Unilever PLC

Investor Presentation • Oct 23, 2025

Q3 2025 Trading Statement

Fernando Fernandez & Srinivas Phatak

23 October 2025

Safe harbour statement

This presentation 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 ("Group") (including during management presentations) in connection with this presentation. 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 presentation 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 presentation 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 demerger of our Ice Cream business and the proposed consolidation of our share capital in connection with the demerger; 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 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 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.

Broad-based growth, on track for full year outlook

• Volume step-up for Unilever excluding Ice Cream 1
• Strong growth in Beauty & Wellbeing and Personal Care 2
• Power Brands continue to drive growth 3
• Continued outperformance in developed markets, step up in emerging markets 4
• Ice Cream Demerger expected to complete in 2025 5

Volume step-up in Unilever excluding Ice Cream

Q3 2025

3.9%

Underlying sales growth

1.5%

Underlying volume growth

2.4%

Underlying price growth

Power Brands continue to drive growth

Power Brands Q3 2025

4.4%

Underlying sales growth

1.7%

Underlying volume growth

2.6%

Underlying price growth

Power Brands Q3 2025 ex. Ice Cream

Developed markets remain strong, emerging markets improving

North America

22% of Group turnover

5.5%

Underlying sales growth

5.4%

Underlying volume growth

5.8% 2YR UVG CAGR

0.1%

Underlying price growth

Latin America

13% of Group turnover

(2.5)%

Underlying sales growth

(7.3)%

Underlying volume growth

(2.7)% 2YR UVG CAGR

5.2%

Underlying price growth

Europe

23% of Group turnover

1.1%

Underlying sales growth

(0.6)%

Underlying volume growth

3.5% 2YR UVG CAGR

1.7%

Underlying price growth

Asia Pacific Africa

42% of Group turnover

6.8%

Underlying sales growth

3.5%

Underlying volume growth

2.3% 2YR UVG CAGR

3.1%

Underlying price growth

Developed markets continued outperformance

North America

22% of Group turnover

5.5%

Underlying sales growth Q3 2025

5.4% Underlying volume growth

0.1% Underlying price growth • Strong performance reflects the ongoing benefit of our multi-year portfolio transformation

• Growth led by Personal Care and Wellbeing with premium innovations

• Fifth consecutive quarter of strong volume-led growth

Europe

23% of Group turnover

1.1% Underlying sales growth

(0.6)% Underlying volume growth

Q3 2025

1.7% Underlying price growth • Growth across all Business Groups against high prior year comparators

• Strong, competitive growth and share gains across key markets

• Power Brands and multi-year premium innovations driving growth

APA growth accelerated; challenges in LATAM

Asia Pacific Africa

42% of Group turnover

6.8%

Underlying sales growth Q3 2025

3.5% Underlying volume growth

3.1% Underlying price growth

• Indonesia strong growth with run rates improving quarter on quarter after business reset
• China delivered low-single digit growth
• India GST reform expected to drive increased consumption; transitory impact on sales growth, normalisation from November

Latin America

13% of Group turnover

(2.5)%

Underlying sales growth Q3 2025

• Latin America markets experiencing a broad-based slowdown

(7.3)% Underlying volume growth

5.2% Underlying price growth

• Brazil market growth has slowed; restoring competitiveness in laundry
• Argentina macro backdrop remains unstable amid political uncertainty

Beauty & Wellbeing €3.2bn turnover

Dove, Vaseline and our premium portfolio delivering superior, volume-led growth

Q3 2025

5.1%

Underlying sales growth

2.3%

Underlying volume growth

2.7%

Underlying price growth

Double-digit growth in Dove Hair, Vaseline, Hourglass, K18, Liquid IV and Nutrafol

Hair Care was flat, with growth in premium portfolio offset by declines in Sunsilk and Clear

Core Skin Care grew midsingle digit led by Vaseline's premium innovations

Personal Care €3.3bn turnover

Strong performance in APA and North America driven by Dove

Q3 2025

4.1%

Underlying sales growth

1.0%

Underlying volume growth

3.1%

Underlying price growth

Premium innovations in Deodorants and Skin Cleansing leading growth

Share gains in Deodorants in Latin America but market declined due to formats shift

Pricing acceleration in Skin Cleansing due to commodity pressures

Home Care €2.8bn turnover

Step-up in volume growth in APA and good momentum in Europe

Q3 2025

3.1%

Underlying sales growth

2.5%

Underlying volume growth

0.6%

Underlying price growth

Strong Persil Wonder Wash performance, reaching 30 markets by year end

Domestos and Cif delivered double-digit growth supported by science-led innovations

Comfort continues to lead high-single-digit growth in Fabric Enhancers

Foods €3.1bn turnover

Outperformance across regions, led by strong brand execution

Q3 2025

3.4%

Underlying sales growth

1.3%

Underlying volume growth

2.1%

Underlying price growth

Strong momentum in Hellmann's with mid-single digit growth led by flavoured mayonnaise range

Double-digit growth and share gains in Brazil, supported by premium innovations

Knorr and UFS grew low-single digit amidst subdued markets

Ice Cream €2.3bn turnover

Continued competitive growth; Demerger to be completed in Q4

Q3 2025

3.7%

Underlying sales growth

0.0%

Underlying volume growth

3.7%

Underlying price growth

Cornetto led with high-single digit growth, while Ben & Jerry's grew mid-single digit, led by further roll out of new Sundae flavours

Performance supported by continued operational improvements and disciplined execution

Flat volume lapping mid-single digit prior year comparator, 3.4% 2-year UVG CAGR

Ice Cream Demerger timetable

All the preparatory work for Demerger remains on track, with the Shareholder Circular published on 2nd October and Share Consolidation approved on 21st October

Timetable being revised due to the impact of US government shutdown on SEC

Confident in completing Ice Cream Demerger in 2025

Ice Cream Demerger practicalities

5:1 TMICC share ratio: for every 5 Unilever shares owned, each investor will receive 1 share in The Magnum Ice Cream Company

Unilever share consolidation: to ensure comparability between Unilever's share price and per share metrics before and after the Demerger

Unilever expected to pay Q4 dividend in-full

USG offset by net disposals and adverse currency

On track to deliver full year 2025

• Underlying sales growth to be within our range of 3-5%, both including and excluding Ice Cream
• H2 growth is expected to be ahead of H1

• Underlying operating margin for H2 of at least 18.5% (or at least Margin 19.5% excluding Ice Cream)

Progressing against strategic priorities

• Building a stronger portfolio in Beauty, Wellbeing & Personal Care
• Shifting the portfolio to premium and digital commerce
• Delivering superior growth in anchor markets: US and India
• Accelerating Desire at Scale across brand portfolio
• Investing for Execution Excellence everywhere

Q&A

Other financial guidance for 2025

• Capex above 3% of turnover
• Restructuring, lower at around 1.2% of turnover
• Net finance costs less than 3% on average net debt
• Underlying effective tax rate around 26%
• Leverage of around 2x net debt / underlying EBITDA
• Currency impact1 on full year expected to be around (6)% on turnover and around (30)bps on underlying operating margin