Unilever Plc · LSE:ULVR
Unilever — Q3 2025 Earnings Presentation
20 slides from Unilever's earnings presentation, Oct 23, 2025
Slide 1: Q3 2025 Trading Statement
Q3 2025 Trading Statement Fernando Fernandez & Srinivas Phatak 23 October 2025 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: Broad-based growth, on track for full year outlook
Broad-based growth, on track for full year outlook 1 Volume step-up for Unilever excluding Ice Cream 2 Strong growth in Beauty & Wellbeing and Personal Care 3 Power Brands continue to drive growth 4 Continued outperformance in developed markets, step up in emerging markets 5 Ice Cream Demerger expec
Slide 4: Volume step-up in Unilever excluding Ice Cream
Volume step-up in Unilever excluding Ice Cream Q3 2025 Q3 2025 ex. Ice Cream 3.9% Underlying sales growth 4.0% Underlying sales growth UPG UVG USG 2.4% 2YR UVG CAGR 3.6% 4.0% 4.0% 2.9% 3.1% 1.5% Underlying volume growth 1.7% Underlying volume growth 3.1% 2.8% 1.2% 1.1% 1.7% 2.4% Underlying price gro
Slide 5: Power Brands continue to drive growth
Power Brands continue to drive growth Power Brands Q3 2025 Power Brands Q3 2025 ex. Ice Cream 4.4% Underlying sales growth 4.4% Underlying sales growth UPG UVG USG 3.2% 2YR UVG CAGR 5.4% 4.5% 4.4% 3.7% 2.9% 1.7% Underlying volume growth 2.2% Underlying volume growth 4.3% 3.1% 1.0% 1.4% 2.2% 2.6% Und
Slide 6: Developed markets remain strong, emerging markets improving
Developed markets remain strong, emerging markets improving North America 22% of Group turnover 5.5% Europe 23% of Group turnover 1.1% Underlying sales growth 5.4% Underlying volume growth Underlying sales growth 5.8% 2YR UVG CAGR (0.6)% 0.1% Underlying price growth Underlying volume growth 3.5% 2YR
Slide 7: Developed markets continued outperformance
Developed markets continued outperformance North America Europe 22% of Group turnover 23% of Group turnover 5.5% Underlying sales growth • Strong performance reflects the ongoing benefit of our multi-year portfolio 1.1% Underlying sales growth • Growth across all Business Groups against high prior y
Slide 8: APA growth accelerated; challenges in LATAM
APA growth accelerated; challenges in LATAM Asia Pacific Africa Latin America 42% of Group turnover 13% of Group turnover 6.8% Underlying sales growth • Indonesia strong growth with run rates improving quarter on quarter after business reset (2.5)% Underlying sales growth • Latin America markets exp
Slide 9: Beauty & Wellbeing €3.2bn turnover
Beauty & Wellbeing €3.2bn turnover Dove, Vaseline and our premium portfolio delivering superior, volume-led growth Q3 2025 UPG UVG USG 5.1% Underlying sales growth 6.7% 4.0% 2YR UVG CAGR 5.2% 5.1% 4.1% 3.4% 2.3% 1.0% Underlying volume growth 5.7% 3.9% 2.5% 2.3% 2.7% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Und
Slide 10: Personal Care €3.3bn turnover
Personal Care €3.3bn turnover Strong performance in APA and North America driven by Dove Q3 2025 UPG UVG USG 4.1% Underlying sales growth 2.0% 2YR UVG CAGR 4.4% 5.3% 5.1% 4.5% 4.1% 1.0% Underlying volume growth 3.6% 2.7% 0.2% 1.0% 3.1% 3.1% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Underlying price growth Premi
Slide 11: Home Care €2.8bn turnover
Home Care €2.8bn turnover Step-up in volume growth in APA and good momentum in Europe Q3 2025 UPG UVG USG 3.1% Underlying sales growth 3.0% 2YR UVG CAGR 3.0% 3.1% 1.9% 1.8% 2.5% 0.9% Underlying volume growth 3.3% 1.0% 1.3% 2.5% 3.3% 0.6% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Underlying price growth Strong P
Slide 12: Foods €3.1bn turnover
Foods €3.1bn turnover Outperformance across regions, led by strong brand execution Q3 2025 UPG UVG USG 3.4% Underlying sales growth 0.8% 2YR UVG CAGR 2.6% 2.8% 3.4% 1.6% 1.3% 1.5% Underlying volume growth 1.7% 1.3% 0.4% 0.5% (1.1)% 2.1% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Underlying price growth Strong mo
Slide 13: Ice Cream €2.3bn turnover
Ice Cream €2.3bn turnover Continued competitive growth; Demerger to be completed in Q4 Q3 2025 UPG UVG USG 3.7% Underlying sales growth 9.8% 7.1% 3.4% 2YR UVG CAGR 4.3% 4.0% 3.7% 0.0% Underlying volume growth 1.8% 5.0% 0.0% 6.7% 2.2% 3.7% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Underlying price growth Cornett
Slide 14: Ice Cream Demerger timetable
Ice Cream Demerger timetable All the preparatory work for Demerger remains on track, with the Shareholder Circular published on 2nd October and Share Consolidation approved on 21st October Timetable being revised due to the impact of US government shutdown on SEC Confident in completing Ice Cream De
Slide 15: Ice Cream Demerger practicalities
Ice Cream Demerger practicalities 5:1 TMICC share ratio: for every 5 Unilever shares owned, each investor will receive 1 share in The Magnum Ice Cream Company Unilever share consolidation: to ensure comparability between Unilever’s share price and per share metrics before and after the Demerger Unil
Slide 16: USG offset by net disposals and adverse currency
USG offset by net disposals and adverse currency Turnover (3.5)% USG 3.9% A&D (1.0)% 0.5% (1.6)% 2.4% (6.1)% 1.5% €15.2bn €14.7bn Q3 2024 UVG UPG Acquisitions Disposals Currency Q3 2025 turnover turnover 16
Slide 17: On track to deliver full year 2025
On track to deliver full year 2025 • Underlying sales growth to be within our range of 3-5%, both including and excluding Ice Cream Growth • H2 growth is expected to be ahead of H1 • Underlying operating margin for H2 of at least 18.5% (or at least Margin 19.5% excluding Ice Cream) 17
Slide 18: Progressing against strategic priorities
Progressing against strategic priorities 1 Building a stronger portfolio in Beauty, Wellbeing & Personal Care 2 Shifting the portfolio to premium and digital commerce 3 Delivering superior growth in anchor markets: US and India 4 Accelerating Desire at Scale across brand portfolio 5 Investing for Ex
Slide 19: Q&A
Q&A 19
Slide 20: Other financial guidance for 2025
Other financial guidance for 2025 • Capex above 3% of turnover • Restructuring, lower at around 1.2% of turnover • Net finance costs less than 3% on average net debt • Underlying effective tax rate around 26% • Leverage of around 2x net debt / underlying EBITDA • Currency impact1 on full year expect