UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

                                                     

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

Dated 31 July 2025

Commission File

Number: 001-04546

(Translation of registrant’s name into English)

UNILEVER HOUSE, BLACKFRIARS, LONDON, ENGLAND

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its

behalf by the undersigned, thereunto duly authorized.

/S/ M VARSELLONA

BY M VARSELLONA

CHIEF LEGAL OFFICER AND GROUP SECRETARY

Date: 31 July 2025

2025 First Half Results

(a)See note 9 for more information on dividends

First half highlights

•Underlying sales growth (USG) of 3.4%, with volume growth of 1.5% and price of 1.9%

•Turnover of €30.1 billion, down (3.2)%; with adverse currency (4.0)% and net disposals (2.5)%

•Strong gross margin of 45.7% fuelled increased brand & marketing investment up 40bps to 15.5%

•Underlying operating margin of 19.3%, down (30)bps against the strong prior year comparator

•Underlying EPS decreased (2.1)% to €1.59, diluted EPS decreased (3.7)%

•Free cash flow €1.1 billion, reflecting lower operating profit, Ice Cream separation costs and higher working

capital

•Productivity programme ahead of plan, delivering a cumulative c.€650 million savings by end 2025

•Quarterly dividend up 3% vs Q2 2024; €1.5 billion share buyback completed

•Ice Cream operational separation completed, on track for demerger in mid-November

Chief Executive Officer statement

“Our continued outperformance in developed markets and the positive impact of our decisive interventions in

emerging markets, accelerated our growth in the second quarter to 3.8%, with positive volume growth across all

business groups.

This brought first half underlying sales growth to 3.4%, balanced across volume and price. A strong gross margin and

productivity gains ahead of plan fuelled increased investment in our brands and premium innovations.

Our first half performance positions us well for the full year. In the second half, we expect further acceleration in

emerging markets, particularly in Asia, and sustained momentum in developed markets.

We are on track to demerge Ice Cream by mid-November, with the operational separation now complete and

competitive performance improving.

Looking ahead, our priorities are clear: more Beauty & Wellbeing and Personal Care; disproportionate investment in

the US and India; and, a sharper focus on premium segments and digital commerce.  We are building a marketing

and sales machine that drives desire at scale in our power brands and ensures execution excellence across all

channels to deliver consistent volume growth and gross margin expansion.”

For full year 2025, we expect underlying sales growth to be within our range of 3% to 5%, with second half growth

ahead of the first half despite subdued market conditions. This is supported by our continued strength in developed

markets and improving performance in emerging markets, notably in India, Indonesia and China.

We anticipate an improvement in underlying operating margin for the full year, with second half margins of at least

18.5%, a significant improvement versus the second half of 2024.

The macroeconomic and currency environment is uncertain and we will be agile in adjusting our plans as necessary.

Growth

Underlying sales growth in the first half was 3.4%, with 1.5% from volume and 1.9% from price. Growth improved

sequentially during the period to 3.8% in the second quarter, with volume of 1.8% and price of 2.0%. Power Brands

contributed over 75% of turnover, growing 3.8% in the first half, with 1.6% from volume and 2.1% from price.

Beauty & Wellbeing grew underlying sales 3.7%, with 1.7% from volume and 2.0% from price, led by the continued

strong performance of our Wellbeing business, which more than offset subdued growth in beauty. Personal Care

grew 4.8%, with 1.4% from volume and 3.3% from price, with Dove growing high-single digit. Home Care underlying

sales increased 1.3%, with 1.1% from volume and 0.2% from price, led by strong momentum in Europe which was

partially offset by a decline in Latin America. Underlying sales growth in Foods was 2.2%, with 0.3% from volume and

1.9% from price, with improved growth in the second quarter. Ice Cream grew 5.9%, with 3.8% from volume and 2.0%

from price, as we continue to enhance the fundamentals of the business, with improved execution and impactful

innovations.

Developed markets (44% of group turnover) continued to perform well, with underlying sales growth of 4.3%, with

3.4% from volume and 0.9% from price. The second quarter was the fourth consecutive quarter of USG above 4% in

developed markets. Volume growth was broad-based, with a strong performance in North America driven by

Personal Care and Wellbeing, and volume growth in Europe led by Home Care.

Emerging markets (56% of group turnover) grew underlying sales 2.8%, with 0.2% from volume and 2.6% from price.

