Unilever Investor Event

22 November 2024

FERNANDO FERNANDEZ
CHIEF FINANCIAL OFFICER
 Unilever Investor Event
22 November 2024

Safe harbour statement

This presentation 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 be deemed to be, forward-looking statements.
Words and terminology 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, results, actions or events, 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 Unilever's acceleration of its Growth Action
Plan, Unilever's portfolio optimisation towards global or scalable brands, the capabilities and potential of such brands, the various aspects of the separation of Ice Cream and its future operational model,
strategy, growth potential, performance and returns, Unilever's productivity programme, its impacts and cost savings over the next three years and operation dis-synergies from the separation of Ice Cream,
the Group's emissions reduction targets and other climate change related matters (including actions, potential impacts and risks associated therewith). 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 presentation. These forward-looking statements are
based upon current beliefs, 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 presentation 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 the forward-looking statements expressed in this presentation are: Unilever's ability to successfully separate Ice Cream and realise the anticipated benefits of the separation; Unilever's
ability to successfully execute and consummate its productivity programme in line with expected costs to achieve expected savings; 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, social and political risks and natural disasters; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters..

The forward-looking statements speak only as of the date of this presentation. Except as required by any applicable law or regulation, the Group expressly disclaims any intention, 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.

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 2023 and the Unilever Annual Report and Accounts 2023.

2
INTRODUCTION

Key messages

The Growth Action Plan 2030 is driving change in Unilever

We are stepping up execution and accelerating our transformation

Our value creation will be anchored in 2%+ volume growth, consistent

gross margin expansion and absolute profit growth in hard currency

Still more to do to ensure consistent, superior performance

3
ACCELERATING
OUR TRANSFORMATION
 ACCELERATING OUR TRANSFORMATION

Becoming a simpler, more focused and more efficient company

Business Group-led Ice Cream Productivity

and 1UL markets separation programme
A simpler company A more focused company A more efficient company
1UL markets

15% B&W 25% HC

800
24%

26% 25%
€ m
85%
PC Foods
24 BG-led markets
Cost savings, more than offsetting
Starting from 1 Jan 2025 IC separation on track for end 2025
operational separation dis-synergies

Source: 9M 2024 turnover split excluding Ice Cream, Foods previously referred to as Nutrition 5
 ACCELERATING OUR TRANSFORMATION

Ice Cream is an attractive business with an advantaged portfolio

Ice Cream part of €1tn snacking and

refreshment market, growing 4% p.a.

Unilever global No. 1 with #1 or #2

Developed 40% Emerging positions in top 10 markets
Markets 60% Markets
Focused portfolio with 4 brands
accounting for 84% of turnover

Superior distribution in out-of-home

with c.3m cabinets

#1 Brand in #1 Brand in FR/UK #1 Brand in US #1 Brand in IT

DE/ID/PH/MX #2 Brand in DE/IT #2 Brand in UK #2 Brand in CN

6
 ACCELERATING OUR TRANSFORMATION

Ice Cream has low complementarity with the other Business Groups

Synergies with Unilever Post separation IC will be set up to

Innovation/R&D
• Pursue a distinct strategy and financial model
Marketing for a capital-intensive category with seasonality

Route-to-market • Operate an urban-centric model

Logistics • Expand coverage in new distribution channels

Manufacturing • Flexibility to optimise an intrinsically expensive

cold chain
Procurement

Talent & infrastructure

7
 ACCELERATING OUR TRANSFORMATION

Ice Cream historic underperformance but making progress in 2024

Ice Cream underperformance (2019-23) Making improvements in 2024

+5.0
Underlying
sales growth +3.8% %
Bigger innovations
• A stepped-up brand investment on Power Brands
CAGR 2019-2023
Ice Cream Unilever
• Developing new consumption occasions,
e.g. Magnum Bon Bons

+0.5
Operational improvements
Underlying
volume growth -1.0% % • Distribution gains
CAGR 2019-2023 • Improved service levels
Ice Cream Unilever
• Rigour in pricing and promotions

