Unilever Plc · LSE:ULVR
Unilever — H1 2026 Earnings Presentation
21 slides from Unilever's earnings presentation, Jul 28, 2026
Slide 1: H1 2026 Results
H1 2026 Results Fernando Fernandez & Srinivas Phatak 28 July 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: Strong H1 performance, acceleration in Q2
Strong H1 performance, acceleration in Q2 1 Strong volume-led growth accelerated in Q2 to 5.8% USG with 5.5% UVG 2 Power Brands leading 6.9% USG with 6.8% UVG in Q2 3 Broad strength across HPC 7.6% USG with 7.4% UVG in Q2 4 Emerging markets momentum across categories and key markets 5 Earnin
Slide 4: Desire at Scale is powering Unilever's growth
Desire at Scale is powering Unilever’s growth “SASSY” brands Frontline machine 4 4 Science, Aesthetics, Sensorials, Said by Others, Young Spirited
Slide 5: Turning cultural relevance into growth
Turning cultural relevance into growth 5
Slide 6: Winning across every consumer touchpoint
Winning across every consumer touchpoint Visibility Creator content Shopper conversion 6
Slide 7: Significant acceleration in Q2
Significant acceleration in Q2 Q2 2026 H1 2026 Volume and Price 5.8% 4.8% 2YR UVG CAGR USG UVG UPG H1: 2.7% Underlying sales growth Underlying sales growth 5.8% 4.0% 4.2% 3.8% 5.5% 4.2% 3.1% 5.5% Underlying volume growth Underlying volume growth 2.9% 1.7% 2.1% 0.2% 0.6% 1.1% Q2'25 Q3'25 Q4'25 Q1'26
Slide 8: Power Brands continue to deliver superior growth
Power Brands continue to deliver superior growth Power Brands Q2 26 Power Brands H1 26 Power Brands Volume and Price 6.9% 6.0% 2YR UVG CAGR USG UVG UPG H1: 3.5% 6.9% Underlying sales growth Underlying sales growth 5.5% 5.1% 4.2% 3.6% 6.8% Underlying volume growth 5.4% Underlying volume growth 2.4% 3
Slide 9: Beauty & Wellbeing €6.5bn turnover | 19.5% UOM, +10bps
Beauty & Wellbeing €6.5bn turnover | 19.5% UOM, +10bps Broad-based growth led by Hair Care 5.9% USG UVG UPG H1 USG 8.1% 4.5% 5.1% 4.7% H1 UVG 3.4% 3.6% 1.3% H1 UPG 1.0% 2.3% 2.8% 1.9% 6.9% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Wellbeing improved in Q2 Double-digit growth in Hair Care delivered 9% with a str
Slide 10: Personal Care €6.8bn turnover | 22.2% UOM, +10bps
Personal Care €6.8bn turnover | 22.2% UOM, +10bps FIFA World Cup 2026 activations supported strong volume-led growth 4.8% USG UVG UPG H1 USG 5.9% 4.1% 5.1% 4.5% H1 UVG 4.1% 3.7% 0.7% H1 UPG 0.2% 1.0% 0.6% 1.1% 6.8% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 The US grew mid-single digit FIFA World Cup 2026 Deodor
Slide 11: Home Care €6.0bn turnover | 15.8% UOM, +30bps
Home Care €6.0bn turnover | 15.8% UOM, +30bps Very strong performance across markets, categories and brands 7.6% USG UVG UPG H1 USG 9.1% 6.1% 7.4% 4.7% H1 UVG 3.1% 1.8% 0.2% H1 UPG 1.3% 2.5% 4.0% 6.2% 8.6% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Impact of innovations and Pricing expected to Broad-based share
Slide 12: Foods €6.3bn turnover | 23.3% UOM, +0bps
Foods €6.3bn turnover | 23.3% UOM, +0bps Developed markets below expectations in Q2; improvement expected in H2 1.2% USG UVG UPG H1 USG 1.2% 3.4% H1 UVG 2.8% 2.3% 2.2% 0.0% 0.2% H1 UPG 1.7% 1.3% 1.3% 2.4% (0.1)% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Increased competition in Unilever Food Solutions premium a
Slide 13: Emerging markets drove strong, volume-led growth
Emerging markets drove strong, volume-led growth North America Europe 18% of Group turnover 22% of Group turnover 2.7% (0.9)% H1 USG H1 USG Asia Pacific Africa 3.2% (0.2)% 44% of Group turnover 7.3% UVG UVG (0.5)% Latin America (0.6)% UPG 16% of Group turnover UPG H1 USG 7.6% 6.1% UVG 1.2% H1 USG 5.
Slide 14: Strong underlying volume; FX improving
Strong underlying volume; FX improving Turnover +0.5% A&D 0.7% USG 4.8% 0.6% 1.3% 4.2% (0.5)% (4.9)% FY 2026 currency impact (3)%1 €25.5bn €25.6bn H1 2025 UVG UPG Acquisitions Disposals Currency H1 2026 turnover turnover 14 14 1) Guidance based on spot rates in July
Slide 15: UOM up +10bps with competitive brand investment of 16.1%
UOM up +10bps with competitive brand investment of 16.1% Underlying operating margin (UOM) +10bps 0.7% 0.1% (0.7)% Supported by cost discipline and €800m Productivity Programme 20.3% 20.2% H1 2025 H1 2026 Gross margin BMI Overheads UOM UOM 15 15
Slide 16: Underlying EPS growth driven by operational performance
Underlying EPS growth driven by operational performance Underlying earnings per share (UEPS) Current underlying EPS +2.4% 1.3% 7.3% 0.7% 0.3% (1.2)% (6.0)% Currency impact expected to moderate in H2 €1.61 €1.57 H1 2025 Operational Finance Tax Share Minorities & Currency H1 2026 UEPS performance cost
Slide 17: Strong cash delivery, disciplined portfolio action and attractive returns
Strong cash delivery, disciplined portfolio action and attractive returns Cash generation Capital returns Portfolio €1.5bn Free cash flow in H1 2026 +3.0% Q2 2026 dividend increase vs. Q2 2025 +0.5bn €1.5bn H1 2026 free cash flow vs H1 2025 Share buyback completed in H1 2026 17 17
Slide 18: Full year 2026 outlook upgraded
Full year 2026 outlook upgraded GROWTH MARGIN FY USG of 4% to 6%, within multi- FY modest improvement year guidance range in underlying operating margin vs 20.0% in 2025 FY UVG around 3% H2 USG of 4% to 5%, led by pricing 18 18
Slide 19: Perform and transform
Perform and transform 1 Foods separation firmly on track 2 Strong H1. Volume-led. Broad-based. 3 Continued strengthening of our marketing and sales machine 4 Confidence in Full Year delivery 19 19
Slide 20: Ontwev
Ontwev
Slide 21: Other financial guidance for 2026
Other financial guidance for 2026 • Capex above 3% of turnover • Restructuring at around 1.0% of turnover • Leverage of around 2x net debt / underlying EBITDA • Net finance costs less than 3% on average net debt • Underlying effective tax rate to remain around 26% • Currency impact1 on full year exp