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Perform and transform
Consumers are demanding more than ever from brands. At the same time, technology is rapidly reshaping choice and raising expectations. Our overriding priority in this fast-changing environment is to accelerate Unilever’s transformation and deliver our value creation ambitions.
We now have a clear strategic framework to drive the transformational shifts needed: realising our Desire at Scale model to elevate the offering of our brands and execute flawlessly in market; creating a high-performance, Play to Win culture; and building a faster, simpler and technology-enabled organisation Fit for the AI Age.
In 2025, we accelerated volume growth and gross margin expansion for reinvestment, delivering on our value creation plan. At the same time, we continued to make progress towards our sustainability goals to protect and enhance the value of our business.
There is much to do, but the progress made and the momentum built are early evidence of our ability to both perform and transform.
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Legal notice related to material on this page
The material on this Unilever Annual Report and Accounts Highlights webpage (the "Material") relates to the year ended 31 December 2025 and is provided for general information only. The Material does not (i) form part of the Unilever Annual Report and Accounts 2025 or Annual Report on Form 20-F 2025; or (ii) contain sufficient information to allow as full an understanding of the results and the state of affairs of Unilever as the Unilever Annual Report and Accounts 2025 or Annual Report on Form 20-F 2025.
As such this Material should not be relied upon or used as the basis for making voting or investment decisions and should be read together with the full Unilever Annual Report and Accounts 2025 or Annual Report on Form 20-F 2025 and other more complete or up-to-date sources of information. Information relating to Unilever's results for current and prior periods do not necessarily reflect future trends, nor do they provide indicators of results for like periods.
This Material is not intended to be and shall not be deemed to be an invitation or inducement to invest in or otherwise deal in any securities of the Unilever Group or in any other investment, nor to provide or constitute any advice or recommendation in connection with any investment decision, nor to constitute an offer to provide services in any jurisdiction in which the Unilever Group is not permitted to do so under any applicable law or regulation.
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Cautionary statement
This document 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 deemed to be, forward-looking statements. Words 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 or results 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 the Group’s emissions reduction and other sustainability-related targets and other climate and sustainability matters (including actions, potential impacts and risks and opportunities associated therewith), the Group‘s ability to rewire our organisation for AI and the digital world, to deliver profit growth in line with our top-third total shareholder return ambition, to respond to channel shifts and pricing and other competitive pressures, and to maintain effectiveness of our cash management programmes and our liquidity, our plans with respect to the retained TMICC stake, the Group‘s ability to focus on building Desire at Scale and Play to Win culture. 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 document. These forward-looking statements are based upon current 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 document 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 those expressed in the forward-looking statements included in this document are: 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 and financial risks; social and political risks and natural disasters; failure to meet high and ethical standards; and managing regulatory, legal matters and practices with regard to the interpretation and application thereof and emerging and developing ESG reporting standards, including differences in implementation of climate and sustainability policies in the regions where the Group operates. Also see ’Our Principal Risks’ on pages 31 to 37 for additional risks and further discussion.
The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements.
The forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Group expressly disclaims any 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. In preparing the sustainability and climate-related information in this document, Unilever has made a number of key judgements, estimations and assumptions. Sustainability and climate data, models and methodologies are often rapidly evolving and are not of the same accuracy as those available in the context of other financial information. There may also be challenges in relation to availability of sustainability and climate-related data and potential inconsistencies. This means that sustainability and climate-related forward-looking statements can be subject to more uncertainty than other types of statements and therefore our actual results and developments could differ from those expressed or implied in the sustainability and climate-related forward-looking statements in this document.
This document also contains data on the Group’s Scope 1, 2 and 3 emissions. Some of this data is based on estimates, assumptions and uncertainties. Scope 1 and 2 emissions data relates to emissions from the Group’s own activities and supplied heat, power and cooling, and is generally easier for the Group to gather than Scope 3 emissions data. Scope 3 emissions relate to other organisations’ emissions and is therefore subject to a range of additional uncertainties, including that: data used to model lifecycle footprints is typically industry-standard data or estimates rather than relating to individual suppliers; and lifecycle models, such as the Group’s, cover many but not all products and markets. In addition, international standards and protocols relating to Scope 1, 2 and 3 emissions calculations and categorisations also continue to evolve, as do accepted norms regarding terminology, such as carbon neutral and net zero, which may affect the emissions data the Group reports. As Scope 3 emissions data improves, shifting over time from generic modelled data to more specific data, the data reported in this document is likely to evolve. We will continue to review and develop our approach to emissions data in line with evolving market approaches and standards.
