Unilever Plc · LSE:ULVR
Unilever — Deutsche Bank Global Consumer Conference 2026
44 slides from Unilever's conference presentation, 2026
Slide 1: Deutsche Bank Global Consumer Conference 2026
Deutsche Bank Global Consumer Conference 2026 Fernando Fernandez & Srini Phatak
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: Perform and transform
1 Perform and transform 2 Sharper, focused HPC pureplay 3 Higher quality model with strong performance 3
Slide 4: Perform
1 Perform 2 3 4 Transform Desire at Scale Capital Allocation
Slide 5: Perform
1 Perform 2 3 4 Transform Desire at Scale Capital Allocation
Slide 6: Q1: Good start led by strong volumes
Q1: Good start led by strong volumes 3.8%USG Disciplined execution driven by strength in Emerging Markets 2.9%UVG Strong volume-led growth 2.4% UVG average over last 9 quarters 4.0% Power Brand UVG Power Brands leading broad-based growth across categories 6
Slide 7: Confident in our 2026 outlook
Confident in our 2026 outlook USG at bottom end of 4% to 6% range At least 2% UVG Modest UOM improvement vs. 20.0% in 2025 7 Inflation expectation assumes crude ~$100/bbl. and €750m-€900m total COGS inflation
Slide 8: Transform
1 Perform 2 3 4 Transform Desire at Scale Capital Allocation
Slide 9: Unlocking value through Foods separation
Unlocking value through Foods separation + + Focused HPC pureplay + A global flavour powerhouse + 90% turnover in #1 or #2 positions + Revenue growth potential + Proven top-tier volume growth + $600m net cost synergies + Gross & operating margin + Optionality for shareholders headroom 9 9
Slide 10: Compelling rationale and attractive valuation
Compelling rationale and attractive valuation Why McCormick Why now Use of proceeds Benefits of focus 1.5x Significant revenue Inbound offer from Pay down debt the right partner ~ and cost synergies ~2x medium-term leverage from highly <2x initially post separation complementary Attracti
Slide 11: Separation and integration moving at pace
Separation and integration moving at pace Joint workstreams progressing well Key Milestones • Dedicated project teams in place: Secondary listing to be communicated by end of July • Unilever: Ritesh Tiwari, prior CFO of Hindustan Unilever • McCormick: Andrew Foust, prior President of Americas • Team
Slide 12: A pureplay HPC company
A pureplay HPC company Converging Common capabilities Desire at Scale consumer needs 12
Slide 13: Scaled, simpler, focused
Scaled, simpler, focused FY 2025 Pro Forma Turnover € 39bn Volume Growth ~2% Gross Margin > 48 % Brand Investment > 18 % Underlying Operating Margin > 19 % 13 Pro forma based on 2025 reported Unilever financials, adjusted for the Foods Business Group excluding India Foods
Slide 14: Advantaged categories, superior footprint
Advantaged categories, superior footprint Beauty & Personal Wellbeing Care Developed Markets 33% 34% % of turnover 38% 62% 3% India 30% Home Emerging Foods Care Markets 2nd largest BPC #1 in HC EMs 22% United States 16% India business 14 Pro forma based on 2025 reported Unilever financials, adjusted
Slide 15: A higher quality model
A higher quality model Stronger Better Higher volume growth gross margin investment CAGR 2023-2025 2025 pro forma Brand investment % of % of turnover turnover 2025 pro forma ~+60bps ~+120bps More B&W & PC ~67% >48% ~+200bps ~2.5% More US & India ~38% >18% 1.9% 46.9% More Premium ↑ 16.1% More dComm ↑
Slide 16: Power Brands driving outperformance
25 Power Brands driving outperformance ~78% Market leaders Digitally-native disruptors of turnover 4.2% 3Y UVG CAGR 7.1% 3Y USG CAGR 16 Pro forma based on 2025 reported Unilever financials, adjusted for the Foods Business Group excluding India Foods
Slide 17: Proven superior performance
Proven superior performance HPC Average** Underlying sales growth 3-year CAGR* 5.4% 4.6% Underlying volume growth 3-year CAGR 2.5% 0.3% +290bps +250bps Gross margin expansion 2023 to 2025 Underlying operating margin expansion +170bps +120bps 2023 to 2025 *3-year growth CAGR 2023 to 2025; 2023 to 202
Slide 18: Broad-based, sustainable growth
Broad-based, sustainable growth 3-year UVG CAGR Medium term UVG 3.8% 4.2% ambition 3.2% >2% 2.5% New B&W US + Power Unilever + PC India Brands % of TO 100% 67% 38% 78% 3-year volume growth CAGR 2023 to 2025 18 Pro forma based on 2025 reported Unilever financials, adjusted for the Foods Business Grou
Slide 19: Margin headroom
Margin headroom Underlying Operating Margin ~60% of turnover growing brand equity ~22-23% 19.1% ~60% contribution gross margin 50%+ premium over time 50%+ of Capex to savings 1% p.a. ahead of market inflation New HPC through value chain interventions Unilever Peers* *2025 turnover-weighted
