Unilever PLC

Investor Presentation • Jul 25, 2024

H1 2024 Results

Hein Schumacher & Fernando Fernandez

25 July 2024

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-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 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 risks and 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 business or the extent to which any factor, or combination of factors, may cause actual results 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 2023 and the Unilever Annual Report and Accounts 2023.

Driving progress in our focus areas

Accelerated volume growth

Beauty & Wellbeing 21% of Group turnover | 20.0% UOM

Volume-led growth continued with double-digit growth from Power Brands

Hair Care delivered midsingle digit growth driven by the continued success of Sunsilk and Dove

Vaseline and Ponds led midsingle digit growth in Core Skin Care

Double-digit growth from Health & Wellbeing and Prestige Beauty combined, despite slowdown in the US beauty market

Balanced growth led by strong performance in Deodorants

Deodorants continued double-digit growth, with good performances from Dove, Rexona and Axe

Skin Cleansing grew lowsingle digit, constrained by deflation in India & market challenges in Indonesia

Dove grew double-digit led by high-single digit volume and positive price

6.4%

Volume-led growth supported by premium innovations

3.3% Underlying sales growth (1.3)% 4.6% Fabric Cleaning grew low-H1 2024 Underlying price growth Underlying volume growth

single digit with positive volume offset by negative price in emerging markets

Cif and Domestos both grew double-digit, contributing to high-single digit growth in Home & Hygiene

UPG UVG USG

Fabric Enhancers high-single digit volume growth was supported by Comfort's Botanical and Elixir launches

7

Nutrition 22% of Group turnover | 22.3% UOM

Price-led growth, with return to positive volume in Q2 led by Power Brands

Knorr had positive volume and price growth, driven by strong innovation in Latin America

Hellmann's flavoured mayo expansion helped drive positive volume growth in Dressings

Successful digital selling programme helped highsingle digit growth in Unilever Food Solutions

Ice Cream 15% of Group turnover | 14.6% UOM

Disappointing start to European key season and China underperformance

Broad-based volume and price growth in H1

USG driving turnover growth

Driving all levers of Gross Margin expansion

EPS growth driven by operational performance

Cash and capital allocation

vs H1 2023 free cash flow

€0.7bn Capex, up €0.2bn vs PY

Q4 2020

Tranche started in May

2024 outlook

• Underlying sales growth for full year 2024 to be within our multi-year range of 3-5%
• Majority of growth driven by volume
• Expect underlying operating margin for full year 2024 to be at least 18%, with increasing investment behind our brands
• Year-on-year margin progression in H2 expected to be smaller than in H1

Driving growth with Power Brands

of turnover from our

Implementing Unmissable Brand Superiority

Stepping up our innovation

Scalable multi-year platforms Market making & premiumisation Investment for growth

R&D increase vs. H1 2023

€0.7bn

H1 incremental BMI

Accelerating the Growth Action Plan

Cultural change and productivity step-up Ice Cream separation

• Greater line of sight and more differentiation in reward
• Optimising organisational design to drive efficiency and simplification
• Started employee consultation process in Europe; other markets to follow

• €800m cost savings, more than offsetting operational dis-synergies

• Legal entity set up

• Standalone operating model
• Preparation of carve-out financials
• On track to complete separation by end of 2025

1 Benefits of Growth Action Plan building

2 Comprehensive productivity programme and Ice Cream separation on track

Transforming Unilever into a consistently higher performing business

Other financial guidance for 2024

• Capex around 3% of turnover
• Restructuring around 1.2% of turnover
• Expected currency impact* on full year turnover around (1.0)% and around (20)bps on full year underlying operating margin
• Net finance costs around 3% on average net debt
• Underlying effective tax rate around 26%
• Net debt around 2x net debt / underlying EBITDA