传了6个月，联合利华剥离旗下Graze品牌的消息于近日靴子落地。近日，全球消费巨头联合利华宣布， 已签署协议将旗下健康零食品牌Graze出售给Candy Kittens的德国母企Katjes International。交易完成 后，Graze将并入英国Candy Kittens集团。目前这笔交易的财务细节尚未披露，预计将在2026年上半年 完成。 Graze是一个创立于2008年的线上健康零食品牌，起初通过线上订阅销售坚果、无人工添加剂的种子以 及可定制配料的混合零食盒等，2012年被Carlyle集团收购，随后产品拓展至英国和美国的多个实体零售 渠道中。在健康天然食品需求增加以及零食代替膳食潮流的影响下，联合利华于2019年以约1.5亿英镑 的价格收购了Graze。被联合利华收购后，Graze从以直销消费者为主的品牌发展为在英国零售店拥有强 大影响力的品牌。不过，这期间Graze未能达到预期的增长目标，2024年，其收入同比下降9.9%至3560 万英镑，远低于联合利华收购前一年的5590万英镑。 出售Graze品牌是联合利华新任首席执行官Fernando Fernandez自今年3月上任以来一次重要的战 ...

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][18] - Turnover for Q3 was EUR 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 volumes up 1.7% for the total group [6][7] - Home Care underlying sales grew 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 Personal Care and Wellbeing brands [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 [22][60] - 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, aiming for a higher market share in key categories [22][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year outlook despite some market softness, particularly in Latin America [21][22] - The company anticipates volume growth in Q4 to be at least in line with Q3, with an expected improvement in underlying operating margin for the full year [21][68] - Management highlighted the importance of learning from challenges in Latin America to avoid similar issues in other regions [32][75] Other Important Information - The company has made significant investments in premium innovations and brand execution, which are expected to drive future growth [22][23] - The acquisition of Dr. Squatch is expected to enhance Unilever's presence in the premium male grooming segment [14] Q&A Session Summary Question: Clarification on volume growth expectations into 2026 - Management confirmed expectations of 2% volume growth into 2026, reflecting confidence in long-term market performance [25][28] Question: Growth of Wellbeing and Prestige in North America - Management noted strong double-digit growth in Liquid I.V. and Nutrafol, with improvements in prestige beauty brands like Hourglass and K18 [28][29] Question: Challenges in Latin America - Management acknowledged self-inflicted issues in Brazil, particularly in laundry and deodorants, and outlined corrective actions being taken [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 China and Indonesia - Management reported positive growth in both markets, with significant improvements in Indonesia attributed to a reset in business fundamentals [71][72]

1 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. Words and terminology such as 'will', 'aim', 'expects', 'anticipates', 'intends', 'looks', 'believes', 'vision', 'ambiti ...

H1 2025 Performance - Unilever's H1 2025 underlying sales growth (USG) was 3.4%, driven by 1.5% underlying volume growth (UVG) and 1.9% underlying price growth (UPG)[10] - Power Brands' Q2 2025 USG improved to 4.4%, with 2.1% UVG and 2.3% UPG[12] - The company's turnover decreased by 3.2% year-over-year, from €31.1 billion in H1 2024 to €30.1 billion in H1 2025, impacted by net disposals and adverse currency effects[48] Segment Performance - North America achieved 5.4% USG in H1 2025, representing 23% of Group turnover[13] - Europe saw 3.4% USG in H1 2025, with 3.7% UVG and 1.6% UPG, accounting for 21% of Group turnover[15, 16] - Asia Pacific Africa (APA) experienced 3.5% USG in H1 2025, while Latin America had 0.5% USG[19] - Beauty & Wellbeing segment achieved 3.7% USG in H1 2025, with a €6.5 billion turnover[21, 22] - Dove's H1 2025 USG was 4.8%, driven by 3.3% UPG and 1.4% UVG[26] Strategic Initiatives - The Ice Cream business demerger is on track for mid-November, with Unilever retaining less than 20% stake in TMICC[8, 45] - Post demerger, based on FY 2024 financials, Unilever expects approximately €52 billion turnover, +160 bps GM, +100 bps UOM, +100 bps ROIC, ~100% cash conversion, and ~2x expected leverage[70] Financial Outlook - The company is on track to deliver its full-year 2025 outlook, including an improvement in FY underlying operating margin and USG within the 3-5% range[62, 63] - The company expects second half margins of at least 18.5%[63] - The company completed €1.5 billion share buyback in H1 2025[61]

