ul-20241231

Potential impact of risk

Management policy and
hedging strategy

Sensitivity to the risk

(i) Commodity price risk
The Group is exposed to the risk of changes in
commodity prices in relation to its purchase
of certain raw materials.
At 31 December 2024, the Group had hedged its
exposure to future commodity purchases with
commodity derivatives valued at €660 million (2023:
€342 million).
Hedges of future commodity purchases resulted in
cumulative gains of €27 million (2023: loss of
€79 million) being reclassified to the income
statement and gains of €11 million (2023: loss of €34
million) being recognised as a basis adjustment to
inventory purchased.

The Group uses commodity forwards, futures, swaps
and option contracts to hedge against this risk. All
commodity forward contracts hedge future purchases
of raw materials and the contracts are settled either
in cash or by physical delivery.
The Group also hedges risk components of
commodities where it is not possible to hedge the
commodity in full. This is done with reference to the
contract to purchase the hedged commodity.
Commodity derivatives are generally designated as
hedging instruments in cash flow hedge accounting
relations. All commodity derivative contracts are
done in line with approvals from the Global
Commodity Executive which is chaired by the
Unilever Chief Business Operations Officer (CBOO)
or the Global Commodity Operating Team which is
chaired by the Chief Procurement Officer.

A 10% increase in commodity prices as at 31
December 2024 would have led to a €81 million
gain on the commodity derivatives in the cash flow
hedge reserve (2023: €40 million gain in the cash
flow hedge reserve).
A decrease of 10% in commodity prices on a full-
year basis would have the equal but opposite
effect.

(ii) Currency risk
Currency risk on sales, purchases and
borrowings
Because of Unilever’s global reach, it is subject to
the risk that changes in foreign currency values
impact the Group’s sales, purchases and
borrowings.
At 31 December 2024, the exposure to the Group
from companies holding financial assets and
liabilities other than in their functional currency
amounted to €351 million (2023: €254 million).

The Group manages currency exposures within
prescribed limits, mainly through the use of forward
foreign currency exchange contracts.
Operating companies manage foreign exchange
exposures within prescribed limits.
The aim of the Group’s approach to management of
currency risk is to leave the Group with no material
residual risk.

As an estimation of the approximate impact of the
residual risk, with respect to financial instruments,
the Group has calculated the impact of a 10%
change in exchange rates.
Impact on income statement
A 10% strengthening of the foreign currencies
against the respective functional currencies of
group companies would have led to approximately
an additional €35 million loss in the income
statement (2023: €25 million loss).
A 10% weakening of the foreign currencies against
the respective functional currencies of group
companies would have led to an equal but
opposite effect.
Impact on equity – trade-related cash flow
hedges
A 10% strengthening of foreign currencies against
the respective functional currencies of group
companies hedging future trade cash flows and
applying cash flow hedge accounting, would have
led to €158 million loss (2023: €142 million loss) in
equity.
A 10% weakening of the same would have led to
an equal but opposite effect.

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:



Title of each class
3.1% Notes due 2025 3.375% Notes due 2025 2.0% Notes due 2026 7.250% Notes due 2026 2.9% Notes due 2027 4.25% Notes due 2027 3.5% Notes due 2028 4.875% Notes due 2028 6.625% Notes due 2028 2.125% Notes due 2029 1.375% Notes due 2030 4.75% Notes due 2031 1.750% Notes due 2031 5.9% Notes due 2032 5.0% Notes due 2033 4.625% Notes due 2034 2.625% Notes due 2051 5.600% Notes due 2097

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the

annual report.

The total number of outstanding shares of the issuer’s capital stock at the close of the period covered by the annual report was:

2,524,997,338

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:

Yes x No o

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934:

Yes o No x

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act

of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject

to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule

405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to

submit such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth

company. See definition of “large accelerated filer,” accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer x Accelerated filer o Non-accelerated filer o Emerging Growth Company o

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has

elected not to use the extended transition period for complying with any new or revised financial accounting standards* provided pursuant to

Section 13(a) of the Exchange Act. o

*The term ‘‘new or revised financial accounting standard’’ refers to any update issued by the Financial Accounting Standards Board to its

Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its

internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting

firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included

in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based

compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o


Cautionary Statement

This document 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 deemed to be, forward-looking statements. Words 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 or results 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 the Group’s emissions reduction and other

sustainability-related targets and other climate and sustainability matters (including actions, potential impacts and risks and opportunities 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 document. These forward-looking statements are based upon current 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 document 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 those expressed in the forward-looking statements included in

this document are: 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, including the proposed separation of our Ice Cream business; economic, social and political risks and

natural disasters; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters and practices with regard to the

interpretation and application thereof and emerging and developing ESG reporting standards including differences in implementation of climate and sustainability

policies in the regions where the Group operates. Also see ’Our Principal Risks’ on pages 51 to 61

for additional risks and further discussion.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently

available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many

possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary

materially from those expressed in our forward-looking statements.

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

any 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. In preparing

the sustainability and climate-related information in this document, Unilever has made a number of key judgements, estimations and assumptions. Sustainability and

climate data, models and methodologies are often rapidly evolving and are not of the same accuracy as those available in the context of other financial information.

There may also be challenges in relation to availability of sustainability and climate-related data and potential inconsistencies. This means that sustainability and

climate-related forward-looking statements can be subject to more uncertainty than other types of statements and therefore our actual results and developments

could differ from those expressed or implied in the sustainability and climate-related forward-looking statements in this document.

This document also contains data on the Group’s Scope 1, 2 and 3 emissions. Some of this data is based on estimates, assumptions and uncertainties. Scope 1 and

2 emissions data relates to emissions from the Group’s own activities and supplied heat, power and cooling, and is generally easier for the Group to gather than

Scope 3 emissions data. Scope 3 emissions relate to other organisations’ emissions and is therefore subject to a range of additional uncertainties, including that: data

used to model lifecycle footprints is typically industry-standard data or estimates rather than relating to individual suppliers; and lifecycle models, such as the Group’s,

cover many but not all products and markets. In addition, international standards and protocols relating to Scope 1, 2 and 3 emissions calculations and

categorisations also continue to evolve, as do accepted norms regarding terminology, such as carbon neutral and net zero, which may affect the emissions data the

Group reports. As Scope 3 emissions data improves, shifting over time from generic modelled data to more specific data, the data reported in this document is likely

to evolve. We will continue to review and develop our approach to emissions data in line with evolving market approaches and standards.

Throughout this report, we include non-GAAP financial measures to explain the performance of our business, including underlying sales growth, underlying volume

growth, underlying price growth, non-underlying items, underlying operating profit, underlying operating margin, underlying earnings per share, underlying effective

tax rate, constant underlying earnings per share, free cash flow, cash conversion, underlying return on assets, net debt and underlying return on invested capital.

Such non-GAAP financial measures are defined in ’Additional financial disclosures’ and a reconciliation of these measures to their most directly comparable GAAP

financial measures are included within ’Additional financial disclosures’. See pages 40 to 47.

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 2024.

This document is not prepared in accordance with US GAAP and should not therefore be relied upon by readers as such. The Annual Report on Form 20-F 2024 is

separately filed with the US Securities and Exchange Commission and is available on our corporate website: www.unilever.com.

In addition, a printed copy of the Annual Report on Form 20-F 2024 is available, free of charge, upon request to Unilever, Investor Relations Department, 100 Victoria

Embankment, London EC4Y 0DY, United Kingdom.

This document comprises regulated information within the meaning of Sections 1:1 and 5:25c of the Act on Financial Supervision (‘Wet op het financieel toezicht

(Wft)’) in the Netherlands.

The brand names shown in this report are trademarks owned by or licensed to companies within the Group.

References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in,

and does not form part of, the Unilever Annual Report and Accounts 2024

Building for consistent, higher performance

2024 was a year of transformation for Unilever. We stepped up our operational performance,

sharpened our portfolio, and started to put in place a leaner, more productive organisational

model. However, we know there is more work to do to ensure we deliver improvements on a

consistent basis.

In a world of ever-increasing consumer expectations and rapidly advancing technology, it is

more important than ever that we leverage our innovative, market-making and pioneering

capabilities.

The Growth Action Plan 2030 is our strategic response to these opportunities and challenges.

It will enable us to focus, excel and accelerate in the areas that are critical to our future

success – unlocking the full potential of Unilever to deliver best-in-class performance for our

shareholders and stakeholders.



	In this report

	Strategic Report

	About Unilever
	2	Unilever at a glance
	4	Our Strategy: Growth Action Plan 2030
	Review of the Year
	6	Chair’s statement
	8	Chief Executive Officer’s statement
	10	Unilever Group Financial Review
	14	Business Group Review
	34	Our People & Culture
	36	Sustainability Review
	Our Performance
	38	Financial performance
	48	Non-financial performance
	Our Principal Risks
	51	Risk management approach
	52	Principal Risks
	60	Viability statement

	Governance Report

	64	Governance Report Overview
	66	Board of Directors
	68	Unilever Leadership Executive (ULE)
	70	Operation of the Board
	78	Additional Information
	81	Report of the Nominating and Corporate Governance Committee
	86	Report of the Audit Committee
	91	Report of the Corporate Responsibility Committee
	95	Directors’ Remuneration Report


	Financial Statements

	120	Statement of Directors’ Responsibilities
	121	Report of Independent Registered Public Accounting Firm
	138	Consolidated Financial Statements Unilever Group
	142	Notes to the Consolidated Financial Statements
	200	Group Companies
	211	Shareholder Information – Financial calendar
	212	Additional Information for US Listing Purposes

	Sustainability Statement

	224	General Information
	230	Environmental Disclosures
	267	Social Disclosures
	287	Governance Disclosures

	Online

	You can find more information about Unilever online at www.unilever.com. The Unilever Annual Report on Form 20-F 2024 (and the Additional Information for US Listing Purposes) along with other relevant documents can be downloaded at www.unilever.com/investors/annual-report-and- accounts. References to information on websites in this document are included as an aid to their location and such information is not incorporated in, and does not form part of this document. Any website URL is included as text only and is not an active link.


6	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR
Chair’s statement



			Critically, our task now is to accelerate the execution of the GAP 2030 to ensure we deliver improvements on a consistent basis over many years.

			Ian Meakins Chair

INTRODUCTION

Looking back on my first full year as Chair of Unilever, I believe we

have made decent progress under our Growth Action Plan, or GAP.

However, it is only a start and we have a long way yet to go. We fully

appreciate that we must deliver year in, year

out to become best-in-class – that is our ambition. To achieve great

results consistently, we need to accelerate the execution of our plans

significantly.

It was for that reason the Board decided to appoint Fernando

Fernandez as Chief Executive Officer, from 1 March 2025. Fernando

was Chief Financial Officer and over a period of decades, has

developed some of Unilever’s fastest-growing businesses, such as

Beauty & Wellbeing, and some of its best-performing markets including

Latin America. His success has been based on consistently building

brand equities and on ensuring the in-market execution of plans was

best-in-class. He has also developed some of Unilever’s most talented

leaders. Further, he has shown in the last 15 months as CFO that he

can perform extremely well at a PLC level, displaying great leadership

in support of the business and in helping to drive the results delivered

in 2024. The Board has been impressed by his decisive, results-

oriented approach and is confident in his ability to lead and develop a

high-performing management team, realise the benefits of the GAP,

with urgency, and deliver the shareholder value that the company’s

potential demands.

Fernando succeeds Hein Schumacher, who will leave the company on

31 May 2025 after an orderly transition. Hein and the leadership team

have reset the company’s strategy, brought focus and discipline to our

operations and delivered decent financial progress. In addition to the

GAP, we are well into a significant productivity programme and the

separation of Ice Cream, both of which are fully on track. We are grateful

to Hein for his leadership and wish him the very best for the future.

Consequent to these changes, Srinivas Phatak, previously Deputy

Chief Financial Officer and Group Controller, was appointed Acting

CFO from 1 March 2025. Srinivas’ leadership qualities and deep

experience of the business – including a successful term as CFO of

Hindustan Unilever – will serve him well in partnering Fernando. A

thorough internal and external search process is underway to appoint a

permanent CFO.

Despite the progress in 2024, we are very conscious that we are at an

early stage in the transformation of Unilever. There is more to do as we

restore confidence in the company and improve our overall market

shares. We see this reflected in the Unilever share price, which –

despite being up over the last year – is still only at the level seen five

years ago. Clearly, this is very disappointing and we fully understand

that we have a long way to go.

RESULTS AND PERFORMANCE

In 2024, turnover was up 1.9%, to €60.8 billion, despite adverse

impacts from currency and some portfolio rationalisation. The Group

delivered underlying sales growth of 4.2%. Importantly, this was

volume-driven across all Business Groups, with underlying volume

growth of 2.9%, driven by our Power Brands.

Operating profit was €9.4 billion, and €11.2 billion on an underlying

basis, stripping out the effects of disposals and higher restructuring

costs. Gross margin rose substantially in 2024 as a result of volume

leverage, pricing activity and higher savings delivery. Cash flow from

operating activities increased by €0.6 billion compared to the prior year

and free cash flow delivery was strong at €6.9 billion. Underlying

earnings per share (EPS) grew 14.7%, to €2.98, the first substantial

increase since 2019. On a diluted basis, EPS was €2.29, reflecting the

impact of disposals and higher restructuring costs as a result of

accelerating the productivity programme.

In 2024, we returned €5.8 billion to shareholders through dividends

and share buybacks, having completed a €1.5 billion buyback

programme during the year. With our full-year results, we announced a

further share buyback programme of up to €1.5 billion to be completed

during the first half of 2025.

STRATEGY

Building on the progress made in 2024, we have unveiled a refreshed

purpose and a new set of strategic priorities for Unilever. The GAP

2030 puts the consumer at the heart of our plans and sets out what we

believe we can achieve by 2030.

With the separation of Ice Cream, the business will in future be based

around four similarly sized Business Groups, all enjoying leading

market positions. The GAP 2030 has been designed to


Unilever Annual Report on Form 20-F 2024		7



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR

ensure we take better advantage of these positions. Brands will be

prioritised according to their ability to grow their categories and gain

share. This will be done by focusing on fewer, bigger, more scalable

innovations, and through the continued rapid roll-out globally of the

Unmissable Brand Superiority (UBS) framework, which allows us to

address elements of underperformance quickly and holistically across

six areas of consumer preference: product, price, packaging,

proposition, promotion and place.

The choices we made and implemented in 2024 have put our portfolio

in good shape for the future. The planned separation of Ice Cream, the

sale of the Russian business, and the disposals of Elida Beauty,

Truliva and Pureit mean we can focus on our four excellent Business

Groups, where there is great growth potential. Although this is mainly

organic, it will also come from selected bolt-on acquisitions, like K18,

to ensure the portfolio is well set up for the long term.

The Board fully supports the GAP 2030 and believes we have the right

plans, resources and expertise in place. The critical challenge for

Fernando and the Unilever Leadership Executive is to execute the

programme as rapidly as possible and to do so globally at scale.

Rebuilding our brand equities through the accelerated execution of

UBS and better consumer- and customer-focused plans will deliver

faster organic growth and enable us to reclaim lost market share.

SEPARATION OF ICE CREAM

The separation of the Ice Cream business is on track. Following a

thorough review by the Board of the separation options – focused on

maximising shareholder value, setting the Ice Cream business up for

success and execution certainty – we have announced that the

business will be separated by way of demerger, with listings in

Amsterdam, London and New York, the same three exchanges on

which Unilever PLC shares are traded. The business will be

incorporated in the Netherlands and headquartered, as now, in

Amsterdam. We are delighted that Jean-François van Boxmeer, a

highly regarded and experienced business figure, has agreed to

become Chair of the business.

NON-EXECUTIVE DIRECTORS AND GOVERNANCE

As part of our commitment to comply with corporate governance

standards, we keep the composition of the Board under regular review.

In 2024, we were delighted to welcome Judith McKenna. As a former

President and CEO of Walmart International, Judith brings a wealth of

relevant experience, which is already being put to good effect,

including as a member of the Compensation Committee and Corporate

Responsibility Committee (CRC).

The composition of the Board was further strengthened with two

appointments in early 2025. Benoît Potier joined the Board on 1

January and will sit as a member of the Audit Committee and CRC.

Benoît has an excellent track record of success in global business,

including as Chair – and previously CEO – of Air Liquide. Zoe

Yujnovich joined the Board on 1 March and will sit on the Nominating

and Corporate Governance Committee and the CRC. Zoe currently

serves as Shell’s Integrated Gas and Upstream Director and has

delivered strong performance. Her previous roles include President

and CEO of the Iron Ore Company of Canada at Rio Tinto. I am

delighted to welcome Benoît and Zoe to the Board.

After seven years as a Non-Executive Director, Andrea Jung

has decided not to stand for re-election at the 2025 AGM. On behalf of

the Board, I want to thank Andrea for her significant contribution over

that time.

It is important that Non-Executive Directors continuously develop their

knowledge of the business. That includes engaging regularly with the

company’s workforce and other stakeholders. In addition to the six

planned Board meetings in 2024, Non-Executives took part in six

dedicated workforce engagement events, covering a wide range of

topics and with colleagues from all levels of the business.

Individual directors also took part in a number of site visits, including to

our businesses in the US, China, South Africa and New Zealand. As

part of my own programme of engagement, I was pleased to visit one

of our most strategically important operations, Hindustan Unilever

(HUL), discussing ways in which to keep HUL at the forefront of its

markets. It is clear we have an excellent business in India, built over

many decades, and that the team is working very hard to achieve their

growth ambitions.

Tackling climate change is an important priority for the Group. It is also

one of our four big sustainability platforms, alongside Nature, Plastics

and Livelihoods, as set out in the GAP 2030. At last year’s AGM, we

were pleased to receive the overwhelming support of shareholders for

our latest Climate Transition Action Plan (CTAP). This comprehensive

approach to addressing the effects of climate change within our sphere

of business includes more ambitious Scope 3 targets, a continued

emphasis on absolute emission reductions rather than offsetting, and a

shift of focus to the specific Scope 3 emissions we can most influence.

We plan to deliver these commitments by embedding CTAP across the

business. We know that executing our sustainability agenda is part of

what will make Unilever a stronger and more resilient business over the

long term.

SUMMARY

Our whole team is working hard to bring about a step-change in

Unilever’s performance. To that end, we can point to some decent

signs of progress in 2024, as reflected in the company’s full-year

results. Critically, our task now under Fernando’s leadership is to find

ways to accelerate the execution of the GAP 2030 and to ensure we

deliver improvements on a consistent basis over many years. The

Board and management of the company are all fully focused on this

imperative.

My view of our company and the huge opportunities open to us has

been strongly reinforced during my first full year as Chair. It has been a

pleasure to meet and work alongside many of our teams and to visit

some of the company’s operations. I know that all our colleagues share

my, and the Board’s, desire to see the company unlock its full potential.

Finally, I want to thank everyone for their hard work and good delivery

in 2024.

Ian Meakins

Chair


8	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR
Chief Executive Officer’s statement



			We have stepped up our operational performance, sharpened our portfolio, and are in the process of delivering a stronger, more productive organisational model.

			Fernando Fernandez Chief Executive Officer

OVERVIEW

We made solid progress in 2024 as we accelerated the execution of

our Growth Action Plan across the company. As an operational

response to the challenges Unilever has faced over recent years, the

GAP has gone a long way in helping to improve the quality of our top-

and bottom-line performance. However, there is a lot still to do.

Winning market share across the markets in which we operate remains

a key priority for us in 2025.

One of the principles underpinning the GAP has been the need for

Unilever to do fewer things, better, with greater impact. This thinking

lay behind two other important and related decisions in the early part of

2024.

First, the announcement to separate Ice Cream by the end of 2025.

When successfully completed, this will leave us with a stronger, more

focused portfolio, built around four Business Groups with

complementary operating models and attractive prospects: Beauty &

Wellbeing, Personal Care, Home Care and Foods. In turn, the

separation will give Ice Cream greater flexibility to deploy its distinctive

operating model in a way that drives growth. We are on track with the

separation, having recently announced the name of the Chair-

Designate of the company, Jean-François van Boxmeer, as well as

details of the listing structure.

Second, we are making Unilever a leaner, more efficient and more

accountable organisation by executing a company-wide productivity

drive. The programme is already well advanced and is being

implemented at pace, but also with care for the 7,500 mostly office-

based colleagues whose roles are impacted. The programme is

targeted to deliver €800 million of savings, more than offsetting the

estimated operational

dis-synergies from the separation of Ice Cream.

Together, these are significant developments which align closely with

our GAP objective to free up financial and management resources to

put behind Unilever’s biggest brands and strongest growth

opportunities. These measures were introduced under the leadership

of my predecessor as CEO, Hein Schumacher, who I was very pleased

to partner with as CFO. I want to thank Hein for his values-led

leadership and for the strong performance focus he brought to the

business, the benefits of which were evident in our results for 2024.

RESULTS AND PERFORMANCE 2024

In launching the GAP towards the end of 2023, we made clear that

rebuilding our brand equities and accelerating consumer demand were

needed to deliver our objectives of volume-led growth, gross margin

expansion and improved competitiveness.

We made progress against these objectives in 2024. Underlying sales

grew 4.2% (turnover growth of 1.9% to

€60.8 billion), driven by 2.9% volume growth, while price growth

moderated to 1.3% on the back of lower commodity costs.

Our 30 Power Brands are key to our plans and they delivered strong

underlying sales growth of 5.3%. This was supported by a focus on

fewer, bigger, science-backed innovations, like Dove’s Advanced Care

Deodorant, Persil’s Wonder Wash for short cycles, Liquid I.V.’s Sugar-

Free variant and Comfort’s Botanicals range.

Underlying sales growth was broad-based across the Business Groups

with each delivering positive volumes for the year. Beauty & Wellbeing

delivered a particularly strong, volume-led performance. Operational

interventions in Ice Cream led to an improved performance in 2024.

Growth was also driven across both our developed and emerging

market businesses, with North America, our biggest region, continuing

to deliver a strong and resilient performance. Our focused innovation

plan for Europe, another hard-currency market, resulted in a broad-

based

step-up in volume growth. However, we faced challenges in a few

emerging markets. Some of these relate to economic conditions and

market slowdowns, such as in China, but where we are confident of

our prospects and where our business remains competitive. However,

the challenges in Indonesia, Unilever’s sixth-largest market, are long-

standing and go deeper, requiring a resetting of the business, which

we are implementing with speed and resolve.

We also made good bottom-line progress in 2024. Operating profit was

€9.4 billion, resulting in an operating margin of 15.5%. This included

non-underlying charges, primarily a loss on disposals and higher

restructuring costs as a result of accelerating our productivity

programme. Underlying operating profit increased 12.6% versus 2023,

to €11.2 billion, giving an underlying operating margin of 18.4%.

The improvement in profitability was fuelled by gross margin

expansion, which rose 280 basis points to 45% on the back of our

GAP-related net productivity intervention. Importantly, this allowed us

to increase brand and marketing investment by €0.9 billion, to 15.5% of

Group turnover, the highest investment ratio for a decade.

Although we saw sequential improvements in the second half of 2024

in our turnover-weighted market share movement, we still have work to

do to improve our overall competitiveness and turn our market shares

consistently positive.


Unilever Annual Report on Form 20-F 2024		9



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR

THE GROWTH ACTION PLAN 2030

The operational improvements under the GAP have provided the

clarity – and given us the confidence – to look further ahead. Last year,

we set out a new, longer-term strategy for Unilever – our Growth Action

Plan 2030 (GAP 2030).

It begins with a re-expression of the kind of company we want to be.

By anchoring our purpose around the aspirations of our consumers,

'Brighten everyday life for all' draws on our rich heritage, reminding us

that Unilever is at its best when it stands at the forefront of change,

whether in building brands, shaping categories or making markets.

Putting the consumer front and centre like this is a vital precondition in

meeting our business goal of delivering

best-in-class performance with what we term, unmissably superior

brands. This, ultimately, is the route to providing total shareholder

returns in the top third of our peer group.

Strategy is all about making choices, and under the GAP 2030 (see

page 5), we have distilled these under three key pillars.

First, to focus our efforts and resources on where we can generate the

highest levels of sustained, profitable growth. Hence, while we expect

– and will support – all parts of the business to grow, we will give

financial and organisational priority to the 30 Power Brands and top 24

markets that make up more than 75% and around 85% of Group

turnover, respectively.

Second, to excel in five consumer-facing areas that we have identified

as critical in generating demand for our brands. These are: ensuring

our brands go from 70% to 80% superiority under our new, rigorous,

Unmissable Brand Superiority framework; that our marketing leads the

way when it comes to social-first consumer engagement; that our top

12 innovations are more scalable, each capable of becoming a €100

million-plus platform on a multi-year basis; that we go from under-

indexed to over-indexed in the fast-growing premium segment of the

market; and that our brands are more present in specialty health and

beauty stores, digital commerce and other rapidly expanding retail

channels.

Third, to accelerate the critical capabilities needed to stay ahead in

such a highly dynamic and fast-moving environment. This includes, for

example, being at the forefront of those scientific and technological

developments of most relevance to our brands and categories, such as

microbiome and biotechnology. It also means harnessing the

transformative power of Artificial Intelligence, which we are doing with

sizeable investments across six key technology platforms, covering

both the demand creation and the productivity and savings sides of our

business.

These strategic choices rest on two key platforms – sustainability and

a winning culture – that help define the Unilever we want to be.

Our sustainability agenda is focused on those areas of greatest

relevance to the business, but also where we can use our scale and

influence to have the most positive impact: Climate, Nature, Plastics

and Livelihoods. In order to accelerate action, each area is

underpinned by a number of stretching near- and medium-term targets.

The greater focus and energy we are bringing to the delivery of our

sustainability priorities led to some encouraging progress in 2024. You

can read more about this on pages 36 to 37.

As with sustainability, Unilever has built an enviable reputation for its

robust culture, founded on strong values and admired workplace

practices. This was reaffirmed last year when we were named FMCG

employer of choice for graduates and early career talent in nine of our

biggest markets, including India and China.

Under the GAP 2030, we intend to build on these qualities – and

on our outstanding levels of talent – by developing a winning culture.

This will be done through a series of behavioural shifts and by

implementing a reward framework more closely linked to – and

incentivised around – differentiated business performance. For more

information on how we are going about building a winning culture, see

pages 34 to 35.

LOOKING AHEAD

We know that we have a big agenda in front of us if we are to realise

our ambition of making Unilever a best-in-class performer, capable of

delivering consistent, high-quality growth and competitive returns for

shareholders and other stakeholders.

However, we can take encouragement from the progress we have

made so far. We have stepped up our operational performance,

sharpened our portfolio, and we are in the process of delivering a

stronger, more productive organisational model. Moreover, we are

displaying a new willingness to confront operational challenges and

underperformance with swift and decisive action. The big challenge for

us now is to accelerate delivery of our GAP 2030 strategy, globally and

at scale. All Unilever Leadership Executive members are focused on

this task to ensure we meet our commitments.

In 2025, we expect underlying sales growth to be within our multi-year

range of 3–5%, with a more balanced contribution of volume and price

and a modest improvement in underlying operating margin.

Finally, 2024 was a year of significant change for our business. I want

to commend the whole Unilever team for staying focused on

implementing these changes while simultaneously delivering a step-up

in the Group’s results. Thanks to their hard work and incredible

commitment, we are steadily laying the foundations for a simpler,

stronger, consistently high-performing Unilever.

Fernando Fernandez

Chief Executive Officer


12	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR
Group Financial Review



		HIGHLIGHTS

		■Turnover increased 1.9% to €60.8 billion. ■Underlying sales growth of 4.2%, led by 2.9% volume growth with positive volumes in all Business Groups. Power Brands leading growth with 5.3% USG. ■Gross margin up 280bps to 45.0% fuelling brand investment of 15.5% of turnover. ■Underlying operating profit of €11.2 billion, up 12.6% with operating profit of €9.4 billion. ■Cash conversion of 106% with free cash flow of €6.9 billion. ■Underlying earnings per share increased 14.7%; diluted EPS decreased 10.6%.

YEAR IN SUMMARY

Under the Growth Action Plan (GAP) launched in 2023, we committed to

doing fewer things, better, and with greater impact. With this focus, in

2024, we delivered improved performance with volume growth and

gross margin expansion. We generated turnover of €60.8 billion,

operating profit of €9.4 billion, net profit of €6.4 billion and free cash flow

of €6.9 billion during the year.

GROWTH

Turnover was up 1.9% versus the prior year. Underlying sales growth

contributed 4.2%, which more than offset the (0.7)% impact from currency

and (1.5)% from disposals net of acquisitions.

The underlying sales growth of 4.2% comprised 2.9% volume and

1.3% price. We delivered four consecutive quarters of underlying

volume growth above 2%, with all Business Groups driving positive

volume growth for the year. As expected, underlying price growth

moderated versus the prior year.

Power Brands contributed more than 75% of turnover and performed

strongly with 5.3% underlying sales growth, driven by volume growth of

3.8%. The rest of the business also delivered improved volumes, with

volume growth of 0.7% in the second half, up from (1.6)% in the first half of

2024.

Our turnover-weighted market share movement,(a) which measures

our competitive performance on a rolling 12-month basis, sequentially

improved in the second half, reflecting the increasing benefits from the

GAP.

Beauty & Wellbeing grew underlying sales by 6.5%, with volume growth of

5.1%, driven by strong growth across its Power Brands. Personal Care grew

5.2%, with 3.1% volume growth, driven by strong, innovation-led sales

growth of Deodorants. Home Care underlying sales increased 2.9%, with

4.0% volume growth more than offsetting the price decline linked to

commodity cost deflation. Foods grew underlying sales 2.6%, with muted

volume growth of 0.2% amid a market slowdown and moderating prices. Ice

Cream grew 3.7%, with a return to positive volume growth of 1.6%.

Developed markets, which represented 42% of 2024 Group turnover,

(a)Turnover-weighted market share movement: global aggregate of Unilever value market

share changes, weighted by the turnover of the category-country combinations.

grew underlying sales 4.4%. Underlying volume growth of 3.3%

reflected a strong performance in North America, led by Beauty &

Wellbeing, and a big improvement in Europe, driven by Home Care

and Personal Care. Underlying price growth was 1.1%, which, as

expected, was lower than the prior year.

Emerging markets which represented 58% of 2024 Group turnover, grew

underlying sales 4.1%, with 2.5% from volume and 1.5% from price. India

grew 1.8% with 2.4% underlying volume growth. Tonnage volume grew

mid-single digit, which was partially offset by adverse mix due to the strong

growth in Home Care. The business continued to increase market share

during a period of modest market growth. Latin America grew 6.0% with

positive volume growth across Brazil, Mexico and Argentina. Growth

slowed in the second half, reflecting a deterioration of economic conditions

in the region. Africa and Turkey delivered double-digit growth with positive

volumes and price in each quarter.

MARGIN

Operating profit of €9.4 billion decreased 3.7% versus the prior year.

This reduction was driven by higher non-underlying charges, most

notably a net loss on disposals of €0.4 billion and higher restructuring

costs of €0.9 billion as a result of accelerating the productivity

programme.

Underlying operating profit was €11.2 billion, up 12.6% versus the prior

year. Underlying operating margin increased 170bps to 18.4%.

We expanded gross margin to 45.0%, the highest it has been in a

decade. Our gross margin improvement in 2024 reflects positive

contributions from volume leverage, mix and net productivity gains in

material, production and logistics costs. It was also helped by input

cost deflation in the first half, which turned into slight inflation in the

second half. Continuing to improve gross margin remains a key focus

for the business.

Improved gross margin fuelled further increases in brand and marketing

investment behind a strong and focused innovation programme.

Investment was up to 15.5% of turnover, an increase of €0.9 billion.

Overheads reduced by 0.1% as a percentage of turnover, as a result of

tighter cost control and savings in the second half from the productivity

programme, offset by inflation.

CASH, CAPITAL ALLOCATION AND EARNINGS

We delivered strong cash conversion of 106%. Free cash flow was

€6.9 billion versus €7.1 billion in 2023. The prior-year comparator

included a €0.4 billion tax refund received in India and a significant

working capital improvement of €0.8 billion.


Unilever Annual Report on Form 20-F 2024		13



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR

Diluted earnings per share of €2.29 decreased by 10.6% versus 2023

due to loss on disposals and accelerated productivity programme

spend. Underlying earnings per share increased 14.7% to €2.98,

including (0.7)% of adverse currency. Constant underlying earnings per

share increased by 15.4%, reflecting a strong operational performance.

The reduction in the average number of shares as a result of the share

buyback programme contributed 1.0%.

Underlying return on invested capital improved 190bps to 18.1%

(2023: 16.2%). This reflected strong underlying operating profit growth

driven by turnover growth and underlying operating margin expansion,

while average invested capital in 2024 was up €0.5 billion versus the

prior year. Reported return on invested capital decreased by 1.8% to

14.5%, driven by a decrease in operating profit from higher non-

underlying charges, including the loss on disposals and accelerated

productivity programme spend.

In 2024, we returned €5.8 billion to shareholders through dividends

and share buybacks. We completed the €1.5 billion share buyback

programme in September. The Q4 2024 dividend was up 6.1%

compared to Q4 2023, and reflecting the Group’s continued strong

cash generation, we announced a share buyback programme of €1.5

billion to be conducted during 2025.

PORTFOLIO RESHAPING

We continue to reshape our portfolio, allocating capital to premium

segments through bolt-on acquisitions and divesting lower-growth

businesses. In February, we acquired K18, a premium biotech hair

care brand.

GROWTH

ALGORITHM

CASH

GENERATION

CAPITAL

ALLOCATION

*Calculated as dividend per share/underlying earnings per share.

Our medium-term value creation framework after the separation of Ice Cream is aimed at delivering absolute profit growth in

line with our top-third total shareholder return ambition, and is anchored in delivering against the framework set out below.

OUR 2024 RESULTS AGAINST THIS FRAMEWORK ARE:

OUR VALUE CREATION PLAN



Mid-single-digit growth (USG)	Modest margin improvement (UOM)	Top-third shareholder returns
UVG of at least 2%	Fuelled by gross margin

2024	2024
'4.2% (2.9% UVG)	'18.4% (+170bps)


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

2024	2024	2024

1.9

net debt/EBITDA


Growth productivity	Portfolio reshaping Bolt-on M&A focused on US & India No transformational M&A	Capital returns Attractive dividend (~60% payout) Share buyback with surplus cash
Growth productivity

2024	2024	2024
	5 transactions completed (5 transactions announced)

15.5%

BMI (+120bps)

106%

free cash flow

€6.9bn

cash conversion

We completed several disposals during the year. These included Elida

Beauty, our stake in Qinyuan Group (known as ’Truliva’), a water

purification business in China, and Pureit, a water purification business

in Asia and Mexico. In October, we completed the sale of our Russian

subsidiary to Arnest Group. The sale included all of Unilever’s business

in Russia and its four factories, as well as our business in Belarus. In

addition, we announced several disposals that we expect to complete

during 2025, including the sale of the Foods’ brands Unox, Conimex

and Zwan, as well as the disposal of our laundry business in Central

America.

As part of efforts to evolve our Beauty & Wellbeing portfolio,

in January 2025 Hindustan Unilever Limited announced it has signed

an agreement to acquire the premium actives-led beauty brand

Minimalist, as we continue to evolve our Beauty & Wellbeing portfolio

towards higher growth and demand spaces in India.

LOOKING FORWARD

Our new organisation structure went live on 1 January 2025. This

enables the Business Groups to be driven by 30 Power Brands and to

operate across 24 Business Group-led markets, which represent

approximately 85% of Group turnover. The remaining smaller markets

are now run on a ’One Unilever’ basis to benefit from scale and

simplicity, further enhancing our portfolio prioritisation and focus.

Our financial ambition is to deliver absolute profit growth in line with our

'18.1%

(+190bps)

59%

dividend payout*

€1.5bn

share buyback

top-third shareholder return ambition. We will achieve this through our

value creation model, which aims for over 2% volume growth and we will

invest consistently to achieve this goal. This will be enabled by

continuing to expand gross margins, leading to a modest increase in

operating margins.


16	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS

REVIEW OF THE YEAR

Driving purpose, science, desire



		HIGHLIGHTS

		■Prestige Beauty and Wellbeing grew double-digit, now accounting for approximately 30% of turnover. ■Liquid I.V. increased sales by 20% and scaled into new markets. ■Stepped up investment in a social-first marketing approach across core brands.

ABOUT BEAUTY & WELLBEING

In 2024, our business contributed 22% to Unilever’s turnover. We

are global leaders in Hair Care and hold a strong position in Skin

Care, with Power Brands such as Dove, Vaseline, POND’s, Clear,

TRESemmé and Sunsilk. Our Prestige Beauty and Wellbeing

businesses, which represent approximately 30% of our turnover,

include Liquid I.V., Paula’s Choice, Dermalogica and Nutrafol.

Geographically, emerging markets contribute to 59% of

our business turnover, with developed markets accounting for

41%.

OUR PERFORMANCE IN 2024

In 2024, we delivered a strong full-year performance, with turnover

of €13 billion, up 5.5% from 2023. Underlying sales grew by 6.5%,

driven by a 5.1% increase in volume and a 1.3% rise in price, despite

unfavourable currency fluctuations of (0.6%) and impacts from

acquisitions and disposals (0.3%). Growth was broad-based, with

strong performances from our Power Brands, reflecting the ongoing

premiumisation of our core Hair Care and Skin Care portfolios, as well

as the continued strength of our Prestige Beauty and Wellbeing

businesses.

Hair Care grew mid-single digit, driven by balanced volume and price

growth, with Sunsilk, Dove, TRESemmé and Clear all contributing.

Skin Care also saw mid-single-digit growth, led by low-single-digit

volume and positive pricing, with Vaseline, Dove and POND’s

performing well.

Our Wellbeing business, previously referred to as Health & Wellbeing,

saw double-digit growth led by Liquid I.V., Nutrafol and Olly. Liquid I.V.

performed particularly well, increasing sales by 20% and launching in

seven new markets.

Prestige Beauty grew mid-single digit. Hourglass and Tatcha achieved

double-digit growth, while other brands, including Paula’s Choice

delivered low-single digit, primarily due to the slowdown in the

premium US beauty market. During the year, we completed the

acquisition of K18, a premium biotech hair care brand, which grew

double-digit and will be included in our financial reporting from

February 2025.

Operating profit was €2.0 billion, down 11% from 2023. Underlying

operating profit increased by 9.4% to €2.6 billion, due to non-

underlying items of €0.6 billion, mainly related to acquisition and

disposal costs.



		Our 2024 performance confirms our strategy is on track. We are driving competitive growth through premium innovations and a social-first approach to consumer engagement.
		Priya Nair President, Beauty & Wellbeing

OUR STRATEGIC PRIORITIES

Our strategy continues to be anchored in three key priorities:

premiumising our core Hair Care and Skin Care portfolios by

emphasising brand superiority; sustaining momentum in our high

growth Prestige Beauty and Wellbeing portfolios; and enhancing

operating profit through gross margin and productivity improvements.

This is all underpinned by our commitment to improving

competitiveness through innovation and a social-first approach

to consumer engagement.


Unilever Annual Report on Form 20-F 2024		17



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR

MARKET-MAKING PREMIUM INNOVATIONS

We continue to leverage our cutting-edge science and technology to

elevate our portfolio, tapping into the growing consumer demand for

premium beauty and wellbeing products that offer exceptional benefit-

driven solutions.

Dove launched its first line of body serums in Brazil, Mexico and

the US this year. Developed with dermatologists, the collection

features high-potency formulas with face care-inspired ingredients

and regenerative moisture to support the skin’s natural renewal

process.

TRESemmé introduced the Lamellar Shine collection, featuring

Unilever’s patented technology that smooths and aligns hair for an

ultra-glossy finish. Launched in 18 countries, the range achieved

strong sales during Amazon Prime Day in Brazil.

Vaseline’s Gluta-Hya range, which launched in 2021, continues to be

one of our top-performing premium innovations. Now scaled to over

22 markets, the range has contributed significantly to Vaseline’s

growth in recent years. This year, we have expanded the line with

the introduction of our first-ever serum burst SPF50, which has already

been rolled out to more than six markets, with more to come in the

future.

HIGH GROWTH PORTFOLIOS

Our Prestige Beauty and Wellbeing businesses offer a portfolio of

future-fit brands that meet the growing consumer shift to premium

segments, specialised beauty stores and online channels. In the US,

70% of our sales now come from our Prestige and Wellbeing brands.

This year, we renamed our Health & Wellbeing business to ‘Wellbeing’

to better reflect our product portfolio. Liquid I.V. is our largest Wellbeing

Power Brand. Its science-backed formulation has gone from strength

to strength, disrupting the functional hydration market, which has been

amplified through a culture-first approach to experiential marketing.

Our Prestige Beauty business marked its first decade with the addition

of premium hair care brand K18. As one of the most-watched hair

care brands on TikTok, K18 combines beauty and biotechnology. Its

K18Peptide™ molecule mimics human keratin to reverse chemical

damage in all hair types, providing a quick alternative to complex hair

treatments.

SOCIAL-FIRST DEMAND GENERATION

Leveraging the digital capabilities of our acquired Prestige

and Wellbeing businesses, we have accelerated our move to a social-

first marketing approach across our core brands. We have increased

our investment in social media with the goal of delivering on-brand,

high-volume, culturally relevant and precise content across channels.

We are already seeing the benefits of this approach. For example, in

Thailand, a recent TRESemmé social-first campaign resulted in an

uplift in purchase intent and brand awareness, along with significant

cost and speed efficiencies.

DRIVING DIGITAL GROWTH

This year, we have focused on enhancing our digital commerce

presence, achieving double-digit growth through digital channels.

In the US and Europe, our Amazon business in the Prestige and

Wellbeing categories is thriving, with Liquid I.V. ranking among the

top five products sold during the most recent Amazon Prime event.

In China, we continue to see a shift from traditional digital commerce

to social media platforms like Douyin, which requires a different

approach and business model. While brands like Olly and Vaseline are

performing well on social channels, there is still work to be done to

enhance our wider portfolio and content for these types of platforms.

In India, we have begun rolling out a new online beauty route-to-

market strategy to ensure our brands are more visible. This approach

has already helped us to gain market share.

ACCELERATING IN STRATEGIC CHANNELS

AND PARTNERSHIPS

Strategic partnerships with our biggest modern retail customers

remains a critical part of our long-term growth. We now have joint

business plans with ten of our most important customers in priority

markets. In the most recent Advantage Group Survey, we were the top

ranked major Beauty & Wellbeing supplier, with over 80% of markets

surveyed in the top tier for ‘Partnerships’.

OPTIMISING OUR PORTFOLIO AND OPERATIONS

We continue to focus on gross margin by driving productivity, reducing

complexity and strengthening operational execution. Our increased

capital expenditure investment is strategically aimed at reducing supply

chain costs. For instance, in North America, we have brought the

production of Liquid I.V. in-house and streamlined our broader portfolio

by delisting 7,500 product lines, leading to significant savings.

Unilever’s planned €100 million investment in a state-of-the-art

fragrance house will boost our portfolio further by enabling our teams

to create and develop unique fragrances in-house while continuing to

collaborate with industry partners.



Dove launched its first body serums this year, featuring high- potency formulas for visibly healthy, luminous skin.


20	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS

REVIEW OF THE YEAR

Powering up Personal Care



		HIGHLIGHTS

		■Dove and Dove Men+Care launched whole-body deodorants in the US, entering a new growth space. ■International football tournament sponsorship boosted sales in over 200,000 stores globally. ■Strategic factory investments achieved record levels of operational efficiency.

ABOUT PERSONAL CARE

We are one of the world’s largest personal care businesses, with

a global portfolio spread evenly across developed and emerging

markets. Our Power Brands include Dove, Dove Men+Care,

Rexona, Lux, Axe, Lifebuoy, Closeup and Pepsodent. We hold

leading category positions in Deodorants and Skin Cleansing.

In Oral Care, we are number four globally.

OUR PERFORMANCE IN 2024

We delivered a turnover of €13.6 billion, driven by a step-up in brand

marketing investment. Growth was led by our Power Brands, which

accounted for 91% of turnover.

Turnover decreased by 1.5% compared to 2023, primarily due to a

5.3% adverse impact from the disposal of Suave and Elida Beauty

brands. However, this was offset by a 5.2% increase in underlying

sales, driven by strong volume growth of 3.1%, mainly led by the

continued strength in Deodorants. The category saw double-digit

growth, driven by mid-single-digit volume increases, with Rexona

and Axe leading the way.



		Winning with science-led, premium products and leveraging partnerships are fundamental to our growth strategy.
		Fabian Garcia President, Personal Care

Across our other categories, Skin Cleansing experienced low-single-

digit growth, with Dove’s positive performance partially offset by

declines in Lifebuoy and Lux in China, India and Indonesia. Oral Care

grew mid-single digit, led by price, with Closeup and Pepsodent

showing positive price and volume growth.

Operating profit slightly decreased by 7% to €2.7 billion, while

underlying operating margin increased by 1.9%. We delivered

a significant improvement in gross margin, which facilitated further

investment in brand and marketing.

OUR STRATEGIC PRIORITIES

The personal care industry is going through an exciting transformation,

with consumers embracing beauty and wellbeing trends – moving from

functional products to more premium benefit-led solutions. Our portfolio

of Power Brands is well placed to capitalise on these changes in our

priority markets.

Our strategy is firmly rooted in delivering unmissable brand superiority

with a focus on premiumisation, addressing emerging consumer needs

ahead of trends and leveraging retailer partnerships for growth.

MARKET-MAKING PREMIUM INNOVATIONS

We have stepped up our focus on offering superior products that

engage consumers at every touchpoint – from proposition and

packaging to point of sale and placement, whether

on-shelf or online.

Our Deodorants category is a key growth driver for Personal Care,

fuelled by our deep scientific expertise, superior multi-year innovations,

and premium formats – such as Rexona’s patented body heat

activated technology and Axe’s Fine Fragrance collection.

This year, Dove and Dove Men+Care launched a new range of

deodorant products in the US, featuring our exclusive odour adapt

technology, specifically designed to provide superior odour protection

for whole-body use. With demand for whole-body odour protection

increasing globally, our ambition is to lead the growth of this new

format through our full Deodorants portfolio.

We continue to expand Dove’s Advanced Care range, which combines

72-hour odour protection with additional skin care benefits, including

our new pro-ceramide technology designed to help repair the skin’s

barrier after shaving.


Unilever Annual Report on Form 20-F 2024		21



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR

In Skin Cleansing, our largest category, we capitalised on the growing

appetite for products with multiple benefits with the launch of Dove’s

new serum shower collection, which uses patented technology and

active face care ingredients in a body wash format. The collection is

currently available in the US, and we plan to expand it to more markets

next year.

We also relaunched a number of popular products in our

Skin Cleansing portfolio. Lux’s Magical Orchid shower gel now features

a longer-lasting fragrance, while Lifebuoy’s iconic bar soap uses a new

and improved formulation that offers superior sensory benefits. The

formula uses less palm oil content, replacing it with a combination of

starches, natural fatty acids and vitamins, making it gentler on the

skin. Currently available in India, the new bar soap will launch in more

markets in the coming years.

In Oral Care, we are complementing the portfolio with our

new Pepsodent Expert range – a therapeutics line specially formulated

with active minerals and clinically proven to provide relief to advanced

oral care problems.

ACCELERATING IN STRATEGIC CHANNELS

AND PARTNERSHIPS

To drive competitive growth for our business, the category, and our

retail partners, we continue to prioritise partnerships that amplify brand

impact and boost cultural relevance.

Building on our five-year sponsorship deal with the Fédération

Internationale de Football Association (FIFA), this year we proudly

sponsored several major tournaments around the world, including

UEFA EURO 2024™, CONMEBOL Copa América USA 2024™,

and TotalEnergies CAF Africa Cup of Nations Côte d’Ivoire 2023.

As one of the most popular sports in the world, football provides an

opportunity for our Power Brands to tap into a captive mass audience

and reach consumers in a socially relevant way. This year, as part

of our sponsorship, we stepped up our marketing investment and

launched large-scale activations with retail partners in over 200,000

stores across Europe, the US, Latin America and Africa.

Linked to our successful football sponsorship and overall category

growth efforts, we have seen a positive shift in recognition from key

retailers this year. According to Advantage Group Survey, a leading

benchmark of retailer and customer perceptions in the consumer

goods industry, Unilever Personal Care is now rated as a top-tier

supplier in 20 priority markets.

OPTIMISING OUR PORTFOLIO AND OPERATIONS

In 2024, we completed the disposal of Elida Beauty. Along

with simplifying our portfolio, we have reduced the number of product

lines and streamlined our ingredient specifications. These efforts have

helped restore gross margins to pre-pandemic levels. Additionally, we

have taken proactive steps to address cost fluctuations, particularly

for commodities like palm oil and its derivatives, by developing new

formulations and technologies, such as our reformulated Lifebuoy

bar soap.

To reinvest savings in our brands and innovation programmes, we

are enhancing efficiencies across our value chain and driving net

productivity. The Unilever-wide ’direct dispatch’ model, which ships

products directly from factories to retail customers, is improving logistics

in Personal Care. With projects in Europe and Asia, and more planned,

we are already seeing benefits such as reduced travel time, lower

carbon emissions, and fewer touchpoints, ensuring a streamlined

service.

We continue to invest strategically in our factories, achieving record

levels of operational efficiency. Our Dubai factory, recognised as

an "Advanced 4th Industrial Revolution Lighthouse" by the World

Economic Forum, exemplifies this achievement. The site, which

produces Power Brands like Dove and Lifebuoy, leverages

technologies such as collaborative robots and digital twins, alongside

eco-efficiency best practices.

Additionally, to help make our supply chain leaner and more agile, we

have established fully automated or ’dark factories’ that operate 24

hours a day at a number of sites, including our factory in Củ Chi,

Vietnam.



