UNLYF 6-K
Unilever PLC (UL)
6-K
2026-02-12
For: 2026-02-12
View Original
Added on
April 09, 2026
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
February 2026
Commission File
Number: 001-04546
______________________________________________________
UNILEVER
PLC
(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 ☐
2025 Full
Year Results
Sharper focus and disciplined execution driving competitive
performance
Full Year Key Highlights
● Underlying
sales growth (USG) 3.5%, with 1.5% volume
growth; stronger
fourth quarter USG of 4.2%, with 2.1% volume
● Turnover €50.5
billion, down (3.8)%; with
adverse currency (5.9)% and net disposals
(1.2)%
● Power Brands (78% of turnover) leading growth with 4.3%
USG and volume up 2.2%
● Strong gross margin 46.9%, up
20bps, supporting brand
& marketing investment up 10bps to 16.1%
● Underlying operating margin
expansion to 20.0%, up 60bps, driven by disciplined overhead
management
● Underlying EPS increased
0.7%; diluted EPS
increased 6.2%
● Productivity programme
delivering ahead of plan, with cumulative c.€670 million savings
by end of 2025
● 100% cash conversion with FCF
of €5.9 billion; down €0.4 billion primarily due to Ice
Cream demerger costs
● Quarterly dividend raised 3% vs
third quarter 2025
● New €1.5 billion share
buyback announced
● Further portfolio
transformation; Ice Cream demerged and 10 transactions closed or
announced since start of 2025
Note: Following the demerger of the Ice Cream Business, all figures
are on a continuing basis, which excludes Ice Cream, unless
specifically noted.
Full Year Key Figures
|
Underlying performance
|
|
|
GAAP measures
|
||||
|
(unaudited)
|
2025
|
vs 2024(b)
|
|
|
|
2025
|
vs 2024(b)
|
|
Full Year
|
|
|
|
|
|
|
|
|
Underlying sales growth (USG)
|
|
3.5%
|
|
|
Turnover
|
50.5bn
|
(3.8)%
|
|
Beauty
& Wellbeing
|
|
4.3%
|
|
|
Beauty
& Wellbeing
|
€12.8bn
|
(2.3)%
|
|
Personal
Care
|
|
4.7%
|
|
|
Personal
Care
|
€13.2bn
|
(3.4)%
|
|
Home
Care
|
|
2.6%
|
|
|
Home
Care
|
€11.6bn
|
(6.4)%
|
|
Foods
|
|
2.5%
|
|
|
Foods
|
€12.9bn
|
(3.2)%
|
|
Underlying operating profit
|
€10.1bn
|
(1.1%)
|
|
|
Operating profit
|
€9.0bn
|
2.4%
|
|
Underlying operating margin
|
20.0%
|
60bps
|
|
|
Operating margin
|
17.9%
|
110bps
|
|
Underlying earnings per share
|
€3.08
|
0.7%
|
|
|
Diluted earnings per share
|
€2.59
|
6.2%
|
|
Free cash flow
|
€5.9bn
|
€(0.4)bn
|
|
|
Net profit
|
€6.2bn
|
2.9%
|
|
Fourth Quarter
|
|
|
|
|
|
|
|
|
USG
|
|
4.2%
|
|
|
Turnover
|
€12.6bn
|
(2.7)%
|
|
Quarterly dividend payable in March
2026 (a)
|
|
|
€0.4664
|
per share(b)
|
|||
(a) See note 9 for more information on
dividends
(b) 2024 comparatives have been re-presented to reflect the
demerger of the Ice Cream Business Group
Chief Executive Officer Statement
"In 2025 we became a simpler, sharper, and faster Unilever,
delivering our commitment to volume growth, positive mix and strong
gross margin. Our underlying sales growth improved throughout the
year as we landed a strong innovation plan, drove improvements in
key emerging markets and successfully completed the Ice Cream
demerger.
We are moving at speed to build a business that drives desire at
scale in our brands, execution excellence across all channels and
cost discipline. We have set clear priorities for growth - building
a brand portfolio for the future, with more Beauty, Wellbeing and
Personal Care, prioritising premium segments and digital commerce,
and anchoring our growth in the US and India.
Despite slowing markets, our sharper focus and disciplined
execution underpin our confidence for 2026 and
beyond."
Fernando Fernandez
Strategic Highlights
In 2025 we accelerated the strategic reshaping of Unilever, further
focusing our portfolio on higher-growth categories, with increased
exposure to Beauty & Wellbeing and Personal Care. We continue
to be disciplined, with targeted bolt-on acquisitions including Dr.
Squatch in North America and Minimalist in India, alongside
disposals of non-core and local brands, primarily in Foods. The
demerger of the Ice Cream business was completed in December,
creating a simpler Unilever with a clearer strategic and capital
allocation focus.
We advanced our shift towards a more category-led and
execution-focused operating model. We created separate sales
organisations by Business Group across the largest markets to
strengthen accountability and speed of decision-making, while the
One Unilever model simplified operations in smaller markets. In
parallel, we took decisive actions to reset our businesses in
Indonesia and China, including changes to route-to-market and
portfolio optimisation. Both markets showed improving trends as
these actions took hold through the year.
We strengthened the capabilities required to support our strategy
and drive sustained volume growth, positive mix with structurally
higher gross margin. We scaled premium innovations across the core
portfolio and expanded platforms such as Whole Body Deodorants and
Wonder Wash across new variants and new markets. We also
accelerated our shift to social-first demand generation, with
brands such as Dove and Vaseline embracing creator-led content and
always-on digital engagement.
Looking ahead, we will continue to focus on the three shifts that
will be critical to support sustained outperformance in rapidly
changing markets: building desire at scale with our brands,
ensuring the organisation is fit for the AI age, and reinforcing a
play to win culture with clear accountability.
Outlook
We expect underlying sales growth for full year 2026 to be within
our multi-year guidance range of 4% to 6%, with at least 2%
underlying volume growth. 2026 growth is expected to be at the
bottom end of the underlying sales growth range reflecting the
slower market conditions. We anticipate a modest improvement in
underlying operating margin for the full year versus 20.0% in
2025.
Full Year Review: Unilever Group
Growth
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover change
|
|
Full Year
|
€50.5bn
|
3.5%
|
1.5%
|
2.0%
|
(1.2)%
|
(5.9)%
|
(3.8)%
|
|
Fourth
Quarter
|
€12.6bn
|
4.2%
|
2.1%
|
2.0%
|
1.0%
|
(7.5)%
|
(2.7)%
|
Underlying sales growth in 2025 was 3.5%, with 1.5% from volume and
2.0% from price, with sequential improvement through the year led
by volume. Underlying sales growth in the fourth quarter of 4.2%
was the strongest of the year despite slowing markets, with a
balanced contribution from volume and price. Power Brands continued
to lead growth delivering 4.3% underlying sales growth in 2025,
with 2.2% volume. Business Groups performance was led by Personal
Care and Beauty & Wellbeing.
● Beauty
& Wellbeing: 4.3%
underlying sales growth was led by double-digit growth in
Wellbeing, Dove and Vaseline. Underlying sales growth of 4.7% in
the fourth quarter was driven by a stronger Asia Pacific Africa
delivery which offset slower growth in the Wellbeing
market.
● Personal
Care: 4.7% underlying sales
growth was supported by market share gains, premium innovations,
and commodity-driven price increases. In the fourth quarter,
underlying sales growth remained strong at
5.1%.
● Home
Care: 2.6% underlying sales
growth was led by volume. Underlying sales growth accelerated to
4.7% in the fourth quarter with 4.0% volume supported by a
sequential improvement in key emerging markets.
● Foods:
2.5% underlying sales growth was driven by emerging markets.
Developed market underlying sales growth was flat despite declining
markets, as Hellmann's continued to perform well. In the fourth
quarter, underlying sales growth was 2.3%, as markets remained
subdued.
Developed markets (41% of group turnover) delivered above market
underlying sales growth of 3.6%, led by 2.6% volume growth. In the
fourth quarter, underlying sales growth slowed to 1.7%, with 0.5%
volume, reflecting slower market growth in both the US and
Europe.
● North
America: 5.3% underlying sales
growth with 3.8% volume was supported by market share gains.
Underlying sales growth of 2.8% in the fourth quarter, with 1.3%
volume, reflected share gains in a slower
market.
● Europe:
1.5% underlying sales growth, with successful premium innovation in
Home Care partially offset by a decline in Foods. Underlying sales
growth of 0.1% in the fourth quarter reflected continued subdued
markets.
Emerging markets (59% of group turnover) underlying sales grew
3.5%, with 0.8% volume, led by mid-single digit growth in Asia
Pacific Africa. In the fourth quarter, underlying sales growth
accelerated to 5.8% led by volume growth of 3.2%, benefitting from
decisive actions taken earlier in the year in Indonesia and China,
alongside a return to growth in Latin America.
● India:
4% underlying sales growth with 3% volume was supported by
gradually improving market conditions and a competitive performance
with share gains. Underlying sales growth of 5% in the fourth
quarter, with 4% volume, reflected a step up in performance and
recovery post Goods and Services Tax related
disruption.
● Indonesia underlying
sales grew 4% and China was flat, with both seeing a return to
growth in the second half. In the fourth quarter both delivered
their strongest quarter of the year, benefitting from decisive
actions earlier in the year and soft
comparators.
● Latin
America: 0.5% underlying sales
growth, as pricing was largely offset by volume declines in
challenging markets. Underlying sales grew 3.2% in the fourth
quarter driven by a recovery in Brazil as corrective actions in
laundry and deodorants began to show progress.
Turnover was €50.5 billion, down (3.8)% versus the prior
year, including (5.9)% from currency and (1.2)% from disposals net
of acquisitions. The currency impact during the year was primarily
driven by Latin American currencies, the Indian Rupee, the US
dollar, and the Turkish Lira depreciating against the
Euro.
Profitability
|
(unaudited)
|
UOP
|
UOP growth
|
UOM%
|
Change in UOM
|
OP
|
OP growth
|
OM%
|
Change in OM
|
|
Full Year
|
€10.1bn
|
(1.1)%
|
20.0%
|
60bps
|
€9.0bn
|
2.4%
|
17.9%
|
110bps
|
Underlying operating profit was €10.1 billion, a decrease of
(1.1)% versus the prior year, as currency headwinds more than
offset strong operational delivery. Underlying operating margin of
20.0% was up 60bps against a prior year base of 19.4%, driven by
structural improvements in gross margin and overhead discipline,
which enabled continued investment behind our brands.
● Gross
margin increased 20bps to
46.9%, driven by productivity initiatives, volume leverage and
positive mix. The year-on-year improvement was broadly balanced
between the first and second half, with strong execution across the
value chain sustaining margins despite a more volatile cost and
currency environment.
● Brand
and marketing investment (BMI) increased 10bps to 16.1% of turnover, as we
continued to invest competitively behind our brands, particularly
in Beauty & Wellbeing and Personal Care. This reflects the
significant step up in BMI over the last four years, up
300bps.
● Overheads improved
strongly by 50bps, driven by the delivery of our productivity
programme ahead of plan and continued cost discipline across the
organisation. These savings more than offset inflationary pressures
and stranded costs related to the demerger of Ice Cream,
demonstrating the impact of our simplification
efforts.
Operating profit was €9.0 billion, up 2.4% versus 2024,
reflecting lower restructuring costs and a reduced loss on
disposals compared to the prior year.
Productivity programme
Our productivity programme, launched in 2024 to simplify the
business, evolve our category-focused business model and remove
stranded overheads related to Ice Cream, is further ahead of
schedule in its delivery of €800 million of savings. Unilever
delivered €670 million of savings by the end of 2025, above
the previous expectation of €650 million. The remaining
€130 million of savings will be delivered in
2026.
