Company Strategy and Performance - The Magnum Ice Cream Company (TMICC) is planning to complete its listing by mid-November 2025[2] - TMICC aims for average annual organic sales growth (OSG) of 3-5% from 2026 onwards[128, 412] - The company is implementing a €500 million productivity program to fuel growth and margin expansion[132, 421] - TMICC is targeting an average annual Adjusted EBITDA margin improvement of 40-60bps from 2026 onwards[384, 463] - The company projects free cash flow (FCF) of €08 billion – €1 billion in 2028 and 2029[384, 463] Market Overview - The global ice cream market is large, growing, and resilient, with a total market size of approximately €75 billion in 2024[17, 20] - The ice cream market is expected to continue to grow at approximately 3-4% per annum[20] - Digital Commerce (dCom) is growing at approximately 9% CAGR from 2024-2029[39] Regional Performance - In the Americas, TMICC is the 1 ice cream company with approximately €3 billion in 2024 revenue[58, 195] - In Europe & ANZ, TMICC has approximately €31 billion in 2024 revenue and approximately 31% market share[58, 278] - AMEA is the fastest-growing and most profitable region for TMICC, with approximately €2 billion in revenue and 11% market share[58, 348, 349] Financials - TMICC's revenue was EUR 79 billion and Adjusted EBITDA was EUR 13 billion in FY24[55] - TMICC's global retail market share is 21%[55]

Group 1 - The presentation is led by CEO Fernando Fernandez, who has held various executive roles within the company, including CFO and President [2] - The presentation aims to provide a snapshot of Unilever for American investors who may not be familiar with the company [2] - The company has completed significant organizational and portfolio changes over the last two years, which are now largely behind them [3] Group 2 - The CEO will outline his belief system to accelerate performance and the company's clear priorities regarding geographies, channels, categories, and segments [3]

Core Insights - Unilever's new CEO, Fernando Fernandez, is implementing significant leadership changes, aiming to refresh up to 25% of the company's top 200 leaders [1] - The company has reduced its white-collar workforce by approximately 18% over the past 18 months to enhance accountability [1] - Unilever is shifting from a geography-led strategy to a category-led approach, managing brands as comprehensive business units [1] Leadership Accountability - Fernandez highlighted the presence of "many pockets of mediocrity" within the company that need immediate attention [2] - The company now has absolute accountability with four business group presidents overseeing 44 P&L units, ensuring transparency in leadership [2] - Leaders are encouraged to make quicker decisions with a higher risk tolerance, operating with 70% certainty to avoid delays [6] Cultural Transformation - Unilever aims to foster a culture akin to a startup, which is unprecedented for a company of its size [6] - The company is hiring and promoting emerging talent, increasing performance incentives up to 200%, and offering rewards in "hard currency" [9] - The goal is to create a culture that recognizes and rewards leadership performance, ensuring Unilever remains competitive and innovative [9]

Unilever (UL) FY 2025 Conference September 03, 2025 09:00 AM ET Company ParticipantsWarren Ackerman - MD & Head - EU Consumer Staples ResearchFernando Fernandez - CEO & DirectorWarren AckermanIt's actually come on now. The format today is Fernando's going to do a set piece presentation for about 30 minutes, and then I've got a few questions for him for 10 or 15 minutes, or 10 minutes. Then there's going to be a breakout next door, which you can join. I'm going to be here because I'm doing Nestlé back to bac ...

Unilever (UL) FY 2025 Conference September 03, 2025 09:00 AM ET Speaker0It's actually come on now. The format today is Fernando's going to do a set piece presentation for about 30 minutes, and then I've got a few questions for him for 10 or 15 minutes, or 10 minutes. Then there's going to be a breakout next door, which you can join. I'm going to be here because I'm doing Nestlé back to back. That's the way it's going to work. Fernando, why don't you take the stage, and we'll go from there.Speaker1Good. Than ...

Unilever (UL) FY 2025 Conference September 03, 2025 09:00 AM ET Speaker0It's actually come on now. The format today is Fernando's going to do a set piece presentation for about 30 minutes, and then I've got a few questions for him for 10 or 15 minutes, or 10 minutes. Then there's going to be a breakout next door, which you can join. I'm going to be here because I'm doing Nestlé back to back. That's the way it's going to work. Fernando, why don't you take the stage, and we'll go from there.Speaker1Good. Than ...