Core Insights - The rivalry between Procter & Gamble (PG) and Unilever (UL) is significant in the global consumer goods sector, with both companies dominating the fast-moving consumer goods (FMCG) market [1][4]. Procter & Gamble (PG) - PG is recognized for its brand-heavy strategy, focusing on high-margin household and personal care products, which grants it strong pricing power and market dominance in North America [2][5]. - The company operates in over 180 countries with a portfolio of well-known brands, creating a competitive moat that allows for swift adaptation to market changes [5][6]. - PG emphasizes brand superiority and innovation, investing in differentiated products across various price tiers, which helps maintain consumer loyalty without heavy discounting [6][7]. - Despite facing potential tariff costs projected at $1-$1.5 billion annually, PG is managing these impacts through supply-chain localization and strategic pricing adjustments [8]. - The Zacks Consensus Estimate for PG's fiscal 2025 sales and EPS indicates year-over-year growth of 0.2% and 3%, respectively, with projected increases of 2.6% and 3.2% in fiscal 2026 [17]. - PG's stock trades at a forward P/E multiple of 24.06, above its 5-year median, indicating a premium valuation that reflects its consistency and brand strength [22][26]. Unilever (UL) - UL adopts a diversified approach with operations in over 190 countries, focusing on both developed and emerging markets, which enhances its market coverage [9][10]. - The company's "Power Brands" account for over 75% of its turnover, demonstrating resilience and growth potential, particularly in developed markets [10][11]. - Under new leadership, UL is pursuing a consumer-focused strategy that emphasizes premiumization and digital marketing, aligning its products with evolving consumer preferences [12][16]. - Unilever's financial performance shows underlying sales growth of 3% in the first quarter of fiscal 2025, with strong contributions from personal care and wellbeing categories [14]. - The Zacks Consensus Estimate for UL's fiscal 2025 sales and EPS suggests year-over-year growth of 4.4% and 2.5%, respectively, with projected increases of 3.2% and 6.1% in fiscal 2026 [17]. - UL's stock has outperformed PG, with a total return of 19.1% over the past year, compared to PG's 3.8% growth [20]. - UL trades at a forward P/E multiple of 18.85, indicating it may be undervalued relative to PG, presenting a potential long-term investment opportunity [22][25]. Comparative Analysis - Both companies have experienced downward estimate revisions recently, but UL shows stronger projected revenue growth compared to PG [19]. - Unilever's more attractive valuation and diversified global presence position it favorably for future growth, while PG's premium valuation reflects its defensive qualities [25][26]. - Investor sentiment is shifting towards UL, supported by positive revisions to its earnings estimates, indicating confidence in its financial performance [28].

Q1 2025 Performance Highlights - Unilever Power Brands achieved 3.0% underlying sales growth (USG), driven by 1.3% underlying volume growth (UVG) and 1.7% underlying price growth (UPG)[9] - Beauty & Wellbeing turnover reached €3.3 billion, with 4.1% USG, comprising 1.5% UVG and 2.5% UPG[15, 16] - Personal Care reported 5.1% USG, with 2.4% UVG and 2.7% UPG, fueled by strong Dove performance[21] - Home Care experienced 1.0% USG, with flat UVG and 0.9% UPG, impacted by destocking in Brazil and business resets in China & Indonesia[24] - Foods saw a 1.6% USG, with (1.1)% UVG and 2.7% UPG, affected by a decline in Unilever Food Solutions (UFS) China due to the timing of Chinese New Year[28] - Ice Cream achieved 1.8% USG, with (0.5)% UVG and 2.2% UPG, driven by innovation and operational improvements[30] Regional Performance - North America showed 6.2% USG, with 4.0% UVG and 2.1% UPG, representing 22% of Group turnover[34] - Europe reported 3.2% USG, with 3.0% UVG and 0.2% UPG, accounting for 20% of Group turnover[34] - Latin America experienced 1.5% USG, with (3.0)% UVG and 4.6% UPG, representing 14% of Group turnover[34] - Asia Pacific Africa achieved 2.0% USG, with 0.6% UVG and 1.3% UPG, accounting for 44% of Group turnover[34] Financial Outlook and Strategic Initiatives - Q1 2025 turnover was €14.8 billion, a (0.9)% decrease including a (2.7)% impact from net disposals[36] - Unilever reconfirmed its full-year 2025 financial outlook, projecting underlying sales growth within the 3-5% range and modest improvement in underlying operating margin[39, 40] - The separation of the Ice Cream business is on track to be completed by the end of 2025, with operational separation by July 1st and reporting as a discontinued operation from Q4[37, 38]