Ice Cream demerger
On 6 December 2025, Unilever completed the demerger of its Ice
Cream business, with The Magnum Ice Cream Company N.V. (TMICC)
listed as a standalone, pure-play global Ice Cream business in
Amsterdam, London and New York. We have retained a minority stake
of approximately 19.9% in TMICC, which will be sold down in an
orderly and considered manner to pay demerger costs and to maintain
capital flexibility.
Capital allocation
Our capital allocation priorities remain unchanged. We will invest
in the growth and productivity of Unilever as a priority. Alongside
this we will continue to reshape our portfolio, return capital to
shareholders through our attractive dividend and use surplus cash
to fund share buybacks.
In 2025, we significantly shifted Unilever's portfolio through
several key activities, including the demerger of Ice
Cream:
● December
2025: Completed the demerger of
The Magnum Ice Cream Company, creating a more focused
Unilever.
We
undertook targeted acquisitions and divestments to access growth
opportunities in our priority areas and to focus on fewer, bigger
and more scalable brands. In aggregate, we have completed or
announced 10 transactions since the start of 2025.
●
In April 2025 and September
2025, Unilever completed the
acquisitions of Wild and Dr. Squatch, respectively. These brands
enhance our premium Personal Care portfolio.
● April
2025: Hindustan Unilever
Limited completed the acquisition of premium actives-led beauty
brand Minimalist, as it continues to evolve its Beauty &
Wellbeing portfolio towards higher growth and demand spaces in
India.
● April
2025: Unilever completed the
sale of Conimex.
● September
2025: Unilever completed the
sale of The Vegetarian Butcher.
● November
2025: Unilever completed the
sale of Kate Somerville.
● January
2026: Unilever announced the
sale of our Indonesia Tea Business. The transaction is expected to
close in the first half of 2026.
● January
2026: Unilever announced
the agreement to sell our Home Care businesses in Colombia and
Ecuador. The transactions are expected to close during
2026.
● February
2026: Unilever completed the
sale of Graze.
In 2025, we returned €6.0 billion to shareholders through
cash dividends and share buybacks.
The quarterly interim dividend for the fourth quarter is
€0.4664 per share, an increase of 3.0% versus the third
quarter.
Today we announce a new share buyback of up to €1.5 billion
that is expected to commence in the second quarter of 2026, this
follows the completion of a €1.5 billion share buyback
programme in May 2025.
Conference Call
Following the release of this trading statement on 12 February 2026
at 7:00 AM (UK time), there will be a webcast at
8:00 AM available on the website www.unilever.com/investors/results-events/.
A replay of the webcast and the slides of the presentation will be
made available after the live meeting.
Upcoming Events
|
Date
|
Events
|
|
17 February 2026
|
CAGNY Conference 2026
|
|
30 April 2026
|
Q1 2026 Trading Statement
|
Full Year Review: Business Groups
|
|
Full Year 2025
|
Fourth Quarter 2025
|
||||||||
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
UOM
|
Change in UOM
|
Turnover
|
USG
|
UVG
|
UPG
|
|
Unilever
|
€50.5bn
|
3.5%
|
1.5%
|
2.0%
|
20.0%
|
60bps
|
€12.6bn
|
4.2%
|
2.1%
|
2.0%
|
|
Beauty & Wellbeing
|
€12.8bn
|
4.3%
|
2.2%
|
2.1%
|
19.2%
|
(20)bps
|
€3.2bn
|
4.7%
|
2.8%
|
1.8%
|
|
Personal Care
|
€13.2bn
|
4.7%
|
1.1%
|
3.6%
|
22.6%
|
50bps
|
€3.3bn
|
5.1%
|
0.6%
|
4.5%
|
|
Home Care
|
€11.6bn
|
2.6%
|
2.2%
|
0.4%
|
14.9%
|
40bps
|
€2.8bn
|
4.7%
|
4.0%
|
0.6%
|
|
Foods
|
€12.9bn
|
2.5%
|
0.8%
|
1.7%
|
22.6%
|
130bps
|
€3.3bn
|
2.3%
|
1.3%
|
1.0%
|
Beauty & Wellbeing (25%
of Group turnover)
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover change
|
UOM%
|
Change in UOM
|
|
Full Year
|
€12.8bn
|
4.3%
|
2.2%
|
2.1%
|
(0.6)%
|
(5.8)%
|
(2.3)%
|
19.2%
|
(20)bps
|
|
Fourth Quarter
|
€3.2bn
|
4.7%
|
2.8%
|
1.8%
|
0.5%
|
(8.4)%
|
(3.7)%
|
|
|
Beauty & Wellbeing underlying sales grew 4.3%, with 2.2% from
volume and 2.1% from price. Growth was driven by double-digit
growth in Wellbeing, Vaseline, and Dove reflecting the ongoing
elevation of the portfolio through science-led, premium
innovations. In the fourth quarter, underlying sales growth was
4.7% with 2.8% from volume, supported by improved performance in
several key markets in Asia Pacific Africa. Wellbeing continued to
outperform its market, despite growth moderating as category
conditions softened.
● Hair
Care grew low-single digit
with positive price partially offset by negative volume. Dove grew
double-digit with balanced volume and price, driven by the launch
of its new fibre repair technology range. This was partially offset
by actions taken to reduce tail brands in the portfolio and
softness in some emerging markets impacting brands such as Sunsilk
and Clear.
● Core
Skin Care delivered
mid-single digit growth, with positive contributions from volume
and price. Growth was led by Vaseline, which delivered double-digit
growth for the third straight year.
● Wellbeing grew
double-digit led by volume. Nutrafol and Liquid I.V. delivered
double-digit growth, while Olly grew high-single digit, supported
by premium gummy innovations.
● Prestige
Beauty delivered
low-single digit growth driven by price. Growth was led by strong
double-digit growth in Hourglass and K18, while Dermalogica and
Paula's Choice declined but returned to growth in the second
half.
Underlying operating profit was €2.5 billion, down (3.2)%
versus the prior year. Underlying operating margin decreased
(20)bps to 19.2% as a significant improvement in overheads was
offset by a slight decline in gross margins and a significant
increase in brand and marketing investment behind Power Brands and
premium innovations.
Personal Care (26%
of Group turnover)
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover change
|
UOM%
|
Change in UOM
|
|
Full Year
|
€13.2bn
|
4.7%
|
1.1%
|
3.6%
|
(1.8)%
|
(6.0)%
|
(3.4)%
|
22.6%
|
50bps
|
|
Fourth Quarter
|
€3.3bn
|
5.1%
|
0.6%
|
4.5%
|
4.7%
|
(7.1)%
|
2.2%
|
|
|
Personal Care underlying sales grew 4.7%, with 1.1% from volume and
3.6% from price. This competitive growth was led by
commodity-driven price increases, while volume was supported by
premium innovation, particularly in Dove, which grew high-single
digit. Strong volume growth in developed markets was partially
offset by a decline in Latin America, where we outperformed a
softer market. In the fourth quarter, underlying sales growth
remained strong at 5.1%, with positive volumes and an acceleration
in price growth.
● Deodorants grew
low-single digit, with positive price and volume. Growth was led by
double-digit growth in Dove, supported by the continued success of
Whole Body Deodorants. This was partially offset by a volume
decline in Latin America amidst softer market conditions. In the
fourth quarter, growth improved sequentially to mid-single digit,
reflecting early progress from actions taken to improve format mix
in Brazil.
● Skin
Cleansing grew mid-single
digit, led by price and premiumisation. Dove grew mid-single digit,
while Lifebuoy was flat as volumes were impacted by
commodity-driven price increases.
● Oral
Care grew mid-single
digit, driven by strong growth in Close Up and Pepsodent as both
brands launched premium innovations
including whitening and naturals
ranges.
Underlying operating profit was €3.0 billion, down (1.4)%
versus the prior year. Underlying operating margin increased 50bps
to 22.6% driven by improvements in gross margin and overheads,
which was partially offset by a strong step-up in brand investment,
particularly in the US and premium segments.
Home Care (23%
of Group turnover)
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover change
|
UOM%
|
Change in UOM
|
|
Full Year
|
€11.6bn
|
2.6%
|
2.2%
|
0.4%
|
(1.7)%
|
(7.1)%
|
(6.4)%
|
14.9%
|
40bps
|
|
Fourth Quarter
|
€2.8bn
|
4.7%
|
4.0%
|
0.6%
|
(0.2)%
|
(8.5)%
|
(4.4)%
|
|
|
Home Care underlying sales grew 2.6%, with 2.2% from volume and
0.4% from price. Performance improved sequentially through
the year, driven by strong growth in Europe supported by premium
innovations and improved execution. This was partially offset by a
decline in Brazil due to slower market conditions and pricing
actions taken to restore competitiveness. In the fourth quarter,
underlying sales growth accelerated to 4.7% with 4.0% from volume,
which was supported by a return to growth in Brazil as pricing
actions took effect and continued strong volume in
India.
● Fabric
Cleaning was flat with
flat volume and price. Wonder Wash continued to scale and delivered
another year of strong growth following its launch in 2024, and is
now in 30 markets. Performance was offset by a decline in Brazil,
Home Care's second-largest market. Pricing actions taken to restore
competitiveness have started to show early progress with Brazil
returning to growth in the fourth quarter.
● Home
& Hygiene grew
mid-single digit, with strong performances from Cif and Domestos.
Growth was led by premium innovations, including the launch of Cif
Infinite Clean, a multi-purpose cleaner powered by
probiotics.
● Fabric
Enhancers grew high-single
digit, led by volume. Comfort delivered high-single digit volume
led growth, supported by premium formats and fragrance-led
innovation.
Underlying operating profit was €1.7 billion,
down (3.8)% versus the prior year. Underlying operating margin
increased 40bps to 14.9% as commodity and foreign exchange
headwinds to gross margin were more than offset by improved
overheads and disciplined brand investment focused on fewer,
higher-impact innovations.
Foods (26%
of Group turnover)
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover change
|
UOM%
|
Change in UOM
|
|
Full Year
|
€12.9bn
|
2.5%
|
0.8%
|
1.7%
|
(0.8)%
|
(4.7)%
|
(3.2)%
|
22.6%
|
130bps
|
|
Fourth Quarter
|
€3.3bn
|
2.3%
|
1.3%
|
1.0%
|
(1.2)%
|
(6.1)%
|
(5.1)%
|
|
|
Foods underlying sales grew 2.5%, with 0.8% from volume and 1.7%
from price, with growth driven by strong performance in emerging
markets. Developed market underlying sales growth was flat despite
declining markets as Hellmann's continued to perform well,
benefitting from the strength of its flavoured mayonnaise range
across over 30 markets. In the fourth quarter, underlying sales
growth was 2.3% with 1.3% from volume, reflecting a continued
slower market.
● Cooking
Aids grew low-single
digit, driven primarily by price. Knorr grew low-single digit with
a slight decline in developed markets offset by positive volume and
price in emerging markets.
● Condiments delivered
mid-single digit growth with balanced volume and price. Hellmann's
grew mid-single digit led by volume with continued premiumisation
and particularly strong momentum in emerging
markets.
● Unilever
Food Solutions was flat,
with positive volume in North America offset by declines in China,
reflecting weaker out-of-home consumption and macroeconomic
pressure.
Underlying operating profit was €2.9 billion, up 2.7% versus
the prior year. Underlying operating margin increased 130bps to
22.6%, driven primarily by improvements in gross margin and
overheads, alongside disciplined brand investment as we continue to
drive our focused Foods strategy.
