Unilever Plc · LSE:ULVR
Unilever — Merger or Acquisition (April 2026)
23 slides from Unilever's merger presentation, Apr 1, 2026
Slide 1: Forward Looking Statements
Forward Looking Statements McCormick Cautionary Statement Regarding Forward Looking Statements Certain information contained in this document that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act
Slide 2: Creating a Preeminent Global Flavor Company
Creating a Preeminent Global Flavor Company Combines complementary, strategically and culturally aligned businesses with strong momentum and iconic brands that meet consumers’ growing demand for flavor
Slide 3: A Scaled and Focused Global Flavor Powerhouse
A Scaled and Focused Global Flavor Powerhouse
Slide 4: New Opportunities For Growth
New Opportunities For Growth
Slide 5: McCormick is the Right Partner For Unilever Foods Growth
McCormick is the Right Partner For Unilever Foods Growth
Slide 6: Flavor is a Structurally Attractive Category Within Food
Flavor is a Structurally Attractive Category Within Food
Slide 7: Combination Creates Significant Growth Opportunities
Combination Creates Significant Growth Opportunities
Slide 8: Minimal Overlap with Maximal Adjacency
Minimal Overlap with Maximal Adjacency
Slide 9: High-Growth-Potential Brands to Unlock Growth Adjacency
High-Growth-Potential Brands to Unlock Growth Adjacency
Slide 10: Dual Engine Food Service Model
Dual Engine Food Service Model
Slide 11: Utilizing Our Combined Technology and R&D Capabilities
Utilizing Our Combined Technology and R&D Capabilities
Slide 12: Strong Track Record of M&A and Executing on Integration
Strong Track Record of M&A and Executing on Integration
Slide 13: McCormick and Unilever Prepared For a Successful Integration
McCormick and Unilever Prepared For a Successful Integration
Slide 14: Creating a Future-Ready Organization
Creating a Future-Ready Organization
Slide 15: Positioned to continue to succeed in a dynamic environment
Positioned to continue to succeed in a dynamic environment Combining flavor assets each with positive momentum Evident strategic opportunity
Slide 16: Financial Rationale
Slide 17: Key Transaction Terms
Key Transaction Terms Transaction Details + McCormick shareholders expected to own 35.0% and Unilever shareholders expected to own 55.1% of each class of the fully diluted combined-company equity + Unilever expected to own 9.9% of each class of the fully diluted combined-company equity and to receiv
Slide 18: Combined Company to Have Significant Scale with Robust Growth and Margins
Combined Company to Have Significant Scale with Robust Growth and Margins uv FWO@pds Tk Unilewor NewCo MEANINGFUL OPPORTUNITIES ; a FY251 Fy251 Combined Company FY25' Accelerating growth of respective SALES? $12B $8B $20B brands in existing and new regions Realizing the potential of a combined SALES
Slide 19: Significant Cost Synergies
Significant Cost Synergies S600M Targeted Run-Rate Cost Synergies? Net of Growth Reinvestments Procurement Manufacturing & Logistics SG&A Manufacturing efficiencies and network nee Go-to-market efficiencies and back- optimization office optimization Ingredients and packaging purchasing efficiencies
Slide 20: Best-in-Class Financial Profile
Best-in-Class Financial Profile Year 3 Attractive combination of growth and synergy realization ois Growth? 3-5% Positioned for Significant reinvestment in brands Long-Term and innovation Growth & Sustained Adjusted Profitability Meaningfully accretive to growth, Operating 23-25% operating margin an
Slide 21: Efficient CapEx, Strong Dividends and Rapid Deleveraging
Efficient CapEx, Strong Dividends and Rapid Deleveraging ~3% Combined company 2025 CapEx as a % of revenue’ + Efficient capital spend * Combined company in line with current McCormick capex McCormick has paid dividends for past 100 years 40 consecutive years of increases Current payout ratio is ~60%
Slide 22: Stronger Focused Companies Maximizing Shareholder Value
Stronger Focused Companies Maximizing Shareholder Value Cee Unidever Growth-led exit of Foods Transforms Unilever into sharper, focused household and personal care business Upfront cash proceeds support strong balance sheet Retained ownership in McCormick and Board representation to support integrat
Slide 23: Creating a Preeminent Global Flavor Company
Creating a Preeminent Global Flavor Company Combines complementary, strategically and culturally aligned businesses with strong momentum and iconic brands that meet consumers’ growing demand for flavor Robust return profile Clear realizable cost synergies Highly complementary businesses, strong Icon