2024 First Half Results

Innovation and brand investment driving faster volume growth

Underlying performance GAAP measures

(unaudited) 2024 vs 2023 2024 vs 2023
First Half
Underlying sales growth (USG) 4.1% Turnover €31.1bn 2.3%
Beauty & Wellbeing 7.1% Beauty & Wellbeing €6.5bn 5.1%
Personal Care 5.6% Personal Care €7.0bn 0.6%
Home Care 3.3% Home Care €6.3bn 2.0%
Nutrition 3.2% Nutrition €6.7bn 1.3%
Ice Cream 0.6% Ice Cream €4.6bn 2.8%
Underlying operating profit €6.1bn 17.1% Operating profit €5.9bn 7.8%
Underlying operating margin 19.6% 250bps Operating margin 19.1% 100bps
Underlying earnings per share €1.62 16.3% Diluted earnings per share €1.47 5.4%
Free cash flow €2.2bn €(0.3)bn Net profit €4.0bn 3.5%
Second Quarter
USG 3.9% Turnover €16.1bn 2.2%
Quarterly dividend payable in September 2024 €0.4396 per share (a)
3.0%
(a) See note 9 for more information on dividends

First half highlights

• Underlying sales growth of 4.1%, with volumes up 2.6%
• Power Brands (~75% of turnover) leading growth with 5.7% USG and volumes up 4.0%
• Turnover increased 2.3% to €31.1 billion with (1.1)% impact from currency and (0.7)% from net disposals
• Underlying operating margin up 250bps to 19.6%, with gross margin up 420bps
• Brand and marketing investment up 180bps to 15.1%, focused on Power Brands
• Underlying EPS increased 16.3%, diluted EPS up 5.4%
• Quarterly dividend raised by 3%; €1.5bn share buyback commenced
• Free cash flow of €2.2 billion, reflecting seasonal working capital outflow
• Productivity programme underway and separation of Ice Cream on track

Chief Executive Officer statement

“We are focused on driving high-quality sales growth and gross margin expansion, led by our Power Brands. Over the
first half, we made progress on those ambitions.

Underlying sales grew 4.1%, driven by a third consecutive quarter of positive, improving volume growth, while pricing
continued to moderate in line with our expectations. Strong gross margin progression fuelled increased investment
behind our innovations, and resulted in a step-up of our profitability.

We continue to embed the Growth Action Plan, doing fewer things, better and with greater impact. The
implementation of a comprehensive productivity programme and the separation of Ice Cream are key to delivering
on that commitment and we are progressing at pace.

There is much to do, but we remain focused on transforming Unilever into a consistently higher performing
business.”

Hein Schumacher

USG, UVG, UPG, UOP, UOM, underlying EPS, constant underlying EPS, underlying effective tax rate, FCF and net debt are non-GAAP measures (see pages 10 to 15)
1
 Outlook

We continue to expect underlying sales growth (USG) for 2024 to be within our multi-year range of 3% to 5%, with the
majority of the growth being driven by volume.

Underlying operating margin for the full year is expected to be at least 18%, with increasing investment behind our
brands. We expect the year-on-year margin progression in the second half to be smaller than in the first half.

Our very strong gross margin progression in the first half reflects positive contributions from volume leverage, mix
and net productivity but also factors that will not repeat in the second half such as, a low prior year comparator
affected by high input costs, and carry-over pricing from a period of higher inflation.

First Half Review: Unilever Group

Growth
Turnover
(unaudited) Turnover USG UVG UPG A&D Currency change
First Half €31.1bn 4.1% 2.6% 1.6% (0.7)% (1.1)% 2.3%
Second Quarter €16.1bn 3.9% 2.9% 1.0% (0.6)% (1.0)% 2.2%

Underlying sales growth in the first half was 4.1%, led by volume of 2.6% and price of 1.6%. We delivered our third
consecutive quarter of positive, improving volume growth, with UVG up 2.9% in Q2, increasing from 2.2% in Q1 and
1.8% in Q4 2023. Four of our five business groups delivered positive volume growth in Q2. As expected, underlying
price growth continued to moderate from 2.8% in Q4 2023 to 1.0% in Q2.

The Power Brands performed strongly with 5.7% underlying sales growth, driven by volume growth of 4.0% in H1. Our
other brands also saw a sequential volume improvement to (1.1)% in Q2, up from (2.0)% in Q1.

As expected, our turnover-weighted market share movement*, which measures our competitive performance within
the footprint in which we operate, remained largely unchanged on a rolling 12 month-basis. We expect a sequential
improvement of the share trend over time reflecting increasing benefit from the Growth Action Plan.

Beauty & Wellbeing grew underlying sales by 7.1%, with volume growth of 5.5% driven by continued double-digit
growth from Health & Wellbeing and Prestige Beauty combined. In Q2, particularly strong growth in Health &
Wellbeing more than offset softer growth in Prestige that reflected a slowdown in the US beauty market. Personal
Care grew 5.6% with 2.9% from volume, led by continued strong sales growth of Deodorants. Home Care underlying
sales increased 3.3%, with 4.6% volume growth more than offsetting the negative price growth linked to commodity
cost deflation in some emerging markets. Nutrition grew underlying sales by 3.2%, driven by price with flat volume for
the first half. Nutrition returned to positive volumes in Q2 at 0.4%, up from (0.4)% in Q1. Ice Cream continued to focus
on operational improvements. Underlying sales growth was 0.6% with volume down (1.0)%, driven by weak sales in
China and a softer start to the summer season in Europe.

Emerging markets (59% of Group turnover) grew underlying sales 5.1%, with 3.8% from volume and 1.3% from price.
India grew 1.2%, with stronger volumes partially offset by price. Lower input costs led to negative price, while
volumes in India sequentially improved throughout the first half, reaching 3.8% in Q2. Latin America grew 8.8%, with
continued strong volume growth across the region. Africa and Turkey delivered broad-based, double-digit growth,
driven by strong volume and price. Growth in South East Asia was adversely impacted by a sales decline of (5.7)% in
Indonesia, where some consumers avoided the brands of multi-national companies in response to the geopolitical
situation in the Middle East. China declined mid single-digit, due to market weakness across all categories apart
from food service.

Developed markets (41% of Group turnover) grew underlying sales 2.8% with 0.8% from volume and 2.0% from price.
The return to positive volume growth reflected a continued resilient performance in North America and a marked
volume improvement in Europe, up 2.2% in Q2. As expected, price growth continued to moderate from the peak in Q2
2023.

Turnover was €31.1 billion, up 2.3% versus the prior year, including (1.1)% from currency and (0.7)% from disposals net
of acquisitions.

*Turnover-weighted market share movement: global aggregate of Unilever value market share changes, weighted by the turnover of the category-country combinations

USG, UVG, UPG, UOP, UOM, underlying EPS, constant underlying EPS, underlying effective tax rate, FCF and net debt are non-GAAP measures (see pages 10 to 15)
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 First Half Review: Unilever Group (continued)

Profitability
UOP Change in Change in
(unaudited) UOP UOM% OP OP growth OM%
growth UOM OM
First Half €6.1bn 17.1% 19.6% 250bps €5.9bn 7.8% 19.1% 100bps

Underlying operating profit was €6.1 billion, up 17.1% versus the prior year. Underlying operating margin increased
250bps to 19.6%.

We improved gross margin by 420bps to 45.7%. Accelerating gross margin is a key focus for the business. We started
to rebuild gross margin in the second half of 2023, with an improvement of 330bps and continued that momentum
into the first half of 2024. The first half improvement reflects positive contributions from volume leverage, mix and
net productivity but also factors that will not repeat in the second half such as, a low prior year comparator affected
by high input costs, and carry-over pricing from a period of higher inflation. Improved gross margin supported a
further step-up in brand and marketing investment behind a strong and focused innovation programme. Investment
was up 180bps to 15.1% of turnover, an increase of €0.7 billion. Overheads reduced by 10bps, benefiting from a focus
on tighter cost control.

Operating profit of €5.9 billion increased 7.8% against a prior year comparator that was boosted by higher profit on
disposal.

Progress on productivity programme and Ice Cream separation

In March, we announced the separation of Ice Cream and the launch of a major productivity programme to
strengthen the company and substantially improve our efficiency and effectiveness. Separation activity is underway
and on track to complete by the end of 2025. We are working at pace on the legal entity set up, the standalone
operating model and carve-out financials. In July, we communicated internally on the planned changes to simplify
our business and further evolve our category-focused operating model. We have started consultations with the
respective works councils.

Capital allocation
In February 2024, we announced a share buyback programme of up to €1.5 billion to be conducted during 2024. The
first tranche of up to €850 million commenced in May.

As a result of the strong first half performance, the Board increased the quarterly interim dividend for Q2 by 3.0% to
€0.4396, the first increase since Q4 2020.

We continued to reshape our portfolio, acquiring K18, a premium biotech hair care brand, in February, and
completing the disposal of Elida Beauty in June. In July we announced agreements to sell our water purification
businesses Pureit, to A.O. Smith, and stake in Qinyuan Group, to Yong Chao Venture Capital Co., Ltd. The deals are
expected to complete in the second half of the year.

Conference Call

Following the release of this trading statement on 25 July 2024 at 7:00 AM (UK time), there will be a live webcast at
8:00 AM available on the website www.unilever.com/investor-relations/results-and-presentations/latest-results.

A replay of the webcast and the slides of the presentation will be made available after the live meeting.