Full Year Review: Geographical Areas
|
|
Full Year 2025
|
Fourth Quarter 2025
|
||||||
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
Unilever
|
€50.5bn
|
3.5%
|
1.5%
|
2.0%
|
€12.6bn
|
4.2%
|
2.1%
|
2.0%
|
|
Asia Pacific Africa
|
€22.4bn
|
4.6%
|
3.0%
|
1.6%
|
€5.5bn
|
6.9%
|
5.7%
|
1.2%
|
|
The Americas
|
€18.6bn
|
3.3%
|
-%
|
3.2%
|
€4.7bn
|
3.0%
|
(0.8)%
|
3.8%
|
|
Europe
|
€9.5bn
|
1.5%
|
1.2%
|
0.3%
|
€2.4bn
|
0.1%
|
(0.2)%
|
0.3%
|
|
|
Full Year 2025
|
Fourth Quarter 2025
|
||||||
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
Emerging markets
|
€30.0bn
|
3.5%
|
0.8%
|
2.7%
|
€7.4bn
|
5.8%
|
3.2%
|
2.5%
|
|
Developed markets
|
€20.5bn
|
3.6%
|
2.6%
|
0.9%
|
€5.2bn
|
1.7%
|
0.5%
|
1.1%
|
|
North America
|
€11.2bn
|
5.3%
|
3.8%
|
1.4%
|
€2.8bn
|
2.8%
|
1.3%
|
1.5%
|
|
Latin America
|
€7.4bn
|
0.5%
|
(5.1)%
|
5.9%
|
€1.9bn
|
3.2%
|
(3.6)%
|
7.1%
|
Asia Pacific Africa (44%
of Group turnover)
Underlying sales growth was 4.6%, with 3.0% from volume and 1.6%
from price.
● India grew
4% on a consolidated basis, with underlying volume growth of 3%.
Underlying sales growth accelerated to 5% in the fourth quarter,
with 4% volume, with gains in market share. Growth was led by our
premium portfolio in Personal Care, Beauty & Wellbeing and
strong delivery in laundry liquids.
● China underlying
sales were flat, with improvement in the second half including
mid-single digit growth in the fourth quarter. Actions taken to
reset the business, including strengthening our go-to-market
approach and accelerating premiumisation, drove improved results,
although market growth remained weak. Fourth quarter growth was led
by Beauty & Wellbeing and Personal Care, while Foods continued
to be affected by a decline in restaurant
traffic.
● Indonesia delivered
underlying sales growth of 4%, with a significant recovery in the
second half as a result of our extensive reset of the business.
Fourth quarter growth was 17% due to our operational improvements
and significant de-stocking in the prior year, which will not
benefit future periods.
● Africa delivered
low-single digit growth with a slight volume decline against a
challenging consumer environment.
The Americas (37%
of Group turnover)
Underlying sales growth was 3.3%, with flat volume and 3.2% from
price.
● North
America grew 5.3%, led by
3.8% from volume, reflecting the benefits of the multi-year
transformation of our portfolio towards Beauty & Wellbeing and
Personal Care. Growth was ahead of the market and was led by
Wellbeing, Skin Cleansing and Deodorants. In the fourth quarter,
while we continued to outperform our markets, our growth moderated
as category growth softened across most
categories.
● Latin
America grew 0.5%, with
5.9% from price largely offset by (5.1)% from volume. Performance
was impacted by economic and political uncertainty in the region,
which weighed on consumer sentiment. Brazil and Mexico, our two
largest markets, both declined low-single digit, largely offsetting
price-led growth in Argentina. In Brazil, the fourth quarter showed
early signs of stabilisation with flat underlying sales growth led
by a return to growth in Home Care.
Europe (19%
of Group turnover)
Underlying sales growth was 1.5%, with 1.2% from volume and 0.3%
from price.
● Europe delivered
low-single digit growth as strong volume growth in Home Care,
behind further roll out of Wonder Wash and other premium
innovations, was partially offset by declines in Foods. Growth was
uneven across the markets, with good growth in France and Italy
partially offset by weakness in Germany. In the fourth quarter,
underlying sales growth was 0.1% as market growth slowed across our
categories, as low single-digit growth in Beauty & Wellbeing
and Personal Care was offset by a decline in
Foods.
Additional commentary on the financial statements - Full
Year
Finance costs and tax
Net finance costs decreased by €17 million to €503
million in 2025. Higher pension and other interest income was
partially offset by an increase in other interest
costs.
The underlying effective tax rate for 2025 was 25.7% (2024: 25.9%).
Decreases in non-deductible interest and irrecoverable WHT were
largely offset by lower benefits from tax settlements versus 2024.
The effective tax rate was 29.4% which includes the impact of the
separation of the Ice Cream business. This compares to 28.7% in the
prior year which included impacts linked to disposals.
Joint ventures, associates and other income from non-current
investments
Net profit from joint ventures and associates was €245
million, a decrease of €5 million compared to 2024. Other
loss from non-current investments was €(17) million, versus a
gain of €13 million in the prior year, primarily due to
currency movements.
Share consolidation
In December 2025, we implemented a share consolidation to maintain
comparability of Unilever's share price, earnings per share and
dividends per share before and after the demerger of Ice Cream. The
share consolidation was implemented on an 8 for 9 basis, whereby
shareholders received 8 new Unilever shares for every 9 shares
previously held.
Earnings per share
For underlying, basic and diluted earnings per share, the impact of
the share consolidation has been applied retrospectively to prior
periods to ensure consistent comparability.
Underlying earnings per share increased 0.7% to €3.08,
including (8.8)% of adverse currency. The increase,
despite adverse currency, reflects constant currency profit growth,
a reduction in the average number of shares driven by the share
buyback programme, which contributed 1.5%, and benefits from lower
tax. Diluted earnings per share of €2.59 increased by 6.2%
versus the prior year.
Restructuring costs
Restructuring costs were 1.2% of turnover at €599 million, a
decrease from €710 million in the prior year. This reduction
reflects the higher productivity programme restructuring costs in
2024. 2025 spend was concentrated in supply chain, productivity
initiatives and functional transformation.
Free cash flow
100% cash conversion for the year, with free cash flow of
€5.9 billion. This was down €0.4 billion compared with
€6.3 billion delivered in 2024 due primarily to tax on
disposals related to the Ice Cream demerger. Working capital
improvements during the year were more than offset by an increase
in tax on disposals and restructuring payments. Capital
expenditures were largely flat.
Underlying return on invested capital
Underlying return on invested capital remained strong at 19.0%. The
slight decline versus 19.1% in 2024 reflected the fall in
underlying operating profit primarily due to adverse currency
impacts. Average invested capital in 2025 was largely flat versus
2024.
Net debt
Closing net debt was €23.1 billion compared to €24.5
billion at 31 December 2024. This translated into a net debt /
underlying EBITDA ratio of 2.0x. The decrease in net debt was
primarily driven by free cash flow and a €3 billion payment
by TMICC to Unilever ahead of the demerger as TMICC raised separate
debt facilities as a standalone entity. This was partially offset
by dividends paid and the €1.5 billion share buyback
programme executed during the first half of 2025.
Pensions
Pension assets net of liabilities were in surplus of €3.5
billion at 31 December 2025, compared with €3.0 billion at 31
December 2024. Higher discount rates led to a decrease in
liabilities and growth assets delivered positive
returns.
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.
Reflecting the Group's continued strong cash generation, the Board
has approved a new share buyback with an aggregate market value
equivalent of up to €1.5 billion, which will be bought back
in the form of Unilever PLC ordinary shares. The new share buyback
is expected to commence in quarter two of 2026. The purpose of the
share buyback is to reduce the capital of Unilever
PLC.
Finance and liquidity
In 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
●
July: $500 million 3.10% fixed rate notes and €650 million
0.875% fixed rate notes
The
following notes were issued:
●
May: €700 million 2.75% fixed rate notes due May 2030 and
€800 million 3.375% fixed rate notes due May
2035
●
September: €600 million floating rate notes due September
2027 and $150 million 4.824% fixed rate notes due September
2035
●
October: €850 million 2.875% fixed rate notes due October
2032 and €800 million 3.50% fixed rate notes due October
2037
On 31 December 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.
Discontinued operations
The results of Ice Cream, for the period of ownership until the
demerger on 6th December 2025, are included in discontinued
operations. This is not included in non-GAAP measures including
underlying earnings per share (UEPS).
In 2025, our discontinued operations generated €7,691 million
turnover, with operating profit of €4,050 million
and profit after taxation on demerger of discontinued operations of
€3,798 million. Our profit after taxation on demerger of
discontinued operations in 2025 reflected the gain on demerger.
Cash flow from discontinued operations included an operating inflow
of €0.3 billion.
Investing outflow was €0.7 billion,
mainly from the cash de-recognised at the time of the demerger and
capital expenditure. Financing activities contributed a
€3.0 billion
inflow, primarily from the bond issuance completed by The Magnum
Ice Cream Company.
Non-GAAP measures
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.
Unless specifically mentioned, our non-GAAP measures for 2025 and
comparative periods are presented on a continuing operations
basis.
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.