Throughout this report, we include non-GAAP financial measures to explain the performance of our business, including underlying sales growth, underlying volume growth, underlying price growth, non-underlying items, underlying operating profit, underlying operating margin, underlying earnings per share, underlying effective tax rate, constant underlying earnings per share, free cash flow, cash conversion, underlying return on assets, net debt and underlying return on invested capital. Such non-GAAP financial measures are defined in ’Additional financial disclosures’ and a reconciliation of these measures to their most directly comparable GAAP financial measures is included within ’Additional financial disclosures’. See pages 39 to 46.
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 2025.
This document is not prepared in accordance with US GAAP and should not therefore be relied upon by readers as such. The Annual Report on Form 20-F 2025 is separately filed with the US Securities and Exchange Commission and is available on our corporate website: www.unilever.com.
In addition, a printed copy of the Annual Report on Form 20-F 2025 is available, free of charge, upon request to Unilever, Investor Relations Department, 100 Victoria Embankment, London EC4Y 0DY, United Kingdom.
This document comprises regulated information within the meaning of Sections 1:1 and 5:25c of the Act on Financial Supervision (‘Wet op het financieel toezicht (Wft)’) in the Netherlands.
The brand names shown in this report are trademarks owned by or licensed to companies within the Group.
References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, the Unilever Annual Report and Accounts 2025.
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Frequently asked questions
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What is covered in Unilever's Annual Report and Accounts (ARA)?
The 2025 Unilever Annual Report and Accounts comprises four sections:
- Strategic Report: provides an overview of Unilever, our Strategy, and a Review of the Year – including the Chair’s Statement, CEO Statement, Financial and Non‑Financial Performance, reviews of the four Business Groups, People & Organisation, and Sustainability. It also includes our Principal Risks and Additional Financial and Non‑Financial Disclosures.
- Governance Report: includes an overview of Unilever’s governance, the Board of Directors, the Unilever Leadership Executive (ULE), reports of the Board’s Committees, Directors’ Remuneration Report, and other statutory governance information.
- Financial Statements: contains the Statement of Directors’ Responsibilities, the Independent Auditor’s Report, Consolidated Financial Statements for the Unilever Group, Notes to the Financial Statements, Company Accounts for Unilever PLC, Group Companies, and shareholder and financial calendar information, including disclosures for US listing purposes.
- Sustainability Statement: presents our sustainability‑related disclosures, including General Information, Environmental Disclosures, Social Disclosures, and Governance Disclosures. It also includes the Limited Assurance Report.
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What were Unilever’s headline financial results in 2025?
In 2025, we became a more focused and agile Unilever, delivering on our commitment to volume-driven growth and strong gross margin. We generated turnover of €50.5 billion, operating profit of €9.0 billion, net profit of €6.2 billion and free cash flow of €5.9 billion.
Growth was led by our Power Brands, which delivered 4.3% underlying sales growth, driven by an increasingly strong innovation plan and more disciplined execution. These brands now account for 78% of turnover, reflecting our ambition to make Unilever a simpler, more focused business.
Find out more about Unilever’s financial results in the 2025 Annual Report and Accounts (PDF 6.16 MB).
All figures are presented on a continuing operations basis. For Unilever, this comprises of four Business Groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Comparative figures have been re-presented to reflect the demerger of the Ice Cream business.
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What is Unilever’s value creation plan and ambition?
Our value creation plan 2026 is aimed at delivering absolute profit growth in line with our top-third total shareholder return ambition. It includes the following:
Growth algorithm
- Mid-single-digit growth (USG)
- With UVG of at least 2%
- Modest margin improvement (UOM) fuelled by gross margin
- Top 1/3 total shareholder return
Cash generation
- Cash conversion
- Sustain ~100% cash conversion over time
- Debt
- ~2x net debt/EBITDA[a]
- Strong single A credit ratings
- Return on invested capital
- High-teens ROIC
Capital allocation
- Growth & productivity
- Capacity and margin expansion
- Brand investment
- Portfolio reshaping
- Bolt-on M&A
- No transformational M&A
- Capital returns
- ~60% dividend payout ratio
- Share buybacks with surplus cash
Find out more about the value creation plan and ambition in the Unilever 2025 Annual Report and Accounts (PDF 6.16 MB).
