A glimpse of a pure play HPC future

研报英文原文证据摘录

A glimpse of a pure play HPC future

Equity Research

29 July 2026

Unilever PLC

A glimpse of a pure play HPC

future

Q2 shows exactly what UNA ex-Foods will look like: a best-in- European Consumer Staples

class HPC 4-6% OSG compounder with a high share of vol. NEUTRAL Unchanged

Most bear arguments were challenged by the print, and it is European Consumer Staples

Warren Ackermanbecoming increasingly clear the MKC deal is the value unlock.

Remains a key pick. PT increased to £60/€70 from £57/€66.5. +44warren.ackerman@barclays.com(0)20 3134 1903

Barclays, UK

Alex Sloane

+44 (0)20 3555 0645

alexander.sloane@barclays.com

Barclays, UK 19TH ANNUAL

Laurence Whyatt

Global Consumer Conference +44 (0)20 7773 5324

Boston, 8-10 September 2026 laurence.whyatt@barclays.com

Register Now Victor Tramier

+44 (0)20 3555 0275

victor.tramier@barclays.com

Varshil ModiBarclays View: Unilever delivered another impressive quarter, with 5.8% USG and 5.5%

+91 (0)22 6175 3995

volume growth, comfortably ahead of both consensus and our expectations. While we

varshil.modi@barclays.com

expected strength in India, Brazil, Home Care and Wellbeing, the magnitude and breadth of the Barclays, UK

volume performance surprised positively. Importantly, this was not driven by a single

geography, category or brand. Emerging Markets in Q2 delivered 8.3% USG and 7.4% volume

growth, North America accelerated to 3.6% USG and 4.4% volume growth, while the HPC

portfolio continued to perform well. There were a few areas of weakness, especially in Foods

where competitive intensity remains elevated in US premium condiments, as well as softer

spots within EM that have a handful of legacy Beauty brands such as Pond's and Glow & Lovely.

However we believe management will quickly implement corrective actions on those fronts.