REG - Unilever PLC - Q3 2025 Trading Statement

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RNS Number : 4720E  Unilever PLC  23 October 2025

Unilever Trading Statement - Third Quarter 2025

Broad-based growth, on track for full year outlook

                         Third Quarter 2025           Nine Months 2025
 (unaudited)             USG      Turnover   vs 2024  USG     Turnover   vs 2024
 Unilever                3.9%     €14.7bn    (3.5)%   3.6%    €44.8bn    (3.3)%
 Beauty & Wellbeing      5.1%     €3.2bn     (3.1)%   4.2%    €9.7bn     (1.6)%
 Personal Care           4.1%     €3.3bn     (2.3)%   4.6%    €9.8bn     (4.8)%
 Home Care               3.1%     €2.8bn     (5.3)%   1.9%    €8.7bn     (6.4)%
 Foods                   3.4%     €3.1bn     (2.9)%   2.6%    €9.7bn     (2.2)%
 Ice Cream               3.7%     €2.3bn     (4.2)%   5.1%    €6.9bn     (1.1)%

Third quarter highlights

•      Underlying sales growth 3.9% (4.0% excluding Ice Cream), volume
growth of 1.5% (1.7% excluding Ice Cream)

•      Power Brands underlying sales growth 4.4%, with volume growth of
1.7% and price of 2.6%

•      Turnover €14.7 billion, down (3.5)%, including (1.0)% from net
disposals and (6.1)% from currency

•      Quarterly dividend up 3% vs Q3 2024

•      2025 full year outlook reconfirmed

•      Ice Cream Demerger expected to complete in Q4 2025

Chief Executive Officer statement

"We continued to outperform in developed markets in the third quarter, led by
our strong innovation programme, and, following decisive interventions,
stepped up our emerging markets performance with a return to growth in
Indonesia and China. Growth was broad based across all Business Groups and
driven by our Power Brands.

Our performance excluding Ice Cream showed good sequential improvement, with a
step up in volume growth. We expect to complete the Demerger of the Ice Cream
business by the end of the year. This will create a simpler Unilever, with a
sharper focus and structurally higher margin profile.

We're shaping a brand portfolio that's built for the future - with more
Beauty, Wellbeing and Personal Care, prioritising premium segments and digital
commerce, and anchoring our growth in the US and India. By putting desire at
scale at the core of our strategy, and executing with excellence across every
channel, we're setting Unilever up to win."

Fernando Fernandez

 Outlook

For full year 2025, our outlook is unchanged, and applies both including and
excluding Ice Cream.

We expect underlying sales growth to be within our range of 3% to 5%. Second
half growth is expected to be ahead of the first half, despite subdued market
conditions. This reflects our continued strength in developed markets and
improving performance in emerging markets.

We continue to anticipate an improvement in underlying operating margin for
the full year, with second half margins of at least 18.5% (or at least 19.5%
excluding Ice Cream), a significant improvement versus the second half of
2024.

 Third Quarter Review: Unilever Group

Growth

 (unaudited)    Turnover   USG   UVG   UPG   Acquisitions  Disposals  Currency  Turnover change
 Third Quarter  €14.7bn    3.9%  1.5%  2.4%  0.5%          (1.6)%     (6.1)%    (3.5)%
 Nine Months    €44.8bn    3.6%  1.5%  2.1%  0.3%          (2.3)%     (4.8)%    (3.3)%

Underlying sales growth in the third quarter was 3.9%, with 1.5% from volume
and 2.4% from price. All Business Groups delivered underlying sales growth
above 3% and Power Brands, which contributed 78% of turnover, saw underlying
sales growth of 4.4%, 1.7% from volume and 2.6% from price.

Underlying sales growth was 4.0% excluding Ice Cream, with 1.7% from volume
and 2.2% from price, representing a sequential improvement from 3.1% in the
second quarter.

Beauty & Wellbeing accelerated underlying sales growth to 5.1%, with 2.3%
from volume and 2.7% from price, led by double-digit growth in: Dove hair,
Vaseline, Liquid I.V., Nutrafol, Hourglass, and K18. In Personal Care
underlying sales grew 4.1%, with 1.0% from volume and 3.1% from price, as
Dove's premium innovations in both deodorants and skin cleansing continued to
perform well. Home Care delivered underlying sales growth of 3.1%, with 2.5%
from volume and 0.6% from price, supported by double-digit growth from Cif and
Domestos. In Foods, underlying sales growth of 3.4%, with 1.3% from volume and
2.1% from price, was led by strong momentum in Hellmann's. Ice Cream delivered
3.7% underlying sales growth. This was led by price as the business lapped a
mid-single digit volume comparator.