Dove and Dove Men+Care successfully launched a range of innovative whole-body deodorants in the US, with plans to scale the new format next year.


24	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS

REVIEW OF THE YEAR

Transforming homes

for a bright future



		HIGHLIGHTS

		■Achieved double-digit growth in Europe and further strengthened our position in India and Turkey. ■Launched Persil Wonder Wash and Comfort Scent Booster Elixir; scaled Domestos Power Foam. ■Investing €150 million in Europe to enhance manufacturing and logistics efficiency.

ABOUT HOME CARE

With a turnover of over €12 billion, we are a global home care

business with a strong position in emerging markets – particularly

in India, Brazil and Vietnam. Our Power Brands, including Dirt Is

Good (OMO and Persil), Sunlight, Comfort, Cif and Domestos, aim

to transform everyday chores into superior experiences.

OUR PERFORMANCE IN 2024

In 2024, despite deflation impacting both the wider home care market

and our business, we achieved a turnover of €12.3 billion, a 1.4%

increase from the previous year. This was driven by 2.9% underlying

sales growth, fuelled by strong volume growth of 4.0% – one of the

highest in the last decade. Underlying price growth declined by 1.1%,

linked to commodity cost deflation.

Our full-year performance reflects the step-up in our multi-year scalable

innovations, with several key launches from our Power Brands as well

as extending successful 2023 launches. These innovations contributed

to the turnaround of our European business, resulting in double-digit

growth and higher profits across the region.

In our emerging markets, India faced deflationary challenges but

delivered strong volume growth. We faced headwinds from channel

shifts and consumer sentiment in Indonesia and China, and price

declines in Latin America, especially in our powders business.

Across our three categories, Fabric Cleaning remained flat with low-

single-digit volume growth offset by negative price. Home & Hygiene

experienced high-single-digit growth, driven by strong volume and

positive price. Similarly, Fabric Enhancers saw high-single-digit growth,

driven by strong volumes.

Operating profit increased to €1.5 billion, in line with the prior year,

despite the recognition of an impairment of €127 million relating to

Blueair, part of our Water and Air business. Underlying operating profit

was €1.8 billion, an increase of 19% compared to the prior year.


		Launching unmissably superior market-making innovations that consumers love and driving business turnaround in key regions like Europe has been our focus in 2024.
		Eduardo Campanella President, Home Care

OUR STRATEGIC PRIORITIES

We remain focused on capitalising on two key growth opportunities.

First, premiumisation to capture consumer demand for products that

offer greater convenience, additional benefits and strong performance.

And second, the disproportionate growth opportunities from priority

country and category combinations such as India, Brazil and Europe

Fabric Cleaning, while also addressing challenges in Indonesia and

China.

Our strategy is designed to maximise these opportunities by focusing

on fewer, bigger and more premium multi-year innovations and

delivering superiority, value and sustainability to consumers.

MARKET-MAKING PREMIUM INNOVATIONS

This year, we stepped up multi-year innovations with several key

launches and extended successful 2023 launches across our Power

Brands. These innovations reflect our ongoing commitment to create

exceptional products that meet all aspects of consumer preference,

from formulation and packaging to price point. Adopting this approach

is fundamental to driving unmissable brand superiority,

market expansion and growth for our business.


Unilever Annual Report on Form 20-F 2024		25



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR

Persil Wonder Wash is our latest breakthrough innovation that

encapsulates this approach, helping to create an entirely new format in

the liquid detergent market. The product taps directly into the growing

convenience trend of short cycle washes with cutting-edge Pro-S

Technology™. Launched at speed in eight markets and backed by an

omni-channel marketing campaign featuring Usain Bolt, it has

delivered another year of growth for Dirt Is Good, with further roll-outs

planned in 2025.

We are also stepping up innovation across our Power Brands through

new benefits and premium fragrances. The Domestos Power Foam

range is one of the most significant recent advancements in the toilet

cleaning category. First launched in 2022, the range has been scaled

to more than 16 markets this year, offering more premium benefits

such as fragrance and limescale removal.

We also launched Comfort’s Scent Booster Elixir into the rapidly

growing fragrance booster market. Leveraging our expertise in science

and technology, as well as premium fragrances driven by consumer

desire for more natural scents, we developed a transparent formulation

that dissolves without leaving any residue – even in a short, cold wash.

Available in over eight markets, we have seen strong share gains in

the fragrance booster segment in the UK and Italy, two of our biggest

markets.

In emerging markets, we continue to invest in future and premium

formats such as liquid detergents. In India, we have fully modernised

our Surf Excel and Rin brands by introducing new pack formats, a

refreshed look and improved packaging. We also launched our new

Sunlight premium dishwash range across three South East Asian

markets. Developed through our long-standing partnership with Evonik,

this range features rhamnolipids, a natural, biodegradable and

renewable biosurfactant that delivers outstanding performance while

being gentle on hands. We plan to scale to further markets in 2025.

SOCIAL-FIRST DEMAND GENERATION

Consumer engagement with cleaning and laundry products has shifted

dramatically in recent years. A third of Gen Z now use TikTok for the

latest cleaning and laundry advice, and over half of TikTok users have

purchased a household product after seeing it on the platform. We are

leveraging this insight through our Cleanipedia platform, which has

reached over 1 million followers and more than 2 billion views since its

launch. Drawing inspiration from influencers, including 'cleanfluencers'

who popularised the use of Cif Cream to clean white trainers, we have

seen an increase in sales among adults under 28 in the UK. Through

these channels, we have established a social-first gateway for our

brands, enhancing our credibility and engagement with Gen Z

consumers.

ACCELERATING IN STRATEGIC CHANNELS

AND PARTNERSHIPS

Our focus on premium products and key growth areas is also evident

in our success with digital commerce channels, where we achieved

double-digit growth in 2024, driven by India, Europe and Turkey. We

are well positioned to capture growth opportunities in quick commerce

(rapid order-to-delivery time) by offering premium products that cater to

consumers seeking ultimate convenience.

At the same time, we continue to build strong partnerships that

reinforce the premium positioning of our Power Brands

– such as Dirt Is Good’s ongoing collaboration with Arsenal Men’s and

Women’s Football teams. The partnership provides the potential to

reach millions of football fans in developing and emerging markets.

We also launched a partnership with consumer technology and

domestic appliance company Samsung to explore the future of laundry,

unlocking insights into how AI and smart technologies could make

laundry more convenient, simpler and tailored to modern living and

laundry needs. The partnership will help us to combine technology and

cleaning to create a new ’laundry lifestyle’ with cross-channel

activation opportunities.

OPTIMISING OUR PORTFOLIO AND OPERATIONS

We continue to drive cost savings across our value chain and portfolio. To

reflect our focus on our core business and Power Brands, we divested our

water purification business, Pureit, and sold our stake in Truliva. In Europe,

we continue to simplify our portfolio by significantly reducing the number of

formulations in fabric cleaning liquids.

Simultaneously, we are investing in future growth and driving greater



Comfort Elixir leverages our expertise in premium fragrances, offering natural scents and an innovative cold wash formulation.

productivity across our supply chain, with 75% of our capital

expenditure invested in growth formats. In Europe, for example, we

have committed to invest €150 million over the next three years,

primarily at Port Sunlight, a major manufacturing and R&D hub for

Unilever Home Care. This investment will advance our liquids and

capsules manufacturing capabilities to support our multi-year

innovation programmes, expand warehouse capacity, improve logistics

efficiency and generate further savings to reinvest in our brands. We

also continue to make our factories more efficient and sustainable,

increasing the number of factories that run on 100% renewable energy.


28	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS

REVIEW OF THE YEAR

Bringing the tastes people

love to brighten every day



		HIGHLIGHTS

		■Hellmann’s and Knorr continued to outperform the average growth in Foods. ■Ongoing work to become a truly focused foods business by reducing portfolio complexity, formulations and ingredients. ■Digital commerce channels contributed over 10% of turnover.

ABOUT FOODS

We are one of the largest and most profitable foods businesses in

the world, driven by our fast-growing global Power Brands Knorr

and Hellmann’s, alongside our customer-facing business Unilever

Food Solutions. Geographically, more than half of our sales come

from emerging markets, led by India as the largest contributor.

OUR PERFORMANCE IN 2024

Our turnover increased by 1.1% compared to 2023, driven by

underlying sales growth of 2.6%. This was offset by an adverse

acquisition and disposal impact of (0.5)% and a currency headwind

of (1.0)%. It marked our lowest underlying sales growth since 2020,

reflecting the overall deceleration in the foods market due to fewer list

price increases and rising promotional pressure. On a positive note,

our volume returned to growth, with underlying volume growth at 0.2%.

Across our categories, Cooking Aids & Mini-Meals grew mid-single

digit with positive price and volume, driven by Knorr’s leadership

in bouillon and seasonings, and the expansion of its premium ready-to-

heat pots range. Condiments grew low-single digit with balanced

volume and price growth, led by Hellmann’s expansion of its Flavoured

Mayo range and premium format variants.



		Knorr and Hellmann’s generated 60% of Foods’ 2024 turnover, boosting growth through superior products, premiumisation and innovation across foodservice and retail.
		Heiko Schipper President, Foods

Unilever Food Solutions (UFS) grew high-single digit, led by

volume and positive price. China, our largest UFS market, grew

high-single digit despite the economic slowdown in the region.

While turnover in our India Foods business was flat, we maintained

market leadership in tea and functional drinks despite the subdued

market.

Operating profit was €2.6 billion, up 7.7% compared to

2023. Underlying operating profit increased significantly to €2.8 billion,

up 16%, resulting in a 2.7% increase in underlying operating margin.

This profitability was driven by strong gross margin improvement,

which funded an increase in brand and marketing investment. Europe

was also a key driver, benefiting from our disciplined approach to net

revenue management and a streamlined focus on reducing product

lines and recipe complexity.

OUR STRATEGIC PRIORITIES

We renamed our Business Group from Nutrition to Foods to better

reflect our portfolio and strategic vision. This change aligns with

our goal to create a more focused and simplified business,

concentrating on Condiments, Cooking Aids & Mini-Meals, Unilever

Food Solutions and our India Foods portfolio. These categories are

where we want to lead, underpinned by our Power Brands, Knorr

and Hellmann’s. We are concentrating our resources on 25 priority

country and category combinations that account for over half of our

sales and nearly 60% of our profit.

The recent announcement regarding the disposal of Conimex, Unox

and Zwan brands in Europe, pending regulatory approvals, will also

help sharpen our focus further.


Unilever Annual Report on Form 20-F 2024		29



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS

REVIEW OF THE YEAR

MARKET-MAKING POWER BRANDS

Our Power Brands play a critical role across our key categories, driving

growth and market share through superior products, premiumisation

and multi-year scalable innovations.

In Condiments, Hellmann’s continues to deliver consistent growth,

driven by unmissable products, strong sales of its flavoured

mayonnaise range and the expansion of premium squeeze bottle

formats. The brand’s appeal is further boosted by leveraging key

cultural moments, including sponsoring major sporting events like the

Super Bowl in the US and the NBA in Brazil, leading to share gains in

both countries. More broadly, Hellmann’s continues to build momentum

as a premium brand in India, Germany and Australia – having entered

these markets in the past five years.

In Cooking Aids & Mini-Meals, Knorr accelerated its global leadership

in the bouillon and seasonings range, adopting a social-first marketing

approach to inspire home cooks, particularly Gen Z. The range

accounts for more than half of Knorr’s turnover and delivers a

significant gross margin advantage. The brand continued to expand its

premium ready-to-heat pots range, offering consumers a convenient

way to enjoy the latest trending cuisines.

SHAPING FOOD TRENDS WITH UFS

With a turnover of nearly €3 billion, Unilever Food Solutions (UFS)

continues to go from strength to strength, and has surpassed pre-

pandemic volume levels.

The UFS Future Menus Trends Report has been instrumental in

supporting this success. Published for the second consecutive year in

2024, the report leverages market insights and innovative product

solutions to attract, engage and support chefs across 50 markets. As

the largest customer engagement platform for the business, it boosts

product visibility and customer loyalty. Since its launch in 2023, the

report has contributed to a 12% increase in new customers.

Also contributing to the growth of UFS is the expansion of our digital

selling capabilities, which has improved product availability, increased

operator reach and elevated overall customer experience. This,

combined with a deep understanding of chefs’ needs and foodservice

industry trends, has led to UFS achieving a strong net promoter score

(NPS), with seven out of ten customers indicating they would

recommend our business to others.

ACCELERATING IN STRATEGIC CHANNELS

AND PARTNERSHIPS

Alongside UFS, partnerships with both traditional and modern retailers

are essential to our strategy for consistent market success and present

opportunities for mutual growth.

This year, together with Personal Care, our brands launched a multi-

year sponsorship with UEFA EURO 2024™, enabling large-scale in-

store activations centred around BBQ occasions across several

thousand European retail stores.

We rolled out a number of campaigns with Walmart, such as the Game

Day Top Dish drive led by Hellmann’s for the 2024 fall football season

in the US. In Mexico, Knorr partnered with Walmart on a campaign to

celebrate chilaquiles, a beloved Mexican dish, showcasing the brand’s

seasoning range.

Our business-to-consumer digital commerce channel remains a

positive growth driver, substantially outpacing the total growth for

Foods. Digital commerce channels now contribute over 10% of our

turnover.

OUR PORTFOLIO AND OPERATIONS

This year, we improved our gross margin, driven by lower material

costs, a strong focus on net productivity and the insourcing of our

strategic portfolio. We continue to simplify our business by reducing

the complexity of our portfolio, formulations and ingredients. For

example, in Europe, we reduced active product lines by 8% compared

to 2023 and 30% versus 2019. We also reduced our formulations by

more than 10% compared with the previous year. This streamlining has

improved our end-to-end supply chain, resulting in lower inventories,

fewer production line changeovers and more efficient logistics.

Alongside margin improvement, we continue to make targeted

investments in our manufacturing capabilities. In Brazil, we invested

€15 million in Hellmann’s Pouso Alegre Foods factory to enhance

operational excellence and meet the growing consumer demand for

the brand’s squeeze bottle formats. And in the UK, we completed a

£40 million investment in our Burton site, consolidating the production

of our entire condiments portfolio into a single state-of-the-art specialist

hub.



Knorr expanded its premium ready-to-heat pots range, offering consumers a convenient way to enjoy the latest trending cuisines.


32	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS

REVIEW OF THE YEAR

Growing market share,

boosting profitability



		HIGHLIGHTS

		■Strong innovation pipeline: launched Magnum Bon Bons, exceeding both volume and value targets. ■Achieved market share growth and significant profitability increase. ■Announced plans to separate through a demerger by the end of 2025.

ABOUT ICE CREAM

We are the world’s largest ice cream business with five of the top

ten bestselling ice cream brands globally, including Magnum,

Cornetto, Wall’s and Ben & Jerry’s. With a diverse international

footprint across 80 countries, a third of our sales come from

emerging markets.

SEPARATION OF ICE CREAM

In March 2024, the Unilever Board announced the planned separation

of our Ice Cream business. With our distinct operating model, which

includes a unique supply chain, points of sale and channels, this

separation provides our business with an opportunity to establish a

strong foundation for future growth and value creation.

More recently, in February 2025, we shared further plans to separate

the business through a demerger, with listings in Amsterdam, London

and New York – the same exchanges where Unilever PLC shares are

currently traded. We aim to complete the separation by the end of

2025, while remaining headquartered in Amsterdam. We have

appointed Jean-François van Boxmeer as Chair-Designate. Jean-

François currently serves as Chair of Vodafone Group plc and as a

non-executive director of Heineken Holding N.V., having previously

been the Chief Executive of Heineken for 15 years.

We are making progress on the key workstreams, including the legal

entities set up, implementing the standalone operating model and

preparing the carve-out financials.


		Our improved performance is marked by more streamlined operations, better execution, and improved distribution, along with strong results in Turkey and the US.
		Peter ter Kulve President, Ice Cream

OUR PERFORMANCE IN 2024

In 2024, our turnover increased by 4.5%, with underlying sales growth of

3.7%, driven by 1.6% from volume and 2.1% from price.

Our improved performance this year has been fuelled by a strong

innovation pipeline and operational improvements. These include a

more efficient go-to-market strategy, better distribution and optimised

promotional activities.

Market share performance also improved throughout the year and we

sharpened our focus on net productivity, which supported gross margin

expansion and reinvestment in our brands.

Our in-home ice cream portfolio, which accounts for about 60% of

turnover, grew low-single digit, driven by volume growth and supported

by new snacking ranges. Our out-of-home ice cream portfolio grew

mid-single digit, supported by premium innovations.

Operating profit declined to €571 million, driven by stepped-up

restructuring as we implement our productivity programme, as well as

costs related to the planned demerger of Ice Cream and other one-off

charges. Underlying operating profit increased 15.1% from €852 million

to €981 million, as operational efficiencies and pricing actions more

than offset the impact of high commodity inflation in cocoa.


Unilever Annual Report on Form 20-F 2024		33



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR

OUR STRATEGIC PRIORITIES

Our primary focus this year has been turning around the Ice Cream

business. We have made good progress in developing an exciting

product pipeline, improving our marketing, sales and distribution

strategy, optimising our supply chain and building a dedicated sales

teams globally. These are all areas we aim to continue strengthening,

while also taking steps to ensure a smooth separation in 2025.

MARKET-MAKING PREMIUM INNOVATIONS

Our iconic brand portfolio has been enjoyed by consumers for over

100 years. This year, we expanded our range by launching several

premium, market-making innovations designed to bring new

experiences to consumers while also meeting evolving snacking

habits.

The increase in snacking has influenced consumer eating habits,

leading to a trend of smaller, more frequent portions. Magnum embraced

this trend with the launch of its bite-sized Bon Bons. Packaged in 12-

piece shareable tubs, they deliver the signature Magnum indulgence in

a convenient format. Launched across European markets, the range

has gained significant traction, exceeding both volume and value

performance targets. Further expansion plans are already underway.

Joining Magnum in the micro-format category, Yasso introduced

Poppables, a Greek yoghurt-based snack that now accounts for 12% of

the brand’s growth in the US. Ben & Jerry’s also expanded its bite-sized

offerings with new flavours including Salted Caramel Brownie in its

Peaces range, featuring resealable bags for on-the-go snacking.

Across our broader portfolio, Magnum further strengthened

its premium portfolio with the launch of Magnum Fantasia, which

features three new variants and combines the brand’s signature

cracking chocolate with a flavour-filled core. Launched globally, the

range has delivered substantial gains across international markets.

In the US, Yasso also expanded its premium offering with the launch

of three real fruit variants, blending Greek yoghurt with refreshing real

fruit. Globally, Ben & Jerry’s introduced a new oat base for its non-dairy

ice creams. Launched across tubs and scoop shops, the range caters

directly to consumers seeking plant-based alternatives.

Cornetto celebrated a major milestone this year with the

60th anniversary of the iconic Cornetto Classico. To mark the occasion,

and to recognise the global bestseller, the brand launched a multi-

market campaign titled ‘Unwrap It', which leverages the distinctive

blue and white branding and the universal experience of unwrapping

a Cornetto ice cream.

UNLOCKING TECHNOLOGY FOR GROWTH

We have accelerated the use of advanced technology to enhance

distribution, drive sales and ensure product availability in our out-

of-home channels. Building on last year’s efforts, we continue to

scale the use of AI and image capture technology across our

freezer cabinets worldwide, optimising inventory, boosting sales

and improving efficiency.

To date, our AI-enabled freezers have significantly boosted sales

in several key markets by capturing stock images and generating

real-time order recommendations, ensuring that our bestsellers are

available to consumers. The data generated has also empowered our

sales team by providing valuable insights into product launches and

marketing campaigns, while enabling them to focus on business

development, better promotion planning and forecasting.

We have also focused on improving our digital commerce sales. After

flatlining in 2023, we have now returned to growth as a result of

improving online and rapid delivery sales.

OPTIMISING OUR PORTFOLIO AND

OPERATIONS

This year, we made good progress in enhancing our supply chain,

allowing us to reinvest savings into automation and factory

improvements. For instance, we have expanded our Magnum

production lines at our factories in Turkey and India, strengthening

our manufacturing capabilities.

Our cost savings initiatives in Europe and the US are progressing

according to plan, providing a strong foundation for our operations in

2025 and beyond. This year, we increased our investment in quality

and safety measures, resulting in a reduction in product quality issues

and food safety incidents within our factories. Our automation efforts across

21 factories have also improved overall efficiency and reduced food waste

by 23%.

We have also driven portfolio efficiencies by consolidating our product

lines, resulting in significant complexity reduction. In 2024, we built on

the progress made in 2023 and reduced our product lines by a further

4% by removing less popular items while still delivering strong

innovations.

EMPOWERING OUR PEOPLE

The majority of our market General Managers have valuable prior

Unilever experience, specifically in frontline-first Ice Cream roles,

ensuring deep category expertise. To complement this, some of our

new functional leaders have been recruited externally, bringing fresh

perspectives and specialised knowledge to our organisation.

This refreshed leadership team has proven instrumental in advancing



Cornetto celebrated the 60th anniversary of Cornetto Classico with its global ’Unwrap It’ campaign.

our business this year and will continue to reinforce our commitment to

innovation, operational excellence and a renewed growth trajectory for

the Ice Cream business.


34	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS

REVIEW OF THE YEAR

Our People & Culture

People intro image holders Ian Gov10.jpg



		HIGHLIGHTS

		■Initiated a productivity programme to drive greater speed and simplification. ■Launched a refreshed people ambition to enhance talent, engagement and performance. ■Achieved a 79% employee engagement score in our annual UniVoice survey.

UNLOCKING OUR FULL POTENTIAL

Over the past few years, we have been driving an organisation-wide

change agenda to reshape our structure and renew our culture to become

a simpler, more focused and higher-performing business. In 2022, we

implemented the Compass Organisation and in 2023, we introduced our

Growth Action Plan, including a focus on sharpening our performance

edge.

This year, we have taken decisive steps to support the next stage of our

transformation. In March, we launched an organisation-wide productivity

programme. And in November, we refreshed our people ambition,

emphasising four core Unilever-wide behaviours that will be launched in

2025 through the deployment of our winning culture programme.

These changes – and more – are crucial steps in delivering our GAP 2030

strategy and transforming Unilever into a best-in-class consumer goods

company.

OUR PRODUCTIVITY PROGRAMME

Throughout 2024, our primary focus was on implementing our

extensive productivity programme, designed to substantially improve

our efficiency and effectiveness. This comprehensive initiative adopts

a holistic approach to our business operations, driven by three

fundamental design principles: market segmentation, process

simplification and leveraging advancements in technology.

Although the changes – including a reduction in predominantly office-

based workers – are not easy, they are necessary to drive the long-term

growth and competitiveness of the company. These changes also offer

the opportunity to create more focused and impactful roles as we

accelerate our digital transformation.

Over the next three years, the programme is anticipated to deliver total

cost savings of around €800 million, enabling increased investment in

brand growth and innovation.


		We are committed to building a winning culture that enables everyone to be successful and unlocks the full potential of Unilever.
		Mairéad Nayager Chief People Officer

ENGAGING OUR PEOPLE

Our annual UniVoice survey gauges employee sentiment and identifies

areas for improvement. Overall employee engagement was 79%, above

industry benchmarks, but 5% lower than 2023. While engagement

among factory-based teams remained steady at 83%, there was a drop

in engagement among office-based employees to 75% – a result we

anticipated due to the productivity programme.

The results reaffirmed the strength of our core business fundamentals,

with high scores in safety, product quality and business integrity.

Additionally, 87% of employees said they feel proud to work for

Unilever and 82% see a clear link between their work and the

company’s strategic objectives. However, they also highlighted the

need for greater speed and agility, which aligns with the focus areas of

our refreshed people agenda. For more information on how we engage

with our employees, see pages 272 to 278.


Unilever Annual Report on Form 20-F 2024		35



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR

BUILDING A WINNING CULTURE

Our company has always upheld its core values of respect,

responsibility, integrity and pioneering spirit, and these values will

always remain. However, more work is needed to elevate our talent

further and ensure we have the right culture in place to deliver on our

GAP 2030 strategy. Central to our refreshed people ambition, we are

focusing on three strategic areas – our values, people and behaviours

– to build a winning culture at Unilever.

As a first step, in 2025, we will implement a framework consisting of

four iconic shifts to help us achieve this. These four shifts are:

■Motivate for performance: bringing clarity on goals, reward systems

and pay.

■Coach for performance: making coaching and feedback a central

part of our culture to help drive higher personal and company

performance.

■Manage talent for performance: refreshing our policies

and processes to support the cultivation of our top talent, address

underperformance and ensure effective career progression.

■Rewire for performance: increasing access to data and performance

visibility to drive motivation and inspiration within the organisation.

To support this framework, we have introduced four essential

behaviours: care deeply, focus on what counts, stay three steps ahead,

and deliver with excellence. These behaviours – identified during

senior leadership focus groups – are crucial to building a more

consistent, higher-performing business.

ENHANCING OUR CAPABILITIES

To ensure we have the right people and skills base to deliver our

GAP 2030 strategy, we made several changes across our

organisation this year. At the Unilever Leadership Executive (ULE)

level, over half of our leaders are new to their roles within the past

year. Among these changes is the appointment of Mairéad

Nayager as Chief People Officer, responsible for Unilever’s global

people strategy, culture and organisation.

We remain fully committed to empowering our strong international

talent base, ensuring everyone has the capabilities and skills to excel

and reach their full potential. The injection of external talent into the

business will remain an important element of our people strategy as we

build our capabilities – especially in areas such as digital marketing

and generative AI. Here, we have sharpened our focus to ensure our

marketeers are fully equipped to leverage the shift to social-first

communication and its convergence with commerce and

entertainment.

TALENT POWERHOUSE

We are a company that values each individual for the contribution they

make to the company. We have the ambition to have the best talent in

Unilever. Our focus is on creating an inclusive environment where all

talent can succeed, as called out in our people ambition within GAP

2030.

We strongly believe that having people who represent the consumers

we serve in fast-moving market conditions, enables us to perform

better. For more information on our approach, see pages 50 and 272 to

273.

small images_right_our people and culture V3.jpg



In November 2024, the Unilever Leadership Executive hosted an all-company engagement session to launch our new strategy, highlighting our purpose, priorities, sustainability commitments and culture.


36	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS

REVIEW OF THE YEAR

Sustainability Review

People intro image holders Ian Gov11.jpg



		HIGHLIGHTS

		■Encouraging early progress against sustainability goals. ■Continued advocacy for systemic policy interventions, such as the Global Plastics Treaty. ■Focused on scaling innovations and partnerships through targeted action.

MORE FOCUSED, URGENT AND SYSTEMIC

Sustainability is a strategic imperative for our business and a key part

of our Growth Action Plan 2030. In May, we launched our refocused

sustainability strategy, with 15 near- and medium-term goals to

accelerate action in four priority areas where we can deliver the greatest

impact: Climate, Nature, Plastics and Livelihoods. In practice, this means:

clear focus and resource allocation for the priority areas embedded in our

strategic planning process; approaching sustainability with the same

urgency and rigour as commercial issues; and recognising the role of

advocacy in addressing enablers and blockers of progress outside our

direct control.

Our primary focus in the short term is on laying the foundations for

accelerated action, including: engaging with suppliers and delivery

partners; scaling innovations and partnerships; and advocating for

system-wide policy interventions. We have made good early progress

against our goals but there is more work to do. See pages 48 to 50.

To help drive more focused delivery and accountability in the future,

we continue to improve our underlying data, reporting systems and

monitoring. In some cases, this has impacted our reported progress

against our climate and plastic goals. For the first time this year, we are

reporting a consolidated sustainability statement in compliance with the

European Sustainability Reporting Standards (ESRS). This statement

incorporates mandatory and voluntary disclosures that were previously

reported in the Strategic Report. See pages 295 to 297 for an index of

ESRS disclosures covering a range of sustainability issues and related

policies, including those on the following pages.

CLIMATE

Climate change is a material risk to our business. Our immediate priority is

to achieve significant reductions in absolute Scope 3 greenhouse gas

emissions by 2030, as part of our transition towards net zero. We continue

to make progress towards our Scope 1 and 2 target.

In March 2024, we launched our refreshed Climate Transition Action

Plan (CTAP), which includes more ambitious Scope 3 targets approved

by the Science Based Targets initiative (SBTi), and focused actions in

ten key areas across our value chain. This plan, endorsed by

shareholders at our 2024 AGM in May, guides our actions across the

business.

A significant portion of our Scope 3 emissions comes from purchased

goods and services. Through our global Supplier Climate Programme,

we are collaborating closely with suppliers to help accelerate their

climate initiatives and, where possible, collect product carbon footprint

data. We are focusing on those suppliers that we consider to have

the greatest climate impact, such as chemical ingredients, packaging

suppliers and third-party manufacturers.

To support efforts to reduce Scope 3 emissions from our key forest-risk

commodities, we remain focused on deforestation-free sourcing and

have verified that 336 palm oil mills in our supply chain now have

methane capture capability in place. See Nature for more on

deforestation-free sourcing.

Transitioning to lower-emission ingredients in our products is both

critical and technically challenging. This year, we successfully

launched several reformulated, lower-emission products in our Home

Care and Personal Care portfolios, laying the foundation to scale these

products across several markets in 2025. We are also working closely

with chemical ingredient suppliers to source lower-emission LAB and

soda ash, which contribute a significant proportion of our Scope 3

emissions in our Home Care products.

In addition to our focus on chemical feedstocks, we continue to develop

long-term partnerships with industry innovators, such as Nufarm, to

develop alternative plant-based ingredients for our laundry detergents and

beauty and personal care products.

A key element of our strategy is ongoing advocacy to create conditions

that enable governments and industries to align with the 1.5°C pathway

outlined in the Paris Agreement. Our first Climate Policy Engagement

Review, published in March 2024, details our approach to climate policy

engagement and includes a review of our industry associations’

alignment with our climate policy positions, which support the Paris

Agreement.

NATURE

Our business relies on resilient natural and agricultural ecosystems. Our

actions on nature are also integral to reducing our agriculture and land-

based emissions. As a result, we have extended our climate principal risk

to now include both climate and nature, of which biodiversity is a key

element.

In 2024, we raised the ambition level of our nature goals to protect and

regenerate natural ecosystems closely associated with our sourcing

locations across our value chain. To support with this, we continued the

implementation of protection and restoration programmes in Indonesia

and Malaysia. Dove’s partnership with the Rimba Collective is one of

the key projects which aims to protect and restore rainforests in

South East Asia.


Unilever Annual Report on Form 20-F 2024		37



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REVIEW OF THE YEAR

Our regenerative agriculture programme builds on a long-standing

commitment to sustainable sourcing. Currently, we have 23 active

regenerative agriculture projects. We are improving our measurement

capabilities to help us understand the impact of these projects.

We remain focused on our deforestation-free supply chain agenda,

through continued investment in infrastructure, verification of suppliers,

and partnerships with farmers, suppliers and communities. See page

255 for more.

We are also working with governments, NGOs and other partners to

drive change beyond our value chain. For instance, Unilever and the

Business for Nature coalition urged governments at the UN

Biodiversity COP16 to implement stronger policies to support business

efforts in halting and reversing nature loss by 2030.

PLASTICS

Our plastic packaging goals focus on the areas of our value chain

where we can deliver most impact: sourcing, packaging design, use

and disposal. In 2024, we updated our plastics goals to sharpen our

focus on priorities like reducing our use of virgin plastic and developing

alternatives for hard-to-recycle flexible plastic packaging materials. We

have also improved the accuracy of our plastics reporting to help

inform our actions and investments. See page 259 for more.

Developing alternatives to flexible plastic is critical to deliver our virgin

plastic reduction goal. Packaging experts and material scientists at our

Packaging R&D Centre have so far evaluated over 3,000 emerging

materials and technologies, particularly those that could serve as

barrier materials in flexible packaging. As an interim measure while we

explore alternatives, we have transitioned some products’ packaging,

like Knorr bouillon cubes in the UK, into new materials, anticipating the

broader adoption of new paper-based flexible packaging materials.

We are also focused on the elements of our rigid plastic packaging that

are difficult to recycle – such as pumps and trigger sprays. For

example, in 2024, we introduced a new recyclable pump for Vaseline

bottles in North America.

We continue to play a leading role in the Business Coalition for a

Global Plastics Treaty, calling for legally binding global rules to reduce

plastic pollution.

LIVELIHOODS

Our Livelihoods agenda aims to positively enhance the lives of people

across our value chain, including smallholder farmers, workers of our

suppliers, and small and medium-sized retailers. In 2024, we

refocused our efforts on creating greater change for the people who

contribute to our business success by setting three short-term goals.

Our Code of Business Principles sets out our commitment to pay a living

wage to all our direct employees. We were awarded our second global

independent accreditation as a living wage employer, covering the 2024

calendar year – see page 273 for more details. We are now asking our

suppliers in key markets to sign our Living Wage Promise – a commitment

to identify and address gaps between the minimum and living wages for

their workforce. With support from the Sustainable Trade Initiative (IDH),

we are providing training, tools and other resources to help them get

started. To promote the adoption of living wages more broadly, we are also

advocating for change through industry forums like the UN Global Compact

and supporting the availability of free, publicly accessible living wage data.

Additionally, we are helping smallholder farmers to improve their

productivity and farming practices by enrolling them in certification

schemes and providing access to income growth and regenerative

agriculture programmes. In turn, this helps to improve the resilience of

our supply chain.

We support small to medium-sized enterprises (SMEs) in our retail value

chain to grow their businesses by expanding our digital commerce

platforms so that SMEs can buy directly from us, and easily access

financial services. We are also scaling our last-mile distribution

programmes, which enable us to reach consumers in remote areas across

a number of developing markets.

HUMAN RIGHTS

Our commitment to respect human rights underpins our work across

the four sustainability priorities and forms a key part of our Code of

Business Principles and Responsible Partner Policy.

We continue to strengthen our approach to engaging with

rightsholders, including individuals who live and work in the

communities where we operate or source from, see page 270 for more

information. In 2024, we partnered with Oxfam to develop practical

guidance for effective collaboration with rightsholders, ensuring a

consistent approach to our engagement. We are piloting this guidance

in our plastics value chain in Indonesia and India. We are also

engaging with rightsholders in our sugar and tea supply chains through

multi-stakeholder initiatives, such as the Bonsucro Impact Fund and

the Women’s Safety Accelerator Fund (WSAF).

Impact measurement is also a key focus of our human rights strategy.

In 2024, we developed a human rights impact measurement

framework to help ensure consistency in reporting and drive strategic

decision-making.

For more information on our approach to human rights issues,

including our Code of Business Principles, Responsible Partner Policy

and actions in respect of human rights, see pages 92 to 93 and 270.



Experts at our Packaging R&D Centre in Port Sunlight are testing emerging and new technologies to support our work on virgin plastic reduction.


40	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE

Additional financial disclosures

CASH FLOW

Cash flow from operating activities increased by €0.6 billion. While

working capital had an adverse impact of €1.0 billion versus prior year

mainly due to a significant improvement in 2023, this was more than

offset by favourable movements in pensions and provisions, where

payments were lower as compared to prior year and non-cash charges

which were significantly higher in 2024.


€ million	2024	2023
Operating profit	9,400	9,758
Depreciation, amortisation and impairment	1,757	1,579
Changes in working capital	(160)	814
Pensions and similar obligations less payments	(88)	(281)
Provisions less payments	330	(185)
Elimination of losses/(profits) on disposals	436	(433)
Non-cash charge for share-based compensation	324	212
Other adjustments	145	97
Cash flow from operating activities	12,144	11,561
Income tax paid	(2,625)	(2,135)
Net capital expenditure	(1,934)	(1,703)
Net interest paid	(653)	(632)
Free cash flow*	6,932	7,091
Net cash flow (used in)/from investing activities	(625)	(2,294)
Net cash flow used in financing activities	(6,941)	(7,193)

Income tax paid increased by €0.5 billion compared to the prior year

due to higher payments in markets where tax credits expired during the

year, and lower tax refunds in certain markets.

Net cash flow used in investing activities was €(0.6) billion compared to

€(2.3) billion in the prior year. The lower outflow was primarily driven by

the divestment of financial assets particularly in India, reduced

investment in non-current assets in Argentina and higher proceeds

from the disposals of Elida Beauty, our Russian business, Pureit and

Truliva in the year, partly offset by the cash outflow for the acquisition

of K18 and deferred consideration related payments. Capital

expenditure increased by €0.2 billion in 2024.

Net cash flow used in financing activities was €(6.9) billion compared

to €(7.2) billion in the prior year primarily due to a lower net increase in

borrowings, partly offset by higher interest payments. The impact from

share buybacks was consistent with the prior year.

BALANCE SHEET


€ million	2024	2023
Goodwill and intangible assets	40,901	39,466
Other non-current assets	19,655	17,898
Current assets	19,194	17,902
Total assets	79,750	75,266
Current liabilities	25,234	23,507
Non-current liabilities	31,961	30,995
Total liabilities	57,195	54,502
Shareholders’ equity	19,990	18,102
Non-controlling interest	2,565	2,662
Total equity	22,555	20,764
Total liabilities and equity	79,750	75,266

Goodwill and intangible assets were €40.9 billion. This was

an increase of €1.4 billion compared to the prior year. The increase

was due to a favourable currency impact of €1.1 billion, with other

movements from the acquisitions of K18 partly offset by impact of

disposals in the year. See note 21 on pages 186 to 188 and note 9

on pages 160 to 162 for more.

Other non-current assets increased by €1.8 billion, primarily due to

higher purchase of property, plant and equipment, as well as a higher

net pension surplus due to strong performance of equity and other

growth assets. Current assets increased by €1.3 billion led by cash

and cash equivalents, partly offset by a decrease in other financial

assets and assets held for sale, which was reduced following the

disposal of the Elida Beauty business. Cash and cash equivalents

increased by €2.0 billion.

Non-controlling interest decreased by €(0.1) billion due to the disposal

of the Truliva business.

Net debt*

Closing net debt was €24.5 billion compared to €23.7 billion as at 31

December 2023. The increase was due to capital returns of €4.3 billion

in dividends and €1.5 billion in share buybacks to PLC shareholders,

and other adverse movements that were partially offset by the free

cash flow delivery of €6.9 billion. Net debt to underlying earnings

before interest, taxation, depreciation and amortisation (UEBITDA) was

1.9 as at 31 December 2024 versus 2.1 in the prior year. This is

primarily used to assess our leverage level.

Movement in net pension liability/asset

The table below shows the movement in net pension liability/asset

during the year. Pension assets net of liabilities were in surplus of

€3.0 billion at the end of 2024 compared with a surplus of €2.4 billion

at the end of 2023. The increase was primarily driven by strong

investment returns in equities, while higher long-term government bond

yields led to reductions in both fixed income assets and pension

liabilities.


€ million	2024
1 January	2,401
Gross service cost	(178)
Employee contributions	37
Actual return on plan assets (excluding interest)	(601)
Net interest income/(cost)	71
Actuarial gain/(loss)	957
Employer contributions	197
Currency retranslation	72
Other movements(a)	14
31 December	2,970

(a)Other movements relate to special termination benefits, changes in asset ceiling, past

service costs including losses/(gains) on curtailment, settlements and other immaterial

movements. For more details, see note 4B on pages 150 to 155.

(*)Certain measures used in our reporting are not defined under IFRS. For further information

about these measures, please refer to the commentary on non-GAAP measures on pages

41 to 47.


Unilever Annual Report on Form 20-F 2024		41



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE

Finance and liquidity

Approximately €3.0 billion (or 49%) of the Group’s cash and cash

equivalents is held in central finance companies for maximum flexibility.

These companies provide loans to our subsidiaries that are also funded

through retained earnings and third-party borrowings. We maintain access

to global debt markets through an infrastructure of short- and long-term

debt programmes. We make use of plain vanilla derivatives, such as

interest rate swaps and foreign exchange contracts, to help mitigate risks.

More detail is provided in notes 16, 16A, 16B and 16C on pages 174 to

180. The remaining €3.1 billion (or 51%) of the Group’s cash and cash

equivalents is held in foreign subsidiaries, which repatriate distributable

reserves on a regular basis. For most countries, this is done through

dividends, which in some cases are subject to withholding or distribution

tax. This balance includes €176 million (2023: €98 million, 2022: €449

million) of cash that is held in a few countries where we face cross-border

foreign exchange controls and/or other legal restrictions that inhibit our

ability to make these balances available in any means for general use by

the wider business. The cash will generally be invested or held in the

relevant country and, given the other capital resources available to the

Group, does not significantly affect the ability of the Group to meet its cash

obligations. We closely monitor all our exposures and counter-party limits.

Unilever has committed credit facilities in place for general corporate

purposes. The undrawn bilateral committed credit facilities in place on 31

December 2024 were $5,200 million and €2,600 million. Further

information on liquidity management is set out in note 16A to the

consolidated financial statements.

Material cash commitments from contractual and

other obligations

The following table shows the amount of our contractual and other

obligations as at 31 December 2024. The material cash commitments from

contractual and other obligations arise from our borrowings, which include

bonds, commercial paper, bank and other loans, interest on these

borrowings, and trade payables and accruals.


€ million	2024	Due within 1 year	Due in 1-3 years	Due in 3-5 years	Due in over 5 years
Bonds	26,957	3,117	5,046	6,291	12,503
Commercial paper, bank and other loans	2,770	2,764	–	2	4
Interest on financial liabilities	4,800	695	1,218	873	2,014
Trade payables, accruals and other liabilities	16,266	16,064	135	41	26
Lease liabilities	1,801	389	579	354	479
Other lease commitments	330	101	133	30	66
Purchase obligations(a) & other long-term commitments	4,198	1,654	1,871	489	184
Others(b)	824	649	173	2	–
Total	57,946	25,433	9,155	8,082	15,276

(a)For raw and packaging materials and finished goods.

(b)Includes other financial liabilities and deferred consideration for acquisitions.

Further details are set out in the following notes to the consolidated

financial statements: note 10 on pages 163 to 165, note 15C on pages 172

to 173, and note 20 on pages 185 and 186. We are satisfied that our

financing arrangements are adequate to meet our short-term and long-term

cash requirements. In relation to the facilities available to the Group,

borrowing requirements do not fluctuate materially during the year and

are not seasonal.

Guaranteed US debt securities

At 31 December 2024, the Group had in issue US$10.95 billion (2023:

US$11.2 billion; 2022: US$10.75 billion) bonds in connection with a US

shelf registration. See page 221 for more information on these bonds and

related commentary on guarantor information.

NON-GAAP MEASURES

Certain discussions and analyses set out in this Annual Report and

Accounts (and the Additional Information for US Listing Purposes) include

measures that are not defined by generally accepted accounting principles

(GAAP) such as IFRS. We believe this information, along with comparable

GAAP measurements, is useful to investors because it provides a basis for

measuring our operating performance, and our ability to retire debt and

invest in new business opportunities. Our management uses these

financial measures, along with the most directly comparable GAAP

financial measures, in evaluating our operating performance and value

creation. Non-GAAP financial measures should not be considered in

isolation from, or as a substitute for, financial information presented in

compliance with GAAP. Wherever appropriate and practical, we provide

reconciliation to relevant GAAP measures.

EXPLANATION AND RECONCILIATION OF

NON-GAAP MEASURES

Unilever uses ‘constant rate’ and ‘underlying’ measures primarily for

internal performance analysis and targeting purposes. We present certain

items, percentages and movements, using constant exchange rates, which

exclude the impact of fluctuations in foreign currency exchange rates. We

calculate constant currency values by translating both the current and the

prior period local currency amounts using the prior year average exchange

rates into euro, except for the local currency of entities that operate in

hyperinflationary economies. These currencies are translated into euros

using the prior year closing exchange rate before the application of IAS 29.

The table below shows exchange rate movements in our key markets.


	Annual average rate in 2024	Annual average rate in 2023
Brazilian real (€1 = BRL)	5.761	5.405
Chinese yuan (€1 = CNY)	7.751	7.635
Indian rupee (€1 = INR)	90.652	89.232
Indonesia rupiah (€1 = IDR)	17,177	16,457
Mexican peso (€1 = MXN)	19.589	19.169
Philippine peso (€1 = PHP)	62.055	60.110
Turkish lira (€1 = TRY)	36.671	31.625
UK pound sterling (€1 = GBP)	0.848	0.870
US dollar (€1 = US$)	1.085	1.081

In the following sections, we set out our definitions of the following non-

GAAP measures and provide reconciliation to relevant GAAP measures:

■underlying sales growth;

■underlying volume growth;

■underlying price growth;

■non-underlying items;

■underlying operating profit and underlying operating margin;

■underlying effective tax rate;

■underlying earnings per share;

■constant underlying earnings per share;

■net debt;

■underlying earnings before interest, taxation, depreciation and

amortisation;

■free cash flow;

■cash conversion;

■underlying return on invested capital; and

■underlying return on assets.

UNDERLYING SALES GROWTH

Underlying sales growth (USG) refers to the increase in turnover for

the period, excluding any change in turnover resulting from

acquisitions, disposals, changes in currency and price growth in

excess of 26% in hyperinflationary economies. Inflation of 26% per

year compounded over three years is one of the key indicators within

IAS 29 to assess whether an economy is deemed to be


42	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE

hyperinflationary. We believe this measure provides valuable additional

information on the underlying sales performance of the business and is

a key measure used internally. The impact of acquisitions and

disposals is excluded from USG for a period of 12 calendar months

from the applicable closing date. Turnover from acquired brands that

are launched in countries where they were not previously sold is

included in USG, as such turnover is more attributable to our existing

sales and distribution network than the acquisition itself.

The reconciliation of changes in the GAAP measure of turnover to

USG is as follows:


	Beauty & Wellbeing	Personal Care	Home Care	Foods	Ice Cream	Group
2024 vs 2023
Turnover (€ million)
2023	12,466	13,829	12,181	13,204	7,924	59,604
2024	13,157	13,618	12,352	13,352	8,282	60,761
Turnover growth(a) (%)	5.5	(1.5)	1.4	1.1	4.5	1.9
Effect of acquisitions (%)	0.9	–	–	–	1.2	0.4
Effect of disposals (%)	(1.2)	(5.3)	(0.9)	(0.5)	(0.3)	(1.8)
Effect of currency-related items, (%)	(0.6)	(1.1)	(0.5)	(1.0)	(0.1)	(0.7)
of which:
Exchange rate changes (%)	(2.2)	(3.0)	(3.6)	(2.8)	(1.9)	(2.8)
Extreme price growth in hyperinflationary markets(b) (%)	1.6	1.9	3.2	1.9	1.8	2.1
Underlying sales growth(b) (%)	6.5	5.2	2.9	2.6	3.7	4.2
2023 vs 2022
Turnover (€ million)
2022	12,250	13,636	12,401	13,898	7,888	60,073
2023	12,466	13,829	12,181	13,204	7,924	59,604
Turnover growth(a) (%)	1.8	1.4	(1.8)	(5.0)	0.5	(0.8)
Effect of acquisitions (%)	1.9	–	–	–	0.9	0.5
Effect of disposals (%)	(1.7)	(0.9)	–	(6.9)	–	(2.1)
Effect of currency-related items, (%)	(6.2)	(6.1)	(7.2)	(5.2)	(2.7)	(5.7)
of which:
Exchange rate changes (%)	(7.5)	(8.0)	(10.3)	(6.8)	(5.4)	(7.8)
Extreme price growth in hyperinflationary markets(b) (%)	1.5	2.1	3.4	1.7	2.8	2.2
Underlying sales growth(b) (%)	8.3	8.9	5.9	7.7	2.3	7.0
2022 vs 2021
Turnover (€ million)
2021	10,138	11,763	10,572	13,104	6,867	52,444
2022	12,250	13,636	12,401	13,898	7,888	60,073
Turnover growth(a) (%)	20.8	15.9	17.3	6.1	14.8	14.5
Effect of acquisitions (%)	3.8	–	–	0.3	–	0.8
Effect of disposals (%)	(0.1)	–	–	(7.1)	–	(1.8)
Effect of currency-related items, (%)	8.1	7.4	4.9	4.9	5.4	6.2
of which:
Exchange rate changes (%)	6.9	6.2	2.6	3.6	3.9	4.7
Extreme price growth in hyperinflationary markets(b) (%)	1.0	1.1	2.2	1.2	1.5	1.4
Underlying sales growth(b) (%)	7.8	7.9	11.8	8.6	9.0	9.0

(a)Turnover growth is made up of distinct individual growth components, namely underlying sales, currency impact, acquisitions and disposals. Turnover growth is arrived at by multiplying

these individual components on a compounded basis as there is a currency impact on each of the other components. Accordingly, turnover growth is more than just the sum of the

individual components.

(b)Underlying price growth in excess of 26% per year in hyperinflationary economies has been excluded when calculating the underlying sales growth in the tables above, and an equal and

opposite amount is shown as extreme price growth in hyperinflationary markets.

UNDERLYING VOLUME GROWTH

Underlying volume growth (UVG) is part of USG and means, for the

applicable period, the increase in turnover in such period calculated as

the sum of (i) the increase in turnover attributable to the volume of

products sold; and (ii) the increase in turnover attributable to the

composition of products sold during such period. UVG therefore

excludes any impact on USG due to changes in prices.

UNDERLYING PRICE GROWTH

Underlying price growth (UPG) is part of USG and means, for the

applicable period, the increase in turnover attributable to changes in

prices during the period. UPG therefore excludes the impact to USG

due to (i) the volume of products sold; and (ii) the composition of

products sold during the period. In determining changes in price, we

exclude the impact of price growth in excess of 26% per year in

hyperinflationary economies as explained in USG above.