|
|
Annual average
rate in 2025
|
Annual average
rate in 2024
|
|
Brazilian real (€1 = BRL)
|
6.297
|
5.761
|
|
Chinese yuan (€1 = CNY)
|
8.092
|
7.751
|
|
Indian rupee (€1 = INR)
|
97.630
|
90.652
|
|
Indonesia rupiah (€1 = IDR)
|
18,481
|
17,177
|
|
Mexican peso (€1 = MXN)
|
21.710
|
19.589
|
|
Philippine peso (€1 = PHP)
|
64.488
|
62.055
|
|
Turkish lira (€1 = TRY)
|
49.277
|
36.671
|
|
UK pound sterling (€1 = GBP)
|
0.855
|
0.848
|
|
US dollar (€1 = US$)
|
1.124
|
1.085
|
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 (A&D) 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:
|
(unaudited)
|
Beauty & Wellbeing
|
Personal Care
|
Home Care
|
Foods
|
Total
|
|
Fourth Quarter
|
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
|
|
2024
|
3,310
|
3,235
|
2,960
|
3,434
|
12,939
|
|
2025
|
3,189
|
3,307
|
2,830
|
3,260
|
12,586
|
|
Turnover growth (%)
|
(3.7)
|
2.2
|
(4.4)
|
(5.1)
|
(2.7)
|
|
Effect of acquisitions (%)
|
0.6
|
4.7
|
-
|
-
|
1.3
|
|
Effect of disposals (%)
|
(0.1)
|
-
|
(0.2)
|
(1.2)
|
(0.4)
|
|
Effect of currency-related items (%), of which:
|
(8.4)
|
(7.1)
|
(8.5)
|
(6.1)
|
(7.5)
|
|
Exchange rates changes (%)
|
(8.7)
|
(7.6)
|
(9.1)
|
(6.3)
|
(7.9)
|
|
Extreme price growth in hyperinflationary markets* (%)
|
0.4
|
0.5
|
0.7
|
0.3
|
0.5
|
|
Underlying sales growth (%)
|
4.7
|
5.1
|
4.7
|
2.3
|
4.2
|
|
Full Year
|
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
|
|
2024
|
13,157
|
13,618
|
12,352
|
13,352
|
52,479
|
|
2025
|
12,848
|
13,161
|
11,565
|
12,929
|
50,503
|
|
Turnover growth (%)
|
(2.3)
|
(3.4)
|
(6.4)
|
(3.2)
|
(3.8)
|
|
Effect of acquisitions (%)
|
0.4
|
1.9
|
-
|
-
|
0.6
|
|
Effect of disposals (%)
|
(1.0)
|
(3.6)
|
(1.7)
|
(0.8)
|
(1.8)
|
|
Effect of currency-related items (%), of which:
|
(5.8)
|
(6.0)
|
(7.1)
|
(4.7)
|
(5.9)
|
|
Exchange rates changes (%)
|
(6.2)
|
(6.5)
|
(7.7)
|
(5.1)
|
(6.3)
|
|
Extreme price growth in hyperinflationary markets* (%)
|
0.4
|
0.5
|
0.6
|
0.4
|
0.5
|
|
Underlying sales growth (%)
|
4.3
|
4.7
|
2.6
|
2.5
|
3.5
|
|
(unaudited)
|
Asia Pacific Africa
|
The Americas
|
Europe
|
Total
|
|
Fourth Quarter
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
|
2024
|
5,691
|
4,831
|
2,417
|
12,939
|
|
2025
|
5,497
|
4,707
|
2,382
|
12,586
|
|
Turnover growth (%)
|
(3.4)
|
(2.6)
|
(1.5)
|
(2.7)
|
|
Effect of acquisitions (%)
|
0.3
|
2.7
|
1.2
|
1.3
|
|
Effect of disposals (%)
|
-
|
(0.3)
|
(1.7)
|
(0.4)
|
|
Effect of currency-related items (%), of which:
|
(9.9)
|
(7.6)
|
(1.0)
|
(7.5)
|
|
Exchange rates changes (%)
|
(10.6)
|
(7.9)
|
(1.0)
|
(7.9)
|
|
Extreme price growth in hyperinflationary markets* (%)
|
0.7
|
0.3
|
-
|
0.5
|
|
Underlying sales growth (%)
|
6.9
|
3.0
|
0.1
|
4.2
|
|
Full Year
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
|
2024
|
23,448
|
19,605
|
9,426
|
52,479
|
|
2025
|
22,427
|
18,622
|
9,454
|
50,503
|
|
Turnover growth (%)
|
(4.4)
|
(5.0)
|
0.3
|
(3.8)
|
|
Effect of acquisitions (%)
|
0.2
|
0.9
|
0.9
|
0.6
|
|
Effect of disposals (%)
|
(2.4)
|
(1.1)
|
(1.9)
|
(1.8)
|
|
Effect of currency-related items (%), of which:
|
(6.5)
|
(7.8)
|
(0.1)
|
(5.9)
|
|
Exchange rates changes (%)
|
(7.0)
|
(8.4)
|
(0.1)
|
(6.3)
|
|
Extreme price growth in hyperinflationary markets* (%)
|
0.5
|
0.7
|
-
|
0.5
|
|
Underlying sales growth (%)
|
4.6
|
3.3
|
1.5
|
3.5
|
*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:
|
€ million
|
Full Year
|
|
|
(unaudited)
|
2025
|
2024(g)
|
|
Non-underlying items within operating profit before
tax
|
(1,047)
|
(1,369)
|
|
Acquisition and disposal-related
costs(a)
|
(288)
|
(293)
|
|
Gain on disposal of group
companies(b)
|
(36)
|
(229)
|
|
Restructuring costs(c)
|
(599)
|
(710)
|
|
Impairments(d)
|
(43)
|
(134)
|
|
Other(e)
|
(81)
|
(3)
|
|
Tax on non-underlying items within operating profit
|
7
|
88
|
|
Non-underlying items within operating profit after tax
|
(1,040)
|
(1,281)
|
|
Non-underlying items not in operating profit but within net profit
before tax
|
(34)
|
(167)
|
|
Interest related to non-underlying
items(f)
|
34
|
35
|
|
Net
monetary loss arising from hyperinflationary economies
|
(68)
|
(201)
|
|
Tax impact of non-underlying items not in operating profit but
within net profit, including non-underlying tax items
|
(39)
|
85
|
|
Non-underlying items not in operating profit but within net profit
after tax
|
(73)
|
(82)
|
|
Non-underlying items after tax
|
(1,113)
|
(1,363)
|
|
Attributable to:
|
|
|
|
Non-controlling
interests
|
(34)
|
22
|
|
Shareholders'
equity
|
(1,079)
|
(1,385)
|
(a) 2025
includes a charge of €98 million (2024 €225
million) relating to the revaluation of the minority interest
liability of Nutrafol and Oziva, and €91 million related to
the Ice Cream separation.
(b) 2025
net loss arises from the disposals of The Vegetarian Butcher and
Kate Somervile partially offset by gain on Conimex disposal. 2024
net loss related to the disposals of our Russian business, Elida
Beauty, PureIt, and Qinyuan.
(c) In
2024, we announced the launch of a company-wide Productivity
programme to 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 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
.
(e) Other
includes a charge for the settlement of cases reached during the
year with plaintiff law firms, and an estimated amount for
potential future claims relating to litigation arising from
products which are no longer manufactured and sold by the
Group.
(f) 2025
includes impact of Elida Beauty seller note settlement. 2024
impact was driven by interest related to UK tax audit of intangible
income and centralised services.
(g) 2024
comparatives have been re-presented to reflect the demerger of the
Ice Cream Business Group.
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:
|
€ million
|
Full Year
|
|
|
(unaudited)
|
2025
|
2024(a)
|
|
Operating profit
|
9,037
|
8,829
|
|
Non-underlying items within operating profit
|
1,047
|
1,369
|
|
Underlying operating profit
|
10,084
|
10,198
|
|
Turnover
|
50,503
|
52,479
|
|
Operating margin (%)
|
17.9
|
16.8
|
|
Underlying operating margin (%)
|
20.0
|
19.4
|
(a)
2024 comparatives have been re-presented to reflect the demerger of
the Ice Cream Business Group
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:
|
€ million
|
Full Year
|
|
|
(unaudited)
|
2025
|
2024(a)
|
|
Taxation
|
2,481
|
2,332
|
|
Tax impact of:
|
|
|
|
Non-underlying
items within operating profit
|
7
|
88
|
|
Non-underlying
items not in operating profit but within net profit
|
(39)
|
85
|
|
Taxation before tax impact of non-underlying items
|
2,449
|
2,505
|
|
Profit before taxation
|
8,693
|
8,371
|
|
Share of net profit of joint ventures and associates
|
(245)
|
(250)
|
|
Profit before tax excluding share of net profit of joint ventures
and associates
|
8,448
|
8,121
|
|
Non-underlying items within operating profit before
tax
|
1,047
|
1,369
|
|
Non-underlying items not in operating profit but within net profit
before tax
|
34
|
167
|
|
Profit before tax excluding non-underlying items before tax and
share of net profit of joint ventures and associates
|
9,529
|
9,657
|
|
Effective tax rate (%)
|
29.4
|
28.7
|
|
Underlying effective tax rate (%)
|
25.7
|
25.9
|
(a) 2024 comparatives have been re-presented to reflect the
demerger of the Ice Cream Business Group
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. For 2025 and 2024,
the number of shares used in the calculation has been adjusted for
the impact of the share consolidation as if it took place at the
start of each period presented. 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:
|
€ million
|
Full Year
|
|
|
(unaudited)
|
2025
|
2024(a)
|
|
Net profit
|
6,213
|
6,039
|
|
Non-controlling interest
|
(531)
|
(609)
|
|
Net profit attributable to shareholders' equity - used for basic
and diluted earnings per share
|
5,682
|
5,430
|
|
Post-tax impact of non-underlying items attributable to
shareholders' equity
|
1,079
|
1,385
|
|
Underlying profit attributable to shareholders' equity - used for
basic and diluted earnings per share
|
6,761
|
6,816
|
|
Diluted average number of shares (millions of share
units)
|
2,195
|
2,229
|
|
Diluted EPS (€)
|
2.59
|
2.44
|
|
Underlying EPS - diluted (€)
|
3.08
|
3.06
|
(a) 2024 comparatives have been re-presented to reflect the
demerger of the Ice Cream Business Group
Net debt
Net debt is a measure that provides valuable additional information
on the summary presentation of the Group's net financial
liabilities and is a measure in common use elsewhere. 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. Net debt for 2024
is not re-presented and is based on the reported balance sheet as
at 31 December 2024.
The reconciliation of total financial liabilities to net debt is as
follows:
|
€ million
|
Full Year
|
|
|
(unaudited)
|
2025
|
2024
|
|
Total financial liabilities
|
(28,278)
|
(32,053)
|
|
Current
financial liabilities
|
(2,582)
|
(6,987)
|
|
Non-current
financial liabilities
|
(25,696)
|
(25,066)
|
|
Cash and cash equivalents as per balance sheet
|
3,941
|
6,136
|
|
Cash
and cash equivalents as per cash flow statement
|
3,870
|
5,950
|
|
Add:
bank overdrafts deducted therein
|
65
|
180
|
|
Less:
cash and cash equivalents held for sale
|
6
|
6
|
|
Other current financial assets
|
1,121
|
1,330
|
|
Non-current financial asset derivatives that relate to financial
liabilities
|
140
|
68
|
|
Net debt
|
(23,076)
|
(24,519)
|
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. UEBITDA for 2024 is
presented on a continuing results and therefore will show a
different leverage level compared to what has been previously
reported. The reconciliation of operating profit to UEBITDA is as
follows:
|
€ million
|
Full Year
|
|
|
(unaudited)
|
2025
|
2024(a)
|
|
Net profit from continuing operations
|
6,213
|
6,039
|
|
Net finance costs
|
503
|
520
|
|
Net monetary loss arising from hyperinflationary
economies
|
68
|
201
|
|
Share of net profit of joint ventures and associates
|
(245)
|
(250)
|
|
Other loss/(income) from non-current investments and
associates
|
17
|
(13)
|
|
Taxation
|
2,481
|
2,332
|
|
Operating profit
|
9,037
|
8,829
|
|
Depreciation and amortisation
|
1,310
|
1,236
|
|
Earnings before interest, taxes, depreciation and amortisation
(EBITDA)
|
10,347
|
10,065
|
|
Non-underlying items within operating profit
|
1,047
|
1,369
|
|
Underlying earnings before interest, taxes, depreciation and
amortisation (UEBITDA)
|
11,394
|
11,434
|
(a) 2024 comparatives have been re-presented to reflect the
demerger of the Ice Cream Business Group
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:
|
€ million
|
Full Year
|
|
|
(unaudited)
|
2025
|
2024(a)
|
|
Cash flow from operating activities
|
10,772
|
10,913
|
|
Income tax paid
|
(2,720)
|
(2,452)
|
|
Net capital expenditure
|
(1,465)
|
(1,599)
|
|
Net interest paid
|
(666)
|
(559)
|
|
Free cash flow
|
5,921
|
6,304
|
|
Net cash flow (used in)/from investing activities
|
(2,394)
|
(423)
|
|
Net cash flow used in financing activities
|
(9,884)
|
(6,829)
|
(a) 2024 comparatives have been re-presented to reflect the
demerger of the Ice Cream Business Group
Cash conversion
Unilever defines cash conversion as free cash flow excluding tax on
disposal as a proportion of net profit, excluding gain/loss on
disposal and income from JV, associates and non-current
investments. This reflects our ability to convert profit to
cash.
|
€ million
|
Full Year
|
|
|
(unaudited)
|
2025
|
2024(a)
|
|
Net profit
|
6,213
|
6,039
|
|
Loss/(gain) on disposal of group companies
|
36
|
229
|
|
Share of net profit of joint ventures and associates
|
(245)
|
(250)
|
|
Other (income)/loss from non-current investments and
associates
|
17
|
(13)
|
|
Tax on gain on disposal of group companies
|
239
|
140
|
|
Net profit excluding P&L on disposals, JV, associates,
NCI
|
6,260
|
6,145
|
|
Cash flow from operating activities
|
10,772
|
10,913
|
|
Free cash flow
|
5,921
|
6,304
|
|
Cash impact of tax on disposal
|
328
|
111
|
|
Free cash flow excluding cash impact of tax on
disposal
|
6,249
|
6,415
|
|
Cash conversion from operating activities (%)
|
173
|
181
|
|
Cash conversion (%)
|
100
|
104
|
(a)
2024 comparatives have been re-presented to reflect the demerger of
the Ice Cream Business Group
Underlying return on invested capital (ROIC)
Underlying return on invested capital (ROIC) is a measure of the
return generated on capital invested by the Group. The measure
provides a guard rail for long-term value creation and encourages
compounding reinvestment within the business and discipline around
acquisitions with low returns and long payback. Underlying ROIC is
calculated as underlying operating profit after tax divided by the
annual average of: goodwill, intangible assets, property, plant and
equipment, net assets held for sale, inventories, trade and other
current receivables, and trade payables and other current
liabilities.
