Unilever PLC

Investor Presentation • Feb 13, 2025

FY 2024 Results Hein Schumacher & Fernando Fernandez 13 February 2025

Safe harbour statement

This presentation may contain forward-looking statements, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995, concerning the financial condition, results of operations and businesses of the Unilever Group (the 'Group'). 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', 'seek', 'continue', 'projected', 'estimate', 'achieve' 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 acceleration of its Growth Action Plan, Unilever's portfolio optimisation towards global or scalable brands, the capabilities and potential of such brands, the various aspects of the separation of Ice Cream and its future operational model, strategy, growth potential, performance and returns, Unilever's productivity programme, its impacts and cost savings over the next three years and operation dis-synergies from the separation of Ice Cream, the Group's emissions reduction targets and other climate change related matters (including actions, potential impacts and risks associated therewith). Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Group (including during management presentations) in connection with this presentation. These forward-looking statements are based upon current beliefs, 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 presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-lookingstatements.

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 presentation are: Unilever's ability to successfully separate Ice Cream and realise the anticipated benefits of the separation; Unilever's ability to successfully execute and consummate its productivity programme in line with expected costs to achieve expected savings; 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; economic, social and political risksand natural disasters;financial risks;failure to meet high and ethical standards; and managing regulatory, tax and legal matters..

The forward-looking statements speak only as of the date of this presentation. 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 businessor the extent to which any factor, or combinationof factors, may cause actual results todiffer materially from those contained in any forward-lookingstatements.

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 2023 and the Unilever Annual Report and Accounts 2023.

Building for consistent, higher performance

3

4

5

Executing the Growth Action Plan

• Implementing the productivity programme at pace 2
  • Allocating capital behind clear priorities
  • On track to separate Ice Cream by end of 2025
  • Building a winning culture with performance edge

Driving progress in our focus areas

Delivering top 1/3 total shareholder returns

Growth Action Plan driving improved performance

Strong and broad-based volume growth, led by Power Brands

Hair Care grew mid-single digit with high-single digit growth in our largest hair care brand, Sunsilk

Core Skin Care grew midsingle digit with Vaseline, Dove & Pond's growing double-digit supported by premium innovations

Strong double-digit growth in Wellbeing led by Liquid IV & Nutrafol. Prestige Beauty grew mid-single digit within a slowing US beauty market

Volume-led growth driven by continued strength in Deodorants

Premium innovations drove volume growth, and pricing reflected commodity deflation

3.1% 3.4%

0.8% 4.3% 4.9% 3.3% 3.3% 1.7% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 UPG UVG USG FY 2024 Underlying sales growth Underlying price growth Underlying volume growth 2.9% (1.1)% 4.0%

Fabric Cleaning was flat with low-single digit volume offset by negative price, Persil Wonder Wash now in 8 markets

Fabric Enhancers grew highsingle digit, as Comfort's new Botanical and Elixir ranges supported growth

Home & Hygiene grew highsingle digit with high-single digit volume, driven by double-digit growth from Domestos & CIF

1.9% 3.0%

Strong margin improvement despite muted volume growth amidst slower markets

singe digit led by Knorr's leadership in bouillon and seasonings

digit as Hellmann's continued to expand its Flavoured Mayo range

Unilever Food Solutions grew high-single digit, with continued expansion of our Future Menu's Trend Report & digital selling programme

9

Operational improvements and innovations supported a step-up in performance

Volume growth led by strong US and improved Europe

Taking action where we facing challenges

Strengthening our China business Resetting our Indonesia business

• Enhancing our business during market slowdown
• Accelerating portfolio premiumisation and transforming our go-to-market approach
• Social-first demand creation and direct-toconsumer models for emerging, high growth ecommerce channels

• Embedding digital selling tools to extend reach in lower tier cities and smaller format stores

• Comprehensive reset to fix long-standing issues of portfolio and brand proposition

• Correcting misaligned pricing across channels and resetting stock levels in retail
• Expanding direct and indirect coverage through bigger distributors
• Incremental brand investment fuelled by comprehensive cost savings programme

