1) Strategy & Leadership
- Unilever's focus on "desire at scale" is driving brand performance and innovation.
- The company emphasizes volume growth as a key priority, achieving its best quarterly volume performance since 2010.
- The acquisition of Gruns, a super green supplements brand, aligns with Unilever's strategy to enhance its well-being portfolio.
- The FIFA World Cup activation was a significant marketing effort, involving over 50,000 creators across 120 markets, aimed at enhancing brand visibility and engagement.

2) Financial & Segment Results
- Underlying sales growth for Q2 was 5.8%, with volume growth at 5.5%.
- Power brands contributed significantly, with underlying sales growth of 6.9% and volume growth of 6.8%.
- Emerging markets showed strong performance, with 8.3% growth in Q2, driven by India’s 10% growth.
- Developed markets performed well, particularly North America with volume growth of 2.8%.
- Overall first half turnover was EUR 25.6 billion, reflecting a 0.5% increase YoY.

3) Problems / Headwinds
- The company faced challenges in the oral care segment, which grew only low single digits, indicating a need for renewed focus.
- Competitive pressures in the U.S. condiment market, particularly in premium segments, have led to share losses.
- Currency fluctuations negatively impacted turnover by 4.9% in the first half, though this eased to 2.4% in Q2.
- The ongoing inflationary environment and commodity price volatility are expected to continue affecting margins.

4) Operational or Product Plans
- Unilever plans to shift growth in the second half towards pricing, anticipating some volume sensitivity as prices increase.
- The company is focusing on premiumization across its portfolio, particularly in beauty and personal care, to enhance margins and competitiveness.
- Continued investment in brand and marketing remains a priority, with 16.1% of turnover allocated to these areas.
- The integration of the McCormick acquisition is progressing well, with leadership from both companies involved in the process.

5) Guidance & Outlook / Investor Angle
- Unilever has upgraded its full-year guidance, expecting underlying sales growth of 4% to 6% and volume growth around 3%.
- The company anticipates second half growth of 4% to 5%, primarily driven by pricing.
- Despite external uncertainties, Unilever's strong first half performance and strategic focus provide confidence in achieving its revised targets.
- The company aims for modest margin improvement compared to 2025, supported by disciplined cost management and brand investments.

Bottom line: Unilever's strong volume-led performance in the first half of 2026, driven by strategic brand focus and successful marketing initiatives, positions the company well for continued growth. The upgraded guidance reflects confidence in navigating inflationary pressures while maintaining competitive investments, making it an attractive proposition for shareholders.