REG - Unilever PLC - 2025 First Half Results
Thu 07:01
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RNS Number : 2846T Unilever PLC 31 July 2025
2025 First Half Results
First half performance supports full year confidence
Underlying performance GAAP measures
(unaudited) 2025 vs 2024 2025 vs 2024
First Half
Underlying sales growth (USG) 3.4% Turnover €30.1bn (3.2)%
Beauty & Wellbeing 3.7% Beauty & Wellbeing €6.5bn (0.8)%
Personal Care 4.8% Personal Care €6.5bn (5.9)%
Home Care 1.3% Home Care €5.9bn (6.7)%
Foods 2.2% Foods €6.6bn (1.8)%
Ice Cream 5.9% Ice Cream €4.6bn 0.2%
Underlying operating profit €5.8bn (4.8)% Operating profit €5.3bn (10.6)%
Underlying operating margin 19.3% (30)bps Operating margin 17.6% (150)bps
Underlying earnings per share €1.59 (2.1)% Diluted earnings per share €1.42 (3.7)%
Free cash flow €1.1bn €(1.1)bn Net profit €3.8bn (5.1)%
Second Quarter
USG 3.8% Turnover €15.4bn (4.6)%
Quarterly dividend payable in September 2025 €0.4528 per share((a))
(a) See note 9 for more information on dividends
First half highlights
• Underlying sales growth (USG) of 3.4%, with volume growth of
1.5% and price of 1.9%
• Turnover of €30.1 billion, down (3.2)%; with adverse currency
(4.0)% and net disposals (2.5)%
• Strong gross margin of 45.7% fuelled increased brand &
marketing investment up 40bps to 15.5%
• Underlying operating margin of 19.3%, down (30)bps against the
strong prior year comparator
• Underlying EPS decreased (2.1)% to €1.59, diluted EPS
decreased (3.7)%
• Free cash flow €1.1 billion, reflecting lower operating
profit, Ice Cream separation costs and higher working capital
• Productivity programme ahead of plan, delivering a cumulative
c.€650 million savings by end 2025
• Quarterly dividend up 3% vs Q2 2024; €1.5 billion share
buyback completed
• Ice Cream operational separation completed, on track for
demerger in mid-November
Chief Executive Officer statement
"Our continued outperformance in developed markets and the positive impact of
our decisive interventions in emerging markets, accelerated our growth in the
second quarter to 3.8%, with positive volume growth across all business
groups.
This brought first half underlying sales growth to 3.4%, balanced across
volume and price. A strong gross margin and productivity gains ahead of plan
fuelled increased investment in our brands and premium innovations.
Our first half performance positions us well for the full year. In the second
half, we expect further acceleration in emerging markets, particularly in
Asia, and sustained momentum in developed markets.
We are on track to demerge Ice Cream by mid-November, with the operational
separation now complete and competitive performance improving.
Looking ahead, our priorities are clear: more Beauty & Wellbeing and
Personal Care; disproportionate investment in the US and India; and, a sharper
focus on premium segments and digital commerce. We are building a marketing
and sales machine that drives desire at scale in our power brands and ensures
execution excellence across all channels to deliver consistent volume growth
and gross margin expansion."
Fernando Fernandez
Outlook
For full year 2025, we expect underlying sales growth to be within our range
of 3% to 5%, with second half growth ahead of the first half despite subdued
market conditions. This is supported by our continued strength in developed
markets and improving performance in emerging markets, notably in India,
Indonesia and China.
We anticipate an improvement in underlying operating margin for the full year,
with second half margins of at least 18.5%, a significant improvement versus
the second half of 2024.
The macroeconomic and currency environment is uncertain and we will be agile
in adjusting our plans as necessary.
First Half Review: Unilever Group
Growth
(unaudited) Turnover USG UVG UPG A&D Currency Turnover change
First Half €30.1bn 3.4% 1.5% 1.9% (2.5)% (4.0)% (3.2)%
Second Quarter €15.4bn 3.8% 1.8% 2.0% (2.4)% (5.8)% (4.6)%
Underlying sales growth in the first half was 3.4%, with 1.5% from volume and
1.9% from price. Growth improved sequentially during the period to 3.8% in the
second quarter, with volume of 1.8% and price of 2.0%. Power Brands
contributed over 75% of turnover, growing 3.8% in the first half, with 1.6%
from volume and 2.1% from price.
Beauty & Wellbeing grew underlying sales 3.7%, with 1.7% from volume and
2.0% from price, led by the continued strong performance of our Wellbeing
business, which more than offset subdued growth in beauty. Personal Care grew
4.8%, with 1.4% from volume and 3.3% from price, with Dove growing high-single
digit. Home Care underlying sales increased 1.3%, with 1.1% from volume and
0.2% from price, led by strong momentum in Europe which was partially offset
by a decline in Latin America. Underlying sales growth in Foods was 2.2%, with
0.3% from volume and 1.9% from price, with improved growth in the second
quarter. Ice Cream grew 5.9%, with 3.8% from volume and 2.0% from price, as we
continue to enhance the fundamentals of the business, with improved execution
and impactful innovations.
Developed markets (44% of group turnover) continued to perform well, with
underlying sales growth of 4.3%, with 3.4% from volume and 0.9% from price.
The second quarter was the fourth consecutive quarter of USG above 4% in
developed markets. Volume growth was broad-based, with a strong performance in
North America driven by Personal Care and Wellbeing, and volume growth in
Europe led by Home Care.
Emerging markets (56% of group turnover) grew underlying sales 2.8%, with 0.2%
from volume and 2.6% from price. India underlying sales grew 4% on a
consolidated basis(1), with underlying sales growth of 5% in the second
quarter as market conditions gradually improved while we continued to gain
market share. China declined low-single digit and Indonesia declined (4.8)% in
the first half. However, we saw sequential improvement in the second quarter
and we expect both countries to accelerate further in the second half. Latin
America grew 0.5% with an acceleration of currency related price increases
impacting volumes. Argentina growth was offset by Brazil and Mexico, as
economic conditions continued to deteriorate in the first half.
Turnover was €30.1 billion, down (3.2)% versus the prior year, including
(4.0)% from currency and (2.5)% from disposals net of acquisitions. The
currency impact during the first half was primarily driven by Latin American
currencies and the Turkish Lira depreciating against the Euro. In the second
quarter, the depreciation of the US dollar against the Euro led to elevated
currency impact versus the first quarter.
(1) Previously reported on a standalone basis, excluding subsidiaries.
Profitability
(unaudited) UOP UOP growth UOM% Change in UOM OP OP growth OM% Change in OM
First Half €5.8bn (4.8)% 19.3% (30)bps €5.3bn (10.6)% 17.6% (150)bps
Underlying operating profit was €5.8 billion, a reduction of (4.8)% versus
the prior year. Underlying operating margin of 19.3% was (30)bps against the
strong prior year comparator.
We delivered a gross margin of 45.7%, which was flat compared to a strong
performance in the first half of 2024 and sequentially up versus where we
closed 2024. This reflects continued efforts to drive structural gross margin
improvements and benefitted from higher than expected net productivity and
procurement savings in the first half. Brand and marketing investment was up
40bps to 15.5% of turnover, as we continue to invest competitively behind our
brands and innovations. Overheads improved by 10bps, as productivity and
tighter cost control more than offset inflation and costs associated with
setting up and running Ice Cream as a standalone business.
Operating profit was €5.3 billion, down (10.6)% versus 2024, reflecting
higher acquisition and disposal costs and lower profit on disposals.
Ice Cream demerger
Ice Cream began operating on a standalone basis on 1(st) July. We are on track
to complete the demerger in mid-November 2025. This will transform Unilever
into a more focused organisation and create a world-leading Ice Cream
business, The Magnum Ice Cream Company.
The Magnum Ice Cream Company (TMICC) will be led by Peter ter Kulve as CEO and
Abhijit Bhattacharya as CFO. Jean-François van Boxmeer, TMICC's Chair
Designate, is in the process of appointing Non-executive Directors of the
Board of TMICC, to be announced during Q3.