- Mid-single-digit growth (USG)
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What is Unilever’s strategy?
Our strategy identifies the fundamental shifts and priorities to deliver Unilever’s financial ambitions.
What are the 3 fundamental shifts Unilever is making?
We are accelerating Unilever’s transformation in three key ways:
1. Desire at Scale
- SASSY brands: Elevating brands through Science, Aesthetics, Sensorials, being Shared by others, Young-spirited and relevant in culture.
- Frontline machine: Delivering execution excellence through marketing and sales across all consumer and customer touchpoints.
2. Play to Win
- Winning culture: Building a culture where our people Play to Win and where performance is rewarded.
- Uncompromising on talent: Attracting, accelerating and developing the best talent in value-driving roles.
3. Fit for the AI Age
- AI & technology: Powering creativity, growth and margin expansion throughout our business.
- Productivity & simplicity: Rewiring our organisation to be simpler, faster and more agile.
What are Unilever’s 7 strategic growth priorities?
We are sharpening our focus on seven strategic growth opportunities to support long-term value creation:
Categories
1. Beauty
2. Wellbeing
3. Personal Care
Proposition
4. Premium
Channels
5. Digital Commerce
Geographies
6. United States
7. India
How does sustainability underpin Unilever’s strategy?
We are protecting and enhancing the value of our business through innovation, operational efficiency and long-term resilience, focused on four key sustainability priorities: climate, nature, plastics and livelihoods.
Find out more about our strategy in the Unilever 2025 Annual Report and Accounts (PDF 6.16 MB).
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How is Unilever creating Desire at Scale through its brands?
We are transforming our approach to brands and marketing with a Desire at Scale model that is designed to elevate every step of the consumer journey – from product development right through to the way we reach and engage with people. Find out more about Desire at Scale in action below.
Beauty & Wellbeing
Innovation-led premiumisation
- Dove: Renovated hair care range developed using BioProtein Care technology. Rollout across eight markets including the US, India and Brazil.
- K18: HeatBounce launch featuring resilicore heat-shielding technology. Multi-channel launch including salon takeovers, in-store activations, stylist events and influencer partnerships.
- Liquid I.V.: Multi-year innovations continue to fuel growth, launching in India with locally tailored flavours and introducing its sugar-free range into three markets, including China. Also introduced a new sugar-free energy line with natural caffeine, which launched successfully in the US. Large-scale Amazon promotions, through Prime and Alexa, have helped to raise brand awareness.
Social-first
- Vaseline: #VaselineVerified campaign tapping consumer-generated “hacks” and validating them through lab testing. Working with influencers as co-creators. Recognised at Cannes Lions Festival with Titanium Lion.
Partnerships
- Nutrafol: Entered its first multi-year partnership in the US with Major League Baseball as Official Hair Growth Partner.
Find out more in the Unilever 2025 Annual Report and Accounts (PDF 6.16 MB).
Personal Care
Innovation-led premiumisation
- Dove Serum Shower Collection: Active skincare ingredients with MicroMoisture™ technology, and delivered strong results in North America. Continued its multi-year expansion entering into India at the end of 2025.
- Dove Garden Tea Party range: Limited-edition range in the US featuring the first fragrance crafted by Unilever’s in-house team, following Unilever’s announcement in 2024 of a €100 million investment in developing our fragrance capabilities.
- Whole-Body Deodorants: Whole-body formats introduced in the US in 2024 under Dove and Dove Men+Care. Technology scaled across Rexona and Axe in 2025. Now in 15 markets.
- Axe: New gourmand-inspired variants and limited editions like Cherry Spritz and Sunset Fresh featuring notes such as key lime, sage and apple. Increasingly popular with Gen Z.
- Closeup: Teeth whitening solutions powered by stain-control science. Now available in key markets across Asia.
Social-first
- Dove #ShareTheFirst: First creator-led initiative challenging the pressure of digital perfection built entirely on unfiltered user-generated content.
- Rexona “The Locker Room”: Social hub using real-time listening and content generation significantly increasing online engagement. Laying the foundation for expansion ahead of the FIFA World Cup 2026™.