Improved performance and 2024 outlook

-330bps -240bps
Underlying
operating • 9M USG +3.6% with volume up +1.5%
margin • Expect positive UVG and UOM expansion in 2024
2023 vs 2019 Ice Cream Unilever

8
 ACCELERATING OUR TRANSFORMATION

Ice Cream separation on track

Workstreams progressing as planned Key milestones

• Establishment of 80+ legal entities and tax models

Detailed separation update
in Q1 2025
• Set up of transitional service agreements

• Design of standalone operating model incl. ERP system

Operational separation by
1 July 2025
• Financial carve-out and physical separation of factories,
R&D pilot plants, and offices

• Preparation of financial position and prospects procedures Expect reporting as discontinued

operations from Q4 2025

Full separation
Separation route guided by shareholder value creation and by end of 2025
execution certainty – demerger remains most likely route

9
 ACCELERATING OUR TRANSFORMATION

Key leadership appointments

CFO Abhijit Bhattacharya CHRO Ronald Schellekens

• Joining in December • Joined in August

• Served as CFO at Royal Philips N.V. since 2015 • Prior roles include CHRO at PepsiCo and Vodafone
• Led previous successful separation processes • Over 30 years of HR leadership experience

10
 ACCELERATING OUR TRANSFORMATION

Clearly defined profiles for each Business Group in our portfolio

All Business Groups will deliver absolute profit growth consistently

Beauty & Wellbeing Home Care

Investment priority for industry-
beating topline growth 25% 24% Exposure to superior volume
growth from EMs
Requires structural margin
Group improvement
turnover

Personal Care 26% 25% Foods

Accelerate growth of our Higher growth exposure than
most profitable business food peers
Margin-accretive and high cash
generation
Ice Cream separation by end 2025

Source: 9M 2024 turnover split excluding Ice Cream 11

 ACCELERATING OUR TRANSFORMATION

Unilever excl. Ice Cream relative to Unilever Group

+130bps
Gross margin

+20bps
Underlying
sales growth
CAGR 2019-2023
2023

Underlying
operating
margin +90bps
2023

+20bps
Underlying
volume growth

+90bps
CAGR 2019-2023 Underlying
ROIC
2023

Unilever excl. Ice Cream based on simple extraction of Ice Cream financials. Underlying ROIC excl. IC based on 2023 unaudited balance sheet allocations to Business Groups 12
 ACCELERATING OUR TRANSFORMATION

Foods is attractive and complementary to Unilever

Strong foundations Role of FoodsStrong

and contribution
economicsto Unilever

• Leadership in 3 attractive verticals • A business with scale: €13bn+ turnover

- Condiments
- Cooking aids & mini-meals • Growth and margin ahead of peers
- Food solutions
• Margin accretive to Unilever
• Focused portfolio: Knorr and Hellmann’s
60%+ of turnover
• Strong cash generation with low capital
intensity
• Complementary, synergistic route to market
and business infrastructure

€1bn+ of turnover to be disposed of to further simplify the portfolio

13
 ACCELERATING OUR TRANSFORMATION

Time to attack root causes of inefficiencies

Cost base has expanded post Covid-19

Significant geographical complexity

Limited use of business process

outsourcing and offshoring

Misaligned turnover and cost footprint –

creating currency exposure

14
 ACCELERATING OUR TRANSFORMATION

We are creating a leaner, more accountable organisation

End-to-end BG ownership from

Productivity Accountable product development to sales force
programme
Targeted cost savings

800
Reduce process complexity
Simplified and duplication

€ m Efficient More than offset operational

dis-synergies of Ice Cream separation

Impacting 7,500 roles globally

Provide fuel for accelerated brand
Flexible investment and margin expansion

15
 ACCELERATING OUR TRANSFORMATION

Following three clear principles

Geographical Organisational Technology

segmentation simplification transformation

• 24 Business Group-led markets • Reduce layers, increase spans of • Differentiated tech platforms for
with end-to-end accountability control and eliminate duplication growth in BG-led markets
 Dedicated Customer Development • Off-the-shelf tech solutions with
for each Business Group • Consumer and customer-facing
resources prioritised simplified processes in 1UL markets
• 1UL scale in markets of limited • AI tools enhancing productivity
critical mass • Transactional activities concentrated in
offshore and outsourced hubs and reducing cost
 Competitive and flexible cost base

