The earnings call reflects a strong performance in developed markets, particularly North America, and promising growth in Asia. However, challenges in Latin America and currency impacts weigh on overall results. The company shows confidence in future growth, particularly with the upcoming Ice Cream demerger and continued investment in innovation.

Company Guidance

In the second quarter of 2025, Unilever delivered a robust performance with underlying sales growth of 3.8%, an improvement from the first quarter, driven by a balanced contribution from volume growth of 1.8% and price growth of 2%. For the first half of the year, the company achieved underlying sales growth of 3.4%, with volumes up 1.5% and prices increasing by 1.9%. Notably, developed markets, which constitute 44% of Unilever's turnover, performed strongly with a 4.3% growth, propelled by a 3.4% rise in volumes. North America, in particular, saw underlying sales growth of 5.4%, supported by a 3.7% increase in volume. In emerging markets, the Asia Pacific Africa region reported a 3.5% growth in the first half, with an acceleration to over 5% in the second quarter. Despite challenges in Latin America, where volumes declined by 4.6%, Unilever maintained a competitive edge with ongoing share gains across the region. The company also highlighted its strategic focus on accelerating growth in key categories, including Beauty & Wellbeing, Personal Care, and Ice Cream, noting strong performances in brands like Vaseline, Liquid IV, and Magnum. Unilever remains confident in its full-year outlook, projecting underlying sales growth within the 3% to 5% range and anticipates an improvement in operating margins, driven by volume growth leverage and productivity initiatives.

Strong Developed Markets Performance

Developed markets, which represented 44% of group turnover, continued to perform strongly with first half USG of 4.3%, driven by 3.4% volume and 0.9% price. North America underlying sales grew 5.4% with 3.7% from volume.

Emerging Markets Growth in Asia

Asia Pacific Africa, representing 43% of group turnover, delivered underlying first half sales growth of 3.5% with 1.9% from volume and 1.6% from price. India performed well with 5% USG in second quarter largely driven by volume.

Ice Cream Segment Growth and Demerger

Ice Cream underlying sales grew 5.9%, driven by a 3.8% increase in volume and 2% price growth. The demerger of Ice Cream will take place in mid-November.

Successful Brand Innovations

Strong performances included double-digit growth from Vaseline, Liquid IV, Nutrafol, and Magnum, and high single-digit growth from Dove and Comfort.

Unilever (UL) Earnings, Revenues Date & History

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UL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 05, 2026	2025 (Q4)	1.61 / -	1.422	―	―	―
Jul 31, 2025	2025 (Q2)	1.86 / 1.84	1.596	15.48% (+0.25)
Feb 13, 2025	2024 (Q4)	1.37 / 1.42	0.64	122.19% (+0.78)
Jul 25, 2024	2024 (Q2)	1.53 / 1.60	1.54	3.64% (+0.06)
Feb 08, 2024	2023 (Q4)	1.35 / 0.64	1.324	-51.66% (-0.68)
Jul 25, 2023	2023 (Q2)	1.40 / 1.54	0.59	161.02% (+0.95)
Feb 09, 2023	2022 (Q4)	1.21 / 1.32	1.479	-10.48% (-0.16)
Jul 26, 2022	2022 (Q2)	1.37 / 0.59	1.568	-62.37% (-0.98)	―	―
Feb 10, 2022	2021 (Q4)	1.40 / 1.48	1.354	9.23% (+0.13)	―	―
Jul 22, 2021	2021 (Q2)	1.55 / 1.57	1.565	0.19% (<+0.01)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

UL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$58.51	$57.94	-0.97%
Feb 13, 2025	$57.68	$54.58	-5.37%
Jul 25, 2024	$54.29	$56.73	+4.49%
Feb 08, 2024	$46.15	$47.83	+3.64%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.