Unilever H1 2025 Results Q2 2025

Unilever H1 2025 Results Q2 2025

• 1. 1 31 July 2025 Fernando Fernandez & Srinivas Phatak H1 2025 Results

• 2. 2 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 than statements of historical fact are, or may be deemed to be, forward-looking statements. Words and terminology such as ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’, ‘vision’, ‘ambition’, ‘target’, ‘goal’, ‘plan’, ‘potential’, ‘work towards’, ‘may’, ‘milestone’, ‘objectives’, ‘outlook’, ‘probably’, ‘project’, ‘risk’, ‘continue’, ‘should’, ‘would be’, ‘seeks’, or the negative of these terms and other similar expressions of future performance, results, actions or events, and their negatives, are intended to identify such forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding Unilever’s emissions reduction and other sustainability-related targets and other climate and sustainability matters (including actions, potential impacts and risks and opportunities associated therewith). Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Group (including during management presentations) in connection with this presentation. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained in this section. Readers should not place undue reliance on forward-looking statements. Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Group’s control, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially from the forward-looking statements expressed in this presentation are: Unilever’s global brands not meeting consumer preferences; Unilever’s ability to innovate and remain competitive; Unilever’s investment choices in its portfolio management; the effect of climate change on Unilever’s business; Unilever’s ability to find sustainable solutions to its plastic packaging; significant changes or deterioration in customer relationships; the recruitment and retention of talented employees; disruptions in Unilever’s supply chain and distribution; increases or volatility in the cost of raw materials and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; execution of acquisitions, divestitures and business transformation projects, including the proposed demerger of our Ice Cream business; economic, social and political risks and natural disasters; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters and practices with regard to the interpretation and application thereof and emerging and developing ESG reporting standards including differences in implementation of climate and sustainability policies in the regions where the Group operates. The forward-looking statements speak only as of the date of this presentation. Except as required by any applicable law or regulation, the Group expressly disclaims any intention, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual events, to differ materially from those contained in any forward-looking statements. Further details of potential risks and uncertainties affecting the Group are described in the Group’s filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including in the Annual Report on Form 20-F 2024 and the Unilever Annual Report and Accounts 2024. Safe harbour statement

• 3. 3 H1 performance supports full-year confidence Underlying sales growth balanced across volume and price Increased brand investment fuelled by strong gross margin Continued outperformance in developed markets Improving performance in emerging markets driven by APA Good Ice Cream performance; demerger on track for mid-November 1 2 3 4 5

• 4. 4 Sequential improvement despite subdued markets Q2 2025 H1 2025 3.8% Underlying sales growth 1.8% Underlying volume growth 2.0% Underlying price growth 3.4% Underlying sales growth 1.5% Underlying volume growth 1.9% Underlying price growth 2.9% 3.6% 2.7% 1.3% 1.8% 3.9% 4.5% 4.0% 3.0% 3.8% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 UPG UVG USG Volume and price 2.3% 2YR UVG CAGR

• 5. 5 Power Brands growth improved in Q2 with volume growth above 2% Power Brands Q2 2025 Power Brands H1 2025 4.4% Underlying sales growth 2.1% Underlying volume growth 2.3% Underlying price growth 3.8% Underlying sales growth 1.6% Underlying volume growth 2.1% Underlying price growth 4.1% 4.3% 3.1% 1.2% 2.1% 5.2% 5.4% 4.5% 3.0% 4.4% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 UPG UVG USG Volume and price 3.1% 2YR UVG CAGR

• 6. 6 5.4% Underlying sales growth H1 2025 3.7% Underlying volume growth 1.6% Underlying price growth Premium innovations driving outperformance in developed markets 3.4% Underlying sales growth H1 2025 2.8% Underlying volume growth 0.6% Underlying price growth • Strong performance led by Wellbeing and Personal Care • Share gains driven by premium innovations • Continued step up in brand investment • Solid performance led by Home Care, Ice Cream and Personal Care • Share gains across the region including in top 5 markets • Multi-year premium innovations performing well Europe 21% of Group turnover North America 23% of Group turnover

• 7. 7 3.5% Underlying sales growth H1 2025 1.9% Underlying volume growth APA performance accelerating; subdued growth in Latin America 0.5% Underlying sales growth H1 2025 (4.6)% Underlying volume growth • India growth strengthened (H1 4%; Q2 5%) with continued share gains in a gradually improving market • Indonesia & China delivered sequential progress, with improving run rates • Price increases to offset currency movements led to pressure on volumes • Subdued market growth expected for H2 • Lapping a high-single digit prior year comparator 1.6% Underlying price growth 5.3% Underlying price growth Latin America 13% of Group turnover Asia Pacific Africa 43% of Group turnover