Partnerships
- Dove x Crumbl partnership: Available in over 4,000 Walmart locations supported by in-store activations. Strong engagement and rapid sales with over half of consumers being first-time Dove buyers.
- UEFA Women’s EURO 2025™ campaign: Multi-brand campaign with Dove, Rexona and Axe activating across Europe featuring 360° touchpoints.
Find out more in the Unilever 2025 Annual Report and Accounts (PDF 6.16 MB).
Home Care
Innovation-led premiumisation
- Wonder Wash (Dirt Is Good): Introduced category-defining innovation in 2024 designed for short, cold cycles to meet evolving consumer needs. Scaled to 30 markets including India and Brazil.
- Cif Infinite Clean: Multi-purpose, reloadable spray using probiotic technology to break down dirt with probiotics remaining effective for up to 72 hours. Premium packaging features mist technology for even surface coverage. Rolled out across five European markets including France and the UK with strong early results.
- Probiotic cleaning technology expansion: Wipol in Indonesia, Sunlight in Vietnam and Vim in India now offering the technology in various products.
Social-first
- Surf Excel and ICC Women’s Cricket World Cup: Created a viral moment when Jemimah Rodrigues’ dirt-stained jersey became a celebration of its “Dirt Is Good” philosophy with the suggestion “Don’t clean it. Frame it.”
Partnerships
- Dirt Is Good sports partnerships: Working with Usain Bolt, the Argentinian Football Association and Arsenal Football Club boosting brand relevancy and deepening consumer connection.
- “It’s Part of the Game” campaign: Partnership with Arsenal Women’s team and Dirt Is Good helping to break the stigma around period blood in sport.
Find out more in the Unilever 2025 Annual Report and Accounts (PDF 6.16 MB).
Foods
Innovation-led premiumisation
- Knorr bouillons and seasonings: Innovation and product superiority fuelled particularly strong growth in the Philippines, Indonesia and the US.
- Knorr mini-meals and cooking pastes: Expanded ready-to-heat pots inspired by trending global cuisines. Introduced new cooking pastes in the UK and Germany such as Sundried Tomato & Herbs and Smoked Chilli & Lime designed for air fryer use.
- Flavoured mayo range: Reached €100 million across 35 markets supported by launches like Hellmann’s Ranch in the UK and Flamin’ Hot in Mexico.
- Unilever Food Solutions (UFS): Launched chefs-for-chefs innovations in China, such as Knorr Professional Seasoned Soy Sauce marking the brand’s first premium variant developed specifically for culinary professionals.
Social-first
- Knorr #UnlockYourGreenFlag: Biggest social-first campaign positioning cooking as a universal ‘green flag’ in the dating world. Partnered with the world’s most downloaded dating app and influencers across 29 markets driving a measurable uplift in brand preference.
Partnerships
- Hellmann’s Big Game activation: Celebrated the US football season with its fifth Big Game activation generating over 40 billion earned media impressions. Multi-channel campaign combining Perfect Store execution across online platforms and in-store activations with bold creative.
- UFS Future Menus: Works with chefs in over 50 markets. Focus in 2025 on Asian and South American cuisines supported by signature products such as Hellmann’s Spicy Mayo and Ancho Chipotle Sauce helping chefs create popular dishes like tacos and dumplings.
- Hellmann’s NBA collaboration: Extended collaboration with Brazilian NBA, combining cultural engagement with consumer activation and product innovation. Introduced new flavours such as Barbecue Bacon and Garlic in squeeze format delivering high penetration in the squeeze segment and significant sales growth among younger consumers.
Find out more in the Unilever 2025 Annual Report and Accounts (PDF 6.16 MB).
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How is Unilever building a Play to Win culture?
We have taken decisive steps towards building a winning culture to enable sustained higher performance. Find out more about Play to Win culture below and in the Unilever 2025 Annual Report and Accounts (PDF 6.16 MB).
- Performance: Driving accountability and performance by setting clear goals, aligned with our strategic priorities. In 2025, most office-based employees had in-year goals, with strong participation in mid-year reviews. Coaching and feedback have become more central to how we work.
- Reward: Updated our reward framework to drive stronger reward differentiation and ensure performance is recognised.
