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, highlighting that they see limited impact from one-offs (other than 20bps Group impact from Liquid IV shipment phasing), with the volumes beat testament to underlying improvement, and pointing to 10 quarters of averaging 2.7%. Fair to say that Fifa activation, easy comps in ...