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Company Research2 Apr 2024
The Consumer Goods Sector: Housing the World's Most Known Brands
Explore the giants of the consumer goods sector, where iconic brands familiar in daily life are predominantly owned by a few key industry players.
Unilever
Unilever (ULVR) investor relations material
Unilever H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary12 Feb, 2026
Executive summary
Achieved 3.5% underlying sales growth for 2025, led by volume improvements, premiumisation, and a sharper portfolio focus, including the successful demerger of the ice cream business and 10 portfolio transactions.
Delivered sequential improvement in gross margin and operating margin, supported by €670 million in productivity savings and a 50bps reduction in overheads.
Increased brand and marketing investment, driving measurable brand superiority and outperformance in key markets.
Entered 2026 as a simpler, more focused business, better positioned for growth.
Financial highlights
Underlying sales growth was 3.5% for the year, with volumes at 1.5% and price at 2%.
Turnover was EUR 50.5 billion, down 3.8% year-over-year due to currency headwinds and net disposals; excluding currency, turnover increased by 2.3%.
Underlying operating margin expanded to 20%, with productivity programs delivering ahead of plan.
Underlying EPS rose to EUR 3.08, up 0.7% year-over-year despite an 8.8% negative currency impact; on a constant currency basis, EPS grew 9.5%.
Free cash flow was EUR 5.9 billion (100% cash conversion); net debt reduced by EUR 1.4 billion post ice cream demerger.
ROIC stood at 19%, benefiting from the ice cream demerger and ranking among the top third in the sector.
Outlook and guidance
2026 underlying sales growth expected at the bottom end of the 4%-6% multi-year range, with underlying volume growth of at least 2% and modest operating margin improvement.
Announced a new EUR 1.5 billion share buyback and continued commitment to growing dividends.
Capex expected above 3% of turnover, restructuring at around 1%, and net finance costs below 3% of average net debt.
Underlying effective tax rate to remain around 26%, leverage at ~2x net debt/EBITDA, and currency impact expected to reduce turnover by ~3%.
Inflationary pressures expected in select commodities, but overall inflation lower than 2025; pricing expected around 2% in 2026, with increased promotional activity in Foods.
How to manage non-Power Brands' volume decline?
AI's role in demand generation and marketing?
How Unmissable Brand Superiority drives share?
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Next Unilever earnings date
Consumer Analyst Group of New York Conference (CAGNY) 202617 Feb, 2026
Unilever
Next Unilever earnings date
Consumer Analyst Group of New York Conference (CAGNY) 202617 Feb, 2026
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Frequently asked questions
A Leader in Consumer Goods
Unilever is a British-Dutch multinational corporation, widely recognized as one of the leaders in the consumer goods industry. Founded in 1929 through a merger between British Lever Brothers and Dutch Margarine Unie, Unilever boasts a rich product portfolio with over 400 brands, including household names like Dove, Ben & Jerry's, and Lipton. Operating in more than 190 countries, Unilever serves a global market with offerings spanning Foods & Refreshments, Beauty & Personal Care, and Home Care categories.
A Dutch and British Enterprise
Unilever's headquarters are split between London and Rotterdam, reflecting its Anglo-Dutch roots. Over the decades, the company has managed to solidify its position on the global stage, reaching consumers all over the world. Unilever's vast portfolio of brands, including the brands mentioned previously, is a perfect example of its market reach and the diversity of its offerings. The company has continually expanded its product range and does its best to adapt to regional markets, contributing to its extensive global presence.
A global reach
Unilever operates on a truly global scale, covering a vast geographic span that incorporates both established and emerging markets. Its strategy of localization, paired with a strong lineup of universally popular products, allows Unilever to resonate with a wide consumer base. This international footprint is marked by strategic distribution and market understanding, as they vary their offerings based on the market in question. Whereas Ben & Jerry's might be sold in a majority of supermarkets around the world, a niche spice mix might only be available in certain countries.
Some notable competitors include names such as Nestlé, Procter & Gamble, and Colgate-Palmolive, as well as many others.
Acting on Sustainable Business Practices
Unilever, recognizing the changing landscape of consumer demands and the global market, has adopted an innovative and future-forward approach. Sustainability has become an essential aspect of their strategy, with the company taking strides in developing eco-friendly products and practices. It's not merely a marketing ploy as Unilever genuinely aims to reduce its environmental footprint. One example of this is the fact that the company is investing in plant-based food products and cruelty-free beauty brands, acknowledging emerging consumer trends and preferences.
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