UNILEVER PLC

When I became CEO in March 2025, I made clear that one of

my overriding priorities was to ensure that in a fast-changing

environment, Unilever was able to both perform and transform.

Too often in the past, we have achieved one at the expense of the other.

Areas of excellence have sat alongside areas of more average

performance. Hence, one of the most encouraging aspects of our progress

in 2025 was the demonstration of our ability to perform while transforming.

The progress on transformation was clear.

■We reshaped our portfolio through the successful demerger of the

Ice Cream business (now operating as The Magnum Ice Cream

Company) – a highly complex but well-executed process – which

leaves us with a clearer strategic and capital allocation focus.

■We furthered the transformation of our organisational structure by

ensuring each of our top 24 markets has category-dedicated sales

forces, strengthening focus, expertise and accountability.

■We are transforming our approach to brands and marketing with a

Desire at Scale model that is designed to elevate every step of the

consumer journey – from product development right through to the

way we reach and engage with people.

■And we are in the midst of a widespread transformation to build a

Play to Win culture, where performance is rewarded and where

attracting, accelerating and developing the best talent is prioritised

so Unilever can perform at the levels we expect.

There is much to do to meet our ambitions but, thanks to our progress in

2025, many of the necessary transformational shifts have now been made.

Moreover, we achieved this while simultaneously delivering on our value

creation plan: accelerated volume growth and gross margin expansion for

reinvestment. This progress was reflected in our full-year results.