Unilever Annual Report on Form 20-F 2024		43



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE

The relationship between USG, UVG and UPG is set out below:


	2024 vs 2023	2023 vs 2022	2022 vs 2021
Underlying volume growth (%)	2.9	0.2	(2.1)
Underlying price growth (%)	1.3	6.8	11.3
Underlying sales growth (%)	4.2	7.0	9.0

NON-UNDERLYING ITEMS

Some of our non-GAAP measures are adjusted to exclude items defined as non-underlying. Management considers non-underlying items to be

significant, unusual or non-recurring in nature and so believe that separately identifying them helps users better understand the financial

performance of the Group from period to period.

■Non-underlying items within operating profit are gains or losses on business disposals, acquisition and disposal-related costs, restructuring

costs, impairments and other approved one-off items within operating profit classified here due to their nature and frequency.

■Non-underlying items not in operating profit but within net profit are net monetary gains/(losses) arising from hyperinflationary economies

and significant and unusual items in net finance cost, share of profit/(loss) of joint ventures and associates and taxation.

■Non-underlying items after tax is calculated as non-underlying items within operating profit after tax plus non-underlying items not in

operating profit but within net profit after tax.

Consequently, within underlying operating profit we exclude the following items:

■Restructuring costs are costs that are directly attributable to a restructuring project. Management defines a restructuring project as a

strategic, major initiative that delivers cost savings and materially changes either the scope of the business or the manner in which the

business is conducted.

■Acquisitions and disposal-related costs are costs that are directly attributable to a business acquisition or disposal project.

■Impairment of assets including goodwill, intangible assets, and property, plant and equipment.

■Gains or losses from the disposal of group companies which arise from business disposal projects.

■Other approved one-off items are those additional matters considered by management to be significant and outside the course of normal

operations.

The breakdown of non-underlying items is shown below:


	€ million 2024	€ million 2023	€ million 2022
Non-underlying items within operating profit before tax	(1,779)	(173)	1,072
Acquisition and disposal-related costs(a)	(387)	(242)	(50)
(Loss)/gain disposal of group companies(b)	(406)	489	2,335
Restructuring costs(c)	(850)	(499)	(777)
Impairments(d)	(133)	(1)	(221)
Other	(3)	80	(215)
Tax on non-underlying items within operating profit	129	207	273
Non-underlying items within operating profit after tax	(1,650)	34	1,345
Non-underlying items not in operating profit but within net profit before tax	(155)	(153)	(164)
Interest related to the UK tax audit of intangible income and centralised services	40	(11)	(7)
Net monetary gain arising from hyperinflationary economies	(195)	(142)	(157)
Tax impact of non-underlying items not in operating profit but within net profit, including non-underlying tax items	90	12	(121)
Non-underlying items not in operating profit but within net profit after tax	(65)	(141)	(285)
Non-underlying items after tax	(1,715)	(107)	1,060
Attributable to:
Non-controlling interest	21	(6)	(14)
Shareholders' equity	(1,736)	(101)	1,074

(a)2024 includes a charge of €239 million (2023: €104 million) relating to the revaluation of the minority interest liability of Nutrafol, €54 million related to the Ice Cream separation, and €39

million relating to the acquisition of Yasso.

(b)2024 net loss arises from the disposals of our Russian business, Elida Beauty, Pureit and Qinyuan. This net loss includes a foreign currency translation reserve write-off of €545 million.

2023 includes a gain of €497 million related to the disposal of Suave. 2022 includes a gain of €2,303 million related to the disposal of the global tea business.

(c)In 2024, we announced the launch of a company-wide productivity programme that would impact around 7,500 jobs and support margin improvement through specific interventions over its

duration. The majority of the costs incurred that relate to the productivity programme were for redundancy and are recognised as restructuring in line with our policy. The remaining costs

comprise technology and supply chain projects.

(d)2024 includes an impairment charge of €127 million relating to Blueair, an air purification business. 2022 includes an impairment charge of €192 million relating to Dollar Shave Club.


44	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE

UNDERLYING OPERATING PROFIT AND

UNDERLYING OPERATING MARGINS

Underlying operating profit and underlying operating margin mean

operating profit and operating margin before the impact of non-

underlying items within operating profit. Underlying operating profit

represents our measure of segment profit or loss as it is the primary

measure used for making decisions about allocating resources and

assessing performance of the segments.

The Group reconciliation of operating profit to underlying operating

profit is as follows:


€ million	2024	2023	2022
Operating profit	9,400	9,758	10,755
Non-underlying items within operating profit	1,779	173	(1,072)
Underlying operating profit	11,179	9,931	9,683
Turnover	60,761	59,604	60,073
Operating margin (%)	15.5	16.4	17.9
Underlying operating margin (%)	18.4	16.7	16.1

Further details on non-underlying items can be found on page 43 of the

consolidated financial statements.

Refer to note 2 on page 146 for the reconciliation of operating profit to

underlying operating profit by division. For each division, operating

margin is computed as operating profit divided by turnover and

underlying operating margin is computed as underlying operating profit

divided by turnover.

UNDERLYING EFFECTIVE TAX RATE

The underlying effective tax rate is calculated by dividing taxation

excluding the tax impact of non-underlying items by profit before tax

excluding the impact of non-underlying items and share of net profit/

(loss) of joint ventures and associates.

This measure reflects the underlying tax rate in relation to profit before

tax excluding non-underlying items before tax and share of net (profit)/

loss of joint ventures and associates.

Tax impact on non-underlying items within operating profit is the sum of

the tax on each non-underlying item, based on the applicable country

tax rates and tax treatment.

This is shown in the table:


€ million	2024	2023
Taxation	2,500	2,199
Tax impact of:
Non-underlying items within operating profit	129	207
Non-underlying items not in operating profit but within net profit(a)	90	12
Taxation before tax impact of non-underlying items	2,719	2,418
Profit before taxation	8,869	9,339
Share of net (profit)/loss of joint ventures and associates	(255)	(231)
Profit before tax excluding share of net profit/(loss) of joint ventures and associates	8,614	9,108
Non-underlying items within operating profit before tax(a)	1,779	173
Non-underlying items not in operating profit but within net profit before tax	155	153
Profit before tax excluding non-underlying items before tax and share of net profit/(loss) of joint ventures and associates	10,548	9,434
Effective tax rate (%)	29.0	24.1
Underlying effective tax rate (%)	25.8	25.6

(a)See page 43 for further details.

UNDERLYING EARNINGS PER SHARE

Underlying earnings per share (underlying EPS) is calculated

as underlying profit attributable to shareholders’ equity divided by the

diluted average number of ordinary shares. In calculating underlying

profit attributable to shareholders’ equity, net profit attributable to

shareholders’ equity is adjusted to eliminate the post-tax impact of

non-underlying items. This measure reflects the underlying earnings

for each share unit of the Group.

The reconciliation of net profit attributable to shareholders’ equity to

underlying profit attributable to shareholders’ equity is as follows:


€ million	2024	2023	2022
Net profit	6,369	7,140	8,269
Non-controlling interests	(625)	(653)	(627)
Net profit attributable to shareholders’ equity – used for basic and diluted earnings per share	5,744	6,487	7,642
Post-tax impact of non-underlying items	1,736	101	(1,074)
Underlying profit attributable to shareholders’ equity – used for underlying earnings per share	7,480	6,588	6,568
Diluted average number of shares (millions of share units)	2,507.1	2,532.4	2,559.8
Diluted EPS (€)	2.29	2.56	2.99
Underlying EPS – diluted (€)	2.98	2.60	2.57


Unilever Annual Report on Form 20-F 2024		45



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE

CONSTANT UNDERLYING EARNINGS PER SHARE

Constant underlying earnings per share (constant underlying EPS) is

calculated as underlying profit attributable to shareholders’ equity at

constant exchange rates and excluding the impact of both translational

hedges and price growth in excess of 26% per year in hyperinflationary

economies, divided by the diluted average number of ordinary share

units. This measure reflects the underlying earnings for each ordinary

share unit of the Group in constant exchange rates.

The reconciliation of underlying profit attributable to shareholders’

equity to constant underlying earnings attributable to shareholders’

equity and the calculation of constant underlying EPS is as follows:


€ million	2024	2023
Underlying profit attributable to shareholders’ equity	7,480	6,588
Impact of translation from current to constant exchange rates and translational hedges	272	(45)
Impact of price growth in excess of 26% per year in hyperinflationary economies(a)	(274)	–
Constant underlying earnings attributable to shareholders’ equity	7,478	6,543
Diluted average number of shares (millions of units)	2,507.1	2,532.4
Constant underlying EPS (€)	2.98	2.58

(a)See pages 41 to 42 for further details.

NET DEBT

Net debt is a measure that provides valuable additional information on

the summary presentation of the Group’s net financial liabilities and is

a measure in common use elsewhere.

Net debt is defined as the excess of total financial liabilities, excluding

trade payables and other current liabilities, over cash, cash equivalents

and other current financial assets, excluding trade and other current

receivables, and non-current financial asset derivatives that relate to

financial liabilities.

The reconciliation of total financial liabilities to net debt is as follows:


€ million	2024	2023
Total financial liabilities	(32,053)	(29,622)
Current financial liabilities	(6,987)	(5,087)
Non-current financial liabilities	(25,066)	(24,535)
Cash and cash equivalents as per balance sheet	6,136	4,159
Cash and cash equivalents as per cash flow statement	5,950	4,045
Add: bank overdrafts deducted therein	180	116
Less: cash and cash equivalents held for sale	6	(2)
Other current financial assets	1,330	1,731
Non-current financial assets derivatives that relate to financial liabilities	68	75
Net debt	(24,519)	(23,657)

UNDERLYING EARNINGS BEFORE INTEREST,

TAXATION, DEPRECIATION AND AMORTISATION

(UEBITDA)

Underlying earnings before interest, taxation, depreciation and

amortisation means operating profit before the impact of depreciation,

amortisation and non-underlying items within operating profit. We use

UEBITDA in assessing our leverage level, which is expressed as net

debt/UEBITDA. The reconciliation of operating profit to UEBITDA is as

follows:


€ million	2024	2023
Net profit	6,369	7,140
Net finance costs	604	486
Net monetary loss arising from hyperinflationary economies	195	142
Share of net profit of joint ventures and associates	(255)	(231)
Other income/(loss) from non-current investments and associates	(13)	22
Taxation	2,500	2,199
Operating profit	9,400	9,758
Depreciation and amortisation	1,624	1,578
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	11,024	11,336
Non-underlying items within operating profit	1,779	173
Underlying earnings before interest, taxes, depreciation and amortisation (UEBITDA)	12,803	11,509


46	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE

FREE CASH FLOW

Free cash flow (FCF) is defined as cash flow from operating activities,

less income taxes paid, net capital expenditure and net interest

payments. It does not represent residual cash flows entirely available

for discretionary purposes; for example, the repayment of principal

amounts borrowed is not deducted from FCF. FCF reflects an

additional way of viewing our liquidity that we believe is useful to

investors because it represents cash flows that could be used for

distribution of dividends, repayment of debt or to fund our strategic

initiatives, including acquisitions, if any.

The reconciliation of cash flow from operating activities to FCF is as

follows:


€ million	2024	2023	2022
Cash flow from operating activities	12,144	11,561	10,089
Income tax paid	(2,625)	(2,135)	(2,807)
Net capital expenditure	(1,934)	(1,703)	(1,627)
Net interest payments	(653)	(632)	(457)
Free cash flow	6,932	7,091	5,198
Net cash flow (used in)/from investing activities	(625)	(2,294)	2,453
Net cash flow used in financing activities	(6,941)	(7,193)	(8,890)

CASH CONVERSION

Unilever defines cash conversion as free cash flow excluding tax on

disposal as a proportion of net profit, excluding P&L on disposal and

income from joint ventures, associates and non-current investments.

This reflects our ability to convert profit to cash.


€ million	2024	2023
Net profit	6,369	7,140
Loss/(gain) on disposal of group companies	406	(489)
Share of net profit of joint ventures and associates	(255)	(231)
Other (income)/loss from non-current investments and associates	(13)	22
Tax on gain on disposal of group companies	140	(69)
Net profit excluding P&L on disposals, JV, associates, NCI	6,647	6,373
Cash flow from operating activities	12,144	11,561
Free cash flow	6,932	7,091
Cash impact of tax on disposal	111	14
Free cash flow excluding cash impact of tax on disposal	7,043	7,105
Cash conversion from operating activities (%)	191	162
Cash conversion (%)	106	111

UNDERLYING RETURN ON INVESTED CAPITAL

Underlying return on invested capital (ROIC) is a measure of the return

generated on capital invested by the Group. The measure provides a

guide rail for long-term value creation and encourages compounding

reinvestment within the business and discipline around acquisitions

with low returns and long payback. Underlying ROIC is calculated as

underlying operating profit after tax divided by the annual average of:

goodwill, intangible assets, property, plant and equipment, net assets

held for sale, inventories, trade and other current receivables, and

trade payables and other current liabilities.


€ million	2024	2023
Operating profit	9,400	9,758
Tax on operating profit(a)	(2,726)	(2,352)
Operating profit after tax	6,674	7,406

Operating profit	9,400	9,758
Non-underlying items within operating profit	1,779	173
Underlying operating profit before tax	11,179	9,931
Tax on underlying operating profit(b)	(2,882)	(2,545)
Underlying operating profit after tax	8,297	7,386
Goodwill	22,311	21,109
Intangible assets	18,590	18,357
Property, plant and equipment	11,669	10,707
Net assets held for sale	119	516
Inventories	5,177	5,119
Trade and other current receivables	6,011	5,775
Trade payables and other current liabilities	(16,690)	(16,857)
Period-end invested capital	47,187	44,726
Average invested capital for the period	45,957	45,487
Return on invested capital (%)	14.5	16.3
Underlying return on invested capital (%)	18.1	16.2

(a)Tax on operating profit is calculated as operating profit before tax multiplied by the

effective tax rate of 29.0% (2023: 24.1%), which is shown on page 44.

(b)Tax on underlying operating profit is calculated as underlying operating profit before tax

multiplied by underlying effective tax rate of 25.8% (2023: 25.6%), which is shown on

page 44.


Unilever Annual Report on Form 20-F 2024		47



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE

UNDERLYING RETURN ON ASSETS

Underlying return on assets is a measure of the return generated on

assets for each Business Group. This measure provides additional

insight on the performance of the Business Groups and assists in

formulating long-term strategies with respect to allocation of capital

across Business Groups. Business Group underlying return on assets

is calculated as underlying operating profit after tax for the Business

Group divided by the annual average of: property, plant and

equipment, net assets held for sale (excluding goodwill and

intangibles), inventories, trade and other current receivables, and trade

payables and other current liabilities for each Business Group. The

annual average is computed by adding the amounts at the beginning

and the end of the calendar year and dividing by two. Where possible,

balances are specifically attributed to each Business Group. For trade

and other current receivables, balances are allocated to Business

Groups in the ratio of annual Business Group turnover to total Unilever

turnover. For trade and other payables, balances are allocated to

Business Groups in the ratio of annual Business Group cost of sales to

total Unilever cost of sales.


€ million	Beauty & Wellbeing	Personal Care	Home Care	Foods	Ice Cream	Total
2024
Operating profit	1,970	2,739	1,521	2,599	571	9,400
Tax on operating profit	(571)	(794)	(441)	(754)	(166)	(2,726)
Operating profit after tax	1,399	1,945	1,080	1,845	405	6,674

Operating profit	1,970	2,739	1,521	2,599	571	9,400
Non-underlying items within operating profit	(582)	(275)	(264)	(248)	(410)	(1,779)
Underlying operating profit before tax	2,552	3,014	1,785	2,847	981	11,179
Tax on underlying operating profit	(658)	(777)	(460)	(734)	(253)	(2,882)
Underlying operating profit after tax	1,894	2,237	1,325	2,113	728	8,297
Property, plant and equipment	1,939	2,813	2,131	2,388	2,398	11,669
Net assets held for sale	–	(7)	19	13	–	25
Inventories	1,243	1,172	738	1,094	930	5,177
Trade and other receivables	1,302	1,347	1,222	1,321	819	6,011
Trade payables and other current liabilities	(3,570)	(3,569)	(3,557)	(3,536)	(2,458)	(16,690)
Period-end assets (net)	914	1,756	553	1,280	1,689	6,192
Average assets for the period (net)	817	1,394	436	995	1,817	5,459
Return on assets (%)	171	140	248	185	22	122
Underlying return on assets (%)	232	161	304	212	40	152
2023
Operating profit	2,209	2,957	1,419	2,413	760	9,758
Tax on operating profit	(532)	(713)	(342)	(582)	(183)	(2,352)
Operating profit after tax	1,677	2,244	1,077	1,831	577	7,406

Operating profit	2,209	2,957	1,419	2,413	760	9,758
Non-underlying items within operating profit	(122)	165	(77)	(47)	(92)	(173)
Underlying operating profit before tax	2,331	2,792	1,496	2,460	852	9,931
Tax on underlying operating profit	(597)	(716)	(383)	(631)	(218)	(2,545)
Underlying operating profit after tax	1,734	2,076	1,113	1,829	634	7,386
Property, plant and equipment	1,773	2,340	1,979	1,976	2,639	10,707
Net assets held for sale	–	(31)	–	15	–	(16)
Inventories	1,179	1,128	785	1,090	937	5,119
Trade and other receivables	1,208	1,340	1,180	1,279	768	5,775
Trade payables and other current liabilities	(3,439)	(3,746)	(3,626)	(3,646)	(2,400)	(16,857)
Period-end assets (net)	721	1,031	318	714	1,944	4,728
Average assets for the period (net)	880	1,164	421	866	1,910	5,241
Return on assets (%)	191	193	256	211	30	141
Underlying return on assets (%)	197	178	265	211	33	141

OTHER INFORMATION

Accounting standards and critical accounting policies

The consolidated financial statements have been prepared

in accordance with IFRS as adopted by the UK and IFRS as issued by

the International Accounting Standards Board. The accounting policies

are consistent with those applied in 2023 except for the recent

accounting developments as set out in note 1 on pages 142 to 144.

The critical accounting estimates and judgements and those that are

most significant in connection with our financial reporting are set out in

note 1 on pages 142 to 144.

Auditor's report

The Report of Independent Registered Public Accounting Firm issued

by KPMG LLP on the consolidated results of the Group, as set out in

the financial statements, was unqualified and contained no exceptions

or emphasis of matter. For more details, see pages 121 to 137.

2023 financial review

The financial review for the year ended 31 December 2023 can be

found on pages 58 to 64 of our Annual Report and Accounts on Form

20-F filed with the United States Securities and Exchange Commission

on 14 March 2024.


48	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE
Non-financial performance


Climate	Goal	2024	2023	2022

Reduce absolute operational GHG emissions (Scope 1 & 2) by 100% by 2030 from a 2015 baseline(b)(c)(d)	-100%	-72%	-70%	-63%
Reduce absolute Scope 3 energy and industrial (E&I) GHG emissions by 42% by 2030 from a 2021 baseline(e)	-42%	-8%	–	–
Reduce absolute Scope 3 forest, land and agriculture (FLAG) GHG emissions by 30.3% by 2030 from a 2021 baseline(e)	-30.3%	-14%	–	–



Nature	Goal	2024	2023	2022

Implement Regenerative Agriculture practices on 1 million hectares of agricultural land by 2030	1m	0.13m	0.06m	0.05m
Help protect and restore 1 million hectares of natural ecosystems by 2030	1m	0.43m	0.29m	0.20m
95% volume of key crops to be verified as sustainably sourced by 2030	95%	79%	79%	81%
Maintain no deforestation across our primary deforestation- linked commodities(f)	95%	97%	98%	–
Implement water stewardship programmes in 100 locations in water-stressed areas by 2030	100	21	13	8



Plastics	Goal	2024	2023	2022

Reduce our virgin plastic footprint – by 30% by 2026, and 40% by 2028, from a 2019 baseline(a)(c)	-30%	-23%	-21%	-21%
100% of our plastic packaging to be reusable, recyclable or compostable(a)(b)	100%	57%	53%	55%
by 2030 (for rigids)	100%	76%	–	–
by 2035 (for flexibles)	100%	13%	–	–
Use 25% recycled plastic in our packaging by 2025(a)(c)	25%	21%	20%	18%
Collect and process more plastic packaging than we sell by 2025(a)(c)	100%	93%	68%	61%



Livelihoods	Goal	2024	2023	2022

Suppliers representing 50% of our procurement spend to sign the Living Wage Promise by 2026	50%	32%	–	–
Help 250,000 smallholder farmers in our supply chain access livelihoods programmes by 2026	0.25m	0.08m	–	–
Help 2.5 million SMEs in our retail value chain grow their business by 2026(g)	2.5m	2.58m	1.91m	1.83m

(a)The scope of our plastic packaging targets includes plastic packaging in 26 countries, which account for approximately 82% of Unilever’s sales.

(b)2023 and 2022 performance measured for 12-month period ended 30 September.

(d)Baseline period measured for 12-month period ended 30 September 2015.

(e)Baseline period measured for 12-month period ended 30 September 2021.

(f)2023 performance measured for all commodity volumes ordered for 3-month period October to December, except for palm oil in India measured only for December.

(g)2023 and 2022 performance measured for 3-month period October to December.


Unilever Annual Report on Form 20-F 2024		49



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE

NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT

Unilever’s Sustainability Statement can be found on pages 222 to 299 of the Annual Report and Accounts. The statement incorporates

requirements for non-financial and sustainability reporting including sections 414CA and 414CB of the Companies Act 2006, the European

Sustainability Reporting Standards (the ESRS) and our Climate Transition Action Plan progress report. It includes our climate-related financial

disclosures, as required by the Financial Conduct Authority Listing Rules 6.6.6R(8), which are consistent with the four recommendations and 11

recommended disclosures of the Task Force on Climate-related Financial Disclosures (TCFD).

The table below is intended to provide our stakeholders with an overview of the non-financial reporting requirements and the content they need

to understand our development, performance, position and the impact of our activities with regards to specified non-financial matters. Our

business model can be found on pages 2 to 5, which identifies our stakeholder groups, and our principal risks can be found on pages 51 to 59.

Further information on these matters can be found on our website and in our Human Rights Report, including relevant policies.

In the following pages, we provide our Section 172 disclosure, our Streamlined Energy and Carbon Reporting disclosure and our employee

gender reporting.


Non-financial matter and relevant sections of Annual Report	Page reference

Environmental matters, including Climate
■Sustainability Review ■Climate, including: Task Force on Climate-related Financial Disclosures and our Climate Transition Action Plan: Annual Progress ■Pollution ■Water ■Biodiversity and Ecosystems ■Resource Use and Circular Economy	■Governance: pages 65 and 224. ■Risks and Impacts: pages 36, 51, 227 and 230. This is supported by a detailed scenario analysis: pages 235 and 262. ■Due diligence and policies: pages 225 and 232. ■Position and performance (including relevant non-financial KPIs): pages 36 to 37, 48 and 50, with further details for Climate: pages 246 to 247, Pollution: page 250, Water: page 253, Biodiversity and Ecosystems: page 257, and Resource Use and Circular Economy: page 260. ■Climate Transition Action Plan: Annual Progress is outlined in Climate Actions disclosures: pages 240 to 241. For more details, refer to www.unilever.com/files/ctap.pdf. Refer to note 1 of the consolidated financial statements for further information relating to any considerations of physical and transition climate risks on the current valuation of our assets and liabilities. ■Task Force on Climate-related Financial Disclosures, pages 295 to 296, outlines how our TCFD disclosures are mapped across the relevant sections of the Sustainability Statement.

Social and Employee matters, including Human Rights
■Our People & Culture ■Own Workforce ■Workers in the Value Chain ■Affected Communities ■Consumers and End-Users ■Approach to Human Rights	■Governance: pages 65, 74, 79, 92 to 93, 224 and 272 to 278. ■Risks and Impacts: pages 36, 51, 227 and 267. ■Due diligence and policies: pages 74, 79, 92 to 93, 225 and 270. ■Position and performance (including relevant non-financial KPIs): pages 34, 36, and 48, with further details for Own Workforce: pages 244 to 278, and for Workers in the Value Chain: pages 279 to 283. ■Approach to Human Rights: pages 270 to 271.

Business Conduct matters, including anti-corruption and bribery
■Our People & Culture ■Business Conduct	■Governance: pages 65 and 224. ■Risks and Impacts: pages 34, 51, 227 and 287. ■Due diligence and policies: pages 225, 270, 287 and 289. ■Position and performance (including relevant non-financial KPIs): pages 34, 48, 92 to 93, and 289 to 291. ■Prevention and detection of corruption and bribery: page 289. Our Code and Code Policies set out Unilever’s zero-tolerance approach towards corruption and bribery. Our partners must adhere to Unilever’s anti-corruption and bribery policies, as defined in the Responsible Partner Policy.


50	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PERFORMANCE

SECTION 172 STATEMENT

Under Section 172 of the UK Companies Act 2006 (‘Section 172’) directors must act in the way that they consider, in good faith, would be most

likely to promote the success of their company. In doing so, our Directors must have regard to stakeholders and the other matters set out in

Section 172. Our Section 172 statement includes the information set out on pages 74 to 77 of the Governance Report. Pages 74 and 75

identifies our key stakeholders and provides examples of how the business engaged with them during 2024, with cross references to the Review

of the Year section for more detail. Pages 76 and 77 details how our Directors have taken steps to understand the needs and priorities of these

stakeholders when setting Unilever’s strategy and taking decisions concerning the business, including by direct engagement or via their

delegated committees and forums. The relevance of each stakeholder group may vary depending on the matter at hand.

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

In line with the requirements set out in the UK Government’s guidance on Streamlined Energy and Carbon Reporting, the table below represents

Unilever’s energy use and associated GHG emissions from electricity and fuel in the UK, calculated with reference to the Greenhouse Gas

Protocol. The scope of this data includes seven manufacturing sites, two logistics sites and eight non-manufacturing sites based in the UK. In

2024, the UK accounted for 4% of our global total Scope 1 and 2 GHG emissions as well as 5% of our global energy use, outlined in the table

below.

See our Climate actions on page 240 for details on energy efficiency measures taken during 2024, and our Gross Scope 1, 2 and 3 emissions,

as well as the Total GHG emissions table on page 244, disclosed in our consolidated Sustainability Statement.


UK operations (thousands kWh)	2024	2023(a)(b)	2022(a)(b)
Biogas	13,350	9,354	13,520
Natural gas	215,052	232,083	249,098
LPG	0	0	937
Fuel oils	666	2,061	1,302
Coal	0	0	0
Electricity	91,543	102,599	132,903
Purchased heat and steam	0	0	0
Total UK energy	320,612	346,097	397,759
Total global energy	6,482,654	6,377,192	7,080,534
Total UK Scope 1 emissions (tonnes CO2e)(c)(e)	24,065	47,014	50,386
UK Scope 1 emissions (kg CO2e) per tonne of production	36	73	64
Total UK Scope 2 emissions (tonnes CO2e)(d)(f)	1,666	1,568	1,421
UK Scope 2 emissions (kg CO2e) per tonne of production	3	2	2

(a)2023 and 2022 measured for 12-month period ended 30 September.

(b)2023 and 2022 data has been restated in line with our improved GHG measurement methodology detailed on page 243 and with ESRS reporting requirements.

(c)Restated from 41,594 kg CO2 in 2023 and 39,545 kg CO2 in 2022.

(d)Restated from 0 kg CO2 in 2023 and 2022.

(e)Certified Biomethane UK Renewable Gas Guarantee's of Origin (RGGOs) purchased for 98,000 MWh.

(f)Scope 2 emissions for grid electricity calculated according to the market-based method.

EMPLOYEE DIVERSITY

As part of our disclosure to comply with the UK Corporate Governance Code 2018 and the Companies Act 2006, the table below shows our

workforce diversity by gender and work level as at 31 December 2024.


	2024			2023
Gender statistics	Female	Male	Not reported(c)	Female	Male	Not reported(c)
Board	4	5	0	5	7	0
	44%	56%	0%	42%	58%	0%
Unilever Leadership Executive (ULE)	4	9	0	2	11	0
	31%	69%	0%	15%	85%	0%
Senior management(a)	31	65	0	29	52	0
	32%	68%	0%	36%	64%	0%
Management(b)	8,999	7,472	5	9,468	7,885	3
	55%	45%	0%	55%	45%	0%
Total workforce	44,313	75,530	197	47,633	80,718	26
	37%	63%	0%	37%	63%	0%

(a)Employees in senior management roles one work level below ULE (based on internal reporting definitions).

(b)Employees in management roles including ULE and senior management.

(c)‘Not reported’ includes those categorised as ’Other’, ‘Unspecified’ or ‘Prefer not to say’.

Employees who are statutory directors of the corporate entities included in this Annual Report and Accounts: 446 (62%) males and 272 (38%)

females (see Group Companies on pages 200 to 210).


Unilever Annual Report on Form 20-F 2024		51



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS



Our Principal Risks

OUR RISK APPETITE AND APPROACH

TO RISK MANAGEMENT

Risk management is integral to Unilever’s strategy and

the achievement of Unilever’s long-term goals. Our success

as an organisation depends on our ability to identify and exploit the

opportunities generated by our business and in our markets. In doing

this, we take an embedded approach to risk management which puts

risk at the core of the Board agenda, which is where we believe it

should be.

Unilever’s appetite for risk is driven by the following:

■Our growth should be consistent, competitive,

profitable and responsible.

■Our actions on issues such as climate, nature, plastics

and livelihoods must reflect their urgency, and not be constrained by

the uncertainty of potential impacts.

■Our behaviours must be in line with our Code of Business Principles

and Code Policies.

■Our ambition to continuously improve our operational efficiency and

effectiveness.

■Our aim to maintain a minimum A/A2 credit rating on a long-term

basis.

Our approach to risk management is designed to provide reasonable,

but not absolute, assurance that our assets are safeguarded, the risks

facing the business are being assessed and mitigated, and all

information that may be required to be disclosed is reported to

Unilever’s senior management including, where appropriate, the CEO

and CFO.

ORGANISATION

The Board has overall accountability for the management of risks and

opportunities and reviewing the effectiveness of Unilever’s risk

management and internal control systems. The Board has established

a clear organisational structure with well-defined accountabilities for

the principal risks that Unilever faces in the short, medium and long

term. In this structure, the Board has delegated the overall

accountability for risk management to both the CEO and CFO. The

distribution of accountabilities and responsibilities ensures that every

segment (either Business Group or country) through which we operate

has specific resources and processes for risk reviews and risk

mitigation. This is supported by the ULE, which takes active

responsibility for focusing on the principal areas of risk to Unilever,

including any emerging areas of risks. The Board regularly reviews

these risk areas, including consideration of environmental, social and

governance matters, and retains responsibility for determining the

nature and extent of the significant risks that Unilever is prepared to

take to achieve its strategic objectives.

FOUNDATION AND PRINCIPLES

Unilever’s approach to doing business is framed by our purpose and

values (see page 4). Our Code of Business Principles (CoBP) and a

framework of Code Policies that underpins the CoBP set out the

standards of behaviour that we expect all employees to adhere to. The

day-to-day responsibility for ensuring these principles are applied rests

with senior management across Business Groups, geographies

and functions. They are supported by Business Integrity Officers and

Committees who communicate the Code, deliver training, maintain

processes and procedures (including support lines) to report and

respond to alleged breaches, and to capture and communicate

learnings.

For each of our principal risks, we have a risk management framework

detailing the controls we have in place and who is responsible for

managing both the overall risk and the individual controls mitigating

that risk. Unilever’s functional standards define mandatory

requirements across a range of specialist areas such as product safety

and cyber, which are key controls in mitigating these risks.

Our assessment of risk considers short-, medium- and long-term risks,

including how these risks are changing, together with emerging risk

areas. These are reviewed on an ongoing basis, and formally by senior

management and the Board at least once a year.

PROCESSES

Unilever operates a wide range of processes and activities across all

its operations covering strategy, planning, execution and performance

management. Risk management is integrated into every stage. In

2024, for the purposes of compliance with the European Union

Corporate Sustainability Reporting Directive, Unilever completed a

double materiality assessment (DMA) to identify material sustainability

matters. The outcome of the DMA has been reviewed by management

to ensure that these matters are aligned with the principal risks.

ASSURANCE AND RE-ASSURANCE

Assurance on compliance with the Code of Business Principles and

our Code Policies is obtained annually from Unilever management via

a formal Code declaration. In addition, specialist awareness and

training programmes are run throughout the year and vary depending

on the business priorities. An integrated assurance map is maintained

across the principal risks to confirm the mitigation in place through the

three lines of defence. Our Corporate Audit function plays a vital role in

providing to both management and the Board an objective and

independent review of the effectiveness of risk management and

internal control systems throughout Unilever.

BOARD ASSESSMENT OF COMPLIANCE WITH THE

RISK MANAGEMENT FRAMEWORKS

The Board, advised by its committees and subcommittees where

appropriate, regularly review the significant risks and decisions that could

have a material impact on Unilever. These reviews consider the level of risk

that Unilever is prepared to take in pursuit of the business strategy and the

effectiveness of the management controls in place to mitigate the risk

exposure.

The Board, through the Audit Committee, has reviewed the

assessment of risks, internal controls and disclosure controls and

procedures in operation within Unilever. It has also considered the

effectiveness of any remedial actions taken for the year covered by this

Annual Report and Accounts and up to the date of its approval by the

Board.

Details of the activities of the Audit Committee in relation to this can be

found in the Report of the Audit Committee on pages 86 to 90.

Further statements on compliance with the specific risk management

and control requirements in the UK Corporate Governance Code

(2018), the US Securities Exchange Act (1934) and the US Sarbanes-

Oxley Act (2002) can be found on page 80.


52	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PRINCIPAL RISKS

Principal Risks

Our business is subject to risks and uncertainties. On the following pages, we have identified the risks and opportunities that we regard as the

most material to Unilever’s business and performance at this time.

Our principal risks include risks that could impact our business in the short term (i.e. the next two years), medium term (i.e. the next three to ten

years) or over the longer term (i.e. beyond ten years). As part of our process to review our principal risks, we also consider any additional risks

that could emerge in the future.

Our principal risks have been reviewed and updated as appropriate to reflect the current and relevant risks and opportunities. We have extended

the scope of our existing Climate principal risk to consider those risks relating to nature, of which biodiversity is a subset. We also reflect on

whether we think the level of risk associated with each of our principal risks is increasing or decreasing. There are three principal risks where we

believe there is an increased level of risk compared with last year:

■Business Transformation: we announced the separation of the Ice Cream business and a multi-year productivity programme to strengthen and

simplify our business. The scale and impact of the ongoing transformation requires close monitoring.

■Legal and Regulatory: the increasing regulatory landscape, such as with product formulations, plastic packaging, environmental compliance

and data protection, require us to continually assess the impact on our business and take necessary action.

■Systems and Information: technology is disrupting the way we do business, and we need to accelerate innovation to keep pace with the

developments. The cyber threat landscape has increased in the recent past and continues to remain volatile.

The rapid advancements in generative AI capabilities heightens the risk of misuse, leading to loss of trust and credibility as well as the risk of

legal liability. We have a task force set up to identify and take responsible action as we continue to monitor this as an emerging risk. We

recognise the opportunities brought by AI as part of our principal risks.

If the circumstances in these risks occur or are not successfully mitigated, our cash flow, operating results, financial position, business and

reputation could be materially adversely affected. In addition, risks and uncertainties could cause actual results to vary from those described,

which may include forward-looking statements, or could impact on our ability to meet our targets or be detrimental to our profitability

or reputation.


Risk	Risk description	Level of risk

Consumer preference	Our success depends on the value and relevance of our brands and products to consumers around the world and on our ability to innovate and remain competitive. Consumer tastes, preferences and behaviours are changing more rapidly than ever before. We see a growing trend for consumers preferring brands that both meet their functional needs and have an explicit social or environmental purpose. Technological change is disrupting our traditional brand communication models. Our ability to develop and deploy the right communication, both in terms of messaging content and medium is critical to the continued strength of our brands. We are dependent on creating innovative products that continue to meet the needs of our consumers in times of economic instability and volatility. We also need to be competitive, bringing innovation to market with speed in areas such as personalised and premium beauty offerings, health and hygiene.	No change


Unilever Annual Report on Form 20-F 2024		53



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PRINCIPAL RISKS


Risk	Risk description	Level of risk

Portfolio management	Unilever’s strategic investment choices will affect the long-term growth and profits of our business. Unilever’s growth and profitability are determined by our portfolio of Business Groups, geographies and channels and how these evolve over time. If Unilever does not make optimal strategic investment decisions, then opportunities for growth and improved margin could be missed.	No change

Climate and nature	Tackling climate change-related physical and transitional risks and loss of nature is important to increase our resilience and future- proof our business. Climate change is already impacting our business in various ways, although there has not been a material impact during the year. As it worsens, it is likely to increase the frequency and severity of extreme weather events such as heat waves, hurricanes, floods or droughts. Government action to mitigate climate change, such as the introduction of carbon taxes, land use regulations or product composition regulations that restrict or ban certain GHG-intensive ingredients, could also impact our business in the short term through higher costs or reduced flexibility of operations. Our business depends on nature, making its loss a significant risk. Intensive agricultural practices, land conversion and rising temperatures could lead to loss of biodiversity and ecosystems. This could in turn lead to reduction in crop yield and therefore increase in prices for scarce resources. Deforestation poses a particular risk to our business, both reputational and to our supply chain. Land use regulations to conserve and expand forest land could reduce land available in the short term for agricultural produce, which could result in increase in raw material prices. Water is a critical resource to grow agricultural produce, and for both the manufacturing and consumer use of our products. Water scarcity can therefore impact our agricultural sourcing and our operations as well as reducing consumer demand for products that require water in their use phase.	No change


54	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PRINCIPAL RISKS


Risk	Risk description	Level of risk

Plastic packaging	We use a significant amount of plastic to package our products. A reduction in the amount of virgin plastic we use and an increase in the recyclability of our packaging are critical to delivering a sustainable business. Both consumer and customer responses to the environmental impact of plastic waste and emerging regulations by governments to tax or ban the use of certain plastics requires us to find solutions to reduce the amount of plastic we use and increase the amount of packaging which is recyclable. We are also dependent on the work of our industry partners to create and improve recycling infrastructure throughout the world. Besides the overarching risk of consumer and customer acceptance of the new materials, there is a risk around finding appropriate replacement materials that do not have trade-offs on functionality, performance and safety. Due to high demand and the green premium, the cost of recycled plastic or other alternative packaging materials could significantly increase in the foreseeable future and this could impact our business performance. In addition, we are also exposed to higher costs as a result of taxes or fines if we are unable to comply with plastic regulations. For instance, the Extended Producer Responsibility (EPR) regulations in some markets adds an obligation on Unilever to take responsibility for the entire lifecycle of our products, including end-of-life disposal and recycling, which could again impact our profitability and reputation.	No change

Customer and channel	Successful customer relationships are vital to our business and continued growth. Maintaining strong relationships with our existing customers while building relationships with new customers is critical to our success because we believe customers are the gateway to shoppers and consumers. To mitigate risks and ensure sustainable growth, we aim to strengthen our existing customer channels while strategically expanding into growth channels, particularly digital commerce, which remains a critical channel for growth. The strength of our customer relationships impacts our ability to land our strategic pricing and competitive trade terms. Failure to maintain strong relationships with customers could negatively impact our terms of business with affected customers and reduce the availability of our products to consumers.	No change


Unilever Annual Report on Form 20-F 2024		57



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OUR PRINCIPAL RISKS


Risk	Risk description	Level of risk

Business transformation	Successful execution of business transformation projects is key to delivering their intended business benefits and avoiding disruption to other business activities. In 2024, we announced the separation of our Ice Cream business and the launch of a major productivity programme to accelerate our Growth Action Plan (GAP). As a result of the separation of Ice Cream, we recognise the heightened risk of operational disruption that could result in higher costs and impact our performance. We also recognise the risks in managing business continuity associated with the productivity programme due to the pace of change and operating model, which could disrupt our growth momentum and our ability to unlock and realise planned benefits. We are also continually engaged in acquisitions and disposals that could strengthen our portfolio and capabilities. Any potential challenges during integration could lead to financial exposure. Continued digitalisation of our business models and processes, together with enhancing data management capabilities, is a critical part of our transformation. Advancements in artificial intelligence (AI) capabilities, with the evolution of generative AI, provides opportunities to become efficient and effective in consumer insights, demand creation, customer and channel management, and operations. We see these as opportunities to step up our growth, unlock productivity and accelerate cultural transformation.	Increase

Economic and political instability	Adverse economic conditions may affect one or more countries, regions or may extend globally. Economic and political instability impacts consumer demand for our products, disrupts sales operations and/or impacts the profitability of our operations. In 2024, organisations have continued to see geopolitical and economic volatility leading to significant disruption to supply chain and logistics, including consumer boycotts impacting parts of the business. Government actions such as trade and economic sanctions, foreign exchange or price controls can impact on the growth and profitability of our local operations. Unilever has more than half of its turnover in emerging markets, which can offer greater growth opportunities but also exposes Unilever to related economic and political volatility.	No change


58	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PRINCIPAL RISKS


Risk	Risk description	Level of risk

Treasury and tax	Unilever is exposed to a variety of external financial risks in relation to Treasury and Tax. The relative value of currencies can fluctuate widely and could have a significant impact on business results. Further, because Unilever consolidates its financial statements in euros, it is subject to exchange risks associated with the translation of the underlying net assets and earnings of its foreign subsidiaries. We are also subject to the imposition of exchange controls by individual countries or economic sanctions, which could limit our ability to import materials paid in foreign currency or to remit dividends to the parent company. A material shortfall in our cash flow could undermine Unilever’s credit rating, impair investor confidence and restrict Unilever’s ability to raise funds. In times of financial crisis, there is a further risk that we may not be able to raise funds due to market illiquidity. We are exposed to counter-party risks with banks, suppliers and customers, which could result in financial losses. Tax is a complex and evolving area where laws and their interpretation are changing regularly, leading to the risk of unexpected tax exposures. International tax reform remains a key focus of attention.	No change

Ethical	Unilever’s brands and reputation are valuable assets and the way in which we operate, contribute to society and engage with the world around us is always under scrutiny both internally and externally. Acting in an ethical manner, consistent with the expectations of customers, consumers and other stakeholders, is essential for the protection of the reputation of Unilever and its brands. Our ethical approach is grounded in our commitment to embed respect for human rights throughout our business, in line with the United Nations Guiding Principles on Business and Human Rights. The safety of our employees and the people and communities we work with is critical. Failure to meet these high standards could impact our reputation and business results.	No change


60	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OUR PRINCIPAL RISKS

Viability statement

The Directors have reviewed the long-term prospects of the Group in

order to assess its viability. This review incorporated the activities and

key risks of the Group together with the factors likely to affect the

Group’s future development, performance, financial position, cash

flows, liquidity position and borrowing facilities as described on pages

1 to 47. In addition, we describe in notes 15 to 18, on pages 169 to

184, the Group’s objectives, policies and processes for managing

its capital, its financial risk management objectives, details of its

financial instruments and hedging activities, and its exposures to credit

and liquidity risk. Unilever announced the separation of the Ice Cream

business, which is expected to be completed by the end of 2025. This

falls within the period covered by the viability statement. The Directors

have therefore considered the ability of the Group to continue in its

current form (i.e. scenario where the separation does not happen), as

well as the viability of the Group if the separation completed

as planned.

ASSESSMENT

In order to report on the long-term viability of the Group, the Directors

reviewed the overall funding capacity and headroom available to

withstand severe events and carried out a robust assessment of the

principal risks facing the Group, including those that would threaten its

business model, future performance, solvency or liquidity. This includes

consideration of external factors such as the impact of climate change,

changing consumer preference and slowdown in economic growth.

The assessment considers the separation of the Ice Cream business in

2025 and also a possibility that the existing business continues over the

assessment period. We have also reviewed the mitigating factors in

respect of each principal risk. The risks are summarised on pages 52 to 59.

The viability assessment has three parts:

■First, the Directors considered the period over which they have a

reasonable expectation that the Group will continue to operate and

meet its liabilities;

■Second, they considered the current debt facilities and debt

headroom over the viability period, assuming that any debt maturing

can be re-financed at commercially acceptable terms; and

■Third, they considered the potential impact of severe but plausible

scenarios over this period considering both possibilities that the

existing business continues over this period as well as the

separation of the Ice Cream business in 2025:

■assessing scenarios for each individual, the principal risks, and

their impact on profits and cash, and

■assessing scenarios that involve more than one principal risk

including the following multi-risk scenarios:


Multi-risk scenarios modelled	Level of severity reviewed	Link to principal risk

Contamination issue with one of our brands caused by regulated ingredients and the temporary closure of three of our largest factories.	Significant reduction in sales for some of the Business Groups along with percolating impact on other brands and closure of three of our largest factories for a period of six months.	■Safe and high-quality products ■Consumer preference ■Business operations
Increasing geopolitical tensions leading to subdued macroeconomic scenario and impacting consumer demand coupled with failure to find alternatives to plastic packaging, resulting in both consumers moving away and higher costs.	Loss of turnover due to change in consumer preference and increasing costs due to plastic-related taxes and levies.	■Economic and political instability ■Plastic packaging
Climate change-related extreme weather events impacting crop yield and failure to capitalise on changing consumer perceptions and demands.	Extreme rain and drought impacting agricultural produce and crop yield, leading to increase in costs and failure to capitalise on consumer needs, resulting in turnover loss.	■Climate and nature ■Business operations ■Consumer preference
Cyber-attack causing a sustained shutdown of manufacturing systems and the impact on profit if management failed to deliver a major transformation project.	Loss of confidence from our customers and consumers, reputational damage resulting in loss of turnover coupled with additional costs to mitigate the impact of cyber-attack.	■Systems and information ■Business transformation


Unilever Annual Report on Form 20-F 2024		61



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OUR PRINCIPAL RISKS

FINDINGS

■Firstly, a three-year period is considered appropriate for this viability

assessment because it is the period covered by the strategic plan;

and it enables a high level of confidence in assessing viability, even

in extreme adverse events, due to factors such as:

■the Group has considerable financial resources together with

established business relationships with many customers and

suppliers in countries throughout the world;

■high cash generation by the Group’s operations and access to the

external debt markets;

■flexibility of cash outflow with respect to significant marketing

programmes and capital expenditure projects which usually have

a two- to three-year horizon; and

■the Group’s diverse product and geographical activities which are

impacted by continuously evolving technology and innovation.

■Secondly, the Group’s debt headroom and funding profile

was assessed. None of the future outlooks considered resulted in

significant liquidity headroom issues, primarily because:

■the Group has a healthy balance of short-term and long-term debt

programmes, with repayment profiles ensuring short-term commercial

paper maturities do not exceed €0.5 billion in any given week and

long-term debt maturities do not exceed €4.0 billion in any given

calendar year; and

■the Group has the equivalent of €7.6 billion in committed credit

facilities with a maturity of 364 days which are used for backing up

our commercial paper programmes.

■Thirdly, for each of our 14 principal risks, worst-case plausible

scenarios have been assessed together with

multi-risk scenarios. Although, it is highly unlikely that all

the individual risks would occur together at once, none of the

scenarios reviewed, either individually or in aggregate would cause

Unilever to cease to be viable.

CONCLUSION

On the basis described above, the Directors have a reasonable

expectation that the Group, with or without the separation of the Ice

Cream business, will be able to continue in operation and meet its

liabilities as they fall due over the three-year period of their

assessment.


64	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


Governance Report Overview

People intro image holders Ian Gov12.jpg



			Our strong corporate governance informs all of our operations including the GAP 2030. Details of our Board and Senior Executive governance structures are set out in this Governance Report, together with key matters arising in the year.

			Ian Meakins Chair

INTRODUCTION AND UNILEVER’S STRUCTURE

The corporate governance statement for Unilever PLC (Unilever) is presented below. The following pages outline the Governance Structure,

introduce the members of our Board, and highlight the Unilever Leadership Executive (ULE). Details on the Board’s operations and key activities

throughout the year are provided. Relationships with stakeholders are also discussed, with cross references to the Strategic Report on pages 2

to 61. Additionally, statutory information required across the jurisdictions where Unilever is listed is included.

Unilever PLC, incorporated in England and Wales in 1894, is the parent company of the Unilever Group. Unilever’s shares are traded through its

Equity Shares (Commercial Companies) category listing on the London Stock Exchange (ULVR) and its listing on the Amsterdam Exchange Index

on Euronext (UNA). Unilever’s shares are also traded on the New York Stock Exchange (UL) in the form of American Depositary Shares, with one

American Depositary Share representing one Unilever ordinary share. Unilever publishes financial information on a quarterly basis and these reports

can be found at www.unilever.com/investors. Details of the quarterly dividends for the financial year ended 31 December 2024 and other shareholder

information can be found on page 159. Unilever’s significant subsidiaries are set out in note 27 on page 191 and Unilever’s subsidiaries are set out on

pages 200 to 210.


	The Board of Unilever has implemented standards of corporate governance and disclosure policies applicable to a UK incorporated company, with listings in London, Amsterdam and New York.
	Application of the provisions of the 2018 UK Corporate Governance Code (the ‘Code’)
	In respect of the year ended 31 December 2024, Unilever was subject to the Code (available from www.frc.org.uk). Unilever will adopt the requirements of the new UK Corporate Governance Code 2024 in respect of reporting years from 1 January 2025 onwards. The Board is pleased to confirm that Unilever applied the principles and complied with all the provisions of the Code throughout 2024. Further information on compliance with the Code can be found as follows:


	Board leadership and Company purpose	page
	Long-term value and sustainability	88, 93
	Culture	34-35, 73
	Shareholder engagement	72
	Other stakeholder engagement	74-75
	Conflicts of interest	71-72
	Role of the Chair	70

	Division of responsibilities
	Non-Executive Directors	70-71
	Independence	71

	Composition, succession and evaluation
	Appointments and succession planning	82
	Skills, experience and knowledge	84
	Length of service	85
	Evaluation	72
	Diversity	83


	Audit, risk and internal control	page
	Committee	87
	Integrity of financial statements	87
	Fair, balanced and understandable	88
	Risk management and internal controls	89
	External auditors	89
	Principal and emerging risks	89

	Remuneration
	Policies and practices	95-117
	Link to strategy	102
	Independent judgement and discretion	95

	Unilever also complied with the Listing Standards of the New York Stock Exchange applicable to foreign private issuers. Please see page 80 for further information.


