Unilever PLC: BARC Consumer Health Conference Feedback

Research evidence excerpt

Unilever PLC: BARC Consumer Health Conference Feedback

Equity Research

29 June 2026

Unilever PLC

BARC Consumer Health

Conference Feedback

Unilever’s Wellbeing platform is starting to really scale, European Consumer Staples

already €2.5bn in sales, with Liquid I.V. near $1bn, and NEUTRAL Unchanged

exposure increasing in VMS with Olly and recently acquired European Consumer Staples

Warren AckermanGruns and hair health. Although growth in Wellbeing slowed

in Q1, we expect a re-acceleration in Q2. UNA remains a key +44warren.ackerman@barclays.com(0)20 3134 1903

pick. Barclays, UK

Imogen McCurley

+44 (0)20 3555 4999We hosted Unilever at our Barclays Consumer Healthcare event, where we heard from

imogen.mccurley@barclays.com

Jostein Solheim, Head of Wellbeing, and Chad Janis, Founder of Grüns. The discussion Barclays, UK

reinforced our view that Unilever is committed to scaling its Wellbeing platform, which is

now tracking at around €2.5bn of revenues, with Liquid I.V. around the $1bn mark, Alex Sloane

+44 (0)20 3555 0645Nutrafol close behind and Olly well above $0.5bn. Unilever spends around $1.5bn a year on

alexander.sloane@barclays.com

bolt-on acquisitions and has built Wellbeing through nine deals over the last seven years, Barclays, UK

mainly across the US and India. The category set-up remains attractive: health is becoming

more proactive, science-backed products are gaining relevance, GLP-1 is creating new Laurence Whyatt

+44 (0)20 7773 5324need states, and digital channels are reshaping how these brands are built. Regulation

laurence.whyatt@barclays.com

may create some short-term friction as brands scale internationally, but Unilever sees this Barclays, UK

as a longer-term benefit given its science, regulatory capability and local market access.