Slide 20: Desire at Scale
1 Perform 2 3 4 Transform Desire at Scale Capital Allocation
Slide 21: SASSY brands / Frontline machine
“SASSY” brands Frontline machine 21 21
Slide 22: Science, Aesthetics, Sensorials
Science Superiority Aesthetics & Innovation Sensorials Said by others Young spirited 22
Slide 23: Strong investments in R&D – new US centre
Strong investments in R&D – new US centre 270 1 AI-powered innovation at scale $ m 2 Integrated science, design & sensorials Investment 3 World leading bioscience ecosystem 23
Slide 24: AI accelerating breakthrough innovations
AI accelerating breakthrough innovations > 150 k proprietary scientific >25 m data points analysed > 10 k virtual experiments ~ 90 % more efficient documents connected simultaneously in seconds claim generation Proprietary data Better insights Faster design Stronger claims 24
Slide 25: Advantaged discovery and design
Advantaged discovery and design ~ 15k active patents > 60% Superior packaging > 65% superior fragrance Science Aesthetics Sensorials 25 FY 2025 superiority of tested turnover
Slide 26: Bigger, better innovation
Bigger, better innovation > 60% of turnover growing brand equity > 80% product superiority ~ 2x Average project size vs. 2021 Stronger Claims Superiority More Impact 26 FY 2025 superiority of tested turnover
Slide 27: Dove Hair Care, Cif, Infinite Clean
Dove Hair Care Cif Infinite Clean 27
Slide 28: Science, Aesthetics, Sensorials
Bio-Protein Care Premium formats Nourishing ingredients Science Aesthetics Sensorials 28
Slide 29: Dove Hair Care
Dove Hair Care € 1.2 bn turnover in 2025 11 ~ % growth in 2025 29
Slide 30: Science, Aesthetics, Sensorials
Natural Probiotics Premium refillable design Fragranced misting spray Science Aesthetics Sensorials 30
Slide 31: Cif brand growth in 2025
Cif brand ~10 growth in 2025 % 31
Slide 32: Frontline Machine
=! WinPrAWedicop22sretos $3 %y — A ontline Ma chine OFFICIAL PERSONAL CARE SPONSOR
Slide 33: 4x more creators
4x more creators Personal Care creators in H1 2026 vs. H1 2025
Slide 34: Unmissable in culture
Unmissable tn culture PA a
Slide 35: Further developing our agentic capabilities
Further developing our agentic capabilities Search Proof Persuasion 35
Slide 36: Capital Allocation
1 Perform 2 3 4 Transform Desire at Scale Capital Allocation
Slide 37: Medium-term targets
Underlying Underlying Volume Growth Sales Growth of at least 2% mid-single digit Underlying Gross margin expansion Operating Margin modest expansion 1 Top 3 rd Total Shareholder Returns 37
Slide 38: Disciplined capital for growth & returns
Disciplined capital for growth & returns 1 Growth & productivity 2 Bolt-on Acquisitions 3 Capital returns 23% 60% €1.5bn average spend p.a. ~ ~ of turnover for brand, No transformative Dividend payout ratio R&D, & Capex investment acquisitions > 50% ~€ 6bn of capex to productivity Share buybacks
Slide 39: Disciplined playbook for bolt-ons
Disciplined playbook for bolt-ons Beauty, Wellbeing and Personal Care Priorities US and India Premium Leaders in narrow verticals Strong science Super growth stage Clinical evidence Attributes Digitally native Fit with our capabilities Structural growth trends International pot
Slide 40: A proven track record
A proven track record Acquisitions completed Success rate Turnover post acquisition 14 2020 to 2025 ~ 80% 2020 to 2025 ~ 2.5x 2020 to 2025 More selective More successful More impactful 40 Success rate: Vs. internal plan weighted by turnover at period end | Turnover growth: FY 2025 or FY 2019 turnove
Slide 41: K18 delivering our strategy
K18 delivering our strategy ~ 30% Underlying sales growth c. 2x Amazon revenue ~ 30% revenue outside the US Rapid expansion Digital strength International Since inclusion in Group USG calculation Since acquisition 41
Slide 42: Scaling new growth platforms
Scaling new growth platforms #1 Actives-based serums - India #1 Men’s naturals #1 Super greens Minimalist Dr. Squatch Grüns Minimalist’s share of Premium Face Serums Indian market; Dr Squatch’s share of US Personal Care market; Grüns’ share of US Greens Supplements Gummy VMS Market 42
Slide 43: Perform, Transform, Desire at Scale
1 Perform 2 3 4 Transform Desire at Scale Capital Allocation
Slide 44: Perform and transform
1 Perform and transform 2 Sharper, focused HPC pureplay 3 Higher quality model with strong performance 44
Unilever — Deutsche Bank Global Consumer Conference 2026 on 6ix