Quarterly ResultJul 28, 2026, 08:27 AM
Unilever H1 USG 4.8%, Volume-Led Growth; Upgrades FY26 Outlook
AI Summary
Unilever reported strong first-half 2026 results with underlying sales growth of 4.8%, driven by 4.2% volume growth, and an acceleration in Q2 to 5.8% USG. Underlying operating margin increased by 10bps to 20.3%, and underlying EPS rose 2.4% to €1.61. The company completed an €800 million productivity program and a €1.5 billion share buyback, while also progressing with the Unilever Foods separation and upgrading its full-year 2026 outlook for sales growth and operating margin.
Key Highlights
- Underlying sales growth (USG) of 4.8% in H1, with 4.2% volume growth.
- Q2 USG accelerated to 5.8%, with 5.5% volume growth, best in over a decade.
- H1 Turnover €25.6 billion, up 0.5%; Underlying Operating Margin 20.3%, up 10bps.
- Underlying EPS €1.61, up 2.4%; Free Cash Flow €1.5 billion.
- Upgraded FY2026 outlook: USG 4-6% (approx. 3% volume); modest operating margin improvement.
- €800 million productivity program completed ahead of schedule.
- €1.5 billion share buyback completed; €6 billion planned by 2029.
- Unilever Foods separation with McCormick on track for mid-2027 completion.
Price Impact
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