Developed markets (44% of group turnover) underlying sales growth was 3.7%,
with 2.7% from volume and 1.0% from price. This was led by a strong
performance in North America, with volume-led underlying sales growth of 5.5%
driven by Personal Care and Beauty & Wellbeing. In Europe, underlying
sales growth was 1.1% against a strong comparator in the prior year.

Emerging markets (56% of group turnover) underlying sales growth stepped up
sequentially to 4.1%, 0.6% from volume and 3.5% from price. In India
underlying sales growth was 2%, reflecting a transitory negative impact on
sales growth from Goods and Services Tax reforms. The reforms are anticipated
to support long-term demand improvement across key categories, with trading
conditions expected to normalise from November. China delivered low-single
digit underlying sales growth. We are seeing early success from our more
focused and tailored go-to-market approach and the premiumisation of our
portfolio. Indonesia returned to growth, driven by our extensive reset of the
business and against a softer comparator, with underlying sales growth of
12.7%. Latin America declined (2.5)%, against a backdrop of challenging
economic conditions, and we expect to see improvement during 2026.

Turnover was €14.7 billion, down (3.5)% versus the prior year, including
(6.1)% from currency and (1.0)% from disposals net of acquisitions.

Ice Cream Demerger

The Demerger of Unilever's Ice Cream business will make Unilever a simpler,
more focused company and create a world-leading Ice Cream business, The Magnum
Ice Cream Company (TMICC). As previously announced, there has been a revision
to the timetable for the Demerger as a result of the ongoing US federal
government shutdown. All preparatory work remains on track and progressing
well and we remain committed to and confident of implementing the Demerger in
2025. We will provide further updates on the revised timetable as soon as
practicable.

Qualifying Shareholders that are on the Unilever register of members as at the
Demerger Record Time will receive one TMICC Share for every five Unilever
Shares that they hold. Likewise, qualifying ADS Holders will receive one TMICC
Share for every five Unilever ADSs that they hold.

Upon Demerger Unilever will retain a stake of c.19.9% in TMICC, for a period
of up to five years. Over time, the retained stake will be sold down in an
orderly and considered manner to pay separation costs and maintain capital
flexibility through a reduction in net debt. The retained stake demonstrates
our support and belief in TMICC.

We expect the Ice Cream Business Group to be reported on by Unilever as a
discontinued operation from the fourth quarter.

Unilever share capital consolidation

Unilever expects to consolidate its share capital following completion of the
Demerger, as approved by shareholders on 21 October. This share consolidation,
which will reduce the total number of shares in issue, is designed to maintain
comparability between Unilever's share price, earnings per share and dividends
per share before and after the Demerger. The consolidation is expected to
become effective the day after the commencement of dealings in TMICC shares.

Productivity programme

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. We continue to expect around €650
million of savings by the end of 2025. The remaining €150 million of savings
is to be delivered in 2026. For full year 2025, we now anticipate lower
restructuring costs of around 1.2% of turnover.

Capital allocation

We continue to undertake targeted acquisitions to enhance focus and growth
opportunities in selected areas. In September, we completed the previously
announced acquisition of personal care brand Dr. Squatch as well as the sale
of The Vegetarian Butcher.

The quarterly interim dividend for the third quarter is €0.4528, in line
with Q2 2025 and up 3.0% versus Q3 2024. It is anticipated that Unilever will
pay its quarterly dividend for Q4 2025 in full despite the expected completion
of the Ice Cream Demerger in the fourth quarter.

