REG - Unilever PLC - Q1 2025 Trading Statement

UnileverAnnouncement

24/04/2025 07:02

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RNS Number : 9437F  Unilever PLC  24 April 2025

 Unilever Trading Statement - First Quarter 2025
 Resilient performance, full year outlook reconfirmed

 

                         First Quarter 2025
 (unaudited)             USG      Turnover   vs 2024
 Unilever                3.0%     €14.8bn    (0.9)%
 Beauty & Wellbeing      4.1%     €3.3bn     2.9%
 Personal Care           5.1%     €3.3bn     (4.4)%
 Home Care               0.9%     €3.0bn     (4.2)%
 Foods                   1.6%     €3.4bn     0.1%
 Ice Cream               4.0%     €1.8bn     2.8%

First Quarter highlights

•      Underlying sales growth (USG) of 3.0%, with volume growth of
1.3% and price of 1.7%

•      Turnover of €14.8 billion, down (0.9)% including (2.7)% from
net disposals

•      2025 full year outlook reconfirmed with 3-5% USG and a modest
improvement in underlying operating margin

•      Productivity programme ahead of plan, delivering an aggregate
c.€550 million savings by end 2025

•      Ice Cream separation on track, Capital Markets Day on 9(th)
September ahead of demerger in Q4

•      Ongoing €1.5 billion share buyback to be completed in first
half of 2025

Chief Executive Officer statement

"We have started the year with a resilient performance. First quarter
underlying sales growth of 3% reflects the strength of our increasingly
premium and innovation-led portfolio in developed markets. We have
interventions in place in some emerging markets to step up growth in the
remainder of the year.

Heightened global macroeconomic uncertainty is a fact; however the quality of
our innovation programme, the strong investment behind our brands and our
improving competitiveness give us confidence we will deliver on our full year
plans.

Creating desirability at scale for our brands and brilliant in-market
execution are the pillars of our plan to turn Unilever into a consistently
higher performing business. We are moving at pace, confident in making
progress in 2025 and beyond."

Fernando Fernandez

 

 Outlook

We reconfirm our full year 2025 outlook.

We expect underlying sales growth to be within our range of 3% to 5%. This is
underpinned by our strong innovation pipeline, good momentum in developed
markets, and expected improvements in Indonesia and China in the second half
of the year resulting from the decisive actions we have taken in both markets.

We anticipate a modest improvement in underlying operating margin for the full
year, versus 18.4% in 2024. Margins in the first and second half will be more
balanced than in 2024. The direct impact of tariffs on our profitability is
expected to be limited and manageable.

All this being said, we are conscious that the macroeconomic environment,
currency stability and consumer sentiment remain uncertain and we will be
agile in adjusting our plans as necessary.

 

 First Quarter Review: Unilever Group

 

 (unaudited)    Turnover   USG   UVG   UPG   Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €14.8bn    3.0%  1.3%  1.7%  0.1%          (2.8)%     (1.1)%    (0.9)%

Performance

Underlying sales growth in the first quarter was 3.0%, driven by both volume
and price. As expected, market conditions were more challenging than in the
prior year. Our Power Brands grew at 3.0% with strong performances in our
largest brand Dove, which grew over 8%, as well as Vaseline, Liquid I.V., and
Magnum. This was partially offset by Home Care Power Brands that were impacted
by market conditions, particularly in Brazil, and Knorr which cycled a strong
double-digit comparator in our Unilever Food Solutions business.

Beauty & Wellbeing grew underlying sales by 4.1%, with volume growth of
2.5% and price of 1.5%, driven by continued strong double-digit growth from
our Wellbeing brands. Personal Care grew 5.1%, with volume up 2.7%, driven by
the performance of Skin Cleansing and Deodorants in North America. Home Care
underlying sales increased 0.9% as the continued strong growth in Europe,
fuelled by the rollout of premium innovations, was largely offset by
challenging market conditions in Latin America. Underlying sales growth of
1.6% in Foods was price-led amidst slow markets. Ice Cream grew 4.0%,
benefiting from the continued innovation quality and operational improvements.