16
 ACCELERATING OUR TRANSFORMATION

Programme is progressing at pace

Phase 1: Europe
Q2’24 Europe design 1 Jan 2025 New org and
Q4’24 Implementing in markets operating model in place
€800m where local consultation
programme concluded
announced Q3’24 European works council
consultation complete

March
Now 2025
2024 & beyond

Q3’24 Design complete 2024 2025+

following European first phase majority
blueprint
of savings of savings
Q4’24
Implementation

Phase 2: Rest of world and non-people costs*

*Non-people cost savings identified by cost categories, e.g. IT, outsourced services, workplace/facilities, T&E 17
VALUE
CREATION
 10-year trends
VALUE CREATION

Looking back at the last decade

Avg UVG 0.9% vs best-in-class at 2.3% and real GDP growth at 2.9% Significant margin decline post Covid-19
Underlying volume growth, % Gross margin, %

1.0%
2.1%
0.9%
Volume
0.8%
1.9%
1.2% 1.6% 1.6% Gross margin
42.7% 43.1%
43.7% 44.0%
43.5%
0.2% 42.2% 42.3%
41.4% 42.2%
-2.1% 40.2%

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Uncompetitive levels of brand investment Profit stagnation from 2017 onwards

Brand & marketing investment as % of turnover Underlying operating profit, € billion

15.0%
14.8%

Profit
14.7%

Brand investment
14.1% 14.0% 14.0% 14.0% 14.3%
8.6
9.5 9.5
9.9
9.4 9.6 9.7 9.9

8.3
13.1% 13.0%
7.5

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

19
 10-year trends
VALUE CREATION

Looking back at the last decade

Average UVG 0.9% vs best-in-class at 2.3% and real GDP growth at 2.9%
Underlying volume growth, %

2.1% 1.9% 1.6% 1.6%

0.9% 1.2%
1.0% 0.8%
0.2%
-2.1%

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

20
 10-year trends
VALUE CREATION

Looking back at the last decade

Significant margin decline post Covid-19

Gross margin, %

43.7% 44.0%
43.5%
43.1%
42.7%
42.2% 42.3%
41.4% 42.2%
40.2%

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

21
 10-year trends
VALUE CREATION

Looking back at the last decade

Uncompetitive levels of brand investment

Brand & marketing investment as % of turnover

14.8% 15.0%
14.7%
14.1% 14.0% 14.0% 14.0%
14.3%
13.1% 13.0%

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

22
 10-year trends
VALUE CREATION

Looking back at the last decade

Profit stagnation from 2017 onwards

Underlying operating profit, € billion

9.9 9.9
9.5 9.5 9.4 9.6 9.7
8.6
8.3
7.5

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

23
 Multi-year framework
VALUE CREATION

OUR VALUE CREATION PLAN 2030

DELIVER ABSOLUTE PROFIT GROWTH IN LINE WITH TOP 1/3rd TSR AMBITION

Mid-single Modest margin Top 1/3rd

ALGORITHM
GROWTH

digit growth (USG) improvement (UOM) shareholder

UVG of at least 2% Fuelled by gross margin returns
GENERATION

Cash conversion Debt ROIC

CASH

Sustain around 100% Around 2x net debt / EBITDA High teens ROIC
cash conversion over time Strong single A credit ratings
ALLOCATION

Growth & productivity Portfolio reshaping Capital returns

CAPITAL

Capacity and margin expansion Bolt-on M&A focused on US, India Attractive dividend (~60% payout)
Long-term investment in brands No transformational M&A Share buyback with surplus cash

