27
 OTHERS SAY CONTENT SCALE ACTIVATION

Vaseline
Petroleum Jelly

> 1 billion
social media interactions

many to many volume & variety cultural relevance

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1 Resilient H1 performance amidst subdued markets

2 Building blocks in place for H2 growth acceleration

3 On track to deliver FY 2025 outlook

4 IC demerger in mid-Nov; Unilever will retain <20% stake

5 Unilever transformation continues; next phase is building

a marketing and sales machine

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Q&A

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Other financial guidance for 2025

• Capex above 3% of turnover

• Restructuring around 1.4% of turnover

• Net finance costs around 3% on average net debt

• Underlying effective tax rate around 26%

• Leverage of around 2x net debt / underlying EBITDA

• Cash conversion of around 100%

• Currency impact1 on full year expected to be around (5)% to (6)% on turnover and
around (20)bps on underlying operating margin

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1) Based on spot rates in July plus extreme price growth above 26% in hyperinflationary markets