Developed markets (42% of group turnover) grew underlying sales 4.5%, with
volumes of 3.3% and 1.2% from price. It was the third consecutive quarter of
USG above 4% in developed markets. Volume growth was broad-based, with strong
performances in North America driven by Beauty & Wellbeing and Personal
Care, and in Europe driven by Home Care.

Emerging markets (58% of group turnover) grew underlying sales 2.0%, with
volumes of (0.1)% and 2.1% from price. Growth in Latin America slowed to 1.5%,
with volume declining (3.0)% as high real interest rates prompted retailers to
reduce trade stocks. India grew 3% driven by volume growth in Home Care and
Beauty & Wellbeing. Market growth in China remained subdued and underlying
sales declined high-single digit. Indonesia declined (6.6)% as we continued
our operational turnaround of the business. We expect both markets to
contribute to growth from the second half of the year.

Turnover was €14.8 billion, a decline of (0.9)% compared to the prior year,
as underlying sales growth was more than offset by (2.7)% from disposals net
of acquisitions and a (1.1)% negative currency impact.

Ice Cream separation

We are on track to complete the separation of Ice Cream in the fourth quarter
of 2025. The new business will be called The Magnum Ice Cream Company and is
expected to operate on a standalone basis from 1(st) July. Ice Cream will be
reported as a discontinued operation from the fourth quarter.

The Magnum Ice Cream Company will be separated by way of demerger, through
listing of the business in Amsterdam, London and New York, the same three
exchanges on which Unilever PLC shares are currently traded. The business will
be incorporated in the Netherlands and will continue to be headquartered in
Amsterdam. Ahead of its demerger, The Magnum Ice Cream Company will hold a
Capital Markets Day on 9(th) September.

Productivity programme

The divisionalisation of our sales force has been put in place during Q1 in
all of our top 24 markets. This is an important step to ensure maximum
category focus and accountability.

Our productivity programme, launched in 2024 to simplify the business and
further evolve our category-focused business model, remains ahead of plan in
its delivery of €800 million of savings and a reduction of 7,500 mainly
office-based roles.

By the end of the first quarter, there was a reduction of around 6,000 FTEs
and we expect to realise around €550 million of the programme's savings by
the end of 2025. We continue to expect restructuring costs of around 1.4% of
Group turnover in 2025, while reaffirming our guidance that we expect average
restructuring costs to be around 1.2% of Group turnover over the three-year
period from 2024 to 2026.

Capital allocation

In January 2025, Hindustan Unilever Limited announced it has signed an
agreement to acquire the premium actives-led beauty brand Minimalist, as it
continues to evolve its Beauty & Wellbeing portfolio towards higher growth
and demand spaces in India.

In March 2025, Unilever announced it has agreed the sale of The Vegetarian
Butcher, a non-strategic asset, given its limited scalability.

In April 2025, Unilever acquired the personal care brand Wild, further
enhancing our Personal Care portfolio in premium and high growth spaces.

The quarterly interim dividend for the first quarter is €0.4528, in line
with the Q4 2024 dividend and up 6.1% vs Q1 2024.

The €1.5 billion share buyback programme, announced in February 2025, is
well underway and will be completed in the first half.

 

 Conference Call

Following the release of this trading statement on 24 April 2025 at 7:00 AM
(UK time), there will be a webcast at 8:00 AM available on the website
www.unilever.com/investor-relations/results-and-presentations/latest-results
(file:///C%3A/Users/Alison.Dawson/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/5U73R1VW/www.unilever.com/investor-relations/results-and-presentations/latest-results)
.

A replay of the webcast and the slides of the presentation will be made
available after the live meeting.

 

 Upcoming Events

 

 Date              Events
 31 July 2025      Half year and second quarter results
 9 September 2025  The Magnum Ice Cream Company Capital Markets Day
 23 October 2025   Third quarter trading statement

 

 First Quarter Review: Business Groups

 

                         First Quarter 2025
 (unaudited)             Turnover   USG    UVG     UPG
 Unilever                €14.8bn    3.0%   1.3%    1.7%
 Beauty & Wellbeing      €3.3bn     4.1%   2.5%    1.5%
 Personal Care           €3.3bn     5.1%   2.7%    2.4%
 Home Care               €3.0bn     0.9%   1.0%    -%
 Foods                   €3.4bn     1.6%   (1.1)%  2.7%
 Ice Cream               €1.8bn     4.0%   1.8%    2.2%

Beauty & Wellbeing (22% of Q1 Group turnover)

In Beauty & Wellbeing, we focus on three key priorities: premiumising our
core Hair and Skin Care portfolios by emphasising brand superiority; fuelling
the growth of our Prestige Beauty and Wellbeing portfolios with selective
international expansion; and, continuing to strengthen our competitiveness
through innovation and a social-first approach to consumer engagement.