To present a comparable underlying ROIC for 2024, previously
reported 2024 assets and liabilities have been
re-presented
to exclude those relating to the Ice Cream
business.
|
€ million
|
Full Year
|
|
|
(unaudited)
|
2025
|
2024(c)
|
|
Operating profit
|
9,037
|
8,829
|
|
Tax on operating profit(a)
|
(2,657)
|
(2,534)
|
|
Operating profit after tax
|
6,380
|
6,295
|
|
|
|
|
|
Operating profit
|
9,037
|
8,829
|
|
Non-underlying items within operating profit
|
1,047
|
1,369
|
|
Underlying operating profit before tax
|
10,084
|
10,198
|
|
Tax on underlying operating profit(b)
|
(2,592)
|
(2,645)
|
|
Underlying operating profit after tax
|
7,492
|
7,553
|
|
Goodwill
|
17,709
|
22,311
|
|
Intangible assets
|
17,055
|
18,590
|
|
Property, plant and equipment
|
8,992
|
11,669
|
|
Net assets held for sale (d)
|
93
|
119
|
|
Inventories
|
4,043
|
5,177
|
|
Trade and other current receivables
|
7,346
|
6,011
|
|
Trade payables and other current liabilities
|
(16,939)
|
(16,690)
|
|
Period-end invested capital
|
38,298
|
47,187
|
|
Adjustment to 2024 period end balance for Ice Cream
demerger (e)
|
-
|
(6,481)
|
|
Adjusted period end invested capital
|
38,298
|
40,706
|
|
Average invested capital for the
period (f)
|
39,502
|
39,559
|
|
Return on invested capital (%)
|
16.2
|
15.9
|
|
Underlying return on invested capital (%)
|
19.0
|
19.1
|
(a) Tax
on operating profit is calculated as operating profit before tax
multiplied by the effective tax rate of 29.4% (2024: 28.7%) which
is shown on note 4.
(b) Tax
on underlying operating profit is calculated as underlying
operating profit before tax multiplied by the underlying effective
tax rate of 25.7% (2024: 25.9%) which is shown on
page 16.
(c) 2024
comparatives have been re-presented to reflect the demerger of the
Ice Cream Business Group
(d) 2025
excludes €80 million relating to the India Ice Cream business
which is classified as a discontinued operation
(e) The
significant items adjusted are €3.6 billion of Goodwill,
€2.4 billion of Property, Plant and Equipment, €0.8
billion of intangible assets and €0.3 billion of net working
capital.
(f) In
order to compute the average invested capital for 2024, we have
adjusted the 2023 closing assets balance to also remove the Ice
Cream assets and liabilities.
Cautionary Statement
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; 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.
Enquiries
|
UK
|
+44 77 4249 0136
|
|
|
|
|
or
|
+44 77 7999 9683
|
|
|
|
|
NL
|
+31 63 029 6394
|
|
|
|
|
or
|
+31 61 500 8293
|
|
|
|
After the conference call on 12 February 2026 at 8:00 AM (UK time),
the webcast of the presentation will be available
at www.unilever.com/investors/results-events/.
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.
Consolidated income statement
|
€ million
|
Full Year
|
||
|
(unaudited)
|
2025
|
2024(a)
|
Change
|
|
Turnover
|
50,503
|
52,479
|
(3.8)%
|
|
Operating profit
|
9,037
|
8,829
|
2.4%
|
|
Net finance costs
|
(503)
|
(520)
|
|
|
Pensions
and similar obligations
|
123
|
83
|
|
|
Finance
income
|
398
|
391
|
|
|
Finance
costs
|
(1,024)
|
(994)
|
|
|
Net monetary loss arising from hyperinflationary
economies
|
(68)
|
(201)
|
|
|
Share of net profit of joint ventures and associates
|
245
|
250
|
|
|
Other income/(loss) from non-current investments and
associates
|
(17)
|
13
|
|
|
Profit before taxation from continuing operations
|
8,693
|
8,371
|
3.9%
|
|
Taxation
|
(2,481)
|
(2,332)
|
|
|
Net profit from continuing operations
|
6,213
|
6,039
|
2.9%
|
|
Profit after taxation from discontinued operations
|
425
|
330
|
|
|
Gain on disposal of discontinued operation
|
3,373
|
-
|
|
|
Net profit from discontinued operations
|
3,798
|
330
|
|
|
Total net profit
|
10,011
|
6,369
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Non-controlling interests
|
542
|
625
|
|
|
Shareholders' equity
|
9,469
|
5,744
|
64.9%
|
|
Total profit attributable to shareholders' equity arises
from:
|
|
|
|
|
Continuing
operations
|
5,682
|
5,430
|
|
|
Discontinued
operations
|
3,787
|
314
|
|
|
Total profit attributable to non-controlling interests arises
from:
|
|
|
|
|
Continuing
operations
|
531
|
609
|
|
|
Discontinued
operations
|
11
|
16
|
|
|
Earnings per share
|
|
|
|
|
Basic earnings per share (euros)
|
4.33
|
2.59
|
67.0
%
|
|
Basic
earnings per share (€) from continuing
operations
|
2.60
|
2.45
|
6.1 %
|
|
Basic
earnings per share (€) from discontinued
operations
|
1.73
|
0.14
|
1124.3 %
|
|
Diluted earnings per share (euros)
|
4.32
|
2.58
|
67.6
%
|
|
Diluted
earnings per share (€) from continuing
operations
|
2.59
|
2.44
|
6.2 %
|
|
Diluted
earnings per share (€) from discontinued
operations
|
1.73
|
0.14
|
1125.1
%
|
(a) 2024 comparatives have been re-presented to reflect the
demerger of the Ice Cream Business Group
Consolidated statement of comprehensive income
|
€ million
|
Full Year
|
|
|
(unaudited)
|
2025
|
2024(a)
|
|
Net profit
|
10,011
|
6,369
|
|
Other comprehensive income from continuing operations
|
|
|
|
Items that will not be reclassified to profit or loss, net of
tax:
|
|
|
|
Gains/(losses)
on equity instruments measured at fair value through other
comprehensive income
|
(14)
|
60
|
|
Remeasurement
of defined benefit pension plans
|
137
|
226
|
|
Items that may be reclassified subsequently to profit or loss, net
of tax:
|
|
|
|
Gains/(losses)
on cash flow hedges
|
(111)
|
122
|
|
Currency
retranslation gains/(losses)
|
(2,239)
|
1,113
|
|
Total comprehensive income from continuing operations
|
(2,227)
|
1,521
|
|
Other comprehensive income from discontinued
operations
|
508
|
402
|
|
Total comprehensive income
|
8,292
|
8,292
|
|
|
|
|
|
Attributable to:
|
|
|
|
Non-controlling interests
|
187
|
712
|
|
Shareholders' equity
|
8,105
|
7,580
|
(a)
2024 comparatives have been re-presented to reflect the demerger of
the Ice Cream Business Group
Consolidated statement of changes in equity
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
€ million
|
Called
up share
capital
|
Share
premium
account
|
Unification
reserve
|
Other
reserves
|
Retained
profit
|
Total
|
Non-
controlling
interest
|
Total
equity
|
|
1 January 2024
|
88
|
52,844
|
(73,364)
|
(8,518)
|
47,052
|
18,102
|
2,662
|
20,764
|
|
Profit or loss for the period
|
-
|
-
|
-
|
-
|
5,744
|
5,744
|
625
|
6,369
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
Gains/(losses) on:
|
|
|
|
|
|
|
|
|
|
Equity
instruments gains/(losses)
|
-
|
-
|
-
|
60
|
-
|
60
|
-
|
60
|
|
Cash
flow hedges gains/(losses)
|
-
|
-
|
-
|
210
|
-
|
210
|
-
|
210
|
|
Remeasurements of defined benefit pension plans
|
-
|
-
|
-
|
-
|
269
|
269
|
(5)
|
264
|
|
Currency retranslation gains/(losses)(a)
|
-
|
-
|
-
|
406
|
891
|
1,297
|
92
|
1,389
|
|
Total comprehensive income
|
-
|
-
|
-
|
676
|
6,904
|
7,580
|
712
|
8,292
|
|
Dividends on ordinary capital
|
-
|
-
|
-
|
-
|
(4,320)
|
(4,320)
|
-
|
(4,320)
|
|
Repurchase of shares(d)
|
-
|
-
|
-
|
(1,508)
|
-
|
(1,508)
|
-
|
(1,508)
|
|
Movements in treasury shares(e)
|
-
|
-
|
-
|
25
|
(120)
|
(95)
|
-
|
(95)
|
|
Share-based payment credit(f)
|
-
|
-
|
-
|
-
|
324
|
324
|
-
|
324
|
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(712)
|
(712)
|
|
Hedging loss/(gain) transferred to non-financial
assets
|
-
|
-
|
-
|
(54)
|
-
|
(54)
|
-
|
(54)
|
|
Other movements in equity
|
-
|
-
|
-
|
80
|
(119)
|
(39)
|
(97)
|
(136)
|
|
31 December 2024
|
88
|
52,844
|
(73,364)
|
(9,299)
|
49,721
|
19,990
|
2,565
|
22,555
|
|
Profit or loss for the period
|
-
|
-
|
-
|
-
|
9,469
|
9,469
|
542
|
10,011
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
Gains/(losses) on:
|
|
|
|
|
|
|
|
|
|
Equity
instruments (losses)/gains
|
-
|
-
|
-
|
(14)
|
-
|
(14)
|
-
|
(14)
|
|
Cash
flow hedges (losses)gains
|
-
|
-
|
-
|
(196)
|
-
|
(196)
|
(2)
|
(198)
|
|
Remeasurements of defined benefit pension plans
|
-
|
-
|
-
|
-
|
180
|
180
|
(4)
|
176
|
|
Currency retranslation (losses)/gains(a)
|
-
|
-
|
-
|
(1,258)
|
(76)
|
(1,334)
|
(349)
|
(1,683)
|
|
Total comprehensive income
|
-
|
-
|
-
|
(1,468)
|
9,573
|
8,105
|
187
|
8,292
|
|
Dividends on ordinary capital
|
-
|
-
|
-
|
-
|
(4,453)
|
(4,453)
|
-
|
(4,453)
|
|
Non-cash dividend to shareholders(b)
|
-
|
-
|
-
|
-
|
(6,752)
|
(6,752)
|
-
|
(6,752)
|
|
Cancellation of treasury shares(c)
|
(3)
|
-
|
-
|
3,770
|
(3,767)
|
-
|
-
|
-
|
|
Repurchase of shares(d)
|
-
|
-
|
-
|
(1,510)
|
-
|
(1,510)
|
-
|
(1,510)
|
|
Movements in treasury shares(e)
|
-
|
-
|
-
|
1
|
(152)
|
(151)
|
-
|
(151)
|
|
Share-based payment credit(f)
|
-
|
-
|
-
|
-
|
284
|
284
|
-
|
284
|
|
Dividends paid to non-controlling interests(g)
|
-
|
-
|
-
|
-
|
-
|
-
|
(728)
|
(728)
|
|
Hedging loss/(gain) transferred to non-financial
assets
|
-
|
-
|
-
|
(58)
|
-
|
(58)
|
1
|
(57)
|
|
Other movements in equity(h)
|
-
|
-
|
-
|
300
|
(225)
|
75
|
32
|
107
|
|
31 December 2025
|
85
|
52,844
|
(73,364)
|
(8,264)
|
44,229
|
15,530
|
2,057
|
17,587
|
(a) Includes
a hyperinflation adjustment of €17 million in relation to
Argentina and Turkey (2024: €880 million primarily reflects
the effect of significant inflationary pressures, particularly in
Argentina, compared with 2025).