Unilever Annual Report on Form 20-F 2024		65



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


UNILEVER’S GOVERNANCE FRAMEWORK

UNILEVER’S GOVERNANCE STRUCTURE

The Board has ultimate responsibility for the development of strategy,

material acquisitions and divestments, material capital expenditure, the

Company’s capital structure and other financing matters, oversight of

policies, procedures and internal controls, and setting and monitoring

the Group’s culture and promoting ethical behaviour. The Board

discharges some of its responsibilities directly and others through

four principal Committees: the Nominating and Corporate Governance

Committee, the Audit Committee, the Compensation Committee and

the Corporate Responsibility Committee, as well as two management

committees: the Global Code and Policy Committee and the Disclosure

Committee. A summary of the remit of each Committee is set out below

and further details are provided in the Governance of Unilever. The

Reports of each of these Committees can be found on pages 81, 86,

91 and 95. The Report of the Audit Committee includes a description of

the risk management and internal control arrangements for the Group.

The Unilever Leadership Executive (ULE) supports the CEO in his

work and members of the ULE attend Board meetings on relevant

items by invitation (see below and on page 70).

The formal powers of the Board are set out in the Articles of

Association of Unilever PLC. The Articles of Association and the

Governance of Unilever can be found at www.unilever.com/investors/

corporate-governance.



BOARD The Board’s primary role is to ensure the long-term sustainable success of Unilever for the mutual benefit of all our stakeholders


Board Committees provide independent oversight and rigorous challenge
Nominating and Corporate Governance Committee (NCGC)	Audit Committee (AC)	Corporate Responsibility Committee (CRC)	Compensation Committee (CC)

Reviews the composition of the Board and Committees and makes recommendations to the Board on suitable candidates for appointment to the Board and Committees. Assists the Board on Board and senior management succession planning, including appointments to the ULE, conflicts of interest and independence.	Monitors the integrity of Unilever’s financial statements and sustainability reporting. Ensures the effectiveness of the internal audit function, internal controls and risk management processes, and manages the relationship with the external auditor.	Considers policies for Unilever’s conduct as a responsible and ethical global business. Reviews sustainability-related risks and reputational matters, and provides guidance and recommendations to the Board on sustainability and reputational matters.	Determines the remuneration framework/policy for the Executive Directors and ULE. Considers alignment with regulation, market practice and principles of good governance and ensures remuneration is linked to corporate and individual performance. Reviews remuneration- related workforce policies and practices.

CEO & ULE The CEO, supported by the ULE, is responsible for ensuring delivery of the Group's strategy, business plans and financial performance.


Disclosure Committee Responsible for overseeing the accuracy, materiality and timeliness of disclosure of financial, non-financial and other public announcements. Also evaluates and oversees the adequacy of Unilever's disclosure controls and procedures.		Global Code and Policy Committee Responsible for ensuring that all employees of Unilever and third parties working with or on behalf of Unilever do so in compliance with the requirements of Unilever's Code of Business Principles.



Unilever PLC’s Articles of Association, its principal constitutional document, were adopted on 1 May 2024. The Articles may only be amended by a special resolution of shareholders.		The Governance of Unilever, dated 1 January 2025, sets out a comprehensive summary of how the Board operates and the terms of reference for the Committees. The Governance of Unilever is reviewed and updated regularly by Board resolution.


66	Unilever Annual Report on Form 20-F 2024



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Board of Directors



	Ian Meakins
	Chair and Non-Executive Director
	Nationality British Age 68
	Appointed 1 September 2023
	Appointed Chair 1 December 2023
	Current external appointments
	Compass Group plc (Chair).

	Previous experience
	Rexel SA (Chair); Ferguson plc (CEO); Travelex Holdings Ltd (CEO); Alliance UniChem (CEO).



	Andrea Jung
	Vice Chair/Senior Independent Director
	Nationality American/Canadian
	Age 65
	Appointed May 2018
	Chair of CC and member of NCGC
	Current external appointments
	Apple, Inc. (NED); Wayfair, Inc. (NED); Rockefeller Capital Management (Director); Grameen America, Inc. (President and CEO).

	Previous experience
	Avon Products, Inc. (CEO); General Electric (Board member); Daimler AG (Board member).



	Susan Kilsby
	Non-Executive Director
	Nationality American/British Age 65
	Appointed August 2019
	Chair of CRC and member of AC
	Current external appointments
	COFRA Holding AG (NED); Fortune Brands Innovations (Chair); Diageo plc (SID); UK Takeover Panel.

	Previous experience
	NHS England (NED); BBA Aviation (SID); BHP plc (SID); L’Occitane International (NED); Keurig Green Mountain (NED); Coca-Cola HBC AG (NED); Goldman Sachs International (NED); Shire plc (Chair); Credit Suisse, Mergers & Acquisitions, EMEA (Chair).



	Fernando Fernandez
	CEO
	Nationality Argentinian Age 58
	Appointed Director 1 January 2024
	Appointed CEO 1 March 2025
	Current external appointments
	None.

	Previous experience
	CFO; Beauty & Wellbeing (President); Latin America (EVP); Brazil (EVP); Philippines (SVP); Global Hair Care (SVP).



	Adrian Hennah
	Non-Executive Director
	Nationality British Age 67
	Appointed November 2021
	Chair of AC and member of NCGC
	Current external appointments
	J Sainsbury plc (NED); Oxford Nanopore Technologies plc (NED); Council of Imperial College, London (Independent member).

	Previous experience
	Reckitt Benckiser Group plc (Executive Director & CFO); RELX plc (NED).



	Hein Schumacher served as Unilever PLC CEO during 2024, having been initially appointed on 1 July 2023. He stood down as a director and as CEO with effect from 1 March 2025.

Unilever Chairman selection_16 RETOUCHED rgb.jpg

The Board has ultimate responsibility for the management, general affairs,

culture, direction, performance and long-term success of Unilever.


Unilever Annual Report on Form 20-F 2024		67



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BOARD OF DIRECTORS



	Ruby Lu
	Non-Executive Director
	Nationality Chinese Age 54
	Appointed November 2021
	Member of AC and CRC
	Current external appointments
	Uxin Limited (NED); Yum China Holdings, Inc. (NED); Volvo Car AB (Board member).

	Previous experience
	iKang Healthcare Group (NED); BlueCity Holdings Limited (NED).



	Nelson Peltz
	Non-Executive Director
	Nationality American Age 82
	Appointed July 2022
	Member of CC
	Current external appointments
	Madison Square Garden Sports Corp. (NED); Trian Fund Management L.P. (CEO & Founding Partner).

	Previous experience
	The Wendy's Company (Non-Executive Chair); Legg Mason, Inc. (NED); Janus Henderson Group plc (NED); Invesco Ltd (NED); The Procter & Gamble Company (NED); Sysco Corporation (NED); Ingersoll Rand plc (NED); H.J. Heinz Company (NED); Triarc Companies, Inc. (CEO & Chair).



	Zoe Yujnovich
	Non-Executive Director
	Nationality Australian/British Age 50
	Appointed March 2025
	Member of NCGC and CRC
	Current external appointments
	Shell plc (Integrated Gas and Upstream Director).

	Previous experience
	Rio Tinto (President & CEO of the Iron Ore Company of Canada).



	Judith McKenna
	Non-Executive Director
	Nationality British/American Age 58
	Appointed March 2024
	Member of CC and CRC
	Current external appointments
	Delta Air Lines, Inc. (NED).

	Previous experience
	Walmart International (President & CEO); Walmart US (EVP & COO); Walmex (Chair); Flipkart (Director & Compensation Committee Chair); PhonePe (Director & Compensation Committee Chair).



	Benoît Potier
	Non-Executive Director
	Nationality French Age 67
	Appointed January 2025
	Member of AC and CRC
	Current external appointments
	Air Liquide (Chair of the Board); Siemens AG (NED, Supervisory Board).

	Previous experience
	Air Liquide (CEO); Danone (NED); Michelin (NED).

Changes to the Board effective 1 January 2025

Benoît Potier joined the Board as a Non-Executive Director.

Changes to the Board effective 1 March 2025

Zoe Yujnovich joined the Board as a Non-Executive Director.

Fernando Fernandez was appointed CEO.

Changes to the Board announced 5 February 2025

Andrea Jung will not stand for re-election at the 2025 AGM.

Key

NCGC is the Nominating and Corporate Governance Committee

AC is the Audit Committee

CC is the Compensation Committee

CRC is the Corporate Responsibility Committee


68	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS



Unilever Leadership Executive (ULE)

FabianGarcia_skyline_background_1 sq rgb.jpg



	Fernando Fernandez
	CEO
	Nationality Argentinian Age 58
	Joined ULE April 2022
	Joined Unilever 1988

	Additional biographical information can be found on page 66.



	Eduardo Campanella
	Business Group President, Home Care
	Nationality Brazilian Age 44
	Joined ULE January 2024
	Joined Unilever 2003
	Current external appointments
	None.

	Previous experience
	Home Care (Chief Marketing Officer); Home Care Latin America & Brazil (VP); Personal Care (VP and Digital Champion Mexico & Caribbean); Personal Care (Marketing Director and Digital Champion Brazil); Ice Cream (Regional Marketing Director); Hair Care (Marketing Manager); Spreads (Regional Marketing Manager).



	Fabian Garcia
	Business Group President, Personal Care
	Nationality American Age 65
	Joined ULE January 2020
	Joined Unilever 2020
	Current external appointments
	Wells Fargo Corporation (Board member); Council on Foreign Relations in the US (member).

	Previous experience
	Unilever North America (President); Revlon (President & CEO); Colgate-Palmolive (COO, President of the Asia/Pacific Division, EVP Latin America); P&G (President of Asia Pacific Fragrance & Beauty Category, General Manager of Taiwan, General Manager of Max Factor, Japan); Kimberly-Clark Corporation (NED); Arrow Electronics (NED).



	Esi Eggleston Bracey
	Chief Growth & Marketing Officer
	Nationality American Age 54
	Joined ULE April 2022
	Joined Unilever 2018
	Current external appointments
	Williams-Sonoma, Inc. (NED).

	Previous experience
	Six Flags Entertainment Corporation (NED); Unilever USA (President); Unilever North America Personal Care (CEO); Unilever North America Beauty & Personal Care (EVP & COO); Coty (President, Consumer Beauty); P&G (SVP & General Manager, Global Cosmetics).



	Reginaldo Ecclissato
	President, 1 Unilever Markets
	Nationality Brazilian/Italian Age 56
	Joined ULE January 2022
	Joined Unilever 1991
	Current external appointments
	Unilever Fima, Lda. (Board member); Gallo Worldwide, Lda. (Board member).

	Previous experience
	IDH (Supervisory Board Member); Unilever (Chief Business Operations & Supply Chain Officer); Mexico, Caribbean & Central America (EVP); North America & Latin America (EVP Supply Chain); Home Care for the Americas (VP Supply Chain).



	Rohit Jawa
	President of Unilever, South Asia and CEO & Managing Director, Hindustan Unilever
	Nationality Singaporean Age 58
	Joined ULE April 2023
	Joined Unilever 1988
	Current external appointments
	Breach Candy Hospital Trust (Nominee Director).

	Previous experience
	Unilever (Chief of Transformation); Unilever China (EVP North Asia & Chair); Unilever Philippines (Chair & CEO).

The ULE is responsible for execution of strategy and day-to-day management of Unilever. The ULE comprises:


	Other Executive Management

	Srinivas Phatak		Current external appointments
	Acting CFO		Coats plc, (NED).
	Nationality Indian Age 53		Previous experience
	Appointed Acting CFO with effect from 1 March 2025		Unilever (Deputy CFO and Group Controller); Hindustan Unilever Limited (CFO); VP Finance Supply Chain Americas; UniOps (Head of Financial Services).
	Joined Unilever 1999


Unilever Annual Report on Form 20-F 2024		69



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


UNILEVER LEADERSHIP EXECUTIVE (ULE)



	Priya Nair
	Business Group President, Beauty & Wellbeing
	Nationality Indian Age 52
	Joined ULE January 2024
	Joined Unilever 1995
	Current external appointments
	CEAT Tyres (Independent Director).

	Previous experience
	Unilever Beauty & Wellbeing (Global CMO); Beauty & Personal Care (EVP South Asia); Home Care (Director & CCVP South Asia).



	Richard Slater
	Chief R&D Officer
	Nationality British Age 47
	Joined ULE April 2019
	Joined Unilever 2019
	Current external appointments
	Future Origins, Inc. (NED); Prime Minister's Council for Science & Technology (member).

	Previous experience
	GSK (Head of R&D, Consumer Healthcare); Reckitt Benckiser (Head of R&D, Consumer Healthcare); Reckitt Benckiser (Global Group Director/VP R&D Personal Care, Global Director R&D Aircare, Global Director R&D Analgesics & New Brands); Boots Healthcare (various roles).



	Peter ter Kulve
	Business Group President, Ice Cream
	Nationality Dutch Age 60
	Joined ULE May 2019
	Joined Unilever 1988
	Current external appointments
	None.

	Previous experience
	Home Care (President); Unilever South East Asia & Australasia (President); Unilever (Chief Digital Transformation & Growth Officer); Corporate Transformation (EVP); Unilever Benelux (Chair & EVP); Ice Cream (Global Head & EVP); various brand and channel management roles.



	Mairéad Nayager
	Chief People Officer
	Nationality Irish Age 50
	Joined ULE June 2024
	Joined Unilever 2024
	Current external appointments
	None.

	Previous experience
	Haleon plc (Chief HR Officer); Diageo plc (Chief HR Officer).



	Heiko Schipper
	Business Group President, Foods
	Nationality Dutch Age 55
	Joined ULE May 2024
	Joined Unilever 2024
	Current external appointments
	Royal FrieslandCampina N.V. (Member of the Supervisory Board)

	Previous experience
	Bayer (Member of the Board of Management & President, Consumer Health Division); Nestlé (Member of the Group Executive Board & CEO Nestlé Nutrition).



	Willem Uijen
	Chief Supply Chain Officer
	Nationality Dutch Age 49
	Joined ULE 1 January 2025
	Joined Unilever 1999
	Current external appointments
	None.

	Previous experience
	Unilever (Chief Procurement Officer); Hindustan Unilever (Executive Director of Supply Chain); South Asia, South East Asia & Australasia (Head of Supply Chain); Home Care (VP Supply Chain); Home Care, Latin America (VP Supply Chain); Mexico & Caribbean (VP Supply Chain).



	Maria Varsellona
	Chief Legal Officer & Group Secretary
	Nationality Italian Age 54
	Joined ULE April 2022
	Joined Unilever 2022
	Current external appointments
	Sandoz (NED).

	Previous experience
	ABB (Chief Legal Officer & Company Secretary); Nokia Group (Chief Legal Officer); Nokia Siemens (General Counsel); Tetra Laval Group (General Counsel); General Electric Oil & Gas (variety of senior global legal roles); Nordea Bank (NED).

Appointments to the ULE effective 1 January 2025

Willem Uijen joined as Chief Supply Chain Officer.

Changes to the ULE effective 1 March 2025

Hein Schumacher stepped down as CEO and

will leave Unilever on 31 May 2025.

Fernando Fernandez was appointed CEO.


70	Unilever Annual Report on Form 20-F 2024



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Operation of the Board

ROLE OF THE CHAIR

The Chair leads the Board and is responsible for its overall

effectiveness in directing the Unilever Group. The Chair sets the

Board’s agenda, ensures the Directors receive accurate, timely and

clear information, promotes and facilitates constructive relationships

and effective contribution of all the Executive and Non-Executive

Directors, and promotes a culture of openness and debate. The Non-

Executive Directors provide constructive challenge, strategic guidance,

specialist advice and hold management to account. The Group

Secretary supports the Board to ensure that it has the policies,

processes, information, time and resources it needs to

function effectively and efficiently.

BOARD AND COMMITTEE MEETINGS

There were six scheduled Board meetings in 2024. The meetings were

held in the UK or virtually.

When there is a Board meeting, the Non-Executive Directors usually

also meet without the Executive Directors present. The Chair, or in his

absence, the Senior Independent Director (SID), chairs such meetings.

Attendance during the year at each of the Committee meetings is also

set out below. Further information is provided in the relevant

Committee reports.

RELATIONSHIP WITH UNILEVER LEADERSHIP

EXECUTIVE

The Board delegates day-to-day management of Unilever to the Chief

Executive Officer. The Chief Executive Officer leads the Unilever

Leadership Executive (ULE) in carrying out the strategy determined by

the Board and the roles of the members of the ULE are set out on

pages 68 and 69. The ULE meets regularly to discuss all aspects of

the business, including strategy, the allocation of resources,

investment, M&A opportunities, culture, financial performance and non-

financial performance. Members of the ULE are regularly required to

attend Board meetings to update the Board on performance and other

matters. There is an annual Board meeting to discuss strategy and

there are regular updates at Board meetings between these times.

The Board has also delegated certain finance matters to both the Chief

Executive Officer and the Chief Financial Officer in order to facilitate

the efficient conduct of such matters.

BOARD AND COMMITTEE ATTENDANCE


Position	Board	NCGC	AC	CRC	CC
Chair
Ian Meakins	6/6	4/4	–	–	5/5
Non-Executive Directors
Adrian Hennah	6/6	2/2	9/9	–	–
Andrea Jung	6/6	4/4	–	–	5/5
Susan Kilsby	6/6	–	9/9	3/3	–
Ruby Lu	6/6	–	9/9	3/3	–
Judith McKenna1	5/5	–	–	3/3	2/2
Nelson Peltz	5/6	–	–	–	4/5
Executive Directors
Hein Schumacher2	6/6	–	–	–	–
Fernando Fernandez	6/6	–	–	–	–
Former Directors
Nils Andersen3	2/2	2/2	–	–	3/3
Judith Hartmann3	2/2	2/2	–	–	3/3
Strive Masiyiwa3	2/2	–	–	1/1	–
Youngme Moon3	2/2	–	–	1/1	–

1.Joined the Board as a Non-Executive Director on 1 March 2024 and was appointed to the CRC and CC. 2.Stepped down as CEO on 1 March 2025. 3.Stepped down as a Non-Executive Director on 1 May 2024.

NON-EXECUTIVE DIRECTORS’ ROLE

The Non-Executive Directors exercise objective judgement in respect

of Board decisions, providing scrutiny and challenge to hold

management to account. Non-Executive Directors offer strategic

guidance and specialist advice based on the breadth of experience

and knowledge they bring to the Board.

Non-Executive Directors are required to have sufficient time available

to discharge their responsibilities effectively and to continuously

develop their knowledge of the business. The role of the Non-

Executive Directors incorporates the review of information in advance

of Board meetings to ensure that thorough preparation for, and debate

at, Board meetings is possible. Non-Executive Directors have full

access to senior management and take opportunities to meet them on

a regular basis. Site visits also give Non-Executive Directors the ability

to meet members of the workforce from different levels of the

organisation.

On appointment, the Non-Executive Directors complete an induction

process, which includes meetings with the Unilever Leadership

Executive, senior members of management, advisors, and the internal

and external auditors. These include understanding key risk areas in

the business and providing an understanding of the culture of the

organisation. There is also an opportunity to visit Unilever’s operations

in person. This is regularly supplemented throughout each year with

ongoing updates and information on key matters relating to the

business, including governance, sustainability, risk management and

regulatory issues, as well as updates on the business itself. In 2024,

the Board considered presentations on R&D, Technology and Artificial

Intelligence.


Unilever Annual Report on Form 20-F 2024		71



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OPERATION OF THE BOARD

All Directors are expected to attend each Board meeting and each

Committee meeting of which they are members, unless there are

exceptional reasons preventing them from participating. Only members

of the Committees are entitled to attend Committee meetings, but

others may attend at the Committee Chair’s discretion. Executive

Directors attend Committee meetings by invitation only.

If Directors are unable to attend a Board or Committee meeting, they

have the opportunity beforehand to discuss any agenda items with the

Chair or the Committee Chair.

BOARD APPOINTMENT

The report of the Nominating and Corporate Governance Committee

on pages 81 to 85 describes the work of the Committee including in

relation to Board appointments and recommendations for re-election.

The procedure for the nomination and appointment of Directors is also

contained within the document entitled ‘Appointment procedure for

PLC Directors', which is available on our website. Directors may be

appointed by a simple majority vote of shareholders at a general

meeting, or on an interim basis by the Board (in which case they will

offer themselves for election at the next AGM).

COMPOSITION, BALANCE AND INDEPENDENCE

OF THE BOARD

As at 31 December 2024, the Unilever Board comprised

nine Directors: the Chair, two Executive Directors and six independent

Non-Executive Directors. In addition, a Non-Executive Director, Benoît

Potier, joined the Board on 1 January 2025, and a further Non-

Executive Director, Zoe Yujnovich, joined the Board on 1 March 2025.

Effective 1 March 2025, Hein Schumacher stepped down from the

Board.

The balance of Directors on the Board ensures that no individual or

small group of Directors can dominate the decision-making process.

The biographies on pages 66 and 67 and the table on page 84 in the

Nominating and Corporate Governance Committee Report

demonstrate a diverse Board with a broad range of sector experience,

skills and knowledge.

The Board carries out an annual review of the performance of the

Directors in addition to a thorough review of the Non-Executive

Directors’ and their related or connected persons’ relevant

relationships in line with the best practice guidelines in the UK and US.

The criteria chosen by the Board to assess the independence of the

Non-Executive Directors, as set out in detail in the Governance of

Unilever, include, in summary:

■no additional remuneration or other benefits from any Group

company;

■no material business relationships within the last three years,

including shareholder, customer, adviser and supplier relationships,

with any Group company;

■no cross-directorships or significant links with other Directors

through involvement in other companies or bodies;

■not more than nine years of service on the Board in normal

circumstances;

■not a former employee of any Group company within the last five

years;

■no close family ties with any of Unilever’s advisers, Directors or

senior management; and

■no significant shareholdings in Unilever or any Group company.

All the Non-Executive Directors are considered to have the appropriate

skills, knowledge, experience and character to bring objective and

constructive judgement and valuable insights to the Board’s deliberations.

The Board has concluded that all the Non-Executive Directors were

independent during the period covered by this report.

The Chair was considered to be independent on appointment and is

committed to ensuring that the Board continues to comprise a majority

of independent Non-Executive Directors.

BOARD SUSTAINABILITY PROCESSES AND SKILLS

Sustainability is central to what Unilever stands for. Leadership starts

at Board level, with sustainability being a key strategic focus. All

Directors are actively engaged in these matters.

In 2024, the Board approved the updated Climate Transition Action

Plan and the Modern Slavery Statement, both available on our

website. The Board also reviewed the sustainability targets for Climate,

Nature, Plastics and Livelihoods with the Growth Action Plan 2030.

Additionally, the Board fully supports Unilever’s €1 billion Climate &

Nature Fund and continued commitment to Human Rights and

Equality, Diversity and Inclusion.

The governance of sustainability, covering social, human rights,

business conduct and environmental matters, is detailed in the

Sustainability Statement and this Governance Report. The Corporate

Responsibility Committee, under the Board’s governance, primarily

handles these issues. The Chief Corporate Affairs and Sustainability

Officer attends all Corporate Responsibility Committee meetings,

ensuring external expertise is included as needed. The Committee

Chair ensures that the Board receives relevant information in the form

of briefing materials and access to external expertise, in particular

when specific matters are under consideration for Board approval. The

Chair reports the Committee’s considerations to the Board, which are

then discussed in Board meetings.

The Chief Corporate Affairs and Sustainability Officer reports to the

CEO on all sustainability matters relating to our four priority areas:

Climate, Nature, Plastics and Livelihoods. The Chief Supply Chain

Officer, who is involved in key social and environmental issues within

Unilever’s Supply Chain, reports to the CFO. This ensures that both

executive directors are closely involved in assessing the impacts, risks

and opportunities related to social and sustainability matters.

The CEO has extensive experience in sustainability which derives from

the Unilever sustainability agenda in his previous Unilever roles. The

Non-Executive Directors bring significant experience in social and

sustainability issues from various industries, including retail, energy,

technology, financial, and other industrial sectors. The recruitment of

new Non-Executive Directors focuses on their skills and experience as

set out in the matrix on page 84, which encompasses sustainability to

ensure a diverse range of views.

CONFLICTS OF INTEREST

Directors have a statutory duty to avoid actual or potential conflicts of

interest. The Board ensures that effective procedures are in place to

avoid conflicts of interest by Directors. A Director must without delay

report any conflict of interest or potential conflict of interest to the Chair

and to the other Directors and the Group Secretary, or, in case any

conflict of interest or potential conflict of interest of the Chair, to the

SID, the other Directors and the Group Secretary. The Director in

question must provide all relevant information to the Board, so that the

Board can decide whether a reported (potential) conflict of interest of a

Director qualifies as a conflict of interest within the meaning of the

relevant laws.

Unless authorised by the Board, together with compliance with any

restrictions that have been required of such a Director, a Director may not

take part in the decision-taking process of the Board in respect of any

situation in which he or she has a conflict of interest. The Board considers

that the procedures put in place to deal with conflicts of interest are

operating effectively.

The interests of new Directors are reviewed during the recruitment process

and authorised (if appropriate) by the Board at the time of their

appointment. Directors have a continuing duty to update the Board on any


72	Unilever Annual Report on Form 20-F 2024



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OPERATION OF THE BOARD

changes to their external appointments, which are also reviewed by the

Board on a regular basis.

Unilever recognises that the Executive Directors acting as directors of other

companies is beneficial from a personal development perspective and,

therefore, also beneficial to the Group. The number of external

directorships of listed companies is generally limited to one per Executive

Director to reduce the risk of excessive commitment and prior approval is

required from the Chair.

BOARD EVALUATION

Each year, the Board formally assesses its own performance, including

with respect to its composition, diversity and how effectively its

members work together to achieve objectives. In 2024, a self-

evaluation of the Board’s effectiveness was conducted.

The evaluation consisted of a questionnaire completed by each of the

Directors, followed by a Board discussion in November 2024, covering

both the outcome of the evaluation and the proposed actions to

enhance the effectiveness of the Board. The outcome of such

discussions is taken into account in the assessment of Directors when

proposals for the re-election of Directors are considered and also in

Board composition.

The evaluation looked at key areas of the functioning and operation of

the Board. The Directors considered the level of information provided

to the Board, the identification of strategic priorities, its consideration of

business performance, the timing and frequency of meetings,

relationships with senior management, workforce engagement,

oversight of emerging risks and ensuring adequate time for discussion

and debate.

It was concluded that the Board operated effectively, that the Board

processes were being managed for continuous improvement and that

each of the Directors contributed effectively to the Board. The Board

will in particular:

■ensure that information provided to it and presentations from

management, including analysis and insights on trends and

innovations, are sufficiently detailed to enable the Board to oversee

the execution of the Company’s strategy and its business

performance; and

■review the approach to workforce engagement at Board level with a

view to identifying opportunities for increasing or broadening

engagement activities.

The evaluation of the Board’s principal Committees was performed

under the supervision of the respective Chairs and the Chief Legal

Officer & Group Secretary, taking into account the views of respective

Committee members and the Board members. The key actions arising

from these Committee evaluations can be found in each of the

Committee Reports.

WORKFORCE ENGAGEMENT

The Board believes that taking into account feedback from

the workforce widens the diversity of its views when making business

decisions. In view of Unilever’s global footprint and scope of

operations, the Board decided that the most effective way of organising

its engagement with employees is to share the responsibility among all

Non-Executive Directors.

Unilever’s Workforce Engagement Policy provides for

workforce engagement in a variety of ways, both face-to-face and

virtually, through sessions with Non-Executive Directors, engaging with

employee representatives, site visits, and employee surveys such as

UniVoice (see below for further information). These engagement

activities cover the entire workforce demographic in terms of

geography, all Business Groups, length of service, work level/seniority

and supply chain and office staff.

In 2024, Non-Executive Directors participated in six workforce

engagement events held virtually and one held in person in India. A

wide range of topics were discussed, including those that are personal

to the workforce and those of a more business and strategic nature.

Topics included: back to growth performance, reward and performance

culture, inclusion, sustainability, Unilever’s Climate Transition Action

Plan and Unilever as an employer of choice. In addition, as part of

workforce engagement, Directors were able to make site visits in the

UK, South Africa, China, New Zealand and the US.

Perspectives from the workforce have been taken into consideration in

decision-making. Employee survey results from 2024 indicated that

engagement remains over industry benchmarks but there was

understandably uncertainty in some office-based teams around the

separation of the Ice Cream business and the productivity programme.

Leaders around the business take these findings into account with their

teams. In addition, the Growth Action Plan 2030 announced

in November 2024 sets the expectations for the performance culture

and actions required for success in the business.

The Board evaluates the effectiveness of workforce engagement on an

annual basis and feedback is also sought from employees who take part in

the workforce engagement sessions, thereby creating a feedback loop

between the Board and employees.

Please also see ’Engaging with own workforce and workforce

representatives’ on page 272 of the Sustainability Statement.

SHAREHOLDER ENGAGEMENT

The Board values open and meaningful discussions with our

shareholders on all matters.

The CFO has lead responsibility for shareholder engagement, with the

active involvement of the CEO and supported by the Investor Relations

department.

The CEO and CFO regularly meet with investors. In 2024, the CEO and

CFO held roadshows after Unilever’s quarterly, half-year and full-year

results, with meetings across the UK, the US and several other

European countries. Following the launch of the Company’s Growth

Action Plan 2030 in November, the CEO and CFO hosted a capital

markets day in the UK, attended by over 100 investors and

counterparties.

Additionally, the CEO and CFO met with a majority of our top 50

shareholders in March regarding the announcement to separate the

Ice Cream business and the launch of our productivity programme.

The Board receives regular briefings on investor reactions to Unilever’s

quarterly, half-year and full-year results announcements, on key issues

such as the Climate Transition Action Plan and on any issues raised by

shareholders that are relevant to their responsibilities. We maintain a

frequent dialogue with our principal institutional shareholders and

regularly collect feedback. In 2024, the new Chair actively engaged

with key shareholders throughout the year, building on introductory

meetings held at the end of 2023.


Unilever Annual Report on Form 20-F 2024		73



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OPERATION OF THE BOARD

Private shareholders are encouraged to give feedback via

shareholder.services@unilever.com. Our shareholders are

also welcome to raise any issues directly with the Chair or the SID.

The Chair, the Executive Directors and other Directors are also

available to answer questions from the shareholders at the AGM each

year.

GENERAL MEETINGS

At the AGM, the Chair and the CEO give their thoughts on governance

aspects of the preceding year and the Group’s strategy together with a

review of the performance of the Group over the last year.

Shareholders may attend and ask questions either in advance, via the

Unilever website, or at the meeting. The auditors attend the AGM and

may address the AGM on any matter that concerns them as auditors.

At the 2024 AGM, all resolutions were put to a poll to ensure an exact

and definitive result and to facilitate maximum participation by

Unilever’s geographically spread shareholders. All resolutions were

passed with in excess of 80% of votes cast in favour.

The Company is required to provide notices of meeting for both the

AGM, which must be given with no less than 21 clear days’ notice

pursuant to the Companies Act 2006, and for extraordinary meetings,

which are called with no less than 14 clear days’ notice pursuant to

a resolution put to the AGM each year.

BOARD FOCUS

During the year, the Board considered a comprehensive programme of

regular matters drawn from the schedule of matters reserved for the

Board and the immediate and prospective operating environment. The

Board also conducted a three-day Strategy Review exercise in October

2024, including presentations and engagement sessions with both ULE

members and other senior members of management. This focused in

particular on:

■approval and review of our ongoing productivity programme and the

constituent elements of this, including business performance and the

prioritisation of our Power Brands in our top markets;

■approval of our Growth Action Plan 2030, incorporating the

Company’s purpose to brighten everyday life for all, and the areas

of focus, excel and accelerate (see page 4);

■our performance culture and how this will assist employees in

delivering the Growth Action Plan 2030, including focus on values,

people and behaviours and thereby nurturing the culture to care

deeply, focus on what counts, stay three steps ahead and deliver

with excellence (see page 35);

■a review of each of our Business Groups;

■the portfolio and a review of acquisitions;

■the Company’s approach to research and development; and

■our supply chain.

The schedule below is not exhaustive and demonstrates the breadth of

oversight provided by the Board. Some of the Board’s key decisions in

2024 are discussed in more detail on pages 76 and 77. The Board:

Strategy and business plan

■approved the separation of the Ice Cream business and the launch

of the Company’s productivity programme;

■approved the disposals of its water purification businesses Pureit

and Qinyuan Group, its Russian subsidiary and its business in

Belarus, and the Elida Beauty business;

■reviewed the Unilever strategy at Business Group level; and

■reviewed the R&D strategy including the Group’s innovation pipeline.

Operational performance and financial management

■regularly reviewed Unilever Group operational and financial

performance and delivery against strategic objectives, business

plans including budget and forecast, financial and non-financial KPIs

and against analysts’ consensus and market guidance;

■considered and approved quarterly dividends;

■approved two share buyback tranches in 2024 totalling €1.5 billion;

and

■considered and approved the issuance of new shares to be used to

settle the vesting of share awards granted to employees under

various employee share plans.

Governance and external reporting

■considered feedback from the Audit Committee in relation to

significant judgements, fair, balanced and understandable

assessment, going concern basis of preparation, viability statement

and the reporting of non-financial KPIs in relation to sustainability

reporting;

■approved each of the quarterly results and the Annual Report and

Accounts and Form 20-F;

■approved the notice of meeting for the AGM;

■oversaw consultation and communication with shareholders

on executive pay; and

■considered the work of the Nominating and Corporate Governance

Committee on Board composition and succession planning and

approved the appointments of Judith McKenna and Benoît Potier as

Non-Executive Directors.

Culture and stakeholders

■reviewed the 2024 workforce engagement programme covering both

employees and employee representatives and considered feedback

from the sessions; and

■regularly reviewed investor feedback reports and analysts' reports.

Sustainability

■considered and approved the Modern Slavery Act Statement;

■approved the updated Climate Transition Action Plan put to

shareholders at the 2024 AGM; and

■reviewed the sustainability strategy and performance, including

review of the regulatory development of sustainability reporting

requirements.

Political and regulatory environment

■received updates from external speakers on the macro environment

from social and political perspectives and global security issues; and

■received updates on emerging legislation and regulation.

Risk and internal controls

■considered feedback from the Audit Committee on its assessment of

the ongoing effectiveness of the Group’s internal controls; and

■reviewed the findings from the assessment of the Group’s register of

principal risks and focus risks and approved the related risk

management plans.


74	Unilever Annual Report on Form 20-F 2024



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OPERATION OF THE BOARD

Stakeholder engagement

SECTION 172: COMPANY AND BOARD ENGAGEMENT WITH STAKEHOLDERS

The information set out below, together with the information on pages 76 and 77 of this Governance Report, explains how the Board considers

and engages with stakeholders. Together, these form our Section 172 statement under the UK Companies Act 2006. Unilever at a glance on

page 3 details the six stakeholder groups we have identified as critical to our future success: shareholders, our people, consumers, customers,

suppliers & business partners, and planet & society. Throughout the Strategic Report, we have provided examples of how we engage with, and

create value for, our stakeholders.


Unilever stakeholders	How Unilever engages with stakeholders	How the Board interacts on stakeholder issues	Further information

Shareholders We aim to deliver best-in- class performance with market-making unmissably superior brands.	■Quarterly results broadcasts. ■Conference presentations. ■Meetings and calls about aspects of business performance, consumer trends and sustainability issues. ■Senior leaders and our Board speak directly to shareholders on a broad range of issues. For example, in 2024, we discussed our Directors’ Remuneration Policy, our proposed updated Climate Transition Action Plan and our Growth Action Plan 2030 with investors.	■AGM. ■Meetings with shareholders on performance and key issues. ■The Board approve all quarterly results announcements and dividends. ■Unilever Investor Relations provide analysts’ reports and investor feedback to the Board.	See pages 72, 76 and 77

Our People Over 120,000 talented people give their skills and time in Unilever offices, factories and R&D laboratories.	■Through our UniVoice survey, we engaged with around 100,000 office- and factory-based employees in 2024 on topics such as culture, engagement, strategy, safety, careers and sustainability. ■Continued our ‘Unilever Live’ sessions with our CEO and ULE members to give our workforce direct and regular access to our leadership team to ask questions on issues of concern to them as employees, such as financial performance strategy and reward. Included in this are quarterly briefings for employees on Unilever Live to ensure that all employees have a common awareness of the Company‘s financial performance and the financial operating environment. The Growth Action Plan 2030 was also launched in 2024 in a dedicated Unilever live session, sharing a new company purpose, strategic objectives and a new culture with all employees. ■At a market level, we held regular local, leader-led virtual town hall meetings to engage with employees on locally relevant topics and issues. ■Under our Code of Business Principles, we maintain whistleblowing procedures available to all employees wherever they are and however they work including anonymous helplines.	■Review of UniVoice survey 2024 results and feedback to ULE on key issues. ■The CEO, together with other senior members of management including the CFO and ULE members, provide direct answers on the ‘Unilever Live‘ open Questions sessions including the quarterly results briefing and company performance updates. ■Metrics on our Code of Business Principles cases are reviewed by the Corporate Responsibility Committee and the Board as appropriate.	See pages 34, 35 and 72

Consumers We aim to excel in consumer preferences for product, proposition, packaging, place, promotion and pricing.	■We use consumer research from partners such as Kantar, NielsenIQ and Ipsos, who we engage through their regular surveys and panels as well as ad hoc research. ■We engage over 3 million consumers through our various consumer engagement platforms annually.	■Board papers and presentations capturing consumer trends. ■Regular updates from Business Groups on opportunities and portfolio choices in line with consumer trends.	See pages 14 to 33


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OPERATION OF THE BOARD


Unilever stakeholders	How Unilever engages with stakeholders	How the Board interacts on stakeholder issues	Further information

Customers We partner with large and small retailers across different trading environments around the world to grow categories through market-making innovations and brilliant execution to build our business and theirs.	■We are members of the Advantage Group Survey to help us understand how we can improve our customers’ experience. ■Our customers across different channels and trading environments partner with our customer business development teams to grow categories by meeting regularly to turn shopper insights into growth action plans. These relationships create Joint Business Plans for mutual benefit. ■We use an online platform to provide shopper insights and research for our smaller retailer customers.	■Business Group feedback to the Board on customer landscape and priorities. ■Direct engagement with key customers during region and market visits by Board members.	See pages 14 to 33

Suppliers & Business Partners We work with suppliers around the world to source materials and provide critical services for us.	■Through our Supply Chain and Procurement teams, we communicate with our suppliers and business partners frequently. ■We conduct an annual Partner to Win survey to understand how our suppliers feel about working with Unilever and areas for improvement. ■We operate a Responsible Partner Policy to define the mandatory requirements that all our supply chain partners must confirm they can meet.	■The Board receives regular reports in relation to supply chain matters.	See pages 36 and 37

Planet & Society We are taking more focused, urgent and systemic action in four priority areas: Climate, Nature, Plastics and Livelihoods.	■As part of our sustainability double materiality assessment, we analyse insights from our key stakeholders to make sure we are focusing on the most important impacts, risks and opportunities, which inform our approach and reporting. ■We continued our partnerships with other businesses throughout the year, advocating for policy change on a range of social and environmental issues, including increased levels of national climate ambition and a Global Plastics Treaty.	■Our Chief Corporate Affairs and Sustainability Officer provides reports to the Board. ■The Board reviews updates to the Climate Transition Action Plan and progress with respect to it, based on reports on this from the Chair of the Corporate Responsibility Committee. ■Unilever was represented by its Chief Corporate Affairs and Sustainability Officer at COP29 in November 2024.	See pages 36 and 37


76	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


OPERATION OF THE BOARD

KEY DECISIONS BY THE BOARD INCLUDING SECTION 172 CONSIDERATIONS

The table below shows some of the key decisions of the Board in 2024. The Directors confirm that the deliberations of the Board incorporated

appropriate consideration of the matters detailed in Section 172 of the Companies Act 2006. The Board recognises that having regard to the

needs and expectations of stakeholders is crucial, as it ensures that Unilever is well positioned to deliver long-term sustainable growth for the

benefit of all its stakeholders.

Strategy, Growth Action Plan 2030 and Productivity Programme

Background

The Board continued to maintain oversight of the Growth Action Plan, which was announced in October 2023. As part of the Growth Action

Plan, on 19 March 2024, Unilever announced the separation of Unilever’s Ice Cream business into a standalone business. The Board

concluded that a demerger of the Ice Cream business is the most likely route to achieve separation.

Following the separation of the Ice Cream business, Unilever will continue to operate on a more focused basis around four similarly sized

Business Groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Alongside this, a productivity programme was announced to

drive focus and faster growth through a leaner and more accountable organisation.

The Board conducted a review of all Business Groups, including Ice Cream, in October 2024 and the progress of the productivity programme.

Following the review, the Unilever Leadership Executive updated the business globally on the Company’s operating model and, in November

2024, announced the Growth Action Plan 2030 together with the tools and performance culture for the business to deliver on this plan.

Stakeholder considerations

The Board considers that the Ice Cream business has distinct characteristics compared with Unilever’s other operating businesses. These

include a supply chain and point of sale that support frozen goods, a different channel landscape, more seasonality, and greater capital

intensity. As a standalone, more focused business, the Ice Cream management team will have operational and financial flexibility to grow its

business and allocate capital and resources in support of the company’s distinct strategy. This would support all stakeholders in the Ice Cream

business including customers and consumers as well as the supply chain, employees and shareholders.

The Growth Action Plan 2030 and the productivity programme aim to drive greater returns for shareholders both in the short and medium term,

as well as build long-term growth potential into Unilever’s business. In particular, the productivity programme focuses on science and

technology, a lean and agile supply chain, and the scaled use of AI, which, together with our new performance culture, will provide employees

with the tools to deliver on the Company’s growth agenda. The productivity programme is being implemented with care for the 7,500 mostly

office-based employees whose roles are impacted. Our suppliers are key to the development and use of science and technology in our

business and our innovations support our supplier base. The Growth Action Plan 2030 also supports our customers with its focus on our Power

Brands and our consumers through the aims of unmissably superior brands.

Sustainability

Background

Unilever continues to build on its commitment to sustainability. In 2024, our focus was on accelerating progress against the four key priority

areas of climate, nature, plastics and livelihoods. As part of this, the Board and the Unilever Leadership Executive are responsible for setting

and implementing Unilever’s climate strategy. Following review and approval by the Board, we published our updated Climate Transition Action

Plan in March 2024, which included new higher ambition near-term Scope 3 GHG reduction targets, a continued focus on absolute emission

reductions rather than carbon offsetting and a shift to focus on the specific Scope 3 emissions which we believe we can influence. The updated

Climate Transition Action Plan was overwhelmingly supported by shareholders through a non-binding advisory vote at our Annual General

Meeting on 1 May 2024. The updated Climate Transition Action Plan sets out targets together with priority action areas for delivering these and

they are embedded into the ULE Quarterly Business Review processes by our Business Groups. The updated Climate Transition Action Plan

also includes information on governance, advocacy priorities, our commitment to transparent and regular reporting, Board oversight and

climate-linked executive remuneration.

Stakeholder considerations

The Board draws on a range of internal and external stakeholders through its engagement with Unilever’s sustainability agenda. The Climate

Transition Action Plan, updated in 2024, brings together our business operations, our supplier base and our employees around a common

agenda. Our customers and consumers are also important in our sustainability agenda as they seek products that support a transition to net

zero and work to end plastic waste. We engaged with certain shareholders in updating the Climate Transition Action Plan and sought their

feedback so that we could take it into account in relation to the updating process. The non-binding advisory vote on the Climate Transition

Action Plan is also a way for all shareholders to provide us with input on our activities, while not asking shareholders to take responsibility for

Unilever’s strategy in this area. This provides a way for shareholders to participate in a vital area of Unilever’s activities while sustainability is

further embedded in what we do and the wider operating environment.


Unilever Annual Report on Form 20-F 2024		77



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OPERATION OF THE BOARD

Appointments of new Non-Executive Directors

Background

The Board approved the appointment of Judith McKenna as a Non-Executive Director with effect from 1 March 2024. Judith’s appointment was

subsequently put to shareholders at the Annual General Meeting on 1 May 2024 and confirmed. The Board also approved the appointment of

Benoît Potier with effect from 1 January 2025 and Benoît’s appointment will be put to shareholders at the Unilever PLC Annual General Meeting

to be held on 30 April 2025.

Stakeholder considerations

The Board considered Judith McKenna’s extensive experience of the consumer goods and retail sector, having spent 27 years of her career at

Walmart, serving in senior capacities both within Walmart US, Asda in the UK and Walmart’s international business. The Board considered that

Unilever and its shareholders would benefit from the experience and leadership of our industry that Judith would bring.

The Board considered Benoît Potier’s wealth of experience across the industrials and consumer goods sectors, together with his experience of

sustainability matters in the businesses that he has led. The Board considered that Unilever and its shareholders would benefit from this deep

experience of industry.

Executive Pay

Background

A resolution to approve a new Directors’ Remuneration Policy was put to the Unilever PLC Annual General Meeting on 1 May 2024. The overall

structure and quantum of the previous Directors’ Remuneration Policy was followed with changes to the implementation of the policy in relation

to (1) the remuneration benchmarking peer group to focus on global consumer companies and (2) the performance measures and weightings

used in the annual bonus and performance share plan for 2024 onwards. As noted above, the implementation of the Directors’ Remuneration

Policy continues to include climate-linked executive remuneration. The Directors’ Remuneration Policy confirmed the Company’s position that

the fixed pay of Hein Schumacher, who was Chief Executive Officer until 1 March 2025, would not be amended in 2024 or 2025. The Directors’

Remuneration Policy, which is intended to be in place for three years in accordance with standard corporate governance practice, was

approved by 97.69% of shareholders voting.

Stakeholder considerations

The changes to the Directors’ Remuneration Policy were made following engagement with shareholders and reflected the feedback received.

Amendments to the benchmarking peer group also followed from this feedback from investors. The amendments to the performance measures

and weightings used in the annual bonus and performance share plan for 2024 onwards aligned Directors’ remuneration with the focus of

investors following the consultation with them.


78	Unilever Annual Report on Form 20-F 2024



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Additional Information

Additional disclosures

The following disclosures are made in compliance with the Financial Conduct Authority’s Listing Rule 6.6.1:


Listing Rule 6.6.1
Interest capitalised by the Group during the year	None
Publication of unaudited financial information	Not applicable
Details of any long-term incentive schemes under Listing Rule 9.3.2R(2)	Not applicable
Director waiver of emoluments	Not applicable
Director waiver of future emoluments	Not applicable
Allotments for cash of equity securities made during the year	None
Allotment for cash of equity securities made by a major unlisted subsidiary during the year	Not applicable
Details of participation of parent undertaking in any placing made during the year	Not applicable
Details of relevant material contracts in which a Director or controlling shareholder was interested during the year	Not applicable
Contracts for the provision of services by a controlling shareholder during the year	Not applicable
Details of any arrangement under which a shareholder has waived or agreed to waive any dividends	As at 21 February 2025, Unilever PLC held 47,651,677 ordinary shares of 31/9p each as Treasury shares. No dividends are payable on these shares. As at 21 February 2025, Fidelity held 443,095 ordinary shares of 31/9p of Unilever PLC on behalf of the Company to be used in satisfaction of employee share scheme (‘ESS‘) obligations. Fidelity has agreed to waive on an ongoing basis any dividends payable in respect of such shares. As at 21 February 2025, the Trustee of the Company’s Employee Benefit Trust (‘EBT’) held 1,569,662 ordinary shares of 31/9p of Unilever PLC. The Trustee of the EBT has agreed to waive, on an ongoing basis, any dividends payable on shares it holds in trust for use under the Company’s ESS. The practice of Fidelity and the Trustee of the EBT is to abstain from voting on the shares that they hold. Details of the employee share schemes can be found on pages 95 and 96 and 99 to 108.
Details of where a shareholder has agreed to waive future dividends	See above
Statements relating to controlling shareholders and ensuring company independence	Not applicable

FUTURE DEVELOPMENTS, RESEARCH AND

DEVELOPMENT AND IMPORTANT EVENTS

Certain information required to be included in the Directors' Report has

been included in the Strategic Report given its strategic importance to

Unilever. This includes information in respect of important events that

have occurred since the end of the financial year, an indication of likely

future developments in the business of the Group and an indication of

activities of the Group in the field of research and development.

DISCLOSURE OF INFORMATION TO THE

EXTERNAL AUDITOR

Each of the Directors who held office at the date of approval of this report

confirms that, to the best of each of the Directors’ knowledge and belief,

and having made appropriate enquiries, all information relevant to

enabling the auditors to provide their opinions on the Company’s

consolidated and parent company accounts has been provided.

Furthermore, each of the Directors has taken all reasonable steps to

ensure their awareness of any relevant audit information and to establish

that the Company’s auditors are aware of any such information. This

confirmation is given and should be interpreted in accordance with the

provisions of Section 418 of the Companies Act 2006.

DIRECTORS' SHARE INTERESTS

Details of the Directors’ interests in shares can be found in the Directors’

Remuneration Report on pages 103 to 109 and 112.

