Unilever PLC

Latest Results (26.08.2026):

Unilever PLC — First Half 2026 (covering Q2 2026): Unilever delivered a volume-led H1 2026 with underlying sales growth (USG) of 4.8% (4.2% volume, 0.6% price) and an acceleration in Q2 to 5.8% USG (5.5% volume). Turnover was €25.6bn, up 0.5% versus prior year. Underlying operating margin rose to 20.3% (+10bps) and underlying EPS increased 2.4% to €1.61, while diluted EPS fell 2.5% to €1.38. Free cash flow was €1.5bn, closing net debt €26.0bn; the €1.5bn share buyback was completed and the Q2 dividend was increased 3%. The planned Foods combination with McCormick is on track.

Sales & volume

Underlying sales growth H1 2026: 4.8% (volume 4.2%, price 0.6%). Q2 was the strongest quarter in over a decade for volumes (Q2 USG 5.8%, volume 5.5%). Power Brands (78% of turnover) grew 6.0% USG with 5.4% volume.

Profitability & earnings

Underlying operating profit was €5.2bn (+0.9%) with underlying operating margin 20.3% (+10bps). Underlying EPS rose 2.4% to €1.61; GAAP diluted EPS declined 2.5% to €1.38. Reported operating profit was €4.9bn (+2.6%).

Cash flow, capital returns & balance sheet

Free cash flow H1 €1.5bn (versus €1.1bn prior year). Closing net debt €26.0bn (net debt/UEBITDA 2.3x). The €1.5bn buyback announced in February was completed in June; quarterly dividend up 3% year‑on‑year for Q2.

Business groups and regional performance

Home Care led group growth (USG 7.6%, volume 7.4%), Beauty & Wellbeing USG 5.9% (volume 4.5%), Personal Care USG 4.8% (volume 4.1%), Foods slower at 1.2% USG. Emerging markets strong (7.0% USG, 5.8% volume); Europe subdued (-0.9% USG).

Portfolio actions & Foods separation

Unilever completed targeted disposals and acquisitions in H1 and is progressing the announced Foods combination with McCormick; McCormick set the combined operating model and executive team in July and completion is expected by mid‑2027 subject to approvals.

Operational efficiency & costs

€800m productivity programme completed ahead of plan; gross margin at 46.8% (down 70bps), brand & marketing investment 16.1% of turnover, and overheads improved (70bps benefit to margin). Restructuring costs in H1 were €131m.

Outlook

Upgraded full‑year guidance: underlying sales growth 4–6% with around 3% volume for 2026; H2 USG expected 4–5% driven by pricing, and a modest improvement in underlying operating margin versus 20.0% in 2025.