*TSR peers for Remuneration: Beiersdorf, Church & Dwight, Coca-Cola, Colgate-Palmolive, Danone, Estée Lauder, General Mills, Haleon, Henkel, Kenvue, Kimberly-Clark, 24
Kraft Heinz, L’Oréal, Mondelēz, Nestlé, PepsiCo, Procter & Gamble, Reckitt Benckiser **Underlying ROIC = Underlying operating profit after tax / annual average invested capital
 VALUE CREATION

OUR VALUE CREATION PLAN 2030

DELIVER ABSOLUTE PROFIT GROWTH IN LINE WITH TOP 1/3rd TSR AMBITION

GROWTH ALGORITHM
2%+ Gross margin Profit
ALGORITHM
GROWTH

volume growth expansion growth

GENERATION

Cash conversion
CASH
ALLOCATION

Capital allocation
CAPITAL

25
 Volume growth
VALUE CREATION

Demographics and wealth expansion are enablers for

market development and volume growth in Emerging Markets

Differentiated growth outlooks Unilever priorities % of TO

Favourable demographics, urbanisation and

rising affluence drive strong economic growth Unblinking commitment to
and a step change in consumption habits and undisputed leadership in India 12%
patterns

Grow selected powerhouses:

Brazil, Mexico, Philippines,
16%
Rising urbanisation & middle
Vietnam, South Africa
class behind continued GDP and
consumption growth
Fix Indonesia 4%

Demographic challenges and normalised Judicious expansion into select high-

economic growth value verticals/segments in China 5%

*% of Group turnover excluding Ice Cream, 9M 2024 26

 Volume growth
VALUE CREATION

Portfolio transformation and premiumisation are key for volume growth

in Developed Markets

North Europe
America

21% 18%
of Group of Group
turnover turnover

*% of Group turnover excluding Ice Cream, 9M 2024 27

 Volume growth
VALUE CREATION

Portfolio transformation and premiumisation: North America

Significant portfolio transformation % of turnover The results tell the story

+2.5
FY 2019 9M 2024 9M 2024 excl. Ice Cream

6% % UVG
23% 28% FY 2023

94%
77% 72%

Prestige + Wellbeing North America*

+3.4 % UVG
9M 2024

North America is first in line for capital allocation

15
Attractive portfolio built in Prestige Beauty consecutive quarters of
and Wellbeing double-digit growth in
Prestige Beauty and Wellbeing
Decisive action on pruning of non-strategic or
value brands

*North America excluding Prestige Beauty + Wellbeing 28

 Volume growth
VALUE CREATION

Premiumisation and investment step-up: Europe

Strong premium innovation programme across Business Groups First signals of success – need to sustain

+2.9 %
UVG
9M 2024

Fuelled by a significant step up in brand & marketing investment Incremental turnover

from innovation

+290bps BMI % TO
H1 2024 vs PY +19 %

9M 2023 9M 2024

29
 Gross margin
VALUE CREATION

Gross margin expansion is the backbone of our financial plan

Driven by structural levers and tailwinds

First milestone achieved: GM back to pre-Covid level

Increased volume leverage
and positive mix

44% 44.5%
Net productivity gains from
42% interventions in procurement
and step-up in capex for margin

40%

Helped by input cost deflation

and carry-over pricing from 2023
2019 2020 2021 2022 2023 2024 MAT
June

30
 Gross margin
VALUE CREATION

Key drivers of structural gross margin improvement

2%+ volume
Fixed cost leverage
Consistent and positive mix
gross margin
expansion is key

Procurement Beat market inflation

interventions in materials by ~1%

to ensure
competitive brand
investment levels
Higher capex & 2% per unit cost reduction
lower complexity in production & logistics

31
 Gross margin
VALUE CREATION

Material cost savings driven by enhanced procurement and

selective value chain interventions

~1 %
1
Competitive buying
Enhanced procurement
insights, buyer skills, and AI-
powered tech to unlock
benefits of Unilever scale

material cost savings p.a. Value chain

2
vs market inflation interventions
Backward integration, upstream
capabilities and collaborative
partnerships