Upcoming Events

Date Events

24 October 2024 Q3 2024 trading statement

22 November 2024 Capital Markets Day in London

13 February 2025 Q4 and FY 2024 results

USG, UVG, UPG, UOP, UOM, underlying EPS, constant underlying EPS, underlying effective tax rate, FCF and net debt are non-GAAP measures (see pages 10 to 15)
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 First Half Review: Business Groups

First Half 2024 Second Quarter 2024

Change
(unaudited) Turnover USG UVG UPG UOM% Turnover USG UVG UPG
in UOM
Unilever €31.1bn 4.1% 2.6% 1.6% 19.6% 250bps €16.1bn 3.9% 2.9% 1.0%
Beauty & Wellbeing €6.5bn 7.1% 5.5% 1.5% 20.0% 110bps €3.4bn 6.8% 5.4% 1.3%
Personal Care €7.0bn 5.6% 2.9% 2.6% 23.0% 300bps €3.5bn 6.4% 4.4% 1.9%
Home Care €6.3bn 3.3% 4.6% (1.3)% 16.3% 400bps €3.1bn 3.4% 4.9% (1.4)%
Nutrition €6.7bn 3.2% –% 3.2% 22.3% 390bps €3.3bn 2.7% 0.4% 2.2%
Ice Cream €4.6bn 0.6% (1.0)% 1.6% 14.6% (40)bps €2.8bn (0.5)% (1.1)% 0.6%

Beauty & Wellbeing (21% of Group turnover)

In Beauty & Wellbeing, we focus on three key priorities that will drive the unmissable superiority of our brands:
elevating our core Hair Care and Skin Care brands to increase premiumisation; fuelling the growth of Prestige Beauty
and Health & Wellbeing with selective international expansion; and continuing to strengthen our beauty and
wellbeing capabilities.

Currency Turnover Change

(unaudited) Turnover USG UVG UPG A&D UOM%
change in UOM
First Half €6.5bn 7.1% 5.5% 1.5% (0.8)% (1.2)% 5.1% 20.0% 110bps
Second Quarter €3.4bn 6.8% 5.4% 1.3% 0.2% (0.6)% 6.3%

Beauty & Wellbeing delivered another strong performance, with underlying sales up 7.1%, driven by volume up 5.5%
and price up 1.5%. Power Brands led this growth with underlying sales growth of 11.3%.

Hair Care delivered mid-single digit growth with positive volume and price. Our largest hair care brand, Sunsilk grew
double-digit supported by combing cream innovations across Latin America and the continued success of its 2023
relaunch. Dove grew high-single digit led by volume growth following the launch of Scalp + Hair Therapy, for
improved scalp health and hair density. Clear and TRESemmé grew well with the continued expansion of our
patented anti-dandruff shampoo and our new Lamellar Shine range.

Core Skin Care grew mid-single digit led by strong volume growth in our top brands. Vaseline grew strong double-
digit supported by its premium ranges, including Radiant X and Gluta Hya, which continue to be rolled out to new
markets. Pond’s continued to deliver high-single digit growth led by volume, following its 2023 relaunch.
th
Health & Wellbeing and Prestige Beauty combined delivered double-digit growth for the 14 consecutive quarter.
This was led by very strong growth in Health & Wellbeing, while softer growth in Prestige Beauty reflected a
slowdown in the US beauty market. Liquid IV grew strong double-digit with the continued success of its sugar-free
variant, launch of new flavours supported by prominent social media campaigns, and ongoing international roll-
out. Olly and Nutrafol contributed double-digit volume growth. In H1, Nutrafol extended into skin care with a daily
supplement designed to address the root causes of acne and Olly drove good growth in China supported by its
focus on female health supplements. Tatcha and Hourglass grew double-digit, while Paula’s Choice was affected
by the market slowdown.

Underlying operating profit was €1.3 billion, up 11% versus prior year. Underlying operating margin increased 110bps
to 20.0% driven by gross margin improvement, which supported a step-up in brand and marketing investment.

Personal Care (22% of Group turnover)

In Personal Care, we focus on winning with science-led brands that deliver unmissable superiority to our consumers
across Deodorants, Skin Cleansing, and Oral Care. Our priorities include developing superior technology and multi-
year innovation platforms, leveraging partnerships with our customers, and expanding into premium areas and
digital channels

Currency Turnover Change

(unaudited) Turnover USG UVG UPG A&D UOM%
change in UOM
First Half €7.0bn 5.6% 2.9% 2.6% (3.4)% (1.4)% 0.6% 23.0% 300bps
Second Quarter €3.5bn 6.4% 4.4% 1.9% (4.1)% (1.6)% 0.3%

Personal Care delivered balanced growth with underlying sales up 5.6%, 2.9% from volume and 2.6% from price.
Performance was led by the Power Brands with 7.0% underlying sales growth.

Deodorants continued to deliver double-digit growth, with high-single digit volume growth led by Europe and Latin
America. Dove grew double-digit with strong volumes and expanded into the Whole Body deodorants market.

USG, UVG, UPG, UOP, UOM, underlying EPS, constant underlying EPS, underlying effective tax rate, FCF and net debt are non-GAAP measures (see pages 10 to 15)
4
 First Half Review: Business Groups (continued)

Rexona and Axe contributed strong volume growth with continued momentum from our multi-year innovation
platforms and our Fine Fragrance range.

Skin Cleansing grew low-single digit with positive volume growth and price. Growth was tempered by deflation in
India and market challenges in Indonesia. Dove delivered high-single digit growth with good growth in Dove
Men+Care. Europe grew double-digit with mid-single digit volume supported by Dove’s Body Wash relaunch. In the
United States, we launched a premium range of Dove Body Wash infused with skin care serums including hyaluronic
acid, collagen and vitamin C.

Oral Care continued to grow mid-single digit with positive volume and price. Close Up grew high-single digit with
positive volume.

Underlying operating profit was €1.6 billion, up 16% versus prior year. Underlying operating margin increased 300bps
driven by gross margin recovery, supporting a step-up in marketing investment. This investment includes strategic
sponsorships such as our official partnership with UEFA EURO 2024™ and CONMEBOL Copa América USA 2024™.

Home Care (20% of Group turnover)

In Home Care, we focus on delivering for consumers who want superior products that are sustainable and great
value. We drive growth through unmissable superiority in our biggest brands, in our key markets and across
channels. We have a resilient business that spans price points and grows the market by premiumising and trading
consumers up to additional benefits.

Currency Turnover Change

(unaudited) Turnover USG UVG UPG A&D UOM%
change in UOM
First Half €6.3bn 3.3% 4.6% (1.3)% –% (1.3)% 2.0% 16.3% 400bps
Second Quarter €3.1bn 3.4% 4.9% (1.4)% –% (1.5)% 1.8%

Home Care delivered underlying sales growth of 3.3%, with continued good volume growth of 4.6%, partially offset by
(1.3)% price, driven primarily by emerging markets. Underlying sales growth of the Power Brands was up 3.7%.

Fabric Cleaning grew low-single digit with low-single digit volume and negative price. Growth was supported by the
launch of Persil Wonder Wash, with our patented Pro-S technology, the first ever detergent designed for short cycle
washes. This significant innovation has now been introduced in the UK, France and China and is on track to be rolled
out to other key markets over the next 18 months. Europe grew double-digit with strong volumes. India and Brazil
grew volume while price declined reflecting commodity deflation, notably in our powders portfolio.

Home & Hygiene grew high-single digit with mid-single digit volume and slightly positive price. Cif and Domestos
grew double-digit with double-digit volume. In H1, we expanded Domestos Power Foam to new markets and
extended the range to include specialist solutions with long-lasting fragrance and limescale removal. Cif was
supported by strong performances across Latin America in its cream and sprays portfolio.

Fabric Enhancers grew high-single digit led by volume, slightly offset by negative price. Comfort grew high-single
digit supported by the launch of our new, Botanicals and Elixir ranges, with our patented CrystalFresh technology,
delivering 10 times more fragrance.

Underlying operating profit was €1.0 billion, up 35% versus prior year. Underlying operating margin increased 400bps
as commodity deflation supported a strong gross margin recovery, funding an increase in brand and marketing
investment.

Nutrition (22% of Group turnover)

In Nutrition, our strategy is to deliver consistent, competitive growth by offering unmissably superior products
through our biggest brands. We do this by reaching more consumers and focusing on top dishes and high
consumption seasons to satisfy consumer’s preferences on taste, health and sustainability; while delivering
productivity and resilience in our supply chain.

Currency Turnover Change

(unaudited) Turnover USG UVG UPG A&D UOM%
change in UOM
First Half €6.7bn 3.2% –% 3.2% (0.4)% (1.4)% 1.3% 22.3% 390bps
Second Quarter €3.3bn 2.7% 0.4% 2.2% (0.3)% (1.5)% 0.9%

Nutrition underlying sales grew 3.2% in the first half, driven by price with flat volumes. Volume growth turned positive
in Q2, up 0.4%. Power Brands, including Knorr and Hellmann's, which represented nearly 65% of Nutrition turnover,
grew 5.2%. This performance was partially offset by volume declines of our smaller brands.

USG, UVG, UPG, UOP, UOM, underlying EPS, constant underlying EPS, underlying effective tax rate, FCF and net debt are non-GAAP measures (see pages 10 to 15)
5
 First Half Review: Business Groups (continued)

Scratch Cooking Aids grew mid-single digit with positive volume and price, led by Knorr. Growth was supported by
double-digit performance in Latin America where Knorr’s innovation and marketing focus on local top dishes
continues to drive growth across the portfolio.

Dressings delivered low-single digit growth with positive volume and price. Hellmann’s grew mid-single digit with
the continued strong performance of flavoured mayo that launched in additional markets and added new variants
in North America and Europe. Brazil grew double-digit which was enhanced by strategic partnerships, including our
second year as a sponsor of the National Basketball Association in Brazil.

Unilever Food Solutions grew high-single digit with mid-single digit volume, led by double-digit growth in China.
Growth was driven by the latest edition of our Future Menu’s Trend report, sparking inspiration and sales in
professional kitchens, and continued gains from our digital selling programme.

Underlying operating profit was €1.5 billion, up 23% versus prior year. Underlying operating margin increased 390bps
with a strong recovery in gross margin driven by normalising commodity costs and SKU optimisation. Gross margin
improvement supported an increase in brand and marketing investment.

Ice Cream (15% of Group turnover)

In Ice Cream, our immediate strategic priority is to expand operating profit and global market share. We will do this
by building the unmissable superiority of our brands, accelerating market development in emerging markets,
continuing to lead the industry on innovation and premiumisation, and by stepping up our performance and
productivity. In March, we announced the planned separation of Ice Cream which we expect to be completed by the
end of 2025. The separation will create a world-leading business, operating in a highly attractive category with five of
the top 10 selling global ice cream brands.
Turnover Change
(unaudited) Turnover USG UVG UPG A&D Currency UOM%
change in UOM
First Half €4.6bn 0.6% (1.0)% 1.6% 1.9% 0.3% 2.8% 14.6% (40)bps
Second Quarter €2.8bn (0.5)% (1.1)% 0.6% 1.9% 0.5% 2.0%

Ice Cream had a disappointing start to its key season, with underlying sales up 0.6%. 1.6% underlying price growth
was partially offset by negative volume of (1.0)%.

Performance remains below our ambition, having been impacted by a soft start to the European key season and
challenging market dynamics in China. In-home Ice Cream delivered flat price and volume, while out-of-home Ice
Cream grew low-single digit driven by price.

Wall’s grew mid-single digit with positive volume and price, Ben & Jerry’s was slightly up, while sales of Cornetto
were adversely affected by the decline in China. Magnum launched its new ‘Pleasure Express’ range with 3 variants:
Euphoria, Wonder and Chill.

Ice Cream continues to focus on operational improvements, including service and optimising promotions, while
continuing to drive investment behind our brands and innovations.

Underlying operating profit was €0.7 billion, flat versus prior year. Underlying operating margin declined (40)bps as
gross margin improvement was offset by an increase in brand and marketing investment. Cost inflation of key
commodities continued, driven by cocoa and sugar.

USG, UVG, UPG, UOP, UOM, underlying EPS, constant underlying EPS, underlying effective tax rate, FCF and net debt are non-GAAP measures (see pages 10 to 15)
6
 First Half Review: Geographical Areas

First Half 2024 Second Quarter 2024

(unaudited) Turnover USG UVG UPG Turnover USG UVG UPG

Unilever €31.1bn 4.1% 2.6% 1.6% €16.1bn 3.9% 2.9% 1.0%
Asia Pacific Africa €13.4bn 3.5% 2.4% 1.0% €6.7bn 3.4% 2.4% 0.9%
The Americas €11.4bn 5.4% 3.9% 1.5% €5.9bn 5.0% 3.8% 1.1%
Europe €6.3bn 3.5% 0.5% 2.9% €3.5bn 3.0% 2.2% 0.8%

First Half 2024 Second Quarter 2024

(unaudited) Turnover USG UVG UPG Turnover USG UVG UPG

Emerging markets €18.2bn 5.1% 3.8% 1.3% €9.2bn 4.8% 3.7% 1.1%
Developed markets €12.9bn 2.8% 0.8% 2.0% €6.9bn 2.6% 1.8% 0.8%
North America €6.7bn 3.4% 2.0% 1.4% €3.5bn 3.2% 2.5% 0.7%
Latin America €4.7bn 8.8% 7.0% 1.6% €2.4bn 8.0% 6.0% 1.9%

Asia Pacific Africa (43% of Group turnover)

Underlying sales growth was 3.5% with 2.4% from volume and 1.0% from price.

India grew 1.2% as volume sequentially improved in Q2 to 3.8%. Volume was partially offset by negative price linked
to lower commodity costs in several categories. China declined reflecting weaker market growth in most of our
categories and low consumer confidence. Despite the overall market dynamic, Unilever Food Solutions delivered
double-digit growth in China, building on its double-digit growth in H1 2023. Underlying sales declined (5.7)% in
Indonesia, with negative price and volume. This largely reflects the ongoing impact of some Indonesian consumers
avoiding multinational brands and the need for operational improvements.

Africa grew double-digit with positive price and volume. Turkey delivered strong double-digit volume growth in a
hyperinflationary environment.

The Americas (37% of Group turnover)

Underlying sales grew 3.4% in North America with 2.0% from volume and 1.4% from price. Beauty & Wellbeing
delivered volume-led high-single digit growth, driven by a strong performance in Health & Wellbeing. Personal Care
grew low-single digit driven by price as we lapped a particularly strong prior year comparator in Deodorants.
Nutrition grew low-single digit with positive volume and price, led by continued growth in Dressings. Ice Cream was
flat with positive volume and negative price as we optimised promotions.

Underlying sales in Latin America grew 8.8% with 7.0% volume and 1.6% price. Growth was broad-based with all
Business Groups. Personal Care and Beauty & Wellbeing grew double-digit with strong volumes and positive price.
Home Care contributed high-single digit volume growth, which was largely offset by negative price. Nutrition grew
high-single digit with positive price and volume led by Knorr and Hellmann’s. Brazil grew high-single digit led by
volume, with strong volume growth in Deodorants, Dressings, and Home Care categories. Price was negative largely
due to commodity deflation in Home Care. Mexico grew double-digit with all Business Groups growing volume and
price. Argentina performed well in a challenging environment, delivering double-digit volume growth despite
hyperinflationary pricing.

Europe (20% of Group turnover)

Underlying sales grew 3.5% with 2.9% price and 0.5% volume growth. Helped by strong innovations and a step-up in
brand support, Europe delivered 2.2% volume growth in Q2. It was the first positive UVG since Q2 2021 despite a soft
start of the key ice cream season. Home Care and Personal Care grew double-digit led by volume growth, which was
supported by strong innovations across Domestos, Persil, and Dove. Nutrition declined low-single digit but returned
to growth in Q2 with positive volume. Ice Cream declined low-single digit impacted by poor weather. The United
Kingdom, Germany and Eastern Europe grew well with positive volumes.

USG, UVG, UPG, UOP, UOM, underlying EPS, constant underlying EPS, underlying effective tax rate, FCF and net debt are non-GAAP measures (see pages 10 to 15)
7
 Additional commentary on the financial statements - First Half

Finance costs and tax

Net finance costs increased by €99 million to €358 million in 2024. This was largely driven by the higher cost of debt
on bonds, a lower interest credit from pensions, partially offset by a slightly higher interest income. As a result, net
finance costs were 2.9% on average net debt. For full year 2024, we now expect net finance costs of around 3% on
average net debt.

The underlying effective tax rate for the first half increased to 26.0% from 24.2% in the prior year, due to a number of
factors including lower benefits from tax settlements and other one-off items. For full year 2024, we raise our
guidance for the underlying effective tax rate to around 26%, from around 25% previously. The effective tax rate was
28.6%, up from 26.9% in the prior year.

Joint ventures, associates and other income from non-current investments

Net profit from joint ventures and associates was €138 million, an increase of €20 million compared to 2023, mainly
driven by the Pepsi-Lipton JVs. Other income from non-current investments was negative at €(5) million, versus €(10)
million in the prior year.

Earnings per share

Underlying earnings per share increased 16.3% to €1.62, including (1.0)% of adverse currency. The increase primarily
reflects a strong operational performance and a reduction in the average number of shares as a result of the share
buyback programme, which contributed 1.0%. These were partially offset by higher tax and net finance costs. Diluted
earnings per share of €1.47 increased by 5.4% versus the prior year that was boosted by profits on disposal.

Restructuring costs
Restructuring costs were €248 million in the first half, up from €184 million in the prior year. For full year 2024, we
anticipate restructuring costs of around 1.2% of Group turnover, with the step-up in the second half driven by cost
related to the implementation of the productivity programme.

Free cash flow

Free cash flow in the first half of 2024 was €2.2 billion versus €2.5 billion delivered in the first half of 2023. The increase
in operating profit was more than offset by a higher seasonal outflow in working capital, a step-up in capital
expenditure, and higher income tax paid.

Net debt
Closing net debt was €25.2 billion compared to €23.7 billion as at 31 December 2023. This translated into a net debt /
Underlying EBITDA ratio of 2.0x. The increase in net debt was driven by dividends paid, €375 million of the share
buyback programme executed during the first half, partially offset by free cash flow delivery.

Pensions
Pension assets net of liabilities were in surplus of €2.7 billion at 30 June 2024 versus a surplus of €2.4 billion at the end
of 2023. The increase was primarily driven by strong investment returns in the first half.

Financial implications and impairment risk in Russia

Our Russia business employs approximately 3,000 people in Russia and in the first six months of 2024 the business
represented around 1% of the Group’s turnover and net profit. As at 30 June 2024, our Russia business had net assets
of around €600 million, including four factories. We continually review our position and still conclude that the
containment actions we put in place at the beginning of the war minimise our economic contribution to the Russian
state.

We will continue to review and disclose the financial implications from the conflict. While the potential impacts
remain uncertain, there remains a risk that our operations in Russia are unable to continue, leading to loss of
turnover, profit and a write-down of assets.

Share buyback programme

On 8 February 2024, we announced a share buyback programme of up to €1.5 billion to be completed over 2024. The
first tranche of up to €850 million commenced on 17 May. In the first half of 2024, we repurchased 7,315,036 ordinary
shares which are held by Unilever as treasury shares. Consideration paid for the repurchase of shares including
transaction costs was €375 million which is recorded within other reserves. The first tranche is expected to complete
on or before 30 August 2024.

USG, UVG, UPG, UOP, UOM, underlying EPS, constant underlying EPS, underlying effective tax rate, FCF and net debt are non-GAAP measures (see pages 10 to 15)
8
 Additional commentary on the financial statements - First Half (continued)

Finance and liquidity

In the first six months of 2024, the following notes matured and were repaid:
• March: $500 million 3.25% fixed rate notes
• April: €500 million 0.50% fixed rate notes
• May: $1,000 million 2.60% fixed rate notes

The following notes were issued:

• February: €600 million 3.25% fixed rate notes due 15 February 2032 and €600 million 3.50% fixed rate notes due
15 February 2037
• March: €100 million 3.25% fixed rate notes to be consolidated and form a single series with the €600 million 3.25%
fixed rate notes issued in February and due 15 February 2032
• June: $170 million 4.75% fixed rate notes due 27 June 2031

On 30 June 2024, Unilever had undrawn revolving 364-day bilateral credit facilities in aggregate of $5,200 million
and €2,600 million with a 364-day term out.

USG, UVG, UPG, UOP, UOM, underlying EPS, constant underlying EPS, underlying effective tax rate, FCF and net debt are non-GAAP measures (see pages 10 to 15)
9
 Non-GAAP measures

Certain discussions and analyses set out in this announcement include measures which are not defined by generally
accepted accounting principles (GAAP) such as IFRS. We believe this information, along with comparable GAAP
measurements, is useful to investors because it provides a basis for measuring our operating performance, ability to
retire debt and invest in new business opportunities. Our management uses these financial measures, along with the
most directly comparable GAAP financial measures, in evaluating our operating performance and value creation.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information
presented in compliance with GAAP. Wherever appropriate and practical, we provide reconciliations to relevant
GAAP measures.
Unilever uses ‘constant rate’, and ‘underlying’ measures primarily for internal performance analysis and targeting
purposes. We present certain items, percentages and movements, using constant exchange rates, which exclude the
impact of fluctuations in foreign currency exchange rates. We calculate constant currency values by translating both
the current and the prior period local currency amounts using the prior year average exchange rates into euro,
except for the local currency of entities that operate in hyperinflationary economies. These currencies are translated
into euros using the prior year closing exchange rate before the application of IAS 29.
The table below shows exchange rate movements in our key markets.
Half year Half year
average rate average rate
in 2024 in 2023
Brazilian Real (€1 = BRL) 5.478 5.493
Chinese Yuan (€1 = CNY) 7.732 7.475
Indian Rupee (€1 = INR) 90.004 88.860
Indonesia Rupiah (€1 = IDR) 17,180 16,277
Philippine Peso (€1 = PHP) 61.459 59.674
UK Pound Sterling (€1 = GBP) 0.855 0.877
US Dollar (€1 = US $) 1.082 1.081

Underlying sales growth (USG)

Underlying sales growth (USG) refers to the increase in turnover for the period, excluding any change in turnover
resulting from acquisitions, disposals, changes in currency and price growth in excess of 26% in hyperinflationary
economies. Inflation of 26% per year compounded over three years is one of the key indicators within IAS 29 to assess
whether an economy is deemed to be hyperinflationary. We believe this measure provides valuable additional
information on the underlying sales performance of the business and is a key measure used internally. The impact of
acquisitions and disposals is excluded from USG for a period of 12 calendar months from the applicable closing
date. Turnover from acquired brands that are launched in countries where they were not previously sold is included
in USG as such turnover is more attributable to our existing sales and distribution network than the acquisition itself.
The reconciliation of changes in the GAAP measure of turnover to USG is as follows:
Beauty & Personal Home
(unaudited) Nutrition Ice Cream Total
Wellbeing Care Care
Second Quarter (%)
Turnover growth 6.3 0.3 1.8 0.9 2.0 2.2
Effect of acquisitions 1.0 – – – 1.9 0.5
Effect of disposals (0.8) (4.1) – (0.3) – (1.1)
Effect of currency-related items, of which: (0.6) (1.6) (1.5) (1.5) 0.5 (1.0)
Exchange rates changes (2.3) (3.2) (4.9) (3.3) (1.5) (3.1)
Extreme price growth in 1.7 1.6 3.5 1.9 2.1 2.1
hyperinflationary markets*
Underlying sales growth 6.8 6.4 3.4 2.7 (0.5) 3.9
First Half (%)
Turnover growth 5.1 0.6 2.0 1.3 2.8 2.3
Effect of acquisitions 0.9 – – – 1.9 0.5
Effect of disposals (1.6) (3.4) – (0.4) – (1.2)
Effect of currency-related items, of which: (1.2) (1.4) (1.3) (1.4) 0.3 (1.1)
Exchange rates changes (2.7) (3.2) (4.5) (3.1) (1.6) (3.1)
Extreme price growth in 1.6 1.9 3.4 1.7 2.0 2.1
hyperinflationary markets*
Underlying sales growth 7.1 5.6 3.3 3.2 0.6 4.1
*Underlying price growth in excess of 26% per year in hyperinflationary economies has been excluded when calculating the underlying sales growth in
the tables above, and an equal and opposite amount is shown as extreme price growth in hyperinflationary markets.

10
 Non-GAAP measures (continued)

Asia Pacific The

(unaudited) Europe Total
Africa Americas
Second Quarter (%)
Turnover growth 0.5 3.9 2.9 2.2
Effect of acquisitions – 1.5 – 0.5
Effect of disposals (0.2) (2.5) (0.7) (1.1)
Effect of currency-related items, of which: (2.6) – 0.5 (1.0)
Exchange rates changes (4.2) (3.8) 0.5 (3.1)
Extreme price growth in hyperinflationary markets* 1.8 3.9 – 2.1
Underlying sales growth 3.4 5.0 3.0 3.9
First Half (%)
Turnover growth (0.4) 4.6 3.8 2.3
Effect of acquisitions – 1.3 – 0.5
Effect of disposals (0.2) (2.8) (0.4) (1.2)
Effect of currency-related items, of which: (3.5) 0.9 0.7 (1.1)
Exchange rates changes (4.9) (3.0) 0.7 (3.1)
Extreme price growth in hyperinflationary markets* 1.5 4.1 – 2.1
Underlying sales growth 3.5 5.4 3.5 4.1
*Underlying price growth in excess of 26% per year in hyperinflationary economies has been excluded when calculating the underlying sales growth in
the tables above, and an equal and opposite amount is shown as extreme price growth in hyperinflationary markets.

Underlying price growth (UPG)

Underlying price growth (UPG) is part of USG and means, for the applicable period, the increase in turnover
attributable to changes in prices during the period. UPG therefore excludes the impact to USG due to (i) the volume
of products sold; and (ii) the composition of products sold during the period. In determining changes in price, we
exclude the impact of price growth in excess of 26% per year in hyperinflationary economies as explained in USG
above.

Underlying volume growth (UVG)

Underlying volume growth (UVG) is part of USG and means, for the applicable period, the increase in turnover in such
period calculated as the sum of (i) the increase in turnover attributable to the volume of products sold; and (ii) the
increase in turnover attributable to the composition of products sold during such period. UVG therefore excludes any
impact on USG due to changes in prices.

Non-underlying items
Several non-GAAP measures are adjusted to exclude items defined as non-underlying due to their nature and/or
frequency of occurrence:

• Non-underlying items within operating profit are: gains or losses on business disposals, acquisition and
disposal related costs, restructuring costs, impairments and other items within operating profit classified here
due to their nature and frequency.

• Non-underlying items not in operating profit but within net profit are: net monetary gain/(loss) arising from
hyperinflationary economies and significant and unusual items in net finance cost, share of profit/(loss) of joint
ventures and associates and taxation.

• Non-underlying items are both non-underlying items within operating profit and those non-underlying items not
in operating profit but within net profit.
Restructuring costs are charges associated with activities planned by management that significantly change either
the scope of the business or the manner in which it is conducted.

11
 Non-GAAP measures (continued)

The breakdown of non-underlying items is shown below:

€ million First Half

(unaudited) 2024 2023

Non-underlying items within operating profit before tax (152) 308
(a)
Acquisition and disposal-related costs (58) (52)
(b)
Gain on disposal of group companies 155 528
(c)
Restructuring costs (248) (184)
(d)
Impairments – (1)
Other (1) 17
Tax on non-underlying items within operating profit (51) (111)
Non-underlying items within operating profit after tax (203) 197
Non-underlying items not in operating profit but within net profit before tax (160) (103)
Interest related to the UK tax audit of intangible income and centralised
services (3) (5)
Net monetary loss arising from hyperinflationary economies (157) (98)
Tax impact of non-underlying items not in operating profit but within net profit: (4) (80)
Taxes related to the separation of the Tea business 4 (6)
Taxes related to the UK tax audit of intangible income and centralised services 1 1
Hyperinflation adjustment for Argentina and Turkey deferred tax (9) (75)
Non-underlying items not in operating profit but within net profit after tax (164) (183)
(e)
Non-underlying items after tax (367) 14
Attributable to:
Non-controlling interests (1) –
Shareholders’ equity (366) 14
(a) 2024 includes a charge of €36 million relating to the acquisition of Yasso, €11 million relating to the disposal of Elida Beauty, €6 million (2023:
€4 million) relating to the disposal of the Tea business and other acquisition and disposal activities.
(b) 2024 includes a gain of €151 million related to the disposal of Elida Beauty. 2023 includes a gain of €497 million related to the disposal of Suave
business in North America.
(c) Restructuring costs are comprised of organisational change programmes (including Compass) and various technology and supply chain
optimisation projects.
(d) Impairments include write downs of leased land and building assets.
(e) Non-underlying items after tax is calculated as non-underlying items within operating profit after tax plus non-underlying items not in operating
profit but within net profit after tax.

Underlying operating profit (UOP) and underlying operating margin (UOM)

Underlying operating profit and underlying operating margin mean operating profit and operating margin before
the impact of non-underlying items within operating profit. Underlying operating profit represents our measure of
segment profit or loss as it is the primary measure used for making decisions about allocating resources and
assessing performance of the segments. The reconciliation of operating profit to underlying operating profit is as
follows:

€ million First Half

(unaudited) 2024 2023

Operating profit 5,948 5,516
Non-underlying items within operating profit 152 (308)
Underlying operating profit 6,100 5,208
Turnover 31,117 30,428
Operating margin (%) 19.1 18.1
Underlying operating margin (%) 19.6 17.1

12
 Non-GAAP measures (continued)

Underlying effective tax rate

The underlying effective tax rate is calculated by dividing taxation excluding the tax impact of non-underlying items
by profit before tax excluding the impact of non-underlying items and share of net (profit)/loss of joint ventures and
associates. This measure reflects the underlying tax rate in relation to profit before tax excluding non-underlying
items before tax and share of net profit/(loss) of joint ventures and associates. Tax impact on non-underlying items
within operating profit is the sum of the tax on each non-underlying item, based on the applicable country tax rates
and tax treatment. This is shown in the following table:

€ million First Half

(unaudited) 2024 2023

Taxation 1,550 1,385
Tax impact of:
(a)
Non-underlying items within operating profit (51) (111)
(a)
Non-underlying items not in operating profit but within net profit (4) (80)
Taxation before tax impact of non-underlying items 1,495 1,194
Profit before taxation 5,566 5,267
Share of net (profit)/loss of joint ventures and associates (138) (118)
Profit before tax excluding share of net profit/(loss) of joint ventures and associates 5,428 5,149
(a)
Non-underlying items within operating profit before tax 152 (308)
Non-underlying items not in operating profit but within net profit before tax 160 103
Profit before tax excluding non-underlying items before tax and share of net profit/
(loss) of joint ventures and associates 5,740 4,944
Effective tax rate (%) 28.6 26.9
Underlying effective tax rate (%) 26.0 24.2
(a) See page 12.

Underlying earnings per share

Underlying earnings per share (underlying EPS) is calculated as underlying profit attributable to shareholders’ equity
divided by the diluted average number of ordinary shares. In calculating underlying profit attributable to
shareholders’ equity, net profit attributable to shareholders’ equity is adjusted to eliminate the post-tax impact of
non-underlying items. This measure reflects the underlying earnings for each share unit of the Group. Refer to note 6
for reconciliation of net profit attributable to shareholders’ equity to underlying profit attributable to shareholders'
equity.

The reconciliation of net profit attributable to shareholders’ equity to underlying profit attributable to shareholders'
equity is as follows:

€ million First Half

(unaudited) 2024 2023

Net profit 4,016 3,882
Non-controlling interest (315) (334)
Net profit attributable to shareholders’ equity - used for basic and diluted earnings
per share 3,701 3,548
Post-tax impact of non-underlying items attributable to shareholders’ equity 366 (14)
Underlying profit attributable to shareholders’ equity - used for basic and diluted
earnings per share 4,067 3,534
Adjusted average number of shares (millions of share units) 2,511.0 2,536.8
Diluted EPS (€) 1.47 1.40
Underlying EPS – diluted (€) 1.62 1.39

13
 Non-GAAP measures (continued)

Constant underlying EPS

Constant underlying earnings per share (constant underlying EPS) is calculated as underlying profit attributable to
shareholders’ equity at constant exchange rates and excluding the impact of both translational hedges and price
growth in excess of 26% per year in hyperinflationary economies divided by the diluted average number of ordinary
shares. This measure reflects the underlying earnings for each share unit of the Group in constant exchange rates.

The reconciliation of underlying profit attributable to shareholders’ equity to constant underlying earnings
attributable to shareholders’ equity and the calculation of constant underlying EPS is as follows:

€ million First Half

(unaudited) 2024 2023

Underlying profit attributable to shareholders’ equity 4,067 3,534
Impact of translation from current to constant exchange rates and translational
hedges 75 (104)
Impact of price growth in excess of 26% per year in hyperinflationary economies (159) –
Constant underlying earnings attributable to shareholders’ equity 3,983 3,430
Diluted average number of share units (millions of units) 2,511.0 2,536.8
Constant underlying EPS (€) 1.59 1.35

Net debt
Net debt is a measure that provides valuable additional information on the summary presentation of the Group’s
net financial liabilities and is a measure in common use elsewhere. Net debt is defined as the excess of total
financial liabilities, excluding trade payables and other current liabilities, over cash, cash equivalents and other
current financial assets, excluding trade and other current receivables, and non-current financial asset derivatives
that relate to financial liabilities.

The reconciliation of total financial liabilities to net debt is as follows:

€ million As at 31
As at 30 June As at 30 June
December
2024 2023
(unaudited) 2023
Total financial liabilities (31,654) (29,622) (30,708)
Current financial liabilities (7,643) (5,087) (6,715)
Non-current financial liabilities (24,011) (24,535) (23,993)
Cash and cash equivalents as per balance sheet 4,970 4,159 4,994
Cash and cash equivalents as per cash flow statement 4,854 4,045 4,870
Add: bank overdrafts deducted therein 116 116 124
Less: cash and cash equivalents held for sale – (2) –
Other current financial assets 1,445 1,731 1,376
Non-current financial asset derivatives that relate to financial
liabilities 39 75 31
Net debt (25,200) (23,657) (24,307)

14
 Non-GAAP measures (continued)

Free cash flow (FCF)

Within the Unilever Group, free cash flow (FCF) is defined as cash flow from operating activities, less income taxes
paid, net capital expenditure and net interest payments. It does not represent residual cash flows entirely available
for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from FCF. FCF
reflects an additional way of viewing our liquidity that we believe is useful to investors because it represents cash
flows that could be used for distribution of dividends, repayment of debt or to fund our strategic initiatives, including
acquisitions, if any.

The reconciliation of cash flow from operating activities to FCF is as follows:

€ million First Half

(unaudited) 2024 2023

Cash flow from operating activities 4,679 4,377
Income tax paid (1,315) (1,011)
Net capital expenditure (710) (548)
Net interest paid (502) (364)
Free cash flow 2,152 2,454
Net cash flow (used in)/from investing activities (392) (200)
Net cash flow (used in)/from financing activities (2,154) (2,489)

Other Information

This document represents Unilever’s half-yearly report for the purposes of the Disclosure Guidance and Transparency
Rules (DTR) issued by the UK Financial Conduct Authority (DTR 4.2) and the Dutch Act on Financial Supervision,
section 5:25d (8)/(9) (Half-yearly financial reports). In this context: (i) the condensed consolidated financial
statements can be found on pages 19 to 28; (ii) pages 2 to 15 comprise the interim management report; and (iii) the
Directors’ responsibility statement can be found on page 17. This report has been reviewed in accordance with ISRE
2410 by our external auditors. No material related party transactions have taken place in the first six months of the
year.

Principal Risk Factors

On pages 71 to 78 of our 2023 Annual Report and Accounts we set out our assessment of the principal risk issues that
would face the business under the headings: brand preference; portfolio management; climate change; plastic
packaging; customer; talent; supply chain; safe and high quality products; systems and information; business
transformation; economic and political instability; treasury and tax; ethical; and legal and regulatory. In our view, the
nature and potential impact of such risks remain essentially unchanged as regards our performance over the second
half of 2024.

15
 Cautionary Statement

This announcement may contain forward-looking statements, including 'forward-looking statements' within the
meaning of the United States Private Securities Litigation Reform Act of 1995, concerning the financial condition,
results of operations and businesses of the Unilever Group (the 'Group'). All statements other than statements of
historical fact are, or may be deemed to be, forward-looking statements. Words and terminology such as 'will', 'aim',
'expects', 'anticipates', 'intends', 'looks', 'believes', 'vision', 'ambition', 'target', 'goal', 'plan', 'potential', 'work towards',
'may', 'milestone', 'objectives', 'outlook', 'probably', 'project', 'risk', 'seek', 'continue', 'projected', 'estimate', 'achieve' or
the negative of these terms, and other similar expressions of future performance, results, actions or events, and their
negatives, are intended to identify such forward-looking statements. Forward-looking statements also include, but
are not limited to, statements and information regarding Unilever's acceleration of its Growth Action Plan, Unilever's
portfolio optimisation towards global or scalable brands, the capabilities and potential of such brands, the various
aspects of the separation of Ice Cream and its future operational model, strategy, growth potential, performance
and returns, Unilever's productivity programme, its impacts and cost savings over the next three years and operation
dis-synergies from the separation of Ice Cream, the Group's emissions reduction targets and other climate change
related matters (including actions, potential impacts and risks associated therewith). Forward-looking statements
can be made in writing but also may be made verbally by directors, officers and employees of the Group (including
during management presentations) in connection with this announcement. These forward-looking statements are
based upon current beliefs, expectations and assumptions regarding anticipated developments and other factors
affecting the Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All
forward-looking statements contained in this announcement are expressly qualified in their entirety by the
cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-
looking statements.

Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which
may be beyond the Group's control, there are important factors that could cause actual results to differ materially
from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the
material or principal factors which could cause actual results to differ materially from the forward-looking
statements expressed in this announcement are: Unilever's ability to successfully separate Ice Cream and realise the
anticipated benefits of the separation; Unilever's ability to successfully execute and consummate its productivity
programme in line with expected costs to achieve expected savings; Unilever's global brands not meeting consumer
preferences; Unilever's ability to innovate and remain competitive; Unilever's investment choices in its portfolio
management; the effect of climate change on Unilever's business; Unilever's ability to find sustainable solutions to
its plastic packaging; significant changes or deterioration in customer relationships; the recruitment and retention of
talented employees; disruptions in Unilever's supply chain and distribution; increases or volatility in the cost of raw
materials and commodities; the production of safe and high quality products; secure and reliable IT infrastructure;
execution of acquisitions, divestitures and business transformation projects; economic, social and political risks and
natural disasters; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal
matters.

The forward-looking statements speak only as of the date of this announcement. Except as required by any
applicable law or regulation, the Group expressly disclaims any intention, obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the
Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such
statement is based. New risks and uncertainties arise over time, and it is not possible for us to predict those events or
how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to
which any factor, or combination of factors, may cause actual results to differ materially from those contained in any
forward-looking statements.

Further details of potential risks and uncertainties affecting the Group are described in the Group’s filings with the
London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including in the
Annual Report on Form 20-F 2023 and the Unilever Annual Report and Accounts 2023.

16
 Directors' Responsibility Statement

The Directors declare that, to the best of their knowledge:

• these condensed consolidated financial statements, which have been prepared in accordance with IAS 34
‘Interim Financial Reporting’, as issued by the International Accounting Standard Board and endorsed and
adopted by the UK and the EU gives a true and fair view of the assets, liabilities, financial position and profit or
loss of Unilever; and

• the interim management report gives a fair review of the information required pursuant to regulations 4.2.7 and
4.2.8 of the Disclosure Guidance and Transparency Rules (DTR) issued by the UK Financial Conduct Authority and
section 5:25d (8)/(9) of the Dutch Act on Financial Supervision (Wet op het financieel toezicht).

Unilever’s Directors are listed in the Annual Report and Accounts for 2023.

Details of all current Directors are available on our website at www.unilever.com

By order of the Board

Hein Schumacher Fernando Fernandez

Chief Executive Officer Chief Financial Officer

25 July 2024

Enquiries

Media: Media Relations Team Investors: Investor Relations Team

UK +44 78 2527 3767 lucila.zambrano@unilever.com investor.relations@unilever.com
or +44 77 7999 9683 jonathan.sibun@teneo.com
NL +31 62 191 3705 kiran.hofker@unilever.com
or +31 61 500 8293 fleur-van.bruggen@unilever.com

After the conference call on 25 July 2024 at 8:00 AM (UK time), the webcast of the presentation will be available at:
www.unilever.com/investor-relations/results-and-presentations/latest-results.

This Results Presentation has been submitted to the FCA National Storage Mechanism and is available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

17
 Independent Review Report to Unilever PLC

Conclusion
We have been engaged by Unilever PLC (“the Company”) to review the condensed consolidated financial statements
of Unilever PLC and its subsidiaries (“Group”) in the 2024 First Half Results for the six months ended 30 June 2024
which comprises the consolidated income statement, the consolidated statement of comprehensive income, the
consolidated statement of changes in equity, the consolidated balance sheet, the consolidated cash flow statement
and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated
financial statements in the 2024 First Half Results for the six months ended 30 June 2024 is not prepared, in all
material respects, in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK and the
Disclosure Guidance and Transparency Rules (“the DTR”) of the UK’s Financial Conduct Authority (“the UK FCA”).
Basis for conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of
Interim Financial Information Performed by the Independent Auditor of the Entity (“ISRE (UK) 2410”) issued for use in
the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. We read the other
information contained in the 2024 First Half Results and consider whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed consolidated financial statements.
A review is substantially less in scope than an audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis
for conclusion section of this report, nothing has come to our attention that causes us to believe that the directors
have inappropriately adopted the going concern basis of accounting, or that the directors have identified material
uncertainties relating to going concern that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future
events or conditions may cause the Group to cease to continue as a going concern, and the above conclusions are
not a guarantee that the Group will continue in operation.
Directors’ responsibilities
The 2024 First Half Results is the responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the 2024 First Half Results in accordance with the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and UK-
adopted international accounting standards.
The directors are responsible for preparing the condensed consolidated financial statements included in the 2024
First Half Results in accordance with IAS 34 as adopted for use in the UK.
In preparing the condensed consolidated financial statements, the directors are responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed consolidated financial statements in
the 2024 First Half Results based on our review. Our conclusion, including our conclusions relating to going concern,
are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion
section of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in
meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the
Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work,
for this report, or for the conclusions we have reached.

Jonathan Mills
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London, E14 5GL
25 July 2024

18
 Consolidated income statement

€ million First Half

(unaudited) 2024 2023 Change

Turnover 31,117 30,428 2.3%
Operating profit 5,948 5,516 7.8%
Net finance costs (358) (259)
Pensions and similar obligations 35 50
Finance income 217 208
Finance costs (610) (517)
Net monetary gain/(loss) arising from hyperinflationary economies (157) (98)
Share of net profit/(loss) of joint ventures and associates 138 118
Other income/(loss) from non-current investments and associates (5) (10)
Profit before taxation 5,566 5,267 5.7%
Taxation (1,550) (1,385)
Net profit 4,016 3,882 3.5%

Attributable to:
Non-controlling interests 315 334
Shareholders’ equity 3,701 3,548 4.3%

Earnings per share

Basic earnings per share (euros) 1.48 1.41 5.3%
Diluted earnings per share (euros) 1.47 1.40 5.4%

Consolidated statement of comprehensive income

€ million First Half

(unaudited) 2024 2023

Net profit 4,016 3,882
Other comprehensive income
Items that will not be reclassified to profit or loss, net of tax:
Gains/(losses) on equity instruments measured at fair value through other
comprehensive income 31 (34)
Remeasurement of defined benefit pension plans 201 (47)
Items that may be reclassified subsequently to profit or loss, net of tax:
Gains/(losses) on cash flow hedges 58 (22)
Currency retranslation gains/(losses) 756 (555)
Total comprehensive income 5,062 3,224

Attributable to:
Non-controlling interests 379 284
Shareholders’ equity 4,683 2,940

19
 Consolidated statement of changes in equity

(unaudited)
Called Share Non-
up share premium Unification Other Retained Total
€ million Total controlling
reserve reserves profit equity
capital account interest
First half - 2024
1 January 2024 88 52,844 (73,364) (8,518) 47,052 18,102 2,662 20,764
Profit or loss for the period – – – – 3,701 3,701 315 4,016
Other comprehensive income, net of tax:
Gains/(losses) on:
Equity instruments – – – 31 – 31 – 31
Cash flow hedges – – – 58 – 58 – 58
Remeasurements of defined benefit
pension plans – – – – 200 200 1 201
(d)
Currency retranslation gains/(losses) – – – 10 683 693 63 756
Total comprehensive income – – – 99 4,584 4,683 379 5,062
Dividends on ordinary capital – – – – (2,136) (2,136) – (2,136)
(a)
Repurchase of shares – – – (375) – (375) – (375)
(b)
Movements in treasury shares – – – 25 (100) (75) – (75)
(c)
Share-based payment credit – – – – 164 164 – 164
Dividends paid to non-controlling
– – – – – – (354) (354)
interests
Hedging gain/(loss) transferred to non-
financial assets – – – 1 – 1 – 1
(e)
Other movements in equity – – – (59) 3 (56) 28 (28)
30 June 2024 88 52,844 (73,364) (8,827) 49,567 20,308 2,715 23,023

First half - 2023

1 January 2023 92 52,844 (73,364) (10,804) 50,253 19,021 2,680 21,701
Profit or loss for the period – – – – 3,548 3,548 334 3,882
Other comprehensive income, net of tax:
Gains/(losses) on:
Equity instruments – – – (33) – (33) (1) (34)
Cash flow hedges – – – (22) – (22) – (22)
Remeasurements of defined benefit
pension plans – – – – (48) (48) 1 (47)
(d)
Currency retranslation gains/(losses) – – – (736) 231 (505) (50) (555)
Total comprehensive income – – – (791) 3,731 2,940 284 3,224
Dividends on ordinary capital – – – – (2,172) (2,172) – (2,172)
(a)
Repurchase of shares – – – (753) – (753) – (753)
(b)
Movements in treasury shares – – – 69 (68) 1 – 1
(c)
Share-based payment credit – – – – 159 159 – 159
Dividends paid to non-controlling – – – – – – (276) (276)
interests
Hedging loss transferred to non-financial
assets – – – 78 – 78 – 78
Other movements in equity – – – 5 (22) (17) (24) (41)
30 June 2023 92 52,844 (73,364) (12,196) 51,881 19,257 2,664 21,921

(a) Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback program announced on 10 February 2022 and 8
February 2024.
(b) Includes purchases and sales of treasury shares, other than the share buyback programme and the transfer from treasury shares to retained profit
of share-settled schemes arising from prior years and differences between purchase and grant price of share awards.
(c) The share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of share options and
awards granted to employees.
(d) 2024 includes a hyperinflation adjustment of €680 million (2023: €247 million) in relation to Argentina and Turkey.
(e) Includes the following items related to the acquisition of K18: €(59) million non-controlling interest purchase option in other reserves and
€28 million non-controlling interest recognised on acquisition.

20
 Consolidated balance sheet

(unaudited)
As at 31
As at 30 June As at 30 June
€ million December
2024 2023
2023
Non-current assets
Goodwill 22,009 21,109 21,299
Intangible assets 19,092 18,357 18,664
Property, plant and equipment 11,098 10,707 10,590
Pension asset for funded schemes in surplus 3,837 3,781 4,244
Deferred tax assets 1,055 1,113 1,084
Financial assets 1,506 1,386 1,220
Other non-current assets 1,014 911 952
59,611 57,364 58,053
Current assets
Inventories 5,621 5,119 5,668
Trade and other current receivables 7,999 5,775 8,046
Current tax assets 168 427 254
Cash and cash equivalents 4,970 4,159 4,994
Other financial assets 1,445 1,731 1,376
Assets held for sale 18 691 18
20,221 17,902 20,356

Total assets 79,832 75,266 78,409

Current liabilities
Financial liabilities 7,643 5,087 6,715
Trade payables and other current liabilities 17,209 16,857 17,367
Current tax liabilities 721 851 891
Provisions 557 537 634
Liabilities held for sale – 175 –
26,130 23,507 25,607
Non-current liabilities
Financial liabilities 24,011 24,535 23,993
Non-current tax liabilities 494 384 280
Pensions and post-retirement healthcare liabilities:
Funded schemes in deficit 144 351 431
Unfunded schemes 1,002 1,029 1,040
Provisions 581 563 547
Deferred tax liabilities 4,263 3,995 4,410
Other non-current liabilities 184 138 180
30,679 30,995 30,881

Total liabilities 56,809 54,502 56,488

Equity
Shareholders’ equity 20,308 18,102 19,257
Non-controlling interests 2,715 2,662 2,664
Total equity 23,023 20,764 21,921

Total liabilities and equity 79,832 75,266 78,409

21
 Consolidated cash flow statement

(unaudited) First Half

€ million 2024 2023

Net profit 4,016 3,882

Taxation 1,550 1,385
Share of net (profit)/loss of joint ventures/associates and other (income)/loss from
non-current investments and associates (133) (108)
Net monetary (gain)/loss arising from hyperinflationary economies 157 98
Net finance costs 358 259
Operating profit 5,948 5,516

Depreciation, amortisation and impairment 794 754

Changes in working capital (2,127) (1,331)
Inventories (435) 100
Trade and other receivables (2,159) (1,229)
Trade payables and other liabilities 467 (202)
Pensions and similar obligations less payments 36 (103)
Provisions less payments 35 (122)
Elimination of (profits)/losses on disposals (135) (507)
Non-cash charge for share-based compensation 164 159
Other adjustments (36) 11
Cash flow from operating activities 4,679 4,377
Income tax paid (1,315) (1,011)
Net cash flow from operating activities 3,364 3,366

Interest received 189 139

Purchase of intangible assets (98) (92)
Purchase of property, plant and equipment (617) (478)
Disposal of property, plant and equipment 5 22
Acquisition of businesses and investments in joint ventures and associates (797) (67)
Disposal of businesses, joint ventures and associates 489 419
Acquisition of other non-current investments (108) (202)
Disposal of other non-current investments 47 37
Dividends from joint ventures, associates and other non-current investments 94 98
(Purchase)/sale of financial assets 404 (76)
Net cash flow (used in)/from investing activities (392) (200)

Dividends paid on ordinary share capital (2,136) (2,202)

Interest paid (691) (503)
Net change in short-term borrowings 850 158
Additional financial liabilities 3,016 3,511
Repayment of financial liabilities (2,297) (2,242)
Capital element of lease rental payments (191) (197)
Repurchase of shares (375) (753)
Other financing activities (330) (261)
Net cash flow (used in)/from financing activities (2,154) (2,489)

Net increase/(decrease) in cash and cash equivalents 818 677

Cash and cash equivalents at the beginning of the period 4,045 4,225

Effect of foreign exchange rate changes (9) (32)

Cash and cash equivalents at the end of the period 4,854 4,870

22
 Notes to the condensed consolidated financial statements
(unaudited)

1. Accounting information and policies

These condensed consolidated financial statements are prepared in accordance with IAS 34 'Interim Financial
Reporting' as issued by the International Accounting Standards Board (IASB) and as adopted for use in the UK.

As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the condensed
consolidated financial statements have been prepared applying the accounting policies and presentation that were
applied in the preparation of the Group’s published consolidated financial statements for the year ended 31
December 2023. In preparing these condensed consolidated financial statements, judgements and estimates that
affect the application of accounting policies used by management have remained consistent with those applied in
the consolidated financial statements for the year ended 31 December 2023.

These condensed consolidated financial statements have been reviewed by our independent auditor KPMG LLP.

Management have produced forecasts which have been modelled for different plausible scenarios. These scenarios
confirm the Group is able to generate profits and cash in the year ended 31 December 2024 and beyond. As a result,
the Directors have a reasonable expectation that the Group has adequate resources to meet its obligations as they
fall due for a period of at least 12 months from the date of signing these condensed consolidated financial
statements. Accordingly, they continue to adopt the going concern basis in preparing the half year condensed
consolidated financial statements.

The condensed consolidated financial statements are shown at current exchange rates with year-on-year changes
shown to facilitate comparison. The consolidated income statement on page 19, the consolidated statement of
comprehensive income on page 19, the consolidated statement of changes in equity on page 20 and the
consolidated cash flow statement on page 22 are translated at exchange rates current in each period. The
consolidated balance sheet on page 21 is translated at period-end rates of exchange.

The condensed consolidated financial statements attached do not constitute the full financial statements within the
meaning of section 434 of the UK Companies Act 2006. The comparative figures for the financial year ended 31
December 2023 are not Unilever PLC’s statutory accounts for that financial year. The annual financial statements of
the Group are prepared in accordance with international financial reporting standards (IFRS) as issued by the
International Accounting Standards Board (IASB) and UK adopted international accounting standards and in
accordance with the requirements of the UK Companies Act 2006. Those accounts for the year ended 31 December
2023 have been reported on by the Group’s auditor and delivered to the Registrar of Companies. The report of the
auditor on these accounts was (i) unqualified, (ii) did not include a reference to any matters to which the auditor
drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under
section 498 (2) or (3) of the UK Companies Act 2006.

Recent accounting developments adopted by the Group

The Group adopted the amendments to IAS 7 and IFRS 7 “Supplier Finance Arrangements” from reporting period
beginning 1 January 2024. The amendments introduce additional disclosure requirements for companies that enter
supplier finance arrangements. The company will apply these amendments in the 2024 Annual Report.

All other standards or amendments to the standards that have been issued by the IASB and were effective 1 January
2024 were not applicable or material to Unilever.

23
 Notes to the condensed consolidated financial statements
(unaudited)
2. Segment information - Business Groups

Beauty & Personal Home

Second Quarter Nutrition Ice Cream Total
Wellbeing Care Care
Turnover (€ million)
2023 3,143 3,519 3,057 3,260 2,760 15,739
2024 3,343 3,531 3,113 3,289 2,815 16,091
Change (%) 6.3 0.3 1.8 0.9 2.0 2.2

Beauty & Personal Home

First Half Nutrition Ice Cream Total
Wellbeing Care Care
Turnover (€ million)
2023 6,225 6,911 6,205 6,601 4,486 30,428
2024 6,539 6,953 6,328 6,687 4,610 31,117
Change (%) 5.1 0.6 2.0 1.3 2.8 2.3

Operating profit (€ million)

2023 1,237 1,691 731 1,213 644 5,516
2024 1,269 1,696 963 1,423 597 5,948
Underlying operating profit (€ million)
2023 1,179 1,381 763 1,214 671 5,208
2024 1,305 1,601 1,031 1,491 672 6,100

Turnover growth is made up of distinct individual growth components namely underlying sales, currency impact,
acquisitions and disposals. Turnover growth is arrived at by multiplying these individual components on a
compounded basis as there is a currency impact on each of the other components. Accordingly, turnover growth is
more than just the sum of the individual components.

Underlying operating profit represents our measure of segment profit or loss as it is the primary measure used for
the purpose of making decisions about allocating resources and assessing performance of segments.

3. Segment information - Geographical area

Asia Pacific The

Second Quarter Europe Total
Africa Americas

Turnover (€ million)
2023 6,699 5,700 3,340 15,739
2024 6,732 5,924 3,435 16,091
Change (%) 0.5 3.9 2.9 2.2

Asia Pacific The

First Half Europe Total
Africa Americas

Turnover (€ million)
2023 13,421 10,956 6,051 30,428
2024 13,370 11,463 6,284 31,117
Change (%) (0.4) 4.6 3.8 2.3

24
 Notes to the condensed consolidated financial statements
(unaudited)

4. Taxation

The effective tax rate for the first half is 28.6% compared with 26.9% in 2023. The tax rate is calculated by dividing the
tax charge by pre-tax profit excluding the contribution of joint ventures and associates.

Tax effects of components of other comprehensive income were as follows:

First half

2024 2023
Tax Tax
Before Before
(charge)/ After tax (charge)/ After tax
tax tax
€ million credit credit
Gains/(losses) on:
Equity instruments at fair value through
other comprehensive income 31 – 31 (34) – (34)
Cash flow hedges 63 (5) 58 (20) (2) (22)
Remeasurements of defined benefit pension
plans 242 (41) 201 (90) 43 (47)
Currency retranslation gains/(losses) 772 (16) 756 (535) (20) (555)
Other comprehensive income 1,108 (62) 1,046 (679) 21 (658)

5. Earnings per share

The earnings per share calculations are based on the average number of share units representing the ordinary
shares of PLC in issue during the period, less the average number of shares held as treasury shares.

In calculating diluted earnings per share, a number of adjustments are made to the number of shares, principally
the exercise of share plans by employees.

Earnings per share for total operations for the six months were calculated as follows:
First Half
2024 2023
EPS – Basic
Net profit attributable to shareholders’ equity (€ million) 3,701 3,548
Average number of shares (millions of share units) 2,499.9 2,523.9
EPS – basic (€) 1.48 1.41

EPS – Diluted
Net profit attributable to shareholders’ equity (€ million) 3,701 3,548
Adjusted average number of shares (millions of share units) 2,511.0 2,536.8
EPS – diluted (€) 1.47 1.40

During the period the following movements in shares have taken place:

Millions
Number of shares at 31 December 2023 (net of treasury shares) 2,499.0
Shares repurchased under the share buyback programme (7.3)
Net movements in shares under incentive schemes 3.7
Number of shares at 30 June 2024 (net of treasury shares) 2,495.4

25
 Notes to the condensed consolidated financial statements
(unaudited)

6. Acquisitions and disposals

In the first half of 2024, the Group completed the following business acquisitions and disposals:

Deal completion Acquired/disposed business

date
Acquired 91.88% of K18, a U.S. based premium hair care brand. The acquisition
1 February 2024 complements Unilever’s existing Beauty and Wellbeing portfolio, with a range of high-
quality, hair care products.
Sold Elida Beauty to Yellow Wood Partners LLC. Elida Beauty comprises more than 20 beauty
1 June 2024
and personal care brands, such as Q-Tips, Caress, Timotei and TIGI.

On 1 June 2024, Unilever completed the disposal of the Elida Beauty business to Yellow Wood Partners LLC for
consideration of €588 million. Profit on this disposal is €151 million, recognised as a non-underlying item.
In July we announced agreements to sell our water purification businesses Pureit, to A.O. Smith, and stake in
Qinyuan Group, to Yong Chao Venture Capital Co., Ltd. The deals are expected to complete in the second half of the
year.

7. Share buyback

On 8 February 2024, Unilever PLC announced a programme to buy back shares with an aggregate market value
equivalent of up to €1.5 billion, to be completed during 2024. On 17 May 2024, Unilever announced the
commencement of the first tranche of the buyback programme (the “First Tranche”) for an aggregate market value
equivalent of up to €850 million. As at 30 June 2024, 7,315,036 shares had been purchased for €375 million, which
will be held as Treasury stock until cancellation.

8. Financial instruments

The Group’s Treasury function aims to protect the Group’s financial investments, while maximising returns. The fair
value of financial assets is the same as the carrying amount for 2024 and 2023. The Group’s cash resources and
other financial assets are shown below.

30 June 2024 31 December 2023 30 June 2023

Non- Non- Non-

Current current Total Current current Total Current current Total

Cash and cash equivalents

Cash at bank and in hand 3,601 – 3,601 2,862 – 2,862 2,790 – 2,790
(a)
Short-term deposits 981 – 981 1,181 – 1,181 1,804 – 1,804
(b)
Other cash equivalents 388 – 388 116 – 116 400 – 400
4,970 – 4,970 4,159 – 4,159 4,994 – 4,994
Other financial assets
(c)
Financial assets at amortised cost 835 560 1,395 961 454 1,415 727 352 1,079
Financial assets at fair value through
(d)
other comprehensive income 61 525 586 151 458 609 – 438 438
Financial assets at fair value through
profit or loss:
Derivatives 79 39 118 37 75 112 36 31 67
(e)
Other 470 382 852 582 399 981 613 399 1,012
1,445 1,506 2,951 1,731 1,386 3,117 1,376 1,220 2,596
(f)
Total financial assets 6,415 1,506 7,921 5,890 1,386 7,276 6,370 1,220 7,590
(a) Short-term deposits typically have maturity of up to 3 months.
(b) Other cash equivalents include investments in overnight funds and marketable securities.
(c) Current financial assets at amortised cost include short term deposits with banks with maturities longer than three months excluding deposits
which are part of a recognised cash management process and loans to joint venture entities. Non-current financial assets at amortised cost
include judicial deposits of €212 million (31 December 2023: €227 million; 30 June 2023: €228 million).
(d) Included within non-current financial assets at fair value through other comprehensive income are equity investments.
(e) Other financial assets at fair value through profit or loss include money market funds, marketable securities, other capital market instruments
and investments in companies and financial institutions in North America, North Asia, South Asia and Europe.
(f) Financial assets exclude trade and other current receivables.

26
 Notes to the condensed consolidated financial statements
(unaudited)

8. Financial instruments (continued)

The Group is exposed to the risks of changes in fair value of its financial assets and liabilities. The following tables
summarise the fair values and carrying amounts of financial instruments and the fair value calculations by category.

Fair value Carrying amount

€ million
As at 31 As at 31
As at 30 As at 30 As at 30 As at 30
June 2024 December June 2023 June 2024 December June 2023
2023 2023

Financial assets
Cash and cash equivalents 4,970 4,159 4,994 4,970 4,159 4,994
Financial assets at amortised cost 1,395 1,415 1,079 1,395 1,415 1,079
Financial assets at fair value through other
comprehensive income 586 609 438 586 609 438
Financial assets at fair value through profit and loss:
Derivatives 118 112 67 118 112 67
Other 852 981 1,012 852 981 1,012
7,921 7,276 7,590 7,921 7,276 7,590
Financial liabilities
Bank loans and overdrafts (460) (506) (606) (460) (506) (606)
Bonds and other loans (27,836) (26,112) (26,265) (28,729) (26,692) (27,599)
Lease liabilities (1,358) (1,395) (1,428) (1,358) (1,395) (1,428)
Derivatives (537) (494) (618) (537) (494) (618)
Other financial liabilities (570) (535) (457) (570) (535) (457)
(30,761) (29,042) (29,374) (31,654) (29,622) (30,708)

As at 30 June 2024 As at 31 December 2023 As at 30 June 2023

€ million

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

Assets at fair value

Financial assets at fair value through other
comprehensive income 70 4 512 163 4 442 14 3 421
Financial assets at fair value through profit
or loss:
(a)
Derivatives – 192 – – 149 – – 142 –
Other 470 – 382 582 – 399 613 – 399
Liabilities at fair value
(b)
Derivatives – (586) – – (559) – – (718) –
Contingent consideration – – (8) – – (157) – – (123)

(a) Includes €74 million (31 December 2023: €37 million; 30 June 2023: €75 million) derivatives, reported within trade receivables, that hedge trading
activities.
(b) Includes €(49) million (31 December 2023: €(65) million; 30 June 2023: €(100) million) derivatives, reported within trade creditors, that hedge trading
activities.

There were no significant changes in classification of fair value of financial assets and financial liabilities since
31 December 2023. There were also no significant movements between the fair value hierarchy classifications since
31 December 2023.

The fair value of trade receivables and payables is considered to be equal to the carrying amount of these items due
to their short-term nature. The fair value of financial assets and financial liabilities (excluding listed bonds) is
considered to be same as the carrying amount for 2024 and 2023.

Calculation of fair values

The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods
and assumptions used to estimate the fair values are consistent with those used in the year ended 31 December
2023.

27
 Notes to the condensed consolidated financial statements
(unaudited)

9. Dividends

The Board has declared a quarterly interim dividend for Q2 2024 of £0.3696 per Unilever PLC ordinary share or
€0.4396 per Unilever PLC ordinary share at the applicable exchange rate issued by WM/Reuters on 23 July 2024.

The following amounts will be paid in respect of this quarterly interim dividend on the relevant payment date:

Per Unilever PLC ordinary share (traded on the London Stock Exchange): £0.3696
Per Unilever PLC ordinary share (traded on Euronext in Amsterdam): €0.4396
Per Unilever PLC American Depositary Receipt: US$0.4773

The euro and US dollar amounts above have been determined using the applicable exchange rates issued by WM/
Reuters on 23 July 2024.

US dollar cheques for the quarterly interim dividend will be mailed on 6 September 2024 to holders of record at the
close of business on 9 August 2024.

The quarterly dividend calendar for the remainder of 2024 will be as follows:

Announcement Ex-Dividend Date Record Date Payment Date

Date
Q2 2024 Dividend 25 July 2024 08 August 2024 09 August 2024 06 September 2024

Q3 2024 Dividend 24 October 2024 07 November 2024 08 November 2024 06 December 2024

10. Events after the balance sheet date

There are no material post balance sheet events other than those mentioned elsewhere in this report.

28