 (unaudited)    Turnover  USG   UVG   UPG   Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €3.3bn    4.1%  2.5%  1.5%  0.3%          (1.5)%     0.1%      2.9%

Beauty & Wellbeing underlying sales grew 4.1% with 2.5% from volume and
1.5% from price. Growth was driven by a strong Wellbeing performance, that was
partially offset by a slower beauty market.

Hair Care was flat with low-single digit price offset by a low-single digit
volume decline. Dove grew mid-single digit, supported by its relaunch with
cutting edge fibre repair technology, new packaging and design. Our largest
hair care brand, Sunsilk, was flat as it lapped a strong double-digit growth
comparator and faced some destocking in Brazil. Nexxus grew strong
double-digit, which was supported by the launch of its HY-Volume range. Clear
declined as market growth remained challenged in its primary market, China.

Core Skin Care grew low-single digit driven by low-single digit volume. Both
Vaseline and Dove continued to grow double-digit, supported by the rollouts of
Vaseline's Pro Derma Ceramide range and Dove's body serums across the
Americas. Pond's launched its new Ultra Light Biome range across Asia which
uses its cera-hyamino technology to hydrate and strengthen the skin barrier.

Wellbeing delivered strong double-digit growth, led by Liquid I.V. and
Nutrafol. Liquid I.V. continued to gain share in fast-growing digital
channels, supported by successful multi-year innovations such as its
sugar-free variant. Olly grew well with double-digit volume driven by a strong
performance in digital channels.

Prestige Beauty declined low-single digit reflecting the slowdown in the
beauty market. Hourglass and Tatcha continued to grow double-digit while
Paula's Choice and Dermalogica declined. K18, a premium biotech hair care
brand, grew strong double-digit and it has been included in underlying sales
growth from February 2025.

Personal Care (22% of Q1 Group turnover)

In Personal Care, we focus on winning with science-led brands that deliver
unmissable superiority to our consumers across Deodorants, Skin Cleansing, and
Oral Care. Our priorities include developing superior technology and
multi-year innovation platforms, leveraging partnerships with our customers,
and expanding into premium areas and digital channels.

 (unaudited)    Turnover  USG   UVG   UPG   Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €3.3bn    5.1%  2.7%  2.4%  -%            (7.1)%     (2.1)%    (4.4)%

Personal Care underlying sales grew 5.1% with 2.7% from volume and 2.4% from
price.

Dove, which represents c.40% of Personal Care's turnover, grew high-single
digit with high-single digit volume and positive price. This growth was driven
by the continued success and rollout of Dove's serum shower collection and
whole-body deodorants. Dove's performance was also supported by its Super Bowl
advertising campaign.

Deodorants grew mid-single digit with balanced volume and price. This was led
by Dove, which grew double-digit volume, with strong results in North America.
Rexona was flat while Axe declined low-single digit as both brands faced
challenges due to their large footprints in Latin America, where there was
economic pressure during the quarter.

Skin Cleansing grew low-single digit, driven by positive volume and price.
Dove led this growth with strong performances in North America and Europe. The
brand's success was supported by Dove Men+Care, which introduced a new range
of premium naturals and relaunched its core range with updated packaging and
design. Lux grew low-single digit while Lifebuoy declined, due to poor
performance in Indonesia, China, and India. In India, Lifebuoy was relaunched
with an elevated proposition for skin protection.

Oral Care grew mid-single digit led by price. Close-up grew high-single digit,
which benefited from the launch of its whitening range across markets in Asia,
while Pepsodent grew mid-single digit.

Home Care (21% of Q1 Group turnover)

In Home Care, we focus on delivering for consumers who want superior products
that are sustainable and great value. We drive growth through unmissable
superiority in our biggest brands, in our key markets and across channels. We
have a resilient business that spans price points and grows the market by
premiumising and trading consumers up to additional benefits.

