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Full Year 2023 Results Overview

Implementing Growth Action Plan at pace

Summary

A range of Unilever products being used.

Detailed description

Two Magnum ice creams being removed from their packaging. They are two different varieties – one is a Double Starchaser, the other is a Double Sunlover. Two people are then seen eating the ice creams.

A bottle of Hellmann’s Spicy Mayonnaise dressing is shown in a fridge. A breadcrumbed chicken fillet is then seen dropping onto a burger bun already loaded with mayonnaise and lettuce.

A bottle of Domestos Power Foam is shown on a bathroom surface. Power Foam is sprayed around the hinges of the toilet seat. The seat and lid of the toilet is shown closing and a bottle of Domestos Power Foam drops onto the closed lid.

  • 7.0%underlying sales growthIllustration of a green arrow pointing upwardincrease compared to 2022
  • 6.8%price growthIllustration of a green arrow pointing upwardwith volume up 0.2%
  • 16.7%underlying operating marginIllustration of a green arrow pointing upward+60bps increase compared to 2022
  • 8.6%underlying sales growthdelivered by our 30 Power Brands

Underlying sales growth (USG)

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Underlying volume growth (UVG)

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Underlying price growth (UPG)

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A chef from Unilever Food Solutions sprinkling some Knorr product into a tray

Full year highlights

  • Underlying sales growth of 7.0% with positive volumes, up 0.2% for the FY and 1.8% in Q4
  • Turnover of €59.6 billion with -5.7% impact from currency and -1.7% from net disposals
  • Underlying operating margin up 60bps to 16.7%, with gross margin up 200bps for the year and up 330bps in the second half
Nutrafol containers
  • Underlying EPS increased 1.4% with -9.6% of adverse currency, up 11% on a constant basis
  • Diluted EPS down -14.2% against prior year that included €2.3 billion profit on disposal for the Tea business
  • Strong cash conversion of 111% with free cash flow up €1.9 billion to €7.1 billion
  • New €1.5 billion share buyback to commence in Q2
A selection of Lux products from the Essence of Himalayas range

Progress against Growth Action Plan

  • New leadership team has embedded the plan across the organisation
  • 30 Power Brands (around 75% of turnover) accretive to growth and margin, with underlying sales up 8.6%
  • Brand and marketing investment up 130bps to 14.3%, focused on 30 Power Brands
  • Active portfolio optimisation into premium segments, announced acquisitions of K18 and Yasso and disposals of Elida Beauty, Dollar Shave Club, Suave in North America
Picture of Yasso Ice Cream boxes

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 2023 financial year Beauty & Wellbeing had a combined turnover of €12.5 billion.

Our best-known Beauty & Wellbeing brands

Dove pack illustration

Dove

Our mission is to make a positive experience of beauty accessible to all women

Sunsilk  pack illustration

Sunsilk

Opening up possibilities for girls everywhere

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Vaseline

Everyone, everywhere deserves healthy, beautiful skin

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

1. USA
2. India
3. China
4. Brazil
5. Mexico

Personal Care

Consists of Skin Cleansing, Deodorants, Oral Care and Elida Beauty. Expand to view more.

In the 2023 financial year Personal Care had a combined turnover of €13.8 billion.

Our best-known Personal Care brands

Axe pack shot

Axe

When you smell good, good things happen

Dove pack shot

Dove

Our mission is to make a positive experience of beauty accessible to all women

Lifebuoy pack shot

Lifebuoy

Help parents ensure their kids fall ill less often

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LUX

Inspiring women to rise above everyday sexist judgements and express their beauty and femininity unapologetically

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

1. USA
2. India
3. Brazil
5. UK
5. Indonesia

Home Care

Consists of Fabric Cleaning, Home & Hygiene, Fabric Enhancers and Water & Air Wellness. Expand to view more.

In the 2023 financial year Home Care had a combined turnover of €12.2 billion.

Our best-known Home Care brands

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Cif

Goodbye ugly dirt. Hello beautiful

Domestos pack shot

Domestos

To win the war against unsafe sanitation and poor hygiene

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OMO

Dirt Is Good!

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

1. India
2. Brazil
3. China
4. Vietnam
5. UK

Nutrition

Consists of Scratch Cooking Aids, Dressings, Beverages and Functional Nutrition (including Horlicks and Boost). Expand to view more.

In the 2023 financial year Nutrition had a combined turnover of €13.2 billion.

Our best-known Nutrition brands

Knorr pack shot

Knorr

Reinventing Food for Humanity

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

1. USA
2. India
3. Netherlands
4. China
5. Indonesia

Ice Cream

Consists of Ice Cream, both in-home and out-of-home. Expand to view more.

In the 2023 financial year Ice Cream had a combined turnover of €7.9 billion.

Our best-known Ice Cream brands

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

1. USA
2. Turkey
3. Germany
4. UK
5. China

Hein Schumacher

"2023 Full Year results show an improving financial performance, with the return to volume growth and margins rebuilding. We are moving with speed and urgency to transform Unilever into a consistently higher performing business.”

Hein Schumacher, Chief Executive Officer
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