First Half Review: Business Groups

Beauty & Wellbeing (25% of Group turnover)

Beauty & Wellbeing underlying sales grew 5.9%, with 4.5% from volume and 1.3% from price. Growth was led by our Power Brands Dove, Sunsilk and Vaseline, which all delivered double-digit volume-led growth, alongside strong performance from our prestige beauty brands. By region, emerging markets delivered consistent high-single digit growth over the first half, with developed markets accelerating in the second quarter to mid-single digit growth.

•      Hair Care delivered high-single digit growth, with mid-single digit volume and low-single digit price. Dove grew double-digit led by its premium innovations, including the Fibre Repair technology range, while our ultra-premium hair care brand, K18, delivered very strong double-digit growth driven by its biotechnology-led innovations. In emerging markets, Sunsilk and Clear accelerated over the first half, with double-digit growth in the second quarter, while in the US, Dove's strong delivery and TRESemmé's improvement led to high-single digit growth in the second quarter. 

•      Skin Care grew low-single digit, driven by volume. Our portfolio continued to premiumise with double-digit growth in Vaseline driven by premium innovations, while our prestige beauty brands accelerated further over the first half, with particularly strong performances from Paula's Choice, Hourglass and Tatcha in the second quarter. This was partially offset by a softer performance in Asia Pacific Africa.

•      Wellbeing grew low-single digit, led by volume, with improved growth in the second quarter. Liquid I.V. grew high-single digit, with double-digit growth in the second quarter reflecting the timing of shipments and good execution. Olly grew double-digit, driven by momentum in emerging markets, digital channels and distribution gains. Nutrafol customer retention remains strong and actions are underway to optimise new customer conversion, including with Nutrafol as a complement to a GLP-1 regimen.

Underlying operating profit was €1.3 billion, up 1.0% versus the prior year. Underlying operating margin increased 10bps to 19.5% as an improvement in overheads was partially offset by a decline in gross margins and an increase in brand and marketing investment behind our Power Brands and premium innovations.

Personal Care (27% of Group turnover)

Personal Care underlying sales grew 4.8%, with 4.1% from volume and 0.7% from price. Our largest brand, Dove, grew high-single digit with good performances in both deodorants and skin cleansing. By region, the US and emerging markets grew mid-single digit, while Europe grew low-single digit. Performance in the second quarter was supported by the success of our FIFA World Cup 2026™ related campaigns and activations. Price growth reflected strong price comparators and planned promotional activity in the second quarter, but is expected to increase in the second half due to higher commodity costs.

•      Deodorants grew mid-single digit, with mid-single digit growth in both developed and emerging markets. The US grew high-single digit supported by share gains. Growth in Brazil was high-single digit in the second quarter, led by volume, following our actions to improve format mix and reset shelf space.

•      Skin Cleansing grew mid-single digit, led by volume. Dove grew high-single digit supported by the success of its premium Serum Body Wash, while Lux grew mid-single digit with premium innovations including a new fragrance-led range in China. By region, mid-single digit growth in emerging markets and in the US was partially offset by a flat performance in Europe.

•      Oral Care grew low-single digit, with balanced volume and price.

Underlying operating profit was €1.5 billion, up 4.8% versus the prior year. Underlying operating margin increased 10bps to 22.2% as investments in FIFA World Cup 2026™ related marketing and promotions partially offset the benefits from lower overheads.

Home Care (23% of Group turnover)

Home Care underlying sales grew 7.6%, with 7.4% from volume and 0.2% from price. This strong performance was broad-based across categories and geographies and supported by share gains, including India reaching its highest ever Home Care share. In our top two markets, we delivered double-digit growth in India and high-single digit growth in Brazil. Power Brands delivered strong performances, including double-digit growth from Cif and high-single digit growth from Dirt Is Good, Comfort, Sunlight, Domestos and Radiant. By region, emerging markets grew high-single digit while developed markets grew low-single digit. In the second quarter, commodity-driven price increases were partially offset by the carryover impacts from corrective actions to restore price gaps in Brazil during 2025.