 (unaudited)    Turnover  USG   UVG   UPG  Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €3.0bn    0.9%  1.0%  -%   -%            (2.5)%     (2.6)%    (4.2)%

Home Care underlying sales grew 0.9% with 1.0% from volume and flat price.

Fabric Cleaning declined low-single digit with a low-single digit decline in
volume. Growth was impacted by challenging market conditions in Brazil, where
very high real interest rates led to some retailer destocking. In India,
volumes grew mid-single digit while deflationary conditions resulted in
increased promotional intensity and price reductions in the market. Europe
grew high-single digit, driven by the success of multi-year innovation
platforms, including the continued expansion of Persil Wonder Wash which
introduced new variants, Colour and Sensitive, and entered new markets.

Home & Hygiene grew mid-single digit with balanced volume and price.
Domestos grew mid-single digit while CIF grew high-single digit. At the end of
the quarter, CIF launched its new Infinite Clean range powered by probiotics
that break down dirt and grime for up to three days.

Fabric Enhancers grew high-single digit driven by high-single digit volume.
Comfort continued to grow well with strong volume as it expanded the
successful Botanicals and Elixir ranges launched last year.

Foods (23% of Q1 Group turnover)

In Foods, our strategy is to deliver consistent, competitive growth by
offering unmissably superior products through our biggest brands. We do this
by reaching more consumers and focusing on top dishes and high consumption
seasons to satisfy consumers' preferences on taste, health and sustainability;
while delivering productivity and resilience in our supply chain.

 (unaudited)    Turnover  USG   UVG     UPG   Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €3.4bn    1.6%  (1.1)%  2.7%  -%            (0.5)%     (0.9)%    0.1%

Foods underlying sales grew 1.6% with (1.1)% from volume and 2.7% from price.

Cooking Aids grew low-single digit driven by price. Knorr grew low-single
digit as it continued to enhance its leadership in Bouillon with new flavours
and the relaunch of its core Chicken & Beef powder.

Condiments grew low-single digit with positive volume and price. Hellmann's
grew mid-single digit with positive volume and price. This growth was led by
the Flavoured mayo range, now available in 30 markets. In the first quarter,
several new variants were launched, including Ranch in the US and Flamin' Hot
in Mexico. In North America, Hellmann's launched a better-for-you avocado oil
variant and a new range of Mayo Dips designed to complement barbeque
favourites.

Unilever Food Solutions was flat. In China, Unilever Food Solutions' largest
market, sales declined as it lapped strong double-digit growth from the prior
year which benefited from the later Chinese New Year. In North America, growth
was mid-single digit, driven by continued customer expansion through
Hellmann's food solution ranges.

India Foods declined low-single digit, as growth in Beverages was fully offset
by a decline in Horlicks.

Ice Cream (12% of Q1 Group turnover)

In Ice Cream, we are focused on continuing to strengthen the business in
preparation for Ice Cream's separation by the end of 2025. We are doing this
by developing an exciting product pipeline, designing more efficient
go-to-market strategies, optimising our supply chain, and building a dedicated
sales team globally. The separation will create a world-leading business,
operating in a highly attractive category with five of the top 10 selling
global ice cream brands.

 (unaudited)    Turnover  USG   UVG   UPG   Acquisitions  Disposals  Currency  Turnover change
 First Quarter  €1.8bn    4.0%  1.8%  2.2%  -%            (1.6)%     0.4%      2.8%

Ice Cream underlying sales grew 4.0% with 1.8% from volume and 2.2% from
price. The positive performance reflects strong innovations and the continued
improvement in our operations as we approach the summer season.

In-home Ice Cream (approximately 60% of total Ice Cream sales) delivered
mid-single digit growth with positive volume and price. Out-of-home Ice Cream
(around 40% of total Ice Cream sales) grew low-single digit driven by price.

Magnum grew mid-single digit supported by the introduction of its Utopia
range, featuring new flavours, Double Cherry and Double Hazelnut. Yasso grew
double-digit and expanded its Poppables and Bars ranges to new flavours.

