Unilever reported first-half sales of €25.6bn, reflecting underlying growth of 4.8%.
Underlying operating profit rose 0.9% to €5.2bn.
Aarin Chiekrie, equity analyst, Hargreaves Lansdown:
“Unilever’s underlying sales growth accelerated sharply to 5.8% in the second quarter, far outpacing market expectations of 4.3%. This was driven by impressive volume growth across all its business segments, marking Unilever’s best volume quarter in more than a decade. This strong start to the year gave Unilever the confidence to upgrade its full-year guidance, with underlying sales expected to grow by 4-6%, including a 3% contributing from volumes. Despite the impressive top-line movement, profit growth was more subdued as commodity inflation and promotional activity related to the World Cup weighed on margins.
Looking ahead, emerging markets are set to remain Unilever’s key growth engine. They already generate about 60% of group sales, yet a huge addressable market, increasing urbanisation, and continued market share gains mean that there’s a long runway for growth ahead. The separation of its Foods business is progressing well, with McCormick recently outlining its plans for the business alongside its intention to have a secondary listing location in London for shareholders. The deal is not expected to close until mid-2027, pending shareholder and regulatory approval. In the meantime, shareholders have reacted very positively to Unilever's improved sales performance this morning, and will be hoping that the current momentum can continue despite macroeconomic challenges.”
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