UL Q2 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025

Earnings

Unilever delivered a mixed first-half 2025 performance, with underlying sales momentum building through the period even as reported results absorbed heavy currency and portfolio headwinds. Underlying sales grew 3.4% for the half, accelerating to 3.8%… Read more Unilever delivered a mixed first-half 2025 performance, with underlying sales momentum building through the period even as reported results absorbed heavy currency and portfolio headwinds. Underlying sales grew 3.4% for the half, accelerating to 3.8% in Q2 with volume and price each contributing meaningfully, yet reported turnover fell 3.2% to $30.13 billion as a 4.0% currency drag, amplified by a weakening US dollar against the euro, and a 2.5% net disposals impact weighed on headline figures. Underlying EPS declined 2.1% to $1.59, with currency alone accounting for a 5.1% adverse swing. Gross margin held firm at 45.7%, enabling Unilever to lift brand and marketing investment 40 basis points to 15.5% of turnover, even as the underlying operating margin edged down 30 basis points to 19.3%. Free cash flow dropped sharply to $1.10 billion from $2.20 billion a year earlier, reflecting separation costs tied to the Ice Cream demerger on track for mid-November. Management guided for full-year underlying sales growth of 3% to 5%, with second-half margins expected to reach at least 18.5%, a meaningful step up from the prior year.