1 Our unwavering priority is driving growth Q1 2025 Trading Statement Fernando Fernandez & Srinivas Phatak 24 April 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. W ...

Unilever has threatened to pull funding for the Ben & Jerry’s Foundation – escalating its battle to muzzle the left-leaning ice cream brand’s progressive activism, according to a report.The company has demanded Ben & Jerry’s Foundation submit to an expedited audit of its donations to continue receiving funding, sources familiar with the matter told Reuters.Unilever, which is based in London, gives approximately $5 million to the foundation each year, based on a formula of the ice cream company’s sales and i ...

Group 1 - Unilever gained more than 10% in 2025 to date on a total return basis, while the S&P 500 lost almost 9% [1] - Unilever represents around 7% of the portfolio weight, making it one of the largest positions for the analyst [1] - The approach taken is mostly value-oriented, focusing on long-term chances or risks rather than short- to mid-term timing indicators [1] Group 2 - The analyst holds a beneficial long position in Unilever shares through stock ownership, options, or other derivatives [2] - The article expresses the analyst's own opinions and is not compensated for it, aside from Seeking Alpha [2] - Seeking Alpha clarifies that past performance is not a guarantee of future results and does not provide specific investment recommendations [3]

Unilever (NYSE: UL ) has a powerful scale, a deep brand portfolio , and a geographical spread that allows the company to simultaneously maintain a strong position in Europe, increase sales in India, and develop new products in the premiumMy professional background spans multiple continents and includes experience in private banking, corporate finance, and strategic advisory. For several years, I developed and led a private banking department in Dubai, where I crafted tailored investment solutions to meet th ...

Ben & Jerry's accused its parent company, Unilever, of ousting its CEO, court documents show.Ben & Jerry's suit against Unilever, which is ongoing, accused it in a new filing of silencing activism.Attorneys for Ben & Jerry's said activism is integral to its brand, attracting customers.Ice cream brand Ben & Jerry's accused its parent company Unilever of ousting its chief executive, according to new court filings. The removal of CEO David Stever came after disagreements over the ice cream brand's commitment ...

Ben and Jerry's claims its chief executive has been sacked amid a longstanding row with its UK parent firm over the ice cream maker's political activism.Court documents allege David Stever was being removed from his post by Unilever because he was too outspoken on social issues. Last month the ice cream company, which had launched a flavour in support of Democrat presidential candidate Kamala Harris, accused Unilever of demanding it stop any public criticism of Donald Trump.Money latest: 'I've created somet ...