TMICC will hold a Capital Markets Day in London on 9(th) September where it
will set out its business strategy and investment case. In association with
the demerger, Unilever will publish a Shareholder Circular in October which
will set out formal information on the demerger. Prospectuses will be
published around one week before the demerger and listing date, which we
expect in mid-November. The Ice Cream Business Group will be reported on by
Unilever as a discontinued operation from the fourth quarter.
Upon demerger, Unilever will retain a <20% stake in TMICC, subject to
regulatory approvals, 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.
Subject to shareholder approval, Unilever intends to consolidate its share
capital following completion of the demerger. 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.
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 expect to realise around €650
million of savings by the end of 2025. The remaining €150 million of savings
will be delivered in 2026.
Capital allocation
We continue to undertake targeted acquisitions to enhance focus and growth
opportunities in selected areas.
In January, 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. The acquisition was completed in April.
In March, Unilever announced it has agreed the sale of The Vegetarian Butcher,
a non-strategic asset, given its limited scalability.
Enhancing our Personal Care portfolio in premium and high growth spaces,
Unilever acquired Wild in April and announced that it has signed an agreement
to acquire Dr. Squatch in June.
The quarterly interim dividend for the second quarter is €0.4528, in line
with the Q1 2025 dividend and up 3.0% versus Q2 2024. The €1.5 billion share
buyback programme, announced and commenced in February, was completed at the
end of May.
Conference Call
Following the release of this trading statement on 31 July 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
(http://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
9 September 2025 The Magnum Ice Cream Company Capital Markets Day
23 October 2025 Third quarter trading statement
First Half Review: Business Groups
First Half 2025 Second Quarter 2025
(unaudited) Turnover USG UVG UPG UOM% Change in UOM Turnover USG UVG UPG
Unilever €30.1bn 3.4% 1.5% 1.9% 19.3% (30)bps €15.4bn 3.8% 1.8% 2.0%
Beauty & Wellbeing €6.5bn 3.7% 1.7% 2.0% 19.4% (60)bps €3.2bn 3.4% 1.0% 2.4%
Personal Care €6.5bn 4.8% 1.4% 3.3% 22.1% (90)bps €3.3bn 4.5% 0.2% 4.3%
Home Care €5.9bn 1.3% 1.1% 0.2% 15.5% (80)bps €2.9bn 1.8% 1.3% 0.4%
Foods €6.6bn 2.2% 0.3% 1.9% 23.3% 100bps €3.2bn 2.8% 1.7% 1.0%
Ice Cream €4.6bn 5.9% 3.8% 2.0% 14.2% (40)bps €2.8bn 7.1% 5.0% 1.9%
Beauty & Wellbeing (21% of 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 A&D Currency Turnover change UOM% Change in UOM
First Half €6.5bn 3.7% 1.7% 2.0% (1.0)% (3.4)% (0.8)% 19.4% (60)bps
Second Quarter €3.2bn 3.4% 1.0% 2.4% (0.9)% (6.1)% (3.7)%
Beauty & Wellbeing underlying sales grew 3.7% with 1.7% from volume and
2.0% from price. Growth was led by continued momentum in Wellbeing, which was
partially offset by subdued growth in beauty.
Hair Care was flat, with low-single digit price offset by a decline in volume.
Dove grew mid-single digit, supported by a significant relaunch featuring
fibre repair technology and refreshed packaging. Growth was offset by a
decline in Clear, which was impacted by slow market growth in China, and a
volume decline in TRESemmé.
Core Skin Care delivered low-single digit growth, with performance varying
across brands and markets. Vaseline and Dove grew double-digit supported by
innovation and strong execution. Growth was partially offset by declines in
China and Indonesia, where we are resetting our business.
Wellbeing delivered strong double-digit growth for the 21(st) consecutive
quarter. Performance was led by Liquid I.V. and Nutrafol, as both brands
continued to expand household penetration and deliver successful multi-year
innovations, including Liquid I.V.'s sugar free platform.
Prestige Beauty was flat as the prestige beauty market remained subdued.
Hourglass, Tatcha, and K18 continued to grow double-digit while Paula's Choice
and Dermalogica declined.
Underlying operating profit was €1.3 billion, down (3.7)% versus the prior
year. Underlying operating margin decreased (60)bps as we increased brand and
marketing investment behind key innovations and market development while gross
margin remained flat to last year.
Personal Care (22% of 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 multiyear
innovation platforms, leveraging partnerships with our customers, and
expanding into premium areas and digital channels.
(unaudited) Turnover USG UVG UPG A&D Currency Turnover change UOM% Change in UOM
First Half €6.5bn 4.8% 1.4% 3.3% (5.8)% (4.6)% (5.9)% 22.1% (90)bps
Second Quarter €3.3bn 4.5% 0.2% 4.3% (4.6)% (6.3)% (6.6)%
Personal Care underlying sales grew 4.8%, with 1.4% from volume and 3.3% from
price. Performance was led by Dove which grew high-single digit with strong
volume and positive price. Second quarter volumes were impacted by a decline
in Latin America where significant share gains were offset by subdued markets.
Deodorants grew low-single digit with positive volume and price. Volume growth
in North America and Europe was offset by a decline in Latin America. Dove
grew double-digit with high-single digit volume, supported by the launch of
whole-body deodorants.
Skin Cleansing grew low-single digit, led by price. Dove grew mid-single
digit, driven by continued success of its multi-year innovations, including
its premium serum shower collection. Lifebuoy declined as volumes were
impacted by commodity-driven price increases.
Oral Care grew mid-single digit led by mid-single digit growth in Pepsodent
and Close Up.
Underlying operating profit was €1.4 billion, down (9.8)% versus the prior
year. This included the impact from disposals such as Elida Beauty, which
reduced Personal Care turnover by (5.8)% in the first half. Underlying
operating margin decreased (90)bps as a slight improvement in gross margin was
offset by a strong step-up in brand investment, particularly in the US and
premium segments.
Home Care (20% of 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 A&D Currency Turnover change UOM% Change in UOM
First Half €5.9bn 1.3% 1.1% 0.2% (2.7)% (5.4)% (6.7)% 15.5% (80)bps
Second Quarter €2.9bn 1.8% 1.3% 0.4% (2.9)% (6.8)% (8.0)%
Home Care underlying sales grew 1.3%, with 1.1% from volume and 0.2% from
price. Growth improved in the second quarter, supported by continued good
growth in Europe and a sequential improvement in key markets in Asia. This
improvement was partially offset by a decline in Latin America.
Fabric Cleaning declined low-single digit, with slight decreases in both
volume and price. Performance was impacted by challenging market conditions in
Brazil, Home Care's second-largest market, as volumes declined due to
headwinds from recent price increases and some destocking. Wonder Wash
continued to perform well, having now launched in 22 markets.
Home & Hygiene grew mid-single digit, with strong performances from Cif
and Domestos. Cif was supported by the launch of its Infinite Clean range in
key European markets. Infinite Clean is a multi-purpose reloadable cleaner
powered by probiotics that break down dirt for up to three days.
Fabric Enhancers grew high-single digit, led by volume, as Comfort continued
to perform well.
Underlying operating profit was €0.9 billion, down (11.2)% versus the prior
year. Underlying operating margin decreased (80)bps due to a decline in gross
margin as we lapped a particularly strong prior year comparator which
benefitted from carryover pricing and easing commodity costs.
Foods (22% of 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 A&D Currency Turnover change UOM% Change in UOM
First Half €6.6bn 2.2% 0.3% 1.9% (0.7)% (3.2)% (1.8)% 23.3% 100bps
Second Quarter €3.2bn 2.8% 1.7% 1.0% (0.8)% (5.0)% (3.1)%
Foods underlying sales grew 2.2%, with 0.3% from volume and 1.9% from price.
Growth improved in the second quarter, led by continued momentum in Hellmann's
and volume gains in Unilever Food Solutions.
Cooking Aids grew low-single digit, driven by price with flat volume. Volume
turned positive in the second quarter, led by Knorr, which represents the
majority of Cooking Aids' turnover.
Condiments delivered low-single digit growth, driven primarily by Hellmann's,
which grew mid-single digit with positive volume and price. Flavoured
mayonnaise remained a key growth driver, with strong performances from several
new variant launches and continued global expansion, now in over 30 markets.
