Unilever Plc · LSE:ULVR
Unilever — FY2025 Earnings Presentation
28 slides from Unilever's earnings presentation, Feb 12, 2026
Slide 1: Full Year 2025 Results
Full Year 2025 Results Fernando Fernandez & Srinivas Phatak 12 February 2026 1
Slide 2: Safe harbour statement
Safe harbour statement This presentation may contain forward-looking statements within the meaning of the securities laws of certain jurisdictions, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements other th
Slide 3: Solid performance while transforming
Solid performance while transforming 1 Competitive performance Improving volumes leading to 3.5% USG and +60bps UOM 2 Sharper portfolio 15% rotation; demerged Ice Cream, with 10 transactions in 2025 3 Elevated brands Premiumisation and social first marketing at scale 4 Improved execution Dev
Slide 4: Sequential improvement led by volume
Sequential improvement led by volume Full Year 2025 Q4 2025 Unilever Volume and Price 3.5% Underlying sales growth 4.2% Underlying sales growth UPG UVG USG 4.0% 4.0% 4.2% 2.9% 3.1% 1.5% Underlying volume growth 2.1% Underlying volume growth 2.8% 1.2% 1.1% 1.7% 2.1% 2.0% Underlying price growth 2.0%
Slide 5: Power Brands delivered strong volume led growth
Power Brands delivered strong volume led growth Full Year 2025 Q4 2025 Power Brands Volume and Price 4.3% Underlying sales growth 5.8% Underlying sales growth UPG UVG USG 5.8% 4.7% 4.4% 3.9% 3.2% 2.2% Underlying volume growth 3.5% Underlying volume growth 3.4% 1.4% 1.7% 2.3% 3.5% 2.0% Underlying pri
Slide 6: Beauty & Wellbeing €12.8bn turnover
Beauty & Wellbeing €12.8bn turnover | 19.2% UOM, (20)bps vs. PY Dove, Vaseline and premium portfolio continue to outperform Full Year 2025 UPG UVG USG 4.3% Underlying sales growth 5.2% 5.1% 4.7% 4.1% 3.4% 2.2% 1.0% Underlying volume growth 3.9% 2.5% 2.3% 2.8% 2.1% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Under
Slide 7: Personal Care €13.2bn turnover
Personal Care €13.2bn turnover | 22.6% UOM, +50bps vs PY Renewed strength in the US driving overall competitive growth Full Year 2025 UPG UVG USG 4.7% Underlying sales growth 5.3% 5.1% 4.5% 5.1% 4.1% 1.1% Underlying volume growth 3.6% 2.7% 0.2% 1.0% 0.6% 3.6% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Underlying
Slide 8: Home Care €11.6bn turnover
Home Care €11.6bn turnover | 14.9% UOM, +40bps vs PY Volume acceleration supported by premium innovations Full Year 2025 UPG UVG USG 2.6% Underlying sales growth 4.7% 3.0% 3.1% 1.8% 2.2% 0.9% Underlying volume growth 3.3% 1.0% 1.3% 2.5% 4.0% 0.4% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Underlying price growth
Slide 9: Foods €12.9bn turnover
Foods €12.9bn turnover | 22.6% UOM, +130bps vs PY Competitive growth led by Hellmann’s, with strong margin expansion Full Year 2025 UPG UVG USG 2.5% Underlying sales growth 2.6% 2.8% 3.4% 1.6% 2.3% 0.8% Underlying volume growth 0.5% 1.7% 1.3% 1.3% (1.1)% 1.7% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Underlying
Slide 10: Continued outperformance in developed markets
Continued outperformance in developed markets North America Europe 22% of Group turnover 19% of Group turnover 5.3% Underlying sales growth • Volume-led growth ahead of the market driven by Beauty & Wellbeing and Personal Care 1.5% Underlying sales growth • Home Care and Personal Care performed well
Slide 11: Improved performance in emerging markets
Improved performance in emerging markets Asia Pacific Africa Latin America 44% of Group turnover 15% of Group turnover 4.6% 0.5% • India growth strengthened in a • Broad-based market gradually improving market, slowdown amidst ongoing with share gains macro uncertainty Underlying sales growth Underl
Slide 12: Reported turnover reflects net disposals and adverse currency
Reported turnover reflects net disposals and adverse currency Turnover (3.8)% A&D (1.2)% USG 3.5% 0.6% 2.0% 1.5% (1.8)% (5.9)% €52.5bn €50.5bn FY 2024 UVG UPG Acquisitions Disposals Currency FY 2025 turnover turnover 12 12
Slide 13: Structurally higher underlying operating margin
Structurally higher underlying operating margin Underlying operating margin (UOM) 60bps 0.5% 0.2% (0.1)% Execution Productivity strength offsetting programme 20.0% 19.4% input and market delivered ahead volatility of plan FY 2024 FY 2025 Gross margin BMI Overheads UOM UOM 13 13
Slide 14: Underlying EPS growth despite adverse currency