• 8. 8 Beauty & Wellbeing €6.5bn turnover |19.4% UOM, (60)bps vs. PY Sustained strong Wellbeing performance offset softer growth in beauty 3.7% Underlying sales growth 2.0% 1.7% H1 2025 Underlying price growth Underlying volume growth Hair Care was flat with good growth in Dove offset by volume declines in Clear and TRESemmé Double-digit growth in Dove and Vaseline helped to deliver low-single digit growth in Skin Care Continued double-digit growth in Wellbeing driven by Nutrafol and Liquid IV 5.4% 5.7% 3.9% 2.5% 1.0% 6.8% 6.7% 5.2% 4.1% 3.4% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 UPG UVG USG 3.2% 2YR UVG CAGR

• 9. 9 Personal Care €6.5bn turnover |22.1% UOM, (90)bps vs. PY Dove’s continued success powered by premium innovations 4.8% Underlying sales growth 3.3% 1.4% H1 2025 Underlying price growth Underlying volume growth Deodorants and Skin Cleansing back to share gain in the US, while growth was impacted by a subdued Latin America Acquisitions of Wild and Dr. Squatch1 enhance portfolio in premium and high growth spaces Dove grew high-single digit with strong volume and positive price driven by premium innovations 4.4% 3.1% 3.6% 2.7% 0.2% 6.4% 4.4% 5.3% 5.1% 4.5% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 UPG UVG USG 2.3% 2YR UVG CAGR 1Signed an agreement to acquire

• 10. 10 Home Care €5.9bn turnover |15.5% UOM, (80)bps vs. PY Continued momentum in Europe partially offset by challenges in Latin America 1.3% Underlying sales growth 0.2% 1.1% H1 2025 Underlying price growth Underlying volume growth Competitive pressure in Brazil’s laundry powders segment led to a price correction Home & Hygiene grew midsingle digit driven by strong performances in Domestos and Cif Europe momentum continued driven by premium innovations including significant growth in Wonder Wash 4.9% 3.3% 3.3% 1.0% 1.3% 3.4% 1.9% 3.0% 0.9% 1.8% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 UPG UVG USG 3.1% 2YR UVG CAGR

• 11. 11 Foods €6.6bn turnover |23.3% UOM, +100bps vs. PY Competitive growth led by Hellmann’s, strong margin progression 2.2% Underlying sales growth 1.9% 0.3% H1 2025 Underlying price growth Underlying volume growth Good UFS growth in North America underpinned by Knorr’s category leadership Improved productivity in gross margin and overheads drove 100bps margin expansion Hellmann’s grew mid-single digit with continued strength in flavoured mayo 0.4% 0.4% 0.5% (1.1)% 1.7% 2.7% 1.5% 2.6% 1.6% 2.8% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 UPG UVG USG 1.1% 2YR UVG CAGR

• 12. 12 Ice Cream €4.6bn turnover |14.2% UOM, (40)bps vs. PY Good performance with improving execution and strong innovations 5.9% Underlying sales growth 2.0% 3.8% H1 2025 Underlying price growth Underlying volume growth Magnum grew double-digit led by continued momentum in Bon Bons and the launch of its new Utopia range Operational efficiencies offset majority of commodity cost increases Market share gains underpinned by stronger execution and innovations (1.1)% 6.7% 2.2% 1.8% 5.0% (0.5)% 9.8% 4.3% 4.0% 7.1% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 UPG UVG USG 1.9% 2YR UVG CAGR

• 13. 13 Creating a global, pure-play ice cream company Mid-November: demerger and listing; prospectuses available c. 1 week prior to demerger 9 September: TMICC Capital Markets Day with details on business strategy and value creation plan 1 July: standalone operating company within Unilever: The Magnum Ice Cream Company (“TMICC”) Ice Cream demerger Early-October: Unilever circular available with details on the demerger process and shareholder FAQs

• 14. 14 Unilever will retain a stake in TMICC, shares to be consolidated Proposed share consolidation**: to enable comparability of Unilever’s share price, EPS and DPS pre and post demerger Retained stake*: Unilever to retain a <20% stake in TMICC Ice Cream demerger *Subject to regulatory approval; **Subject to shareholder approval Debt allocation: expected leverage of ~2x for Unilever and ~2.4x for TMICC, supporting strong capital structures