•      Fabric Cleaning grew high-single digit, with strong performances across its largest markets. India delivered double-digit growth in the first half, with balanced volume and price in the second quarter following commodity-linked price rises. Brazil and Indonesia delivered double-digit growth in the second quarter supported by premium innovations and strong in-market execution. Our second quarter delivery also benefitted from our supply security and balance sheet strength relative to local competitors.

•      Home & Hygiene delivered mid-single digit growth, led by volume. Cif grew double-digit and Domestos grew high-single digit driven by premium innovations.

•      Fabric Enhancers grew high-single digit led by volume. Comfort delivered high-single digit volume-led growth, supported by premium formats and fragrance-led innovation.

Underlying operating profit was €0.9 billion, up 3.2% versus the prior year. Underlying operating margin increased 30bps to 15.8% as significant pressure from commodity and foreign exchange headwinds led to a gross margin decline, which was more than offset by disciplined brand investment and improved overheads.

Foods (25% of Group turnover)

Foods underlying sales grew 1.2%, with 1.2% volume and flat price. This was led by broad-based growth in emerging markets. In the second quarter, growth was below our expectations reflecting softer conditions in developed markets and increased competition in US condiments. India grew mid-single digit led by double-digit growth in Horlicks. Unilever Food Solutions delivered low-single digit volume-led growth with good progress in its largest markets, China and the US, supported by continued investment in expanding our go-to-market footprint. Foods growth is expected to accelerate in the second half of the year, led by innovation and improved developed market performance.

•      Cooking Aids was flat, with flat volume and price. Knorr grew low-single digit as good performance in emerging markets, in particular across Asia Pacific Africa, was partially offset by declines in developed markets due to category softness.

•      Condiments delivered low-single digit growth, led by volume. Hellmann's grew volume low-single digit with continued strong momentum in emerging markets including Brazil and Asia Pacific Africa. In the US condiments category, we are taking steps to correct recent share loss in new growth segments within premium and avocado mayonnaise. Growth is expected to improve in the second half led by innovation and commodity-driven price increases.

•      Unilever Food Solutions grew low-single digit, led by volume. China delivered low-single digit growth reflecting increased reach and penetration and gradual improvements in away-from-home consumption. US grew mid-single digit, driven by volume, reflecting our strong customer proposition.

Underlying operating profit was €1.5 billion, down (4.3)% versus the prior year. Underlying operating margin was flat, as a decline in gross margin, linked to commodity cost inflation and increased investment in our value proposition, was offset by a slight improvement in overheads, while brand and marketing investment remained well above the peer average.

First Half Review: Geographical Areas

Asia Pacific Africa (44% of Group turnover)

Underlying sales growth was 7.3%, with 6.1% from volume and 1.2% from price.

•      India grew 8% on a consolidated basis, with 6% volume. Beauty & Wellbeing and Home Care both grew double-digit and were volume-led. Personal Care and Foods each grew mid-single digit. Growth accelerated to 10% in the second quarter, with balanced volume and price, as we continued to gain market share in value and volume. In the second quarter, both Home Care and hair care reached their highest ever market shares. Horlicks grew double-digit driven by innovation.

•      China grew mid-single digit, led by Beauty & Wellbeing with all Business Groups growing. Our accelerated premiumisation and an expanding presence in fast-growing channels continued to improve performance, although the market remained soft.

•      Indonesia grew 7%, with the second quarter marking its fourth consecutive quarter of growth, driven by focus on high growth segments, social-first demand generation and go-to-market transformation, with improved execution and share performance. Growth was broad-based across Business Groups, led by double-digit growth in Home Care and Beauty & Wellbeing.

•      Africa grew mid-single digit led by volume with double-digit volume growth in Beauty & Wellbeing and Home Care.

The Americas (38% of Group turnover)

Underlying sales growth was 4.6%, with 4.2% volume and 0.4% from price.

