联合利华上半年业绩显示二季度销量增长加速并上调全年销量目标

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Introduction & Market Context
Unilever (NYSE:UL) presented its first-half 2026 results on July 28, revealing a significant acceleration in volume-led growth that marked the company’s strongest quarterly performance since 2010. The presentation, delivered by CEO Fernando Fernandez and CFO Srinivas Phatak, showed underlying sales growth of 5.8% in Q2 2026, driven primarily by underlying volume growth of 5.5%. The stock surged 6.68% in premarket trading to $65.47, reflecting investor enthusiasm for the improved momentum and upgraded full-year outlook.
The consumer goods giant’s H1 2026 turnover reached €25.6 billion, up 0.5% year-over-year despite a 4.9% currency headwind. The results demonstrated broad-based strength across the Home & Personal Care divisions, with emerging markets providing particularly robust growth while developed markets showed mixed performance.
Quarterly Performance Highlights
As shown in the following performance overview, Unilever’s H1 2026 results showed significant acceleration in the second quarter across key metrics.
The company’s Q2 performance represented a marked improvement from the first quarter, with underlying sales growth accelerating from 3.8% in Q1 to 5.8% in Q2. More importantly, volume growth surged from 2.9% to 5.5%, indicating genuine demand strength rather than price-driven revenue increases. Underlying price growth moderated to just 0.2% in Q2, down from 0.9% in Q1, as the company prioritized market share gains and volume expansion.
The detailed quarterly trend chart illustrates the sustained improvement trajectory throughout 2025 and into 2026.
The two-year underlying volume growth compound annual growth rate (CAGR) for H1 stood at 2.7%, demonstrating consistent momentum building over time. This volume-led approach marked a strategic shift for Unilever, with management emphasizing that volume growth serves as the truest measure of demand during periods of heightened market volatility.
Unilever’s Power Brands continued to outperform the broader portfolio, as demonstrated in the following performance breakdown.
Power Brands delivered 6.9% underlying sales growth in Q2, with volume growth of 6.8% nearly matching the sales increase. These brands, which include household names like Dove, Hellmann’s, and OMO, accounted for the majority of the company’s growth acceleration. The two-year volume CAGR for Power Brands reached 3.5% in H1, well ahead of the company average.
Segment Performance Analysis
The Beauty & Wellbeing segment demonstrated strong broad-based growth, as illustrated in the following segment breakdown.
Beauty & Wellbeing generated €6.5 billion in H1 turnover with a 19.5% underlying operating margin, up 10 basis points year-over-year. The segment’s Q2 underlying sales growth accelerated dramatically to 8.1%, driven by 6.9% volume growth. Hair care led the charge with 9% growth, as Dove, Sunsilk, and K18 all posted double-digit increases. The presentation highlighted Vaseline and prestige brands as key drivers of premiumization in the skin care portfolio, while the Wellbeing category improved in Q2 with strong performances from Liquid I.V. and Olly.
Personal Care maintained solid momentum, supported by strategic FIFA World Cup 2026™ activations.
The Personal Care segment generated €6.8 billion in H1 turnover with a 22.2% underlying operating margin, also up 10 basis points. Q2 underlying sales growth reached 5.9%, powered by exceptional 6.8% volume growth that more than offset a 0.9% price decline. The company noted that FIFA World Cup sponsorship activations drove strong volume growth in Q2, with some negative impact on pricing as promotional activities intensified. Deodorants and skin cleansing grew mid-single digits, with Dove achieving high-single-digit volume growth. Notably, Unilever reclaimed market share leadership in U.S. deodorants while achieving strong emerging market growth led by Latin America.
The company’s FIFA World Cup partnership extended across multiple consumer touchpoints, as shown in this activation strategy overview.
Home Care emerged as the fastest-growing segment with exceptional performance across markets, categories, and brands.
Home Care delivered €6.0 billion in H1 turnover with a 15.8% underlying operating margin, up 30 basis points—the strongest margin expansion among all segments. Q2 underlying sales growth reached 9.1%, with volume growth of 8.6% driving the result. The presentation attributed this performance to successful innovations and relative price corrections implemented in 2025. The company achieved broad-based market share gains, including reaching its highest-ever market share in India, Unilever’s largest Home Care market. Management indicated that pricing is expected to strengthen in the second half to reflect heightened commodity costs.
The Foods segment faced headwinds in developed markets, particularly the United States.
Foods generated €6.3 billion in H1 turnover with a 23.3% underlying operating margin, flat year-over-year. However, Q2 performance weakened significantly, with underlying sales growth of just 0.2% and slight volume contraction of 0.1%. The presentation acknowledged that increased competition in premium and avocado mayonnaise segments impacted U.S. condiments market share, though innovations are scheduled to launch in H2. Emerging markets performed strongly within Foods, and Unilever Food Solutions delivered volume-led growth with good progress in China and mid-single-digit growth in the U.S.
