Unilever Indonesia Tbk PT | Asia Pacific 2Q26: Gradual but consistent progress

Research evidence excerpt

Unilever Indonesia Tbk PT | Asia Pacific 2Q26: Gradual but consistent progress

Update

July 28, 2026 06:13 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MUnilever Indonesia Tbk PT | Asia Pacific Divya Gangahar Kothiyal

Equity Analyst

2Q26: Gradual but consistent Divya.Gangahar@morganstanley.comEileen Lin +65 6834-6438

Research Associate

Eileen.Lin@morganstanley.com +65 6834-5060

progress

AlphaSignals Earnings Reaction

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Unilever Indonesia Tbk PT (UNVR.JK, UNVR IJ)

Source: Company data, Morgan Stanley Research ASEAN Consumer | Indonesia

Stock Rating Equal-weight

Industry View Attractive

Key Takeaways Price target Rp2,150

Up/downside to price target (%) 28

2Q revenues +11.6% y/y, 2% ahead of MSe. Adjusting for transformation costs & Shr price, close (Jul 27, 2026) Rp1,680

bumpy remuneration expense (related to LTIP), PATMI was largely in-line with 52-Week Range Rp2,840-1,485

Sh out, dil, curr (mn) 38,150

MSe. Mkt cap, curr (bn) Rp64,092

EV, curr (bn) Rp62,266

2Q UVG accelerated to +12.7% (HPC: +14.2%) with 1H UVG at +7.3% y/y, driven by Avg daily trading value (bn) Rp65

core business returning to growth & improvements in modern trade channels. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

UNVR's offline value market share was stable at 30.8% while volume share EPS (Rp)** 92.72 115.66 125.23 136.81

Prior EPS (Rp)** - - - -

inched up to 27% (1Q: 26.3%, 1H25: 26.1%) with 60% of the portfolio winning EPS (Rp)§ 118 107 111 115

share. Revenue, net (Rp bn) 31,943 33,817 35,632 37,544

EBITDA (Rp bn) 2,666 6,082 6,568 7,145

GPM (ex-transformation costs) was 47.7% in 1H26 (2Q: 46.6%) supported by ModelWare net inc (Rp 3,537 4,412 4,778 5,219

bn)