India underlying sales grew 4% on a consolidated basis1, with underlying sales growth of 5% in the second quarter as

market conditions gradually improved while we continued to gain market share. China declined low-single digit and

Indonesia declined (4.8)% in the first half. However, we saw sequential improvement in the second quarter and we

expect both countries to accelerate further in the second half. Latin America grew 0.5% with an acceleration of

currency related price increases impacting volumes. Argentina growth was offset by Brazil and Mexico, as economic

conditions continued to deteriorate in the first half.

Turnover was €30.1 billion, down (3.2)% versus the prior year, including (4.0)% from currency and (2.5)% from disposals

net of acquisitions. The currency impact during the first half was primarily driven by Latin American currencies and

the Turkish Lira depreciating against the Euro. In the second quarter, the depreciation of the US dollar against the

Euro led to elevated currency impact versus the first quarter.

Profitability

Underlying operating profit was €5.8 billion, a reduction of (4.8)% versus the prior year. Underlying operating margin

of 19.3% was (30)bps against the strong prior year comparator.

We delivered a gross margin of 45.7%, which was flat compared to a strong performance in the first half of 2024 and

sequentially up versus where we closed 2024. This reflects continued efforts to drive structural gross margin

improvements and benefitted from higher than expected net productivity and procurement savings in the first half.

Brand and marketing investment was up 40bps to 15.5% of turnover, as we continue to invest competitively behind

our brands and innovations. Overheads improved by 10bps, as productivity and tighter cost control more than offset

inflation and costs associated with setting up and running Ice Cream as a standalone business.

Operating profit was €5.3 billion, down (10.6)% versus 2024, reflecting higher acquisition and disposal costs and

lower profit on disposals.

Ice Cream demerger

Ice Cream began operating on a standalone basis on 1st July. We are on track to complete the demerger in mid-

November 2025. This will transform Unilever into a more focused organisation and create a world-leading Ice Cream

business, The Magnum Ice Cream Company.

The Magnum Ice Cream Company (TMICC) will be led by Peter ter Kulve as CEO and Abhijit Bhattacharya as CFO.

Jean-François van Boxmeer, TMICC's Chair Designate, is in the process of appointing Non-executive Directors of the

Board of TMICC, to be announced during Q3.

TMICC will hold a Capital Markets Day in London on 9th September where it will set out its business strategy and

investment case. In association with the demerger, Unilever will publish a Shareholder Circular in October which will

set out formal information on the demerger. Prospectuses will be published around one week before the demerger

and listing date, which we expect in mid-November. The Ice Cream Business Group will be reported on by Unilever as

a discontinued operation from the fourth quarter.

Upon demerger, Unilever will retain a <20% stake in TMICC, subject to regulatory approvals, for a period of up to five

years. Over time, the retained stake will be sold down in an orderly and considered manner to pay separation costs

and maintain capital flexibility through a reduction in net debt. The retained stake demonstrates our support and

belief in TMICC.

Subject to shareholder approval, Unilever intends to consolidate its share capital following completion of the

demerger. This share consolidation, which will reduce the total number of shares in issue, is designed to maintain

comparability between Unilever's share price, earnings per share and dividends per share before and after the

demerger.

Productivity programme

Our productivity programme, launched in 2024 to simplify the business and further evolve our category-focused

business model, remains ahead of plan in its delivery of €800 million of savings. We expect to realise around €650

million of savings by the end of 2025. The remaining €150 million of savings will be delivered in 2026.

Capital allocation

We continue to undertake targeted acquisitions to enhance focus and growth opportunities in selected areas.

In January, Hindustan Unilever Limited announced it has signed an agreement to acquire the premium actives-led

beauty brand Minimalist, as it continues to evolve its Beauty & Wellbeing portfolio towards higher growth and

demand spaces in India. The acquisition was completed in April.

In March, Unilever announced it has agreed the sale of The Vegetarian Butcher, a non-strategic asset, given its

limited scalability.

Enhancing our Personal Care portfolio in premium and high growth spaces, Unilever acquired Wild in April and

announced that it has signed an agreement to acquire Dr. Squatch in June.

The quarterly interim dividend for the second quarter is €0.4528, in line with the Q1 2025 dividend and up 3.0% versus

Q2 2024. The €1.5 billion share buyback programme, announced and commenced in February, was completed at the

end of May.