 Conference Call

Following the release of this trading statement on 23 October 2025 at 7:00 AM
(UK time), there will be a live webcast at 8:00 AM available on the website
www.unilever.com/investor-relations/results-and-presentations/latest-results
(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
 12 February 2026     Q4 and FY 2025 results
 Third Quarter Review: Business Groups

 

                         Third Quarter 2025              Nine Months 2025
 (unaudited)             Turnover   USG    UVG    UPG    Turnover   USG    UVG    UPG
 Unilever                €14.7bn    3.9%   1.5%   2.4%   €44.8bn    3.6%   1.5%   2.1%
 Beauty & Wellbeing      €3.2bn     5.1%   2.3%   2.7%   €9.7bn     4.2%   1.9%   2.2%
 Personal Care           €3.3bn     4.1%   1.0%   3.1%   €9.8bn     4.6%   1.3%   3.3%
 Home Care               €2.8bn     3.1%   2.5%   0.6%   €8.7bn     1.9%   1.6%   0.3%
 Foods                   €3.1bn     3.4%   1.3%   2.1%   €9.7bn     2.6%   0.6%   2.0%
 Ice Cream               €2.3bn     3.7%   -%     3.7%   €6.9bn     5.1%   2.5%   2.6%

Beauty & Wellbeing (22% of Q3 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
 Third Quarter  €3.2bn    5.1%  2.3%  2.7%  0.5%          (1.4)%     (6.9)%    (3.1)%
 Nine Months    €9.7bn    4.2%  1.9%  2.2%  0.4%          (1.4)%     (4.7)%    (1.6)%

Beauty & Wellbeing underlying sales grew 5.1% with 2.3% from volume and
2.7% from price. Growth accelerated versus the first half, led by double-digit
growth in: Dove hair, Vaseline, Liquid I.V., Nutrafol, Hourglass, and K18.

Hair Care was flat, with performance varying across brands. Dove grew
double-digit with balanced volume and price supported by the successful
rollout of its new fibre repair technology range. Tresemme grew low-single
digit as strong momentum in styling and treatments was partially offset by a
volume decline in the US as we took corrective pricing actions. Market
softness in Brazil and China continued to impact Sunsilk and Clear, resulting
in declines for both brands.

Core Skin Care grew mid-single digit with balanced volume and price. Vaseline
grew double-digit, driven by volume. This growth was supported by premium
innovations, including its new Cloud Soft Light Moisturiser in India.

Prestige Beauty grew mid-single digit led by volume as the prestige beauty
market showed gradual improvement. Growth is varied with brands including
Hourglass and K18 continuing to deliver double-digit growth, while Paula's
Choice and Dermalogica returned to low-single digit growth after declining in
the first half.

Wellbeing delivered strong double-digit growth led by Liquid I.V. and
Nutrafol, with significant household penetration gains in both brands. Liquid
I.V.'s sugar-free range, which launched in mid-2023, continues to perform very
well and now accounts for nearly 30% of total brand sales.

Personal Care (22% of Q3 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 multiyear
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
 Third Quarter  €3.3bn    4.1%  1.0%  3.1%  2.0%          (1.9)%     (6.1)%    (2.3)%
 Nine Months    €9.8bn    4.6%  1.3%  3.3%  0.9%          (4.8)%     (5.3)%    (4.8)%

Personal Care underlying sales grew 4.1%, with 1.0% from volume and 3.1% from
price. Strong performance in North America and Asia Pacific Africa was
partially offset by a decline in Latin America. Dove grew mid-single digit
driven by the continued success of its premium innovations.

Deodorants grew low-single digit with positive price and flat volume. North
America remained strong led by Dove, which was supported by the ongoing
development of its whole-body range. This growth was partially offset by a
decline in Latin America, where we continue to gain share despite a decline in
category volume.

Skin Cleansing grew low-single digit driven by price. Dove grew mid-single
digit led by continued success from its premium innovations and the launch of
unique, limited-edition seasonal body wash ranges. Lifebuoy grew low-single
digit as volumes remained subdued following commodity-driven price increases.

Oral Care grew high-single digit, led by Pepsodent and CloseUp. Growth was
supported by continued success in premium innovation including whitening and
naturals ranges.

Home Care (19% of Q3 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
 Third Quarter  €2.8bn    3.1%  2.5%  0.6%  -%            (1.3)%     (7.0)%    (5.3)%
 Nine Months    €8.7bn    1.9%  1.6%  0.3%  -%            (2.2)%     (6.0)%    (6.4)%

Home Care underlying sales grew 3.1%, with 2.5% from volume and 0.6% from
price. Growth was led by sequential improvement in several key markets in Asia
Pacific Africa, while a subdued market and pricing actions taken to restore
competitiveness continued to impact performance in Brazil.