Unilever Food Solutions was flat with positive volume offset by negative
price. Performance was supported by good growth in North America, which was
offset by a decline in China. China was flat in the second quarter following a
mid-single digit decline in the first quarter, which lapped a particularly
strong 2024 that benefitted from a later Chinese New Year.
Underlying operating profit was €1.5 billion, up 2.8% versus the prior year.
Underlying operating margin increased 100bps, with improved productivity
supporting improvements in gross margin and overheads.
Ice Cream (15% of Group turnover)
In Ice Cream, we are focused on continuing to strengthen the business in
preparation for Ice Cream's demerger by mid-November 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 A&D Currency Turnover change UOM% Change in UOM
First Half €4.6bn 5.9% 3.8% 2.0% (2.3)% (3.1)% 0.2% 14.2% (40)bps
Second Quarter €2.8bn 7.1% 5.0% 1.9% (2.7)% (4.8)% (0.8)%
Ice Cream underlying sales grew 5.9%, with 3.8% from volume and 2.0% from
price, as strong innovations and improved execution continue to enhance the
fundamentals of the business.
In-home and Out-of-home Ice Cream both grew mid-single digit, with positive
volume and price. Magnum led performance with double-digit growth, supported
by the successful launch of its Utopia range and continued momentum of its Bon
Bons range. Cornetto grew high-single digit, benefiting from the launch of
Disc cones and its relaunch in H2 2024 with enhanced formulation and new
packaging.
Underlying operating profit was €0.7 billion, down (2.2)% versus the prior
year. Underlying operating margin was down (40)bps due to a gross margin
decline. Operational improvements and pricing offset most of the significant
cost inflation of key commodities, particularly cocoa.
As of 1 July, the Ice Cream Business Group transitioned into a standalone
operating company within Unilever: The Magnum Ice Cream Company. We remain on
track to demerge and separately list the business by mid-November 2025.
First Half Review: Geographical Areas
First Half 2025 Second Quarter 2025
(unaudited) Turnover USG UVG UPG Turnover USG UVG UPG
Unilever €30.1bn 3.4% 1.5% 1.9% €15.4bn 3.8% 1.8% 2.0%
Asia Pacific Africa €12.8bn 3.5% 1.9% 1.6% €6.3bn 5.1% 3.1% 1.9%
The Americas €10.9bn 3.4% 0.4% 3.0% €5.5bn 2.6% (0.3)% 3.0%
Europe €6.4bn 3.4% 2.8% 0.6% €3.6bn 3.5% 2.6% 0.8%
First Half 2025 Second Quarter 2025
(unaudited) Turnover USG UVG UPG Turnover USG UVG UPG
Emerging markets €17.0bn 2.8% 0.2% 2.6% €8.5bn 3.6% 0.5% 3.1%
Developed markets €13.1bn 4.3% 3.4% 0.9% €6.9bn 4.1% 3.4% 0.7%
North America €6.8bn 5.4% 3.7% 1.6% €3.5bn 4.6% 3.4% 1.1%
Latin America €4.1bn 0.5% (4.6)% 5.3% €2.0bn (0.4)% (6.1)% 6.0%
Asia Pacific Africa (43% of Group turnover)
Underlying sales growth was 3.5%, with 1.9% from volume and 1.6% from price.
India grew 4% on a consolidated basis(2), with underlying volume growth of 3%.
Performance improved sequentially during the half, with underlying sales
growth of 5% in the second quarter, driven by volumes of 4%. Market conditions
gradually improved and we continued to gain market share. Growth was led by
our premium portfolio in Beauty & Wellbeing and Personal Care while Home
Care continued to deliver strong volume.
China underlying sales declined low-single digit, amidst ongoing market
weakness across categories. The actions we are taking to strengthen our
go-to-market approach and accelerate the premiumisation of our portfolio are
showing early signs of success. We expect the business to continue to improve
in the second half of the year.
In Indonesia, underlying sales declined (4.8)%. Our extensive turnaround of
the business, built on operational improvements, stronger brands and a step up
in execution, has started to generate sequential improvements. We expect
Indonesia to contribute to growth in the second half of the year.
Turkey continued to deliver double-digit growth with positive volume and price
across all Business Groups. Growth in Africa was low-single digit, driven by
price.
(2) Previously reported on a standalone basis, excluding subsidiaries. On a
standalone basis, first half underlying sales growth was 3% with volumes of
3%, and second quarter underlying sales growth was 4% with volumes of 3%.
The Americas (36% of Group turnover)
Underlying sales growth was 3.4%, with 0.4% from volume and 3.0% from price.
North America grew 5.4%, led by 3.7% from volume, benefitting from the
multi-year transformation of our North America portfolio which showed
resilience in spite of weaker consumer sentiment. Growth was led by the
ongoing success of our Wellbeing brands as well as competitive growth in skin
cleansing and deodorants in Personal Care. Foods saw low-single digit growth
across both cooking aids and condiments, with continued momentum in
Hellmann's.
Latin America grew 0.5%, with 5.3% from price and (4.6)% from volume. Economic
conditions in the region were volatile, particularly in Brazil and Mexico our
two largest markets, which both declined low-single digit partially offsetting
price-led growth in Argentina. In Brazil, volumes declined mid-single digit as
a step-up in price put pressure on volumes, amidst weakening consumer
sell-out.
Europe (21% of Group turnover)
Underlying sales growth was 3.4%, with 2.8% from volume and 0.6% from price.
Europe continued to perform well, driven by mid-single digit growth in Home
Care, with further roll out of the Wonder Wash range and Cif innovations
across the region, and in Ice Cream, supported by improved execution and
impactful innovations. Foods was flat as consumer demand remained weak. Growth
was broad-based across countries, with positive volumes across all our largest
European markets.
Additional commentary on the financial statements - First Half
Finance costs and tax
Net finance costs decreased by €38 million to €320 million in 2025. This
was largely driven by a lower cost of debt and higher pension income,
partially offset by lower interest income. As a result, net finance costs were
2.5% on average net debt. For the full year 2025, we expect net finance costs
of around 3% on average net debt.
The underlying effective tax rate for the first half decreased to 25.2% from
26.0% in the prior year, due to a number of factors including lower
unrecognised losses, benefits from tax settlements, and other one-off items.
The effective tax rate was 25.9%, down from 28.6% in the prior year. For the
full year 2025, our guidance for the underlying effective tax rate remains
around 26%.
Joint ventures, associates and other income from non-current investments
Net profit from joint ventures and associates was €146 million, an increase
of €8 million compared to 2024. Other income from non-current investments
was negative at €(31) million, versus €(5) million in the prior year, due
to currency movements.
Earnings per share
Underlying earnings per share decreased (2.1)% to €1.59, including (5.1)% of
adverse currency. The increase excluding adverse currency reflects a reduction
in the average number of shares driven by the share buyback programme, which
contributed 1.5%, and benefits from lower tax and net finance costs. Diluted
earnings per share of €1.42 decreased by (3.7)% versus the prior year.
Restructuring costs
Restructuring costs were €239 million in the first half, a slight decrease
from €248 million in the prior year. For full year 2025, we anticipate
restructuring costs of around 1.4% of turnover as we deliver the productivity
programme ahead of plan.
Free cash flow
Free cash flow in the first half of 2025 was €1.1 billion, versus €2.2
billion delivered in the first half of 2024. This reflected the decrease in
operating profit in the first half, Ice Cream separation costs and a higher
outflow in working capital to support supply chain resilience against an
uncertain tariff scenario. Capital expenditure and income tax were largely
flat. For the full year 2025, we continue to expect cash conversion of around
100%.
Net debt
Closing net debt was €26.4 billion compared to €24.5 billion at 31
December 2024. This translated into a net debt / underlying EBITDA ratio of
2.1x. The increase in net debt was driven by dividends paid and the €1.5
billion share buyback programme executed during the first half, which was
partially offset by free cash flow delivery.
Pensions
Pension assets net of liabilities were in surplus of €3.1 billion at 30 June
2025, versus a surplus of €3.0 billion at the end of 2024. The increase was
primarily driven by a moderate return from growth assets, with increases in
interest rates that reduced liabilities more than assets.