Expect to see the benefits of the changes from the second half of 2025

FY 2024 turnover growth

Rebuilding gross margin to pre-Covid level Driven by structural levers and tailwinds

and positive mix

Net productivity gains from interventions in procurement and higher capex for margin

Benefited in H1 from carry-over pricing and input cost deflation

Stronger UOM driven by gross margin expansion

Underlying operating margin (UOM)

UEPS driven by topline growth and margin expansion

Underlying earning per share (UEPS)

Strong cash conversion and high teens ROIC

Strong cash generation Robust balance sheet Improving ROIC

€6.9bn

Free cash flow

106%

1.9x

Closing net debt / underlying EBITDA

€24.5bn

Cash conversion Closing net debt

18.1%

Underlying ROIC

+190bps

vs FY 2023

Capital allocation in line with our investment priorities

Growth & productivity Portfolio reshaping Capital returns

+120bps

Increased BMI vs PY as % of turnover

3.2%

Capex as % of turnover

1.4%

Restructuring costs as % of turnover

Bolt-on acquisitions in premium

segments €5.8bn

Capital returned to PLC shareholders in 2024

Portfolio pruning outside core categories

€4.3bn

Dividends paid

€1.5bn

Share buybacks completed

Strategic choices to optimise our portfolio

2025 outlook

• Underlying sales growth for full year 2025 to be within our multi-year range of 3-5%
• Slower start to 2025 with subdued market growth in near term
• Expect market growth and our growth to improve during the year as price increases, reflecting higher commodity costs

• More balanced split between volume and price

• Modest improvement in full year underlying operating margin

• Improvement will be realised in H2 given very strong H1 comparator, which benefitted strongly from carry-over pricing and input cost deflation

Growth Margin Capital returns

• Attractive, sustainable dividend
• New up to €1.5bn share buyback to commence today and to complete in the first half of 2025

Continuing our transformation in 2025

OUR GROWTH ACTION PLAN 2030

PURPOSE: BRIGHTEN EVERYDAY LIFE FOR ALL

GOAL: DELIVER BEST-IN-CLASS PERFORMANCE WITH MARKET-MAKING, UNMISSABLY SUPERIOR BRANDS

Making progress on our sustainability agenda

Pillar	SPI measure1	2024 target	Status2
Climate	% reduction in GHG emissions, Scope 1 & 2, in our operations from a 2015 baseline	76%	76%
Nature	Hectares of land with regenerative agriculture or protect & restore practices implemented from a January 2021 baseline	500k hectares	533k
Plastic	% reduction in total tonnes of virgin plastics used in our packaging from a 2019 baseline	23%	23%
Livelihoods	% of procurement spend with suppliers who have signed the Living Wage Promise	28%	32%

Detailed updates available in the Annual Report & Accounts in March 2025

Productivity programme ahead of plan

€ 800m

Productivity programme

Cost savings, more than offsetting operational dis-synergies of Ice Cream separation

+

4,300 reduction in FTEs in 2024 vs 2023 baseline

+

~€200m savings already delivered in 2024

• New organisation in place from 1 January 2025

In 2025, focus on implementation and governance of new organisation structure

Ice Cream separation on track to complete by end of 2025

Good progress on workstreams

+

Appointed Jean-Francois van Boxmeer as Chair Designate for the separated Ice Cream business

Separation by way of demerger through listing in Amsterdam, London, and New York

• Ice Cream business incorporated in the Netherlands and headquartered in Amsterdam

1 Growth Action Plan supporting prioritisation and focus

Building for consistent, higher performance

leaner and more efficient company

Other financial guidance for 2025

• Capex above 3% of turnover
• Restructuring around 1.4% of turnover
• Currency impact1 on full year expected to be minimal on turnover and underlying operating margin
• Net finance costs around 3% on average net debt
• Underlying effective tax rate around 26%
• Leverage of around 2x net debt / underlying EBITDA

1) Based on spot ratesplus extreme price growth above 26% in hyperinflationary markets