•      North America grew 2.7%, with 3.2% volume and (0.5)% from price, in a soft market environment. Growth was ahead of the market reflecting the benefits of the multi-year shift of our portfolio towards Beauty & Wellbeing and Personal Care. Growth accelerated to 3.6% in the second quarter with 4.4% volume. Growth was led by our prestige brands, skin cleansing and deodorants. In deodorants, strong growth helped reclaim US market leadership. Foods was below expectations driven by a softer pricing environment and increased competition in condiments, where we are taking action to strengthen performance in the second half.

•      Latin America grew 7.6% with 5.7% volume. The strong return to growth reflects the impact from corrective actions taken in the second half of last year and a stabilising consumer environment. Growth was broad-based and led by volume across Business Groups, including double-digit volume growth in Home Care. Brazil, our largest market, returned to strong, volume-led growth, driven by a recovery in fabric liquids and improving momentum in deodorants behind Rexona and our FIFA World Cup 2026™ activations. Brazil tax reforms are expected to bring lower prices from the start of next year, which may lead to some temporary retailer stock reductions in the fourth quarter. Argentina grew strong double-digit with mid-single digit volume, while Mexico grew volume low-single digit led by Personal Care.

Europe (18% of Group turnover)

Underlying sales growth was (0.9)%, with (0.2)% from volume and (0.6)% from price.

•      Europe declined (0.9)% reflecting a continued soft market environment and price in Foods. Beauty & Wellbeing and Personal Care both grew low-single digit. Home Care continued to gain share, with growth impacted by lapping a strong high-single digit volume comparator in 2025. Performance was uneven across markets, with growth in France, Italy and the Netherlands more than offset by declines in Germany and Eastern Europe.

Additional commentary on the financial statements - First Half

Finance costs and tax

Net finance costs increased by €25 million to €302 million. This was largely driven by a higher cost of debt which was partially offset by higher pension income. As a result, net finance costs were 2.5% on average net debt. For the full year 2026, we expect net finance costs of less than 3% on average net debt.

The underlying effective tax rate for the first half increased to 26.0% from 25.6% in the prior year, due primarily to lower benefits from tax settlements compared to 2025 and other one-off items. The effective tax rate was 30.3%, up from 26.3% in the prior year, reflecting the adverse impacts on our 2026 effective tax rate arising from the separation of the Ice Cream business in 2025. For the full year 2026, 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 €140 million, a decrease of €6 million compared to 2025. Other income from non-current investments was €21 million, versus €(31) million in the prior year, due to better performance from non-current investments, lower currency headwinds, and gains on disposal from an Indian Joint Venture.

Earnings per share

Underlying earnings per share increased 2.4% to €1.61, including (6.0)% of adverse currency. The increase excluding adverse currency reflects good operational performance and a reduction in the average number of shares driven by the share buyback programme, which contributed 0.7%. Diluted earnings per share of €1.38 decreased by (2.5)% versus the prior year.

Restructuring costs

Restructuring costs were €131 million in the first half, a decrease from €265 million in the prior year. For full year 2026, we anticipate restructuring costs of around 1.0% of turnover.

Free cash flow

Free cash flow in the first half of 2026 was €1.5 billion, versus €1.1 billion delivered in the first half of 2025. The increase reflected slightly higher operating profit and an improvement in working capital, as we lapped elevated prior-year outflows. These benefits were partly offset by higher income tax and an increase in capital expenditure. For the full year 2026, we continue to expect cash conversion of around 100%.

Net debt

Closing net debt was €26.0 billion compared to €23.1 billion at 31 December 2025. This translated into a net debt / underlying EBITDA ratio of 2.3x*. 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. For the full year 2026, we expect net debt / underlying EBITDA ratio of around 2x.

*Calculated on a rolling twelve-month basis.

Pensions

Pension assets net of liabilities were in surplus of €3.7 billion at 30 June 2026, versus a surplus of €3.5 billion at the end of 2025. The increase was primarily driven by good returns from growth assets while increases in interest rates reduced liabilities more than assets.