Share buyback programme
In February 2025, we announced a share buyback programme of up to €1.5
billion to be completed on or before 6 June 2025. The programme commenced on
13 February 2025 and was completed on 30 May 2025. We repurchased 27,815,955
ordinary shares which are held by Unilever as treasury shares.
Finance and liquidity
In the first six months of 2025, the following notes matured and were repaid:
• January: €650 million 0.50% fixed rate notes
• March: $350 million 3.375% fixed rate notes and €1,000 million
1.25% fixed rate notes
The following note was issued:
• May: €700 million 2.75% fixed rate notes due May 2030 and
€800 million 3.375% fixed rate notes due May 2035
On 30 June 2025, Unilever had undrawn revolving 364-day bilateral credit
facilities in aggregate of $5,200 million and €2,600 million with a 364-day
term out.
Non-GAAP measures
Certain discussions and analyses set out in this announcement include measures
which 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, 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.
Unilever uses 'constant rate', and 'underlying' measures primarily for
internal performance analysis and targeting purposes. We present certain
items, percentages and movements, using constant exchange rates, which exclude
the impact of fluctuations in foreign currency exchange rates. We calculate
constant currency values by translating both the current and the prior period
local currency amounts using the prior year average exchange rates into euro,
except for the local currency of entities that operate in hyperinflationary
economies. These currencies are translated into euros using the prior year
closing exchange rate before the application of IAS 29.
The table below shows exchange rate movements in our key markets.
Half year average rate in 2025 Half year average rate in 2024
Brazilian real (€1 = BRL) 6.281 5.478
Chinese yuan (€1 = CNY) 7.895 7.732
Indian rupee (€1 = INR) 93.749 90.004
Indonesia rupiah (€1 = IDR) 17,874 17,180
Mexican peso (€1 = MXN) 21.788 18.445
Philippine peso (€1 = PHP) 62.192 61.459
Turkish lira (€1 = TRY) 40.649 34.187
UK pound sterling (€1 = GBP) 0.842 0.855
US dollar (€1 = US$) 1.088 1.082
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 of turnover to USG is as
follows:
(unaudited) Beauty & Wellbeing Personal Care Home Care Foods Ice Cream Total
Second Quarter
Turnover (€ million)
2024 3,343 3,531 3,113 3,289 2,815 16,091
2025 3,219 3,296 2,865 3,187 2,792 15,359
Turnover growth (%) (3.7) (6.6) (8.0) (3.1) (0.8) (4.6)
Effect of acquisitions (%) 0.4 0.8 - - - 0.2
Effect of disposals (%) (1.2) (5.3) (2.9) (0.8) (2.7) (2.6)
Effect of currency-related items (%), of which: (6.1) (6.3) (6.8) (5.0) (4.8) (5.8)
Exchange rates changes (%) (6.3) (7.0) (7.3) (5.4) (5.6) (6.3)
Extreme price growth in hyperinflationary markets* (%) 0.3 0.7 0.5 0.5 0.8 0.6
Underlying sales growth (%) 3.4 4.5 1.8 2.8 7.1 3.8
First Half
Turnover (€ million)
2024 6,539 6,953 6,328 6,687 4,610 31,117
2025 6,489 6,545 5,904 6,568 4,621 30,127
Turnover growth (%) (0.8) (5.9) (6.7) (1.8) 0.2 (3.2)
Effect of acquisitions (%) 0.3 0.4 - - - 0.2
Effect of disposals (%) (1.3) (6.2) (2.7) (0.7) (2.3) (2.7)
Effect of currency-related items (%), of which: (3.4) (4.6) (5.4) (3.2) (3.1) (4.0)
Exchange rates changes (%) (3.8) (5.2) (5.8) (3.7) (4.1) (4.6)
Extreme price growth in hyperinflationary markets* (%) 0.5 0.6 0.5 0.5 1.1 0.6
Underlying sales growth (%) 3.7 4.8 1.3 2.2 5.9 3.4
(unaudited) Asia Pacific Africa The Americas Europe Total
Second Quarter
Turnover (€ million)
2024 6,732 5,924 3,435 16,091
2025 6,335 5,488 3,536 15,359
Turnover growth (%) (5.9) (7.4) 2.9 (4.6)
Effect of acquisitions (%) 0.2 - 0.8 0.2
Effect of disposals (%) (4.3) (1.3) (1.6) (2.6)
Effect of currency-related items (%), of which: (6.6) (8.5) 0.3 (5.8)
Exchange rates changes (%) (7.3) (9.1) 0.3 (6.3)
Extreme price growth in hyperinflationary markets* (%) 0.7 0.7 - 0.6
Underlying sales growth (%) 5.1 2.6 3.5 3.8
First Half
Turnover (€ million)
2024 13,370 11,463 6,284 31,117
2025 12,795 10,903 6,429 30,127
Turnover growth (%) (4.3) (4.9) 2.3 (3.2)
Effect of acquisitions (%) 0.1 0.1 0.4 0.2
Effect of disposals (%) (3.9) (1.8) (1.8) (2.7)
Effect of currency-related items (%), of which: (3.9) (6.4) 0.4 (4.0)
Exchange rates changes (%) (4.6) (7.3) 0.4 (4.6)
Extreme price growth in hyperinflationary markets* (%) 0.7 0.9 - 0.6
Underlying sales growth (%) 3.5 3.4 3.4 3.4
*Underlying price growth in excess of 26% per year in hyperinflationary
economies has been excluded when calculating the underlying sales 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.
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.
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.
Non-underlying items
Some of our non-GAAP measures are adjusted to exclude items defined as
non-underlying. Management considers non-underlying items to be significant,
unusual or non-recurring in nature and so believe that separately identifying
them helps users to better understand the financial performance of the Group
from period to period.
• Non-underlying items within operating profit are: gains or
losses on business disposals, acquisition and disposal related costs,
restructuring costs, impairments and other approved one-off items within
operating profit classified here due to their nature and frequency.
• Non-underlying items not in operating profit but within net
profit are: net monetary gain/(loss) arising from hyperinflationary economies
and significant and unusual items in net finance cost, share of profit/(loss)
of joint ventures and associates and taxation.
• Non-underlying items after tax is calculated as non-underlying
items within operating profit after tax plus non-underlying items not in
operating profit but within net profit after tax.
Consequently, within underlying operating profit we exclude the following
items:
• Restructuring costs are costs that are directly attributable to
a restructuring project. Management define a restructuring project as a
strategic, major initiative that delivers cost savings and materially change
either the scope of the business or the manner in which the business is
conducted.
• Acquisitions and disposal related costs are costs that are
directly attributable to a business acquisition or disposal project.
• Impairment of assets including goodwill, intangible assets and
property, plant and equipment.
• Gains or losses from the disposal of group companies which arise
from business disposal projects.
• Other approved one-off items are those additional matters
considered by management to be significant and outside the course of normal
operations.
The breakdown of non-underlying items is shown below:
€ million First Half
(unaudited) 2025 2024
Non-underlying items within operating profit before tax (491) (152)
Acquisition and disposal-related costs((a)) (239) (58)
Gain on disposal of group companies((b)) 47 155
Restructuring costs((c)) (239) (248)
Impairments((d)) (51) -
Other (9) (1)
Tax on non-underlying items within operating profit 101 (51)
Non-underlying items within operating profit after tax (390) (203)
Non-underlying items not in operating profit but within net profit before tax (17) (160)
Interest related to the UK tax audit of intangible income and centralised - (3)
services
Net monetary loss arising from hyperinflationary economies (17) (157)
Tax impact of non-underlying items not in operating profit but within net (10) (4)
profit, including non-underlying tax items
Non-underlying items not in operating profit but within net profit after tax (27) (164)
Non-underlying items after tax (417) (367)
Attributable to:
Non-controlling interests (9) (1)
Shareholders' equity (408) (366)
(a) 2025 includes a charge of €59 million relating to the revaluation of
the minority interest liability of Nutrafol and Oziva, and €117 million
related to the Ice Cream separation.
(b) 2025 net gain arises from the disposals of Conimex and Mondamin Sweets.
2024 includes a gain of €151 million related to the disposal of Elida
Beauty.