Fabric Cleaning was flat. Europe grew mid-single digit as the rollout of
Wonder Wash continues to drive volume and competitive momentum. Wonder Wash is
expected to reach 30 markets by the end of the year. This growth was partially
offset by Brazil which remained a drag due to slow market conditions and
pricing actions taken to restore competitiveness.

Home & Hygiene grew mid-single digit with balanced volume and price.
Growth was led by Cif and Domestos, both delivering double-digit growth. Cif
Infinite Clean, a multi-purpose cleaner powered by probiotics, has now rolled
out across major European markets and is showing strong early results.

Fabric Enhancers grew high-single digit with continued volume led growth from
Comfort.

Foods (21% of Q3 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
 Third Quarter  €3.1bn    3.4%  1.3%  2.1%  -%            (0.9)%     (5.3)%    (2.9)%
 Nine Months    €9.7bn    2.6%  0.6%  2.0%  -%            (0.7)%     (4.0)%    (2.2)%

Foods underlying sales grew 3.4%, with 1.3% from volume and 2.1% from price.
Growth was led by strong momentum in Hellmann's and a gradual recovery in key
markets in Asia Pacific Africa.

Condiments delivered mid-single digit growth, driven by positive volume and
price. Hellmann's continued to perform well with mid-single digit growth led
by volume. This was supported by competitive growth in developed markets and
the ongoing success of the flavoured mayonnaise range, which grew strong
double-digit, with particularly strong growth in Brazil.

Cooking Aids grew low-single digit, with positive volume and price. Knorr grew
low-single digit supported by continued momentum in the US and the brand's
Unlimited Time Menu campaign, as well as recovery in Indonesia.

Unilever Food Solutions delivered low-single digit growth with positive volume
and price. This was supported by growth in North America and China, which
delivered low-single digit growth in the context of subdued markets.

Ice Cream (16% of Q3 turnover)

In Ice Cream, we are focused on continuing to strengthen the business in
preparation for Ice Cream's demerger in 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
 Third Quarter  €2.3bn    3.7%  -%    3.7%  -%            (2.8)%     (5.0)%    (4.2)%
 Nine Months    €6.9bn    5.1%  2.5%  2.6%  -%            (2.5)%     (3.6)%    (1.1)%

Ice Cream underlying sales grew 3.7%, with 3.7% from price and flat volume as
the business lapped a mid-single digit volume comparator. This competitive
growth was driven by the continued success of its innovations and ongoing
operational improvements.

In-home Ice Cream delivered low-single digit growth while Out-of-home Ice
Cream grew mid-single digit. Cornetto led performance with high-single-digit
growth, supported by the ongoing success of new flavours and formats across
Europe and Asia. Ben & Jerry's grew mid-single digit supported by the
ongoing success of innovations launched in the first half, including new dairy
and non-dairy flavours and Scoopapalooza, a mega pint format driving sharing
occasions in the US. Magnum and Wall's grew low single-digit against a strong
prior year comparator.

As of 1 July, the Ice Cream Business Group transitioned into a standalone
operating company within Unilever: The Magnum Ice Cream Company. The Demerger
of TMICC is expected to complete in 2025.

We expect the Ice Cream Business Group will be reported on by Unilever as a
discontinued operation from the fourth quarter.

 Third Quarter Review: Geographical Areas

 

                      Third Quarter 2025               Nine Months 2025
 (unaudited)          Turnover   USG    UVG     UPG    Turnover   USG    UVG    UPG
 Unilever             €14.7bn    3.9%   1.5%    2.4%   €44.8bn    3.6%   1.5%   2.1%
 Asia Pacific Africa  €6.2bn     6.8%   3.5%    3.1%   €19.0bn    4.6%   2.4%   2.1%
 The Americas         €5.2bn     2.3%   0.4%    1.9%   €16.1bn    3.0%   0.4%   2.7%
 Europe               €3.3bn     1.1%   (0.6)%  1.7%   €9.7bn     2.6%   1.6%   0.9%

 

                    Third Quarter 2025               Nine Months 2025
 (unaudited)        Turnover  USG     UVG     UPG    Turnover   USG     UVG     UPG
 Emerging markets   €8.2bn    4.1%    0.6%    3.5%   €25.2bn    3.2%    0.3%    2.9%
 Developed markets  €6.5bn    3.7%    2.7%    1.0%   €19.6bn    4.1%    3.1%    0.9%
 North America      €3.3bn    5.5%    5.4%    0.1%   €10.1bn    5.4%    4.3%    1.1%
 Latin America      €1.9bn    (2.5)%  (7.3)%  5.2%   €6.0bn     (0.5)%  (5.5)%  5.3%

Asia Pacific Africa (42% of Q3 turnover)

Underlying sales growth was 6.8%, with 3.5% from volume and 3.1% from price.

