Unilever Plc · LSE:ULVR
Unilever — Merger or Acquisition (March 2026)
25 slides from Unilever's merger presentation, Mar 31, 2026
Slide 1: A sharper, focused HPC pureplay
A sharper, focused HPC pureplay Fernando Fernandez & Srinivas Phatak 31 March 2026
Slide 2: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements This investor 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
Slide 3: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements The forward-looking statements speak only as of the date of this investor presentation. Except as required by any applicable law or regulation, the Unilever Group expressly disclaims any intention, obligation or undertaking to release publicl
Slide 4: Creating two stronger, leading companies
Creating two stronger, leading companies 1 HPC pureplay leading positions in attractive categories, geographies and channels 2 Synergistic capabilities across R&D, demand creation and operations 3 Top-tier volume growth superior performance vs. HPC peers 4 Higher quality financial model bett
Slide 5: Scaled, global flavour powerhouse
Scaled, global flavour powerhouse 1 Leadership in flavours and condiments across retail and foodservice 2 Two businesses with superior growth trajectories - Leading, iconic brands (Hellmann’s, Knorr, & McCormick) 3 - High growth potential(e.g. Frank’s, Maille & Cholula) - Foodservice scale & upside
Slide 6: Large, profitable and with momentum
Large, profitable and with momentum Combined + company Synergy opportunity FY 2025* • Leveraging a wider product range and global distribution Sales $12bn $8bn $20bn infrastructure • A “one stop shop” for front and back of house foodservice USG 2.7% 2.0% 2.4% • Targeting growth of 3-5% • $600m annua
Slide 7: Unlocking significant value
Unlocking significant value 1 Attractive valuation 2 Efficient structure 3 Significant synergies $ 44.8 Enterprise value* bn $15.7bn cash 65% of stock $ 600 Annual run rate cost m synergies in McCormick net of reinvestment 3.6x sales Reverse $ 100m Morris Trust 13.8x EBITDA c. Reinvestment from Inte
Slide 8: Transaction implications
Transaction implications • Unilever to receive $15.7 billion cash and 65% of combined company • Unilever shareholders to hold 55.1% • Unilever to retain a 9.9% stake* • Unilever to appoint 4 out of 12 Board directors • Unilever Foods executives to serve in key leadership roles • International headqu
Slide 9: A €39bn HPC pureplay
A €39bn HPC pureplay
Slide 10: A new Unilever
A new Unilever FY 2025 Pro Forma Turnover €39bn Volume Growth ~2% Gross Margin > 48 % Brand Investment > 18 % Underlying Operating Margin > 19 % 10 Pro forma based on 2025 reported Unilever financials, adjusted for the Foods Business Group excluding India Foods
Slide 11: A focused portfolio built upon 10 category verticals
A focused portfolio built upon 10 category verticals Hair Care Skin Care 2.0% Colour Cosmetics Wellbeing Deodorants 3YR CAGR Market volume growth* Skin Cleansing Oral Care Fabric Care Dishwashers Household Care 11 *Turnover weighted market volume growth based on Euromonitor data
Slide 12: Accelerating our strategy
Accelerating our strategy 1 Structurally higher growth • More Beauty, Wellbeing and Personal Care • More US and India • More premium and digital commerce 2 Higher exposure to population growth & wealth expansion 3 Synergistic, science and desire-led innovation system 4 Simpler portfolio to enable fl
Slide 13: Higher quality model
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 ↑ R
Slide 14: Proven superior performance
Proven superior performance HPC Average** ~ 5.4% Underlying sales growth 3-year CAGR* 4.6% ~ 2.5% Underlying volume growth 3-year CAGR 0.3% ~ +290bps Gross margin expansion 2023 to 2025 +250bps Underlying operating margin expansion ~ +170bps +120bps 2023 to 2025 *3-year growth CAGR 2023 to 2025; 202
Slide 15: Leading positions in highly attractive HPC categories
Leading positions in highly attractive HPC categories Beauty & Personal Wellbeing Care • #1 or 2 in ~90% of turnover* 33% 34% • 2nd largest Beauty and Personal Care company % of turnover* • #1 in Home Care in key emerging markets 3% India 30% Home Foods Care • High quality, fast-growing Wellbeing po
Slide 16: 25 Power Brands with global relevance and strong momentum
25 Power Brands with global relevance and strong momentum ~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: Superior footprint in faster-growing markets
Superior footprint in faster-growing markets Better exposure to key socioeconomic drivers North America 22% 23 % Europe 19% 14 % Population growth Expansion of female labour force Developed Markets 38% 62% Emerging Markets Urbanisation Asia Growing number of households Latin America 15% 15 %
Slide 18: One shared demand creation model powered by synergistic capabilities
One shared demand creation model powered by synergistic capabilities A common set of Desire at Scale capabilities Powerful Science One scaled R&D platform • AI-led formulation Irresistible Aesthetics • Core science streams • Packaging design Elevated Sensorials One integrated value chain Said by oth
Slide 19: Clear plan to manage costs and deploy capital
Clear plan to manage costs and deploy capital 1 Stranded costs fully addressed 2 No operational dis-synergies 3 Disciplined use of cash proceeds • c.€400-500m gross • Foods business group • Maintain c.2.0x stranded costs is a commercially leverage standalone • c.€500m one-off organisation • Pay for
Slide 20: Reaffirm our value creation model
Reaffirm our value creation model Medium term value creation plan Mid-single digit growth UVG of at least 2% (USG) Modest margin improvement Gross margin expansion (UOM) Top 1/3rd shareholder returns* 20 *Relative to a defined peer group of HPC companies
Slide 21: Disciplined capital allocation focused on growth and returns
Disciplined capital allocation focused on growth and returns 1 Growth & productivity 2 Bolt-on Acquisitions 3 Capital returns ~ 23% of turnover for brand, US and India Premium ~ 60% Dividend payout ratio R&D, & capex investment Digitally native > 50% dComm-led ~€ 6bn of capex to productivity
Slide 22: Value-creating separation of Foods
1 Value-creating separation of Foods 2 Sharper, focused HPC pureplay 3 Higher-quality value creation model 22
Slide 23: Q&A
Q&A 23
Slide 24: Key structure details
Key structure details 1 Transaction will be structured as a Reverse Morris Trust (or RMT), whereby Unilever’s Foods Business will be distributed to Unilever shareholders and immediately merged with McCormick 2 Unilever will retain a stake in the business such that, immediately following the merger,
Slide 25: Unilever Foods transaction perimeter
Unilever Foods transaction perimeter FY 2025* Sales €10.7bn USG 2.7% UVG 1% UOP €2.6bn UOM 24% 25 25 Unilever Foods based on 2025 preliminary carve-out financial information, prepared under IFRS. Unilever sales and volume growth represents the USG and UVG for the transaction perimeter.