(c) In 2024, we announced the launch of our company-wide productivity
programme that will impact around 7,500 jobs and support margin improvement
through specific interventions. The majority of the costs incurred that relate
to the Productivity programme were for redundancy and are recognised as
restructuring costs in line with our policy. The remaining cost comprise
technology and supply chain projects.
(d) 2025 includes an impairment charge of €42 million relating to REN.
Underlying operating profit (UOP) and underlying operating margin (UOM)
Underlying operating profit and underlying operating margin mean operating
profit and operating margin before the impact of non-underlying items within
operating profit. Underlying operating profit represents our measure of
segment profit or loss as it is the primary measure used for making decisions
about allocating resources and assessing performance of the segments. The
reconciliation of operating profit to underlying operating profit is as
follows:
€ million First Half
(unaudited) 2025 2024
Operating profit 5,315 5,948
Non-underlying items within operating profit 491 152
Underlying operating profit 5,806 6,100
Turnover 30,127 31,117
Operating margin (%) 17.6 19.1
Underlying operating margin (%) 19.3 19.6
Underlying effective tax rate
The underlying effective tax rate is calculated by dividing taxation excluding
the tax impact of non-underlying items by profit before tax excluding the
impact of non-underlying items and share of net (profit)/loss of joint
ventures and associates. This measure reflects the underlying tax rate in
relation to profit before tax excluding non-underlying items before tax and
share of net profit/(loss) of joint ventures and associates. Tax impact on
non-underlying items within operating profit is the sum of the tax on each
non-underlying item, based on the applicable country tax rates and tax
treatment. This is shown in the following table:
€ million First Half
(unaudited) 2025 2024
Taxation 1,282 1,550
Tax impact of:
Non-underlying items within operating profit((a)) 101 (51)
Non-underlying items not in operating profit but within net profit((a)) (10) (4)
Taxation before tax impact of non-underlying items 1,373 1,495
Profit before taxation 5,093 5,566
Share of net (profit)/loss of joint ventures and associates (146) (138)
Profit before tax excluding share of net profit/(loss) of joint ventures and 4,947 5,428
associates
Non-underlying items within operating profit before tax((a)) 491 152
Non-underlying items not in operating profit but within net profit before tax 17 160
Profit before tax excluding non-underlying items before tax and share of net 5,455 5,740
profit/(loss) of joint ventures and associates
Effective tax rate (%) 25.9 28.6
Underlying effective tax rate (%) 25.2 26.0
(a) See page 14.
Underlying earnings per share
Underlying earnings per share (underlying EPS) is calculated as underlying
profit attributable to shareholders' equity divided by the diluted average
number of ordinary shares. In calculating underlying profit attributable to
shareholders' equity, net profit attributable to shareholders' equity is
adjusted to eliminate the post-tax impact of non-underlying items. This
measure reflects the underlying earnings for each share unit of the Group.
Refer to note 5 for reconciliation of net profit attributable to shareholders'
equity to underlying profit attributable to shareholders' equity.
The reconciliation of net profit attributable to shareholders' equity to
underlying profit attributable to shareholders' equity is as follows:
€ million First Half
(unaudited) 2025 2024
Net profit 3,811 4,016
Non-controlling interest (299) (315)
Net profit attributable to shareholders' equity - used for basic and diluted 3,512 3,701
earnings per share
Post-tax impact of non-underlying items attributable to shareholders' equity 408 366
Underlying profit attributable to shareholders' equity - used for basic and 3,920 4,067
diluted earnings per share
Adjusted average number of shares (millions of share units) 2,473.2 2,511.0
Diluted EPS (€) 1.42 1.47
Underlying EPS - diluted (€) 1.59 1.62
Net debt
Net debt is a measure that provides valuable additional information on the
summary presentation of the Group's net financial liabilities. Net debt is
defined as the excess of total financial liabilities, excluding trade payables
and other current liabilities, over cash, cash equivalents and other current
financial assets, excluding trade and other current receivables, and
non-current financial asset derivatives that relate to financial liabilities.
The reconciliation of total financial liabilities to net debt is as follows:
€ million As at 30 June 2025 As at 31 December 2024 As at 30 June 2024
(unaudited)
Total financial liabilities (32,025) (32,053) (31,654)
Current financial liabilities (7,155) (6,987) (7,643)
Non-current financial liabilities (24,870) (25,066) (24,011)
Cash and cash equivalents as per balance sheet 4,344 6,136 4,970
Cash and cash equivalents as per cash flow statement 4,268 5,950 4,854
Add: bank overdrafts deducted therein 70 180 116
Less: cash and cash equivalents held for sale 6 6 -
Other current financial assets 1,123 1,330 1,445
Non-current financial asset derivatives that relate to financial liabilities 203 68 39
Net debt (26,355) (24,519) (25,200)
Underlying earnings before interest, taxation, depreciation and amortisation
(UEBITDA)
Underlying earnings before interest, taxation, depreciation and amortisation
means operating profit before the impact of depreciation, amortisation and
non-underlying items within operating profit. We only use UEBITDA to assess
our leverage level, which is expressed as net debt to UEBITDA. The
reconciliation of operating profit to UEBITDA is as follows:
€ million First Half
(unaudited) 2025 2024
Net profit 3,811 4,016
Net finance costs 320 358
Net monetary loss arising from hyperinflationary economies 17 157
Share of net profit of joint ventures and associates (146) (138)
Other loss/(income) from non-current investments and associates 31 5
Taxation 1,282 1,550
Operating profit 5,315 5,948
Depreciation and amortisation 795 794
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 6,110 6,742
Non-underlying items within operating profit 491 152
Underlying earnings before interest, taxes, depreciation and amortisation 6,601 6,894
(UEBITDA)
Free cash flow (FCF)
Within the Unilever Group, free cash flow (FCF) is defined as cash flow from
operating activities, less income taxes paid, net capital expenditure and net
interest payments. It does not represent residual cash flows entirely
available for discretionary purposes; for example, the repayment of principal
amounts borrowed is not deducted from FCF. FCF reflects an additional way of
viewing our liquidity that we believe is useful to investors because it
represents cash flows that could be used for distribution of dividends,
repayment of debt or to fund our strategic initiatives, including
acquisitions, if any.
The reconciliation of cash flow from operating activities to FCF is as
follows:
€ million First Half
(unaudited) 2025 2024
Cash flow from operating activities 3,529 4,679
Income tax paid (1,242) (1,315)
Net capital expenditure (633) (710)
Net interest paid (526) (502)
Free cash flow 1,128 2,152
Net cash flow used in investing activities (648) (392)
Net cash flow used in financing activities (2,941) (2,154)
Other Information
This document represents Unilever's half-yearly report for the purposes of the
Disclosure Guidance and Transparency Rules (DTR) issued by the UK Financial
Conduct Authority (DTR 4.2) and the Dutch Act on Financial Supervision,
section 5:25d (8)/(9) (Half-yearly financial reports). In this context: (i)
the condensed consolidated financial statements can be found on pages 21 to
31; (ii) pages 3 to 17 comprise the interim management report; and (iii) the
Directors' responsibility statement can be found on page 19. This report has
been reviewed in accordance with ISRE 2410 by our external auditors. No
material related party transactions have taken place in the first six months
of the year.
Principal Risk Factors
On pages 52 to 59 of our 2024 Annual Report and Accounts we set out our
assessment of the principal risk issues that would face the business under the
headings: brand preference; portfolio management; climate change; plastic
packaging; customer; talent; supply chain; safe and high quality products;
systems and information; business transformation; economic and political
instability; treasury and tax; ethical; and legal and regulatory. In our view,
the nature and potential impact of such risks remain essentially unchanged as
regards our performance over the second half of 2025.
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.
Directors' Responsibility Statement
The Directors declare that, to the best of their knowledge:
• these condensed consolidated financial statements, which have
been prepared in accordance with IAS 34 'Interim Financial Reporting', as
issued by the International Accounting Standard Board and endorsed and adopted
by the UK and the EU gives a true and fair view of the assets, liabilities,
financial position and profit or loss of Unilever; and
• the interim management report gives a fair review of the
information required pursuant to regulations 4.2.7 and 4.2.8 of the Disclosure
Guidance and Transparency Rules (DTR) issued by the UK Financial Conduct
Authority and section 5:25d (8)/(9) of the Dutch Act on Financial Supervision
(Wet op het financieel toezicht).