India underlying sales growth was 2%, with volumes of 0% and price of 2%.
Goods and Services Tax reforms on c. 40% of our business resulted in a
transitory negative impact on sales growth. The reforms are expected to
support long-term demand improvement across key categories, with trading
conditions expected to normalise from November. Business fundamentals remained
strong with share gains amidst stable demand trends.

China grew low-single digit underlying sales growth. We are seeing
improvements from our more focused and tailored go-to-market approach and the
premiumisation of our portfolio.

Indonesia returned to growth, driven by our extensive reset of the business
and against a softer comparator. Underlying sales growth was 12.7% and all
Business Groups grew.

Africa saw mid-single digit growth, benefitting from a more focused approach
and streamlined operating model.

The Americas (35% of Q3 turnover)

Underlying sales growth was 2.3%, with 0.4% from volume and 1.9% from price.

North America's strong momentum continued, with underlying sales growth of
5.5%, and volume growth of 5.4%. Personal Care and Beauty & Wellbeing
continued to lead growth with continued strong volume in deodorants and
Wellbeing. Foods grew low-single digit.

Latin America declined (2.5)%, with negative volumes of (7.3)% in volatile
market conditions. Brazil declined mid-single digit and Mexico declined
high-single digit, both with negative volumes. While markets remain
challenging, we have taken pricing actions to restore competitiveness in
Brazil laundry and have re-focused investments behind our strongest growth
opportunities across the geography. Mexico declined in challenging markets and
Argentina saw price-driven growth against an unstable macroeconomic backdrop.

Europe (23% of Q3 turnover)

Underlying sales growth was 1.1%, with (0.6)% from volume and 1.7% from price.

Europe saw growth across Business Groups, despite a strong prior year
comparator. Home Care continued to lead the growth, supported by the further
roll out of Wonder Wash across the region. Foods was flat as consumer demand
continued to be subdued. By market, the UK and France grew well, while Germany
declined following double-digit growth in the prior year.

 Dividends

The Board has declared a quarterly interim dividend for Q3 2025 of €0.4528
per Unilever PLC ordinary share or £0.3928 per Unilever PLC ordinary share at
the applicable exchange rate issued by WM/Reuters on 21 October 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):  £0.3928
 Per Unilever PLC ordinary share (traded on Euronext in Amsterdam):      €0.4528
 Per Unilever PLC American Depositary Receipt:                           US$0.5258

The pound sterling and US dollar amounts above have been determined using the
applicable exchange rates issued by WM/Reuters on 21 October 2025. The amounts
shown above per Unilever PLC ordinary share or American Depositary Receipt are
based on the current Unilever shares with a nominal value of 3 1/9 pence and
before the impact of the share consolidation as the ratio for the
consolidation cannot be fixed at the time of this announcement.

US dollar cheques for the quarterly interim dividend will be mailed on
05 December 2025 to holders of record at the close of business on
07 November 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
        Q3 2025 Dividend  23 October 2025  06 November 2025                      07 November 2025           07 November 2025  14 November 2025             05 December 2025
 Segment Information - Business Groups

 

 (unaudited)
 Third Quarter                                       Beauty & Wellbeing      Personal Care  Home Care  Foods  Ice Cream  Total
 Turnover (€ million)
 2024                                                3,276                   3,393          2,993      3,201  2,383      15,246
 2025                                                3,175                   3,316          2,835      3,109  2,283      14,718
 Change (%)                                          (3.1)                   (2.3)          (5.3)      (2.9)  (4.2)      (3.5)
 Impact of:
 Acquisitions (%)                                    0.5                     2.0            -          -      -          0.5
 Disposals (%)                                       (1.4)                   (1.9)          (1.3)      (0.9)  (2.8)      (1.6)
 Currency-related items (%), of which:               (6.9)                   (6.1)          (7.0)      (5.3)  (5.0)      (6.1)
 Exchange rates changes (%)                          (7.2)                   (6.5)          (7.6)      (5.7)  (6.3)      (6.7)
 Extreme price growth in hyperinflationary markets*  0.2                     0.4            0.7        0.4    1.4        0.6
 Underlying sales growth (%)                         5.1                     4.1            3.1        3.4    3.7        3.9
 Price* (%)                                          2.7                     3.1            0.6        2.1    3.7        2.4
 Volume (%)                                          2.3                     1.0            2.5        1.3    -          1.5