Following the release of this trading statement on 31 July 2025 at 7:00 AM (UK time), there will be a live webcast at

8:00 AM available on the website www.unilever.com/investor-relations/results-and-presentations/latest-results.

A replay of the webcast and the slides of the presentation will be made available after the live meeting.

Beauty & Wellbeing (21% of Group turnover)

In Beauty & Wellbeing, we focus on three key priorities: premiumising our core Hair and Skin Care portfolios by

emphasising brand superiority; fuelling the growth of our Prestige Beauty and Wellbeing portfolios with selective

international expansion; and, continuing to strengthen our competitiveness through innovation and a social-first

approach to consumer engagement.

Beauty & Wellbeing underlying sales grew 3.7% with 1.7% from volume and 2.0% from price. Growth was led by

continued momentum in Wellbeing, which was partially offset by subdued growth in beauty.

Hair Care was flat, with low-single digit price offset by a decline in volume. Dove grew mid-single digit, supported by

a significant relaunch featuring fibre repair technology and refreshed packaging. Growth was offset by a decline in

Clear, which was impacted by slow market growth in China, and a volume decline in TRESemmé.

Core Skin Care delivered low-single digit growth, with performance varying across brands and markets. Vaseline

and Dove grew double-digit supported by innovation and strong execution. Growth was partially offset by declines

in China and Indonesia, where we are resetting our business.

Wellbeing delivered strong double-digit growth for the 21st consecutive quarter. Performance was led by Liquid I.V.

and Nutrafol, as both brands continued to expand household penetration and deliver successful multi-year

innovations, including Liquid I.V.’s sugar free platform.

Prestige Beauty was flat as the prestige beauty market remained subdued. Hourglass, Tatcha, and K18 continued

to grow double-digit while Paula’s Choice and Dermalogica declined.

Underlying operating profit was €1.3 billion, down (3.7)% versus the prior year. Underlying operating margin

decreased (60)bps as we increased brand and marketing investment behind key innovations and market

development while gross margin remained flat to last year.

Personal Care (22% of Group turnover)

In Personal Care, we focus on winning with science-led brands that deliver unmissable superiority to our consumers

across Deodorants, Skin Cleansing, and Oral Care. Our priorities include developing superior technology and

multiyear innovation platforms, leveraging partnerships with our customers, and expanding into premium areas and

digital channels.

Personal Care underlying sales grew 4.8%, with 1.4% from volume and 3.3% from price. Performance was led by Dove

which grew high-single digit with strong volume and positive price. Second quarter volumes were impacted by a

decline in Latin America where significant share gains were offset by subdued markets.

Deodorants grew low-single digit with positive volume and price. Volume growth in North America and Europe was

offset by a decline in Latin America. Dove grew double-digit with high-single digit volume, supported by the launch

of whole-body deodorants.

Skin Cleansing grew low-single digit, led by price. Dove grew mid-single digit, driven by continued success of its

multi-year innovations, including its premium serum shower collection. Lifebuoy declined as volumes were impacted

by commodity-driven price increases.

Oral Care grew mid-single digit led by mid-single digit growth in Pepsodent and Close Up.

Underlying operating profit was €1.4 billion, down (9.8)% versus the prior year. This included the impact from

disposals such as Elida Beauty, which reduced Personal Care turnover by (5.8)% in the first half. Underlying operating

margin decreased (90)bps as a slight improvement in gross margin was offset by a strong step-up in brand

investment, particularly in the US and premium segments.

Home Care (20% of Group turnover)

In Home Care, we focus on delivering for consumers who want superior products that are sustainable and great

value. We drive growth through unmissable superiority in our biggest brands, in our key markets and across

channels. We have a resilient business that spans price points and grows the market by premiumising and trading

consumers up to additional benefits.

Home Care underlying sales grew 1.3%, with 1.1% from volume and 0.2% from price. Growth improved in the second

quarter, supported by continued good growth in Europe and a sequential improvement in key markets in Asia. This

improvement was partially offset by a decline in Latin America.

Fabric Cleaning declined low-single digit, with slight decreases in both volume and price. Performance was

impacted by challenging market conditions in Brazil, Home Care’s second-largest market, as volumes declined due

to headwinds from recent price increases and some destocking. Wonder Wash continued to perform well, having

now launched in 22 markets.

Home & Hygiene grew mid-single digit, with strong performances from Cif and Domestos. Cif was supported by the

launch of its Infinite Clean range in key European markets. Infinite Clean is a multi-purpose reloadable cleaner

powered by probiotics that break down dirt for up to three days.