• 15. 15 USG more than offset by net disposals and adverse currency (3.2)% H1 2024 turnover UPG Acquisitions Currency H1 2025 turnover UVG Disposals €31.1bn €30.1bn USG 3.4% 1.5% 1.9% 0.2% (2.7)% A&D (2.5)% (4.0)% Turnover

• 16. 16 Structural improvements delivering gross margin strength Strong gross margin progression Structural levers driving uplift 40.2% 42.2% 45.0% 45.7% 2022 2023 2024 H1 2025 Volume growth Positive mix Net productivity gains Cost control discipline

• 17. 17 Strong gross margin fuelled increased brand investment Underlying operating margin (UOM) (30)bps H1 2024 UOM Gross margin BMI H1 2025 UOM Overheads 19.6% 19.3% -% 0.1% (0.4)% Increased brand investment in our top growth opportunities

• 18. 18 UEPS impacted by adverse currency Underlying earnings per share (UEPS) H1 2024 UEPS Finance costs Minorities & Other Operational Currency performance Tax Share buybacks H1 2025 UEPS (0.1)% 0.4% 1.4% (0.2)% 1.5% (5.1)% (2.1)% Current underlying EPS €1.62 €1.59

• 19. 19 Cash generation Portfolio reshaping Capital returns €1.1bn Free cash flow in H1 2025 Bolt-on acquisitions (1.1)bn H1 2025 Free cash flow vs. H1 2024 ~100% Cash conversion expectation for FY 2025 Portfolio pruning ~100% cash conversion expected for FY; significant acquisitions in PC €1.5bn Share buyback completed in H1 2025 +3.0% Q2 2025 dividend increase vs. Q2 2024 *Dr. Squatch transaction is expected to close later this year, subject to customary regulatory approvals and closing conditions

• 20. 20 On track to deliver full year 2025 outlook • Improvement in FY underlying operating margin versus 2024 • Second half margins of at least 18.5% Margin • Underlying sales growth to be within our range of 3-5% • Second half growth ahead of the first half despite subdued market conditions Growth

• 21. 21 H2 growth supported by continued strength in DMs & improving EMs Momentum in developed markets Improvement in emerging markets • North America: continued outperformance supported by multi-year portfolio transformation and premium innovations • Europe: resilient growth led by premium innovations and improved execution • Asia Pacific Africa: • Building momentum in India • Return to growth in Indonesia • Continued improvement in China • Latin America: subdued market growth and pricing will continue to pressure volumes

• 22. 22 Laser focused on volume growth and gross margin expansion Modest margin improvement (UOM) Mid-single digit growth (USG) Top 1/3rd shareholder returns Gross margin expansion UVG of at least 2% From 2026 onwards

• 23. 23 Unilever financial profile post Ice Cream Unilever, post demerger Post demerger* based on FY 2024 Turnover ~ €52bn GM +160 bps UOM +100 bps ROIC +100 bps Cash conversion ~100% Expected leverage ~2x *based on FY 2024 financials; actual post demerger impact may vary

• 24. 24 1 More Beauty & Wellbeing and Personal Care 2 Disproportionate investment in the US and India 3 Decisive shift into premium segments 4 Desire at scale - every brand, every geography 5 Execution excellence across all channels, particularly online 6 Uncompromising on talent and a play-to-win culture Transforming Unilever into a consistent, higher performer

• 25. 25 Transforming a 155-year-old brand

• 26. 26 11% USG CAGR 4% USG CAGR 2014 2021 2024 2014 to 2024 turnover €1.1bn Turnover FY 2024 >10% USG H1 2025 >10% UVG H1 2025 Turnover:

• 27. 27 “invisible” serum burst SPF premium formats & materials instant absorption SCIENCE AESTHETICS SENSORIALS

• 28. 28 >1billion social media interactions Petroleum Jelly Vaseline OTHERS SAY CONTENT SCALE ACTIVATION many to many volume & variety cultural relevance

• 29. 29 1 Resilient H1 performance amidst subdued markets 2 Building blocks in place for H2 growth acceleration 3 On track to deliver FY 2025 outlook 4 IC demerger in mid-Nov; Unilever will retain <20% stake 5 Unilever transformation continues; next phase is building a marketing and sales machine

• 30. 30 Q&A

• 31. 31 Other financial guidance for 2025 • Capex above 3% of turnover • Restructuring around 1.4% of turnover • Net finance costs around 3% on average net debt • Underlying effective tax rate around 26% • Leverage of around 2x net debt / underlying EBITDA • Cash conversion of around 100% • Currency impact1 on full year expected to be around (5)% to (6)% on turnover and around (20)bps on underlying operating margin 1) Based on spot rates in July plus extreme price growth above 26% in hyperinflationary markets