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 ...

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 ...