Fabric Enhancers grew high-single digit, led by volume, as Comfort continued to perform well.

Underlying operating profit was €0.9 billion, down (11.2)% versus the prior year. Underlying operating margin

decreased (80)bps due to a decline in gross margin as we lapped a particularly strong prior year comparator which

benefitted from carryover pricing and easing commodity costs.

Foods (22% of Group turnover)

In Foods, our strategy is to deliver consistent, competitive growth by offering unmissably superior products through

our biggest brands. We do this by reaching more consumers and focusing on top dishes and high consumption

seasons to satisfy consumers’ preferences on taste, health and sustainability; while delivering productivity and

resilience in our supply chain.

Foods underlying sales grew 2.2%, with 0.3% from volume and 1.9% from price. Growth improved in the second

quarter, led by continued momentum in Hellmann’s and volume gains in Unilever Food Solutions.

Cooking Aids grew low-single digit, driven by price with flat volume. Volume turned positive in the second quarter,

led by Knorr, which represents the majority of Cooking Aids’ turnover.

Condiments delivered low-single digit growth, driven primarily by Hellmann’s, which grew mid-single digit with

positive volume and price. Flavoured mayonnaise remained a key growth driver, with strong performances from

several new variant launches and continued global expansion, now in over 30 markets.

Unilever Food Solutions was flat with positive volume offset by negative price. Performance was supported by good

growth in North America, which was offset by a decline in China. China was flat in the second quarter following a

mid-single digit decline in the first quarter, which lapped a particularly strong 2024 that benefitted from a later

Chinese New Year.

Underlying operating profit was €1.5 billion, up 2.8% versus the prior year. Underlying operating margin increased

100bps, with improved productivity supporting improvements in gross margin and overheads.

Ice Cream (15% of Group turnover)

In Ice Cream, we are focused on continuing to strengthen the business in preparation for Ice Cream’s demerger by

mid-November 2025. We are doing this by developing an exciting product pipeline, designing more efficient go-to-

market strategies, optimising our supply chain, and building a dedicated sales team globally. The separation will

create a world-leading business, operating in a highly attractive category with five of the top 10 selling global ice

cream brands.

Ice Cream underlying sales grew 5.9%, with 3.8% from volume and 2.0% from price, as strong innovations and

improved execution continue to enhance the fundamentals of the business.

In-home and Out-of-home Ice Cream both grew mid-single digit, with positive volume and price. Magnum led

performance with double-digit growth, supported by the successful launch of its Utopia range and continued

momentum of its Bon Bons range. Cornetto grew high-single digit, benefiting from the launch of Disc cones and its

relaunch in H2 2024 with enhanced formulation and new packaging.

Underlying operating profit was €0.7 billion, down (2.2)% versus the prior year. Underlying operating margin was

down (40)bps due to a gross margin decline. Operational improvements and pricing offset most of the significant

cost inflation of key commodities, particularly cocoa.

As of 1 July, the Ice Cream Business Group transitioned into a standalone operating company within Unilever: The

Magnum Ice Cream Company. We remain on track to demerge and separately list the business by mid-November

2025.

Asia Pacific Africa (43% of Group turnover)

Underlying sales growth was 3.5%, with 1.9% from volume and 1.6% from price.

India grew 4% on a consolidated basis2, with underlying volume growth of 3%. Performance improved sequentially

during the half, with underlying sales growth of 5% in the second quarter, driven by volumes of 4%. Market conditions

gradually improved and we continued to gain market share. Growth was led by our premium portfolio in Beauty &

Wellbeing and Personal Care while Home Care continued to deliver strong volume.

China underlying sales declined low-single digit, amidst ongoing market weakness across categories. The actions

we are taking to strengthen our go-to-market approach and accelerate the premiumisation of our portfolio are

showing early signs of success. We expect the business to continue to improve in the second half of the year.

In Indonesia, underlying sales declined (4.8)%. Our extensive turnaround of the business, built on operational

improvements, stronger brands and a step up in execution, has started to generate sequential improvements. We

expect Indonesia to contribute to growth in the second half of the year.

Turkey continued to deliver double-digit growth with positive volume and price across all Business Groups. Growth in

Africa was low-single digit, driven by price.

The Americas (36% of Group turnover)

Underlying sales growth was 3.4%, with 0.4% from volume and 3.0% from price.

