UNILEVER PLC
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
View on SEC.govAbout this filing
The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed Mar 12, 2026
Use the contents to explore the available documents and sections.
Contents
Cautionary Statement
This document may contain forward-looking statements, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation
Reform Act of 1995, concerning the financial condition, results of operations and businesses of the Unilever Group (the ‘Group’). All statements other than statements
of historical fact are, or may deemed to be, forward-looking statements. Words such as ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’, ‘vision’,
‘ambition’, ‘target’, ‘goal’, ‘plan’, ‘potential’, ‘work towards’, ‘may’, ‘milestone’, ‘objectives’, ‘outlook’, ‘probably’, ‘project’, ‘risk’, ‘seek’, ‘continue’, ‘projected’, ‘estimate’,
‘achieve’ or the negative of these terms, and other similar expressions of future performance or results and their negatives, are intended to identify such forward-
looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding the Group’s emissions reduction and other
sustainability-related targets and other climate and sustainability matters (including actions, potential impacts and risks and opportunities associated therewith), the
Group‘s ability to rewire our organisation for AI and the digital world, to deliver profit growth in line with our top-third total shareholder return ambition, to respond to
channel shifts and pricing and other competitive pressures, and to maintain effectiveness of our cash management programmes and our liquidity, our plans
with respect to the retained TMICC stake, the Group‘s ability to focus on building Desire at Scale and Play to Win culture. Forward-looking statements can be made in
writing but also may be made verbally by directors, officers and employees of the Group (including during management presentations) in connection with this
document. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting
the Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this document are
expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking
statements.
Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Group’s control, there are
important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and
uncertainties, the material or principal factors which could cause actual results to differ materially from those expressed in the forward-looking statements included in
this document are: Unilever’s global brands not meeting consumer preferences; Unilever’s ability to innovate and remain competitive; Unilever’s investment choices
in its portfolio management; the effect of climate change on Unilever’s business; Unilever’s ability to find sustainable solutions to its plastic packaging; significant
changes or deterioration in customer relationships; the recruitment and retention of talented employees; disruptions in Unilever’s supply chain and distribution;
increases or volatility in the cost of raw materials and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; execution of
acquisitions, divestitures and business transformation projects; economic and financial risks; social and political risks and natural disasters; failure to meet high
and ethical standards; and managing regulatory, legal matters and practices with regard to the interpretation and application thereof and emerging and developing
ESG reporting standards, including differences in implementation of climate and sustainability policies in the regions where the Group operates. Also see ’Our
Principal Risks’ on pages 31 to 37 for additional risks and further discussion.
The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently
available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many
possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary
materially from those expressed in our forward-looking statements.
The forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Group expressly disclaims
any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s
expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over
time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the
extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In preparing
the sustainability and climate-related information in this document, Unilever has made a number of key judgements, estimations and assumptions. Sustainability and
climate data, models and methodologies are often rapidly evolving and are not of the same accuracy as those available in the context of other financial information.
There may also be challenges in relation to availability of sustainability and climate-related data and potential inconsistencies. This means that sustainability and
climate-related forward-looking statements can be subject to more uncertainty than other types of statements and therefore our actual results and developments
could differ from those expressed or implied in the sustainability and climate-related forward-looking statements in this document.
This document also contains data on the Group’s Scope 1, 2 and 3 emissions. Some of this data is based on estimates, assumptions and uncertainties. Scope 1 and
2 emissions data relates to emissions from the Group’s own activities and supplied heat, power and cooling, and is generally easier for the Group to gather than
Scope 3 emissions data. Scope 3 emissions relate to other organisations’ emissions and is therefore subject to a range of additional uncertainties, including that: data
used to model lifecycle footprints is typically industry-standard data or estimates rather than relating to individual suppliers; and lifecycle models, such as the Group’s,
cover many but not all products and markets. In addition, international standards and protocols relating to Scope 1, 2 and 3 emissions calculations and
categorisations also continue to evolve, as do accepted norms regarding terminology, such as carbon neutral and net zero, which may affect the emissions data the
Group reports. As Scope 3 emissions data improves, shifting over time from generic modelled data to more specific data, the data reported in this document is likely
to evolve. We will continue to review and develop our approach to emissions data in line with evolving market approaches and standards.