Regional Dynamics
Geographic performance showed a clear divergence between emerging and developed markets, as illustrated in this regional breakdown.
Emerging markets drove the company’s overall performance, with Asia Pacific Africa (44% of group turnover) achieving 7.3% underlying sales growth in H1, supported by 6.1% volume growth. Latin America (16% of turnover) delivered even stronger results with 7.6% underlying sales growth and 5.7% volume growth, demonstrating robust demand across the region.
In contrast, developed markets faced challenges. Europe (18% of turnover) declined 0.9% in underlying sales growth with negative volume and price growth. North America (22% of turnover) grew 2.7% in underlying sales but showed mixed performance across categories, with strength in personal care offset by weakness in Foods.
Strategic Initiatives
Unilever’s "Desire at Scale" operating system continued to shape the company’s approach to brand building and market activation.
The presentation highlighted Vaseline Pro Derma as an example of the company’s focus on "SASSY" brands—characterized by Science, Aesthetics, Sensorials, Said by Others, and Young Spirited attributes. This framework guides product development and innovation across the portfolio, with particular emphasis on premiumization and scientific credibility.
Cultural relevance remained a key pillar of Unilever’s marketing strategy, as demonstrated through diverse brand activations.
The company showcased partnerships ranging from Arsenal Football Club sponsorship for its "Dirt is Good" platform to Dove’s social media engagement campaigns and Liquid I.V.’s university-focused activations. These initiatives demonstrated Unilever’s efforts to connect brands with consumers through culturally relevant moments and platforms.
Financial Analysis
The turnover bridge from H1 2025 to H1 2026 illustrated the various factors impacting reported revenue.
Underlying sales growth of 4.8% contributed positively to turnover, broken down into 4.2% volume growth and 0.6% price growth. Acquisitions and disposals added 0.7% net, with acquisitions contributing 1.3% partially offset by 0.5% from disposals. However, currency translation created a significant 4.9% headwind, though management guided for a more moderate 3% full-year currency impact based on July spot rates.
Operating margin expansion was supported by cost discipline and productivity initiatives, as shown in the margin bridge.
Underlying operating margin improved 10 basis points to 20.3% in H1 2026 despite a 0.7% gross margin headwind. Brand marketing investment contributed positively by 0.1%, while overhead efficiency added 0.7% to margins. The presentation emphasized that these overhead improvements were supported by cost discipline and the company’s €800 million productivity program. Notably, brand marketing investment remained elevated at 16.1% of turnover, reflecting management’s commitment to sustained high investment levels.
Earnings per share growth was driven primarily by operational performance, as detailed in the EPS bridge.
Underlying earnings per share increased 2.4% from €1.57 in H1 2025 to €1.61 in H1 2026. Operational performance contributed a strong 7.3% to EPS growth, while share buybacks added 0.7% and tax benefits contributed 0.3%. These gains were partially offset by a 6.0% currency headwind and 1.2% increase in finance costs. Management noted that currency impact is expected to moderate in the second half.
Cash generation and capital allocation demonstrated financial discipline and shareholder returns.
Free cash flow reached €1.5 billion in H1 2026, up €0.5 billion versus the prior year period. The company completed €1.5 billion in share buybacks during H1 and increased the Q2 dividend by 3.0% year-over-year. The presentation also highlighted portfolio actions, including the proposed combination of Unilever’s Foods business with McCormick & Company and activities related to the grüns brand.
Forward-Looking Statements
Unilever upgraded its full-year 2026 outlook based on first-half momentum and second-half expectations.
The company now expects full-year underlying sales growth of 4% to 6%, within its multi-year guidance range, with underlying volume growth around 3%—up from the previous 2% target. For the second half specifically, management guided to underlying sales growth of 4% to 5%, led by pricing as the company passes through higher commodity costs. The company maintained its expectation for modest improvement in full-year underlying operating margin versus the 20.0% achieved in 2025.
Additional financial guidance provided clarity on other key metrics for the full year.
Management expects capital expenditure above 3% of turnover, restructuring costs around 1.0% of turnover, and leverage of approximately 2x net debt to underlying EBITDA. Net finance costs are projected at less than 3% on average net debt, with the underlying effective tax rate remaining around 26%. Currency impact for the full year is expected to be approximately 3% on turnover and around 20 basis points on underlying operating margin, based on July spot rates and extreme price growth above 26% in hyperinflationary markets.
The presentation concluded with management’s confidence in executing its "Perform and Transform" strategy, emphasizing that the Foods separation remains firmly on track, H1 results were strong and broad-based, the marketing and sales machine continues to strengthen, and the company maintains confidence in full-year delivery.
Full presentation:
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