Stalling Growth Engines and Execution Risks Undermine Unilever’s Medium‑Term TargetsWe update post last week's results update. The slowdown in NORAM sales growth was made up in emerging mkts in 4Q25. That is indicative of the dynamics in FY26, we think. If EMs can step up (helped by an easy comp in LatAm & GST benefits in India) adequately, ULVR hopes to hit its midterm targets of >4% org sales growth & >2% vol/mix growth. But pricing remains challenged, and with that peak margin delivery in FY26 looks ambitious, we think. Retain UNPF.