This quarter saw the rollout and introduction of several premium products,
including further expansion of Magnum Bon Bons into additional European
markets, the launch of Cornetto's Disk cones in Europe and Australia, and Ben
& Jerry's launch of a larger, shareable size and new Sundae flavours.

 

 First Quarter Review: Geographical Areas

 

                      First Quarter 2025
 (unaudited)          Turnover   USG    UVG    UPG
 Unilever             €14.8bn    3.0%   1.3%   1.7%
 Asia Pacific Africa  €6.5bn     2.0%   0.6%   1.3%
 The Americas         €5.4bn     4.2%   1.1%   3.1%
 Europe               €2.9bn     3.2%   3.0%   0.2%

 

                    First Quarter 2025
 (unaudited)        Turnover  USG    UVG     UPG
 Emerging markets   €8.6bn    2.0%   (0.1)%  2.1%
 Developed markets  €6.2bn    4.5%   3.3%    1.2%
 North America      €3.3bn    6.2%   4.0%    2.1%
 Latin America      €2.1bn    1.5%   (3.0)%  4.6%

Asia Pacific Africa (44% of Q1 Group turnover)

Underlying sales growth was 2.0%, with 0.6% from volume and 1.3% from price.

India grew 3% with 2% underlying volume growth. Beauty & Wellbeing and
Personal Care delivered low-single digit growth, led by continued strong
growth in Hair Care and price-led growth in Skin Cleansing. Low-single digit
growth in Home Care was driven by strong volume growth and partially offset by
negative price. Foods declined low-single digit due, driven by Horlicks.

China declined high-single digit on the back of broad-based market weakness.
In this environment, we continued to focus on strengthening our business. We
are accelerating portfolio premiumisation through innovations in our Power
Brands and serving emerging channels better, through social-first demand
creation and direct-to-consumer models. At the same time, we have been
transforming our go-to-market approach with a tailored customer development
organisation and digital selling tools for our salesforce and distributors, to
serve fast-growing e-commerce channels and smaller format stores in lower tier
cities.

Growth in South East Asia was muted as high-single digit growth in the
Philippines was offset by a (6.6)% decline in Indonesia. We are making
progress with the operational turnaround in Indonesia, correcting misaligned
pricing across channels, resetting stock levels in retail, and addressing
long-standing portfolio issues. This is not a short-term fix, but we continue
to expect to see Indonesia and China contribute to growth from the second half
of 2025.

Turkey, which remains hyperinflationary, continued to deliver double-digit
growth with positive price and volume growth. Africa had a more muted start to
the year, affected by a decline in its biggest market South Africa.

The Americas (36% of Q1 Group turnover)

Underlying sales growth was 4.2%, with 1.1% from volume and 3.1% from price.

North America grew 6.2%, with volume up 4.0%, benefiting from the multi-year
transformation of our North American portfolio which showed resilience in
spite of declining consumer sentiment. Growth was led by the continued success
of our Wellbeing brands and by premiumisation of our brands in Personal Care.
Performance in Deodorants was supported by the roll out of our whole body
innovation across brands, expanding the deodorant segment beyond underarms.
All five Business Groups grew in the first quarter.

Latin America grew 1.5%, with 4.6% price and negative volumes of (3.0)%.
Economic conditions and sentiment worsened across the region, with very high
real interest rates prompting retailers to reduce stocks, especially in
Brazil. As a result, our biggest market Brazil declined slightly, while volume
growth in Mexico and Argentina turned negative. Home Care declined in the
quarter. Growth in the other Business Groups was positive and price-led, with
Beauty & Wellbeing and Personal Care lapping strong prior year comparators
of double-digit volume growth.

Europe (20% of Q1 Group turnover)

Underlying sales growth was 3.2%, with volume growth of 3.0% and price of
0.2%.

Home Care continued to deliver high-single digit growth supported by its
strong innovation programme across Fabric Cleaning and Fabric Enhancers.
Personal Care and Ice Cream grew mid-single digits, led by volume, with Ice
Cream seeing the benefit of operational improvements and distribution gains
ahead of the summer season. Foods declined slightly amidst weaker consumer
demand. By country, Italy and Poland started strongly into the year, while
growth in the United Kingdom was virtually flat against a strong prior year
comparator.