North America grew 5.4%, led by 3.7% from volume, benefitting from the multi-year transformation of our North

America portfolio which showed resilience in spite of weaker consumer sentiment. Growth was led by the ongoing

success of our Wellbeing brands as well as competitive growth in skin cleansing and deodorants in Personal Care.

Foods saw low-single digit growth across both cooking aids and condiments, with continued momentum in

Hellmann’s.

Latin America grew 0.5%, with 5.3% from price and (4.6)% from volume. Economic conditions in the region were

volatile, particularly in Brazil and Mexico our two largest markets, which both declined low-single digit partially

offsetting price-led growth in Argentina. In Brazil, volumes declined mid-single digit as a step-up in price put

pressure on volumes, amidst weakening consumer sell-out.

Europe (21% of Group turnover)

Underlying sales growth was 3.4%, with 2.8% from volume and 0.6% from price.

Europe continued to perform well, driven by mid-single digit growth in Home Care, with further roll out of the

Wonder Wash range and Cif innovations across the region, and in Ice Cream, supported by improved execution and

impactful innovations. Foods was flat as consumer demand remained weak. Growth was broad-based across

countries, with positive volumes across all our largest European markets.

Finance costs and tax

Net finance costs decreased by €38 million to €320 million in 2025. This was largely driven by a lower cost of debt and

higher pension income, partially offset by lower interest income. As a result, net finance costs were 2.5% on average

net debt. For the full year 2025, we expect net finance costs of around 3% on average net debt.

The underlying effective tax rate for the first half decreased to 25.2% from 26.0% in the prior year, due to a number of

factors including lower unrecognised losses, benefits from tax settlements, and other one-off items. The effective tax

rate was 25.9%, down from 28.6% in the prior year. For the full year 2025, our guidance for the underlying effective tax

rate remains around 26%.

Joint ventures, associates and other income from non-current investments

Net profit from joint ventures and associates was €146 million, an increase of €8 million compared to 2024. Other

income from non-current investments was negative at €(31) million, versus €(5) million in the prior year, due to

currency movements.

Earnings per share

Underlying earnings per share decreased (2.1)% to €1.59, including (5.1)% of adverse currency. The increase excluding

adverse currency reflects a reduction in the average number of shares driven by the share buyback programme,

which contributed 1.5%, and benefits from lower tax and net finance costs. Diluted earnings per share of €1.42

decreased by (3.7)% versus the prior year.

Restructuring costs

Restructuring costs were €239 million in the first half, a slight decrease from €248 million in the prior year. For full

year 2025, we anticipate restructuring costs of around 1.4% of turnover as we deliver the productivity programme

ahead of plan.

Free cash flow

Free cash flow in the first half of 2025 was €1.1 billion, versus €2.2 billion delivered in the first half of 2024. This

reflected the decrease in operating profit in the first half, Ice Cream separation costs and a higher outflow in working

capital to support supply chain resilience against an uncertain tariff scenario. Capital expenditure and income tax

were largely flat. For the full year 2025, we continue to expect cash conversion of around 100%.

Closing net debt was €26.4 billion compared to €24.5 billion at 31 December 2024. This translated into a net debt /

underlying EBITDA ratio of 2.1x. The increase in net debt was driven by dividends paid and the €1.5 billion share

buyback programme executed during the first half, which was partially offset by free cash flow delivery.

Pensions

Pension assets net of liabilities were in surplus of €3.1 billion at 30 June 2025, versus a surplus of €3.0 billion at the

end of 2024. The increase was primarily driven by a moderate return from growth assets, with increases in interest

rates that reduced liabilities more than assets.

Share buyback programme

In February 2025, we announced a share buyback programme of up to €1.5 billion to be completed on or before 6

June 2025. The programme commenced on 13 February 2025 and was completed on 30 May 2025. We repurchased

27,815,955 ordinary shares which are held by Unilever as treasury shares.

Finance and liquidity

In the first six months of 2025, the following notes matured and were repaid:

•January: €650 million 0.50% fixed rate notes

•March: $350 million 3.375% fixed rate notes and €1,000 million 1.25% fixed rate notes

The following note was issued:

•May: €700 million 2.75% fixed rate notes due May 2030 and €800 million 3.375% fixed rate notes due May 2035

On 30 June 2025, Unilever had undrawn revolving 364-day bilateral credit facilities in aggregate of $5,200 million

and €2,600 million with a 364-day term out.

