Overweight C A Z E N O V E Europe Equity Research 28 July 2026 Unilever plc Q2/H126 Results: Beat and Raise, Core HPC strength to drive rerating Our Take: Unilever reported a 1% adj. EPS beat driven by a better than expected Q2 organic sales growth at +5.8% (vs consensus +4.3%) on stronger volume growth at +5.5% ( vs consensus +2.5%) whilst pricing was softer at 0.2% (vs consensus +1.8%) driven by FIFA-related promotions especially in personal care. By region, the top-line beat came from Asia Pacific Africa ...