Slide 1: 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 2: CAGNY 2026
CAGNY 2026
Slide 3: This is Unilever
This is Unilever 3
Slide 4: Unilever at a glance
€ 50.5 bn € 10.1 bn 3.7 bn Turnover Underlying People use Unilever operating profit products every day 20 % €5.9 bn > 185 Underlying Free cash flow Countries where our operating margin products are sold *FY 2025 4
Slide 5: Many things have changed at Unilever
Many things have changed at Unilever Simpler, Focused, Volume-led category-led higher-growth execution organisation portfolio model Competitive Leaner investment structure; high accountability 5
Slide 6: More Beauty, Wellbeing, and Personal Care
More Beauty, Wellbeing, and Personal Care % of turnover HOME CARE BEAUTY & 20% HOME CARE 23% HOME CARE PERSONAL & FOODS CARE FOODS & FOODS 26% REFRESHMENT 38% PERSONAL 2 CARE PERSONAL 51% 3 CARE 42% BEAUTY & PERSONAL BEAUTY & CARE BEAUTY & WELLBEING WELLBEING 2021 2025 Medium term ambition 6
Slide 7: More United States and India
More United States and India % of turnover Rest of Rest of Rest of World 70% World 67% World 55% 33% INDIA & 45 INDIA 30% INDIA UNITED STATES % UNITED UNITED 22% STATES STATES 2021 2025 Medium term ambition 7
Slide 8: More premium; More digital commerce
More premium; More digital commerce Premium Digital commerce 50+% of Unilever turnover 17% of Beauty & Wellbeing + 50% Personal Care turnover 42% <35% 2021 2025 Medium term ambition *Premium = >120 price index to category average; excluding Ice Cream 2021 8
Slide 9: Built on 30 Power Brands
Built on 30 Power Brands 78% of turnover 3.3% 3Y UVG CAGR 11 €bn brands * FY 2025 9
Slide 10: An attractive financial profile
An attractive financial profile 2021 2025 Δ Gross Margin 42.3% 46.9% +460 bps Brand & Marketing 13.1% 16.1% +300 bps Investment UOM 18.4% 20.0% +160 bps ROIC 17.2% 19.0% +180 bps 10
Slide 11: Focus, accountability, discipline
Focus, accountability, discipline 4 Top 24 Markets • Category focus & expertise • Pure play capabilities 85% Business Group Presidents % of ~95% P&L in Business Turnover Group control 15% 1 Unilever (1UL) (17)% Markets White collar workforce • Radical simplicity & efficiency * Turnover as of FY 2025
Slide 12: A performance-led people system
A performance-led people system Annual incentive outcome 1 Clear accountability ~10% Less than 80% or 45% greater than 120% 2 Disciplined performance ~90% Between 80% and 55% 120% 3 Differentiated reward Historical 2025 12
Slide 13: Radical leadership changes
Radical leadership changes 8 of 10 Board members new 9 of 11 Leadership team new * Changes since 2021 13
Slide 14: Desire at Scale
Desire at Scale 14
Slide 15: SASSY brands; Frontline machine
“SASSY” brands Frontline machine 15
Slide 16: Superiority and Innovation
Science Superiority Aesthetics & Innovation Sensorials Said by others Young spirited 16
Slide 17: Powerful science
Powerful science 4.5k with 500 PhDs > 16.5k active patents 100+ academic & research Scientists Patents Partnerships 17
Slide 18: Irresistible aesthetics
Irresistible aesthetics > 60% packaging superiority vs. peers Premium On shelf appeal Differentiation 18
Slide 19: Elevated sensorials
Elevated sensorials € 100m in-house fragrance investment Texture Fragrance Taste 19
Slide 20: 2x larger, faster and more premium innovations
2x larger, faster and more premium innovations 3 x better sweat 15 min quick wash 15 x more powerful 50 % more intense protection cycles than Vitamin C taste 20
Slide 21: Social First Demand
Science Aesthetics Sensorials Said by others Social First Young spirited Demand 21
Slide 22: Said by others
Said by others Verified Hacks > 180k content creators; up from 75k + 700% increase in assets + 2x posting frequency; 4-day lifespan Variety Volume Velocity 22 * *Beauty & Wellbeing 2025 vs. 2024
Slide 23: Young spirited
Young spirited Immersed in culture Contemporary Experiential 23
Slide 24: Modern forms of reach and persuasion
Modern forms of reach and persuasion Social validation Event marketing Algorithmic reach Retail activation
Slide 25: Perfect stores: a frontline sales machine
Perfect stores: a frontline sales machine 25
Slide 26: Winning in physical, unmissable activation
Winning in physical, unmissable activation
Slide 27: Winning in digital, 3 expert hubs
Winning in digital, 3 expert hubs 25% 50% 100% Q > > Comm ~ dComm growth in AMZN / WM* growth in TikTok (Douyin)* growth in Quick Commerce* United States China India *Underlying sales growth for FY 2025 27
Slide 28: AI for demand generation
AI for demand generation + Predictive discovery Rapid simulation Digital testing Marketing R&D 28
Slide 29: Leading in the US
Leading in the US 29
Slide 30: A portfolio reshaped for higher growth
A portfolio reshaped for higher growth United States (% of turnover) Wellbeing & Prestige (% of turnover) 2021 2025 4% 4% 31% HOME CARE HOME CARE 14% FOODS & FOODS 19% REFRESHMENT 34% % of % of TO TO PERSONAL 69% CARE 86% BEAUTY & 77% 15bn PERSONAL CARE 62% BEAUTY & capital invested WELLBEING in the