CONTRACTS OF SIGNIFICANCE

During the year, no Director had any interest in any shares or debentures

in the Company’s subsidiaries, or any material interest in any contract

with the Company or a subsidiary being a contract of significance in

relation to the Company’s business. No member of the Group is party to

any significant agreement that takes effect, alters or terminates upon a

change of control or following a takeover of Unilever PLC. In addition,

there are no agreements providing for compensation for loss of office

or employment as the result of a takeover of Unilever PLC. There are no

controlling shareholders of Unilever PLC.

APPOINTMENT OF DIRECTORS

The rules governing the appointment and retirement of directors are set

out in the appointment procedure for PLC Directors, available on our

website, and are summarised in the report of the Nominating and

Corporate Governance Committee.

POWERS OF THE DIRECTORS

The Board of Directors is responsible for the management of the

business of the Company and may exercise all powers of the Company

subject to applicable legislation and regulation and the Company’s

Articles. Further details are set out on page 65.

STAKEHOLDER ENGAGEMENT

Details of the Company’s engagement with stakeholders are given on

pages 74 and 75.


Unilever Annual Report on Form 20-F 2024		79



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ADDITIONAL INFORMATION

DIRECTORS' INDEMNITIES AND DIRECTORS'

AND OFFICERS' INSURANCE

The power to indemnify Directors, together with former Directors, the

Company Secretary and the directors of subsidiary companies, is

provided for in the Company’s Articles of Association.

Unilever maintains appropriate D&O insurance to the extent permitted

by law. In addition, Unilever has granted indemnities to each Director

and the Group Secretary, together with former Directors and Company

Secretaries of Unilever and the directors of subsidiary companies,

whereby the Company indemnifies these individuals in respect of any

proceedings brought by third parties against them personally in their

capacity as Directors or Officers of the Company or any Group company.

These ''qualifying third-party indemnity provisions'' were in force during

the course of the financial year ended 31 December 2024 and remained

in force at the date of this report. The Company would also fund ongoing

costs in defending a legal action as they are incurred rather than after

judgment has been given. In the event of an unsuccessful defence in an

action against them, individual Directors would be liable to repay the

Company for any damages and to repay defence costs to the extent

funded by the Company. Neither the indemnity nor the D&O insurance

cover provides cover in the event a Director or Officer is proved to have

acted fraudulently or dishonestly.

In addition, the Company provides indemnities (including, where

applicable, a qualifying pension scheme indemnity provision) to the

Directors of three subsidiaries, each of which acts or acted as trustee of a

Unilever UK pension fund. Appropriate trustee liability insurance is also in

place. As above, these indemnities were in force during the course of the

financial year ended 31 December 2024 and remained in place at the date

of this report.

POLITICAL DONATIONS

At the 2024 AGM, shareholders passed a resolution to authorise the

Company and its subsidiaries to make political donations to political parties

or independent election candidates, to other political organisations, or to

incur political expenditure (in each case as defined in the Companies Act

2006). As the authority granted at the 2024 AGM will expire, renewal of this

authority will be sought at this year’s AGM. Further details are available in

the Notice of AGM, available on the Company’s website.

It is the policy of the Company not to make such political donations or

to incur political expenditure (within the ordinary meaning of those

words) and the Directors have no intention of changing that policy.

However, as the definitions used in the Companies Act 2006 are broad,

it is possible that normal business activities, which might not be

thought to be political donations or expenditure in the usual sense,

could be caught. On that basis, the authority is sought purely as a

precaution.

The Board members have each confirmed compliance with Unilever’s

Code of Business Principles, as is required on an annual basis, and

that there has been no political activity or payments by the Unilever

Group.

Share capital

Unilever’s issued share capital on 31 December 2024 was made up of

£78,446,584 split into 2,521,497,338 ordinary shares of 31/9p each and

each carrying one vote. A total of 43,550,481 Unilever ordinary shares

were held in treasury as at 31 December 2024, representing 1.73% of

Unilever’s issued share capital.

Share issues and purchase of shares

At the 2024 AGM held on 1 May 2024, Unilever’s Directors were

authorised to:

■issue new shares, up to a maximum of £25,946,666 nominal value

(which at the time represented approximately 33% of Unilever’s

issued ordinary share capital);

■disapply pre-emption rights up to a maximum of £3,892,715 nominal

value (which at the time represented approximately 5% of Unilever’s

issued ordinary share capital) for general corporate purposes and an

additional 5% authority in connection with an acquisition or specified

capital investment; and

■make market purchases of its ordinary shares, up to a maximum of

250,200,000 ordinary shares (which at the time represented just under

10% of PLC’s issued ordinary share capital) and within the price limits

prescribed in the resolution.

Unilever undertook a €1.5 billion share buyback programme in 2024.

The purpose of the share buyback programme was to reduce the

capital of Unilever, and Unilever bought back 27,368,909 Unilever

ordinary shares of 31/9p each in two tranches which are held in

treasury. The shares repurchased in 2024 comprised 1.08%

of Unilever’s issued share capital as at 31 December 2024. Outside of

this share buyback programme, no other company within the Group

purchased any Unilever ordinary shares or American Depositary

Shares during 2024. During 2024, there were 4,900,000 Unilever

ordinary shares of 31/9p each issued in satisfaction of employee share

scheme awards.

Right to hold and transfer ordinary shares or exercise

voting rights

Unilever’s constitutional documents place no limitations on the right to

hold or transfer Unilever ordinary shares. There are no limitations on

the right to hold or exercise voting rights on the ordinary shares of

Unilever imposed by English law. Unilever is not aware of any

agreements between holders of securities that may result in restrictions

on transfer or voting rights. Please also see page 211.

SIGNIFICANT SHAREHOLDERS OF UNILEVER

As far as Unilever is aware, the only holders of more than 3% of, or 3%

of voting rights attributable to, Unilever’s ordinary share capital

(‘Disclosable Interests’) on 31 December 2024, were Blackrock, Inc.

with a shareholding of 8.4%, Vanguard Group Holdings with a

shareholding of 5.0% and Wellington Management Group with a

shareholding of 3.1%.

No Disclosable Interests have been notified to Unilever between 1

January 2025 and 21 February 2025 (being a date not more than one

month prior to the date of the Company’s Notice of Annual General

Meeting). As far as Unilever is aware, between 1 January 2022 and 21

February 2025, only Vanguard Group Holdings, BlackRock, Inc. and

Wellington Management Group have held more than 3% of, or 3%

of voting rights attributable to, Unilever’s ordinary shares.

ACCOUNTING POLICIES, FINANCIAL

INSTRUMENTS AND RISK

Details of the Group’s accounting policies, together with post-balance sheet

events and details of financial instruments and risk (including the Group’s

objectives, policies and processes for managing its capital; its financial risk

management objectives; details of its financial instruments and hedging

activities, and its exposures to price, credit liquidity and cash flow risk), are

provided in notes 1, 16, 18 and 26 on pages 142, 174, 183 and 190

respectively to the Financial Statements.

EMPLOYMENT OF DISABLED PEOPLE

Disability inclusion is a part of Unilever’s diversity and inclusion

agenda. Unilever has a range of employment policies that clearly detail

the standards, processes, expectations and responsibilities of

its people and the organisation. These policies are designed to ensure

that everyone – including those with existing or new disabilities and

people of all backgrounds – is dealt with in an inclusive and fair way

from the recruiting process and ongoing through their career at

Unilever. This includes access to appropriate training, development

opportunities or job progression.


80	Unilever Annual Report on Form 20-F 2024



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ADDITIONAL INFORMATION

EMPLOYMENT SHARE PLANS

The Company operates a number of employee share plans, details of which

are set out in note 4C to the Financial Statements on pages 155 to 156 and

in the Directors’ Remuneration Report on pages 95 and 96 and 99 to 108.

RELATED PARTY TRANSACTIONS

Transactions with related parties are conducted in accordance with agreed

transfer pricing policies and include sales to joint ventures and associates.

Other than those disclosed in note 23 to the consolidated financial

statements (and incorporated herein as above), there were no related party

transactions that were material to the Group or to the related parties

concerned that are required to be reported in 2024 or in 2025 up to 21

February 2025 (the latest practicable date for inclusion in this report).

BRANCH OFFICES

Details of branch offices are given on page 210.

CORPORATE GOVERNANCE COMPLIANCE

We conduct our operations in accordance with internationally accepted

principles of good governance and best practice, while ensuring

compliance with the corporate governance requirements applicable in

the countries in which we operate. Unilever is subject to corporate

governance requirements (legislation, codes and/or standards) in the

UK and the US, and in this section, we report on our compliance

against these.

United Kingdom

In 2024, Unilever has applied the principles and complied with

the provisions of the UK Corporate Governance Code. Further information

on how Unilever has applied the five overarching categories of principles

can be found on the following pages – (i) Board Leadership: pages 70 to

73 and 76 and 77; (ii) Division of Responsibilities: pages 70 and 71; (iii)

Composition, Succession and Evaluation: pages 71 to 73 and 82 and 83;

(iv) Audit, Risk and Internal Controls: pages 86 to 89; and

(v) Remuneration: pages 95 to 117. The UK Corporate Governance Code

is available on the Financial Reporting Council’s (FRC) website.

Risk management and control

Our approach to risk management and systems of internal control is in

line with the recommendations in the FRC’s revised guidance ‘Risk

management, internal control and related financial and business

reporting’ (the Risk Guidance). It is Unilever’s practice to review

acquired companies’ governance procedures and to align them to the

Group’s governance procedures as soon as is practicable.

Greenhouse gas (GHG) emissions

Information on GHG emissions can be found on page 50.

Employee involvement and communication

Unilever’s UK companies maintain formal processes to inform, consult

and involve employees and their representatives.

A National Consultative Forum comprising employees and management

representatives from key locations meets regularly to discuss issues

relating to Unilever sites in the UK. We recognise collective bargaining on a

number of sites and engage with employees via the Sourcing Unit Forum,

which includes national officer representation from the three recognised

trade unions.

A European Works Council, embracing employee and management

representatives from countries within Europe, has been in existence for

several years and provides a forum for discussing issues that extend

across national boundaries. Further details on how the Board has

engaged with the workforce can be found on page 72.

Equal opportunities and diversity

Consistent with our Code of Business Principles, Unilever aims to

ensure that applications for employment from everyone are given full

and fair consideration, and that everyone is given access to training,

development and career opportunities. Every effort is made to reskill

and support employees who become disabled while working within the

Group.

United States

Unilever is listed on the New York Stock Exchange (NYSE). As such,

Unilever must comply with the requirements of US legislation, regulations

enacted under US securities laws, and the Listing Standards of the NYSE

that are applicable to foreign private issuers, copies of which are available

on their websites.

We comply with the Listing Standards of the NYSE applicable to foreign

private issuers. We are required to disclose any significant ways in which

our corporate governance practices differ from those required of US

domestic companies listed on the NYSE. Our corporate governance

practices are primarily based on the requirements of the UK Listing Rules

and the UK Corporate Governance Code but substantially conform to

those required of US domestic companies listed on the NYSE. The only

significant way in which our corporate governance practices differ from

those required of US domestic companies under Section 303A Corporate

Governance Standards of the NYSE is that the NYSE rules require that

shareholders must be given the opportunity to vote on all equity

compensation plans and material revisions thereto, with certain limited

exemptions. The UK Listing Rules require shareholder approval of equity

compensation plans only if new or treasury shares are issued for the

purpose of satisfying obligations under the plan or if the plan is a long-term

incentive plan in which a director may participate. Amendments to plans

approved by shareholders generally only require approval if they are to the

advantage of the plan participants.

All senior executives and senior financial officers have declared their

understanding of and compliance with Unilever’s Code of Business

Principles and the related Code Policies. No waiver from any provision

of the Code of Business Principles (published on our website) or Code

Policies was granted in 2024 to any of the persons falling within the

scope of the Securities and Exchange Commission (SEC) requirements.

Risk management and control

Following a review by the Disclosure Committee, Audit Committee and

Board, the CEO and the CFO concluded that the design and operation of

the Group’s disclosure controls and procedures, including those defined

in the US Securities Exchange Act of 1934 – Rule 13a – 15(e), as at 31

December 2024 were effective. Unilever is required by Section 404 of the

US Sarbanes-Oxley Act of 2002 to report on the effectiveness of

its internal control over financial reporting. This requirement is reported

on within the section entitled ‘Management’s Report on Internal Control

over Financial Reporting’ on page 221.

The Directors’ Report has been approved by the Board, and signed on

its behalf by Maria Varsellona, Chief Legal Officer and Group

Secretary.


Unilever Annual Report on Form 20-F 2024		81



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


Report of the Nominating and Corporate Governance Committee



			The Committee was engaged in three Non-Executive Director appointments and supporting the GAP 2030 through appointments to the Unilever Leadership Executive.

			Ian Meakins Chair

I am pleased to present the report of the Nominating and Corporate

Governance Committee for the year ended 31 December 2024.

At the conclusion of the AGM of the Company, held on 1 May 2024, a

number of Non-Executive Directors retired from the Board as they had

reached or were approaching the end of their nine-year terms. Nils

Andersen, Judith Hartmann, Strive Masiyiwa and Youngme Moon all

left their positions as Non-Executive Directors at this time, and our

thanks go to them for their service to Unilever.

The Committee has looked carefully at the requirements for Non-

Executive Directors and a further Non-Executive Director, Judith

McKenna, with extensive retail experience in Walmart and Asda, joined

the Board on 1 March 2024. Judith’s appointment was confirmed by

shareholders at the 2024 AGM.

As mentioned in my Chair’s statement:

■Hein Schumacher stepped down as Chief Executive Officer and as a

Board Director on 1 March 2025 and will leave the Company on 31

May 2025;

■Fernando Fernandez was appointed Chief Executive Officer with

effect from 1 March 2025;

■Benoît Potier joined the Board on 1 January 2025;

■Zoe Yujnovich joined the Board on 1 March 2025; and

■a thorough internal and external search process is being initiated to

appoint a permanent CFO. With effect from 1 March 2025, Srinivas

Phatak, previously Unilever’s Deputy CFO and Group Controller,

became Acting CFO.

Andrea Jung, Non-Executive Director, has decided not to stand for re-

election at the 2025 AGM.

The Committee considers that the Board’s current size,

with the additional Board members appointed in 2025,

and its collective experience are effective for the running

of the Company. The Committee will maintain the size and experience

of the Board under review on a continuous basis.

The Committee has also been involved in the consideration of

candidates for positions on the Unilever Leadership Executive (ULE)

during the year. In January, Esi Eggleston Bracey joined as

Chief Growth and Marketing Officer, Priya Nair joined as Business

Group President, Beauty & Wellbeing and Eduardo Campanella was

appointed Business Group President, Home Care. In addition, Heiko

Schipper joined as Business Group President, Foods in May and

Mairéad Nayager joined as Chief People Officer in June.

Further appointments have subsequently been made with effect from 1

January 2025, with Reginaldo Ecclissato, an existing ULE member,

taking on the role of President, 1 Unilever Markets, and Willem Uijen

joining as Chief Supply Chain Officer. The Board welcomes and

supports these new members of the ULE in their roles and as a key

part of our Growth Action Plan 2030. The background details of all ULE

members can be found on pages 68 and 69.

Diversity and inclusion is key for the long-term success of Unilever in

the global marketplace in which we operate. As at 31 December 2024,

the Board was 44% female and the Unilever Leadership Executive was

31% female with 62% ethnic minority participation.

The Committee reviewed the Workforce Engagement Policy and

further details are included in the Report. The Committee also

continued to review and approve the nature of the workforce

engagement activities that the Board undertook in the year, and details

of these are set out on page 72.

In 2025, the Committee will remain focused on supporting the ULE in

its implementation of the Growth Action Plan 2030. The Committee will

also continue to review the long-term succession plans for the Board

and the ULE.

I would like to thank the members of the Committee for their

commitment and contribution throughout the year.

Ian Meakins

Chair of the Nominating and Corporate

Governance Committee


82	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REPORT OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE

COMMITTEE MEMBERS AND ATTENDANCE


	Attendance
Ian Meakins Chair	4/4
Nils Andersen	2/2
Judith Hartmann	2/2
Adrian Hennah (member from 1 May 2024)	2/2
Andrea Jung	4/4

The Chair of the Board, Ian Meakins, chairs the Nominating and

Corporate Governance Committee. Adrian Hennah and Andrea Jung

are independent Non-Executive Directors and members of the

Committee. The Chief Legal Officer and Group Secretary is secretary

to the Committee. Other attendees, including the CEO, the Chief

People Officer and the Deputy Secretary, attend the meetings when

invited to do so.

There were four meetings of the Committee in 2024, and the table

above shows attendance at meetings of the Committee in the year.

Nils Andersen and Judith Hartmann stepped down from the Committee

in May 2024. Given the changes in the Committee membership this

year, attendance is expressed as the number of meetings attended out

of the total number each Director was eligible to attend during their

respective tenure on the Committee.

ROLE OF THE COMMITTEE

The Nominating and Corporate Governance Committee is primarily

responsible for:

■periodically assessing the structure, size and composition of the

Board;

■evaluating the balance of skills, experience, independence, diversity

and knowledge of the Board;

■ongoing succession planning (including the development of a

diverse pipeline for succession);

■drawing up selection criteria and appointment procedures for

Directors;

■reviewing the feedback in respect of the role and functioning of the

Board Committees arising from Board and Board Committee

evaluations;

■periodically reviewing and assessing Unilever’s practices and

procedures in relation to workforce engagement; and

■considering current and developing corporate governance matters,

which it brings to the attention of the Board where deemed

necessary.

The Committee’s terms of reference are set out in the Governance of

Unilever, which can be found on the Company’s website.

ACTIVITIES OF THE COMMITTEE

During the year, the Committee:

■recommended the election and re-election of Directors at the 2024

AGM, following a review of their performance and, where relevant,

their independence;

■reviewed the composition of the Board and its Committees, taking

into account the experience, skills, knowledge, diversity and

attributes of the Directors and the length of tenure of the Non-

Executive Directors resulting in changes to the Committee

memberships;

■appointed Egon Zehnder to support the Committee in the search for

new Non-Executive Directors, culminating in the appointments of

Judith McKenna and Benoît Potier. Egon Zehnder is an independent

search firm that has undertaken several non-executive searches for

Unilever. Egon Zehnder does not have any connection to the

Directors or Unilever except for normal course recruitment

processes;

■kept under review best practice guidelines and preferences of

certain institutional investors in relation to overboarding to ensure

continued compliance;

■reviewed the ULE succession plan and talent pipeline;

■conducted an annual review of the diversity policy applicable to the

Board;

■conducted a review of workforce engagement activities in the year

and the plan for the following year, the terms of reference for the

Committee and the annual work plan for the Committee;

■considered the process and timetable for the Board evaluation and

maintained oversight of the process (see page 72 for further

information);

■received updates on current and emerging corporate governance

legislation, regulation and best practice guidelines including in

relation to directors’ duties; and

■considered the Committee’s draft report for inclusion in the 2023

Annual Report and Accounts.

APPOINTMENT AND REAPPOINTMENT OF

DIRECTORS TO THE BOARD

All Directors (unless they are retiring) are nominated by the Board for

election or re-election at the AGM each year on the recommendation of

the Committee. The Committee takes into consideration the outcomes

of the Chair’s discussions with each Director on individual performance

and the evaluation of the Board and its Committees. Non-Executive

Directors normally serve for a period of up to nine years.

Fernando Fernandez was appointed as Chief Financial Officer and a

director of the Company with effect from 1 January 2024 and was

therefore put forward for election by shareholders as a director for the

first time at the 2024 AGM. Nils Andersen, Judith Hartmann, Strive

Masiyiwa and Youngme Moon all stood down as Non-Executive

Directors on 1 May 2024.

The Board appointed Judith McKenna as an independent

Non-Executive Director on 1 March 2024. She was therefore

put forward for election by shareholders for the first time at the 2024

AGM.

The Committee proposed the election or re-election of all Directors,

other than those retiring, at the 2024 AGM.

All the Directors proposed were appointed by shareholders by a simple

majority vote at the 2024 AGM.

The Committee reviews the composition of the Board Committees. The

Committee recommended in May 2024 that Adrian Hennah be

appointed a member of the Nominating and Corporate Governance

Committee, that Judith McKenna be appointed a member of the

Compensation Committee and the Corporate Responsibility

Committee, and that Ruby Lu be appointed a member of the Corporate

Responsibility Committee.

In July 2024, Unilever announced the appointment of Benoît Potier as a

Non-Executive Director with effect from 1 January 2025. Benoît has joined

the Audit Committee and the Corporate Responsibility Committee, and

will be put forward for election by shareholders for the first time at the

AGM in 2025.

In February 2025, Unilever announced the appointment of

Zoe Yujnovich as a Non-Executive Director with effect from 1 March

2025. Zoe has joined the Nominating and Corporate Governance

Committee and the Corporate Responsibility Committee, and will be

put forward for election by shareholders for the first time at the AGM in

2025.

In February 2025, we also announced that, with effect from

1 March 2025, Hein Schumacher would step down as CEO and as a

director and would leave the Company on 31 May 2025. Fernando

Fernandez was appointed CEO with effect from

1 March 2025.


Unilever Annual Report on Form 20-F 2024		83



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REPORT OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE

OVERBOARDING

As part of the annual evaluation process for each Director,

full consideration was given to the number of external positions held to

ensure that the time commitment required did not compromise the

Director’s commitment to Unilever.

The Committee took into account the views of various investor bodies

and certain institutional investors to anticipate any perception of

overboarding.

The Committee did not identify any instances of overboarding and

concluded that all individual Directors had sufficient time to commit to

their appointment as a Director of Unilever.

The full list of external appointments held by our Directors can be

found in their biographies on pages 66 and 67.

BOARD DIVERSITY POLICY

Unilever has long understood the importance of diversity

and inclusion within our workforce. This commitment forms part of

Unilever’s Code of Business Principles and is embedded in the way we

do business and conduct ourselves at all levels in the organisation.

Unilever’s Growth Action Plan 2030 focuses on having the best talent

and most engaged employees through a diverse workforce and

inclusive leadership. Please see Our People & Culture section on

pages 34 and 35 for

more information.

Unilever’s Board Diversity policy, which is reviewed by the Committee

each year, is available on the Company’s website. The objective of the

policy is to provide guidance that the composition and quality of the

Board should be in keeping with the size and geographical spread of

Unilever, its portfolio, culture and status as a listed company. The

Board Diversity Policy is taken into account when making

appointments to the Board and its committees and developing a

succession plan by assessing candidates on merit, considering their

wide-ranging experience, backgrounds, skills, knowledge

and insight, with a continuing emphasis on diversity, including but not

limited to factors outlined in applicable regulations, guidance, and

industry and government best practices. Appointments to the ULE are

conducted in accordance with our Code of Business Principles.

The Board supports the recommendations of the FTSE Women

Leaders Review on gender diversity and the Parker Review on ethnic

diversity. Specifically:

■As at 31 December 2024, we continue to have a female Senior

Independent Director and we have 44% female Board members

(including Executive Directors). 36% of the Unilever Leadership

Executive are female (excluding Executive Directors), which is an

increase from 11% at 2023 year-end. There is also a promising

pipeline of talent, with 40% of Senior Management (direct reports to

the Unilever Leadership Executive) being female as at 31 October

2024.

■We have 33% ethnic minority Board membership as at 31 December

2024 (including Executive Directors), exceeding the Parker Review

recommendation of one ethnic minority Board member. Our ethnic

minority membership of the ULE stands at 66% (excluding Executive

Directors).

■In 2024, the Parker Review updated its approach to cover Senior

Management working in the UK only (rather than globally).

Therefore, Unilever was able to review ethnicity data disclosed

voluntarily by employees on the HR information system, which

showed that 24% of Senior Management are minority ethnic, 52%

white and 24% undisclosed. Under the revised scope of the Parker

Review, we set an ethnic minority target of 28% for Senior

Management working in the UK by 31 December 2027. This

is based on our available baseline and pipeline data, 2021 UK

census statistics, the global nature of Unilever’s business, business

restructuring and benchmarking. We will keep this under review and

disclose progress against, and any revision of, the target in future

annual reports.

■Please also refer to the information on gender reporting on page 50.

WORKFORCE ENGAGEMENT POLICY

The Committee reviewed the Workforce Engagement Policy and the

number of workforce engagements was reduced from six to four per

year. The remaining elements of the policy were unchanged.

SUCCESSION PLANNING

Board

The Committee reviews the adequacy and effectiveness of succession

planning processes, and the Board reviews the succession plan in

conjunction with the Committee.

The succession plan is based on merit and objective criteria. The

Board should comprise a majority of Non-Executive Directors who are

independent of Unilever, free from any conflicts of interest and able to

allocate sufficient time to carry out their responsibilities effectively. With

respect to composition and capabilities, the Board should be in

keeping with the size of Unilever, its strategy, portfolio, consumer

base, culture, geographical spread and its status as a listed company.

The Board should also have sufficient understanding of the markets

and business where Unilever is active in order to understand any

relevant key trends and developments. The Board believes that a

diverse Board with a range of views enhances decision-making, which

is beneficial to Unilever’s long-term success and is in the interests of

its stakeholders.

As can be seen in the biographies on pages 66 and 67, and the tables

on page 84, the Board meets this profile.

ULE

In conjunction with the Committee, the Board reviews the succession

plan for the ULE. In line with the Board succession plan approach, the

succession plan for the ULE is also based on merit and objective

criteria. Developing an internal talent pipeline for leadership roles is

critical for Unilever. The succession plan identifies potential successors

who are considered able to fulfil the roles in the short term and those in

the longer term. Development initiatives for senior executives are put in

place and usually include executive mentoring and coaching.

Senior managers and executives are encouraged to take on a non-

executive directorship role as part of their personal development.


84	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REPORT OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE

Skills and experience matrix


	Fernando Fernandez	Adrian Hennah	Andrea Jung	Susan Kilsby	Ruby Lu	Judith McKenna	Ian Meakins	Nelson Peltz	Benoît Potier	Zoe Yujnovich
Business growth and leadership of large global corporations	■	■	■	■	■	■	■	■	■	■
Strategy, corporate transactions and transformation	■	■	■	■	■	■	■	■	■	■
International experience (including emerging markets)	■	■	■	■	■	■	■	■	■	■
Financial expertise	■	■		■	■	■	■	■	■	■
FMCG and consumer insights	■	■	■	■		■	■	■
Technology, digital and innovation			■		■				■	■
Marketing and sales channels			■			■	■	■
Risk management and operational excellence (including sustainability and community)	■	■	■	■	■	■	■	■	■	■
Society, politics and geopolitics	■	■	■	■			■	■		■
Science and innovation			■	■	■		■		■	■
People, culture and reward		■	■	■	■	■	■	■	■	■
Corporate governance	■	■	■	■	■	■	■	■	■	■

In compliance with the FCA Listing Rules, the tables below show that

as at 31 December 2024, we have 44% female Board members

(including Executive Directors) against the target of 40%. The position

of Senior Independent Director is held by a female, and at least one

Board member is from a minority ethnic background. There is a 13-

member ULE, including Executive Directors, of which four (31%) are

women.

We collect both gender and ethnicity data directly from Board and ULE

members annually on a self-identifying basis in a questionnaire. This

data is used for statistical reporting purposes and provided with

consent. Board members are asked to identify their gender and

ethnicity based on the categories set out in the tables below.

Gender representation on the Board and ULE as at 31 December 2024


	Number of Board members	Percentage of the Board	Board (CEO, CFO, SID and Chair)	Number of ULE members	Percentage of the ULE
Men	5	56	3	9	69
Women	4	44	1	4	31
Other	–	–	–	–	–
Not specified/prefer not to say	–	–	–	–	–

Ethnicity representation on the Board and ULE as at 31 December 2024


	Number of Board members	Percentage of the Board	Board (CEO, CFO, SID and Chair)	Number of ULE members	Percentage of the ULE
White British or other White (including minority-white groups)	6	67	2	5	38
Mixed/Multiple Ethnic Groups	–	–	–	2	15
Asian/Asian British	2	22	1	2	15
Black/African/Caribbean/Black British	–	–	–	1	9
Other ethnic group, including Arab	1	11	1	3	23
Not specified/prefer not to say	–	–	–	–	–


86	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS



Report of the Audit Committee

People intro image holders Ian Gov13.jpg



			We focused this year on sustainability reporting, cyber security, data privacy and supply chain resilience, in addition to our reporting and control responsibilities.

			Adrian Hennah Chair of the Audit Committee

On behalf of the Audit Committee, I am pleased to present

the Committee’s report for the year ended 31 December 2024.

In 2024, the Committee consisted of three members: Susan Kilsby,

Ruby Lu and myself as the Committee Chair.

The Committee believes it has carried out its duties effectively

throughout the year and to a high standard, providing independent

oversight. It has had good support from management, the internal audit

team and the external auditors.

This year marked a year of transformation for the company, with a full

year of the Growth Action Plan and the Ice Cream business separation.

While these have been very much in the mind of the Committee, our

primary focus has been to maintain the integrity of Unilever’s financial

and non-financial reporting, to ensure the adequacy of its internal

controls, and to oversee the management of the company’s principal

and emerging risks, including its approach to risk appetite and

risk mitigation.

This year, we continued to focus on topics that are subject to current

regulatory change, including sustainability reporting, particularly in

relation to the European Sustainability Reporting Standards (ESRS),

as well as Corporate Governance Reform and Data Privacy. The

Committee also allocated considerable time to other risk management

topics, including cyber security and supply chain resilience. We also

met with management to discuss emerging developments in

international taxation, pensions and treasury.

I am pleased to report that we have progressed well in our compliance

and reporting of the same. The Sustainability Statement is on pages 223

to 299.

In addition to the formal meetings this year, the Committee members

continued engaging with the business through a number of market

visits including trips to China, the UK and South Africa during the year.

2025 will see the appointment of a new Chief Financial Officer and the

Audit Committee will be actively involved in its selection.

As part of the standard five-year rotation for external audit partners as

required by UK regulation, the Committee will oversee the selection of

a new lead KPMG audit partner in 2025. This new partner is expected

to bring a fresh perspective and expertise to our audit processes from

the 2026 financial year.

Adrian Hennah

Chair of the Audit Committee


Unilever Annual Report on Form 20-F 2024		87



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REPORT OF THE AUDIT COMMITTEE

COMMITTEE MEMBERSHIP AND ATTENDANCE


	Attendance
Adrian Hennah Chair	9/9
Susan Kilsby	9/9
Ruby Lu	9/9

The Audit Committee is comprised only of independent Non-Executive

Directors with a minimum requirement of three such members. The

Audit Committee was chaired by Adrian Hennah. The other Committee

members are Susan Kilsby and Ruby Lu.

The Board is satisfied that the members of the Audit Committee are

competent in financial matters and have recent and relevant

experience. For the purposes of the US Sarbanes-Oxley Act of 2002,

Adrian Hennah is the Audit Committee’s financial expert.

Other attendees at Committee meetings included the Chief Financial

Officer (CFO), Chief Auditor, Deputy CFO and Controller, Chief Legal

Officer and Group Secretary, General Counsel Corporate and Deputy

Group Secretary, EVP Sustainable Business Performance and

Reporting, and the external auditors. Throughout the year, the

Committee members met periodically without others present and also

held separate private sessions with the CFO, Chief Auditor and the

external auditors, to discuss issues in greater detail.

There were nine scheduled Committee meetings during the year.

Attendance at the scheduled meetings is shown above.

CODE OF BUSINESS PRINCIPLES

All actions by Executive Directors, Non-Executive Directors or any

Unilever staff are guided to comply with the set of policies of the Code

of Business Principles. This includes, in accordance with the US

Sarbanes-Oxley Act of 2002 and the SEC requirements, the relevant

provisions in relation to a code of ethics for Senior Financial Officers.

No waivers have been requested or granted for this.

ROLE OF THE COMMITTEE

The role and responsibilities of the Audit Committee are set out in

written terms of reference, which the Committee reviews annually,

considering relevant legislation and recommended good practices. The

terms of reference are contained within ‘The Governance of Unilever’,

which is available on our website.

The Committee’s responsibilities include, but are not limited to, the

following matters:

■oversight of the integrity of Unilever’s financial statements;

■review of Unilever’s half-yearly and annual financial statements

(including clarity and completeness of disclosure) and the trading

statements for quarter 1 and quarter 3;

■review of Unilever’s non-financial statements and Sustainability

Statement;

■oversight of risk management and internal control arrangements;

■oversight of compliance with legal and regulatory requirements;

■oversight of the external auditors’ performance, objectivity,

qualifications and independence;

■the approval process of non-audit services;

■recommendation to the Board of the nomination of the external

auditors for shareholder approval, and approval of their fees, as

referred to in note 25 on page 190; and

■performance of the internal audit function.

All relevant matters arising are brought to the attention of the Board.

Committee Reviews

To help the Committee meet its oversight responsibilities, focused

knowledge sessions are organised throughout the year, with examples

in 2024 including Sustainability Reporting, our Financial Controls

Automation project and the Ice Cream separation.

In addition, Committee members visited businesses in China, the UK and

South Africa, which provided them with insight into local market

challenges and risk and control management.

The Committee also received presentations from management and

had discussions on the business’s risk management activities, the

preparation of the financial statements, the overall control environment,

and the operation of the financial reporting controls.

Special focus has been given to:

■Cyber security: The Committee was provided with regular updates

on the Cyber Security Programme, which was assessed and

challenged by the Committee against the National Institute of

Standards and Technology (NIST) framework. Any cyber security

operational incidents and threats were highlighted and discussed.

For further details, please refer to the description of our cyber

security governance and processes on page 217.

■Data privacy: Management provided an update on the global privacy

landscape, key enterprise privacy risks and the evolution of

Unilever’s global privacy programme. The Committee discussed the

deployment of generative AI tools across the organisation and noted

the importance of striking a balance between ensuring the protection

of confidential information and quicker deployment of these tools.

■Supply chain resilience: Management provided an update on the

risks associated with the supply of materials and finished goods

within their global extended value chain, with special focus on

locations with supplier concentrations. The Committee reviewed

potential disruptions of key supplies and the mitigation plans

established by management.

In addition, the Committee discussed the control environment of acquired

businesses such as Liquid I.V. and Nutrafol, which are not integrated into

the main legacy ERP systems, as well as the work done in tax, treasury

and pension matters.

REPORTING AND FINANCIAL STATEMENTS

The Committee reviewed, prior to publication, the quarterly financial

press releases together with the associated internal quarterly reports

from the Chief Financial Officer and the Disclosure Committee and,

with respect to the full-year results, the external auditor’s report. It also

reviewed the Annual Report and Accounts and the Annual Report on

Form 20-F 2024. These reviews incorporated the accounting policies,

significant judgements and estimates underpinning the financial

statements as disclosed within note 1 on page 142.

Particular attention was paid to the following significant matters in

relation to the financial statements:

■Environmental, Social and Governance (ESG)/Sustainability

Reporting: The Committee discussed and challenged the

governance and approval processes concerning sustainability

assurance and subsequently reviewed and approved KPMG’s

Sustainability Assurance Strategy and Plan for 2024.

■The new UK Corporate Governance Code was published on 22

January 2024 and introduced a limited set of changes. The most

notable change, relating to audit, risks and controls, is the material

controls declaration, which will be required for reporting years

commencing 1 January 2026. Unilever will adopt these changes for

the 2026 financial year when they come into formal effect. The

Committee will review the approach for meeting the requirements

with the Board during 2025.

■The presentation of non-underlying items. The Committee took into

account management’s responses to its review, the observations

made by the external auditor, and the communication received from

the SEC.

■Indirect tax provisions and contingent liabilities related to Brazil, refer

to notes 19 and 20 on pages 185 and 186. The Committee agreed


88	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REPORT OF THE AUDIT COMMITTEE

that the tax provisions and judgements around the likelihood, as well

as the disclosures, are appropriate in the Annual Report on Form

20-F 2024.

■Functional currency change of Unilever PLC: The Group’s ultimate

parent company has now completed the change of its functional

currency from GBP to EUR, effective from 1 January 2024. The

Committee provided oversight of the change and reviewed the plans

ahead of its implementation.

■Revenue recognition: The Committee reviewed the adequacy of the

policy around the cut-off and appropriateness of discounts accruals.

For each of the above areas, the Committee considered the key facts

and judgements outlined by management. Members of management

attended the section of the Committee meeting where their item was

discussed to answer any questions or challenges posed by the

Committee. The Committee’s feedback has been incorporated into the

final approach. The matters were also discussed with the external

auditors and further information can be found on pages 121 to 137.

The Committee specifically discussed with the external auditor how

management’s judgement and assertions were challenged and how

professional scepticism was demonstrated during their audit of these

areas; this included the disclosures for each matter noted above. The

Committee is satisfied that the relevant accounting policies are in place

in relation to these significant matters and that management has

correctly applied these policies.

In addition to the matters noted above, our external auditors, as

required by auditing standards, also consider the risk of management

override of controls.

At the request of the Board, the Committee undertook to:

■review the appropriateness of adopting the going concern basis of

accounting in preparing the annual and half-yearly financial

statements;

■assess whether the business was viable in accordance with the

requirement of the UK Corporate Governance Code. The

assessment included a review of the principal and emerging risks

facing Unilever, their potential impact, and how they were being

managed, together with a discussion as to the appropriate period for

the assessment. The Committee recommended to the Board that

there is a reasonable expectation that the Group will be able to

continue in operation and meet its liabilities as they fall due over

the three-year period (consistent with the period of the strategic plan

for Unilever PLC) of the assessment; and

■consider whether the Unilever Annual Report on Form 20-F 2024

was fair, balanced and understandable, and whether it provided the

necessary information for shareholders to assess the Group’s year-

end position and performance, business model and strategy. To

make this assessment, the Committee received copies of the Annual

Report and financial statements to review during the drafting

process to ensure that the key messages were aligned with the

Company’s position, performance and strategy. The Committee also

reviewed the processes and controls that are the basis for its

preparation. The Committee was satisfied that, taken as a whole, the

Unilever Annual Report on Form 20-F 2024 is fair, balanced and

understandable.

Regulator Correspondence

During the year, the US SEC reviewed the Unilever Annual Report on

Form 20-F 2023, and the UK Financial Reporting Council (FRC)

reviewed the company’s annual report and accounts for the year

ended 31 December 2023 in accordance with the FRC’s Operating

Procedures for Corporate Reporting Review. The SEC had three

comments relating to the presentation of non-GAAP measures,

including the prominence of their disclosure, expanding the definition of

non-underlying items, and including the GAAP equivalent measure for

our return on invested capital, return on assets and cash conversion

measures alongside the non-GAAP equivalent. Unilever responded to

these queries and the Committee reviewed the response letters. No

changes to the past disclosures were needed in respect of the Unilever

Annual Report on Form 20-F 2023 but the Company will amend its

disclosures as appropriate in this (current) and future filings. The FRC

did not have any questions that required a response but made a

few observations. We have taken these observations into

consideration in determining this year’s disclosures.

SUSTAINABILITY

The Corporate Sustainability Reporting Directive (CSRD) and the

ESRS require companies operating in the European Union to report on

their sustainability performance and engage limited assurance work

from an external auditor. The CSRD sets out the requirements, while

the ESRS provides the detailed standards for reporting on a range of

environmental, social and governance matters. For the financial year

ended 31 December 2024, Unilever PLC is newly required to comply

with the ESRS because of our presence in European markets.

The Committee reviewed the double materiality assessment (DMA),

including the process and output, and was satisfied it reflected

Unilever’s material impacts, risks and opportunities relating to

sustainability matters. The Committee also reviewed the non-financial

disclosures, which encompass disclosures under the ESRS, in this

Annual Report and Accounts.


Unilever Annual Report on Form 20-F 2024		89



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REPORT OF THE AUDIT COMMITTEE

RISK MANAGEMENT & INTERNAL CONTROLS

(ASSURANCE)

The Committee reviewed Unilever’s overall approach to risk

management, risk appetite and control, and its processes, outcomes

and disclosure. The assessment was undertaken through a review of:

■the yearly report detailing the risk identification and assessment

process, together with any emerging risks identified by

management;

■reports from senior management on risk areas for which the

Committee had oversight responsibility: treasury, tax and pensions,

information security, data privacy, legal and regulatory compliance

supply chain, and the project management of business

transformation;

■the proposed risk areas identified by the management team;

■the Quarterly Risk and Control Status Reports, including Code of

Business Principles cases relating to frauds and financial crimes;

■a summary of control deficiencies identified through controls testing

activities together with action plans to address underlying causes;

■management’s improvements to reporting through further

automation and centralisation; and

■the annual financial plan and Unilever’s dividend policy and dividend

proposals.

The Committee reviewed the application of the requirements under

Section 404 of the US Sarbanes-Oxley Act of 2002 with respect to

internal controls over financial reporting.

In fulfilling its oversight responsibilities in relation to risk management

and internal controls, the Committee met regularly with senior

members of management and is satisfied with the key judgements

taken.

The Committee has completed its review for 2024 on both risk

management and internal controls, and was satisfied that the process

had worked effectively. Where specific areas for improvement were

identified, there was adequate mitigation or alternative controls in

place, and processes were under way to ensure sustainable

improvements. An area of focus has been ensuring that the controls

impacted by the transformation programmes are appropriately

designed and implemented effectively. Through its review, the

Committee also ensured that appropriate procedures are in place for

detecting and preventing fraud.

INTERNAL AUDIT

The Committee reviewed internal audit’s plan, which focuses on

Unilever’s risk areas, including sustainability, cyber security, data

privacy, financial control processes, product safety and supply chain

resilience. The Committee ensured the necessary resources were in

place to perform the audits effectively. The usage of data and analytics

continues to enable the internal audit team to deliver their audits

efficiently and with sufficient coverage. In 2024, the internal audit team

introduced value assessments to their programme on a pilot basis,

which aim to detect cultural misalignments in tested subsidiaries.

The Committee reviewed quarterly and year-end summary reports,

including the results of audit activities and the completion status of

agreed actions. During the year, the Chief Auditor and his team

undertook business visits in person, in particular in a number of the

Group’s critical markets. Most audits have been conducted as hybrids

(a combination of virtual and physical).

Every five years, the Committee engages an independent third party to

perform an effectiveness review of the function. This was last

completed in 2022 and is planned for 2026. In 2024, the Committee

evaluated the performance of the internal audit function through a

questionnaire. The feedback was reviewed and the Committee was

satisfied with the effectiveness of the internal audit function. During the

year, the Committee also met independently with the Chief Auditor and

discussed the results of the audits performed and any additional

insights obtained from the Chief Auditor.

AUDIT OF THE ANNUAL ACCOUNTS

KPMG, Unilever’s external auditors and an independent registered public

accounting firm, reported in depth to the Committee on the scope and

outcome of the annual audit, including their audit of internal controls over

financial reporting as required by Section 404 of the US Sarbanes-Oxley

Act of 2002. Their reports included audit and accounting matters,

governance and control, and accounting developments.

The Committee held independent meetings with the external auditors

during the year and reviewed, agreed, discussed and challenged their

audit plan, including the materiality applied, and the scope and

assessment of the financial reporting risk profile of the Group.

The Committee discussed the views and conclusions of KPMG

regarding management’s treatment of significant transactions and

areas of judgement during the year. The Committee considered these

and is satisfied with the treatment in the financial statements.

EXTERNAL AUDITORS

KPMG has been the Group’s auditors since 2014 and shareholders

approved their reappointment as the Group’s external auditors at the

2024 AGM.

The Committee confirms that the Group is in compliance with The

Statutory Audit Services for Large Companies Market Investigation

(Mandatory Use of Competitive Tender Processes and Audit

Committee Responsibilities) Order 2014, which requires Unilever to

tender the audit every ten years.

The last tender for the audit of the Annual Report and Accounts was

performed in 2022, during which the decision to reappoint KPMG was

unanimously recommended by the Committee and approved by the

Board of Unilever PLC. At present, we are satisfied with the

effectiveness of our current auditors and, therefore, have no plans to

re-tender the external auditor appointment for an earlier period. This

position is re-evaluated each year.


90	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REPORT OF THE AUDIT COMMITTEE

Both Unilever and KPMG have safeguards in place to avoid

the possibility that the external auditors’ objectivity and independence

could be compromised, such as audit partner rotation and the

restriction on non-audit services that the external auditors can perform

as described below. KPMG has issued a formal letter to the Committee

outlining the general procedures to safeguard independence and

objectivity, disclosing the relationship with the Company, and

confirming their audit independence.

Each year, the Committee assesses the effectiveness of the external

audit process, which includes discussing feedback from the members

of the Committee and stakeholders at all levels across Unilever.

Interviews are also held with key senior management within Unilever

and KPMG.

The Committee also reviewed the statutory audit, other audit and non-

audit services provided by KPMG and compliance with Unilever’s

documented approach, which prescribes in detail the types of

engagements, listed below, for which the external auditors can be

used:

■statutory audit services, including audit of subsidiaries;

■other audit services – audits that are not required by law

or regulation; and

■non-audit services – work that our external auditors are best placed

to undertake, which may include:

■services required by law or regulation to be performed by the

audit firm; and

■services where knowledge obtained during the audit is relevant to

the service, such as bond issue comfort letters.

Unilever has for many years maintained a policy that prescribes in

detail the types of engagements for which the external auditors can be

used, with all other engagements being prohibited. The policy is

aligned with both UK and SEC regulations and is updated in line with

these regulations.

Audit Fees

All non-audit services are pre-approved by the Audit Committee in line

with the non-audit service policy. The Committee further reviews all

non-audit services on a quarterly basis to ensure the scope of service

aligns with the list of pre-approved services included in the policy and

that the fees are deemed appropriate, as authorised by Group

management in line with the table of authorities. These authorities are

reviewed regularly and updated as necessary. The Company has

taken appropriate steps to ensure that KPMG LLP is independent of

the Company and has obtained written confirmation that it complies

with guidelines on independence issued by the relevant accountancy

and auditing bodies. Although, during the year, the Company engaged

KPMG LLP for certain audit-related, non-audit services, the Committee

concluded that KPMG LLP remains independent to provide objectivity

in the conduct of the current audit.

Use of auditors for non-audit work

The Committee recognises that the use of audit firms for non-audit

services can potentially give rise to conflicts of interest. The Group has

a formal policy regarding its use of audit firms for non-audit services.

The Committee, in addition to being responsible for the oversight of our

auditor on behalf of the Board, also has the responsibility for

monitoring how the policy is implemented.

The Committee noted that the appointment of an auditor to perform

these services is in accordance with standard practice. KPMG also

sought and received approval from the UK FRC to be engaged for

these services because it is likely that for FY25, the non-audit fees

subject to the FRC fee cap requirements, exceed 70% of the average

statutory audit fee for the previous three years. The Committee is

satisfied that the overall levels of audit-related and non-audit fees, and

the nature of services provided, are such that they will not compromise

the objectivity and independence of our auditor. Further details are

given in note 25 to the financial statements on page 190.

EVALUATION OF THE COMMITTEE

The Committee carried out an assessment of its effectiveness and

performance in the year. The process was overseen by the Chief Legal

Officer & Group Secretary.

The Committee considered the output from that process at its meeting

in November 2024. Feedback was also provided to the Board as part

of its evaluation of the overall effectiveness of the Board. The

Committee concluded that it is performing effectively and will remain

focused on internal control and external reporting. The area of evolving

ESG reporting requirements will continue to receive attention by the

Committee.

Adrian Hennah

Chair of the Audit Committee

Susan Kilsby

Ruby Lu


Unilever Annual Report on Form 20-F 2024		91



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Report of the Corporate Responsibility Committee

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			In addition to our reporting and control responsibilities, we focused this year on key areas of corporate and reputational risk management including litigation, sustainability, business integrity, health, safety and wellbeing.

			Susan Kilsby Chair of the Corporate Responsibility Committee

On behalf of the Corporate Responsibility Committee, I am pleased to

present our report for 2024.

This year marked significant changes for the Committee. We worked

closely with Unilever management and the Board to shape the

Committee’s role in providing governance and oversight on key areas

of corporate responsibility, focusing on overall reputational issues and

risk management, including litigation, sustainability, business integrity,

health, safety and wellbeing. Consistent with our commitment to

socially and environmentally responsible corporate behaviour, we also

discussed in detail human rights and geopolitics, ensuring the business

has robust processes in place to address any resulting risks and

opportunities.

Unilever has long been a leader in sustainable business. This year, the

business relaunched its sustainability strategy, focusing on climate,

nature, plastics and livelihoods, areas where Unilever can have the

greatest impact. We are now focusing on fewer priorities where we

have the biggest opportunity to drive impact at scale. The Committee

will be closely monitoring progress and supporting the Unilever

leadership in delivering the sustainability strategy and targets.

This year, the Committee endorsed the Climate Transition Action Plan

(CTAP), which includes an ambitious Scope 3 emissions reduction

target set for 2030. This plan was approved at the AGM by 97.5% of

those voting.

In May 2024, I assumed the role of Chair, following the retirement of

Strive Masiyiwa (Chair) and Youngme Moon. I was also joined at that

time by new members Ruby Lu and Judith McKenna. On behalf of the

Committee, I would like to thank Strive and Youngme for their diligent

leadership, which has ensured that the Committee is well equipped to

oversee Unilever’s conduct as a responsible global business.

I would also like to thank Unilever’s management for its leadership on

the issues addressed by the Committee.

We enter the new year with strengthened governance practices and

clear business and sustainability priorities, as set forth in the Growth

Action Plan 2030, ensuring that Unilever is well positioned to address

its most material issues and to navigate external challenges.

I look forward to further constructive engagements with my fellow

Committee members and management and to welcoming new

directors Benoît Potier and Zoe Yujnovich to the Committee in 2025.

Susan Kilsby

Chair of the Corporate Responsibility Committee


92	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REPORT OF THE CORPORATE RESPONSIBILITY COMMITTEE

COMMITTEE MEMBERS AND ATTENDANCE


	Attendance
Strive Masiyiwa Former Chair	1/1
Youngme Moon	1/1
Susan Kilsby Chair	3/3
Ruby Lu	3/3
Judith McKenna	3/3

This table shows the membership of the Committee together with their

attendance. If Directors are unable to attend a meeting, they have the

opportunity to discuss any agenda items beforehand with the

Committee Chair. Attendance is expressed as the number of meetings

attended out of the number eligible to be attended.