Financial Performance - Underlying sales growth (USG) for 2024 was 4.2%, driven by a volume increase of 2.9% and price growth of 1.3%[16] - Total turnover for 2024 reached €60.8 billion, reflecting a 1.9% increase year-over-year, despite a (0.7)% impact from currency and (1.5)% from net disposals[25] - Underlying operating profit rose to €11.2 billion, marking a 12.6% increase, while the underlying operating margin improved by 170 basis points to 18.4%[24] - Free cash flow for 2024 was €6.9 billion, with a cash conversion rate of 106%[25] - Full year turnover for Unilever was €60.8 billion, with underlying sales growth (USG) of 4.2% and a turnover of €14.2 billion for Q4 2024[41] - Beauty & Wellbeing segment achieved a full year turnover of €13.2 billion, with USG of 6.5% driven by volume growth of 5.1% and price growth of 1.3%[42] - Personal Care segment reported a full year turnover of €13.6 billion, with USG of 5.2% and volume growth of 3.1%[49] - Home Care segment turnover was €12.3 billion, with USG of 2.9% and volume growth of 4.0%[55] - Foods segment turnover reached €13.4 billion, with USG of 2.6% driven by price growth of 2.4%[61] - Underlying earnings per share increased by 14.7% to €2.98, with constant underlying earnings per share up by 15.4%[88] - Net profit fell by 10.8% to €6,369 million in 2024, compared to €7,140 million in 2023[133] - Basic earnings per share decreased by 10.6% to €2.30 in 2024, down from €2.58 in 2023[134] Future Outlook - The company anticipates underlying sales growth for 2025 to be within the range of 3% to 5%, with a slower start expected due to subdued market growth[13] - The company expects a modest improvement in underlying operating margin for 2025 compared to 18.4% in 2024, with benefits anticipated in the second half of the year[14] - The company plans to separate its Ice Cream business by the end of 2025, aiming to create a world-leading entity with five of the top 10 global ice cream brands[67] Shareholder Returns - In 2024, the company returned €5.8 billion to shareholders through dividends and share buybacks, with a quarterly interim dividend for Q4 raised to €0.4528, up 6.1% compared to Q4 2023[36] - The company completed a €1.5 billion share buyback program in November and announced a new share buyback of up to €1.5 billion to be completed in the first half of 2025[37] - A new share buyback program with a market value of up to €1.5 billion is set to commence on February 13, 2025[94] Cost Management and Productivity - A productivity program was launched targeting €800 million in savings, with 4,300 full-time equivalent roles reduced by the end of 2024[30] - Restructuring costs in 2024 reached €(850) million, compared to €(499) million in 2023, as part of a company-wide productivity program affecting approximately 7,500 jobs[111] Market Performance - The Americas region reported a 5.5% underlying sales growth, with North America achieving 5.3% growth driven by strong performance in Beauty & Wellbeing[80][81] - Emerging markets generated €35.3 billion in turnover with a 4.1% underlying sales growth, while developed markets saw a 4.4% growth[75] Acquisitions and Investments - The company acquired K18, a premium biotech hair care brand, which will contribute to underlying sales growth starting February 2025[46] - Brand and marketing investment increased by 120 basis points to 15.5% of turnover, the highest level in over a decade[25] Financial Position - Net debt increased by €0.9 billion to €24.5 billion, with a net debt to underlying EBITDA ratio of 1.9x[91] - Total assets increased to €79,750 million in 2024, up 5.3% from €75,266 million in 2023[143] - Total liabilities rose to €57,195 million, an increase of 5.0% compared to €54,502 million in 2023[143] - Shareholders' equity increased to €19,990 million, up 10.4% from €18,102 million in 2023[143] Tax and Impairments - The effective tax rate for 2024 was 29.0%, up from 24.1% in 2023[113] - The company recorded an impairment charge of €127 million related to Blueair in 2024[112]