- Behaviours: Introduced new employee behaviours in late 2024: care deeply, focus on what counts, stay three steps ahead and deliver with excellence. Employees across offices and factories have taken part in culture immersion workshops to understand what these behaviours mean in their roles.
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What is Unilever doing to become Fit for the AI Age?
We are accelerating our evolution into an organisation Fit for the AI Age, with a particular focus on stimulating creativity and driving growth by leveraging the most technology-advanced, AI-enabled capabilities at our disposal.
Find out more about how Unilever is using AI and technology below and in the Business Group (PDF 6.16 MB) and People & Organisation (PDF 6.16 MB) sections of the 2025 Annual Report and Accounts.
Unilever R&D Fit for the AI Age
- AI-powered simulations in R&D eliminating the need for multiple physical trials and accelerating the speed with which we can bring innovations to market.
- Approach to innovation evolved through an AI formulation tool significantly reducing time to market.
Unilever Marketing Fit for the AI Age
- Investment in digital technologies to accelerate social-first approach, including launch of the Beauty AI studio to drive content at scale and improve asset creation in key markets. Underpinned by Unilever’s Brand DNAi speeding up marketing production, reducing execution costs and increasing responsiveness to social media trends.
- AI-powered design capabilities used by Home Care brand teams, speeding up asset production and enabling storytelling designed for social platforms.
- Advancement of digital content supply chain with the launch of the Personal Care AI Studio harnessing integrated digital and automation tools. Improving the speed of asset creation through more efficient production processes. Now live in four markets with further rollouts planned for 2026.
Unilever Supply Chain Fit for the AI Age
- AI-enabled workflows streamlining supplier onboarding and improving procurement competitiveness through real time data, faster sourcing decisions and greater efficiency.
- Investing in future-fit skills building, including social and AI capabilities, with a particular focus on marketing.
Unilever HR Fit for the AI Age
Shift in 2025 from time-intensive people-centred HR processes to solutions powered by technology and AI making backend operations more efficient including deployment of chatbots as the first point of contact for most HR matters.
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How is Unilever becoming more productive and simpler?
Our organisation today is simpler, our cost base is leaner, and we are a more focused, agile and productive company than we have been for many years. Find out more about productivity and simplicity below and in the 2025 Annual Report and Accounts (PDF 6.16 MB).
Beauty & Wellbeing
- Building a segmented supply chain to accelerate growth in premium products, and unlock cost efficiencies, including completing the in‑housing of around half of Liquid I.V.’s production.
- Regional transformation projects underway, with cost savings expected to materialise over the next two years, including simplification, with SKUs reduced by over 30% since early 2024, vertical integration of key materials, and network optimisation to reduce warehouse and logistics costs while better serving channel‑specific needs.
- Building capacity and capability to drive portfolio premiumisation, including establishing more than ten agile production lines for innovations such as Dove’s renovated hair care range.
Personal Care
- Stepped up investment in capacity and capabilities across our supply chain to support a more premium, higher-margin portfolio.
- Product mix is now significantly simplified, more global, and centred on our Power Brands.
- Reduced number of SKUs by over 20% since 2022, unlocking operational efficiency.
Home Care
- Supply chain undergoing major transformation to deliver cost savings, supported by a €150 million investment across Europe, focused on driving efficiencies and unlocking growth.
- Investment in enhanced production in emerging markets such as Brazil and India, for future growth formats, including liquid detergents.
- Focus on vertical integration and direct‑to‑customer dispatch models, including producing key materials like surfactants and designing fragrances in‑house, improving supply resilience and securing long‑term cost benefits.
- Co‑locating distribution centres with factories, enabling faster, more direct deliveries to customers, including opening a new distribution site in China, with more planned in Thailand and the UK in 2026.
Foods
- New soy sauce plant in Greater China, evolving from a pilot plant to full‑scale production, incorporating advanced controls to enable breakthroughs in fermentation, with significant design changes helping to optimise capital expenditure and improve volume.
- Removed more than 25% of SKUs, reduced ingredients by 20% and streamlined formulations by nearly a third since 2019.
[a]
EBITDA is underlying earnings before interest, taxation, depreciation and amortisation; ROIC is underlying return on invested capital; UOM is underlying operating margin; USG is underlying sales growth; and UVG is underlying volume growth. See pages 40 to 46 for further details on these measures. Dividend payout ratio is calculated as dividend per share/underlying earnings per share.