The Corporate Responsibility Committee comprises three

Non-Executive Directors: Susan Kilsby (Chair), Ruby Lu and Judith

McKenna. Strive Masiyiwa and Youngme Moon retired from the

Committee in March 2024.

The Chief R&D Officer and the Chief Corporate Affairs and

Sustainability Officer attend the Committee meetings. The Board Chair,

the Chief Legal Officer and Group Secretary, the Global Head of

Communications and Corporate Affairs, the Head of Litigation and the

Chief Business Integrity Officer may also join the Committee’s

discussions, as may other members of management at the invitation of

the Chair.

ROLE OF THE COMMITTEE

The Corporate Responsibility Committee oversees Unilever’s conduct

as a responsible global business. Core to this remit is its governance

of progress on Unilever’s sustainability agenda.

Part of this responsibility is reviewing and managing sustainability-

related risks, opportunities and trends material to Unilever. The

Committee also reviews and provides recommendations to the Board

about the Climate Transition Action Plan (CTAP), which sets out the

actions Unilever intends to take to reduce the business’s direct and

indirect emissions and make progress on our net zero goal by 2039.

The Committee oversees business integrity, health, safety

and wellbeing, as well as significant litigation matters with potential

reputational risk for the Company. The Committee also has

responsibility for the oversight of Unilever’s conduct regarding

corporate and societal obligations and its reputation as a responsible

company. This includes Unilever’s Code of Business Principles and

third-party compliance with our Responsible Partner Policy.

The Committee considers the Company’s influence and impact on

stakeholders. Central to this is the identification of external

developments and risks that are likely to impact Unilever’s corporate

reputation and to ensure that appropriate and effective policies and

practices are in place, ensuring that both Unilever’s direct employees

and those working within the Company’s value chain comply with the

expected standards of conduct.

The Committee’s discussions are informed by the experience of the

Unilever Leadership Executive, which is accountable for driving

responsible and sustainable growth through Unilever’s operations,

Business Groups, value chain and brands. The Chief R&D Officer and

Chief Corporate Affairs and Sustainability Officer lead on behalf of

management, with further senior leaders invited to the Committee as

relevant to share their perspectives and insights on key issues,

challenges and external developments.

The Committee’s terms of reference are set out at: www.unilever.com/

corporategovernance.

HOW THE COMMITTEE HAS DISCHARGED ITS

RESPONSIBILITIES

In 2024, the Committee’s principal activities were as follows:

Navigating a changing external landscape

The world continues to be a turbulent place. As a business, we

continue to navigate growing economic, environmental and social

challenges. Many of the challenges, such as the climate emergency,

nature degradation and plastic pollution, are compounded by growing

geopolitical divides and economic difficulties. At the same time, there is

an increase in the number of litigation cases, investors are demanding

stricter environmental and social governance, and there is progressive

regulation on sustainability and reporting. The result is an operating

context that requires the utmost diligence and awareness of emerging

risks, and capacity to respond.

Committee members closely scrutinised the processes for forecasting,

tracking and managing issues that present material risks to the

reputation of the business. In addition, at each meeting, the Committee

reviews significant developments in the corporate sustainability

landscape, and litigation and regulatory matters that may have

reputational impact.

This year, the Committee also discussed litigation and trends arising

from emerging regulation, competition law compliance, as well as

stakeholder and media response to Unilever’s new climate strategy

and advocacy priorities, NGO activism and government response on

ESG. Among other things, the Committee also had detailed

discussions on occupational health, safety and security, the updated

CTAP, business integrity risks, human rights, and women’s safety.

Overseeing Code of Business Principles compliance

Our consumers trust us to do business with integrity. Maintaining our

reputation and continued business success requires the highest

standards of behaviour and compliance. The Code and associated

Code Policies set out the ethical standards of conduct expected of all

Unilever employees in their business endeavours. Any breach is

classified as an ethical, legal and regulatory risk to the business (see

pages 58 and 59).

The Corporate Responsibility Committee oversees the Code and Code

Policies, including those related to anti-corruption and bribery, ensuring

that they remain fit for purpose and are appropriately applied, including

the mechanisms for implementing the Code and Code Policies. The

Committee actively reviews an analysis of investigations into non-

compliance with the Code and Code Policies, including those related to

anti-corruption and bribery, and discusses any trends or learnings

arising from these investigations. There were no material matters in the

context of the Unilever Group.

This year, the Committee acknowledged Unilever’s strong speak-up

culture and strong recognition of Business Integrity in the UniVoice

survey.


Unilever Annual Report on Form 20-F 2024		93



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REPORT OF THE CORPORATE RESPONSIBILITY COMMITTEE

Responsible Partner Policy (RPP) compliance

Extending Unilever’s business principles to our suppliers

and distributors is essential if Unilever is to do business with integrity,

demonstrate high standards, and fight corruption in all forms. The

Responsible Partner Policy (RPP) sets out Unilever’s requirements

that third parties conduct business with integrity and with respect for

human rights and core labour principles. Breaches of third-party

compliance can pose a risk to the business.

The Committee rigorously examines Unilever’s compliance processes

and programmes, and management of the risk of our external business

partnerships. In addition, the Committee tracks compliance with

Unilever’s RPP to identify any trends or process improvements. This

year, the Committee focused on the creation of a singular programme

for upstream suppliers and downstream customers and distributors,

and the roadmap to address third parties of non-integrated parts of

Unilever, such as new acquisitions and other standalone entities.

Promoting safety and security

Safety, Health and Environment (SHE) continue to be key priorities at

Unilever. Unilever is focused on promoting a safety-first culture and

“Unilever is committed to my safety” was the top-rated question in our

UniVoice survey.

The Committee oversees Unilever’s approach to safety. It reviewed

performance including TRFR as reported under the Health and Safety

Metrics. Particular emphasis was on road safety, safety culture

communications, and contractor risk management. The Committee

noted the business’s use of influence to raise standards in the industry.

This year saw an increase in security challenges and risks: elections

took place in over 60 countries creating domestic turbulence,

meanwhile international tensions increased. As a global business,

Unilever must remain aware of and agile to security risks and have

processes in place to respond quickly to protect our people and our

business. Throughout the year, the Committee received updates on the

global security context and examined Unilever’s approach to managing

heightened geopolitical and safety risks. The Committee affirmed the

importance of proactively responding to geopolitical issues and the

potential significant impact on the business.

Improving the health and wellbeing of employees

The CRC holds responsibility for the health and wellbeing of Unilever

employees, and protection from hazards. In a time of public health

threats, natural disasters, geopolitical conflicts, and increasing global

burden of chronic health conditions, proactive and focused

management is essential to optimise employee wellbeing. The

Committee commended the actions taken by the business to support

employees, such as the Healthier U programme, which continues to

deliver externally validated, statistically significant improvements in

nutrition and BMI, quality of life, sleep, and mental health and work

productivity. Psychological safety strongly correlates with higher

performance and is a key enabler of employee wellbeing. The

business has also deployed a psychological safety assessment

instrument and multiple training pathways and toolkits.

Respecting and promoting human rights

Respect for human rights remains a foundation of Unilever’s business,

serving to reduce risk, enhance reputation and support brand growth.

Whilst we acknowledge that business has the ability to contribute to

positive human rights outcomes, we must ensure that we are first

addressing any harm and the ongoing human rights challenges that

continue to be found in every global value chain.

The Committee evaluated the Human Rights strategy, governance and

accountability, focusing on priorities and potential risks to the strategy

and its implementation. The Committee ensured clear decision-making

processes are in place, and senior leaders are equipped to embed

human rights commitments across business decisions, including where

Heightened Human Rights Due Diligence (HHRDD) should be

undertaken.

The Committee also reviewed Unilever’s 2024 Modern Slavery

Statement. The statement is part of Unilever’s legislative requirement

to annually publish a statement describing the steps taken to prevent

modern slavery in the business and supply chain. In 2024, the

Statement focused on the continued implementation of our forced

labour action plan, engagement with rightsholders and programme

evaluation.

The review of the approach and statement content was a new duty for

the Committee, reflecting a more robust governance procedure and

ensuring a deep level of human rights oversight.

Delivering ambitious new sustainability goals

This year, in line with the Growth Action Plan, Unilever refocused the

sustainability strategy on four priorities: climate, nature, plastics and

livelihoods. These priorities are of material importance to the business,

and where we have the potential to make the biggest impact. The

Committee reviewed the new 15 short- to medium-term goals aligned

and corresponding long-term ambitions, aligned to the four priorities.

The goals are supported by an elevated advocacy agenda to shape

the external context.

The Committee discussed the launch and external communication of

the goals, operational delivery and performance management, and

opportunities to leverage Unilever’s brands to drive retailer activation

and consumer preference for sustainability. The Committee also

discussed material sustainability-related risks and opportunities for the

business.

Progressing towards net zero

Unilever’s first Climate Transition Action Plan (CTAP) was approved by

shareholders at the 2021 AGM. It set out Unilever’s then climate

targets, an analysis of our value chain emissions, and the actions we

intended to take to address them. The Board and management

committed to developing the CTAP in line with best practice.

This year, the Committee reviewed the updated CTAP, reflecting our

new climate goals and a more granular understanding of our

emissions, including Business Group and operational hotspots. The

updated CTAP also considers new external guidance for transition

plans, such as recommendations from the UK Transition Plan

Taskforce, the European Sustainability Reporting Standards and

International Financial Reporting Standards. The Committee noted that

the CTAP met stakeholders’ expectations for ambitious 1.5°C-aligned

targets, clarity on the priority levers to reduce emissions, transparency

on the risks and scale of the challenge, and for the Plan to be

embedded into overall business strategy and performance. The

updated CTAP was presented to shareholders at the 2024 AGM for an

advisory vote and received 97.5% approval.


94	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REPORT OF THE CORPORATE RESPONSIBILITY COMMITTEE

The Committee also provided guidance on the ‘scaling and innovation

gap’, which represents the gap between our new 2030 target and our

forecast 2030 emissions. Delivery of the identified levers and

overcoming the gap will be demanding and require innovation and

systems change – a challenge facing all companies and society. The

Committee and management will continue to work together on

post-2030 pathways to net zero.

Sustainability Progress Index

Unilever’s Reward Framework includes a Performance Share Plan

(PSP). This long-term incentive plan is linked to financial performance,

as well as performance against sustainability goals (see pages 48, 102

and 225).

To come to a view on Unilever’s performance on its sustainability goals

for the purposes of reward, the Committee and the Compensation

Committee (CC) jointly evaluate performance against a Sustainability

Progress Index (SPI).

2024 SPI outcome

SPI performance is determined by four equally weighted KPIs and

targets – one for each of Unilever’s sustainability pillars. In making

their assessment, the Committee and the CC review quantitative and

qualitative progress across the sustainability pillar and delivery against

the respective sustainability targets. This year, for the first time, the SPI

performance was assessed using only in-year data.

The Committee considers the performance outcome of SPI and

provides relevant input and guidance to the CC in relation to the

recommendation on SPI outcome. This joint assessment forms part of

the CC’s overall recommendation on the SPI outcome (see page 103).

Updating the Sustainability Progress Index 2024–2026

Due to the required changes in methodology and scope, it is necessary

to revise our SPI climate targets for 2025 and 2026. This requires us to

update the Scope 1 and 2 emissions targets for 2025 and 2026 (SPI

2024–2026). The Committee reviewed the reasons for the change and

impact, and agreed to update the Scope 1 and 2 targets for 2025 and

2026.

Sustainability Progress Index 2025–2027

As agreed in 2023 during the Directors’ Remuneration Policy review,

from SPI 2024–2026 onwards, the SPI will be assessed using four

metrics aligned with Unilever’s sustainability focus areas. Each target

will have a numeric performance range (threshold and maximum) that

will drive the outcome, and the target will be disclosed prospectively for

a three-year period.

The Committee and the CC reviewed and approved the targets for

2027, as they relate to PSP 2025–2027.

EVALUATION OF THE CORPORATE

RESPONSIBILITY COMMITTEE

The Committee carried out an assessment of its effectiveness and

performance in the year. The process was administered by a

questionnaire and overseen by the Chief Legal Officer and Group

Secretary.

The Committee noted that the members held a short tenure at the end

of 2024 but observed that the Committee meetings they attended were

positively received. The feedback was also provided to the Board as

part of its evaluation of the overall performance and effectiveness of

the Board.

Susan Kilsby

Chair of the Corporate Responsibility Committee

Ruby Lu

Judith McKenna


Unilever Annual Report on Form 20-F 2024		95



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Directors’ Remuneration Report

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			The Committee remains committed to ensuring that remuneration for the Executive Directors aligns with the interests and experience of shareholders.

			Andrea Jung Vice Chair, Senior Independent Director and Chair of the Compensation Committee

On behalf of the Compensation Committee, I am pleased to present

Unilever’s Directors’ Remuneration Report 2024. It describes the 2024

remuneration outcomes, as well as the implementation of the Directors’

Remuneration Policy in 2025.

BUSINESS PERFORMANCE CONTEXT

The Committee recognised the performance improvements that have

been delivered compared with the prior year. While it is still early in the

delivery of the GAP 2030 strategy, the Committee noted this positive

progress, both in absolute terms and relative to industry peers.

The Committee also recognised the improvements in profitability and

competitiveness as well as strong cash generation. Challenges in

competitiveness had negatively influenced the Committee’s final

deliberations in 2023. Additionally, the experience of shareholders

during 2024 was a key consideration, with the Committee recognising

the positive movement in the share price, which had also weighed

negatively on overall performance and the annual bonus outcomes in

2023.

However, the Committee fully acknowledges we have a long way to go

to reach the GAP 2030 objectives.

INCENTIVE OUTCOMES FOR THE EXECUTIVE

DIRECTORS

2024 annual bonus

Under the formulaic outcomes, a bonus of 122% of target opportunity

was calculated for the Executive Directors.

The Committee reviewed the outcome for the Executive Directors

within the broader performance context and determined that this was

appropriate. The significant outperformance on the underlying

operating profit growth measure, as well as on the free cash flow

measure, was somewhat balanced with performance slightly below

target on underlying sales growth. When considering financial

performance, the review included measures such as underlying return

on invested capital (ROIC) (18.1%) and underlying operating margin

(18.4%), again demonstrating positive progress. In particular, the

Committee recognised the improvements in underlying earnings per

share, increasing by 14.7% compared with the prior year.

The Committee also reviewed the competitiveness performance, and

while we are closing the gap, we are not yet satisfied with our market

share. This was considered through multiple lenses, with support from

the CFO and his function, to understand where progress had been

made and where challenges remain.

The Committee was satisfied that a bonus outcome 7 percentage

points higher than the previous year was aligned with the

improvements in performance on both an absolute and relative basis. It

was important to the Committee that improvements in bonus outcomes

were applied across all levels of the organisation this year, as the

performance enhancements were a product of a collaborative effort

involving everything from strategic decision-making to disciplined

execution.

2022–2024 Performance Share Plan (PSP)

Of the two Executive Directors, the outcomes under this plan are only

relevant to the CFO, as the CEO did not participate in this award cycle.

Under the formulaic outcomes, a performance-based vesting of 95% of

target opportunity was calculated. As with the annual bonus, the

Committee reviewed this outcome within the broader performance

context and determined that this was appropriate. Despite showing

recent improvement, the competitiveness measure over the entire

three-year performance period pulled down the overall final outcome.

The level of performance across the other three performance

measures being above target means that the aggregate outcome is

close to target. This was assisted in particular by the level of

outperformance on the ROIC measure, as noted above.

The improved outcome, compared with the previous cycle (63%), is

also supported by a review of other performance measures – such as

a three-year view of total shareholder return (TSR) – which were

not part of the formulaic calculation in this award cycle. The positive

relative performance on this measure provided additional reassurance

to the Committee that the formulaic outcome was appropriate, and no

adjustments were made to the formulaic calculation.


96	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


DIRECTORS’ REMUNERATION REPORT

WIDER STAKEHOLDER CONSIDERATIONS

When considering the annual bonus and PSP outcomes, the

Committee carefully reflected upon the experiences of our wider

stakeholders to ensure that outcomes were aligned.

Our shareholders

The Committee conducted comprehensive consultations

with shareholders and proxy advisers in 2023 in respect of the renewal

of the Remuneration Policy and its implementation. The input gathered

from this process continues to shape the Committee’s thinking and has

directly informed our approach to remuneration. The Directors’

Remuneration Policy was approved with 97.69% of the votes, and the

Directors’ Remuneration Report with 97.96% of the votes at the 2024

AGM.

The Committee remains committed to ensuring that remuneration for

the Executive Directors aligns with the interests and experience of

shareholders. In particular, the Committee reviewed the total

shareholder return performance (in euro) over 2024 and over a longer

horizon of three years. On both an absolute and relative basis, the

Committee was satisfied with this performance, with Unilever delivering

a return of 31% over 2024 and 33% from 2022–2024, placing it

first and third, respectively, within its performance peer group of 18

companies. In 2024, we returned €5.8 billion to PLC shareholders

through dividends and share buybacks, having completed a €1.5 billion

buyback programme during the year.

Our colleagues

The Committee is periodically updated on matters impacting the

compensation of the workforce, including salary reviews and the

operation of annual bonus schemes. Particular topics of interest for the

Committee include the living wage and the general alignment of

incentives and rewards with Unilever’s culture.

Fairness in the workplace is a core pillar of our Code of Business

Principles and incorporates our Framework for Fair Compensation.

As part of our Framework’s living wage element, we are committed to

paying a living wage to all our direct employees, which we achieved in

2020. In 2021, we received our first global independent accreditation

as a living wage employer from the Fair Wage Network. In 2024, we

were awarded our second global independent accreditation as a living

wage employer. The data disclosed excludes employees who are not

integrated into Unilever’s global reward structure and human resources

information system.

Unilever is also using our experience to extend this commitment to our

supply chain. Our goal is to have 50% of our procurement spend with

suppliers who have signed the Living Wage Promise by 2026. Thanks

to investment by Unilever and others, WageIndicator now provides

public living wage estimates for 173 countries, enabling our

suppliers to get started.

Sustainability

The Committee had one joint meeting with the Corporate

Responsibility Committee (CRC) during the year. The Committees

evaluate the degree of stretch, performance and external context

against the Sustainability Progress Index (SPI) targets. This joint

assessment informs the Compensation Committee’s overall decision

on the SPI outcome, which was 115% for the final year (2024) and 118%

over the three-year performance period for the 2022-2024 PSP. More

details are included in the CRC report.

Due to an improved greenhouse gas (GHG) measurement

methodology and to ensure alignment with our SBTi Scope 1 and 2

target, Unilever is revising its Climate Scope 1 and 2 emissions target

for 2025 and 2026. The Committees reviewed the reasons for

the change and impact and agreed to update the SPI targets

accordingly. The Committees also reviewed and approved the SPI

targets for the 2025–2027 PSP.

EXECUTIVE DIRECTOR CHANGES

As announced on 25 February 2025, Hein Schumacher stepped down

as CEO and as a Board Director with effect from 1 March 2025 by

mutual agreement and will leave the company on 31 May 2025. He will

be treated as a good leaver for the purposes of his remuneration.

Hein will continue to receive his current level of fixed pay up to

the cessation of his employment on 31 May 2025. He will then be eligible

for a payment in lieu of the remainder of his notice period. He will be

eligible to receive a bonus for the period to 30 April 2025 payable at the

normal time in 2026 subject to performance and 50% deferral. Hein will not

be granted a 2025 PSP award. Hein will be treated as a good leaver under

the Remuneration Policy for the purposes of his outstanding incentives. All

unvested PSP awards will be pro-rated for time. Further details of Hein’s

leaving arrangements are set out on page 109.

From appointment on 1 March 2025, Fernando’s remuneration will be

aligned with the terms of the Remuneration Policy for the CEO role. He will

receive fixed pay of €1,800,000 (which has been set at a lower level than

that of his predecessor) and be eligible to participate in an annual bonus

with a maximum opportunity of 225% of fixed pay, and a performance

share plan with a maximum opportunity of 400% of fixed pay. For 2025,

Fernando’s bonus opportunity will be pro rated to reflect that he served part

of the year as CFO. In determining Fernando’s fixed pay the Committee

took into consideration his experience and performance in roles to date,

and appropriate benchmarks given Unilever’s global scale, complexity and

market capitalisation. In the Committee's view the package appropriately

reflects his experience combined with the requirement to provide a market

competitive package. Fernando’s package is below the median of our peer

group and will be eligible for fixed pay review in early 2026 as normal.

Further details of Fernando’s 2025 remuneration are set out on page 100.

EXECUTIVE DIRECTOR REMUNERATION FROM

2025

In addition to aligning pay with performance, the Committee agreed

that consistency in approach over time is valuable across all our

stakeholder groups. The positive feedback and voting outcome from

shareholders last year provided further support for this view.

We therefore decided to retain the same structure, performance measures

and weightings for the annual bonus and PSP plans going into 2025. In line

with this, the Committee has not made any changes to the remuneration

for the Executive Directors beyond the fixed pay increase for the

CFO (Fernando Fernandez) described below.

CFO fixed pay increase

As noted in last year’s report, the Committee considered investor

feedback carefully. As a result, the Board decided to freeze the CEO’s

fixed pay for 2024 and 2025. No change has therefore been made to

the departing CEO’s fixed pay for 2025.

As also noted at that time, the Committee set the fixed pay

for Fernando as the incoming CFO (effective 1 January 2024) around

6% below the incumbent. Given the changes made

to the structure of the Executive Leadership team effective 1 January

2025, the CFO assumed additional responsibilities for supply chain

and procurement, digital and technology, and business services.

The Committee considered these factors alongside external

remuneration benchmarking data for the role. We concluded that an

increase of 7.5% for the CFO (slightly higher than the wider workforce

increase) was appropriate in light of all these factors. No further

increase would have been applied for the CFO for 2025. Following this

decision, as disclosed above, it has subsequently been decided that

the CFO would take on the CEO role from 1 March 2025 and as such,

his remuneration from this date reflects this change in role.

As always, the Committee will continue to benchmark the Executive

Director roles against the external market for companies of similar size

and complexity to ensure we pay competitively to attract and retain

high-quality senior leadership.


Unilever Annual Report on Form 20-F 2024		97



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DIRECTORS’ REMUNERATION REPORT

PREVIOUS EXECUTIVE DIRECTORS

When setting the departure terms of the former CEO (Alan Jope), the

Committee agreed that he would be treated as a good leaver under the

PSP plan rules. His 2021 PSP (in relation to which he worked

throughout the performance period) has therefore vested and was

disclosed last year.

In respect of the 2022 PSP, the Committee at that time agreed, as part

of the former CEO’s legal separation agreement, that this award

should remain eligible to vest on the normal vesting date without a pro-

rata reduction for time served, provided that at the end of the

performance period, the Compensation Committee is satisfied he has

complied with any requirements concerning the handover of his duties.

Having reviewed this criterion following the end of the performance

period, the Committee has determined that the former CEO has

satisfied the vesting condition. As such, it vested on 13 February 2025

at 95% of target.

The 2023 PSP award for the former CEO was pro-rated pre-emptively

at grant by 6/36ths, to reflect time in role. Vesting will be determined

based on the performance outcome assessed in early 2026.

For the former CFO (Graeme Pitkethly), the Committee agreed as part

of his legal separation agreement that he would be treated as a good

leaver under the PSP plan rules. As such, his 2022 and 2023

outstanding PSP awards would continue to vest on the normal vesting

date, subject to the achievement of the relevant performance

conditions, but without any application of time pro-rating, provided the

Committee is satisfied that the former CFO has remained in retirement.

The Committee is satisfied this criterion has been met, and as such,

the

2022–2024 PSP vested on 13 February 2025 at 95% of target.

As for the former CEO, vesting of the 2023 PSP award will be

determined based on the performance outcome assessed in early

2026.

The discretion applied under the PSP plan rules to allow some (but not

all) of the PSP awards to vest without a pro-rata reduction for

time served was applied at a time of significant management change

and business uncertainty; the Committee determined that this

treatment would facilitate a smooth transition in this unique and

exceptional context facing Unilever at this time.

The decisions do not set a precedent for how the Policy will be

implemented for future Executives. As demonstrated by the best

practice treatment being applied to Hein Schumacher's outstanding

PSPs, it is important for the Committee to make clear that we would

apply a pro-rata reduction to vesting PSP awards to reflect time in

service for future good leavers.

NON-EXECUTIVE DIRECTOR FEES

Following a detailed review, the Committee decided to increase the

Chair fee by just under 10% to £725,000 per year (effective 1 April

2025). This aligns to the market median Chair fee of the FTSE 30,

while recognising that the size of Unilever is considerably above the

upper quartile of this group.

Fees for the other Non-Executive Directors will be reviewed during

the first half of 2025 to ensure they remain competitive and reflective of

the size and responsibilities of the roles, with any updates disclosed in

next year’s report.

LOOKING FORWARD

The Committee is firmly committed to ensuring that remuneration

remains closely aligned with performance, within a robust governance

framework.

We will continue to actively engage with management on

the implications of the European Sustainability Reporting Standards

(ESRS) and the EU Pay Transparency Directive on how we pay our

colleagues, as well as how we communicate pay to our stakeholders.

The Committee looks forward to providing more on this next year.

Finally, I would like to update you that I will not be standing for re-

election as a Director at this year’s Annual General Meeting.

Personally, as well as on behalf of the Committee and the entire Board,

I thank all shareholders and their representatives for their continued

support.

Andrea Jung

Chair of the Compensation Committee


98	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


DIRECTORS’ REMUNERATION REPORT

COMMITTEE MEMBERS AND ATTENDANCE


	Attendance
Andrea Jung Chair	5/5
Nils Andersen (member until 1 May 2024)	3/3
Judith Hartmann (member until 1 May 2024)	3/3
Judith McKenna (member since 1 May 2024)	2/2
Ian Meakins	5/5
Nelson Peltz	4/5

This table shows the membership of the Compensation Committee

together with their attendance at meetings during 2024. Attendance is

expressed as the number of meetings attended out of the number

eligible to attend.

The Committee is comprised of four Non-Executive Directors, including

Andrea Jung as the Chair. Nils Andersen and Judith Hartmann stepped

down from the Committee at the AGM in May 2024. Judith McKenna

joined the Board on 1 March 2024 and the Committee from 1 May

2024.

Other attendees at Committee meetings in 2024 included the Chief

Executive Officer, Chief Legal Officer & Group Secretary, Chief

Employment Law Counsel, Chief People Officer, Head of Expertise &

Innovation, Group Head of Reward, Chief Research & Development

Officer, Chief Sustainability Officer, Global Head of Sustainable

Business Performance & Reporting, Global Head of Sustainability

Compass & Markets, Deputy Chief Financial Officer & Controller, and

advisers to the Committee (see below).

No individual Executive Director was present when their

own remuneration was being determined to ensure there was no

conflict of interest.

ROLE OF THE COMMITTEE

The Committee is concerned with the remuneration and benefits of the

Directors and other members of the Unilever Leadership Executive. It

also has responsibility for the design and terms of all-employee share-

based incentive plans and Executive cash or share-based incentive

plans. Finally, it sets the remuneration policy for, and is responsible for

the performance evaluation of, the Unilever Leadership Executive and

Executive Directors.

The Committee’s terms of reference are contained within ’The

Governance of Unilever’, which is available on our website.

As part of the Board evaluation carried out in 2024, the Board

evaluated the performance of the Committee. The Committee also

carried out an assessment of its own performance in 2024 via a third-

party provider (Nasdaq). Following these evaluations, improvements

will be made in 2025 in relation to the use of written resolutions and the

format of requested management information by the Committee to

provide suitable context for decision-making. Overall, the Committee

members concluded that the Committee is performing effectively.

ACTIVITIES OF THE COMMITTEE

During 2024, the Committee met five times and its activities included:

■determining the annual bonus outcome;

■determining the result of the Performance Share Plan (PSP) awards

for the CFO, former Executive Directors, and the Unilever

Leadership Executive (ULE);

■setting the annual bonus and PSP performance measures and

targets;

■setting fixed pay for the CFO;

■tracking external developments and assessing their impact on

Unilever’s Remuneration Policy and its implementation;

■reviewing pay gap data; and

■assessing Sustainability Progress Index (SPI) performance

outcomes and setting measures and targets along with the

Corporate Responsibility Committee (CRC).

ADVISERS

While it is the Committee’s responsibility to exercise independent

judgement, the Committee requests advice from management and

professional advisers, as appropriate, to ensure that its decisions are

fully informed given the internal and external environment.

PricewaterhouseCoopers LLP (PwC) was appointed by the Committee

to provide independent advice on various matters it considered. During

2024, the wider PwC network firms have also provided other tax and

consultancy services to Unilever, including tax compliance and other

tax-related services, cyber security services, internal audit advice,

third-party risk and compliance advice, and merger and acquisition

support. PwC is a member of the Remuneration Consultants Group

and, as such, voluntarily operates under the code of conduct in relation

to executive remuneration consulting in the UK, which is available

online at www.remunerationconsultantsgroup.com (Code of Conduct:

Executive Remuneration Consulting).

Given that PwC operates under the Remuneration Consultants

Group’s code of conduct, the Committee is satisfied that the advice of

the PwC engagement partner and team, which provide remuneration

advice to the Committee, was objective and independent. They do not

have connections with Unilever that might impair their independence.

The Committee reviewed the potential for conflicts of interest and

judged that there were appropriate safeguards against such conflicts.

In addition, the Committee conducts annual reviews with each

Executive Director and member of the ULE to ensure there are no

personal conflicts. The fees paid to PwC in relation to advice provided

to the Committee in the year to 31 December 2024 were £145,600.

This figure is calculated based on time spent and expenses incurred

for the majority of advice provided, but on occasion, for specific

projects, a fixed fee may be agreed.


100	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


DIRECTORS’ REMUNERATION REPORT

At a glance summary of 2025 remuneration

Elements of remuneration and implementation of the Remuneration Policy for Executive Directors


Elements of remuneration	Summary of Policy for Executive Directors	Implementation in 2025

Fixed Pay(a)	■Paid in cash.	■Hein Schumacher: €1,850,000 (—% increase) ■Fernando Fernandez ■CFO from 1 January 2025 to 28 February 2025: €1,263,125 (7.5% increase) ■CEO from 1 March 2025: €1,800,000
Benefits	■Benefits include provision of death, disability and medical insurance cover, Directors’ liability insurance and actual tax return preparation costs. Other benefits may be provided in the future where it is considered necessary by the Committee and/or required by legislation.
Annual Bonus	■Maximum opportunity: 225% of fixed pay. ■Business performance multiplier of between 0% and 150% of target amount. ■50% of net bonus deferred into shares for three years. ■Dividend equivalents may be earned. ■Subject to clawback, malus, recovery, ultimate remedy and discretion provisions.	Target/Maximum award: ■CEO: 150%/225% of fixed pay 2025 pro-ration: ■Hein Schumacher will be eligible for a time pro-rated CEO annual bonus to 30 April 2025 ■Fernando Fernandez’s 2025 annual bonus opportunity will be pro-rated to reflect his time as CFO (1 January 2025 to 28 February 2025) and his time as CEO (from 1 March 2025) Performance measures: ■Underlying sales growth: 40% ■Underlying operating profit growth including restructuring costs: 30% ■Free cash flow: 30%
Performance Share Plan (PSP)	■Maximum opportunity: 400% of fixed pay for the CEO and 320% of fixed pay for the CFO. ■At target, 50% of maximum vests. ■Vests after three years, with additional two-year retention period. ■Dividend equivalents may be earned to the extent that the award vests, and in respect of the retention period. ■Subject to clawback, malus, recovery, ultimate remedy and discretion provisions.	Maximum award: ■CEO: 400% of fixed pay ■CFO: 320% of fixed pay 2025: ■Hein Schumacher will not be eligible for a 2025 PSP ■Fernando Fernandez’s 2025 target PSP award will be 200% of his new salary of €1,800,000 Performance measures: ■Underlying sales growth: 25% ■Relative total shareholder return versus bespoke peer group:(b) 30% ■Underlying return on invested capital: 30% ■Sustainability Progress Index: 15%
Malus and clawback potential triggers(c)			Malus	Clawback
	Downward restatement of results		■	■
	Error in calculation or misleading data		■	■
	Corporate failure		■	■
	Gross misconduct/negligence		■
	Material breach of Unilever’s Code of Business Principles/any Unilever Code Policy		■
	Breach of restrictive covenants		■
	Conduct by the individual that results in significant losses or serious reputational damage to Unilever		■
	Malus applies during the three-year deferral/vesting period for deferred bonuses/PSP awards respectively. Clawback can be applied for up to three years from the payment of a bonus award, and up to two years from vesting or the start of any retention period (whichever is later) for the PSP awards.

■CFO: 120%/180% of fixed pay

(a)The peer group for pay benchmarking consists of: Anheuser-Busch InBev, Beiersdorf, British American Tobacco, Coca-Cola, Colgate-Palmolive, Danone, Diageo, Haleon, Heineken,

Henkel, Kimberly-Clark, Kraft Heinz, L’Oréal, LVMH, Mondelēz, Nestlé, PepsiCo, Pernod Ricard, Procter & Gamble, and Reckitt Benckiser. The peer group is reviewed regularly and

companies are added and/or removed at the Committee’s discretion to ensure that it remains appropriate.

(b)The 2025 TSR peer group is on page 102.

(c)The malus provision allows the Compensation Committee to adjust the cash bonus or share awards downwards before the award is delivered or vests (should specified events occur). The

clawback provision allows the Compensation Committee to recover the repayment of a cash bonus or shares that formed part or all of an award that has already been delivered or vested

(again, should specified events occur).

Illustration of remuneration delivery timeframes

The timeframe for each of the elements of remuneration is outlined below:

Performance year

Fixed Pay

Benefits

Annual Bonus

Performance

period

Deferral period(a)

PSP

Performance period

Retention period (b)

Malus & Clawback

Malus & Clawback period

50% paid in cash

Vesting

(a)Deferral period – released after three years (50% of bonus earned).

(b)Retention period – released after two years (100% of vested award).


Unilever Annual Report on Form 20-F 2024		103



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


DIRECTORS’ REMUNERATION REPORT

ANNUAL REPORT ON REMUNERATION

This section, including the ’At a glance’ on page 99, sets out how the Remuneration Policy (which was approved by shareholders at the AGM on

1 May 2024 and is available on our website) was implemented in 2024.

The Remuneration Policy operated as intended in 2024, as set out in the Chair’s letter on page 95.

Unilever’s remuneration arrangements are aligned to its culture of rewarding performance through annual bonus and long-term incentive performance

measures. Remuneration is determined throughout Unilever based on the same principles as for the Executive Directors, as set out in the Remuneration

Policy. Remuneration is controlled with pay at risk based on pre-determined performance measures with a maximum outcome. This results in

predictability in the management of risks and costs. Executive remuneration is proportionate given the financial size and complexity of Unilever as

determined through benchmarking with our peers. Unilever’s arrangements provide for clarity and simplicity by consisting of fixed pay, benefits, annual

bonus and long-term incentives, which are transparently detailed in the Remuneration Policy and the relevant Directors’ Remuneration Report.

2024 outcomes

Single figure of remuneration and implementation of Remuneration Policy in 2024 for Executive Directors

The table below shows a single figure of remuneration for each of our current Executive Directors for the years 2023 and 2024, where applicable.


	Hein Schumacher CEO (€’000)				Fernando Fernandez CFO (€’000)
	2024	Proportion of Fixed and Variable Rem	2023 (1 June to 31 December)	Proportion of Fixed and Variable Rem	2024	Proportion of Fixed and Variable Rem	2023	Proportion of Fixed and Variable Rem
(A) Total fixed pay(a)	1,850		1,079		1,175
(B) Other benefits(b)	316		311		751
Fixed pay & benefits subtotal	2,166	39.0%	1,390	35.2%	1,926	37.6%
(C) Annual bonus(c)	3,386		1,862		1,720
(D) PSP(d)	0		0		1,478
(D) Buyout awards(e)			694
Variable Remuneration subtotal	3,386	61.0%	2,556	64.8%	3,198	62.4%
Total Remuneration (A+B+C+D)	5,552		3,946		5,124

(a)Hein Schumacher was appointed CEO effective 1 June 2023. Fernando Fernandez was appointed CFO effective 1 January 2024.

(b)Benefits include relocation and are set out on page 104.

(c)In line with the Remuneration Policy, 50% of the 2024 net annual bonus will be deferred into Unilever shares that must be held for a period of three years.

(d)Hein Schumacher is not eligible for the 2022–2024 PSP as he was appointed CEO on 1 June 2023. The data for Fernando Fernandez includes the vesting on 13 February 2025 of 9,938

PLC shares of the 2022–2024 PSP (awarded on 11 March 2022 when not an Executive Director) and 3,459 PLC shares of the 2022–2024 PSP (awarded on 28 October 2022 when not an

Executive Director). The value is calculated by multiplying the number of shares granted (including additional shares in respect of accrued dividends to 31 December 2024) by the level of

vesting (% of target award) and the closing share price on 13 February 2025 (£44.83). Values have been translated into euros using the exchange rate at 13 February 2025 (€1 =

£0.8355).

(e)Data for 2023 includes the long-term incentive buyout award for Hein Schumacher, as disclosed in the 2022 Directors’ Remuneration Report, which vested on 7 May 2024. This value has

been updated from the forecast figure included in the 2023 Directors’ Remuneration Report to reflect the final vesting of 9,433 PLC shares multiplied by the share price at 7 May 2024

(£42.12) and translated into euros at the exchange rate of 7 May 2024 (€1 = £0.8576). The figure also includes the cash buyout award for Hein Schumacher of €230,572 (rounded) as

disclosed in the 2022 Directors’ Remuneration Report, which vested on 15 February 2024.

Unless stated otherwise, amounts for 2024 have been translated into euros using the average exchange rate over 2024 (€1 = £0.8481).

Amounts for 2023 have been translated into euros using the average exchange rate over 2023 (€1 = £0.8700).

We do not grant our Executive Directors any personal loans or guarantees.


104	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


DIRECTORS’ REMUNERATION REPORT

ELEMENTS OF SINGLE FIGURE REMUNERATION

(A) Fixed pay

Fixed pay set in euros and paid in 2024: CEO – €1,850,000 and CFO – €1,175,000.

(B) Other benefits

For 2024, this comprises:


	Hein Schumacher CEO(€)(a)	Fernando Fernandez CFO(€)(a)
	2024	2024
Medical insurance cover and actual tax return preparation costs	43,933	81,371
Death and disability	19,062	12,107
Relocation(b)	253,438	657,174
Total	316,433	750,652

(a)The numbers in this table are translated where necessary using the average exchange rate over 2024 of €1 = £ 0.8481.

(b)As disclosed in the 2022 Directors’ Remuneration Report, Hein Schumacher received relocation support in respect of his move to the UK. Hein will leave Unilever on 31 May 2025 by

mutual agreement and be treated as a good leaver. The Committee will not claw back any of the relocation allowance. As disclosed in the 2023 Directors’ Remuneration Report, Fernando

Fernandez is eligible for relocation support (plus housing costs for up to six months) in respect of his move to the UK. If Fernando leaves Unilever before 1 January 2026, the Committee

may claw back some or all of the relocation allowance. In 2025, relocation expenses are expected to be in the region of €250,000, with no further payments in 2026.

Performance outcomes for the 2024 Annual bonus are shown in the ’At a glance’ section on page 99. Actual bonus outcomes are set out below.


	Target bonus % of fixed pay	Bonus outcome as % of target	Bonus outcome as % of fixed pay	Fixed pay (€’000)	Bonus outcome (€’000)	% Bonus deferred into shares
Hein Schumacher	150%	122%	183%	1,850	3,386	50%
Fernando Fernandez	120%	122%	146%	1,175	1,720	50%

50% of the net annual bonus earned is deferred into shares (€931,013 for Hein Schumacher and €455,853 for Fernando Fernandez). Shares are

deferred for three years and not subject to performance or service conditions, in line with the Remuneration Policy.

(D) Long-term incentive 2022–2024 PSP

This includes PSP shares (operated under the Unilever Share Plan 2017) granted to Fernando Fernandez on 11 March 2022 and 28 October

2022.

Performance outcomes for the 2022–2024 PSP are shown in the ’At a glance’ section on page 99. Further detail on the outcome for the SPI

measure is below.

Outcome of SPI for 2022–2024 PSP:

The SPI is an assessment of the business’s sustainability performance, made jointly by the Corporate Responsibility Committee (CRC) and the

Committee, that captures quantitative and qualitative elements. As disclosed last year, the SPI is now assessed against four metrics aligned to

priority areas. For 2024, the CRC and the Committee agreed on an in-year SPI outcome taking into account performance in the areas of Climate,

Nature, Plastics and Livelihoods. For the 2022-2024 PSP performance period the SPI outcome is calculated by taking a simple average of the

SPI outcomes across the three years of the performance period. The in-year and 2022-2024 SPI outcomes are set out at the bottom of the table

on the following page.


Unilever Annual Report on Form 20-F 2024		105



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DIRECTORS’ REMUNERATION REPORT


Priority	Anchor metric	Target	2024 actual	Outcome(a)

Climate	The percentage change in greenhouse gas (GHG) emissions from energy and refrigerant use in our operations in the given period in 2024, in comparison to the same period in 2015.	-76%	-76.5%	above target
Nature	The total hectares of land, forests and oceans (as measured by ocean floor area) that Unilever programmes help protect and/or regenerate.	500k hectares	560k hectares	above target
Plastics	The percentage change in the total tonnes of virgin plastics used in the packaging for our products sold between 2019 (baseline) and 2024.	-23%	-23%	on target
Livelihoods	The percentage of our procurement spend in the financial year which is with suppliers who have signed the Living Wage promise by the end of that financial year.	28%	32%	above target
Annual SPI outcome				115%
Average SPI outcome for 2022–2024 PSP(b)				118%

(a)Assessed by the Compensation Committee and Corporate Responsibility Committee. Outcome of 115% for 2024 is in line with the 2023 outcome.

(b)SPI outcome for 2022–2024 PSP is a simple average of 115% for 2024, 115% for 2023 and 125% for 2022. SPI 2022 and 2023 outcomes can be found in the relevant Directors’

Remuneration Reports.

In 2024, Unilever scored above target for climate, nature and livelihoods. On plastics, Unilever was on-target (23% virgin plastic reduction). Our

plastics performance reflects the changes we made in the year to improve the measurement of our virgin plastic and recycled plastic packaging,

as part of our continuous efforts to enhance the quality of our reporting.

For 2024, we have reported a Climate Scope 1 and 2 SPI performance of -76.5% and an SBTi Scope 1 and 2 performance of -72% (see page

243 of the Sustainability Statement). This difference is due to action we have taken to improve our greenhouse gas (GHG) measurement

methodology, with a more complete and accurate measurement of emissions categories previously deemed immaterial (e.g. small warehouses

and small offices). As a result of this improvement, we revised the scope and the baseline of our SBTi target in 2024, in line with SBTi target

guidelines and restated our performance against the SBTi target for prior years. The decision to update our SBTi target was made mid-year and

had no impact on the planned 2024 decarbonisation actions to be implemented by our manufacturing teams and therefore we did not amend the

scope of the SPI target in 2024. The SPI and SBTi targets will be aligned in 2025.

Value of payout under PSP

The table below shows the details of the 2022–2024 PSP vest for Fernando Fernandez.


	Number of shares granted	Number of shares vested	Value of vested shares (€’000)
Awarded 11 March 2022	9,480	9,938	1,084
Awarded 28 October 2022	3,364	3,459	394

The number of shares vested includes dividend equivalents accrued through to 31 December 2024.

The PLC share price used to calculate the value at vesting is at 13 February 2025 (£44.83), translated into euros using the exchange rate for 13

February 2025 (€1 = £0.8355).

The estimated values attributable to share price growth since the awards were granted are €263,892 for the award made on 11 March 2022 and

€49,664 for the award made on 28 October 2022.


106	Unilever Annual Report on Form 20-F 2024



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DIRECTORS’ REMUNERATION REPORT

SCHEME INTERESTS AWARDED IN THE YEAR


PSP share awards made in 2024

Basis of award(a)	The following numbers of performance shares were awarded on 8 March 2024 (vesting on or around 12 February 2027):
	CEO: PLC – 82,448 CFO: PLC – 41,893
	Maximum vesting results in 200% of the above awards vesting. Dividend equivalents may be earned (in cash or additional shares) on the award when and to the extent that the award vests.
Maximum face value of awards(b)	CEO: €7,457,397 CFO: €3,789,164
Threshold vesting (% of target award)	Four variously weighted long-term performance measures. See table below for details of vesting for threshold performance.
Performance period	1 January 2024–31 December 2026 (with a requirement to hold vested shares for a further two-year retention period).
Details of performance measures	Performance measures:

2024–2026 PSP awards
Performance measure		Weighting	Vesting at threshold	Threshold	Maximum (200% target)


Underlying sales growth (USG) (average)		25%	50%	3.0%	6.0%



Relative total shareholder return (TSR)(c)		30%	50%	10th (median)	5th (upper quartile)



Underlying return on invested capital (average)		30%	0%	15.5%	17.5%



Sustainability Progress Index (Committee assessment of SPI progress)(d)(e)		15%	0%
Climate: The percentage change in greenhouse gas emissions (GHG) from energy and refrigerant use in our operations in the given period in the reporting year, in comparison to the same period in 2015.(f)				-74%	-76%
Nature: The total hectares of land, forests and oceans (as measured by ocean floor area) that Unilever programmes help protect and/or regenerate, reported annually as a cumulative total as at the end of the financial year.				900k hectares	1.1m hectares
Plastics: The percentage change in the total tonnes of virgin plastics used in the packaging for our products, in the given period in the reporting year in comparison to the same period in 2019.				-28%	-32%
Livelihoods: The percentage of our procurement spend in the financial year which is with suppliers who have signed the Living Wage promise by the end of that financial year.				45%	55%

All measures are straight line between threshold and maximum.

(a)Based on 200% of fixed pay for the CEO and 160% of fixed pay for the CFO.

(b)Face values are calculated by multiplying the number of shares granted on 8 March 2024 (including decimals) by the share price on that day of PLC (£38.36), assuming maximum

performance and therefore maximum vesting of 200% and then translating into euros using an average exchange rate over 2024 of €1 = £0.8481 (rounded).

(c)The TSR peer group for 2024 consists of: Beiersdorf, Church & Dwight, Coca-Cola, Colgate-Palmolive, Danone, Estée Lauder, General Mills, Haleon, Henkel, Kenvue, Kimberly-Clark,

Kraft Heinz, L’Oréal, Mondelēz, Nestlé, PepsiCo, Procter & Gamble, and Reckitt Benckiser.

(d)From 2026, SPI targets exclude Ice Cream.

(e)SPI measures unaudited.

(f)Since setting the original emissions targets, Unilever has introduced an improved greenhouse gas (GHG) measurement methodology. To ensure alignment with our SBTi Scope 1 & 2

target, the Climate target has been updated to reflect this new methodology. The targets remain as stretching as originally intended.


Unilever Annual Report on Form 20-F 2024		107



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DIRECTORS’ REMUNERATION REPORT


Annual bonus deferral share awards made in 2024

Basis of award(a)	The following numbers of annual bonus deferral shares were awarded on 22 March 2024:
	CEO: PLC – 11,036	CFO: PLC – 10,037
	Annual bonus deferral shares accrue dividends.
Face value of awards(b)	CEO: €517,447	CFO: €470,606
Deferral period	22 March 2024–22 March 2027.
Details of performance measures	No performance measures.

(a)Based on 50% of the net bonus for 2023 as set out on page 134 of the 2023 Directors’ Remuneration Report.

(b)Face values are calculated by multiplying the number of shares granted on 22 March 2024 (including decimals) by the share price on that day of PLC (£39.77) and translating into euros

using an average exchange rate over 2024 of €1 = £0.8481 (rounded).

MINIMUM SHAREHOLDING REQUIREMENT AND EXECUTIVE DIRECTOR SHARE INTERESTS

Executive Directors are required to build and retain a personal shareholding in Unilever within five years of their date of appointment to align their

interests with those of Unilever’s shareholders. Executive Directors are required to maintain at least 100% of their minimum shareholding

requirement for two years after leaving (or if less, their actual shareholding on the date of leaving). ULE members are required to build a

shareholding of 400% of fixed pay (500% for the CEO). This requirement is 250% of fixed pay for the management layer below ULE.

Incoming Executive Directors will be required to retain all shares vesting from any share awards made since their appointment (after deduction of

tax) until their minimum shareholding requirements have been met in full. If Executive Directors fail to achieve 100% of the shareholding

requirement by the relevant time, they are not permitted to sell any Unilever shares and Unilever retains the right to block the sale of their shares

until the required level of shareholding has been obtained.

Executive Directors’ shareholdings are ring-fenced to ensure they meet the minimum shareholding requirement, including for two years after

leaving employment. This means that even if the shares are vested, they are blocked until the end of the minimum shareholding requirement

period (excluding any shares above the minimum shareholding requirement).

When calculating an Executive Director’s personal shareholding, the following methodology is used:

■fixed pay at the date of measurement;

■shares in PLC will qualify provided they are personally owned by the Executive Director, by a member of their immediate family, or by certain

corporate bodies, trusts or partnerships, as required by law from time to time (each a ‘connected person’);

■shares or entitlements to shares that are subject only to the Executive Director remaining in employment will qualify on a net of tax basis

(including deferred bonus awards); and

■shares awarded on a conditional basis will not qualify until the moment of vesting (i.e. once the precise number of shares is fixed after the

vesting period has elapsed).