Share buyback programme

In February 2026, we announced a share buyback programme of up to €1.5 billion to commence in the second quarter of 2026. The programme commenced on 30 April 2026 and was completed on 5 June 2026. We repurchased 30,703,780 ordinary shares.

As stated in the Unilever Foods announcement, on 31 March 2026, cash receipts from the separation along with operational performance are expected to support a total of €6 billion of share buybacks between 2026 and 2029.

Finance and liquidity

In the first six months of 2026, the following note matured and was repaid:

•      February: €500 million 0.750% fixed rate note

On 30 June 2026, 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. In June 2026, Unilever signed additional undrawn revolving 364-day bilateral credit facilities of €2,000 million.

Discontinued operations

Following the demerger on 6 December 2025, the Group's Ice Cream business was presented as a discontinued operation in the 2025 Annual Report and Accounts, including markets sold after 31 December 2025. Discontinued operations for 2026 includes the financial performance of the markets sold during 2026, India and Portugal, which was a net loss of €11 million. The related gain on disposal of €299 million was also recognised within discontinued operations.

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.

Unless specifically mentioned, our non-GAAP measures for 2026 and comparative periods are presented on a continuing operations basis.

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.

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:

*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:

(a)   2026 includes a charge of €98 million relating to the ongoing foods separation project and €23 million related to the Ice Cream separation, 2025 includes a charge of €59 million relating to the revaluation of the minority interest liability of Nutrafol and Oziva.

(b)  2026 net gain arises from the disposals of Sariwangi brand and Home Care business in Central America and Caribbean. 2025 net gain arises from the disposals of Conimex and Mondamin Sweets.

(c)   The majority of the cost incurred relates to one-off technology and supply chain projects, with the remaining spend relating to the company wide Productivity Programme that was launched in 2024 to support margin improvement through specific interventions.

(d)  Other includes a charge for the settlement of cases reached during the year with plaintiff law firms, and an estimated amount for potential future claims relating to litigation arising from products which are no longer manufactured and sold by the Group.

(e)   2026 includes the impact of tax paid on the settlement arising from the internal structuring of Ice Cream business prior to demerger.

(f)   2025 comparatives have been re-presented to reflect the demerger of the Ice Cream Business Group.

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:

  (a) 2025 comparatives have been re-presented to reflect the demerger of the Ice Cream Business Group

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:

  (a) 2025 comparatives have been re-presented to reflect the demerger of the Ice Cream Business Group

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. For 2025, the number of shares used in the calculation has been adjusted for the impact of the share consolidation that took place in December 2025, as if it took place at the start of each period presented.

The reconciliation of net profit attributable to shareholders' equity to underlying profit attributable to shareholders' equity is as follows:

  (a) 2025 comparatives have been re-presented to reflect the demerger of the Ice Cream Business Group

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:

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. UEBITDA for 2025 is presented on a continuing results and therefore will show a different leverage level compared to what has been previously reported. The reconciliation of operating profit to UEBITDA is as follows:

  (a) 2025 comparatives have been re-presented to reflect the demerger of the Ice Cream Business Group.

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:

  (a) 2025 comparatives have been re-presented to reflect the demerger of the Ice Cream Business Group.

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 22 to 37; (ii) pages 2 to 18 comprise the interim management report; and (iii) the Directors' responsibility statement can be found on page 20. 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 2025 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 2026.

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, future performance and other factors affecting the Group, taking into account all information currently available to us. 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 or precise estimate, 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; information and cybersecurity risks, including Unilever's ability to maintain a secure and reliable IT infrastructure; risks associated with rapid advancements in generative AI; execution of acquisitions, divestitures and business transformation projects, including the risks associated with the proposed transaction to combine Unilever's Foods business with McCormick & Company, Inc., such as the risk that the proposed transaction may not be completed on the terms or in the time frame expected by the parties or at all, or the difficulties and delays in the combined company achieving the synergies expected thereby, in the time frame expected by the parties or at all; economic and geopolitical risks and natural disasters; financial risks; legal and compliance risks, including failure to meet high and ethical standards, managing regulatory, tax and legal matters and practices with regard to the interpretation and application thereof, and risks related to emerging and developing ESG reporting standards including differences in implementation of climate and sustainability policies in the regions where the Group operates. The list of factors presented here is representative and should not be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realisation of forward-looking statements.