Unilever's Directors are listed in the Annual Report and Accounts for 2024.
Details of all current Directors are available on our website at
www.unilever.com.
By order of the Board
Fernando Fernandez
Chief Executive Officer
31 July 2025
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 7990 9683 jonathan.sibun@teneo.com
NL +31 61 500 8293 fleur-van.bruggen@unilever.com
After the conference call on 31 July 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
(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.
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) uk
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) /#/nsm/
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .
Independent Review Report to Unilever PLC
Conclusion
We have been engaged by Unilever PLC ("the Company") to review the condensed
consolidated financial statements of Unilever PLC and its subsidiaries
("Group") in the 2025 First Half Results for the six months ended 30 June 2025
which comprises the consolidated income statement, the consolidated statement
of comprehensive income, the consolidated statement of changes in equity, the
consolidated balance sheet, the consolidated cash flow statement and the
related explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed consolidated financial statements in the 2025 First
Half Results for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with IAS 34 Interim Financial Reporting as
adopted for use in the UK and the Disclosure Guidance and Transparency Rules
("the DTR") of the UK's Financial Conduct Authority ("the UK FCA").
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the UK.
A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. We read the other information
contained in the 2025 First Half Results and consider whether it contains any
apparent misstatements or material inconsistencies with the information in the
condensed consolidated financial statements.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention that causes us to believe that the directors
have inappropriately adopted the going concern basis of accounting, or that
the directors have identified material uncertainties relating to going concern
that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410. However, future events or conditions may cause the Group to
cease to continue as a going concern, and the above conclusions are not a
guarantee that the Group will continue in operation.
Directors' responsibilities
The 2025 First Half Results is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the 2025 First
Half Results in accordance with the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards Board (IASB) and
UK-adopted international accounting standards.
The directors are responsible for preparing the condensed consolidated
financial statements included in the 2025 First Half Results in accordance
with IAS 34 as adopted for use in the UK.
In preparing the condensed consolidated financial statements, the directors
are responsible for assessing the Group's ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to
liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
consolidated financial statements in the 2025 First Half Results based on
our review. Our conclusion, including our conclusions relating to going
concern, are based on procedures that are less extensive than audit
procedures, as described in the Basis for conclusion section of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the DTR of the
UK FCA. Our review has been undertaken so that we might state to the Company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company for our review work, for this
report, or for the conclusions we have reached.
Jonathan Mills
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London, E14 5GL
30 July 2025
Consolidated income statement
€ million First Half
(unaudited) 2025 2024 Change
Turnover 30,127 31,117 (3.2)%
Operating profit 5,315 5,948 (10.6)%
Net finance costs (320) (358)
Pensions and similar obligations 57 35
Finance income 179 217
Finance costs (556) (610)
Net monetary loss arising from hyperinflationary economies (17) (157)
Share of net profit of joint ventures and associates 146 138
Other loss from non-current investments and associates (31) (5)
Profit before taxation 5,093 5,566 (8.5)%
Taxation (1,282) (1,550)
Net profit 3,811 4,016 (5.1)%
Attributable to:
Non-controlling interests 299 315
Shareholders' equity 3,512 3,701 (5.1)%
Earnings per share
Basic earnings per share (euros) 1.43 1.48 (3.7)%
Diluted earnings per share (euros) 1.42 1.47 (3.7)%
Consolidated statement of comprehensive income
€ million First Half
(unaudited) 2025 2024
Net profit 3,811 4,016
Other comprehensive income
Items that will not be reclassified to profit or loss, net of tax:
(Losses)/gains on equity instruments measured at fair value through other (45) 31
comprehensive income
Remeasurement of defined benefit pension plans (37) 201
Items that may be reclassified subsequently to profit or loss, net of tax:
(Losses)/gains on cash flow hedges (95) 58
Currency retranslation gains/(losses) (2,113) 756
Total comprehensive income 1,521 5,062
Attributable to:
Non-controlling interests 25 379
Shareholders' equity 1,496 4,683
Consolidated statement of changes in equity
(unaudited)
€ million Called Share Unification Other Retained Total Non- Total
up share premium reserve reserves profit controlling equity
capital account interest
First half - 2025
1 January 2025 88 52,844 (73,364) (9,299) 49,721 19,990 2,565 22,555
Profit or loss for the period - - - - 3,512 3,512 299 3,811
Other comprehensive income, net of tax:
Equity instruments (losses)/gains - - - (45) - (45) - (45)
Cash flow hedges (losses)gains - - - (94) - (94) (1) (95)
Remeasurements of defined benefit pension plans - - - - (33) (33) (4) (37)
Currency retranslation (losses)/gains((a)) - - - (1,788) (56) (1,844) (269) (2,113)
Total comprehensive income - - - (1,927) 3,423 1,496 25 1,521
Dividends on ordinary capital - - - - (2,233) (2,233) - (2,233)
Repurchase of shares((b)) - - - (1,510) - (1,510) - (1,510)
Movements in treasury shares((c)) - - - 1 (145) (144) - (144)
Share-based payment credit((d)) - - - - 162 162 - 162
Dividends paid to non-controlling interests - - - - - - (279) (279)
Hedging loss/(gain) transferred to non-financial assets - - - (70) - (70) 1 (69)
Other movements in equity((e)) - - - 331 (228) 103 (175) (72)
30 June 2025 88 52,844 (73,364) (12,474) 50,700 17,794 2,137 19,931
First half - 2024
1 January 2024 88 52,844 (73,364) (8,518) 47,052 18,102 2,662 20,764
Profit or loss for the period - - - - 3,701 3,701 315 4,016
Other comprehensive income, net of tax:
Equity instruments gains/(losses) - - - 31 - 31 - 31
Cash flow hedges gains/(losses) - - - 58 - 58 - 58
Remeasurements of defined benefit pension plans - - - - 200 200 1 201
Currency retranslation gains/(losses)((a)) - - - 10 683 693 63 756
Total comprehensive income - - - 99 4,584 4,683 379 5,062
Dividends on ordinary capital - - - - (2,136) (2,136) - (2,136)
Repurchase of shares((b)) - - - (375) - (375) - (375)
Movements in treasury shares((c)) - - - 25 (100) (75) - (75)
Share-based payment credit((d)) - - - - 164 164 - 164
Dividends paid to non-controlling interests - - - - - - (354) (354)
Hedging loss/(gain) transferred to non-financial assets - - - 1 - 1 - 1
Other movements in equity((f)) - - - (59) 3 (56) 28 (28)
30 June 2024 88 52,844 (73,364) (8,827) 49,567 20,308 2,715 23,023
(a) 2025 includes a hyperinflation adjustment of €(43) million (2024:
€680 million) in relation to Argentina and Turkey.
(b) Repurchase of shares reflects the cost of acquiring ordinary shares as
part of the share buyback program on 8 February 2024 and 13 February 2025.
(c) Includes purchases and sales of treasury shares, other than the share
buyback programme and the transfer from treasury shares to retained profit of
share-settled schemes arising from prior years and differences between
purchase and grant price of share awards.
(d) The share-based payment credit relates to the non-cash charge recorded
against operating profit in respect of the fair value of share options and
awards granted to employees.
(e) Includes the impact on the minority liability and non-controlling
interest following the step-up acquisitions of Nutrafol, Welly and Equilibra.
(f) Includes the following items related to the acquisition of K18:
€(59) million non-controlling interest purchase option in other reserves
and €28 million non-controlling interest recognised on acquisition.
