Financial Data and Key Metrics Changes - Unilever reported underlying sales growth of 3.9% in Q3 2025, with underlying price growth at 2.4% and volume contributing 1.5% [5][6] - The total turnover for Q3 was €14.7 billion, down 3.5% year-on-year, primarily due to a negative currency impact of 6.1% [18][19] - The company expects an adverse currency impact on full-year turnover of around 6% and a 30 basis points impact on the underlying operating margin [19] Business Line Data and Key Metrics Changes - Beauty and Wellbeing and Personal Care were major growth engines, with underlying sales growth of 5.1% and 4.1% respectively [22][10] - Power brands, which represent over 75% of turnover, grew by 4.4% in Q3, with volume growth of 1.7% [6][7] - Home Care underlying sales grew by 3.1%, driven by strong performances from CIF and Domestos [15] Market Data and Key Metrics Changes - North America saw underlying sales growth of 5.5%, driven by strong performances in Personal Care and Wellbeing [7][8] - Emerging markets grew by 4.1%, led by a return to growth in Indonesia and China, despite challenges in India and Latin America [3][9] - Latin America experienced a decline in underlying sales by 2.5%, with a 7.3% decline in volume [9][10] Company Strategy and Development Direction - The company is focused on premium segments and fast-growing channels, with a significant shift towards digital commerce [2][22] - Unilever is preparing for the demerger of its ice cream business, expected to be completed in 2025 [3][17] - The strategic priority is to strengthen the portfolio with more beauty, wellbeing, and personal care products, while maintaining a focus on premium innovations [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform markets despite some softness in certain regions, particularly Latin America [21][22] - The outlook for the remainder of the year remains unchanged, with expectations for underlying sales growth within the 3% to 5% range [21][22] - Management noted that the macro environment in India is favorable, with recent tax reforms expected to boost consumption [9][22] Other Important Information - The company has seen significant growth in digital commerce, with 17% of revenue coming from this channel [58] - The acquisition of Dr. Squatch has expanded Unilever's presence in the premium male grooming segment [14][20] Q&A Session Summary Question: Clarification on volume growth expectations - Management confirmed a 2% volume growth expectation into 2026, highlighting strong performance in North America and challenges in Latin America [25][28] Question: Performance of wellbeing and prestige brands in North America - Wellbeing brands like Liquid I.V. and Nutrafol are approaching $1 billion in revenue, with strong growth noted [28][29] Question: Actions taken in Latin America regarding pricing - Management acknowledged that pricing strategies in Brazil were too aggressive, leading to corrective actions and improvements in sellout [30][31] Question: Pricing outlook in light of commodity costs - Management indicated that while commodity costs are relatively benign, wage inflation and currency devaluation are factors to consider for future pricing strategies [38][39] Question: Performance in Mexico and hard currency earnings expectations - Management noted soft market conditions in Mexico but expressed confidence in achieving positive hard currency earnings for the year [66][68] Question: Growth in Indonesia and China - Management reported strong growth in Indonesia and improvements in China, attributing success to strategic changes in market approach and product offerings [71][72]