32
 Gross margin
VALUE CREATION

Cost per unit reduction is our key metric for productivity

2
Production savings
1
- Network optimization
- Production automation

%
- Labour productivity

Distribution savings
2
- Network transformation
- Travel less, load more programme
- Operational and buying efficiencies
per unit cost reduction p.a.
in production & logistics 3 Complexity reduction
- SKU reductions
- Specification reductions
- Powered by tech and AI tools

33
 Gross margin
VALUE CREATION

Underpinned by allocating 55%+ capex towards margin expansion initiatives

Capex split* Productivity Capacity Other

55%+
30% 42%+

2019-22 2023-2024e 2025+

Concentration of capex in hard currency markets

*SC Capex excl. IC cabinets 34

 Cash conversion
VALUE CREATION

Converting profit into cash

Sustaining cash conversion of around 100% over time

Negative working capital Cash generation

WC % of turnover

-7.3% Cash
92% 110%
conversion

-8.2%
Free cash flow
-8.5% €bn 6.5
-9.0%
-9.2% 4.8

2014-18 avg. 2019-23 avg.

2019 2020 2021 2022 2023

*Cash conversion is defined as FCF excl. tax on disposals as a proportion of net profit, excl. P&L on disposal, and income from JVs, associates and non-current investments 35
**Working capital % of turnover based on average year-end positions
 Capital allocation
VALUE CREATION

We are disciplined in allocating capital in line with our financial ambition

Growth & productivity Portfolio reshaping Capital returns

Capacity and margin expansion Bolt-on M&A focused on US, India Attractive sustainable
Long-term investment in brands No transformational M&A dividend and share buybacks

Driving organic growth through: Rotating portfolio into premium: • Dividend growth follows profit
• Superior R&D and brand equity • Selective bolt-on M&A growth over time
building investment • Payout of underlying EPS ~60%
• Further pruning
• Capacity expansion • SBB with surplus cash
Driving net productivity through:
• More capex for SC optimisation
• Restructuring

36
 Capital allocation
VALUE CREATION

We are disciplined in allocating capital in line with our financial ambition

Growth & productivity Portfolio reshaping Capital returns

21% 19.2bn
BMI % of turnover
2021-2023

€ capital
returns

14.3% 15-16%
13.0%
Portfolio rotated since 2017
Dividend vs share buyback, % of total

+
2021-2022 2023 2024

13%
Capex % of turnover
60%
Div 74% 74%

SBB

2.9% ~3%
a further 40%
2.5% 26% 26%
After IC separation
2021-2022 2023 2024 2021 2022 2023

37
 Multi-year framework
VALUE CREATION

OUR VALUE CREATION PLAN 2030

DELIVER ABSOLUTE PROFIT GROWTH IN LINE WITH TOP 1/3rd TSR AMBITION

Mid-single Modest margin Top 1/3rd

ALGORITHM
GROWTH

digit growth (USG) improvement (UOM) shareholder

UVG of at least 2% Fuelled by gross margin returns
GENERATION

Cash conversion Debt ROIC

CASH

Sustain around 100% Around 2x net debt / EBITDA High teens ROIC
cash conversion over time Strong single A credit ratings
ALLOCATION

Growth & productivity Portfolio reshaping Capital returns

CAPITAL

Capacity and margin expansion Bolt-on M&A focused on US, India Attractive dividend (~60% payout)
Long-term investment in brands No transformational M&A Share buyback with surplus cash

*TSR peers for Remuneration: Beiersdorf, Church & Dwight, Coca-Cola, Colgate-Palmolive, Danone, Estée Lauder, General Mills, Haleon, Henkel, Kenvue, Kimberly-Clark, 38
Kraft Heinz, L’Oréal, Mondelēz, Nestlé, PepsiCo, Procter & Gamble, Reckitt Benckiser **Underlying ROIC = Underlying operating profit after tax / annual average invested capital
Summary

Key messages

The Growth Action Plan is driving change at Unilever

We are stepping up execution and accelerating our transformation

Our value creation will be anchored in 2%+ volume growth, consistent

gross margin expansion and absolute profit growth in hard currency

Still more to do to ensure consistent, superior performance

39