 

 Segment Information - Business Groups

 

 (unaudited)
 First Quarter                                       Beauty & Wellbeing      Personal Care  Home Care  Foods  Ice Cream  Total
 Turnover (€ million)
 2024                                                3,187                   3,409          3,191      3,388  1,788      14,963
 2025                                                3,280                   3,260          3,057      3,393  1,838      14,828
 Change (%)                                          2.9                     (4.4)          (4.2)      0.1    2.8        (0.9)
 Impact of:
 Acquisitions (%)                                    0.3                     -              -          -      -          0.1
 Disposals (%)                                       (1.5)                   (7.1)          (2.5)      (0.5)  (1.6)      (2.8)
 Currency-related items (%), of which:               0.1                     (2.1)          (2.6)      (0.9)  0.4        (1.1)
 Exchange rates changes (%)                          (0.6)                   (2.5)          (3.1)      (1.5)  (1.0)      (1.8)
 Extreme price growth in hyperinflationary markets*  0.7                     0.5            0.5        0.6    1.5        0.7
 Underlying sales growth (%)                         4.1                     5.1            0.9        1.6    4.0        3.0
 Price* (%)                                          1.5                     2.4            -          2.7    2.2        1.7
 Volume (%)                                          2.5                     2.7            1.0        (1.1)  1.8        1.3

* Underlying price growth in excess of 26% per year in hyperinflationary
economies has been excluded when calculating the price growth in the tables
above, and an equal and opposite amount is shown as extreme price growth in
hyperinflationary markets.

Turnover growth is made up of distinct individual growth components namely
underlying sales, currency impact, acquisitions and disposals. Turnover growth
is arrived at by multiplying these individual components on a compounded basis
as there is a currency impact on each of the other components. Accordingly,
turnover growth is more than just the sum of the individual components.

 

 Segment Information - Geographical Areas

 

 (unaudited)
 First Quarter                                       Asia Pacific Africa  The Americas  Europe  Total
 Turnover (€ million)
 2024                                                6,612                5,502         2,849   14,963
 2025                                                6,486                5,448         2,894   14,828
 Change (%)                                          (1.9)                (1.0)         1.6     (0.9)
 Impact of:
 Acquisitions (%)                                    -                    0.2           -       0.1
 Disposals (%)                                       (3.5)                (2.3)         (2.1)   (2.8)
 Currency-related items (%), of which:               (0.3)                (3.0)         0.6     (1.1)
 Exchange rates changes (%)                          (1.0)                (4.0)         0.6     (1.8)
 Extreme price growth in hyperinflationary markets*  0.6                  1.1           -       0.7
 Underlying sales growth (%)                         2.0                  4.2           3.2     3.0
 Price* (%)                                          1.3                  3.1           0.2     1.7
 Volume (%)                                          0.6                  1.1           3.0     1.3

* Underlying price growth in excess of 26% per year in hyperinflationary
economies has been excluded when calculating the price growth in the tables
above, and an equal and opposite amount is shown as extreme price growth in
hyperinflationary markets.

 

 Dividends

The Board has declared a quarterly interim dividend for Q1 2025 of €0.4528
per Unilever PLC ordinary share or £0.3887 per Unilever PLC ordinary share at
the applicable exchange rate issued by WM/Reuters on 22 April 2025.

The following amounts will be paid in respect of this quarterly interim
dividend on the relevant payment date:

 Per Unilever PLC ordinary share (traded on the London Stock Exchange):  £0.3887
 Per Unilever PLC ordinary share (traded on Euronext in Amsterdam):      €0.4528
 Per Unilever PLC American Depositary Receipt:                           US$0.5201

The pound sterling and US dollar amounts above have been determined using the
applicable exchange rates issued by WM/Reuters on 22 April 2025.

US dollar cheques for the quarterly interim dividend will be mailed on
13 June 2025 to holders of record at the close of business on 16 May 2025.