(b) A
non-cash
dividend was distributed to shareholders in connection with the Ice
Cream demerger. The distribution was settled through the transfer
of the Company's equity interest in the demerged entity, measured
at fair value and recognised directly in equity with no associated
cash outflow.
(c) During
2025, 13,288,138 PLC ordinary shares held as treasury shares were
cancelled before share consolidation and 51,625,153 cancelled after
share consolidation. The
amount paid to repurchase these shares was initially recognised in
other reserves and is transferred to retained profit on
cancellation.
(d) Repurchase
of shares reflects the cost of acquiring ordinary shares as part of
the share buyback programmes announced on 8 February 2024 and 13
February 2025.
(e) Includes
purchases and sales of treasury shares, other than the share
buyback programme and the transfer from treasury shares to retained
profit of share-settled schemes arising from prior years and
differences between purchase and grant price of share
awards.
(f) The
share-based payment credit relates to the non-cash charge recorded
against operating profit in respect of the fair value of share
options and awards granted to employees.
(g) Includes
a non-cash dividend of €199 million by Hindustan Unilever
Limited to its minority shareholders.
(h) Includes
the impact on the minority liability and non-controlling interest
following the acquisition of Dr. Squatch and Minimalist, and the
step-up acquisitions of Nutrafol, Welly and
Equilibra.
Consolidated balance sheet
|
(unaudited)
|
|
|
|
€ million
|
As at 31 December 2025
|
As at 31 December 2024
|
|
Non-current assets
|
|
|
|
Goodwill
|
17,709
|
22,311
|
|
Intangible assets
|
17,055
|
18,590
|
|
Property, plant and equipment
|
8,992
|
11,669
|
|
Pension asset for funded schemes in surplus
|
4,462
|
4,164
|
|
Deferred tax assets
|
1,146
|
1,280
|
|
Financial assets
|
3,065
|
1,571
|
|
Other non-current assets
|
976
|
971
|
|
|
53,405
|
60,556
|
|
Current assets
|
|
|
|
Inventories
|
4,043
|
5,177
|
|
Trade and other current receivables
|
7,346
|
6,011
|
|
Current tax assets
|
329
|
373
|
|
Cash and cash equivalents
|
3,941
|
6,136
|
|
Other financial assets
|
1,121
|
1,330
|
|
Assets held for sale
|
286
|
167
|
|
|
17,066
|
19,194
|
|
|
|
|
|
Total assets
|
70,471
|
79,750
|
|
|
|
|
|
Current liabilities
|
|
|
|
Financial liabilities
|
2,582
|
6,987
|
|
Trade payables and other current liabilities
|
16,939
|
16,690
|
|
Current tax liabilities
|
1,439
|
678
|
|
Provisions
|
589
|
831
|
|
Liabilities held for sale
|
113
|
48
|
|
|
21,662
|
25,234
|
|
Non-current liabilities
|
|
|
|
Financial liabilities
|
25,696
|
25,066
|
|
Non-current tax liabilities
|
303
|
585
|
|
Pensions and post-retirement healthcare liabilities:
|
|
|
|
Funded
schemes in deficit
|
100
|
173
|
|
Unfunded
schemes
|
844
|
1,021
|
|
Provisions
|
539
|
571
|
|
Deferred tax liabilities
|
3,603
|
4,342
|
|
Other non-current liabilities
|
137
|
203
|
|
|
31,222
|
31,961
|
|
|
|
|
|
Total liabilities
|
52,884
|
57,195
|
|
|
|
|
|
Equity
|
|
|
|
Shareholders' equity
|
15,530
|
19,990
|
|
Non-controlling interests
|
2,057
|
2,565
|
|
Total equity
|
17,587
|
22,555
|
|
|
|
|
|
Total liabilities and equity
|
70,471
|
79,750
|
Consolidated cash flow statement
|
(unaudited)
|
Full Year
|
|
|
€ million
|
2025
|
2024(a)
|
|
Net profit from continuing operations
|
6,213
|
6,039
|
|
Taxation
|
2,481
|
2,332
|
|
Share of net profit of joint ventures/associates and other
(income)/loss from non-current investments and
associates
|
(228)
|
(263)
|
|
Net monetary loss arising from hyperinflationary
economies
|
68
|
201
|
|
Net finance costs
|
503
|
520
|
|
Operating profit from continuing operations
|
9,037
|
8,829
|
|
Depreciation, amortisation and impairment
|
1,353
|
1,370
|
|
Changes in working capital
|
116
|
(188)
|
|
Inventories
|
(281)
|
(190)
|
|
Trade and other
receivables (b)
|
(2,620)
|
(211)
|
|
Trade payables and other
liabilities (b)
|
3,017
|
213
|
|
Pensions and similar obligations less payments
|
(74)
|
(54)
|
|
Provisions less payments
|
(130)
|
289
|
|
Elimination of loss/(profits) on disposals
|
58
|
259
|
|
Non-cash charge for share-based compensation
|
255
|
292
|
|
Other adjustments
|
157
|
116
|
|
Cash flow from continuing operating activities
|
10,772
|
10,913
|
|
Income tax paid on continuing operations
|
(2,720)
|
(2,452)
|
|
Net cash flow from continuing operating activities
|
8,052
|
8,461
|
|
Cash flow from operations attributable to discontinued
operations
|
475
|
1,231
|
|
Income tax paid from discontinued operation
|
(177)
|
(173)
|
|
Net cash flow from discontinued operating activities
|
298
|
1,058
|
|
Total cash flows from operating activities
|
8,350
|
9,519
|
|
Interest received
|
352
|
370
|
|
Purchase of intangible assets
|
(174)
|
(233)
|
|
Purchase of property, plant and equipment
|
(1,417)
|
(1,381)
|
|
Disposal of property, plant and equipment
|
126
|
15
|
|
Acquisition of businesses and investments in joint ventures and
associates
|
(1,674)
|
(734)
|
|
Disposal of businesses, joint ventures and associates
|
107
|
910
|
|
Acquisition of other non-current investments
|
(111)
|
(166)
|
|
Disposal of other non-current investments
|
239
|
59
|
|
Dividends from joint ventures, associates and other non-current
investments
|
243
|
261
|
|
Sale/(purchase) of financial assets
|
(85)
|
476
|
|
Net cash flow used in continuing investing activities
|
(2,394)
|
(423)
|
|
Net cash investing cash flows attributable to discontinued
operations
|
(724)
|
(202)
|
|
Total net cash (outflow)/inflow from investing
activities
|
(3,118)
|
(625)
|
|
Dividends paid on ordinary share capital
|
(4,453)
|
(4,319)
|
|
Interest paid
|
(1,018)
|
(929)
|
|
Net change in short-term borrowings
|
(2,228)
|
575
|
|
Additional financial liabilities
|
4,278
|
4,234
|
|
Repayment of financial liabilities
|
(3,547)
|
(3,846)
|
|
Capital element of lease rental payments
|
(301)
|
(342)
|
|
Repurchase of shares
|
(1,510)
|
(1,508)
|
|
Other financing activities (c)
|
(1,105)
|
(694)
|
|
Net cash flow used in continuing financing activities
|
(9,884)
|
(6,829)
|
|
Net cash flow used in discontinued financing
activities
|
3,070
|
(112)
|
|
Total net cash flow used in financing activities
|
(6,814)
|
(6,941)
|
|
Net increase/(decrease) in cash and cash equivalents
|
(1,582)
|
1,953
|
|
Cash and cash equivalents at the beginning of the
period
|
5,950
|
4,045
|
|
Effect of foreign exchange rate changes
|
(498)
|
(48)
|
|
Cash and cash equivalents at the end of the period
|
3,870
|
5,950
|
(a) 2024 comparatives have been re-presented to reflect the
demerger of the Ice Cream Business Group
(b) Net working capital includes the gross-up impact in receivables and payables arising due
to the transitional service arrangement between Unilever and The
Magnum Ice Cream Company
(c) Comprises of minority dividend payment, and payments made
relating to step up acquisitions
Notes to the condensed consolidated financial
statements
(unaudited)
1. Accounting
information and policies
Except as set out below the accounting policies and methods of
computation are consistent with the year ended 31 December 2024. In
conformity with the requirements of the Companies Act 2006, the
condensed consolidated preliminary financial statements have been
prepared based on the International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standard Board
(IASB) and UK-adopted international accounting
standards.
The condensed consolidated financial statements are shown at
current exchange rates, and percentage year-on-year changes are
shown to facilitate comparison. The consolidated income statement
on page 22,
the consolidated statement of comprehensive income on
page 23,
the consolidated statement of changes in equity on
page 24 and
the consolidated cash flow statement on page 28 are
translated at exchange rates current in each period. The balance
sheet on page 25 is
translated at period-end rates of exchange.
The condensed consolidated financial statements attached do not
constitute the full financial statements within the meaning of
Section 434 of the UK Companies Act 2006, which will be finalised
and delivered to the Registrar of Companies in due course. Full
accounts for Unilever for the year ended 31 December 2024 have been
delivered to the Registrar of Companies; the auditors' reports on
these accounts were unqualified, did not include a reference to any
matters by way of emphasis and did not contain a statement under
Section 498 (2) or Section 498 (3) of the UK Companies Act
2006.
Significant accounting policies impacting the basis of preparation
of the condensed consolidated financial statements
Assets and liabilities held for sale and discontinued
operations
A disposal group is classified as held for sale or distribution
when its carrying amount is expected to be recovered principally
through a sale or distribution to shareholders rather than through
continuing use. A discontinued operation is a component of the
Group that has been disposed of or is classified as held for sale
or distribution and represents a separate major line of
business. In accordance with IFRS 5, the results of
discontinued operations are presented separately in the
consolidated income statement, consolidated statement of
comprehensive income, consolidated statement of cash flows and
related notes. Comparative information is re-presented to exclude
the results of discontinued operations.
The Ice Cream Business Group met the criteria to be classified as
held for distribution in December 2025, following the Board's
formal approval of the demerger. As a former reportable segment and
major line of business, all Ice Cream activities have been treated
as discontinued operations in both current and comparative periods.
Further details and a breakdown of discontinued operations are
provided in Note 6.
Non-cash
distribution to owners
The demerger of the Ice Cream Business Group was executed through a
distribution of shares in The Magnum Ice Cream Company (TMICC) to
Unilever shareholders on 6 December 2025. A liability for the
non-cash distribution was recognised when the
distribution was authorised and no longer at the Group's
discretion, measured at the fair value of the assets to be
distributed at that date. The distribution was settled on
completion of the demerger, at which point the disposal group was
derecognised.
Judgement was required in determining the fair value of the Ice
Cream Business Group at the distribution date for the purpose of
recognising the non-cash dividend in accordance with IFRIC 17
Distributions of Non-cash Assets to Owners. Management determined fair
value with reference to the TMICC share price over a 5-day period
following listing. The resulting non-cash gain is recognised within profit or loss,
within the result from discontinued operations.