Certain discussions and analyses set out in this announcement include measures which are not defined by generally

accepted accounting principles (GAAP) such as IFRS. We believe this information, along with comparable GAAP

measurements, is useful to investors because it provides a basis for measuring our operating performance, ability to

retire debt and invest in new business opportunities. Our management uses these financial measures, along with the

most directly comparable GAAP financial measures, in evaluating our operating performance and value creation.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information

presented in compliance with GAAP. Wherever appropriate and practical, we provide reconciliations to relevant

GAAP measures.

Unilever uses ‘constant rate’, and ‘underlying’ measures primarily for internal performance analysis and targeting

purposes. We present certain items, percentages and movements, using constant exchange rates, which exclude the

impact of fluctuations in foreign currency exchange rates. We calculate constant currency values by translating both

the current and the prior period local currency amounts using the prior year average exchange rates into euro,

except for the local currency of entities that operate in hyperinflationary economies. These currencies are translated

into euros using the prior year closing exchange rate before the application of IAS 29.

The table below shows exchange rate movements in our key markets.

Underlying sales growth (USG)

Underlying sales growth (USG) refers to the increase in turnover for the period, excluding any change in turnover

resulting from acquisitions, disposals, changes in currency and price growth in excess of 26% in hyperinflationary

economies. Inflation of 26% per year compounded over three years is one of the key indicators within IAS 29 to assess

whether an economy is deemed to be hyperinflationary. We believe this measure provides valuable additional

information on the underlying sales performance of the business and is a key measure used internally. The impact of

acquisitions and disposals is excluded from USG for a period of 12 calendar months from the applicable closing

date. Turnover from acquired brands that are launched in countries where they were not previously sold is included

in USG as such turnover is more attributable to our existing sales and distribution network than the acquisition itself.

The reconciliation of changes in the GAAP measure of turnover to USG is as follows:

*Underlying price growth in excess of 26% per year in hyperinflationary economies has been excluded when calculating the underlying sales growth in

the tables above, and an equal and opposite amount is shown as extreme price growth in hyperinflationary markets.

Turnover growth is made up of distinct individual growth components namely underlying sales, currency impact,

acquisitions and disposals. Turnover growth is arrived at by multiplying these individual components on a

compounded basis as there is a currency impact on each of the other components. Accordingly, turnover growth is

more than just the sum of the individual components.

Underlying price growth (UPG)

Underlying price growth (UPG) is part of USG and means, for the applicable period, the increase in turnover

attributable to changes in prices during the period. UPG therefore excludes the impact to USG due to (i) the volume

of products sold; and (ii) the composition of products sold during the period. In determining changes in price, we

exclude the impact of price growth in excess of 26% per year in hyperinflationary economies as explained in USG

above.

Underlying volume growth (UVG)

Underlying volume growth (UVG) is part of USG and means, for the applicable period, the increase in turnover in such

period calculated as the sum of (i) the increase in turnover attributable to the volume of products sold; and (ii) the

increase in turnover attributable to the composition of products sold during such period. UVG therefore excludes any

impact on USG due to changes in prices.

Non-underlying items

Some of our non-GAAP measures are adjusted to exclude items defined as non-underlying. Management considers

non-underlying items to be significant, unusual or non-recurring in nature and so believe that separately identifying

them helps users to better understand the financial performance of the Group from period to period.

•Non-underlying items within operating profit are: gains or losses on business disposals, acquisition and

disposal related costs, restructuring costs, impairments and other approved one-off items within operating

profit classified here due to their nature and frequency.

•Non-underlying items not in operating profit but within net profit are: net monetary gain/(loss) arising from

hyperinflationary economies and significant and unusual items in net finance cost, share of profit/(loss) of joint

ventures and associates and taxation.

•Non-underlying items after tax is calculated as non-underlying items within operating profit after tax plus non-

underlying items not in operating profit but within net profit after tax.

Consequently, within underlying operating profit we exclude the following items:

•Restructuring costs are costs that are directly attributable to a restructuring project. Management define a

restructuring project as a strategic, major initiative that delivers cost savings and materially change either the

scope of the business or the manner in which the business is conducted.

•Acquisitions and disposal related costs are costs that are directly attributable to a business acquisition or

disposal project.

•Impairment of assets including goodwill, intangible assets and property, plant and equipment.