The quarterly dividend calendar for the remainder of 2025 will be as follows:

                   Announcement     Ex-dividend Date for Ordinary Shares  Ex-dividend Date for ADRs  Record Date       Last Date for DRIP Election  Payment Date

                   Date
 Q1 2025 Dividend  24 April 2025    15 May 2025                           16 May 2025                16 May 2025       22 May 2025                  13 June 2025
 Q2 2025 Dividend  31 July 2025     14 August 2025                        15 August 2025             15 August 2025    21 August 2025               12 September 2025
 Q3 2025 Dividend  23 October 2025  06 November 2025                      07 November 2025           07 November 2025  14 November 2025             05 December 2025

 

 

 Non-GAAP measures

In our financial reporting we use certain measures that are not defined by
generally accepted accounting principles (GAAP) such as IFRS. We believe this
information, along with comparable GAAP measurements, is useful to investors
because it provides a basis for measuring our operating performance, and our
ability to retire debt and invest in new business opportunities. Our
management uses these financial measures, along with the most directly
comparable GAAP financial measures, in evaluating our operating performance
and value creation. Non-GAAP financial measures should not be considered in
isolation from, or as a substitute for, financial information presented in
compliance with GAAP. Wherever appropriate and practical, we provide
reconciliations to relevant GAAP measures. The non-GAAP measures used in this
announcement are underlying sales growth, underlying volume growth and
underlying price growth (see below).

Underlying sales growth (USG)

Underlying sales growth (USG) refers to the increase in turnover for the
period, excluding any change in turnover resulting from acquisitions,
disposals, changes in currency and price growth in excess of 26% in
hyperinflationary economies. Inflation of 26% per year compounded over three
years is one of the key indicators within IAS 29 to assess whether an economy
is deemed to be hyperinflationary. We believe this measure provides valuable
additional information on the underlying sales performance of the business and
is a key measure used internally. The impact of acquisitions and disposals is
excluded from USG for a period of 12 calendar months from the applicable
closing date. Turnover from acquired brands that are launched in countries
where they were not previously sold is included in USG as such turnover is
more attributable to our existing sales and distribution network than the
acquisition itself. The reconciliation of changes in the GAAP measure turnover
to USG is provided on page 8.

Underlying price growth (UPG)

Underlying price growth (UPG) is part of USG and means, for the applicable
period, the increase in turnover attributable to changes in prices during the
period. UPG therefore excludes the impact to USG due to (i) the volume of
products sold; and (ii) the composition of products sold during the period. In
determining changes in price we exclude the impact of price growth in excess
of 26% per year in hyperinflationary economies as explained in USG above. The
measures and the related turnover GAAP measure are set out on page 8.

Underlying volume growth (UVG)

Underlying volume growth (UVG) is part of USG and means, for the applicable
period, the increase in turnover in such period calculated as the sum of (i)
the increase in turnover attributable to the volume of products sold; and (ii)
the increase in turnover attributable to the composition of products sold
during such period. UVG therefore excludes any impact on USG due to changes in
prices. The measures and the related turnover GAAP measure are set out on page
8.

 

 Cautionary Statement

This announcement 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 Unilever Group (the "Group") (including during management
presentations) in connection with this announcement. 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 announcement 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 announcement 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 separation 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 are based on our beliefs, assumptions and
expectations of our future performance, taking into account all information
currently available to us. Forward-looking statements are not predictions of
future events. These beliefs, assumptions and expectations can change as a
result of many possible events or factors, not all of which are known to us.
If a change occurs, our business, financial condition, liquidity and results
of operations may vary materially from those expressed in our forward-looking
statements.

The forward-looking statements speak only as of the date of this announcement.
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.

 

 Enquiries

 

 Media: Media Relations Team                                     Investors: Investor Relations Team
 UK          +44 78 2527 3767  press-office.london@unilever.com  investor.relations@unilever.com
 or          +44 77 7999 9683  jonathan.sibun@teneo.com
 NL          +31 63 029 6394   willemijn.storimans@unilever.com
 or          +31 61 500 8293   fleur-van.bruggen@unilever.com

After the conference call on 24 April 2025 at 8:00 AM (UK time), the webcast
of the presentation will be available at
www.unilever.com/investor-relations/results-and-presentations/latest-results
(file:///C%3A/Users/Alison.Dawson/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/5U73R1VW/www.unilever.com/investor-relations/results-and-presentations/latest-results)
.

This Results Presentation has been submitted to the FCA National Storage
Mechanism and is available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

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