Accounting developments adopted by the Group
All new standards or amendments issued by the IASB and UK
Endorsement Board that were effective by 1 January 2025, were
either not applicable or not material to the Group.
Future accounting developments not yet effective
The Group has commenced its assessment of IFRS 18 Presentation and
Disclosure in Financial Statements (effective 1 January 2027), with
the main impacts expected on the presentation of the consolidated
income statement and the disclosure of Management Performance
Measures. The standard will be applied from its mandatory effective
date of 1 January 2027. Final
impact assessment and transition activities will take place during
2026.
(unaudited)
2. Segment
information - Business Groups
|
Fourth Quarter
|
Beauty & Wellbeing
|
Personal Care
|
Home Care
|
Foods
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
|
2024
|
3,310
|
3,235
|
2,960
|
3,434
|
12,939
|
|
2025
|
3,189
|
3,307
|
2,830
|
3,260
|
12,586
|
|
Change (%)
|
(3.7)
|
2.2
|
(4.4)
|
(5.1)
|
(2.7)
|
|
Full Year
|
Beauty & Wellbeing
|
Personal Care
|
Home Care
|
Foods
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
|
2024
|
13,157
|
13,618
|
12,352
|
13,352
|
52,479
|
|
2025
|
12,848
|
13,161
|
11,565
|
12,929
|
50,503
|
|
Change (%)
|
(2.3)
|
(3.4)
|
(6.4)
|
(3.2)
|
(3.8)
|
|
|
|
|
|
|
|
|
Operating profit (€ million)
|
|
|
|
|
|
|
2024
|
1,970
|
2,739
|
1,521
|
2,599
|
8,829
|
|
2025
|
2,077
|
2,700
|
1,512
|
2,748
|
9,037
|
|
Underlying operating profit (€ million)
|
|
|
|
|
|
|
2024
|
2,552
|
3,014
|
1,785
|
2,847
|
10,198
|
|
2025
|
2,471
|
2,973
|
1,718
|
2,922
|
10,084
|
Underlying operating profit represents our measure of segment
profit or loss as it is the primary measure used for the purpose of
making decisions about allocating resources and assessing
performance of segments. Underlying operating margin is calculated
as underlying operating profit divided by turnover.
3. Segment
information - Geographical area
|
Fourth Quarter
|
Asia Pacific Africa
|
The Americas
|
Europe
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
2024
|
5,691
|
4,831
|
2,417
|
12,939
|
|
2025
|
5,497
|
4,707
|
2,382
|
12,586
|
|
Change (%)
|
(3.4)
|
(2.6)
|
(1.5)
|
(2.7)
|
|
Full Year
|
Asia Pacific Africa
|
The Americas
|
Europe
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
2024
|
23,448
|
19,605
|
9,426
|
52,479
|
|
2025
|
22,42
|
18,622
|
9,454
|
50,503
|
|
Change (%)
|
(4.4)
|
(5.0)
|
0.3
|
(3.8)
|
(unaudited)
4. Taxation
The effective tax rate for 2025 is 29.4% compared with 28.7% in
2024. This includes the impact of the separation of the Ice Cream
business in 2025.
5. Earnings
per share
The earnings per share calculations are based on the average number
of share units representing the ordinary shares of PLC in issue
during the period, less the average number of shares held as
treasury shares. For 2025 and 2024, the number of shares used in
the calculation has been adjusted for the impact of the share
consolidation as if it took place at the start of each period
presented.
In calculating diluted earnings per share, a number of adjustments
are made to the number of shares, principally the exercise of share
plans by employees.
Earnings per share for total operations for the twelve months were
calculated as follows:
|
|
Full Year
|
|
|
|
2025
|
2024(a)
|
|
EPS - Basic
|
|
|
|
Net profit attributable to shareholders' equity (€
million)
|
9,469
|
5,744
|
|
Average number of shares (millions of share units)
|
2,184.0
|
2,215.6
|
|
EPS - basic (€)
|
4.33
|
2.59
|
|
|
|
|
|
EPS - Basic from continuing operations
|
|
|
|
Net profit from continuing operations attributable to shareholders'
equity (€ million)
|
5,682
|
5,430
|
|
EPS - Basic from continuing operations (€)
|
2.60
|
2.45
|
|
|
|
|
|
EPS - Basic from discontinued operations
|
|
|
|
Net profit from discontinued operations attributable to
shareholders' equity (€ million)
|
3,787
|
314
|
|
EPS - Basic from discontinued operations (€)
|
1.73
|
0.14
|
|
|
|
|
|
EPS - Diluted
|
|
|
|
Net profit attributable to shareholders' equity (€
million)
|
9,469
|
5,744
|
|
Adjusted average number of shares (millions of share
units)
|
2,195.3
|
2,228.5
|
|
EPS - diluted (€)
|
4.32
|
2.58
|
|
|
|
|
|
EPS - Diluted from continuing operations
|
|
|
|
Net profit from continuing operations attributable to shareholders'
equity (€ million)
|
5,682
|
5,430
|
|
EPS - Diluted from continuing operations (€)
|
2.59
|
2.44
|
|
|
|
|
|
EPS - Diluted from discontinued operations
|
|
|
|
Net profit from discontinued operations attributable to
shareholders' equity (€ million)
|
3,787
|
314
|
|
EPS - Diluted from discontinued operations (€)
|
1.73
|
0.14
|
(a) 2024 comparatives have been re-presented to reflect the
demerger of the Ice Cream Business Group
During the period the following movements in shares have taken
place:
|
|
Millions
|
|
Number of shares at 31 December 2024 (net of treasury
shares)
|
2,475.6
|
|
Shares repurchased under the share buyback programme
|
(27.8)
|
|
Net movements in shares under incentive schemes
|
4.1
|
|
Impact of share consolidation
|
(272.4)
|
|
Number of shares at 31 December 2025 (net of treasury
shares)
|
2,179.5
|
(unaudited)
6. Demerger
of the Ice Cream Business
On 6 December, Unilever completed the separation of its Ice Cream
business, now known as The Magnum Ice Cream Company N.V. ('TMICC')
an independent listed company incorporated and headquartered in the
Netherlands. The separation was effected through a demerger of
80.15% of Unilever's holding in TMICC to Unilever shareholders.
Unilever retained a 19.85% stake in TMICC, which has been
recognised as an equity investment. TMICC shares were admitted to
trading on Euronext Amsterdam, the London Stock Exchange and the
New York Stock Exchange on 8 December 2025.
Under IFRIC 17 'Distributions of Non-cash Assets to Owners', a
liability and an equity distribution are measured at the fair value
of the assets to be distributed when the dividend is appropriately
authorised and no longer at the entity's discretion. The liability,
dividend distribution and associated gain on demerger were
recognised in December 2025 when the demerger distribution
was authorised.
The fair value of the Ice Cream business was €8.4 billion.
This was measured by reference to the daily closing quoted average
TMICC share price over a five-day period post listing, which was
considered representative of the fair value at the distribution
date. A gain on distribution of the Ice Cream business was recorded
in the Income Statement in 2025.
The gain included €1.7 billion relating to the measurement of
the retained stake to fair value using the same methodology. This
gain is presented as part of discontinued operations and is exempt
from tax. Any future gains or losses on the retained stake will be
recognised in other comprehensive income.
The carrying value of the net assets of the Ice Cream business in
the consolidated financial statements was €4.0
billion.
In addition, there was a reclassification of the Group's share of
cumulative exchange differences arising on translation of the
foreign currency net assets from reserves to the Income Statement
of €1.0 billion. The total gain on demerger of the Ice Cream
business was €3.4 billion.
Total gain on demerger calculation
|
|
€ million
2025
|
|
Fair value of the Ice Cream business distributed
(80.15%)
|
6,752
|
|
Fair value of the retained ownership in TMICC (19.85%)
|
1,672
|
|
Total fair value
|
8,424
|
|
Carrying amount of the net assets and liabilities
distributed/de-recognised, comprised of:
|
|
|
Goodwill
|
(3,322)
|
|
Intangible Assets
|
(729)
|
|
Property, Plant and Equipment
|
(2,234)
|
|
Pension assets
|
(80)
|
|
Inventories
|
(925)
|
|
Net deferred tax assets
|
(302)
|
|
Other non-current assets
|
(10)
|
|
Trade and other current receivables
|
(1,960)
|
|
Cash and cash equivalents
|
(531)
|
|
Current tax assets
|
(43)
|
|
Trade payables and other current liabilities
|
2,797
|
|
Financial liabilities
|
3,179
|
|
Pension liabilities
|
86
|
|
Provisions
|
59
|
|
Total carrying amount of net assets de-recognised
|
(4,015)
|
|
Gain on demerger before exchange movements
|
4,409
|
|
Loss on recycling of currency retranslation on
disposal
|
(1,036)
|
|
Total gain on the demerger after tax
|
3,373
|
Financial information relating to the operations of Ice Cream is
set out below and includes financial information up until the date
of the demerger. We have reported everything from Turnover to
Operating profit in line with what was previously disclosed for the
Ice Cream Business Group as discontinued operations for the
financial year 2023 and 2024. Below operating profit some
allocations have been made to income and costs not historically
reported as part of our segment information, where costs are shared
by the Ice Cream Business Group. We have recognised the India Ice
Cream business as part of discontinued operations and recognised
the related assets and liabilities as held for sale in the balance
sheet, following an agreement to sell this business to The Magnum
Ice Cream Company in the first half of 2026.
Unilever will continue to provide services (including IT
infrastructure, marketing, and co-packing services), supply
materials and continue to invoice and collect cash on behalf of The
Magnum Ice Cream Company under a Transitional Services Agreement
(TSA). The management fee for these services is recognised within
operating profit. The TSA will continue for a maximum period of two
years from the demerger of the Ice Cream business.
This financial information may differ both in purpose and basis of
preparation from the Historical Financial Information and the
Interim Financial Information included in the The Magnum Ice Cream
Company's prospectus and from that which may be published by The
Magnum Ice Cream Company. As a result, whilst the two sets of
financial information may be similar, they may not be the same
because of certain differences in accounting and disclosure under
IFRS, including differences in perimeter.
The total results from discontinued operations are as follows (2025
results are for the year to date until 6 December):
|
Total results from discontinued operations (Ice Cream)
|
€ million
2025
|
€ million
2024
|
|
Turnover
|
7,691
|
8,282
|
|
Operating profit
|
677
|
571
|
|
Profit before tax from discontinued operations
|
613
|
498
|
|
Taxation
|
(188)
|
(168)
|
|
Profit after taxation from discontinued operations
|
425
|
330
|
|
Total gain on demerger after tax
|
3,373
|
-
|
|
Profit after taxation on demerger of discontinued
operations
|
3,798
|
330
|
|
Attributable to:
|
|
|
|
Non-controlling interests
|
11
|
16
|
|
Shareholders' equity
|
3,787
|
314
|
|
Earnings per share from discontinued operations
|
1.73
|
0.14
|
|
Diluted earnings per share from discontinued
operations
|
1.73
|
0.14
|
7. Acquisitions
and disposals
In 2025, the Group completed the business acquisitions and
disposals as listed below.
|
Deal completion date
|
Acquired/disposed business
|
|
1
April 2025
|
Acquired
100% of Wild, a U.K. based company known for its natural,
refillable deodorants, lip balms, body washes, and
handwashes.
|
|
1
April 2025
|
Sold
Conimex brand to Paulig Group.
|
|
1
April 2025
|
Acquired
the remaining 20% of Nutraceutical Wellness, Inc. (Nutrafol),
bringing the Group's ownership to 100%.
|
|
21
April 2025
|
HUL
acquired 90.5% of Minimalist, an India based premium actives-led
beauty brand.
|
|
2
September 2025
|
Acquired
98.7% of Dr. Squatch, a U.S. based brand specialized in natural
personal care products.
|
On 2 September 2025, Unilever acquired 98.7% of the shares of Dr.