•Gains or losses from the disposal of group companies which arise from business disposal projects.

•Other approved one-off items are those additional matters considered by management to be significant and

outside the course of normal operations.

The breakdown of non-underlying items is shown below:

(a)2025 includes a charge of €59 million relating to the revaluation of the minority interest liability of Nutrafol and Oziva, and €117 million related to

the Ice Cream separation.

(b)2025 net gain arises from the disposals of Conimex and Mondamin Sweets. 2024 includes a gain of €151 million related to the disposal of Elida

Beauty.

(c)In 2024, we announced the launch of our company-wide productivity programme that will impact around 7,500 jobs and support margin

improvement through specific interventions. The majority of the costs incurred that relate to the Productivity programme were for redundancy and

are recognised as restructuring costs in line with our policy. The remaining cost comprise technology and supply chain projects.

(d)2025 includes an impairment charge of €42 million relating to REN.

Underlying operating profit (UOP) and underlying operating margin (UOM)

Underlying operating profit and underlying operating margin mean operating profit and operating margin before

the impact of non-underlying items within operating profit. Underlying operating profit represents our measure of

segment profit or loss as it is the primary measure used for making decisions about allocating resources and

assessing performance of the segments. The reconciliation of operating profit to underlying operating profit is as

follows:

Underlying effective tax rate

The underlying effective tax rate is calculated by dividing taxation excluding the tax impact of non-underlying items

by profit before tax excluding the impact of non-underlying items and share of net (profit)/loss of joint ventures and

associates. This measure reflects the underlying tax rate in relation to profit before tax excluding non-underlying

items before tax and share of net profit/(loss) of joint ventures and associates. Tax impact on non-underlying items

within operating profit is the sum of the tax on each non-underlying item, based on the applicable country tax rates

and tax treatment. This is shown in the following table:

(a) See page 13.

Underlying earnings per share

Underlying earnings per share (underlying EPS) is calculated as underlying profit attributable to shareholders’ equity

divided by the diluted average number of ordinary shares. In calculating underlying profit attributable to

shareholders’ equity, net profit attributable to shareholders’ equity is adjusted to eliminate the post-tax impact of

non-underlying items. This measure reflects the underlying earnings for each share unit of the Group. Refer to note 5

for reconciliation of net profit attributable to shareholders’ equity to underlying profit attributable to shareholders'

equity.

The reconciliation of net profit attributable to shareholders’ equity to underlying profit attributable to shareholders'

equity is as follows:

Net debt is a measure that provides valuable additional information on the summary presentation of the Group’s

net financial liabilities. Net debt is defined as the excess of total financial liabilities, excluding trade payables and

other current liabilities, over cash, cash equivalents and other current financial assets, excluding trade and other

current receivables, and non-current financial asset derivatives that relate to financial liabilities.

The reconciliation of total financial liabilities to net debt is as follows:

Underlying earnings before interest, taxation, depreciation and amortisation (UEBITDA)

Underlying earnings before interest, taxation, depreciation and amortisation means operating profit before the

impact of depreciation, amortisation and non-underlying items within operating profit. We only use UEBITDA to

assess our leverage level, which is expressed as net debt to UEBITDA. The reconciliation of operating profit to

UEBITDA is as follows:

Free cash flow (FCF)

Within the Unilever Group, free cash flow (FCF) is defined as cash flow from operating activities, less income taxes

paid, net capital expenditure and net interest payments. It does not represent residual cash flows entirely available

for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from FCF. FCF

reflects an additional way of viewing our liquidity that we believe is useful to investors because it represents cash

flows that could be used for distribution of dividends, repayment of debt or to fund our strategic initiatives, including

acquisitions, if any.

The reconciliation of cash flow from operating activities to FCF is as follows:

This document represents Unilever’s half-yearly report for the purposes of the Disclosure Guidance and Transparency

Rules (DTR) issued by the UK Financial Conduct Authority (DTR 4.2) and the Dutch Act on Financial Supervision,

section 5:25d (8)/(9) (Half-yearly financial reports). In this context: (i) the condensed consolidated financial

statements can be found on pages 20 to 30; (ii) pages 2 to 16 comprise the interim management report; and (iii) the

Directors’ responsibility statement can be found on page 18.

