Unilever PLC / Unilever PLC: Setting the Agenda

Research evidence excerpt

Unilever PLC / Unilever PLC: Setting the Agenda

Equity Research

22 July 2026

Unilever PLC / Unilever PLC

Setting the Agenda

We forecast +4.5% OSG for Q2'26 vs consensus of 4.1%. Whilst

bears focus on Food pressures and the MKC overhang, we

expect broad-based HPC acceleration driven by key EMs of ULVR.AS/UNA NA OVERWEIGHT European Consumer

StaplesBrazil and India plus positive World Cup impact. Post MKC NEUTRAL

Price Target EUR 66.51

deal, UNA could be fastest-growing EU Staples company after Price (21-Jul-26) EUR 53.44

LOR. OW Potential Upside/Downside +24.5%

Source: Bloomberg, Barclays Research

N.B: For further details on the divisional forecasts, please refer to our Q2'26 preview (link) ULVR.L/ULVR LN OVERWEIGHT

European Consumer

Unilever will report its Q2/H1 results on 28 July 2026. We expect a sequential acceleration Staples NEUTRAL

in India, Brazil and the US. Overall we forecast +4.5% OSG for the quarter, ahead of the Price Target GBp 5700

consensus of 4.1% OSG. We believe the market remains focused on softer European trends, Price (21-Jul-26) GBp 4553

particularly in Foods where scanner data has been weak, and on concerns that Unilever's Potential Upside/Downside +25.2%

Q1 slowdown in North America signalled moderating momentum. In addition, we believe Source: Bloomberg, Barclays Research

investors continue to remain cautious given the MKC deal overhang, although we think

this is looking overdone and the confirmation of a secondary MKC listing in Europe will European Consumer Staples

help. Overall we expect Q2 to be a decent HPC beat and further evidence of why the exit of Warren Ackerman

Foods makes complete sense to become a pure-play HPC company. We think UNAs HPC +44 (0)20 3134 1903

portfolio ex-Foods could deliver c.5.9% growth (vs. consensus of c.5.1%).