Unilever Indonesia: Q226: Recovery broadens across portfolio

Research evidence excerpt

Unilever Indonesia: Q226: Recovery broadens across portfolio

Global Research

28 July 2026ab

First Read

EquitiesUnilever Indonesia

Q226: Recovery broadens across portfolio Indonesia

Household Products, Non-Durable

12-month rating Neutral

Q: How did the results compare vs expectations?

A: UNVR reported Q226 continuing operations net profit of Rp829bn (+5% YoY), 12m price target Rp1,800

beating UBSe/consensus by 12%/56%, respectively. The beat was driven primarily by

stronger-than-expected sales growth and sustained volume momentum. Revenue rose

Price (27 Jul 2026) Rp1,680

11.6% YoY to Rp8.5tn (flat QoQ), supported by broad-based growth across both HPC

and F&R. EBIT declined 7% YoY to Rp1.0tn as gross margin remained pressured by RIC: UNVR.JK BBG: UNVR IJ

commodity inflation and transformation costs, while SG&A increased due to higher Trading data and key metrics

logistics expenses and a one-off LTI remuneration true-up. Overall, H126 revenue and

52-wk range Rp2,770-1,485

continuing operations earnings grew 7% and 10% YoY, respectively, with H126

Market cap. Rp63,525b/US$3.53b

earnings ahead of UBSe/consensus by 3%/11%.

Shares o/s 37,812m (ORD)

Q: What was the most noteworthy areas of the results? Free float 15%

Avg. daily volume ('000) 22,985

A: UNVR's H1 2026 results provide further evidence that the turnaround is gaining

traction, with the company delivering its fourth consecutive quarter of growth and a Avg. daily value (m) Rp38,831.9

clear acceleration in volume momentum. Q2 sales grew 11.6% YoY, driven by 12.7% Common s/h equity (12/26E) Rp1383b

underlying volume growth (Q225 UVG -4.2%), while H1 sales increased 7.1%. P/BV (12/26E) 45.9x

Importantly, management highlighted that the previously challenged core portfolio has Net debt to EBITDA (12/26E) NM