Squatch, a U.S. based company specialised in natural personal care
products. This complementary acquisition marks another step in
expanding Unilever's portfolio towards premium and high growth
spaces. The total consideration paid was €1,243
million.
The provisional fair value of net assets recognized on the balance
sheet is €614 million. All balances are currently provisional
pending the completion of the asset valuation review. The main
asset acquired was the brand intangible valued using an income
approach model by estimating future cash flows generated by the
brand and discounting them to present value using rates in line
with a market participant expectation. The key assumptions in the
brand valuation are revenue growth and discount rates. A deferred
tax liability related to the brand intangible estimated at
€170 million was also recognised.
As part of the acquisition, goodwill of €637 million was
recognized and is not deductible for tax purposes.
Acquisitions
The total consideration for acquisitions in 2025 is €1,734
million (2024: €616 million for acquisitions completed during
that year).
Effect on consolidated income statement
If the acquisition deals completed in 2025 had all taken place at
the beginning of the year, Group turnover would have been
€50,861 million, and Group operating profit would have been
€9,047 million.
Effect on consolidated balance sheet
The following table summarises the consideration and net assets
acquired in 2025. The fair values currently used for opening
balances are provisional. These balances remain provisional due to
there being outstanding relevant information in regard to facts and
circumstances that existed as of the acquisition date and/or where
valuation work is still ongoing.
|
€ million
|
Total 2025
|
|
Intangible assets
|
1,109
|
|
Other non-current assets
|
67
|
|
Trade and other receivables
|
66
|
|
Other current assets(a)
|
134
|
|
Non-current liabilities(b)
|
(311)
|
|
Current liabilities
|
(85)
|
|
Net assets acquired
|
980
|
|
Non-controlling interest
|
(30)
|
|
Goodwill(c)
|
784
|
|
Total consideration
|
1,734
|
|
of which:
|
|
|
Cash
consideration paid
|
1,687
|
|
Deferred
consideration
|
47
|
(a) Other
current assets include inventories of €103 million and cash
and cash equivalents of €27 million.
(b) Non-current
liabilities include deferred tax of €290
million.
(c) Goodwill
not deductible for tax purposes.
Disposals
The total consideration for disposals in 2025 is €93 million
(2024: €1,396 million for disposals completed during that
year). The following table sets out the effect of the disposals in
2025 and comparative year on the consolidated balance sheet. The
results of disposed businesses are included in the consolidated
financial statements up until their date of disposal.
|
€ million
|
2025
|
2024
|
|
Goodwill and intangible assets(a)
|
71
|
1,107
|
|
Other non-current assets
|
27
|
218
|
|
Current assets
|
8
|
700
|
|
Liabilities
|
(1)
|
(683)
|
|
Net assets sold
|
105
|
1,342
|
|
Loss on recycling of currency retranslation on
disposal
|
24
|
545
|
|
Non-controlling interest
|
-
|
(85)
|
|
Profit/(loss) on sale attributable to Unilever
|
(36)
|
(406)
|
|
Consideration
|
93
|
1,396
|
|
Of which:
|
|
|
|
Cash
|
93
|
1,299
|
|
Non-cash
items and deferred consideration
|
-
|
97
|
(a) 2025
includes intangibles of €56 million relating to the disposals
of The Vegetarian Butcher, Kate Somerville and Conimex
businesses.
(unaudited)
8. Financial
instruments
The Group's Treasury function aims to protect the Group's financial
investments, while maximising returns. The fair value of financial
assets is the same as the carrying amount for 2025 and 2024. The
Group's cash resources and
other financial assets are shown below.
|
|
31 December 2025
|
31 December 2024
|
||||
|
€ million
|
Current
|
Non-current
|
Total
|
Current
|
Non-current
|
Total
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
Cash at bank and in hand
|
2,490
|
-
|
2,490
|
3,241
|
-
|
3,241
|
|
Short-term deposits(a)
|
1,066
|
-
|
1,066
|
2,436
|
-
|
2,436
|
|
Other cash equivalents(b)
|
385
|
-
|
385
|
459
|
-
|
459
|
|
|
3,941
|
-
|
3,941
|
6,136
|
-
|
6,136
|
|
Other financial assets
|
|
|
|
|
|
|
|
Financial assets at amortised cost(c)
|
541
|
368
|
909
|
736
|
526
|
1,262
|
|
Financial assets at fair value through other comprehensive
income(d)
|
-
|
2,216
|
2,216
|
-
|
600
|
600
|
|
Financial assets at fair value through profit or loss:
|
|
|
|
|
|
|
|
Derivatives
|
50
|
140
|
190
|
149
|
68
|
217
|
|
Other(e)
|
530
|
341
|
871
|
445
|
377
|
822
|
|
|
1,121
|
3,065
|
4,186
|
1,330
|
1,571
|
2,901
|
|
Total financial
assets(f)
|
5,062
|
3,065
|
8,127
|
7,466
|
1,571
|
9,037
|
(a) Short-term
deposits typically have a maturity of up to 3
months.
(b) Other
cash equivalents include investments in overnight funds and
marketable securities.
(c) Current
financial assets at amortised cost include short term deposits with
banks with maturities longer than three months excluding deposits
which are part of a recognised cash management process, fixed
income securities and loans to joint venture entities. Non-current
financial assets at amortised cost include judicial deposits of
€175 million (2024: €196 million).
(d) Included
within non-current financial assets at fair value through other
comprehensive income are equity investments. This includes an
amount of €1,655 million related to Group's retained
investment in TMICC, recognised following the demerger of Ice cream
business during the year.
(e) Other
financial assets at fair value through profit or loss include money
market funds, marketable securities, other capital market
instruments
and investments in financial institutions.
(f) Financial
assets exclude trade and other current
receivables.
The Group is exposed to the risks of changes in fair value of its
financial assets and liabilities. The following tables summarise
the fair values and carrying amounts of financial instruments and
the fair value calculations by category.
|
|
Fair value
|
Carrying
amount
|
||
|
€ million
|
As
at 31 December 2025
|
As at 31 December 2024
|
As at 31 December 2025
|
As at 31 December 2024
|
|
Financial assets
|
|
|
|
|
|
Cash and cash equivalents
|
3,941
|
6,136
|
3,941
|
6,136
|
|
Financial assets at amortised cost
|
909
|
1,262
|
909
|
1,262
|
|
Financial assets at fair value through other comprehensive
income
|
2,216
|
600
|
2,216
|
600
|
|
Financial assets at fair value through profit and
loss:
|
|
|
|
|
|
Derivatives
|
190
|
217
|
190
|
217
|
|
Other
|
871
|
822
|
871
|
822
|
|
|
8,127
|
9,037
|
8,127
|
9,037
|
|
Financial liabilities
|
|
|
|
|
|
Bank loans and overdrafts
|
(233)
|
(521)
|
(233)
|
(521)
|
|
Bonds and other loans
|
(25,655)
|
(28,037)
|
(26,038)
|
(28,648)
|
|
Lease liabilities
|
(1,326)
|
(1,486)
|
(1,326)
|
(1,486)
|
|
Derivatives
|
(452)
|
(594)
|
(452)
|
(594)
|
|
Other financial liabilities
|
(229)
|
(804)
|
(229)
|
(804)
|
|
|
(27,895)
|
(31,442)
|
(28,278)
|
(32,053)
|
For assets and liabilities which are carried at fair value, the
classification of fair value calculations by category is summarised
below:
|
|
As at 31 December 2025
|
As at 31 December 2024
|
||||
|
€ million
|
Level 1
|
Level 2
|
Level 3
|
Level 1
|
Level 2
|
Level 3
|
|
Assets at fair value
|
|
|
|
|
|
|
|
Financial assets at fair value through other
comprehensive income
|
1,663
|
4
|
549
|
10
|
4
|
586
|
|
Financial assets at fair value through profit or loss:
|
|
|
|
|
|
|
|
Derivatives(a)
|
-
|
210
|
-
|
-
|
420
|
-
|
|
Other
|
530
|
-
|
341
|
445
|
-
|
377
|
|
Liabilities at fair value
|
|
|
|
|
|
|
|
Derivatives(b)
|
-
|
(503)
|
-
|
-
|
(650)
|
-
|
|
Contingent
consideration
|
-
|
-
|
(46)
|
-
|
-
|
(1)
|
(a) Includes
€20 million (2024: €203 million) derivatives, reported
within trade receivables, that hedge trading
activities.
(b) Includes
€(51) million (2024: €(56) million) derivatives,
reported within trade creditors, that hedge trading
activities.
There were no significant changes in classification of fair value
of financial assets and financial liabilities since 31 December
2024. There were also no significant movements between the fair
value hierarchy classifications since 31 December
2024.
The fair value of trade receivables and payables is considered to
be equal to the carrying amount of these items due to their
short-term nature. The fair value of financial assets and financial
liabilities (excluding listed bonds) is considered to be same as
the carrying amount for 2025 and 2024.
Calculation of fair values
The fair values of the financial assets and liabilities are defined
as the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Methods and
assumptions used to estimate the fair values are consistent with
those used in the year ended 31 December 2024.
(unaudited)
9. Dividends
The Board has declared a quarterly interim dividend for Q4 2025 of
€0.4664 per Unilever PLC ordinary share.
The following amounts will be paid in respect of this quarterly
interim dividend on the relevant payment date:
|
Per Unilever PLC ordinary share (traded on the London Stock
Exchange):
|
£0.4052
|
|
Per Unilever PLC ordinary share (traded on Euronext in
Amsterdam):
|
€0.4664
|
|
Per Unilever PLC American Depositary Receipt:
|
US$0.5547
|
The pound sterling and US dollar amounts above have been determined
using the applicable exchange rates issued by WM/Reuters on 11
February 2026.
US dollar cheques for the quarterly interim dividend will be mailed
on 10 April 2026 to holders of record at the close of business
on 27 February 2026.
The quarterly dividend calendar for Q4 2025 and the remainder of
2026 will be as follows:
|
|
Announcement
Date
|
Ex-dividend Date for Ordinary Shares
|
Ex-dividend Date for ADRs
|
Record Date
|
Last Date for DRIP Election
|
Payment Date
|
|
Q4 2025 Dividend
|
12
February 2026
|
26
February 2026
|
27
February 2026
|
27
February 2026
|
18
March 2026
|
10
April 2026
|
|
Q1 2026 Dividend
|
30
April 2026
|
14
May 2026
|
15
May 2026
|
15
May 2026
|
05
June 2026
|
26
June 2026
|
|
Q2 2026 Dividend
|
28
July 2026
|
06
August 2026
|
07
August 2026
|
07
August 2026
|
27
August 2026
|
18
September 2026
|
|
Q3 2026 Dividend
|
28
October 2026
|
12
November 2026
|
13
November 2026
|
13
November 2026
|
27
November 2026
|
18
December 2026
|
10. Events
after the balance sheet date
There are no material post balance sheet events other than those
mentioned elsewhere in this report.
All figures are presented on continuing operations basis. For
Unilever this comprises of four Business Groups: Beauty &
Wellbeing, Personal Care, Home Care and Foods. Comparative
figures have been re-presented to reflect the demerger of the
Ice Cream Business Group.
USG, UVG, UPG, UOP, UOM, underlying EPS, underlying effective tax
rate, FCF, cash conversion, net debt, UEBITDA and underlying ROIC
are non-GAAP measures.
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.
|
UNILEVER PLC
|
|
/S/ M VARSELLONA
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By M VARSELLONA
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CHIEF LEGAL OFFICER AND GROUP SECRETARY
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Date 12 February 2026