Group 1 - The core viewpoint of the articles highlights that UK companies are increasing their foreign exchange market hedging due to the significant appreciation of the pound and the weakening of the dollar, which has negatively impacted their profits [1][4] - According to a survey by MillTech, over half of UK companies reported that their earnings were adversely affected by foreign exchange fluctuations in the second quarter of this year, with their currency hedging ratio rising to approximately 53%, an increase of 7 percentage points year-on-year [1][4] - The pound has appreciated nearly 10% against the dollar in the first half of 2025, marking the largest increase for that period since 2009, which has pressured local exporters' profits and sales, particularly in the US market [1] Group 2 - The survey conducted by MillTech involved 250 UK and US companies, revealing that 18% of UK firms consider the Bank of England's monetary policy as the most significant factor affecting their currency hedging strategies, up from less than 10% a year ago [5] - British American Tobacco PLC, one of the largest exporters in the UK, expects a negative impact of 1% to 1.5% on its revenue this year due to foreign exchange headwinds, with the weakening dollar contributing approximately 50% to this adverse effect [4] - Unilever PLC reported a 5.1% negative impact from currency fluctuations, primarily due to the euro's strength against the dollar, complicating the situation for UK companies [4]

Core Insights - Rabobank has released the 2025 Global Dairy Top 20 ranking, based on the projected performance of dairy companies in 2024, which is considered one of the most authoritative rankings in the global dairy industry [1][3] Group 1: Market Performance - The total revenue of the top 20 global dairy companies is projected to grow by 0.5% in 2025, following a 0.6% increase in 2024 [3] - Lactalis maintains its leading position in the dairy sector, with an estimated revenue of $31.9 billion for 2024, and is expected to continue its dominance through significant acquisitions [3][5] - Nestlé ranks second with an estimated revenue of $23.9 billion, while Dairy Farmers of America holds the third position with $23.0 billion, significantly impacted by U.S. milk prices [3][6] Group 2: Company Rankings and Changes - The 2025 ranking indicates that approximately half of the listed companies are expected to retain their positions by 2026, with major mergers anticipated to cause significant shifts in the rankings [4] - Notable mergers include Royal FrieslandCampina with Milcobel, Arla Foods with DMK, and Unilever's divestment of its ice cream business, which may lead to the exit of Unilever and DMK from the top 20 [4] - Potential candidates to fill the vacancies left by Unilever and DMK include Dream (Unilever's spun-off subsidiary) and Emmi (Swiss dairy company) [4] Group 3: Detailed Rankings - The estimated revenues for the top 5 companies in 2025 are as follows: 1. Lactalis: $31.9 billion [5] 2. Nestlé: $23.9 billion [6] 3. Dairy Farmers of America: $23.0 billion [6] 4. Danone: $20.7 billion [6] 5. Yili: $15.8 billion [6] - Other notable companies in the top 20 include Arla Foods, Fonterra, FrieslandCampina, and Unilever, with varying estimated revenues [6][7]

Core Viewpoint - The ice cream market is undergoing significant changes, with high-priced brands like "Chongxuegao" facing decline while mid-range and artisanal brands like "Yerenxiansheng" are thriving due to shifting consumer preferences towards health and quality [2][5][11]. Market Dynamics - The ice cream and gelato market has seen a shift from high-priced products to more affordable options, with consumers now favoring products priced between 3 to 15 yuan [5][11]. - The rise of "Yerenxiansheng" represents a trend towards fresh, handmade gelato, which has gained popularity among consumers seeking healthier and more innovative options [6][8]. Historical Context - The evolution of ice cream in China has transitioned from a simple summer treat to a diverse market with various price points and quality levels, influenced by both domestic and international brands [3][4]. - The introduction of foreign brands in the 1990s marked a significant change in consumer expectations, moving from basic refreshment to a focus on enjoyment and quality [3][4]. Consumer Behavior - Current consumer preferences indicate a desire for healthier options, with many consumers now associating ice cream with guilt due to high sugar content [5][8]. - The younger demographic, particularly women aged 20-35, is driving the demand for gelato, viewing it as a symbol of quality and lifestyle [9][11]. Competitive Landscape - The market is characterized by a clear segmentation, with 54% of consumers preferring budget-friendly options under 5 yuan, while 31% are willing to pay 10-30 yuan for higher quality [11]. - Brands like DQ have successfully adapted by diversifying their product offerings and enhancing customer experience, demonstrating the importance of innovation in maintaining market relevance [13][14]. Future Outlook - The ice cream industry is entering a "quality-price ratio" phase, where brands must balance cost with quality to avoid falling into a low-price competition trap [12]. - The future of high-quality ice cream is assured, as long as brands focus on innovation and meeting evolving consumer demands [12][15].

Group 1 - The Shanghai government is establishing a new model for marine waste management, focusing on collaboration between government, enterprises, and society to create a sustainable system for marine plastic pollution [1] - The "Shanghai Marine Alliance" has been launched to facilitate dialogue and cooperation among various stakeholders in the marine waste industry chain [1][2] - Companies like Baosteel, China Agricultural Development Bank, Unilever, and PepsiCo are among the first members of the "Shanghai Marine Alliance," playing key roles in transforming marine waste into valuable resources [2] Group 2 - The use of blockchain technology by Zhejiang Blue View Technology Co., Ltd. is highlighted for tracking marine waste from collection to recycling, ensuring data integrity and preventing fraudulent environmental claims [2] - The Shanghai Carbon Benefit Platform has introduced a system where citizens can earn carbon credits for participating in green activities, which can be redeemed for various benefits [2] - Research is being conducted to link marine waste management with carbon benefits, potentially allowing citizens participating in beach clean-up activities to earn carbon credits [2]