 

 Nine Months                                         Beauty & Wellbeing      Personal Care  Home Care  Foods  Ice Cream  Total
 Turnover (€ million)
 2024                                                9,817                   10,349         9,326      9,890  6,996      46,378
 2025                                                9,659                   9,853          8,732      9,669  6,916      44,829
 Change (%)                                          (1.6)                   (4.8)          (6.4)      (2.2)  (1.1)      (3.3)
 Impact of:
 Acquisitions (%)                                    0.4                     0.9            -          -      -          0.3
 Disposals (%)                                       (1.4)                   (4.8)          (2.2)      (0.7)  (2.5)      (2.3)
 Currency-related items (%), of which:               (4.7)                   (5.3)          (6.0)      (4.0)  (3.6)      (4.8)
 Exchange rates changes (%)                          (5.0)                   (5.8)          (6.6)      (4.5)  (4.7)      (5.3)
 Extreme price growth in hyperinflationary markets*  0.4                     0.5            0.6        0.5    1.2        0.6
 Underlying sales growth (%)                         4.2                     4.6            1.9        2.6    5.1        3.6
 Price* (%)                                          2.2                     3.3            0.3        2.0    2.6        2.1
 Volume (%)                                          1.9                     1.3            1.6        0.6    2.5        1.5

* 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)
 Third Quarter                                       Asia Pacific Africa  The Americas  Europe  Total
 Turnover (€ million)
 2024                                                6,493                5,478         3,275   15,246
 2025                                                6,181                5,230         3,307   14,718
 Change (%)                                          (4.8)                (4.5)         1.0     (3.5)
 Impact of:
 Acquisitions (%)                                    0.2                  0.7           0.9     0.5
 Disposals (%)                                       (3.3)                (0.1)         (0.7)   (1.6)
 Currency-related items (%), of which:               (8.1)                (7.2)         (0.4)   (6.1)
 Exchange rates changes (%)                          (9.0)                (7.5)         (0.4)   (6.7)
 Extreme price growth in hyperinflationary markets*  1.0                  0.3           -       0.6
 Underlying sales growth (%)                         6.8                  2.3           1.1     3.9
 Price* (%)                                          3.1                  1.9           1.7     2.4
 Volume (%)                                          3.5                  0.4           (0.6)   1.5

 

 Nine Months                                         Asia Pacific Africa  The Americas  Europe  Total
 Turnover (€ million)
 2024                                                19,869               16,950        9,559   46,378
 2025                                                19,001               16,091        9,737   44,829
 Change (%)                                          (4.4)                (5.1)         1.9     (3.3)
 Impact of:
 Acquisitions (%)                                    0.1                  0.3           0.6     0.3
 Disposals (%)                                       (3.7)                (1.2)         (1.4)   (2.3)
 Currency-related items (%), of which:               (5.2)                (7.0)         0.2     (4.8)
 Exchange rates changes (%)                          (6.0)                (7.6)         0.2     (5.3)
 Extreme price growth in hyperinflationary markets*  0.8                  0.7           -       0.6
 Underlying sales growth (%)                         4.6                  3.0           2.6     3.6
 Price* (%)                                          2.1                  2.7           0.9     2.1
 Volume (%)                                          2.4                  0.4           1.6     1.5

* 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.

 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 9 and 10.

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 9 and 10.

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
9 and 10.

 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 77 4249 0136  press-office.london@unilever.com  investor.relations@unilever.com
 or          +44 77 7999 9683  jonathan.sibun@teneo.com
 NL          +31 61 500 8293   fleur-van.bruggen@unilever.com

After the conference call on 23 October 2025 at 8:00 AM (UK time), the webcast
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(www.unilever.com/investor-relations/results-and-presentations/latest-results)
.

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