On pages 52 to 59 of our 2024 Annual Report and Accounts we set out our assessment of the principal risk issues that

would face the business under the headings: brand preference; portfolio management; climate change; plastic

packaging; customer; talent; supply chain; safe and high quality products; systems and information; business

transformation; economic and political instability; treasury and tax; ethical; and legal and regulatory. In our view, the

nature and potential impact of such risks remain essentially unchanged as regards our performance over the second

half of 2025.

This announcement 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’, ‘ambition’, ‘target’, ‘goal’, ‘plan’, ‘potential’, ‘work towards’, ‘may’, ‘milestone’, ‘objectives’,

‘outlook’, ‘probably’, ‘project’, ‘risk’, ‘continue’, ‘should’, ‘would be’, ‘seeks’, or the negative of these terms and other

similar expressions of future performance, results, actions or events, and their negatives, are intended to identify

such forward-looking statements. Forward-looking statements also include, but are not limited to, statements and

information regarding Unilever’s emissions reduction and other sustainability-related targets and other climate and

sustainability matters (including actions, potential impacts and risks and opportunities associated therewith).

Forward-looking statements can be made in writing but also may be made verbally by directors, officers and

employees of the Unilever Group (the “Group”) (including during management presentations) in connection with this

announcement. These forward-looking statements are based upon current expectations and assumptions regarding

anticipated developments and other factors affecting the Group. They are not historical facts, nor are they

guarantees of future performance or outcomes. All forward-looking statements contained in this announcement are

expressly qualified in their entirety by the cautionary statements contained in this section. Readers should not place

undue reliance on forward-looking statements.

Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which

may be beyond the Group’s control, there are important factors that could cause actual results to differ materially

from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the

material or principal factors which could cause actual results to differ materially from the forward-looking

statements expressed in this announcement are: Unilever’s global brands not meeting consumer preferences;

Unilever’s ability to innovate and remain competitive; Unilever’s investment choices in its portfolio management; the

effect of climate change on Unilever’s business; Unilever’s ability to find sustainable solutions to its plastic

packaging; significant changes or deterioration in customer relationships; the recruitment and retention of talented

employees; disruptions in Unilever’s supply chain and distribution; increases or volatility in the cost of raw materials

and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; execution

of acquisitions, divestitures and business transformation projects, including the proposed separation of our Ice

Cream business; economic, social and political risks and natural disasters; financial risks; failure to meet high and

ethical standards; and managing regulatory, tax and legal matters and practices with regard to the interpretation

and application thereof and emerging and developing ESG reporting standards including differences in

implementation of climate and sustainability policies in the regions where the Group operates.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance,

taking into account all information currently available to us. Forward-looking statements are not predictions of

future events. These beliefs, assumptions and expectations can change as a result of many possible events or

factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of

operations may vary materially from those expressed in our forward-looking statements.

The forward-looking statements speak only as of the date of this announcement. Except as required by any

applicable law or regulation, the Group expressly disclaims any intention, obligation or undertaking to release

publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the

Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such

statement is based. New risks and uncertainties arise over time, and it is not possible for us to predict those events or

how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to

which any factor, or combination of factors, may cause actual events, to differ materially from those contained in

any forward-looking statements. Further details of potential risks and uncertainties affecting the Group are

described in the Group’s filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and

Exchange Commission, including in the Annual Report on Form 20-F 2024 and the Unilever Annual Report and

Accounts 2024.

The Directors declare that, to the best of their knowledge:

•these condensed consolidated financial statements, which have been prepared in accordance with IAS 34

‘Interim Financial Reporting’, as issued by the International Accounting Standard Board and endorsed and

adopted by the UK and the EU gives a true and fair view of the assets, liabilities, financial position and profit or

loss of Unilever; and

•the interim management report gives a fair review of the information required pursuant to regulations 4.2.7 and

4.2.8 of the Disclosure Guidance and Transparency Rules (DTR) issued by the UK Financial Conduct Authority and

section 5:25d (8)/(9) of the Dutch Act on Financial Supervision (Wet op het financieel toezicht).

Unilever’s Directors are listed in the Annual Report and Accounts for 2024.

Details of all current Directors are available on our website at www.unilever.com.

By order of the Board

Chief Executive Officer

31 July 2025

After the conference call on 31 July 2025 at 8:00 AM (UK time), the webcast of the presentation will be available at:

www.unilever.com/investor-relations/results-and-presentations/latest-results.

This Results Presentation has been submitted to the FCA National Storage Mechanism and is available for inspection

at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

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