" 2 0 2 5年，我们成为了一个更简洁、更精锐、更敏捷的联合利华，兑现了对销量增长、积极产 品组合和强劲毛利率的承诺。 "在去年初上任的联合利华CEO Fe r n a n d o Fe r n a n d e z在2 0 2 5年 财报发布时如此说道。 | 联合利华全年增长情况 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | (未经审计) | 营收 | (USG) | 基础销售增长 基础销量增长 基础价格增长 收购与处置 (UVG) | (UPG) | (A&D) | 汇率 营收变动 | | | 支生 | 505亿欧元 | 3.5% | 1.5% | 2.0% | (1.2)% | (5.9)% | (3.8)% | | 第四季度 126亿欧元 | | 4.2% | 2.1% | 2.0% | 1.0% | (7.5)% | (2.7)% | | 制图/FReauty未来迹 数据来源/联合利华财报 | | | | | | EITIDE REALITY | | 2月1 2日，联合利华发布2 0 2 5全年财报，集团全年 ...

Financial Data and Key Metrics Changes - For the full year, underlying sales growth was 3.5%, with volumes at 1.5% and price at 2% [5] - Turnover for the full year was EUR 50.5 billion, down 3.8% versus the prior year, primarily due to significant currency headwinds [25] - Underlying operating margin expanded by 60 basis points to 20% in 2025, reflecting a structurally strong margin profile [26] - Underlying EPS rose to EUR 3.08, up 0.7% versus the prior year, with sales growth and margin expansion contributing 6.5% to EPS growth [28] Business Line Data and Key Metrics Changes - Beauty and Wellbeing delivered underlying sales growth of 4.7% for the full year, with volumes up 2.8% [10] - Personal Care delivered underlying sales growth of 4.7% for the full year, driven by strong performance in the U.S. [11] - Home Care delivered underlying sales growth of 2.6% for the year, primarily volume-led at 2.2% [14] - Foods delivered underlying sales growth of 2.5% for the year, with 0.8% from volume and 1.7% from price [16] Market Data and Key Metrics Changes - Developed markets delivered underlying sales growth of 3.6% for the year, while emerging markets delivered underlying sales growth of 3.5% [19][21] - In North America, underlying sales grew 5.3% for the year, with volumes contributing 3.8% [20] - In Asia Pacific Africa, underlying sales growth was 4.6% for the year, with volumes contributing 3% [21] - Latin America saw underlying sales growth of 0.5% for the year, reflecting a broad-based market slowdown [23] Company Strategy and Development Direction - The company aims to focus on beauty, wellbeing, and personal care, with an emphasis on premium segments and digitally native brands [32][34] - The company completed the demerger of ice cream and 10 transactions to sharpen its portfolio and increase focus on growth [34] - The company is committed to a disciplined capital allocation strategy, focusing on growth and productivity while delivering attractive capital returns [31][44] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in emerging markets, expecting volume growth of at least 2% in 2026 [36] - The company anticipates underlying sales growth for 2026 to be at the bottom end of the multi-year range of 4%-6% [36] - Management acknowledged challenges in developed markets but emphasized the strength of their portfolio and execution [38] Other Important Information - Free cash flow for the year was EUR 5.9 billion, representing 100% cash conversion [29] - The company has delivered more than EUR 670 million of savings from its productivity program, ahead of schedule [27][59] - The company plans to continue investing in brand and marketing, with 16.1% of turnover allocated to these areas, the highest percentage in over a decade [27] Q&A Session Questions and Answers Question: Emerging market outlook for 2026 - Management expressed confidence in emerging markets, noting improvements in India and Indonesia, and a gradual recovery in China [51][52][53] Question: Pricing outlook for 2026 - Management expects pricing growth to be around 2% for 2026, with some increased promotional spending noted [64] Question: Key building blocks for margin improvement in 2026 - Management highlighted the importance of gross margin expansion, productivity savings, and disciplined pricing as key factors for margin improvement [66][68]

Financial Data and Key Metrics Changes - For the full year, underlying sales growth was 3.5%, with volumes at 1.5% and price at 2% [5] - Turnover for the full year was EUR 50.5 billion, down 3.8% versus the prior year, primarily due to significant currency headwinds [25] - Underlying operating margin expanded by 60 basis points to 20% in 2025, reflecting a structurally strong margin profile [26] - Underlying EPS rose to EUR 3.08, up 0.7% versus the prior year, with sales growth and margin expansion contributing 6.5% to EPS growth [28] Business Line Data and Key Metrics Changes - Beauty and Wellbeing delivered underlying sales growth of 4.3%, evenly split between volume of 2.2% and price at 2.1% [10] - Personal Care delivered underlying sales growth of 4.7% for the full year, with price contributing 3.6% and volumes growing 1.1% [11] - Home Care delivered underlying sales growth of 2.6% for the year, primarily volume-led at 2.2% [14] - Foods delivered underlying sales growth of 2.5% for the year, with 0.8% from volume and 1.7% from price [16] Market Data and Key Metrics Changes - Developed markets delivered underlying sales growth of 3.6% for the year, with North America being a standout performer [19] - Emerging markets delivered underlying sales growth of 3.5% for the year, accelerating to 5.8% in the fourth quarter [21] - In India, underlying sales grew 4% for the year, with volumes up 3% [22] - In China, underlying sales growth was flat for the year, but improved in the second half, including mid-single-digit growth in the fourth quarter [23] Company Strategy and Development Direction - The company aims to sharpen its portfolio, having rotated 15% of the total portfolio in 2025 through acquisitions and disposals [3] - Focus remains on beauty, wellbeing, and personal care, with an emphasis on premium segments and digitally native brands [34] - The company is committed to a disciplined capital allocation strategy, prioritizing growth and productivity while delivering attractive capital returns [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in emerging markets, expecting volume growth of at least 2% in 2026 [36] - The company anticipates underlying sales growth for the full year to be at the bottom end of the multi-year range of 4%-6% [36] - Management highlighted the importance of maintaining a focus on volume-led growth and margin expansion [43] Other Important Information - Free cash flow for the year was EUR 5.9 billion, representing 100% cash conversion [29] - The company completed an eight-for-nine share consolidation in December 2025 following the ice cream separation [29] - The productivity program has delivered more than EUR 670 million of savings, with a commitment to complete EUR 800 million by 2026 [27][59] Q&A Session Questions and Answers Question: Emerging market outlook for 2026 - Management expressed confidence in emerging markets, noting improvements in India and Indonesia, and a gradual recovery in China [51][52][53][54] Question: Pricing outlook for 2026 - Management expects pricing growth to be around 2% for 2026, with some increased promotional spending noted [62][64] Question: Key building blocks for margin improvement in 2026 - Management highlighted a structurally high gross margin and ongoing productivity initiatives as key factors supporting margin improvement [66][68]

Financial Data and Key Metrics Changes - For the full year, underlying sales growth was 3.5%, with volumes at 1.5% and price at 2% [4] - Turnover for the full year was EUR 50.5 billion, down 3.8% versus the prior year, primarily due to significant currency headwinds [23] - Underlying operating margin expanded by 60 basis points to 20% in 2025, reflecting a structurally strong margin profile [24] - Underlying EPS rose to EUR 3.08, up 0.7% versus the prior year, with sales growth and margin expansion contributing 6.5% to EPS growth [26] Business Line Data and Key Metrics Changes - Beauty and Wellbeing delivered underlying sales growth of 4.7% for the full year, with volumes up 2.8% [8] - Personal Care delivered underlying sales growth of 4.7% for the full year, driven by strong performance in the U.S. [9] - Home Care delivered underlying sales growth of 2.6% for the year, primarily volume-led at 2.2% [11] - Foods delivered underlying sales growth of 2.5% for the year, with 0.8% from volume and 1.7% from price [13] Market Data and Key Metrics Changes - Developed markets delivered underlying sales growth of 3.6% for the year, with North America being a standout performer [16] - Emerging markets delivered underlying sales growth of 3.5% for the year, with growth accelerating to 5.8% in the fourth quarter [18] - In India, underlying sales grew 4% for the year, with volumes up 3% [20] - In China, underlying sales growth was flat for the year, but showed improvement in the second half [21] Company Strategy and Development Direction - The company aims to focus on premium segments, digitally native brands, and dCommerce exposure, particularly in the U.S. and India [31] - The company is committed to simplifying its portfolio through targeted disposals while pursuing bolt-on acquisitions aligned to its strategy [32] - The company expects underlying sales growth for 2026 to be at the bottom end of the multi-year range of 4%-6% [34] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in emerging markets, citing improved performance and brand equity in India and Indonesia [49][50] - The management acknowledged challenges in developed markets but noted strong execution and brand performance in North America [53] - The company anticipates inflationary pressures in select commodities for 2026, but overall inflation is expected to be lower than in 2025 [34] Other Important Information - Free cash flow for the year was EUR 5.9 billion, representing 100% cash conversion [28] - The company returned EUR 6 billion to shareholders in 2025, comprising EUR 4.5 billion in dividends and EUR 1.5 billion in share buybacks [31] - The company completed the ice cream demerger and 10 transactions during the year, significantly increasing focus on growth [32] Q&A Session Questions and Answers Question: Can you talk about the emerging market outlook for 2026? - The management expressed confidence in emerging markets, highlighting improved performance in India and Indonesia, and a gradual recovery in China [49][50] Question: Can you discuss the pricing outlook for 2026? - The management expects pricing to be around 2% for 2026, with some increased promotional spending, particularly in foods [60] Question: What are the key building blocks supporting confidence in achieving margin improvement in 2026? - The management highlighted consistent gross margin expansion, productivity savings, and disciplined capital allocation as key factors supporting margin improvement [63][64]

LONDON — Growth at Unilever’s beauty and well-being division outstripped the consumer giant’s overall performance in 2025, with brands including Nutrafol, Liquid I.V., Vaseline and Dove leading the way. Underlying sales in the division grew 4.3 percent to 12.8 billion euros, driven by a balance of volume and price growth. Wellness products as well as Vaseline and Dove grew in the double digits. By contrast, growth in prestige beauty, core skin care and hair care, was in the low-to-midsingle digits. More f ...

Core Insights - Esi Eggleston Bracey is leaving her position as Unilever's chief growth and marketing officer as part of a broader restructuring initiative within the company [1][2] - Leandro Barreto will take over as chief marketing officer for Unilever and the beauty and well-being business group starting January 1, following a transition period [2] - The restructuring aims to enhance Unilever's marketing strategies and consumer engagement amid significant industry changes and a digital revolution [2] Company Changes - The leadership change is part of Unilever's ongoing transformation to improve brand marketing and consumer interaction [2] - Chief Executive Officer Fernando Fernandez acknowledged Eggleston Bracey's significant contributions during her eight years at Unilever, highlighting her role in establishing a foundation for growth in the U.S. market [3] - Eggleston Bracey joined Unilever in 2018 and was instrumental in redefining demand-building strategies globally [3] Marketing Strategy - Leandro Barreto is recognized for his creativity and ability to build culturally relevant brands, positioning him well to lead Unilever's marketing transformation [3] - Unilever has focused on beauty and wellness as key growth drivers, with expectations that these divisions will account for two-thirds of sales in the medium term, up from the current 51% [4]

Products like DryWater, Water Melt and Liquid I.V. have caught on as Americans focus on optimizing their health, marketing experts said. https://t.co/P9KFSs4o7B ...

Core Insights - Unilever reported a decline in revenue for both Q3 and the first three quarters of 2025, with Q3 revenue at €14.7 billion (approximately ¥121.4 billion), down 3.5% year-on-year, and year-to-date revenue at €44.8 billion (approximately ¥370.0 billion), down 3.3% year-on-year [1][2] - Despite the overall decline, CEO Fernando Fernandez highlighted a return to growth in the Indonesian and Chinese markets, and significant improvement in overall performance when excluding the ice cream business [1][6] Financial Performance - The last significant growth for Unilever was in 2022, with a 16% increase in revenue, reaching €37.7 billion (approximately ¥376.8 billion) [1][2] - All five business segments (Beauty & Wellbeing, Personal Care, Home Care, Foods, and Ice Cream) experienced declines in Q3 and year-to-date performance [2][3] Business Segment Analysis - **Beauty & Wellbeing**: Q3 revenue was €3.2 billion (approximately ¥264.5 billion), down 3.1% year-on-year; year-to-date revenue was €9.7 billion (approximately ¥801.8 billion), down 1.6% year-on-year [3][4] - **Personal Care**: Q3 revenue was €3.3 billion (approximately ¥272.6 billion), down 2.3% year-on-year; year-to-date revenue was €9.8 billion (approximately ¥809.6 billion), down 4.8% year-on-year [8][4] - **Home Care**: Q3 revenue was €2.8 billion (approximately ¥229.0 billion), down 5.3% year-on-year; year-to-date revenue was €8.7 billion (approximately ¥724.0 billion), down 6.4% year-on-year [4] - **Foods**: Q3 revenue was €3.1 billion (approximately ¥256.0 billion), down 2.9% year-on-year; year-to-date revenue was €9.7 billion (approximately ¥801.8 billion), down 2.2% year-on-year [4] - **Ice Cream**: Q3 revenue was €2.3 billion (approximately ¥189.0 billion), down 4.2% year-on-year; year-to-date revenue was €6.9 billion (approximately ¥573.0 billion), down 1.1% year-on-year [4] Regional Performance - The Asia Pacific and Africa region showed strong growth, particularly in China and Indonesia, with Q3 USG at 6.8% and revenue of €6.2 billion (approximately ¥512.2 billion), accounting for 42% of the group's overall performance [9][10] - The Americas region faced challenges, with Q3 revenue of €5.2 billion (approximately ¥429.7 billion) and a decline in Latin America, particularly in Brazil and Mexico [13] - Europe achieved Q3 revenue of €3.3 billion (approximately ¥272.6 billion), with growth across all business groups despite high year-on-year comparisons [13] Strategic Focus - Unilever is focusing on core businesses, particularly in beauty and health, with plans to spin off the ice cream business to enhance profitability [14][15] - The company aims to expand its portfolio in high-end segments and digital commerce, with the U.S. and India identified as key growth markets [15]

Core Insights - Unilever's beauty and well-being sales drove a 3.9% underlying group sales growth to 14.7 billion euros in Q3 [1][2] - The beauty and well-being division reported a 5.1% underlying sales growth to 3.2 billion euros, marking the highest growth within the group [2][3] - Overall sales at actual exchange fell 3.5% year-on-year due to net disposals and currency headwinds [2] Beauty and Well-Being Division Performance - Top performers included Dove hair, Vaseline, Liquid I.V., Nutrafol, Hourglass, and K18, all achieving double-digit growth [3] - Prestige beauty grew at mid-single digits, while Paula's Choice and Dermalogica returned to low-single-digit growth after previous declines [3] - Liquid I.V.'s sugar-free range, launched in mid-2023, now accounts for nearly 30% of total brand sales [4] Personal Care Division Performance - The personal care division saw a 4.1% underlying sales growth to 3.3 billion euros, with strong performance from Dove's premium innovations [4] Future Outlook - The CEO stated that the full-year underlying sales growth is expected to be between 3% and 5%, with second-half growth anticipated to exceed the first half [5] - An improvement in underlying operating margin is expected for the full year, with second-half margins projected to be at least 18.5% [6] Market Dynamics - Emerging markets like Indonesia and China returned to growth, driven by Unilever's power brands [7] - Significant investments in manufacturing, logistics, and e-commerce in China contributed to the growth across all major divisions [8] Strategic Focus - Unilever is prioritizing beauty, well-being, and personal care, with a focus on premium segments and digital commerce [9] - The underlying growth exceeded analysts' expectations of 3.7% [9] Market Reaction - RBC Capital Markets described the third-quarter numbers as "reassuring," with encouraging momentum in China and India expected to accelerate in Q4 [10]

Core Viewpoint - Unilever's financial performance in the first half of 2025 shows a decline in overall revenue but indicates a positive trend in strategic transformation and market focus, particularly in the Chinese market [2][4][30]. Financial Performance - Total revenue for the first half of 2025 was €3.01 billion (approximately ¥24.76 billion), a year-on-year decrease of 3.2%, primarily due to currency fluctuations (-4.0%) and business adjustments (-2.5%), while underlying sales grew by 3.4% [2]. - Operating profit was €530 million (approximately ¥4.37 billion), reflecting a significant year-on-year drop of 10.6% [2]. Strategic Focus - CEO Fernando Fernandez emphasized the importance of "focus" and "agility" in driving growth, highlighting the company's strategic correctness in both developed and emerging markets [4]. - Unilever is undergoing a profound transformation, with plans to spin off its ice cream business and leverage influencer marketing as a new growth engine [4][12]. China Market Insights - In China, Unilever's underlying sales saw a slight decline in the first half, but improvements were noted in the second quarter, suggesting that recent adjustments are beginning to yield results [6][26]. - The company is accelerating premiumization and localized innovation, exemplified by the launch of the Vaseline Water Radiance Body Essence series tailored for Chinese consumers [8][27]. Regional Performance - Revenue contributions from developed markets (44%) and emerging markets (56%) showed growth rates of 4.3% and 2.8%, respectively, indicating that the Chinese market is crucial for the group's return to positive growth [10][30]. - The beauty and personal care segments generated €650 million (approximately ¥5.35 billion) in revenue, with underlying sales growth of 3.7% and 4.8% [10]. Business Restructuring - Unilever is actively engaged in mergers and acquisitions, focusing on high-end beauty and personal care brands, while divesting non-core assets to optimize its business portfolio [13][16]. - The company has made several acquisitions, including a 90.5% stake in the high-end beauty brand Minimalist and the purchase of the UK-based eco-friendly personal care brand Wild [16][17]. Marketing Strategy - Unilever is shifting towards a "influencer-first" strategy, planning to increase social media spending from 30% to 50% of its total advertising budget and expand collaborations with influencers [18][19]. - This strategy aims to enhance brand relevance and connection with younger consumers, particularly in the beauty sector [20]. Future Directions - Unilever's three core development directions include enhancing beauty and health, increasing investments in the U.S. and Indian markets, and deepening high-end and digital transformation [22][23][24]. - The company anticipates a rebound in the Chinese market, supported by regional growth and strategic adjustments, with expectations of a sales growth rate between 3% and 5% for the full year [30][29].