Today, we announced our results for the first half of 2023.

Underlying sales growth of 9.1%, driven by all Business Groups, with 9.4% price growth and -0.2% volume
Turnover increased 2.7% to €30.4 billion, with -3.2% from currency and -2.7% from disposals net of acquisitions
Underlying operating profit improved 3.3% to €5.2 billion, with a 10bps margin improvement to 17.1%
Underlying earnings per share improved 3.9%, diluted EPS up 23.6%,boostedby profit on disposals and lower restructuring spend
Completed third €750 million tranche of our ongoing share buyback programme of up to €3 billion
Brand and marketing investment increased €0.4 billion in constant exchange rates
Our billion+ Euro brands, accounting for 55% of Group turnover, delivered underlying sales growth of 10.8%, led by strong performances from Rexona, Hellmann’s, OMO, Sunsilk and Lux
Continued portfolio reshaping with the announced acquisition of the frozen yoghurt brand Yasso and the sale of the Suave brand in North America.

Statement from Hein Schumacher, CEO
“Unilever’s performance in the first half highlights the qualities that attracted me to the business: an unmatched global footprint, a portfolio of great brands and a team of talented people.

“My early immersion in the business has confirmed my belief in Unilever’s strong fundamentals. The task ahead is to leverage these core strengths – supported by our simplified operating model – to drive improved performance and competitiveness. This is our absolute priority and it will mean bringing greater focus and sharper execution, with science-backed innovations and investment behind our brands.

“This opportunity to step up our performance and unlock our full potential makes it an exciting time to lead Unilever. I look forward to sharing further details when we report our Q3 results in October.”

Outlook
In a volatile and high-cost environment, we will deliver another year of strong underlying sales growth in 2023. We expect underlying sales growth for the full year to be above 5%, ahead of our multi-year range, with underlying price growth continuing to moderate through the year.

Our expectation for net material inflation (NMI) for 2023 is around €2 billion of which €0.4 billion is anticipated in the second half. We continue to expect a modest improvement in underlying operating margin for the full year, reflecting higher gross margin and increased investment behind our brands.
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