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 and any forward-looking events discussed herein might not occur. 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 or as a result of new information. 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 2025 and the Unilever Annual Report and Accounts 2025.

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 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 2025.

Details of all current Directors are available on our website at www.unilever.com.

By order of the Board

Fernando Fernandez                                           Srinivas Phatak                                                   

Chief Executive Officer                                     Chief Financial Officer

28 July 2026

Enquiries

After the webcast on 28 July 2026 at 8:00 AM (UK time), a replay of the webcast and the slides of the presentation will be available at www.unilever.com/investor-relations/results-and-presentations/latest-results.

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

Independent Review Report to Unilever PLC

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 2026 First Half Results for the six months ended 30 June 2026 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 2026 First Half Results for the six months ended 30 June 2026 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 2026 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 2026 First Half Results is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the 2026 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 2026 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 2026 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 Downer

for and on behalf of KPMG LLP 

Chartered Accountants 

15 Canada Square

London, E14 5GL  

27 July 2026

Consolidated income statement

  (a) 2025 comparatives have been re-presented to reflect the demerger of the Ice Cream Business Group.

Consolidated statement of comprehensive income

  (a) 2025 comparatives have been re-presented to reflect the demerger of the Ice Cream Business Group.

Consolidated statement of changes in equity

(a)   2026 includes a hyperinflation adjustment of €299 million (2025: €(43) 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 13 February 2025 and 12 February 2026.

(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 Nutraceutical Wellness, Inc. (Nutrafol), Welly Health PBC and Equilibra.

(f)   Includes the recognition of liability for the future buyout of minority interests and the related non-controlling interest arising on the acquisition of Gruns Nutrition.

Consolidated balance sheet

Consolidated cash flow statement

(a)   2025 comparatives have been re-presented to reflect the demerger of the Ice Cream Business Group.

(b)  Net working capital includes the gross‑up impact in receivables and payables arising due to the transitional service arrangement between Unilever and The Magnum Ice Cream Company.

(c)   Comprises of minority dividend payment, and payments made relating to step up acquisitions.

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 2025. 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 2025.

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 2026 and beyond. Unilever has €4.7 billion cash and cash equivalents, of which €1.6 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 Group has undrawn revolving 364-day bilateral credit facilities with a 364-day term out of US$5.2 billion and €2.6 billion. Furthermore, the Group has access to additional undrawn revolving 364-day bilateral credit facilities of €2.0 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 22, the consolidated statement of comprehensive income on page 23, the consolidated statement of changes in equity on page 24 and the consolidated cash flow statement on page 27 are translated at exchange rates current in each period. The consolidated balance sheet on page 25 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 2025 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 2025 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 2026 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

The Group has commenced its assessment of IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027), with the main impacts expected on the presentation of the consolidated income statement and the disclosure of Management Performance Measures. The standard will be applied from its mandatory effective date of 1 January 2027. The Group is progressing its impact assessment and transition activities, and further detail will be disclosed in the 2026 annual report.

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

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 areas

4. Taxation

The effective tax rate for the first half is 30.3% compared with 26.3% in 2025. 2026 includes adverse impacts arising as a result of the separation of the Ice Cream business in 2025.

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. For 2025, the number of shares used in the calculation has been adjusted for the impact of the share consolidation that took place in December 2025, as if it took place at the start of each period presented.

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:

  (a) 2025 comparatives have been re-presented to reflect the demerger of the Ice Cream Business Group.

During the period the following movements in shares have taken place: