Unilever : Q2 2021 highlightsPDF | 154KB

2021 FIRST HALF YEAR RESULTS

Performance highlights (unaudited)

Underlying performance			GAAP measures
			vs 2020				vs 2020
First Half
Underlyingsales growth (USG)			5.4%		Turnover	€25.8bn	0.3%
Underlying operating margin	18.8%		(100)bps		Operating margin	17.2%	(100)bps
Underlying earnings per share	€1.33		(2.0)%		Diluted earnings per share	€1.19	(5.0)%
Second Quarter
USG			5.0%		Turnover	€13.5bn	1.2%
Quarterly dividend payablein September 2021				€0.4268 per share

First half highlights

• Underlying sales growth of 5.4%, with 4.0% volume and 1.3% price. Price growth stepped up in Q2
• Turnover increased 0.3% including a positive impact of 1.4% from acquisitions net of disposals and negative impact of 6.1% from currency related items
• Underlying operating margin of 18.8%, a decrease of 100bps driven by investment behind our brands and input cost inflation
• Underlying earnings per share down 2.0%, including a negative impact of 6.3% from currency
• Free cash flow of €2.4 billion, compared to €2.9 billion in the first half of 2020
• Quarterly shareholder dividend of €0.4268 per share and share buyback programmeof up to €3 billion underway

Alan Jope: Chief Executive Officer statement

"Unilever has delivered a strong first half, with underlying sales growth of 5.4% driven by our continued focus on operational excellence.

We are making good progress against the strategic choices outlined earlier this year, including the development of our portfolio into high growth spaces. Prestige Beauty and Functional Nutrition grew strongly and we recently announced the acquisition of digitally-native skin care brand Paula's Choice. The operationalseparation of our Tea business is substantially complete. Our ecommerce business grew 50% and the channel now represents 11% of sales.

Competitive growth is our priority, and we are confident that we will deliver underlying sales growth in 2021 well within our multi-year framework of 3-5%, despite more challenging comparators in the second half. We have seen further cost inflation emerge through the second quarter. Cost volatility and the timing of landing price actions create

1. higher than normal range of likely year end margin outcomes. We are managing this dynamically and expect to maintain underlying operating margin for 2021 around flat."

22 July 2021

Underlying sales growth (USG), underlying volume growth (UVG), underlying price growth (UPG), underlying operating profit (UOP), underlying operating margin (UOM), underlying earnings per share (underlying EPS), constant underlying EPS, underlying effective taxrate, freecash flow (FCF) and net debtare non-GAAP measures (see pages6to 9)