The share price for the relevant measurement date will be based on the average closing share prices and the euro/sterling/US dollar exchange

rates from the 61 calendar days prior to and including the measurement date.

The table below shows the Executive Directors’ (and if applicable their ‘connected persons‘) interest in PLC ordinary shares and share ownership

against the minimum shareholding requirements as at 31 December 2024.

Executive Directors’ and their connected persons’ interests in shares and share ownership


	Share ownership guideline as a % of fixed pay (as at 31 December 2024)	Have guidelines been met (as at 31 December 2024)	Actual share ownership as a % of fixed pay (as at 31 December 2024)(a)	Shares held as at 1 January 2024		Shares held as at 31 December 2024(b)
		Have guidelines been met (as at 31 December 2024)		PLC	PLC ADS	PLC	PLC ADS
CEO: Hein Schumacher(c)	500%	No	75%	5,491	0	24,811	0
CFO: Fernando Fernandez	400%	Yes	1,468%	261,793	0	310,479	0

(a)Calculated based on the methodology set out above and the headline fixed pay for the CEO and CFO as at 31 December 2024.

(b)PLC shares are ordinary 31/9p shares. Includes any accrued deferred bonus dividend shares that are reinvested.

(c)Hein Schumacher was appointed on 1 June 2023 and had five years from the date of his appointment to achieve his personal shareholding requirement. As he has not met his required

level, as noted on page 110, he is required to retain all shares owned for a period of two years post cessation.

During the period between 1 January and 21 February 2025, the following changes in interests have occurred:

■As detailed on page 105, on 13 February 2025, Fernando Fernandez acquired blocks of 9,938 PLC shares and 3,459 PLC shares following

the vest of his 2022–24 PSP awards.

■On 13 February 2025, Fernando Fernandez sold 13,397 PLC shares at a price of £44.41.


108	Unilever Annual Report on Form 20-F 2024



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DIRECTORS’ REMUNERATION REPORT

The voting rights of the Directors (Executive and Non-Executive) and members of the ULE who hold interests in the share capital of PLC are the

same as for other holders of the class of shares indicated. As at 21 February 2025, none of the Directors’ (Executive and Non-Executive) or other

ULE members’ shareholdings amounted to more than 1% of the issued shares in that class of share (except Nelson Peltz, who owns 1.3% of the

PLC issued share capital including via Trian Fund Management as a connected person). All shareholdings in the table above are beneficial. On

page 79, the full share capital of PLC has been described. Pages 155 and 156 set out how many shares Unilever held to satisfy the awards

under the share plans.

Information in relation to outstanding share incentive awards

As at 31 December 2024, Hein Schumacher held awards over a total of 156,160 shares which are subject to performance conditions and a total

of 11,036 bonus deferral shares which are not subject to performance conditions. Fernando Fernandez held awards over a total of 69,405 shares

which are subject to performance conditions and a total of 18,234 bonus deferral shares which are not subject to performance conditions. The

bonus deferral shares are included in the table on page 107 and the changes in 2024 are shown in the tables below. There are no awards of

shares in the form of options.

Annual bonus deferral shares

The following bonus deferral shares were outstanding at 31 December 2024 under the Unilever Share Plan 2017:


	Share type	Balance of bonus deferral shares at 1 January 2024(a)	Bonus deferral shares granted in 2024(b)	Price at award	Bonus deferral shares with restrictions removed	Balance of bonus deferral shares at 31 December 2024(c)
Hein Schumacher	PLC	0	11,036	£39.77	0	11,036
Fernando Fernandez	PLC	8,197	10,037	£39.77	0	18,234

(a)Hein Schumacher: There were no outstanding annual bonus deferral shares at 1 January 2024 as he was appointed CEO effective 1 June 2023.

(b)Grant made on 22 March 2024 and vesting on or around 22 March 2027.

(c)Annual bonus deferral shares accrue dividends and, if reinvested, are included in the share ownership table on page 107.

PSP

The following conditional shares were outstanding at 31 December 2024 under the Unilever Share Plan 2017 and are subject to performance

conditions:


	Balance of conditional shares at 1 January 2024		Conditional shares awarded in 2024	Balance of conditional shares at 31 December 2024
	Share type	No. of shares	Performance period 1 January 2024 to 31 December 2026(a)	Price at award	Dividend shares accrued during the year(b)	Vested in 2024(c)	Price at vesting	Additional shares earned in 2024	Shares lapsed(d)	No. of shares
Hein Schumacher	PLC	69,433	82,448	£38.36	4,279	0	–	0	0	156,160
Fernando Fernandez	PLC	34,491	41,893	£38.36	1,854	5,741	£39.81	0	3,092	69,405

(a)These grants were made on 8 March 2024 (vesting on or around 17 February 2027).

(b)Reflects reinvested dividend equivalents accrued during 2024, subject to the same performance conditions as the underlying PSP shares.

(c)The 2021 grant vested on 15 February 2024 at 65% for Fernando Fernandez (Executive Directors’ vested at 63%, but Fernando Fernandez was not an Executive Director for the 2021–

2023 performance period).

(d)As the 2021–2023 performance period had a 65% vest, the balance of shares were lapsed.

Executive Directors’ service contracts

Starting dates of our Executive Directors’ service contracts:

■Hein Schumacher: 1 June 2023 (signed on 29 January 2023);(a) and

■Fernando Fernandez: 1 January 2024 (signed 24 October 2023).(b)

Service contracts are available for shareholders to view at the AGM or on request from the Group Secretary, and can be terminated with 12

months’ notice from Unilever or six months’ notice from the Executive Director. A payment in lieu of notice can be made of no more than one

year’s fixed pay and other benefits. Other payments that can be made to Executive Directors in the event of loss of office are disclosed in our

Remuneration Policy. See the remuneration topics section of our website for a copy of the Remuneration Policy.

(a)Hein Schumacher began employment with Unilever on 1 June 2023 as CEO Designate and Executive Director and became CEO on 1 July 2023.

(b)Amended on 24 February 2025 to reflect Fernando Fernandez's appointment as CEO with effect from 1 March 2025.


Unilever Annual Report on Form 20-F 2024		109



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DIRECTORS’ REMUNERATION REPORT

Payments to former Directors

The table below shows the 2024 payments to Paul Polman in accordance with arrangements made with him upon his stepping down as CEO on

31 December 2018 and his retirement from employment with Unilever effective 2 July 2019 (arrangements disclosed in the 2018 Directors’

Remuneration Report). Also shown are the 2024 payments to Alan Jope in accordance with arrangements made with him upon his stepping

down as CEO on 1 July 2023 and his retirement from employment with Unilever effective 31 December 2023 (arrangements disclosed in the

2022 Directors’ Remuneration Report). Also shown are the 2024 payments to Graeme Pitkethly in accordance with arrangements made with him

upon his stepping down as CFO on 31 December 2023 and his retirement from employment with Unilever effective 31 May 2024 (arrangements

disclosed in the 2023 Directors’ Remuneration Report).


	Paul Polman (€)	Alan Jope (€)	Graeme Pitkethly (€)
Fixed pay(a)			519,276
Benefits(b)	2,144	39,817	35,590
Total	2,144	39,817	554,866

(a)Fixed pay for the period up to 31 May 2024.

(b)This includes tax preparation fees for Paul Polman and Alan Jope. For Graeme Pitkethly, it includes tax preparation fees and (for the period up to 31 May 2024) medical insurance cover

and death and disability provision.

As disclosed in the 2023 Directors’ Remuneration Report, Alan Jope and Graeme Pitkethly were entitled to receive their 2021–2023 PSP award,

vesting on or around 7 May 2024. As the final values were not known, estimated values of these awards were provided in the 2023 Directors’

Remuneration Report on the basis that the awards vested at the average share price over Q4 2023 (£38.69) and translated into euros using the

average exchange rate for Q4 2023 of €1 = £ 0.8668. The awards have since vested and the table below sets out the final restated values based

on the share price at 7 May 2024 (£42.12) and exchange rate at 7 May 2024 of €1 = £0.8576.


	(€'000)(a)
Alan Jope	2,120
Graeme Pitkethly	1,278

(a)The values shown are based on vested shares of 43,165 for Alan Jope and 26,013 for Graeme Pitkethly. These numbers include dividends awarded up to 7 May 2024.

Payments for loss of office

Details of the leaving arrangements for Alan Jope and Graeme Pitkethly are set out in the 2022 and 2023 Directors’ Remuneration Reports

respectively. As disclosed previously, both individuals left for retirement and as such, are being treated as good leavers.

In-flight PSP long-term share incentive plans remain capable of vesting in accordance with the rules of the relevant plans on their vesting date. As

set out in the Chair’s statement, the 2022–2024 PSP award for Alan Jope and the 2022–2024 PSP and 2023–2025 PSP awards for Graeme

Pitkethly will not be pro-rated for time, subject to the Committee being satisfied that the individuals meet the appropriate conditions at each relevant

vesting date. For Alan Jope the relevant condition was whether Alan's handover of duties was satisfactory, this was confirmed by the Committee in

2024. For Graeme Pitkethly the relevant condition is whether Graeme remains in retirement, this was confirmed as accurate at the point of vesting of

the 2022-2024 PSP award.

Therefore as set out in the Chair’s statement, the 2022–2024 PSP award vested on 13 February 2025 at 95% of the target opportunity. Details

of the award values are set out below:


Award 2022–2024 PSP	Vesting date	Number of shares vesting(a)	Value of shares vesting (€'000)(b)
Alan Jope	13 February 2025	81,171	4,355
Graeme Pitkethly	13 February 2025	48,916	2,625

(a)Calculated by multiplying the number of shares granted (including additional shares in respect of accrued dividends to 31 December 2024) by the level of vesting as set out on page 99.

(b)Calculated by multiplying the number of vested shares by the closing share price on 13 February 2025 (£44.83). Values have been translated into euros using the exchange rate at 13

February 2025 (€1 = £0.8355).

Graeme Pitkethly received a retirement gift worth £5,500 (€6,485 rounded), which is disclosed in accordance with the Directors’ Remuneration

Policy for gifts worth over £5,000. The value has been translated into EUR using the average exchange rate over 2024 (£1 = €1.1791).

Leaving arrangements for Hein Schumacher

As announced on 25 February 2025, Hein Schumacher stepped down as CEO and Executive Director with effect from

1 March 2025 and will remain employed until 31 May 2025. Hein’s departure is through a mutual agreement, and he will be treated as a good

leaver. All payments will be in line with our Remuneration Policy.


110	Unilever Annual Report on Form 20-F 2024



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DIRECTORS’ REMUNERATION REPORT

On this basis, and in accordance with his service agreement and our Remuneration Policy, Hein:

■Will receive fixed pay and benefits to 31 May 2025.

■Will receive a payment in lieu of notice, the amount of which will be equal to fixed pay for the remainder of his notice period to 24 February

2026.

■Remains eligible to receive a bonus in respect of the period to 30 April 2025 based on Company performance. This will be payable 50% in

cash and 50% in shares deferred for a period of three years in line with the Policy for incumbent directors.

■Will not receive a 2025 PSP award.

■Will be treated as a good leaver and unvested deferred bonus awards will continue to vest on the normal timescale.

■Will be treated as a good leaver and in-flight PSP awards (2023 and 2024 PSP) will continue to be eligible to vest, pro-rated

for time served to 31 May 2025, subject to Company performance. Awards will vest in line with the normal timelines and will continue to be

subject to a two-year holding period.

■Will receive a capped contribution towards relocation support to move back to the Netherlands, and legal and outplacement costs.

■Will continue to benefit from private medical insurance coverage for himself and his family until the end of the policy year

(31 December 2025).

■Will remain subject to his shareholding requirement. As he has not yet met his required level, he is required to retain all shares owned for a

period of two years post cessation.

IMPLEMENTATION OF THE REMUNERATION POLICY FOR NON-EXECUTIVE DIRECTORS

As explained in the Chair’s letter on page 97, the Board has decided to increase the fee for the Chair to £725,000 per year, effective 1 April 2025.

The other Non-Executive Director fees will be reviewed in the first half of 2025 and any changes reported in the Directors’ Remuneration Report

2025.

Non-Executive Director fees are set and paid in GBP. The table below outlines the current fee structure shown in our reporting currency of EUR

and GBP, using the average exchange rate over 2024 (£1 = €1.1791) (rounded).


	2025		2024
Roles and responsibilities	Annual Fee €	Annual Fee £	Annual Fee €	Annual Fee £
Basic Non-Executive Director Fee	112,015	95,000	112,015	95,000
Chair (all-inclusive)(a)	854,848	725,000	778,206	660,000
Senior Independent Director (modular)	47,164	40,000	47,164	40,000
Member of Nominating and Corporate Governance Committee	17,687	15,000	17,687	15,000
Member of Compensation Committee	23,582	20,000	23,582	20,000
Member of Corporate Responsibility Committee	23,582	20,000	23,582	20,000
Member of Audit Committee	29,478	25,000	29,478	25,000
Chair of Nominating and Corporate Governance Committee	35,373	30,000	35,373	30,000
Chair of Compensation Committee	41,269	35,000	41,269	35,000
Chair of Corporate Responsibility Committee	41,269	35,000	41,269	35,000
Chair of Audit Committee	47,164	40,000	47,164	40,000

(a)Increased from £660,000 per year to £725,000 per year effective from 1 April 2025. The pro rated amount to be paid in 2025 will be £708,750 (€835,687).

All reasonable travel and other expenses incurred by Non-Executive Directors in the course of performing their duties are considered to be

business expenses and so are reimbursed.


Unilever Annual Report on Form 20-F 2024		111



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DIRECTORS’ REMUNERATION REPORT

SINGLE FIGURE OF REMUNERATION IN 2024 FOR NON-EXECUTIVE DIRECTORS

The table below shows a single figure of remuneration for each of our Non-Executive Directors for the years 2023 and 2024.


Non-Executive Director	2024			2023
Non-Executive Director	Fees(a) €'000	Benefits(b) €'000	Total remuneration €'000	Fees(a) €'000	Benefits(b) €'000	Total remuneration €'000
Nils Andersen(c)	52	2	54	708	37	745
Judith Hartmann(d)	52	–	52	146	21	167
Adrian Hennah(e)	171	–	171	155	22	177
Andrea Jung(f)	218	–	218	213	–	213
Susan Kilsby(g)	169	–	169	138	2	140
Ruby Lu(h)	157	–	157	142	–	142
Strive Masiyiwa(i)	52	–	52	149	–	149
Judith McKenna(j)	125	–	125	–	–	–
Ian Meakins(k)	778	–	778	91	–	91
Youngme Moon(l)	46	–	46	132	–	132
Nelson Peltz(m)	136	–	136	132	–	132
Hein Schumacher(n)	–	–	–	57	2	59
Total	1,956	2	1,958	2,063	84	2,147

(a)Where relevant, amounts for 2023 have been translated into euros using the average exchange rate over 2023 (£1 = €1.1494). Amounts for 2024 have been translated into euros using

the average exchange rate over 2024 (£1 = €1.1791).

(b)The only benefit received relates to travel by spouses or partners where they are invited by Unilever.

(c)Nils Andersen was Chair, Chair of the Nominating and Corporate Governance Committee and Member of the Compensation Committee until 1 December 2023. From 1 December 2023,

Member of the Nominating and Corporate Governance Committee and Compensation Committee. Retired from the Board at the May 2024 AGM.

(d)Judith Hartmann was Member of the Audit Committee until 3 May 2023 and then Member of the Nominating and Corporate Governance Committee and Compensation Committee. Retired

from the Board at the May 2024 AGM.

(e)Adrian Hennah was Chair of the Audit Committee from 4 May 2022 and Member of the Nominating and Corporate Governance Committee from 1 May 2024.

(f)Andrea Jung was Vice Chair, Senior Independent Director, Member of the Nominating and Corporate Governance Committee and Chair of the Compensation Committee.

(g)Susan Kilsby was Member of the Audit Committee and from 1 May 2024, Chair of the Corporate Responsibility Committee.

(h)Ruby Lu was Member of the Compensation Committee and Nominating and Corporate Governance Committee until 3 May 2023 and then Member of the Audit Committee. Member of the

Corporate Responsibility Committee from 1 May 2024.

(i)Strive Masiyiwa was Chair of the Corporate Responsibility Committee. Retired from the Board at the May 2024 AGM.

(j)Judith McKenna was appointed to the Board from 1 March 2024 and Member of both the Corporate Responsibility and Compensation Committees from 1 May 2024.

(k)Ian Meakins was appointed to the Board from 1 September 2023 and Chair, Chair of the Nominating and Corporate Governance Committee and Member of the Compensation Committee

from 1 December 2023.

(l)Youngme Moon was Member of the Corporate Responsibility Committee. Retired from the Board at the May 2024 AGM.

(m)Nelson Peltz was Member of the Compensation Committee.

(n)Hein Schumacher was appointed to the Board and Member of the Audit Committee from 4 October 2022 to 31 May 2023, following which he was appointed as an Executive Director.

We do not grant our Non-Executive Directors any personal loans or guarantees or any variable remuneration, nor are they entitled to any

severance payments.

PERCENTAGE CHANGE IN REMUNERATION OF NON-EXECUTIVE DIRECTORS

The table below shows the five-year history of year-on-year percentage change for fees and other benefits for the Non-Executive Directors who

were Non-Executive Directors at any point during 2024. Please see page 115 for a comparison of the percentage change in remuneration of PLC

employees.


	Total Remuneration(a)
Non-Executive Director	% change from 2023 to 2024	% change from 2022 to 2023	% change from 2021 to 2022	% change from 2020 to 2021	% change from 2019 to 2020
Nils Andersen(b)	-92.8	-6.1	5.0	-3.0	253.9
Judith Hartmann(c)	-68.9	30.5	1.6	-3.0	-11.4
Adrian Hennah(d)	-3.4	26.4	566.7	–	–
Andrea Jung	2.4	6.5	11.1	32.8	11.8
Susan Kilsby(e)	20.7	-9.1	22.2	-3.0	144.0
Ruby Lu(f)	10.6	-7.8	569.6	–	–
Strive Masiyiwa(g)	-65.1	10.4	0.7	-3.0	-0.9
Judith McKenna(h)	n/a	–	–	–	–
Ian Meakins(i)	755.0	–	–	–	–
Youngme Moon(j)	-65.2	-17.0	20.5	-21.4	-0.8
Nelson Peltz	3.0	144.4	–	–	–

(a)Non-Executive Directors receive an annual fixed fee and do not receive any Company performance-related payments. Therefore, the year-on-year % changes are mainly due to changes in

committee chair or memberships, mid-year appointments or retirements, fee increases (as disclosed in applicable Directors’ Remuneration Reports), travel costs and changes in the average sterling-

to-euro exchange rate. The only benefit received relates to travel by spouses or partners where they are invited by Unilever.

(b)Nils Andersen retired from the Board at the 2024 AGM, hence the decrease from 2023 to 2024.

(c)Judith Hartmann retired from the Board at the 2024 AGM, hence the decrease from 2023 to 2024.

(d)Adrian Hennah became a Member of the Nominating and Corporate Governance Committee from 1 May 2024 but a reduction in spouse/partner travel costs results in a fee reduction from

2023 to 2024.

(e)Susan Kilsby became Chair of the Corporate Responsibility Committee from 1 May 2024, hence the increase from 2023 to 2024.

(f)Ruby Lu became a Member of the Corporate Responsibility Committee from 1 May 2024, hence the increase from 2023 to 2024.

(g)Strive Masiyiwa retired from the Board at the 2024 AGM, hence the decrease from 2023 to 2024.

(h)Judith McKenna was appointed to the Board from 1 March 2024 and became a Member of the Corporate Responsibility and Compensation Committees from 1 May 2024.

(i)Ian Meakins was appointed to the Board from 1 September 2023 and Chair, Chair of the Nominating and Corporate Governance Committee and member of the Compensation Committee

from 1 December 2023. Hence the increase from 2023 to 2024.

(j)Youngme Moon retired from the Board at the May 2024 AGM, hence the decrease from 2023 to 2024.


112	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


DIRECTORS’ REMUNERATION REPORT

Non-Executive Directors’ interests in shares

Non-Executive Directors are encouraged to build up a personal shareholding of at least 100% of their annual fees over the five years from

appointment. The table below shows the interests in Unilever PLC ordinary shares as at 1 January 2024 and 31 December 2024 of Non-Executive

Directors and their connected persons. This is set against the minimum shareholding recommendation.

There has been no change in these interests between 1 January 2025 and 21 February 2025.


Non-Executive Director	Share type	Shares held at 31 December 2024(a)	Share type	Shares held at 1 January 2024	Actual share ownership as a % of NED fees (as at 31 December 2024)
Nils Andersen(b)	PLC	21,014	PLC	21,014	2,267
Judith Hartmann(b)	PLC	2,500	PLC	2,500	270
Adrian Hennah(c)	PLC	4,000	PLC	4,000	130
Andrea Jung(c)	PLC	4,576	PLC	4,576	117
Susan Kilsby	PLC	2,250	PLC	2,250	74
Ruby Lu	n/a	–	n/a	–	0
Strive Masiyiwa(b)	PLC	3,530	PLC	3,530	381
Judith McKenna(d)	n/a	–	n/a	–	0
Ian Meakins(e)	PLC	26,036	n/a	26,036	186
Youngme Moon(b)	PLC ADS(g)	3,500	PLC ADS	3,500	425
Nelson Peltz(f)	PLC	32,758,695	PLC	36,619,370	1,342,141

(a)Date of retirement from the Board if earlier than 31 December 2024.

(b)Increase in share ownership as a percentage of fee from 2023 to 2024 is due to a reduction in fee, as set out on page 111 and an increase in share price.

(c)Increase in share ownership as a percentage of fee from 2023 to 2024 is due to an increase in share price.

(d)Appointed to the Board from 1 March 2024 and confirmed at the 2024 AGM.

(e)Decrease in share ownership as a percentage of fee is because the fee for 2023 reflected only four months’ service on the Board (one month as Chair).

(f)Share ownership also includes shares held by Trian Fund Management as a connected person. The number of shares held has reduced but share ownership as a percentage of fee has

increased due to a higher share price.

(g)American Depositary Shares (ADS), refer to page 64 for details of Unilever’s structure.

Non-Executive Directors’ letters of appointment

All Non-Executive Directors were reappointed to the Board at the 2024 AGM.(a)


Non-Executive Director	Date first appointed to the Board	Effective date of current appointment(b)
Adrian Hennah	1 November 2021	1 May 2024
Andrea Jung	2 May 2018	1 May 2024
Susan Kilsby	1 August 2019	1 May 2024
Ruby Lu	1 November 2021	1 May 2024
Judith McKenna	1 March 2024	1 May 2024
Ian Meakins	1 September 2023	1 May 2024
Nelson Peltz	20 July 2022	1 May 2024

(a)As noted on page 82, Nils Andersen, Judith Hartmann, Strive Masiyiwa and Youngme Moon retired from the Board at the 2024 AGM. Judith McKenna was appointed to the Board with

effect from 1 March 2024 and confirmed at the 2024 AGM.

(b)The unexpired term for all Non-Executive Directors’ letters of appointment is the period up to the 2025 AGM, as they all, unless they are retiring, submit themselves for annual

reappointment.


Unilever Annual Report on Form 20-F 2024		113



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


DIRECTORS’ REMUNERATION REPORT

Other disclosures related to Directors’ remuneration

Unilever regularly looks at pay ratios throughout the Group, and the pay ratio between each work level (WL in the table below), and we have

disclosed this for a number of years. The table below provides a detailed breakdown of the fixed and variable pay elements for each of our UK

work levels, showing how each work level compares to the CEO and CFO in 2024 (with equivalent figures from 2023 for comparison purposes).

For the purposes of the CEO, the 2023 data is the total of fixed pay and variable pay for Alan Jope and Hein Schumacher, as set out in the single

figure table for Executive Directors on page 132 of the 2023 Directors’ Remuneration Report. Figures for the CFO are calculated using the

applicable 2024 data for Fernando Fernandez from the single figure table on page 103 and the 2023 data for Graeme Pitkethly from the single

figure table on page 132 of the 2023 Directors’ Remuneration Report.

CEO/CFO Pay Ratio Comparison (split by fixed pay and benefits/variable pay)

CEO = 96.3 x WL1 I CFO = 83.9 x WL1

CEO = 83.7 x WL1 I CFO = 77.2 x WL1

CEO = 50.8 x WL2 I CFO = 44.3 x WL2

CEO = 44.9 x WL2 I CFO = 41.5 x WL2

CEO = 21.1 x WL3 I CFO = 18.4 x WL3

CEO = 20.5 x WL3 I CFO = 18.9 x WL3

CEO = 9.5 x WL4 I CFO = 8.2 x WL4

CEO = 9.7 x WL4 I CFO = 9 x WL4

CEO = 4.1 x WL5 I CFO = 3.6 x WL5

CEO = 4.1 x WL5 I CFO = 3.8 x WL5

CEO = 1.4 x WL6 I CFO = 1.2 x WL6

CEO = 1.8 x WL6 I CFO = 1.6 x WL6

CEO = 1.1 x CFO


€0m	€1m	€2m	€3m	€4m	€5m	€6m	€7m


2024 Fixed pay and benefits	2024 Variable pay	2023 Fixed pay and benefits	2023 Variable pay

The year-on-year comparison reflects a change in fixed pay for the Executive Directors in 2024. The CEO fixed pay (including benefits) is lower

than in 2023, as fixed pay for Alan Jope and Hein Schumacher (as set out on page 132 of the 2023 Directors’ Remuneration Report) are both

counted for the 2023 comparator. The CFO fixed pay is higher than in 2023 due to relocation costs. The proportion of variable pay for the CEO is

lower in 2024 than in 2023, as while bonus is higher, he was not eligible for 2022–2024 PSP, having been appointed on 1 June 2023. In 2023,

the CEO variable pay included Hein Schumacher’s buyout share awards but not Alan Jope’s MCIP and PSP awards, which were included in the

payment on loss of office table (as set out on page 144 of the 2023 Directors’ Remuneration Report). The CFO variable pay in 2024 includes

PSP awards granted prior to his appointment as an Executive Director and are less than the MCIP and PSP awards in the 2023 number for

Graeme Pitkethly. Directors have a higher weighting on performance-related pay compared to other employees. The numbers are further

impacted by fluctuations in the exchange rates used to convert pay elements denominated in pounds sterling to euros for reporting purposes.

Where relevant, amounts for 2023 have been translated using the average exchange rate over 2023 (€1 = £0.8700), and amounts for 2024 have

been translated using the average exchange rate over 2024 (€1 = £0.8481).

Annual bonus and PSP for UK employees were calculated using:

■target annual bonus values considered for the respective year;

■PSP values (in 2023 and 2024) calculated at target for the relevant work level of employees, i.e. 50% of target bonus for WL2 employees and

100% of target bonus for WL3–6 employees; and

■MCIP values (in 2023 only) calculated at an appropriate average for the relevant work level of employees, i.e. an average 20% investment

of bonus for WL2 employees, 45% for WL3 employees, 60% for WL4–5 employees, and 100% for WL6 employees.

Fixed pay figures reflect all elements of pay (including allowances) and benefits paid in cash. The data disclosed excludes employees who are

not integrated into Unilever’s global reward structure and human resources information system.


114	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


DIRECTORS’ REMUNERATION REPORT

CEO pay ratio comparison

The table below is included to meet UK requirements and shows how pay for the CEO compares to our UK employees at the 25th percentile,

median and 75th percentile.


Year		25th percentile	Median percentile	75th percentile
Year ended 31 December 2024	Salary:	£39,179	£47,699	£66,057
	Pay and benefits:	£53,620	£66,215	£100,517
	Pay ratio (Option A):	88:1	71:1	47:1
Year ended 31 December 2023	Salary:	£40,968	£49,224	£67,565
	Pay and benefits:	£52,551	£65,305	£103,527
	Pay ratio (Option A):	100:1	81:1	51:1
Year ended 31 December 2022	Salary:	£36,802	£44,478	£60,788
	Pay and benefits:	£49,868	£61,553	£93,612
	Pay ratio (Option A):	92:1	75:1	49:1
Year ended 31 December 2021	Salary:	£34,560	£42,668	£58,869
	Pay and benefits:	£48,229	£60,306	£90,335
	Pay ratio (Option A):	87:1	70:1	47:1
Year ended 31 December 2020	Salary:	£34,298	£41,010	£55,000
	Pay and benefits:	£45,713	£55,751	£80,670
	Pay ratio (Option A):	67:1	55:1	38:1

Option A was used to calculate the pay and benefits of the 25th percentile, median and 75th percentile UK employees because the data was

readily available for all UK employees of the Group and Option A is the most accurate method (as it is based on total full-time equivalent total

reward for all UK employees for the relevant financial year). Figures are calculated by reference to 31 December 2024 (full-time equivalent), and

the respective salary and pay and benefits figures for each quartile are set out in the table above. Benefits for UK employees include any

pension, but pension is excluded for Executive Directors as they are not entitled to pension benefits under the Remuneration Policy. The data

disclosed excludes employees who are not integrated into Unilever’s global reward structure and human resources information system.

Variable pay figures for the UK employees are calculated on the basis set out in the paragraph for other work levels below the ‘CEO/CFO pay

ratio comparison’ table on page 113. The reason for this is it would be unduly onerous to recalculate these figures when, based on a sample, the

impact of such recalculation is expected to be minimal.

The median pay ratio has decreased in 2024 due to lower variable pay for the CEO. Although the bonus outcome for 2024 is higher than in 2023,

the CEO is not eligible for 2022–2024 PSP and the 2023 comparator includes the buyout share award, as set out in the single figure table for

Executive Directors on page 132 of the 2023 Directors‘ Remuneration Report. Variable pay makes up a higher proportion of remuneration for the

CEO compared to other employees. The pay, reward and progression policies within Unilever are consistent as the Remuneration Policy is

applicable across our circa 15,000 managers throughout the business worldwide.

We are also required to show additional disclosures on the rates of change in pay year-on-year. The pay ratios set out above are more

meaningful as they compare to the pay of all of our UK employees. By contrast, the regulations require us to show the percentages below based

on employees of our PLC top company only, which forms a relatively small and unrepresentative proportion of our total UK workforce. So, while

operationally we may pay greater attention to our internal pay ratios (included above in the ‘CEO/CFO pay ratio comparison’ table on page 113,

these required figures are set out on page 115.

Information on Unilever's gender pay gap % (2024) can be found under Own Workforce on page 277.


Unilever Annual Report on Form 20-F 2024		115



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


DIRECTORS’ REMUNERATION REPORT

Percentage change in remuneration of Executive Directors (CEO/CFO)

The table below shows the five-year history of year-on-year percentage change for fixed pay, other benefits (excluding pension) and bonus for

the CEO and CFO and PLC’s employees (based on total full-time equivalent total reward for the relevant financial year) pursuant to UK

requirements. The figures for the Executive Directors are calculated based on the single figure table on page 103. There is no data for Fernando

Fernandez as he was appointed CFO on 1 January 2024 and there is no prior year comparator.

The respective changes in fees for our Non-Executive Directors are included in the table ‘Percentage change in remuneration of Non-Executive

Directors’ on page 111.


		Fixed pay	Other benefits (not including pension)	Bonus
% change from 2023 to 2024	CEO: Hein Schumacher(a)	71.5%	1.6%	81.8%
	CFO: Fernando Fernandez	n/a	n/a	n/a
	PLC employees(b)	12.2%	26.8%	20.3%
% change from 2022 to 2023	CEO: Alan Jope	-50.0%	-56.9%	-56.8%
	CEO: Hein Schumacher	3480.6%	n/a	n/a
	CFO	6.0%	31.3%	-8.3%
	PLC employees	0.2%	-12.1%	-19.2%
% change from 2021 to 2022	CEO	1.8%	34.2%	67.0%
	CFO	1.7%	2.1%	67.0%
	PLC employees	-4.3%	7.4%	57.0%
% change from 2020 to 2021	CEO	1.7%	35.7%	71.6%
	CFO	1.8%	23.7%	71.7%
	PLC employees	-19.3%	-2.2%	-10.6%
% change from 2019 to 2020	CEO	4.0%	36.6%	-39.1%
	CFO	3.0%	40.7%	-39.7%
	PLC employees	1.7%	30.2%	-3.0%

(a)The increase in fixed pay for Hein Schumacher is because he was appointed on 1 June 2023 (and became CEO on 1 July 2023) and the 2023 figure is pro-rated to the date of his

appointment. The change in benefits also reflects full-year numbers in 2024 compared to pro-rated numbers in 2023, but with lower relocation costs. The change in bonus reflects the pro-

ration in 2023 and the higher outcome of 122% in 2024 compared to 115% outcome in 2023. All figures are based on those in the single figure table on page 103.

(b)For the PLC employees, fixed pay numbers include cash-related benefits employees receive as part of their total compensation, to ensure we can accurately compare fixed pay for them

against that of the CEO and CFO. Such cash-related benefits include benefits envelope adjustment, transport allowance and fixed pay protection allowance. The increase in benefits

reflects higher medical costs and the increase in annual bonus reflects a bonus pool of 122% for 2024 compared to the equivalent bonus pool of 115% for 2023. Figures are also affected

by changes in the average sterling-to-euro exchange rate, as well as changes in the number of employees, including changes in ULE membership. The data disclosed excludes

employees who are not integrated into Unilever’s global reward structure and human resources information system.


116	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


DIRECTORS’ REMUNERATION REPORT

RELATIVE IMPORTANCE OF SPEND ON PAY

The chart below shows the relative spend on pay compared with dividends paid to Unilever shareholders and underlying earnings. Underlying

earnings represents the underlying profit attributable to Unilever shareholders and provides a good reference point to compare spend on pay.

The chart shows the percentage of movement in underlying earnings, dividends and total staff costs versus the previous year.

13.5%


€0m	€1,000m	€2,000m	€3,000m	€4,000m	€5,000m	€6,000m	€7,000m	€8,000m
		2024		2023

Underlying

earnings(a)

Dividends and

buyback(b)

Total staff

costs

0.3%

-0.1%

-0.5%

4.1%

-2.1%

(a)In calculating underlying profit attributable to shareholders, net profit attributable to shareholders is adjusted to eliminate the post-tax impact of non-underlying items in operating profit and


€0m	€1,000m	€2,000m	€3,000m	€4,000m	€5,000m	€6,000m	€7,000m	€8,000m
		2024		2023

Underlying

earnings(a)

Dividends and

buyback(b)

Total staff

costs

0.3%

-0.1%

-0.5%

4.1%

-2.1%

any other significant unusual terms within net profit but not operating profit (see note 7 on page 159 for details).

(b)Includes share buyback of €1,508m in 2024 and €1,507m in 2023.

CEO single figure ten-year history

The table below shows the ten-year history of the CEO single figure of total remuneration.


	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
CEO single figure of total remuneration (€‘000)(a)	10,296	8,370	11,661	11,726	4,894	3,447	4,890	5,395	6,070	5,552
Annual bonus award rates against maximum opportunity	92%	92%	100%	51%	55%	32%	54%	89%	77%	81%
GSIP performance shares vesting rates against maximum opportunity	49%	35%	74%	66%	60%	n/a	n/a	n/a	n/a	n/a
MCIP matching shares vesting rates against maximum opportunity(b)	65%	47%	99%	88%	n/a	42%	44%	35%	44%	n/a
PSP performance shares vesting rates against maximum opportunity(c)	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	32%	n/a

(a)2023 figure is based on combined single figure of remuneration for Alan Jope and Hein Schumacher, as set out on page 132 of the 2023 Directors’ Remuneration Report.

(b)Final MCIP performance period ended in 2023.

(c)Hein Schumacher is not eligible for a vesting under the 2022–24 PSP as he was appointed CEO on 1 June 2023.


120	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS

Statement of Directors' Responsibilities

ANNUAL ACCOUNTS

The Directors are responsible for preparing the Annual Report and Accounts in

accordance with applicable law and regulations. The Directors are also required

by the UK Companies Act 2006 to prepare accounts for each financial year which

give a true and fair view of the state of affairs of the Unilever Group and PLC as

at the end of the financial year and of the profit or loss and cash flows for that

year.

The Directors consider that, in preparing the accounts, the Group and PLC have

used the most appropriate accounting policies, consistently applied and

supported by reasonable and prudent judgements and estimates, and that all

International Financial Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB), and UK-adopted international accounting

standards, which they consider to be applicable have been followed. In

accordance with Disclosure Guidance and Transparency Rule ('DTR') 4.1.5R and

4.1.16R, the financial statements will form part of the annual financial report

prepared using the single electronic reporting format under DTR 4.1.17R and

4.1.18R. The auditor's report on these financial statements provides no

assurance over whether the annual financial report has been prepared in

accordance with those requirements. The Directors are also responsible for

preparing the Annual Report and Accounts including the consolidated financial

statements in the European single electronic format in accordance with the

requirements as set out in Commission Delegated Regulation (EU) 2019/815

with regard to regulatory technical standards on the specification of a single

electronic reporting format.

The Directors have responsibility for ensuring that PLC keep accounting records

which disclose with reasonable accuracy their financial position and which

enable the Directors to ensure that the accounts comply with all relevant

legislation. They are also responsible for such internal control as they determine

is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error, and have a general

responsibility for taking such steps as are reasonably open to them to safeguard

the assets of the Group, and to prevent and detect fraud and other irregularities.

This statement, which should be read in conjunction with the Report of

Independent Registered Public Accounting Firm, is made with a view to

distinguishing for shareholders the respective responsibilities of the Directors and

of the auditors in relation to the accounts.

A copy of the financial statements of the Unilever Group is placed on our website

at www.unilever.com/investorrelations. The maintenance and integrity of the

website are the responsibility of the Directors, and the work carried out by the

auditors does not involve consideration of these matters. Accordingly, the

auditors accept no responsibility for any changes that may have occurred to the

financial statements since they were initially placed on the website. Legislation in

the UK and the Netherlands governing the preparation and dissemination of

financial statements may differ from legislation in other jurisdictions.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING

FIRM

UK law sets out additional responsibilities for the Directors of PLC regarding

disclosure of information to auditors. To the best of each of the Directors’

knowledge and belief, and having made appropriate enquiries, all information

relevant to enabling the auditors to provide their opinions on PLC’s consolidated

and parent company accounts has been provided. Each of the Directors has

taken all reasonable steps to ensure their awareness of any relevant audit

information and to establish that Unilever PLC’s auditors are aware of any

such information.

DIRECTORS' RESPONSIBILITY STATEMENT

Under company law the directors must not approve the financial statements

unless they are satisfied that they give a true and fair view of the state of affairs

of the Group and parent Company and of the Group’s profit or loss for that

period.

Under applicable law and regulations, the directors are also responsible for

preparing a Strategic Report, Directors’ Report, Directors’ Remuneration Report

and Corporate Governance Statement that complies with that law and those

regulations.

Each of the Directors confirms that, to the best of his or her knowledge:

■The Unilever Annual Report on Form 20-F 2024, taken as a whole, is fair,

balanced and understandable, and provides the information necessary for

shareholders to assess the Company’s position and performance, business

model and strategy;

■The financial statements which have been prepared in accordance with

International Financial Reporting Standards (IFRS) as issued by the

International Accounting Standards Board (IASB), and UK-adopted

international accounting standards give a true and fair view of the assets,

liabilities, financial position and profit or loss of the Company and the

undertakings included in the consolidation taken as a whole; and

■The Management Report includes a fair review of the development and

performance of the business and the position of PLC and the undertakings

included in the consolidation taken as a whole, together with a description of

the principal risks and uncertainties that they face.

The Directors and their roles are listed on pages 66 to 69.

GOING CONCERN

The activities of the Group, together with the factors likely to affect its future

development, performance, the financial position of the Group, its cash flows,

liquidity position and borrowing facilities are described on pages 1 to 47. In

addition, we describe in notes 15 to 18 on pages 169 to 184 the Group’s

objectives, policies and processes for managing its capital; its financial risk

management objectives; details of its financial instruments and hedging

activities, and its exposures to credit and liquidity risk. Although not assessed

over the same period as going concern, the viability of the Group has been

assessed on page 60.

The Group has considerable financial resources together with established

business relationships with many customers and suppliers in countries

throughout the world. As a consequence, the Directors believe that the Group is

well placed to manage its business risks successfully for at least 12 months from

the date of approval of the financial statements.

After making enquiries, the Directors consider it appropriate to adopt the going

concern basis of accounting in preparing this Annual Report and Accounts.

INTERNAL AND DISCLOSURE CONTROLS AND

PROCEDURES

Please refer to pages 52 to 59 for a discussion of Unilever’s principal risk factors

and to pages 51 to 60 for commentary on the Group’s approach to risk

management and control.


Unilever Annual Report on Form 20-F 2024		121



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Unilever PLC:

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of Unilever PLC and subsidiaries (the Company) as of December 31, 2024 and

2023, the related consolidated income statements, consolidated statements of comprehensive income, consolidated statements of changes in

equity, and consolidated cash flow statements for each of the years in the three-year period ended December 31, 2024, and the related notes

(collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December

31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations

of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the

Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period

ended December 31, 2024, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting

Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of

December 31, 2024 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring

Organizations of the Treadway Commission.

The Company acquired K18, Inc (“K18”) during 2024, and management excluded from its assessment of the effectiveness of the Company’s

internal control over financial reporting as of December 31, 2024, K18’s internal control over financial reporting associated with 0.17% of total

assets and 0.19% of total turnover included in the consolidated financial statements of the Company as of and for the year ended December 31,

2024. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial

reporting of K18.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial

reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s

Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial

statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm

registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the

Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain

reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and

whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the

consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures

included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also

included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of

internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating

effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered

necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A

company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in

reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance

that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting

principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and

directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any

evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or

that the degree of compliance with the policies or procedures may deteriorate.


122	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was

communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the

consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical

audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating

the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Indirect tax contingent liabilities in Brazil related to a 2001 corporate reorganisation

As discussed in note 20 to the consolidated financial statements, there are contingent liabilities reported for indirect taxes relating to disputes

with the Brazilian authorities related to a 2001 corporate reorganisation. The total amount of the tax assessments received in respect of this

matter is €3,230 million as of 31 December 2024. There also remains the possibility of further material tax assessments related to the same

matter for periods not yet assessed.

We identified the evaluation of the indirect tax contingent liabilities in Brazil related to a 2001 corporate reorganisation as a critical audit matter. In

Brazil, there is a high degree of complexity involved in the local indirect tax regimes (both state and federal) and jurisprudence. Due to these

complexities, there is a high degree of judgement applied by the Company with respect to the uncertainty of the outcome of this matter. Complex

auditor judgement and specialised skills were required in evaluating the possible future outcomes of investigations by the authorities for

assessments received to ascertain if a liability exists, and in evaluating if the exposure of possible material tax assessments related to the same

matter for periods not yet assessed can be estimated.

The following are the primary procedures we performed to address this critical audit matter.

■We evaluated the design and tested the operating effectiveness of certain internal controls related to the indirect tax process including controls

related to the assessment of the outcome of investigations if a liability exists and around evaluating exposure to possible material tax

assessments for periods not yet assessed.

■We involved local indirect tax professionals with specialized skills and knowledge who assisted in:

■assessing the appropriateness of the classification as contingent liabilities compared to the nature of the exposures, applicable regulations,

and related correspondence with the tax authorities; and

■assessing the confirmations received from the Company’s external lawyers, considering any impact of legal precedent, case law and any

historical and recent judgements passed by the court authorities which could impact likelihood of outflow of economic resources.

■We inspected assessments received from tax authorities and compared their consistency, occurrence and amounts retrospectively over time

to previous management estimates made in the periods this matter was not yet assessed.

/s/ KPMG LLP

We have served as the Company’s auditor since 2014.

London, United Kingdom

March 5, 2025


138	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


Consolidated Financial Statements Unilever Group

Consolidated income statement

for the year ended 31 December


	Notes	€ million 2024	€ million 2023	€ million 2022
Turnover	2	60,761	59,604	60,073
Operating profit	2	9,400	9,758	10,755
of which: (loss)/gain on disposal of group companies(a)		(406)	489	2,335
Net finance costs	5	(604)	(486)	(493)
Pensions and similar obligations		71	110	44
Finance income		438	442	281
Finance costs		(1,113)	(1,038)	(818)
Net monetary loss arising from hyperinflationary economies	1	(195)	(142)	(157)
Share of net profit of joint ventures and associates	11	255	231	208
Other income/(loss) from non-current investments and associates		13	(22)	24
Profit before taxation		8,869	9,339	10,337
Taxation	6A	(2,500)	(2,199)	(2,068)
Net profit		6,369	7,140	8,269
Attributable to:
Non-controlling interests		625	653	627
Shareholders’ equity		5,744	6,487	7,642
Earnings per share	7
Basic earnings per share (€)		2.30	2.58	3.00
Diluted earnings per share (€)		2.29	2.56	2.99

Consolidated statement of comprehensive income

for the year ended 31 December


	Notes	€ million 2024	€ million 2023	€ million 2022
Net profit		6,369	7,140	8,269
Other comprehensive income	6C
Items that will not be reclassified to profit or loss, net of tax:
Gains/(losses) on equity instruments measured at fair value through other comprehensive income		60	(28)	36
Remeasurement of defined benefit pension plans	15B	264	(510)	(473)
Items that may be reclassified subsequently to profit or loss, net of tax:
Gains/(losses) on cash flow hedges		210	(27)	(91)
Currency retranslation gains/(losses)(a)	15B	1,389	(1,461)	614
Total comprehensive income		8,292	5,114	8,355
Attributable to:
Non-controlling interests		712	524	507
Shareholders’ equity		7,580	4,590	7,848

(a)2024 net loss arises from the disposals of our Russian business, Elida Beauty, Pureit, and Qinyuan. This net loss includes a foreign currency translation reserve write-off of €545 million.

2023 includes a gain of €497 million related to the disposal of Suave. 2022 includes a gain of €2,303 million related to the disposal of the global tea business.

Note references in the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated balance sheet and

consolidated cash flow statement relate to notes on pages 142 to 191 which form an integral part of the consolidated financial statements.


Unilever Annual Report on Form 20-F 2024		139



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

Consolidated statement of changes in equity

for the year ended 31 December


€ million	Called up share capital	Share premium account	Unification reserve	Other reserves	Retained profit	Total	Non- controlling interests	Total equity
31 December 2021	92	52,844	(73,364)	(9,210)	46,745	17,107	2,639	19,746
Hyperinflation restatement to 1 January 2022	–	–	–	–	154	154	–	154
Adjusted opening balance	92	52,844	(73,364)	(9,210)	46,899	17,261	2,639	19,900
Profit or loss for the period	–	–	–	–	7,642	7,642	627	8,269
Other comprehensive income, net of tax:
Equity instruments gains/(losses)	–	–	–	45	–	45	(9)	36
Cash flow hedges gains/(losses)	–	–	–	(92)	–	(92)	1	(91)
Remeasurements of defined benefit pension plans	–	–	–	–	(474)	(474)	1	(473)
Currency retranslation gains/(losses)(a)	–	–	–	240	487	727	(113)	614
Total comprehensive income	–	–	–	193	7,655	7,848	507	8,355
Dividends on ordinary capital	–	–	–	–	(4,356)	(4,356)	–	(4,356)
Repurchase of shares(b)	–	–	–	(1,509)	–	(1,509)	–	(1,509)
Movements in treasury shares(c)	–	–	–	106	(137)	(31)	–	(31)
Share-based payment credit(d)	–	–	–	–	177	177	–	177
Dividends paid to non-controlling interests	–	–	–	–	–	–	(572)	(572)
Hedging (gain)/loss transferred to non-financial assets	–	–	–	(126)	–	(126)	(1)	(127)
Other movements in equity(e)	–	–	–	(258)	15	(243)	107	(136)
31 December 2022	92	52,844	(73,364)	(10,804)	50,253	19,021	2,680	21,701
Profit or loss for the period	–	–	–	–	6,487	6,487	653	7,140
Other comprehensive income, net of tax:
Equity instruments gains/(losses)	–	–	–	(27)	–	(27)	(1)	(28)
Cash flow hedges gains/(losses)	–	–	–	(27)	–	(27)	–	(27)
Remeasurements of defined benefit pension plans	–	–	–	–	(508)	(508)	(2)	(510)
Currency retranslation gains/(losses)(a)	–	–	–	(1,629)	294	(1,335)	(126)	(1,461)
Total comprehensive income	–	–	–	(1,683)	6,273	4,590	524	5,114
Dividends on ordinary capital	–	–	–	–	(4,327)	(4,327)	–	(4,327)
Cancellation of treasury shares(f)	(4)	–	–	5,282	(5,278)	–	–	–
Repurchase of shares(b)	–	–	–	(1,507)	–	(1,507)	–	(1,507)
Movements in treasury shares(c)	–	–	–	75	(98)	(23)	–	(23)
Share-based payment credit(d)	–	–	–	–	212	212	–	212
Dividends paid to non-controlling interests	–	–	–	–	–	–	(521)	(521)
Hedging (gain)/loss transferred to non-financial assets	–	–	–	117	–	117	–	117
Other movements in equity	–	–	–	2	17	19	(21)	(2)
31 December 2023	88	52,844	(73,364)	(8,518)	47,052	18,102	2,662	20,764
Profit or loss for the period	–	–	–	–	5,744	5,744	625	6,369
Other comprehensive income, net of tax:
Equity instruments gains/(losses)	–	–	–	60	–	60	–	60
Cash flow hedges gains/(losses)	–	–	–	210	–	210	–	210
Remeasurements of defined benefit pension plans	–	–	–	–	269	269	(5)	264
Currency retranslation gains/(losses)(a)	–	–	–	406	891	1,297	92	1,389
Total comprehensive income	–	–	–	676	6,904	7,580	712	8,292
Dividends on ordinary capital	–	–	–	–	(4,320)	(4,320)	–	(4,320)
Repurchase of shares(b)	–	–	–	(1,508)	–	(1,508)	–	(1,508)
Movements in treasury shares(c)	–	–	–	25	(120)	(95)	–	(95)
Share-based payment credit(d)	–	–	–	–	324	324	–	324
Dividends paid to non-controlling interests	–	–	–	–	–	–	(712)	(712)
Hedging (gain)/loss transferred to non-financial assets	–	–	–	(54)	–	(54)	–	(54)
Other movements in equity	–	–	–	80	(119)	(39)	(97)	(136)
31 December 2024	88	52,844	(73,364)	(9,299)	49,721	19,990	2,565	22,555

(a)Includes a hyperinflation adjustment of €880 million (2023: €308 million, 2022: €514 million) in relation to Argentina and Turkey.