Underlying EPS growth despite adverse currency Underlying earnings per share (UEPS) Current underlying EPS 0.7% 1.5% 0.4% 6.5% 1.3% (0.2)% (8.8)% €3.06 €3.08 FY 2024 Operational Finance Tax Share Minorities & Currency FY 2025 UEPS performance costs buybacks Other UEPS 14 14
Slide 15: Strong cash conversion and attractive returns
Strong cash conversion and attractive returns Cash generation Balance sheet ROIC 100% FY 2025 Cash conversion 2.0x Net debt / underlying EBITDA 19.0% Underlying ROIC €5.9bn €1.4bn absolute net debt Top 1/3rd ROIC in sector1 reduction post the Ice Cream demerger Continued strong ROIC, with Free cash
Slide 16: Clear capital allocation priorities
Clear capital allocation priorities Growth & productivity Portfolio Capital returns Bolt-on acquisitions 16.1% €6.0bn focused on: • Beauty, Wellbeing and BMI as % of turnover Capital returned to shareholders in FY25 Personal Care 3.1% • Premium segments Capex as % of turnover • • Digitally native D-
Slide 17: Portfolio focus to drive higher growth
Portfolio focus to drive higher growth Bolt-on acquisitions Selective disposals Ice Cream demerger Conimex The Vegetarian Butcher Kate Somerville Graze Indonesia Tea Home Care Colombia & Ecuador 17 17
Slide 18: 2026 Outlook
2026 Outlook Growth Margin Capital returns USG at bottom end Modest UOM New €1.5bn share of 4-6% range improvement buyback announced UVG at 2%+, Underpinned by Sustained, attractive outperforming strong gross margin and growing slower markets dividends Continued reinvestment in our brands 18 18
Slide 19: Entering 2026 a simpler, more focused company, built to deliver
Entering 2026 a simpler, more focused company, built to deliver 19 19
Slide 20: A simpler, focused company
A simpler, focused company More: Brands Desire at Scale Beauty Wellbeing Organisation Fit for the AI Age Personal Care United States India People Play to Win Premium Digital Commerce 20 20
Slide 21: 2026 innovation and activation supports volume ambition
2026 innovation and activation supports volume ambition Beauty & Wellbeing Home Care Hair Relaunch + Gluta-Hya Infinite Clean Power Foam Biphasic Oil Body + Lips Personal Care Foods FIFA World Oil + serum Brand aesthetics Cup 2026 body wash New flavours 21 21
Slide 22: Built to deliver in tougher markets
Built to deliver in tougher markets 1 Clear metrics volume growth, positive mix and gross margin expansion 2 Radical focus towards our strongest categories and brands 3 Global strength continued outperformance in DMs, EMs strengthening 4 Focused capital allocation driving growth and producti
Slide 23: Ontwev
Ontwev
Slide 24: Other financial guidance for 2026
Other financial guidance for 2026 • Capex above 3% of turnover • Restructuring at around 1.0% of turnover • Net finance costs less than 3% on average net debt • Underlying effective tax rate to remain around 26% • Leverage of around 2x net debt / underlying EBITDA • Currency impact1 on full year exp
Slide 25: Financial treatment of TMICC - OVERVIEW
Financial treatment of TMICC - OVERVIEW • Please see ‘Historical Financials excluding Ice Cream’ on Unilever.com (here), which presents historical financial information on a consistent basis to reflect the demerger • Half Yearly historic financial information will be released on Unilever.com with th
Slide 26: Financial treatment of TMICC – Supporting Information (1)
Financial treatment of TMICC – Supporting Information (1) • Unilever’s investment in TMICC will be included in 'Financial assets' as part of 'Non-current assets’ • Our 19.85% stake in TMICC will be measured at fair value (i.e. Unilever’s shareholding multiplied by the share price of TMICC) • Changes
Slide 27: Financial treatment of TMICC – Supporting Information (2)
Financial treatment of TMICC – Supporting Information (2) • TMICC dividends to Unilever will be reflected in Unilever’s Income Statement in 'Other income/(loss) from non-current investments and associates’ • TMICC has previously stated: “TMICC will pay annual dividends. The first dividend will be an
Slide 28: Financial treatment of TMICC – Supporting Information (3)
Financial treatment of TMICC – Supporting Information (3) • Transitional Service Agreements (TSAs) will not be disclosed separately in Unilever’s Income Statement. They are not expected to generate material profit, as TSA income is offset by costs of providing the TSAs • c.70% of the TSAs are expect