Unilever(UK)(US:UL) Jin Rong Jie·2025-07-31 09:54Core Insights - Unilever reported a total revenue of €30.1 billion for the first half of 2025, a decline of 3.2% year-on-year, impacted by unfavorable exchange rates (-4%) and net asset disposals (-2.5%) [1] - Net profit decreased by 5.1% to €3.8 billion [1] - The ice cream business, which is set to be spun off, was the only segment to show revenue growth, reaching €4.6 billion, up 0.2% year-on-year [1] Revenue Breakdown - Beauty and Wellness: Revenue of €6.5 billion, down 0.8% [1] - Personal Care: Revenue of €6.5 billion, down 5.9% [1] - Home Care: Revenue of €5.9 billion, down 6.7% [1] - Food: Revenue of €6.6 billion, down 1.8% [1] Sales Performance - Underlying sales growth (USG) for the first half was 3.4%, with volume growth of 1.5% and price contribution of 1.9% [3] - Beauty and Wellness segment saw a USG of 3.7%, with volume contributing 1.7% and price contributing 2% [3] - Personal Care segment achieved a USG of 4.8%, with volume contributing 1.4% and price contributing 3.3% [4] Profitability - Operating profit for Beauty and Wellness was €1.3 billion, down 3.7% year-on-year [3] - Operating profit for Personal Care was €1.4 billion, down 9.8% year-on-year [4] - Overall gross margin reached 45.7%, with a basic operating profit margin of 19.3%, down 30 basis points from the previous year [8] Future Outlook - Unilever expects full-year underlying sales growth to be in the range of 3% to 5%, with second-half growth anticipated to exceed that of the first half [8] - The company is focusing on enhancing its Beauty and Wellness and Personal Care segments, with increased investments in the U.S. and Indian markets [7] - The ice cream business is expected to complete its spin-off by mid-November 2025, transitioning into an independent operating company [7]