Slide 31: Powerful brands with high-income, Gen Z appeal
Powerful brands with high-income, Gen Z appeal 95% of households served Gen Z & High Income (>125k) highest household penetration $3bn+ $1bn+ $0.5bn+ <$0.5B *FY 2025; United States turnover only Copyright © 2025 Accenture. All rights reserved. 31 31
Slide 32: Bringing SASSY to life in Dove
Bringing SASSY to life in Dove Science Aesthetics Sensorials Said by others Young spirited 32
Slide 33: This was Dove in 2022
This was Dove in 2022 33
Slide 34: This is Dove now
This is Dove now Doe Dow foals Dove scalp scalp. ‘oy | ae | YY 7 ia hair y hale the therapy therapy ~~ =< < fresh at | fresh < i < a Sa re I Doe Z Dow intensive repair original
Slide 35: Science, Aesthetics, Sensorials in Dove
Bio-protein care Premium formats & material Silky oil to rich lather Science Aesthetics Sensorials 35
Slide 36: Said by others
Said By by Others others + 30K pieces of creator content > 11K creators in 2025 up from 3k in 2022 > 91m engagements up from 29m in 2022 deployed up from 9k in 2022 Volume Variety Velocity 36
Slide 37: Young spirited
Young spirited 100m Collab sales $ vs. 2024 52% Crumbl shoppers new to brand 30% Crumbl shoppers were Gen Z Contemporary Immersed in culture Experiential 37
Slide 38: Desire at Scale is working
Desire at Scale is working 3 >$ bn Turnover FY 2025 5.3% 3Y UVG CAGR 38
Slide 39: Executing with a frontline machine
Executing with a frontline machine 2 Unilever Advantage survey # #1 Personal Care #1 Foods > 25% #3 Beauty & Wellbeing dComm growth AMZN / WM Physical Digital Modern activation *FY 2025 39
Slide 40: Consistent high quality growth
Consistent high quality growth Underlying Volume Growth % excluding Ice Cream 4.0% 4.3% 4.0% 2023 2024 2025 40
Slide 41: Continued momentum in the US
Continued momentum in the US Innovation Culture Activation
Slide 42: Leading in India
Leading in India 42
Slide 43: Undisputed leadership in India
Undisputed leadership in India Market share vs. nearest competitor Hair Care 3.5x > 4 % 10Y UVG CAGR Skin Care 5x 85 Skin Cleansing 2.5x 4x > Laundry Dishwash 4x % of portfolio in Lifestyle Nutrition 5x leadership positions 43
Slide 44: Stronger shares in premium and organised retail
Stronger shares in premium and organised retail Modern Premium Trade Mass Distributive Mass Trade Market share % 44
Slide 45: Opportunity across the many Indias
Opportunity across the many Indias Purchasing Power Example equivalent product 70m population France 700m Indonesia population 700m Africa population *Purchasing power according to World Bank estimates 45
Slide 46: Value Creation
Value Creation 46
Slide 47: Value creation 2026+
Value creation 2026+ Deliver absolute profit growth in line with top 1/3rd TSR ambition GROWTH ALGORITHM CASH GENERATION CAPITAL ALLOCATION Mid-single digit Cash conversion Growth & productivity growth (USG) Sustain ~100% cash Capacity and margin expansion conversion over time with UVG of at least 2
Slide 48: Growth algorithm targets
UVG Underlying Sales Growth of at least 2% mid-single digit Gross margin Underlying Operating Margin expansion modest expansion 1 Top 3 rd Total Shareholder Returns 48
Slide 49: Volume led by priority brands, categories and markets
Volume led by priority brands, categories and markets 3Y UVG CAGR Medium 3.3% 3.2% 3.3% term UVG ambition >2% Power B&W US + Brands + PC India % of TO 100% 78% 51% 33% *FY 2023-2025 49
Slide 50: Transformed gross margin
Transformed gross margin Gross margin Volume 46.9% + leverage +60% contribution margin + Mix >50% premium over time 42.3% 1% market beating + Productivity procurement + Capex 50%+ to savings 2021 2025 *Gross margin includes distribution costs of ~5% of turnover in FY 2025 50
Slide 51: Bigger, better brand investment
Bigger, better brand investment Competitive Digital Focused Brand & Marketing Digital % of BMI Incremental BMI Investment (BMI) 2025 vs. 2021 >70% 100% 16.1% of incremental 13.1% 40% BMI to Power Brands 2021 2025 2021 2025 51
Slide 52: Capital allocation for volume and GM expansion
Capital allocation for volume and GM expansion 1 Growth & productivity 2 Portfolio shaping 3 Capital returns ~ 21% ~ 25% portfolio rotation ~€ 6bn returned to shareholders since 2021 p.a. since 2021 of turnover for 1.5bn ~70/30 brand, R&D, and capex investment € identified disposals in Foods ratio o
Slide 53: 2026 Outlook
2026 Outlook USG at bottom end of 4-6% range UVG at 2%+ Modest UOM improvement, strong gross margin New €1.5bn share buyback announced 53
Slide 54: We've done the heavy lifting
1 We’ve done the heavy lifting Unilever is structurally stronger and simpler 2 Desire at Scale is real, differentiated, and working The US is our proof point 3 We are well set for continued outperformance 54
Slide 55: Thank you
Thank you