Throughout this report, we include non-GAAP financial measures to explain the performance of our business, including underlying sales growth, underlying volume
growth, underlying price growth, non-underlying items, underlying operating profit, underlying operating margin, underlying earnings per share, underlying effective
tax rate, constant underlying earnings per share, free cash flow, cash conversion, underlying return on assets, net debt and underlying return on invested capital.
Such non-GAAP financial measures are defined in ’Additional financial disclosures’ and a reconciliation of these measures to their most directly comparable GAAP
financial measures is included within ’Additional financial disclosures’. See pages 39 to 46.
Further details of potential risks and uncertainties affecting the Group are described in the Group’s filings with the London Stock Exchange, Euronext Amsterdam, and
the US Securities and Exchange Commission, including in the Annual Report on Form 20-F 2025.
This document is not prepared in accordance with US GAAP and should not therefore be relied upon by readers as such.
In addition, a printed copy of the Annual Report on Form 20-F 2025 is available, free of charge, upon request to Unilever, Investor Relations Department, 100 Victoria
Embankment, London EC4Y 0DY, United Kingdom.
This document comprises regulated information within the meaning of Sections 1:1 and 5:25c of the Act on Financial Supervision (‘Wet op het financieel toezicht
(Wft)’) in the Netherlands.
The brand names shown in this report are trademarks owned by or licensed to companies within the Group.
References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in,
and does not form part of, the Unilever Annual Report on Form 20-F 2025.
| In this report | |
|---|---|
| STRATEGIC REPORT | |
| About Unilever | |
| 2 | Unilever at a Glance |
| 4 | Our Strategy |
| Review of the Year | |
| 6 | Chair’s Statement |
| 8 | Chief Executive Officer’s Statement |
| 10 | Unilever Group Financial Review |
| 14 | Financial Performance |
| 16 | Our People & Organisation |
| 17 | Business Group Review |
| 29 | Sustainability Review |
| 30 | Non-Financial Performance |
| Our Principal Risks | |
| 31 | Risk Management Approach |
| 32 | Principal Risks |
| 38 | Viability Statement |
| Our Performance | |
| 39 | Additional Financial Disclosures |
| 47 | Additional Non-Financial Disclosures |
| GOVERNANCE REPORT | |
| 50 | Governance Report Overview |
| 52 | Board of Directors |
| 54 | Unilever Leadership Executive (ULE) |
| 56 | Operation of the Board |
| 62 | Additional Information |
| 65 | Report of the Nominating and Corporate Governance Committee |
| 70 | Report of the Audit Committee |
| 75 | Report of the Corporate Responsibility Committee |
| 78 | Directors’ Remuneration Report |
| FINANCIAL STATEMENTS | |
|---|---|
| 110 | Statement of Directors’ Responsibilities |
| 111 | Report of Independent Registered Public Accounting Firm |
| 128 | Consolidated Financial Statements Unilever Group |
| 133 | Notes to the Consolidated Financial Statements |
| 192 | Group Companies |
| 201 | Shareholder Information – Financial Calendar |
| 202 | Additional Information for US Listing Purposes |
| ONLINE | |
| You can find more information about Unilever online at www.unilever.com.The Unilever Annual Report on Form 20-F 2025 (including the Additional Information for US Listing Purposes) along with other relevant documents can be downloaded at www.unilever.com/investors/annual-report-and-accounts.References to information on websites in this document are included as an aid to their location and such information is not incorporated in, and does not form part of this document. Any website URL is included as text only and is not an active link. | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.