Underlying sales growth (USG) of 3.4%, with volume growth of 1.5% and price of 1.9%
Turnover of €30.1 billion, down -3.2%; with adverse currency -4.0% and net disposals -2.5%
Strong gross margin of 45.7% fuelled increased brand & marketing investment up 40bps to 15.5%
Underlying operating margin of 19.3%, down -30bps against the strong prior year comparator
Underlying EPS decreased -2.1% to €1.59, diluted EPS decreased -3.7%
Free cash flow €1.1 billion, reflecting lower operating profit, Ice Cream separation costs and higher working capital
Productivity programme ahead of plan, delivering a cumulative c.€650 million savings by end 2025
Quarterly dividend up 3% vs Q2 2024; €1.5 billion share buyback completed
Ice Cream operational separation completed, on track for demerger in mid-November
Our Business Groups
Our brands operate in five Business Groups, each fully responsible and accountable for its strategy, growth, and profit delivery globally.
Beauty & Wellbeing
Consists of Hair Care, Skin Care, Prestige Beauty and Health & Wellbeing (including the vitamins, minerals and supplements business). Expand to view more.
In the 2024 financial year Beauty & Wellbeing had a combined turnover of €13.2 billion.
Geographical footprint – split by geographical area
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Geographical footprint – Emerging versus Developed Markets
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Geographical footprint - Top 5 countries
USA
India
China
Netherlands
UK
Ice Cream
Consists of Ice Cream, both in-home and out-of-home. Expand to view more.
In the 2024 financial year Ice Cream had a combined turnover of €8.3 billion.
Our best-known Ice Cream brands
Wall's
Wall's makes it happier
Ben & Jerry's
Peace, love and ice cream
Magnum
True to pleasure
Geographical footprint – split by geographical area
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Geographical footprint – Emerging versus Developed Markets
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Geographical footprint - Top 5 countries
USA
Turkey
Germany
UK
Mexico
“Our first half performance positions us well for the full year. In the second half, we expect further acceleration in emerging markets, particularly in Asia, and sustained momentum in developed markets. Looking ahead, our priorities are clear: more Beauty & Wellbeing and Personal Care; disproportionate investment in the US and India; and, a sharper focus on premium segments and digital commerce. We are building a marketing and sales machine that drives desire at scale in our power brands and ensures execution excellence across all channels to deliver consistent volume growth and gross margin expansion.”
