Unilever plc: Q2/H126 Results: Beat and Raise, Core HPC strength to drive rerating

Research evidence excerpt

Unilever plc: Q2/H126 Results: Beat and Raise, Core HPC strength to drive rerating

C A Z E N O V E Europe Equity Research

28 July 2026

Unilever plc Overweight

ULVR.L, ULVR LN

Q2/H126 Results: Beat and Raise, Core HPC strength Price (23 Jul 26):4,543p

to drive rerating Price Target (Dec-27):5,700p

Our Take: Unilever reported a 1% adj. EPS beat driven by a better than expected European Food Producers,

Q2 organic sales growth at +5.8% (vs consensus +4.3%) on stronger volume Household & Personal Care

growth at +5.5% ( vs consensus +2.5%) whilst pricing was softer at 0.2% (vs Products, Beverages & Tobacco

consensus +1.8%) driven by FIFA-related promotions especially in personal care. Celine Pannuti, CFA AC

By region, the top-line beat came from Asia Pacific Africa (we note Q2 (44-20) 7134-7123

acceleration in India and Indonesia), whilst N. America was also better than celine.pannuti@jpmorgan.com

expected and L. America confirmed an acceleration in the quarter. By business Edward G Hockin

group, the beat was across Beauty & Wellbeing, Personal Care and Home Care, (44-20) 7742-6937

edward.hockin@jpmorgan.com

whilst Foods was moderately softer than we expected. The company has upgraded J.P. Morgan Securities plc

its FY26 guidance, for 4-6% organic sales growth (removing the ‘bottom end’) and

now seeing FY volume growth at c3% (from above 2% prior), whilst continuing Specialist Sales contact details:

to expect modest margin improvement. This includes an expectation for H2 LFL Olivia Petronilho - Specialist Sales -

in the 4-5% , pricing led though the volumes guide for the year implies 1.5%-2.0% European Consumer

for H2 - still a very robust performance as pricing reaccelerates. Net-net we expect (44-20) 3493-3709

FY26 consensus to rise cLSD% driven by better top line.