Post the call: Optimism on H2 volume despite higher prices, with levers to manage H2 cost step up

Research evidence excerpt

Post the call: Optimism on H2 volume despite higher prices, with levers to manage H2 cost step up

J P M O R G A N Europe Equity Research

28 July 2026

Unilever

Post the call: Optimism on H2 volume despite higher

prices, with levers to manage H2 cost step up

Unilever management delivered an upbeat conference call after their Q226 beat, European Food Producers,

highlighting that they see limited impact from one-offs (other than 20bps Group Household & Personal Care

impact from Liquid IV shipment phasing), with the volumes beat testament to Products, Beverages & Tobacco

underlying improvement, and pointing to 10 quarters of averaging 2.7%. Fair to Celine Pannuti, CFA AC

say that Fifa activation, easy comps in Brazil and share gains in India laundry (44-20) 7134-7123

contributed to an oversized Q2 that should somewhat normalise as prices celine.pannuti@jpmorgan.com

reaccelerate from Q3. The performance is against end-market volumes growing Edward G Hockin

c1.5%. Emerging Markets were the highlight, with India acceleration to 10% in (44-20) 7742-6937

edward.hockin@jpmorgan.com

Q2, Indonesia to 11%, China growing MSD, LatAm coming back strongly (on J.P. Morgan Securities plc

laundry and deodorant improvement). Looking ahead, the company expects some

volume easing in H2 as pricing lands (and given an overall higher H2 comp), as Specialist Sales contact details:

well as flagging the potential impact of retail inventory management in Brazil in Olivia Petronilho - Specialist Sales -

Q4 on tax changes, yet still pointing within 4-5% LFL in H2 to c1.5-2% volumes, European Consumer

to land at c3% for the year. On margin, the company expects cost inflation of (44-20) 3493-3709

€850m, of which c€550m in H2 after €300mn in H1, with 70% in EMs, confident olivia.b.petronilho@jpmorgan.com