Financial Performance - In 2024, Unilever experienced negative net material inflation of €(0.4) billion due to decreased commodity prices towards the end of 2023 and into the first half of 2024[1433]. - Dividends declared for 2024 were £1.48 per share, consistent with the previous year, while dividends paid were £1.47 per share[1429]. - In 2024, sales in Iran accounted for significantly less than 0.5% of Unilever's worldwide turnover, with gross revenues of approximately €2,842,776 and net profits of less than €1,168,954[1448]. - Audit fees for 2024 amounted to €32 million, an increase from €23 million in both 2023 and 2022[1513]. - There have been no material defaults in the payment of principal or interest related to the Group's indebtedness[1498]. Shareholder Engagement - Approximately 40% of Unilever's ordinary shares were held in the United States in 2024, indicating a strong presence in the US market[1424]. - The company announced a share buyback program of up to €1.5 billion on 8 February 2024, completing the program on 5 November 2024, with a total of 27,368,909 shares repurchased at an average price of €54.8 per share[1509]. - Under the first tranche of the buyback, 13,437,701 shares were purchased for an aggregate market value of €700,101,906, while the second tranche involved 13,931,208 shares for €799,897,969[1510]. - PLC received $5,084,322 from Deutsche Bank for processing cash distributions and other reimbursements in relation to the ADS program for fiscal year 2024[1497]. - Any unclaimed dividends after 12 years revert to PLC, and unclaimed amounts may be invested for the benefit of PLC[1505]. Innovation and Research - The company invested approximately €900 million in R&D each year for the last three years, focusing on innovations and sustainable practices[1438]. - Unilever holds over 20,000 patents, with significant advancements in microbiome research leading to new product innovations[1440]. - Unilever's innovation strategy includes the use of digital and automated technology to enhance product development efficiency[1439]. Sustainability Initiatives - The company is committed to sustainability goals, focusing on renewable materials and reducing plastic pollution[1441]. - The company’s sustainability strategy includes 15 external goals across four priority areas: Climate, Nature, Plastics, and Livelihoods[1538]. - Unilever aims for a 100% reduction in Scope 1 and 2 GHG emissions by 2030, using a 2015 baseline[1609]. - The company targets a 42.0% reduction in Scope 3 energy and industrial GHG emissions by 2030, against a 2021 baseline[1610]. - Unilever's Climate Transition Action Plan (CTAP) outlines 2030 climate targets and aims for net zero GHG emissions by 2039[1608]. Cyber Security - Unilever's Cyber Security Risk Management Framework is aligned with industry standards, promoting a culture of cyber security awareness across the organization[1453]. - No known cyber security incidents materially affected Unilever during the year ended December 31, 2024[1455]. - The Chief Financial Officer (CFO) oversees cyber security risk management, supported by a dedicated team and regular briefings to the executive leadership team[1452]. - The Information Protection Council (IPC) actively reviews and prioritizes cyber security risk management initiatives across the enterprise[1459]. - Unilever's cyber security policies are subject to periodic review and modifications based on changes in risk, ensuring continuous improvement in resilience posture[1466]. Operational Footprint - The average number of employees in 2024 included 129 seasonal workers, reflecting a stable relationship with labor unions[1414]. - Unilever operates over 250 factories globally and employs over 120,000 employees[1553]. - The Group currently has no plans to construct or materially expand existing facilities, indicating a stable operational footprint[1450]. - Unilever's properties are predominantly used for production and distribution activities, with no individual property being materially significant to the Group as a whole[1449]. Risk Management - The company has established processes to manage risks related to the integrity of sustainability information disclosed[1552]. - Water withdrawal from operations and upstream value chain could lead to water shortages, particularly in high water stress areas[1592]. - The risk of biodiversity loss could escalate into shock events affecting commodities and financial markets[1593]. - Hazardous waste from product manufacturing and disposal may lead to environmental contamination and public health issues[1594]. - Compliance with Extended Producer Responsibility (EPR) schemes could lead to higher expenses for waste management and packaging redesign[1594].

Core Insights - Unilever's stock has recently declined due to a Q4 earnings miss and the unexpected departure of its CEO, which surprised analysts [1]. Company Summary - Unilever (UL) is facing challenges as its stock price has dipped following disappointing earnings results for Q4 [1]. - The sudden resignation of the CEO has added to the uncertainty surrounding the company, impacting investor sentiment [1].

Core Viewpoint - Unilever's CEO Hein Schumacher is stepping down after less than two years, with CFO Fernando Fernandez set to replace him, effective March 1, 2024 [1][2] Group 1: Leadership Changes - Hein Schumacher will leave his position as CEO and board director in March 2024, with his departure being by mutual agreement [1] - Fernando Fernandez will assume the role of CEO, while Srinivas Phatak will take over as interim CFO [4] Group 2: Company Performance and Outlook - Unilever's 2025 outlook and medium-term guidance remain unchanged following the leadership announcement [2] - The company has shown solid financial progress during 2024, with a focus on resetting its strategy under Schumacher's leadership [2][3] - Unilever's performance over the past 18 months has been strong, marked by greater focus and disciplined execution [5] Group 3: Market Reaction - Following the announcement, Unilever's shares fell approximately 1.6% by midday in London [2] - The decision to change leadership was described as unexpected, especially given the company's recent outperformance compared to peers in the consumer goods sector [4][5]