Consolidated balance sheet
(unaudited)
€ million As at 30 June 2025 As at 31 December 2024 As at 30 June 2024
Non-current assets
Goodwill 20,611 22,311 22,009
Intangible assets 17,430 18,590 19,092
Property, plant and equipment 10,940 11,669 11,098
Pension asset for funded schemes in surplus 4,083 4,164 3,837
Deferred tax assets 1,110 1,280 1,055
Financial assets 1,570 1,571 1,506
Other non-current assets 1,065 971 1,014
56,809 60,556 59,611
Current assets
Inventories 5,502 5,177 5,621
Trade and other current receivables 7,691 6,011 7,999
Current tax assets 389 373 168
Cash and cash equivalents 4,344 6,136 4,970
Other financial assets 1,123 1,330 1,445
Assets held for sale 141 167 18
19,190 19,194 20,221
Total assets 75,999 79,750 79,832
Current liabilities
Financial liabilities 7,155 6,987 7,643
Trade payables and other current liabilities 16,297 16,690 17,209
Current tax liabilities 903 678 721
Provisions 698 831 557
Liabilities held for sale 46 48 -
25,099 25,234 26,130
Non-current liabilities
Financial liabilities 24,870 25,066 24,011
Non-current tax liabilities 399 585 494
Pensions and post-retirement healthcare liabilities:
Funded schemes in deficit 93 173 144
Unfunded schemes 938 1,021 1,002
Provisions 537 571 581
Deferred tax liabilities 3,929 4,342 4,263
Other non-current liabilities 203 203 184
30,969 31,961 30,679
Total liabilities 56,068 57,195 56,809
Equity
Shareholders' equity 17,795 19,990 20,308
Non-controlling interests 2,136 2,565 2,715
Total equity 19,931 22,555 23,023
Total liabilities and equity 75,999 79,750 79,832
Consolidated cash flow statement
(unaudited) First Half
€ million 2025 2024
Net profit 3,811 4,016
Taxation 1,282 1,550
Share of net (profit)/loss of joint ventures/associates and other (115) (133)
(income)/loss from non-current investments and associates
Net monetary loss/(gain) arising from hyperinflationary economies 17 157
Net finance costs 320 358
Operating profit 5,315 5,948
Depreciation, amortisation and impairment 846 794
Changes in working capital (2,746) (2,127)
Inventories (833) (435)
Trade and other receivables (2,323) (2,159)
Trade payables and other liabilities 410 467
Pensions and similar obligations less payments 27 36
Provisions less payments (148) 35
Elimination of (profits)/losses on disposals (40) (135)
Non-cash charge for share-based compensation 162 164
Other adjustments 113 (36)
Cash flow from operating activities 3,529 4,679
Income tax paid (1,242) (1,315)
Net cash flow from operating activities 2,287 3,364
Interest received 183 189
Purchase of intangible assets (48) (98)
Purchase of property, plant and equipment (701) (617)
Disposal of property, plant and equipment 116 5
Acquisition of businesses and investments in joint ventures and associates (458) (797)
Disposal of businesses, joint ventures and associates 73 489
Acquisition of other non-current investments (64) (108)
Disposal of other non-current investments 55 47
Dividends from joint ventures, associates and other non-current investments 118 94
Sale/(purchase) of financial assets 78 404
Net cash flow used in investing activities (648) (392)
Dividends paid on ordinary share capital (2,234) (2,136)
Interest paid (709) (691)
Net change in short-term borrowings 2,673 850
Additional financial liabilities 2,080 3,016
Repayment of financial liabilities (2,450) (2,297)
Capital element of lease rental payments (180) (191)
Repurchase of shares (1,510) (375)
Other financing activities (611) (330)
Net cash flow used in financing activities (2,941) (2,154)
Net (decrease)/increase in cash and cash equivalents (1,302) 818
Cash and cash equivalents at the beginning of the period 5,950 4,045
Effect of foreign exchange rate changes (380) (9)
Cash and cash equivalents at the end of the period 4,268 4,854
Notes to the condensed consolidated financial statements
(unaudited)
1. Accounting information and policies
These condensed consolidated financial statements are prepared in accordance
with IAS 34 'Interim Financial Reporting' as issued by the International
Accounting Standards Board (IASB) and as adopted for use in the UK.
As required by the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority, the condensed consolidated financial statements have been
prepared applying the accounting policies and presentation that were applied
in the preparation of the Group's published consolidated financial statements
for the year ended 31 December 2024. In preparing these condensed consolidated
financial statements, judgements and estimates that affect the application of
accounting policies used by management have remained consistent with those
applied in the consolidated financial statements for the year ended 31
December 2024.
These condensed consolidated financial statements have been reviewed by our
independent auditor KPMG LLP.
Management has produced forecasts which have been modelled for different
plausible scenarios. These scenarios confirm the Group is able to generate
profits and cash in the year ended 31 December 2025 and beyond. Unilever has
€4.3 billion of cash and cash equivalents, of which €0.9 billion is held
in central finance companies for maximum flexibility. In addition, the Group
has committed credit facilities in place for general corporate purposes. The
undrawn bilateral committed credit facilities in place on 30 June 2025 were
$5.2 billion and €2.6 billion. As a result, the Directors have a reasonable
expectation that the Group has adequate resources to meet its obligations as
they fall due for a period of at least 12 months from the date of signing
these financial statements. Accordingly, they continue to adopt the going
concern basis in preparing the half year financial statements.
The condensed consolidated financial statements are shown at current exchange
rates with year-on-year changes shown to facilitate comparison. The
consolidated income statement on page 21, the consolidated statement of
comprehensive income on page 21, the consolidated statement of changes in
equity on page 22 and the consolidated cash flow statement on page 24 are
translated at exchange rates current in each period. The consolidated balance
sheet on page 23 is translated at period-end rates of exchange.
The condensed consolidated financial statements attached do not constitute the
full financial statements within the meaning of section 434 of the UK
Companies Act 2006. The comparative figures for the financial year ended 31
December 2024 are not Unilever PLC's statutory accounts for that financial
year. The annual financial statements of the Group are prepared in accordance
with international financial reporting standards (IFRS) as issued by the
International Accounting Standards Board (IASB) and UK adopted international
accounting standards and in accordance with the requirements of the UK
Companies Act 2006. Those accounts for the year ended 31 December 2024 have
been reported on by the Group's auditor and delivered to the Registrar of
Companies. The report of the auditor on these accounts was (i) unqualified,
(ii) did not include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying their report, and (iii) did
not contain a statement under section 498 (2) or (3) of the UK Companies Act
2006.
Recent accounting developments adopted by the Group
All standards or amendments to the standards that have been issued by the IASB
and were effective 1 January 2025 were not applicable or material to Unilever.
New standards, amendments and interpretations of existing standards that are
not yet effective and have not been early adopted by the Group
Upcoming amendments to IFRS 9 and IFRS 7 'The Classification and Measurement
of Financial instruments' effective 1 January 2026 and IFRS 18 Presentation
and Disclosure in Financial Statements effective 1 January 2027 have been
released, but these have not yet been adopted by the Group. The Group is
currently assessing their impact on the financial results and position of the
Group.
All other new standards or amendments that are not yet effective that have
been issued by the IASB are not applicable or material to Unilever.
2. Segment information - Business Groups
Second Quarter Beauty & Wellbeing Personal Care Home Care Foods Ice Cream Total
Turnover (€ million)
2024 3,343 3,531 3,113 3,289 2,815 16,091
2025 3,219 3,296 2,865 3,187 2,792 15,359
Change (%) (3.7) (6.6) (8.0) (3.1) (0.8) (4.6)
First Half Beauty & Wellbeing Personal Care Home Care Foods Ice Cream Total
Turnover (€ million)
2024 6,539 6,953 6,328 6,687 4,610 31,117
2025 6,489 6,545 5,904 6,568 4,621 30,127
Change (%) (0.8) (5.9) (6.7) (1.8) 0.2 (3.2)
Operating profit (€ million)
2024 1,269 1,696 963 1,423 597 5,948
2025 1,063 1,349 839 1,511 553 5,315
Underlying operating profit (€ million)
2024 1,305 1,601 1,031 1,491 672 6,100
2025 1,256 1,444 915 1,533 658 5,806
Underlying operating profit represents our measure of segment profit or loss
as it is the primary measure used for the purpose of making decisions about
allocating resources and assessing performance of segments.
3. Segment information - Geographical area
Second Quarter Asia Pacific Africa The Americas Europe Total
Turnover (€ million)
2024 6,732 5,924 3,435 16,091
2025 6,335 5,488 3,536 15,359
Change (%) (5.9) (7.4) 2.9 (4.6)
First Half Asia Pacific Africa The Americas Europe Total
Turnover (€ million)
2024 13,370 11,463 6,284 31,117
2025 12,795 10,903 6,429 30,127
Change (%) (4.3) (4.9) 2.3 (3.2)
4. Taxation
The effective tax rate for the first half is 25.9% compared with 28.6% in
2024. The tax rate is calculated by dividing the tax charge by pre-tax profit
excluding the contribution of joint ventures and associates.
5. Earnings per share
The earnings per share calculations are based on the average number of share
units representing the ordinary shares of PLC in issue during the period, less
the average number of shares held as treasury shares.
In calculating diluted earnings per share, a number of adjustments are made to
the number of shares, principally the exercise of share plans by employees.
Earnings per share for total operations for the six months were calculated as
follows:
First Half
2025 2024
EPS - Basic
Net profit attributable to shareholders' equity (€ million) 3,512 3,701
Average number of shares (millions of share units) 2,462.2 2,499.9
EPS - basic (€) 1.43 1.48
EPS - Diluted
Net profit attributable to shareholders' equity (€ million) 3,512 3,701
Adjusted average number of shares (millions of share units) 2,473.2 2,511.0
EPS - diluted (€) 1.42 1.47
During the period the following movements in shares have taken place:
Millions
Number of shares at 31 December 2024 (net of treasury shares) 2,475.6
Shares repurchased under the share buyback programme (27.8)
Net movements in shares under incentive schemes 4.0
Number of shares at 30 June 2025 (net of treasury shares) 2,451.8
6. Acquisitions and disposals
In the first half of 2025, the Group completed the following business
acquisitions and disposals:
Deal completion date Acquired/disposed business
1 April 2025 Acquired 100% of Wild, a U.K. based company known for its natural, refillable
deodorants, lip balms, body washes, and handwashes. The acquisition marks
another step in the optimisation of Unilever's portfolio towards premium and
high growth spaces.
1 April 2025 Sold Conimex brand to Paulig Group. Conimex is an authentic Southeast Asian
cuisine brand with an extensive line of spices, sauces, and meal kits.
1 April 2025 Acquired the remaining 20% of Nutraceutical Wellness, Inc. (Nutrafol),
bringing the Group's ownership to 100%.
21 April 2025 HUL acquired 90.5% of Minimalist, an India based premium actives-led beauty
brand.
The transaction is part of the Beauty & Wellbeing portfolio journey
towards evolving and higher growth demand spaces.
On 23 June 2025, Unilever signed an agreement to acquire the personal care
brand Dr. Squatch from growth equity firm Summit Partners. The transaction is
expected to close in Q4 2025.
7. Share buyback
On 13 February 2025, Unilever PLC announced a new programme to buy back shares
with an aggregate market value equivalent of up to €1.5 billion, to be
completed on or before 6 June 2025. On 30 May 2025, Unilever announced the
completion of its share buyback programme. A total of 27,815,955 ordinary
Unilever PLC shares were purchased with an aggregate market value equivalent
to €1.5 billion.
8. Financial instruments
The Group's Treasury function aims to protect the Group's financial
investments, while maximising returns. The fair value of financial assets is
the same as the carrying amount for 2025 and 2024. The Group's cash resources
and other financial assets are shown below.
30 June 2025 31 December 2024 30 June 2024
Current Non-current Total Current Non-current Total Current Non-current Total
Cash and cash equivalents
Cash at bank and in hand 3,112 - 3,112 3,241 - 3,241 3,601 - 3,601
Short-term deposits((a)) 883 - 883 2,436 - 2,436 981 - 981
Other cash equivalents((b)) 349 - 349 459 - 459 388 - 388
4,344 - 4,344 6,136 - 6,136 4,970 - 4,970
Other financial assets
Financial assets at amortised cost((c)) 478 467 945 736 526 1,262 835 560 1,395
Financial assets at fair value through other comprehensive income((d)) - 537 537 - 600 600 61 525 586
Financial assets at fair value through profit or loss:
Derivatives 157 203 360 149 68 217 79 39 118
Other((e)) 488 363 851 445 377 822 470 382 852
1,123 1,570 2,693 1,330 1,571 2,901 1,445 1,506 2,951
Total financial assets((f)) 5,467 1,570 7,037 7,466 1,571 9,037 6,415 1,506 7,921
(a) Short-term deposits typically have maturity of up to 3 months.
(b) Other cash equivalents include investments in overnight funds and
marketable securities.
(c) Current financial assets at amortised cost include short term deposits
with banks with maturities longer than three months excluding deposits which
are part of a recognised cash management process, fixed income securities and
loans to joint venture entities. Non-current financial assets at amortised
cost include judicial deposits of €174 million (31 December 2024: €196
million; 30 June 2024: €212 million).
(d) Included within non-current financial assets at fair value through other
comprehensive income are equity investments.
(e) Other financial assets at fair value through profit or loss include money
market funds, marketable securities, other capital market instruments
and investments in financial institutions.
(f) Financial assets exclude trade and other current receivables.
The Group is exposed to the risks of changes in fair value of its financial
assets and liabilities. The following tables summarise the fair values and
carrying amounts of financial instruments and the fair value calculations by
category.
€ million Fair value Carrying amount
As at 30 June 2025 As at 31 December 2024 As at 30 June 2024 As at 30 June 2025 As at 31 December 2024 As at 30 June 2024
Financial assets
Cash and cash equivalents 4,344 6,136 4,970 4,344 6,136 4,970
Financial assets at amortised cost 945 1,262 1,395 945 1,262 1,395
Financial assets at fair value through other comprehensive income 537 600 586 537 600 586
Financial assets at fair value through profit and loss:
Derivatives 360 217 118 360 217 118
Other 851 822 852 851 822 852
7,037 9,037 7,921 7,037 9,037 7,921
Financial liabilities
Bank loans and overdrafts (529) (521) (460) (529) (521) (460)
Bonds and other loans (28,696) (28,037) (27,836) (29,169) (28,648) (28,729)
Lease liabilities (1,524) (1,486) (1,358) (1,524) (1,486) (1,358)
Derivatives (614) (594) (537) (614) (594) (537)
Other financial liabilities (189) (804) (570) (189) (804) (570)
(31,552) (31,442) (30,761) (32,025) (32,053) (31,654)
€ million As at 30 June 2025 As at 31 December 2024 As at 30 June 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets at fair value
Financial assets at fair value through other comprehensive income 10 4 523 10 4 586 70 4 512
Financial assets at fair value through profit or loss:
Derivatives((a)) - 420 - - 420 - - 192 -
Other 488 - 363 445 - 377 470 - 382
Liabilities at fair value
Derivatives((b)) - (672) - - (650) - - (586) -
Contingent consideration - - (46) - - (1) - - (8)
(a) Includes €60 million (31 December 2024: €203 million; 30 June 2024:
€74 million) derivatives, reported within trade receivables, that hedge
trading activities.
(b) Includes €(58) million (31 December 2024: €(56) million; 30 June 2024:
€(49) million) derivatives, reported within trade creditors, that hedge
trading activities.
There were no significant changes in classification of fair value of financial
assets and financial liabilities since
31 December 2024. There were also no significant movements between the fair
value hierarchy classifications since 31 December 2024.
The fair value of trade receivables and payables is considered to be equal to
the carrying amount of these items due to their short-term nature. The fair
value of financial assets and financial liabilities (excluding listed bonds)
is considered to be same as the carrying amount for 2025 and 2024.
Calculation of fair values
The fair values of the financial assets and liabilities are defined as the
price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date.
Methods and assumptions used to estimate the fair values are consistent with
those used in the year ended 31 December 2024.
9. Dividends
The Board has declared a quarterly interim dividend for Q2 2025 of €0.4528
per Unilever PLC ordinary share or £0.3916 per Unilever PLC ordinary share at
the applicable exchange rate issued by WM/Reuters on 29 July 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): £0.3916
Per Unilever PLC ordinary share (traded on Euronext in Amsterdam): €0.4528
Per Unilever PLC American Depositary Receipt: US$0.5225
The pound sterling and US dollar amounts above have been determined using the
applicable exchange rates issued by WM/Reuters on 29 July 2025.
US dollar cheques for the quarterly interim dividend will be mailed on
12 September 2025 to holders of record at the close of business on 15 August
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
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
10. Events after the balance sheet date
There are no material post balance sheet events other than those mentioned
elsewhere in this report.
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