(b)Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback programme announced on 10 February 2022 and 8 February 2024.

(c)Includes purchases and sales of treasury shares, other than the share buyback programme and transfer from treasury shares to retained profit of share-settled schemes arising from prior

years and differences between purchase and grant price of share awards.

(d)The share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of share options and awards granted to employees.

(e)Includes the following items related to the acquisition of Nutrafol: €(269) million non-controlling interest purchase option in other reserves and €99 million non-controlling interest

recognised on acquisition.

(f)During 2023, 112,746,434 PLC ordinary shares held as treasury shares were cancelled. The amount paid to repurchase these shares was initially recognised in other reserves and is

transferred to retained profit on cancellation.


Unilever Annual Report on Form 20-F 2024		141



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

Consolidated cash flow statement

for the year ended 31 December


	Notes	€ million 2024	€ million 2023	€ million 2022
Net profit		6,369	7,140	8,269
Taxation		2,500	2,199	2,068
Share of net profit of joint ventures/associates and other (income)/loss from non-current investments		(268)	(209)	(232)
Net monetary loss arising from hyperinflationary economies		195	142	157
Net finance costs	5	604	486	493
Operating profit		9,400	9,758	10,755
Depreciation, amortisation and impairment		1,757	1,579	1,946
Changes in working capital:		(160)	814	(422)
Inventories		(198)	340	(1,398)
Trade and other receivables		(206)	768	(1,852)
Trade payables and other liabilities		244	(294)	2,828
Pensions and similar obligations less payments		(88)	(281)	(119)
Provisions less payments		330	(185)	203
Elimination of losses/(profits) on disposals		436	(433)	(2,335)
Non-cash charge for share-based compensation		324	212	177
Other adjustments		145	97	(116)
Cash flow from operating activities		12,144	11,561	10,089
Income tax paid		(2,625)	(2,135)	(2,807)
Net cash flow from operating activities		9,519	9,426	7,282
Interest received		432	267	287
Purchase of intangible assets		(233)	(243)	(253)
Purchase of property, plant and equipment		(1,738)	(1,502)	(1,456)
Disposal of property, plant and equipment		37	42	82
Acquisition of businesses and investments in joint ventures and associates		(795)	(704)	(979)
Disposal of businesses, joint ventures and associates		985	436	4,622
Acquisition of other non-current investments		(166)	(533)	(170)
Disposal of other non-current investments		59	62	266
Dividends from joint ventures, associates and other non-current investments		261	239	185
Sale/(purchase) of financial assets		533	(358)	(131)
Net cash flow (used in)/from investing activities		(625)	(2,294)	2,453
Dividends paid on ordinary share capital		(4,319)	(4,363)	(4,329)
Interest paid		(1,085)	(899)	(744)
Net change in short-term borrowings		643	(570)	(545)
Additional financial liabilities		4,741	4,972	7,776
Repayment of financial liabilities		(4,306)	(3,905)	(8,440)
Capital element of lease rental payments		(381)	(394)	(518)
Repurchase of shares	24	(1,508)	(1,507)	(1,509)
Other financing activities(a)		(726)	(527)	(581)
Net cash flow used in financing activities		(6,941)	(7,193)	(8,890)
Net increase/(decrease) in cash and cash equivalents		1,953	(61)	845
Cash and cash equivalents at the beginning of the year		4,045	4,225	3,387
Effect of foreign exchange rate changes		(48)	(119)	(7)
Cash and cash equivalents at the end of the year	17A	5,950	4,045	4,225

(a)Other financing activities include cash paid for the purchase of non-controlling interests and dividends paid to minority interests.

The cash flows of pension funds (other than contributions and other direct payments made by the Group in respect of pensions and similar obligations) are not

included in the Group cash flow statement.


142	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


Notes to the Consolidated Financial Statements Unilever Group

1. Accounting information and

policies

BASIS OF CONSOLIDATION

Group companies included in the consolidated financial statements for 2024 are

Unilever PLC ('PLC') and all subsidiary undertakings, which are those entities

controlled by PLC. Control exists when the Group has the power to direct the activities

of an entity so as to affect the return on investment.

The net assets and results of acquired businesses are included in the consolidated

financial statements from their respective dates of acquisition, being the date on which

the Group obtains control.

The results of disposed businesses are included in the consolidated financial

statements up to their date of disposal, being the date control ceases.

Intra-group transactions and balances are eliminated.

COMPANY LEGISLATION AND ACCOUNTING

STANDARDS

The consolidated financial statements have been prepared in accordance with

International Financial Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB), and UK-adopted international accounting

standards. The consolidated financial statements comply with the Companies Act

2006.

These financial statements are prepared under the historical cost convention unless

otherwise indicated.

GOING CONCERN

These financial statements have been prepared on a going concern basis.

The Group has considerable financial resources together with established business

relationships with many customers and suppliers in countries throughout the world.

The Directors considered the Group's overall financial position, exposure to principal

risks and future business forecasts. Specifically, they ensured that the expected cash

flows from those forecasts were sufficient to cover its obligations for the next twelve

months from the date of approval of the financial statements. This also included

sensitivities considerations should the Group face an adverse environment leading to

reduced sales growth and operating margins vs. forecasts. We describe in notes 15 to

18 on pages 169 to 184 the Group’s objectives, policies and processes for managing

its capital; its financial risk management objectives; details of its financial instruments

and hedging activities and its exposures to credit and liquidity risk. The Group has

credit facilities available to raise short-term financing if necessary.

In conclusion, the Group is well placed to manage its business risks successfully and

meet its obligations for at least twelve months from the date of approval of the financial

statements.

ACCOUNTING POLICIES

The accounting policies adopted are the same as those which were applied for the

previous financial year except as set out below under the heading ‘Recent accounting

developments’.

Accounting policies are included in the relevant notes to the consolidated financial

statements. These are presented as text highlighted in grey on pages 142 to 191. The

accounting policies below are applied throughout the financial statements.

FOREIGN CURRENCIES

The consolidated financial statements are presented in euros.

Items included in the financial statements of individual group companies are recorded

in their respective functional currency which is the currency of the primary economic

environment in which each entity operates.

Foreign currency transactions in individual group companies are translated into

functional currency using exchange rates at the date of the transaction. Foreign

exchange gains and losses from settlement of these transactions, and from translation

of monetary assets and liabilities at year-end exchange rates, are recognised in the

income statement except when deferred in equity as qualifying hedges.

In preparing the consolidated financial statements, the balances in individual group

companies are translated from their functional currency into euros. Apart from the

financial statements of group companies in hyperinflationary economies (see below),

the income statement, the cash flow statement and all other movements in assets and

liabilities are translated at average rates of exchange as a proxy for the transaction

rate, or at the transaction rate itself if more appropriate. Assets and liabilities are

translated at year-end exchange rates.

The financial statements of group companies whose functional currency is the

currency of a hyperinflationary economy are adjusted for inflation and then translated

into euros using the balance sheet exchange rate. Amounts shown for prior years for

comparative purposes are not modified. To determine the existence of hyperinflation,

the Group assesses the qualitative and quantitative characteristics of the economic

environment of the country, such as the cumulative inflation rate over the previous

three years.

Effective from 1 January 2024, the functional currency of the Group's ultimate parent

company, Unilever PLC ('PLC') has changed from sterling to euro. This follows a

review and subsequent change of the internal debt of PLC, from sterling to euro, which

triggered a formal evaluation of PLC's functional currency in line with relevant

accounting standards. The change has been applied prospectively. There is no impact

on the presentation of the Group results nor has there been any restatements to the

Group financial statements as a result of this change.

As at 31 December 2023, the ordinary share capital of PLC was translated to euro

using the historical rate at the date the shares were issued (see note 15B on

page 170).

The effect of exchange rate changes during the year on net assets of foreign

operations is recorded in equity. For this purpose, net assets include loans between

group companies and any related foreign exchange contracts where settlement is

neither planned nor likely to occur in the foreseeable future.

The Group applies hedge accounting to certain exchange differences arising between

the functional currencies of a foreign operation and the functional currency of the

parent entity, regardless of whether the net investment is held directly or through an

intermediate parent. Differences arising on retranslation of a financial liability

designated as a foreign currency net investment hedge are recorded in equity to the

extent that the hedge is effective. These differences are reported within profit or loss to

the extent that the hedge is ineffective.

Cumulative exchange differences arising since the date of transition to IFRS of

1 January 2004 are reported as a separate component of other reserves. In the event

of disposal or part disposal of an interest in a group company either through sale or as

a result of a repayment of capital, the cumulative exchange difference is recognised in

the income statement as part of the profit or loss on disposal of group companies.

HYPERINFLATIONARY ECONOMIES

The Argentinian economy was designated as hyperinflationary from 1 July 2018 and

the Turkish economy was designated as hyperinflationary from 1 July 2022. As a

result, application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ has

been applied to all Unilever entities whose functional currency is the Argentinian peso

or the Turkish lira. The application of IAS 29 includes:

■adjustment of historical cost non-monetary assets and liabilities for the change in

purchasing power caused by inflation from the date of initial recognition to the

balance sheet date;

■adjustment of the income statement for inflation during the reporting period;

■translation of income statement at the period-end foreign exchange rate instead of

an average rate; and

■adjustment of the income statement to reflect the impact of inflation and exchange

rate movement on holding monetary assets and liabilities in local currency.

The main effects on the Group consolidated financial statements for 2024 are:


€ million	Argentina	Turkey	Total
Total assets increase/(reduction)	474	65	539
Turnover increase/(reduction)	230	187	417
Operating profit increase/(reduction)	10	(4)	6
Net monetary gain/(loss)	(206)	11	(195)


Unilever Annual Report on Form 20-F 2024		143



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

CLIMATE CHANGE

In preparing these consolidated financial statements we have considered the

impact of both physical and transition climate change risks as well as our plans

to mitigate against those risks on the current valuation of our assets and

liabilities. We have identified risks and opportunities that could in the future be

material to our business, for example carbon tax or land use regulations. Where

possible we have performed quantitative assessments of these risks and

opportunities based on various scenarios for the years 2030, 2039 and 2050.

These potential financial impacts are based on high-level quantitative

assessments and do not include any assumptions on the impact of actions that

we would undertake to mitigate against these climate-related risks. Therefore,

these quantifications do not represent any type of financial forecast and thus are

not directly incorporated into any projections of long-term cash flows.

To determine if there is a material impact on the financial reporting

judgements and estimates as of the reporting period, we have reviewed

each balance sheet line item and identified those line items that have the

potential to be significantly impacted by climate-related risks and our plans to

mitigate against these risks. Those line items that have the potential to be

significantly impacted have then been reviewed in detail to confirm:

■that the growth rates and projected cash flows, used in assessing whether our

goodwill and indefinite-life intangibles are impaired, are consistent with our

climate-related risk assumptions and the actions we are taking to mitigate

against those risks and

■that the useful lives of our property, plant and equipment are appropriate given

the potential physical and obsolescence risks associated with climate change

and the actions we are taking to mitigate against those risks.

In addition it should be noted that climate-related risks could affect the financial

position of our defined benefit pension plan assets. The Trustees operate

diversified investment strategies and are continuously assessing investment

risks. The Trustees consider climate risk as one of the key investment risks and

are continually evolving their investments to lower the overall climate risk.

Based on these reviews, we do not believe that there is a material impact on the

financial reporting judgements and estimates arising from our considerations and

as a result the valuations of our assets or liabilities have not been significantly

impacted by these risks as at 31 December 2024. We have not identified any

significant impact from climate-related risks on the Group’s going concern

assessment nor the viability of the Group over the next three years.

For many years Unilever has placed sustainability at the centre of its strategy

and has been working on becoming a more sustainable business. This has

included implementing hundreds of actions to help mitigate and adapt against

climate-related risks. The costs and benefits of such actions are embedded into

the cost structures of the business and are not separately identifiable. None of

these actions have significantly impacted the value of the Group's assets or their

useful lives and whilst there is still much to do, our aim is to continue to reduce

our exposure to climate-related risks without impacting the value of the Group’s

assets. However we recognise that the climate emergency is deepening and

government policies are likely to evolve as a result of commitments to limit global

warning to 1.5°C and thus we will continue to carefully monitor potential

implications on the valuations of our assets and liabilities that could arise in

future years.

CRITICAL ACCOUNTING ESTIMATES AND

JUDGEMENTS

The preparation of financial statements requires management to make estimates

and judgements in the application of accounting policies that affect the reported

amounts of assets, liabilities, income and expenses. Actual results may differ

from these estimates. Estimates and judgements are continuously evaluated and

are based on historical experience and other factors, including expectations of

future events that are believed to be reasonable. Revisions to accounting

estimates are recognised in the period in which the estimate is revised and in

any future period affected.

The following estimates are those that management believe have the most

significant risk of causing a material adjustment to the carrying amounts of

assets and liabilities within the next financial year:

■Measurement of defined benefit obligations – the valuations of the Group’s

defined benefit pension plan obligations are dependent on a number of

assumptions. These include discount rates, inflation, and life expectancy of

scheme members. Details of these assumptions and sensitivities are in note

4B.

The following judgements are those that management believe have the most

significant effect on the amounts recognised in the Group’s financial statements:

■Utilisation of tax losses and recognition of other deferred tax assets

– the Group operates in many countries and is subject to taxes in numerous

jurisdictions. Management uses judgement to assess the recoverability of tax

assets such as whether there will be sufficient future taxable profits to utilise

losses – see note 6B.

■Likelihood of occurrence of provisions and contingent liabilities – events can

occur where there is uncertainty over future obligations. Judgement is

required to determine if an outflow of economic resources is probable, or

possible but not probable. Where it is probable, a liability is recognised and

further judgement is used to determine the level of the provision. Where it is

possible but not probable, further judgement is used to determine if the

likelihood is remote, in which case no disclosures are provided; if the

likelihood is not remote then judgement is used to determine the contingent

liability disclosed. Unilever does not have provisions and contingent liabilities

for the same matters. External advice is obtained for any material cases. See

notes 6A, 19 and 20.

■Recognition of pension surplus – where there is an accounting surplus on a

defined benefit plan, management uses judgement to determine whether the

Group can realise the surplus through refunds, reductions in future

contributions or a combination of both.


144	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

ACCOUNTING DEVELOPMENTS ADOPTED BY THE GROUP

Recent accounting developments adopted by the Group

The Group applied for the first-time amendments to the following standards from 1 January 2024.


Applicable standard	Key requirements	Impact on Group
IAS 7 and IFRS 7 – 'Supplier Finance Arrangements'’	The amendments introduce additional disclosure requirements for companies that enter into supplier finance arrangements. The amendments require qualitative and quantitative information to be disclosed about those arrangements.	We have reviewed the Group’s supplier finance arrangements to ensure appropriate disclosures which are disclosed in note 14.

All other standards or amendments to standards that have been issued by the IASB and were effective by 1 January 2024 were not applicable or material to Unilever.

New standards, amendments and interpretations of existing standards that are not yet effective and have not been early

adopted by the Group

The following standards have been released but are not yet adopted by the Group. The Group is currently assessing their impact on the financial results and position

of the Group.


Applicable standard	Key requirements or changes in accounting policy
Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ Effective 1 January 2025	In August 2023, the International Accounting Standards Board (IASB) amended IAS 21 to clarify whether a currency is exchangeable, and how to determine a spot rate if it is not.
Amendments to IFRS 9 and IFRS 7 ‘The Classification and Measurement of Financial instruments’ Effective from 1 January 2026	In May 2024 the International Accounting Standards Board (IASB) amended IFRS 7 and IFRS 9 which includes clarifications on recognition and derecognition dates of certain financial assets and liabilities, including exceptions for liabilities settled through electronic cash transfer systems.
IFRS 18 Presentation and Disclosure in Financial Statements Effective 1 January 2027	IFRS 18 will replace IAS 1 Presentation of Financial Statements. The amendment impacts presentation and disclosure of the consolidated income statement with new defined categories being operating, investing, and financing to provide a consistent structure. Disclosures about Management-defined Performance Measures (MPMs) (i.e. certain non-GAAP measures) will have to be disclosed in the financial statement with reconciliations to GAAP measures. The new standard will also provide guidance on grouping of information (aggregation/disaggregation).

All other new standards or amendments that are not yet effective that have been issued by the IASB are not applicable or material to Unilever.


Unilever Annual Report on Form 20-F 2024		145



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

2. Segment information


Segmental reporting The Group's operating and reportable segments are the five Business Groups of Beauty & Wellbeing, Personal Care, Home Care, Foods (previously reported as Nutrition) and Ice Cream. The segmental disclosure provided is consistent with information reviewed by our chief operating decision maker, the Unilever Leadership Executive.
Beauty & Wellbeing	■primarily sales of hair care (shampoo, conditioner, styling), skin care (face, hand and body moisturisers) and includes Prestige Beauty and Wellbeing.
Personal Care	■primarily sales of skin cleansing (soap, shower), deodorant and oral care (toothpaste, toothbrush, mouthwash) products.
Home Care	■primarily sales of fabric care (washing powders and liquids, rinse conditioners) and a wide range of home and hygiene cleaning products.
Foods (previously Nutrition)	■primarily sales of cooking aids & mini-meals (soups, bouillons, seasonings), condiments (mayonnaise, ketchup) and Unilever Food Solutions.
Ice Cream	■primarily ice cream products.
Revenue Turnover comprises sales of goods after the deduction of discounts, sales taxes and estimated returns. It does not include sales between group companies. Discounts given by Unilever include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs and are based on the contractual arrangements with each customer. Discounts can either be immediately deducted from the sales value on the invoice or off-invoice and settled later through credit notes when the precise amounts are known. Amounts provided for discounts at the end of a period require estimation; historical data and accumulated experience is used to assess the provision using the most likely amount method and in most instances, the discount can be recognised using known facts with a high level of accuracy. Any differences between actual amounts settled and the amounts provided are recognised in the subsequent reporting period and are not material year-on-year. Customer contracts generally contain a single performance obligation and turnover is recognised when control of the products being sold has transferred to our customer as there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations in our contracts are satisfied as Unilever no longer has control over the inventory. Our customers have the contractual right to return goods only when authorised by Unilever. If material, an estimate is made of goods that will be returned, and a liability is recognised for this amount. An asset is then recorded for the corresponding inventory that is estimated to return to Unilever using a best estimate based on accumulated experience. Our customers are distributors who may be able to return unsold goods in consignment arrangements. Underlying operating profit Underlying operating profit means operating profit before the impact of non-underlying items within operating profit. Underlying operating profit represents our measure of segment profit or loss as it is the primary measure used for the purpose of making decisions about allocating resources and assessing performance of segments. Items are classified as non-underlying due to their nature and/or frequency of occurrence.

Our segments are comprised of similar product categories. 8 categories (2023: 8; 2022: 8) individually accounted for 5% or more of our revenue in one or more of the

last three years. The following table shows the relevant contribution of these categories to Group revenue for the periods shown:


Category	Segment	2024	2023	2022
Fabric	Home Care	15%	15%	15%
Ice Cream	Ice Cream	14%	13%	13%
Hair Care	Beauty & Wellbeing	10%	10%	11%
Cooking Aids	Foods	10%	10%	10%
Skin Cleansing	Personal Care	10%	10%	10%
Deodorant	Personal Care	9%	9%	8%
Skin Care	Beauty & Wellbeing	7%	7%	7%
Condiments	Foods	7%	7%	6%
Other		18%	19%	20%

* Cooking Aids previously reported as Scratch Cooking Aids; Condiments previously reported as Dressings.


146	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

2. SEGMENT INFORMATION continued

The Group operating segment information is provided based on five product areas: Beauty & Wellbeing, Personal Care, Home Care, Foods and Ice Cream.


	Notes	€ million Beauty & Wellbeing	€ million Personal Care	€ million Home Care	€ million Foods	€ million Ice Cream	€ million Total
2024
Turnover		13,157	13,618	12,352	13,352	8,282	60,761
Operating profit	3	1,970	2,739	1,521	2,599	571	9,400
Non-underlying items(a)		582	275	264	248	410	1,779
Underlying operating profit		2,552	3,014	1,785	2,847	981	11,179
Share of net profit/(loss) of joint ventures and associates		3	5	6	236	5	255
Significant non-cash charges:
Within underlying operating profit:
Depreciation and amortisation		271	362	286	318	387	1,624
Share-based compensation and other non-cash charges(b)		111	113	100	105	62	491
Within non-underlying items:
Impairment and other non-cash charges(c)		65	75	195	105	111	551
2023
Turnover		12,466	13,829	12,181	13,204	7,924	59,604
Operating profit	3	2,209	2,957	1,419	2,413	760	9,758
Non-underlying items(a)		122	(165)	77	47	92	173
Underlying operating profit		2,331	2,792	1,496	2,460	852	9,931
Share of net profit/(loss) of joint ventures and associates		1	3	3	221	3	231
Significant non-cash charges:
Within underlying operating profit:
Depreciation and amortisation		257	328	279	283	431	1,578
Share-based compensation and other non-cash charges(b)		73	87	64	89	47	360
Within non-underlying items:
Impairment and other non-cash charges(c)		(6)	4	(40)	(18)	(1)	(61)
2022
Turnover		12,250	13,636	12,401	13,898	7,888	60,073
Operating profit	3	2,154	2,264	1,064	4,497	776	10,755
Non-underlying items(a)		138	415	280	(2,048)	143	(1,072)
Underlying operating profit		2,292	2,679	1,344	2,449	919	9,683
Share of net profit/(loss) of joint ventures and associates		1	3	4	196	4	208
Significant non-cash charges:
Within underlying operating profit:
Depreciation and amortisation		282	350	327	349	417	1,725
Share-based compensation and other non-cash charges(b)		43	55	36	51	33	218
Within non-underlying items:
Impairment and other non-cash charges(c)		49	259	152	87	60	607

(a)Non-underlying items include (loss)/gain on disposal of group companies, impairment, restructuring costs, acquisition and disposal-related costs and other one-off items classified

separately due to their nature and/or frequency of occurrence. Refer to note 3.

(b)Other non-cash charges within underlying operating profit include movements in provisions from underlying activities, excluding movements arising from

non-underlying activities.

(c)Other non-cash charges within non-underlying items includes movements in restructuring provisions and movements in certain legal provisions.


Unilever Annual Report on Form 20-F 2024		147



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

2. SEGMENT INFORMATION continued

The Unilever Group is not reliant on turnover from transactions with any single customer and does not receive 10% or more of its turnover from transactions with any

single customer.

Segment assets and liabilities are not provided because they are not reported to or reviewed by our chief operating decision-maker, which is the Unilever Leadership

Executive (ULE).

Turnover and non-current assets for the country of domicile, the United States and India (being the two largest countries outside the home country) and for all other

countries are:


	€ million United Kingdom	€ million United States	€ million India	€ million Others	€ million Total
2024
Turnover	2,646	12,515	6,677	38,923	60,761
Non-current assets(a)	3,830	19,715	6,700	23,296	53,541
2023
Turnover	2,523	12,250	6,691	38,140	59,604
Non-current assets(a)	3,567	18,205	6,436	22,876	51,084
2022
Turnover	2,498	12,122	6,872	38,581	60,073
Non-current assets(a)	3,621	18,109	6,500	23,971	52,201

(a)For the purpose of this table, non-current assets include goodwill, intangible assets, property, plant and equipment and other non-current assets as shown on the consolidated balance

sheet. Goodwill is attributed to countries where acquired business operated at the time of acquisition; all other assets are attributed to the countries where they were acquired.

No other country had turnover or non-current assets (as shown above) greater than 10% of the Group total.

ADDITIONAL INFORMATION BY GEOGRAPHIES

Although the Group’s operations are managed by product area, we provide additional information based on geographies.


	€ million 2024	€ million 2023	€ million 2022
Asia Pacific Africa	25,991	26,234	27,504
The Americas(a)	22,491	21,531	20,905
Europe	12,279	11,839	11,664
Total	60,761	59,604	60,073

(a)Americas sales in North America were €13,382 million (2023: €13,130 million; 2022: €13,000 million) and in Latin America were €9,109 million (2023: €8,401 million; 2022: €7,905 million).

The Group's turnover classified by markets is:


	€ million 2024	€ million 2023	€ million 2022
Emerging markets	35,313	34,714	35,324
Developed markets	25,448	24,890	24,749

Transactions between the Unilever Group’s geographical regions are immaterial and are carried out on an arm’s length basis.


148	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

3. Operating costs

Operating costs

Operating costs include cost of sales, brand and marketing investment, overheads and other items including gains and losses on business disposals, acquisition

and disposal-related costs, restructuring costs, impairments and other items within operating profit recognised separately due to their nature and/or frequency.

(i) Cost of sales

Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost of inventories are raw and packaging materials and related

production costs. Distribution costs are charged to the income statement as incurred.

(ii) Brand and marketing investment

Brand and marketing investment include costs related to creating and maintaining brand equity and brand awareness. This includes media, advertising production,

promotional materials and engagement with consumers. These costs are charged to the income statement as incurred.

(iii) Overheads

Overheads include staff costs associated with sales activities and central functions such as finance, human resources, and research and development costs.

Research and development costs are staff costs, material costs, depreciation of property, plant and equipment, patent costs and other costs that are directly

attributable to research and product development activities. These costs are charged to the income statement as incurred.

(iv) Restructuring costs

Restructuring costs are costs that are directly attributable to a restructuring project. Management define a restructuring project as a strategic, major initiative that

delivers cost savings and materially change either the scope of the business or the manner in which the business is conducted.

(v) Acquisition and disposal-related costs

Acquisition and disposal-related costs are costs that are directly attributable to a business acquisition or disposal project.

(vi) Impairment of assets

Impairment of assets including goodwill, intangible assets and property, plant and equipment.

(vii) Gains or losses from the disposal of group companies

Gains or losses from the disposal of group companies which arise from business disposal projects.

(viii) Others

Other approved one-off items are those additional matters considered by management to be significant and outside the course of normal operations.


	€ million 2024	€ million 2023	€ million 2022
Turnover	60,761	59,604	60,073
Cost of sales	(33,391)	(34,429)	(35,906)
of which:
Distribution costs	(3,469)	(3,549)	(3,787)
Production costs	(4,074)	(3,969)	(3,995)
Raw and packaging materials and goods purchased for resale	(24,069)	(25,084)	(26,360)
Other	(1,779)	(1,827)	(1,764)
Gross profit	27,370	25,175	24,167
Selling and administrative expenses	(16,191)	(15,244)	(14,484)
of which:
Brand and marketing investment	(9,410)	(8,546)	(7,821)
Overheads	(6,781)	(6,698)	(6,663)
of which: Research and development(a)	(987)	(949)	(908)
(Loss)/gain on disposal of group companies(b)	(406)	489	2,335
Acquisition and disposal-related costs(c)	(387)	(242)	(50)
Restructuring costs(d)	(850)	(499)	(777)
Impairments(e)	(133)	(1)	(221)
Other	(3)	80	(215)
Operating profit	9,400	9,758	10,755

(a)Research and development costs include patent costs of €27 million in 2024. The patent costs for 2023 and 2022 were €29 million and €28 million respectively.

(b)2024 net loss arises from the disposals of our Russian business, Elida Beauty, Pureit, and Qinyuan. This net loss includes a foreign currency translation reserve write-off of €545 million.

2023 includes a gain of €497 million related to the disposal of Suave. 2022 includes a gain of €2,303 million related to the disposal of the global tea business.

million relating to the acquisition of Yasso.

(d)In 2024, we announced the launch of a company-wide productivity programme that would impact around 7,500 jobs and support margin improvement through specific interventions over its

duration. The majority of the costs incurred that relate to the productivity programme were for redundancy and are recognised as restructuring in line with our policy. The remaining costs

comprise technology and supply chain projects.

(e)2024 includes an impairment charge of €127 million relating to Blueair, an air purification business. 2022 includes an impairment charge of €192 million relating to Dollar Shave Club.

Exchange gain/(loss) within operating costs in 2024 is €24 million (2023: €(249) million; 2022: €(225) million).


150	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

4B. PENSIONS AND SIMILAR OBLIGATIONS


For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income statement is the cost of accruing pension benefits promised to employees over the year, administration costs (other than costs of managing plan assets), plus the costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). The amount charged or credited to finance costs is a net interest expense calculated by applying the liability discount rate to the surplus or deficit. Any differences between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or experience within the plans, are recognised immediately in the statement of comprehensive income. The defined benefit plan surplus or deficit on the balance sheet comprises the total for each plan of the fair value of plan assets less the present value of the defined benefit liabilities (using a discount rate based on high-quality corporate bonds, or a suitable alternative where there is no active corporate bond market) adjusted for irrecoverable surpluses. All defined benefit plans are subject to regular actuarial review using the projected unit method by external consultants. The Group policy is that the most material plans, representing approximately 81% of the defined benefit liabilities, are formally valued every year. Other material plans, accounting for a further 14% of the liabilities, have their liabilities updated each year. Group policy for the remaining plans requires a full actuarial valuation at least every three years. Asset values for all plans are updated every year. For defined contribution plans, the charges to the income statement are the company contributions payable, as the company’s obligation is limited to the contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group.

Description of plans

The Group increasingly operates a number of defined contribution plans, the assets of which are held in external funds. In certain countries, the Group operates

defined benefit pension plans based on employee pensionable remuneration and length of service. The majority of defined benefit plans are either career average,

final salary or hybrid plans and operate on a funded basis with assets held in external funds. Benefits are determined by the plan rules and are linked to inflation in

some countries. Our largest plans are in the UK and the Netherlands. In the UK, we operate a career average defined benefit plan (with a salary limit for benefit

accrual) which is closed to new entrants from October 2021, and a defined contribution plan. In the Netherlands, we operate a collective defined contribution plan for

all new benefit accrual and a closed career average defined benefit plan for benefits built up to April 2015.

The Group also provides other post-employment benefits, mainly post-employment healthcare plans in the US, closed to new entrants from January 2014. These

plans are predominantly unfunded.

Governance

The majority of the Group’s externally funded plans are established as trusts, foundations or similar entities. The operation of these entities is governed by local

regulations and practice in each country, as is the nature of the relationship between the Group and the Trustees (or equivalent) and their composition. Where

Trustees (or equivalent) are in place to operate plans, they are generally required to act on behalf of the plan’s stakeholders. They are tasked with periodic reviews of

the solvency of the plan in accordance with local legislation and play a role in the long-term investment and funding strategy. The Group also has an internal body, the

Pensions Committee, that is responsible for setting the company’s policies and decision-making on plan matters, including but not limited to design, funding,

investments, risk management and governance.

Investment strategy

The Group’s investment strategy in respect of its funded plans is implemented within the framework of the various statutory requirements of the territories where the

plans are based. The Group has developed policy guidelines for the allocation of assets to different classes with the objective of controlling risk and maintaining the

right balance between risk and long-term returns in order to limit the cost to the Group of the benefits provided. To achieve this, investments are diversified, such that

the failure of any single investment should not have a material impact on the overall level of assets. The plans expose the Group to a number of actuarial risks such

as investment risk, interest rate risk, longevity risk and, in certain countries, inflation risk. There are no unusual entity or material plan-specific risks to the Group. The

plans invest a reducing proportion of assets in equities and, for risk control, an increasing proportion in liability matching assets (bonds). There are also investments in

property and other alternative assets; additionally, the Group uses derivatives to further mitigate the impact of the risks outlined above. However, the portfolio

leverage is relatively low. The majority of assets are managed by a number of external fund managers with a small proportion managed in-house. Unilever has a

pooled investment vehicle (Univest) which it believes offers its pension plans around the world a simplified externally managed investment vehicle to implement their

strategic asset allocation models, currently for bonds, equities and alternative assets. The aim is to provide high-quality, well-diversified, cost-effective, risk-controlled

vehicles. The pension plans’ investments are overseen by Unilever’s internal investment company, the Univest Company.

Assumptions

With the objective of presenting the assets and liabilities of the pensions and other post-employment benefit plans at their fair value on the balance sheet,

assumptions under IAS 19 are set by reference to market conditions at the valuation date. The actuarial assumptions used to calculate the benefit liabilities vary

according to the country in which the plan is situated. The following table shows the assumptions, weighted by liabilities, used to value the principal defined benefit

plans (representing approximately 95% of total pension liabilities and other post-employment benefit liabilities).


	31 December 2024		31 December 2023
	Defined benefit pension plans	Other post- employment benefit plans	Defined benefit pension plans	Other post- employment benefit plans
Discount rate	4.8%	6.3%	4.4%	5.9%
Inflation	2.8%	n/a	2.8%	n/a
Rate of increase in salaries	3.4%	3.0%	3.4%	2.9%
Rate of increase for pensions in payment (where provided)	2.5%	n/a	2.6%	n/a
Rate of increase for pensions in deferment (where provided)	2.8%	n/a	2.8%	n/a
Long-term medical cost inflation	n/a	5.7%	n/a	5.5%

For the most material other post-employment benefit plan in the US, a higher initial level of medical cost inflation is assumed which falls from the initial rate of 6.75%

to the long-term rate of 5% after 7 years. Assumed healthcare cost trend rates have a significant effect on the amounts reported for healthcare plans.


Unilever Annual Report on Form 20-F 2024		151



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

4B. PENSIONS AND SIMILAR OBLIGATIONS continued

For the UK and Netherlands pension plans, representing approximately 64% of all defined benefit pension liabilities, the assumptions used at

31 December 2024 and 2023 were:


	United Kingdom		Netherlands
	2024	2023	2024	2023
Discount rate	5.6%	4.7%	3.4%	3.2%
Inflation	3.1%	3.0%	2.0%	2.1%
Rate of increase in salaries	3.8%	3.6%	2.5%	2.6%
Rate of increase for pensions in payment (where provided)	2.9%	2.8%	2.0%	2.1%
Rate of increase for pensions in deferment (where provided)	2.9%	2.8%	2.0%	2.1%
Number of years a current pensioner is expected to live beyond age 65:
Men	21.5	21.5	22.0	21.9
Women	23.1	23.1	24.2	24.1
Number of years a future pensioner currently aged 45 is expected to live beyond age 65:
Men	22.5	22.4	24.0	23.9
Women	24.3	24.2	26.2	26.1

Demographic assumptions, such as mortality rates, are set having regard to the latest trends in life expectancy (including expectations of future improvements), plan

experience and other relevant data. These assumptions are reviewed and updated as necessary as part of the periodic actuarial valuation of the pension plans. The

years of life expectancy for 2024 above have been translated from the following tables:

Largest UK plan: Standard life expectancy tables Series S3, adjusted to reflect the experience of our plan members analysed as part of the 2022 actuarial valuation.

Future improvements in longevity have been allowed for in line with the core CMI 2022 Mortality Projections Model with a 1% p.a. long-term improvement rate.

Largest Netherlands plan: The Dutch Actuarial Society’s AG Prognosetafel 2024 table is used with correction factors (2020) to allow for the typically longer life

expectancy for fund members relative to the general population. This table has an in-built allowance for future improvements in longevity.

The impact from changes to the assumptions of the remaining defined benefit plans are considered immaterial. Their assumptions vary due to a number of factors

including the currency and long-term economic conditions of the countries where they are situated.

Income statement

The charge to the income statement comprises:


	Notes	€ million 2024	€ million 2023	€ million 2022
Charged to operating profit:
Defined benefit pension and other benefit plans:
Gross service cost		(178)	(128)	(186)
Employee contributions		37	11	12
Special termination benefits		(5)	(14)	(11)
Past service cost including (losses)/gains on curtailments(a)		32	3	–
Settlements		5	2	1
Defined contribution plans		(230)	(222)	(212)
Total operating cost	4A	(339)	(348)	(396)
Finance income/(cost)(b)	5	71	110	44
Net impact on the income statement (before tax)		(268)	(238)	(352)

(a)This includes €28 million credit in the UK due to removal of a discretionary administration practice.

(b)This includes the impact of asset ceiling on interest.

Statement of comprehensive income

Amounts recognised in the statement of comprehensive income on the remeasurement of the surplus/(deficit).


	€ million 2024	€ million 2023	€ million 2022
Return on plan assets excluding amounts included in net finance income/(cost)	(601)	131	(6,483)
Change in asset ceiling excluding amounts included in finance cost	(38)	(6)	(184)
Actuarial gains/(losses) arising from changes in demographic assumptions	26	98	(24)
Actuarial gains/(losses) arising from changes in financial assumptions	903	(552)	6,914
Experience gains/(losses) arising on pension plan and other benefit plan liabilities	28	(416)	(760)
Total of defined benefit costs recognised in other comprehensive income	318	(745)	(537)


152	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

4B. PENSIONS AND SIMILAR OBLIGATIONS continued

Balance sheet

The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date were:


	€ million 2024		€ million 2023
	Pension plans	Other post- employment benefit plans	Pension plans	Other post- employment benefit plans
Fair value of assets	19,867	2	20,174	4
Present value of liabilities	(16,259)	(345)	(17,174)	(348)
Computed surplus/(deficit)	3,608	(343)	3,000	(344)
Irrecoverable surplus(a)	(295)	–	(255)	–
Surplus/(deficit)	3,313	(343)	2,745	(344)
Of which in respect of:
Funded plans in surplus:
Liabilities	(12,909)	–	(13,739)	–
Assets	17,368	–	17,775	–
Aggregate surplus	4,459	–	4,036	–
Irrecoverable surplus(a)	(295)	–	(255)	–
Surplus/(deficit)	4,164	–	3,781	–
Funded plans in deficit:
Liabilities	(2,633)	(41)	(2,715)	(39)
Assets	2,499	2	2,399	4
Surplus/(deficit)	(134)	(39)	(316)	(35)
Unfunded plans:
Pension liability	(717)	(304)	(720)	(309)

(a)A surplus is deemed recoverable to the extent that the Group is able to benefit economically from the surplus. Unilever assesses the maximum economic benefit available through a

combination of refunds and reductions in future contributions in accordance with local legislation and individual financing arrangements with each of our funded defined benefit plans.

Reconciliation of change in assets and liabilities

The group of plans within ‘Rest of world’ category in the tables below are not materially different with respect to their risks that would require disaggregated

disclosure.

Movements in assets during the year:


	€ million UK	€ million Netherlands	€ million Rest of world	€ million 2024 Total	€ million UK	€ million Netherlands	€ million Rest of world	€ million 2023 Total
1 January fair value of assets	8,679	5,514	5,985	20,178	8,704	5,343	5,320	19,367
1 January irrecoverable surplus	–	–	(255)	(255)	–	–	(234)	(234)
1 January (after irrecoverable surplus)	8,679	5,514	5,730	19,923	8,704	5,343	5,086	19,133
Employee contributions	–	–	37	37	–	–	11	11
Settlements	–	–	–	–	–	–	(1)	(1)
Actual return on plan assets (excluding amounts in net finance income/charge)	(894)	194	99	(601)	(227)	146	212	131
Change in asset ceiling excluding amounts included in interest expenses	–	–	(38)	(38)	–	–	(6)	(6)
Interest income(a)	407	174	273	854	432	194	233	859
Employer contributions(b)	47	(106)	256	197	50	9	348	407
Benefit payments	(492)	(181)	(535)	(1,208)	(459)	(178)	(485)	(1,122)
Other(c)	–	–	(13)	(13)	–	–	371	371
Currency retranslation	385	–	38	423	179	–	(39)	140
31 December (after irrecoverable surplus)	8,132	5,595	5,847	19,574	8,679	5,514	5,730	19,923
31 December irrecoverable surplus	–	–	(295)	(295)	–	–	(255)	(255)
31 December fair value of assets	8,132	5,595	6,142	19,869	8,679	5,514	5,985	20,178

(a)This includes the impact of asset ceiling on interest.

(b)The Group received a partial refund of €115 million from the Netherlands Plan in 2024, per a formal agreement with the Plan allowing a return of surplus provided specific funding

conditions are satisfied.

(c)The majority of 'Other' during 2023 is explained by reclassification of India HUL and GSK Provident Funds from Defined Contribution to Defined Benefit reporting adding €368 million to

both assets and liabilities at year end 2023. The impact on the overall (deficit)/surplus is nil.


Unilever Annual Report on Form 20-F 2024		153



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

4B. PENSIONS AND SIMILAR OBLIGATIONS continued

Movements in liabilities during the year:


	€ million UK	€ million Netherlands	€ million Rest of world	€ million 2024 Total	€ million UK	€ million Netherlands	€ million Rest of world	€ million 2023 Total
1 January	(7,250)	(4,031)	(6,241)	(17,522)	(6,838)	(3,734)	(5,992)	(16,564)
Gross service cost	(51)	(4)	(123)	(178)	(42)	(5)	(81)	(128)
Special termination benefits	–	–	(5)	(5)	–	–	(14)	(14)
Past service costs including losses/(gains) on curtailments	27	–	5	32	–	–	3	3
Settlements	–	–	5	5	–	–	3	3
Interest cost	(337)	(126)	(320)	(783)	(335)	(135)	(279)	(749)
Actuarial gain/(loss) arising from changes in demographic assumptions	3	13	10	26	104	–	(6)	98
Actuarial gain/(loss) arising from changes in financial assumptions	675	160	68	903	(243)	(236)	(73)	(552)
Actuarial gain/(loss) arising from experience adjustments	(14)	154	(112)	28	(220)	(99)	(97)	(416)
Benefit payments	492	181	535	1,208	459	178	485	1,122
Other(a)	–	–	33	33	–	–	(371)	(371)
Currency retranslation	(327)	–	(24)	(351)	(135)	–	181	46
31 December	(6,782)	(3,653)	(6,169)	(16,604)	(7,250)	(4,031)	(6,241)	(17,522)

(a)The majority of 'Other' during 2023 is explained by reclassification of India HUL and GSK Provident Funds from Defined Contribution to Defined Benefit reporting adding €368 million to

both assets and liabilities at year end 2023. The impact on the overall (deficit)/surplus is nil.

Movements in (deficit)/surplus during the year:


	€ million UK	€ million Netherlands	€ million Rest of world	€ million 2024 Total	€ million UK	€ million Netherlands	€ million Rest of world	€ million 2023 Total
1 January	1,429	1,483	(511)	2,401	1,866	1,609	(906)	2,569
Gross service cost	(51)	(4)	(123)	(178)	(42)	(5)	(81)	(128)
Employee contributions	–	–	37	37	–	–	11	11
Special termination benefits	–	–	(5)	(5)	–	–	(14)	(14)
Past service costs including losses/(gains) on curtailments	27	–	5	32	–	–	3	3
Settlements	–	–	5	5	–	–	2	2
Actual return on plan assets (excluding amounts in net finance income/charge)	(894)	194	99	(601)	(227)	146	212	131
Change in asset ceiling excluding amounts included in interest expenses	–	–	(38)	(38)	–	–	(6)	(6)
Interest cost	(337)	(126)	(320)	(783)	(335)	(135)	(279)	(749)
Interest income(a)	407	174	273	854	432	194	233	859
Actuarial gain/(loss) arising from changes in demographic assumptions	3	13	10	26	104	–	(6)	98
Actuarial gain/(loss) arising from changes in financial assumptions	675	160	68	903	(243)	(236)	(73)	(552)
Actuarial gain/(loss) arising from experience adjustments	(14)	154	(112)	28	(220)	(99)	(97)	(416)
Employer contributions(b)	47	(106)	256	197	50	9	348	407
Benefit payments	–	–	–	–	–	–	–	–
Other	–	–	20	20	–	–	–	–
Currency retranslation	58	–	14	72	44	–	142	186
31 December	1,350	1,942	(322)	2,970	1,429	1,483	(511)	2,401

(a)This includes the impact of asset ceiling on interest.

(b)The Group received a partial refund of €115 million from the Netherlands Plan in 2024, per a formal agreement with the Plan allowing a return of surplus provided specific funding

conditions are satisfied.

The actual return on recognised plan assets during 2024 was €253 million, being €(601) million of asset returns and €854 million of interest income shown in the

tables above (2023: €990 million).

Movements in irrecoverable surplus during the year:


	€ million UK	€ million Netherlands	€ million Rest of world	€ million 2024 Total	€ million UK	€ million Netherlands	€ million Rest of world	€ million 2023 Total
1 January	–	–	(255)	(255)	–	–	(234)	(234)
Interest income	–	–	(7)	(7)	–	–	(7)	(7)
Change in irrecoverable surplus in excess of interest	–	–	(38)	(38)	–	–	(6)	(6)
Currency retranslations	–	–	5	5	–	–	(8)	(8)
31 December	–	–	(295)	(295)	–	–	(255)	(255)


154	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

4B. PENSIONS AND SIMILAR OBLIGATIONS continued

The duration of the principal defined benefit plan liabilities (representing 95% of total pension liabilities and other post-employment benefit liabilities) and the split of

liabilities between different categories of plan participants are:


	UK	Netherlands	Rest of world(a)	2024 Total	UK	Netherlands	Rest of world(a)	2023 Total
Duration (years)	12	14	10	0 to 23	12	14	10	0 to 22
Active members	8%	7%	23%	13%	7%	7%	23%	12%
Deferred members	30%	38%	15%	27%	31%	38%	14%	27%
Retired members	62%	55%	62%	60%	62%	55%	63%	61%

(a)Rest of world numbers shown are weighted averages by liabilities.

Plan assets

The group of plans within ‘Rest of world’ category in the tables below are not materially different with respect to their risks that would require disaggregated

disclosure.


	€ million 31 December 2024				€ million 31 December 2023
	UK	Netherlands	Rest of world	2024 Total	UK	Netherlands	Rest of world	2023 Total
Total Pension Plans Assets	8,132	5,595	6,140	19,867	8,679	5,514	5,981	20,174
Equities Total	214	1,176	1,106	2,496	224	1,095	1,424	2,743
– Europe	37	148	346	531	43	171	431	645
– North America	128	746	525	1,399	133	670	617	1,420
– Other	49	282	235	566	48	254	376	678
Fixed Income Total	6,228	3,627	3,763	13,618	6,640	3,521	3,344	13,505
– Government bonds	4,296	1,460	1,814	7,570	4,773	1,461	1,546	7,780
– Investment grade corporate bonds	895	648	1,296	2,839	791	620	1,197	2,608
– Other Fixed Income	1,037	1,519	653	3,209	1,076	1,440	601	3,117
Derivatives	(239)	90	–	(149)	(237)	145	16	(76)
Private Equity	617	105	32	754	559	95	36	690
Property and Real Estate	749	370	433	1,552	674	321	412	1,407
Hedge Funds	123	–	75	198	136	–	69	205
Other	440	227	404	1,071	683	337	391	1,411
Other Pension Plans	–	–	327	327	–	–	289	289
Other Post-Employment Benefit Plans Assets	–	–	2	2	–	–	4	4
Total Assets	8,132	5,595	6,142	19,869	8,679	5,514	5,985	20,178

The fair values of the above equity and fixed income instruments are determined based on quoted market prices in active markets. The fair value of private equity,

properties, derivatives and hedge funds are not based on quoted market prices in active markets. Properties are externally and independently appraised on the basis

of an open market value per professional market standards. The value of an investment holding in a property fund is typically the net asset value as provided to an

investor. The Group uses derivatives and other instruments to hedge some of its exposure to inflation and interest rate risk – the degree of this hedging of liabilities

was over 100% for both interest rate and inflation for the UK plan and approximately 90% for interest rate and 20% for inflation for the Netherlands plan at year end.

Foreign currency exposures, in part, are also hedged by the use of forward foreign exchange contracts. Assets included in the Other category are cash and insurance

contracts which are also unquoted assets.

No Unilever securities were held at 31 December 2024 or 31 December 2023. Property includes property occupied by Unilever amounting to €98 million and €80

million at 31 December 2024 and 2023 respectively.

The pension assets above exclude the assets in a Special Benefits Trust amounting to €30 million (2023: €33 million) to fund pension and similar obligations in the

US (see also note 17A on page 182).

Sensitivities

The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are:


		Change in liabilities
	Change in assumption	UK	Netherlands	Total
Discount rate	Increase by 0.5%	-6%	-7%	-5%
Inflation rate	Increase by 0.5%	4%	8%	5%
Life expectancy	Increase by 1 year	4%	4%	4%
Long-term medical cost inflation(a)	Increase by 1.0%	n/a	n/a	4%

(a)Long-term medical cost inflation only relates to post-retirement medical plans and its impact on these liabilities.

A decrease in each assumption would have a comparable and opposite impact on liabilities.

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting

period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When

calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the balance sheet has been applied. The methods and

types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.


Unilever Annual Report on Form 20-F 2024		155



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

4B. PENSIONS AND SIMILAR OBLIGATIONS continued

Cash flow

Group cash flow in respect of pensions and similar post-employment benefits comprises company contributions paid to funded plans and benefits paid by the

company in respect of unfunded plans. The table below sets out these amounts:


	€ million 2025 Estimate	€ million 2024	€ million 2023	€ million 2022
Company contributions to funded plans:
Defined Benefit (a)	95	82	291	176
Defined Contribution	245	230	222	212
Benefits paid by the Company in respect of unfunded plans:
Defined Benefit	110	115	116	127
Group cash flow in respect of pensions and similar benefits	450	427	629	515

(a)The Group contributed a one-off contribution of $110 million into the US Pension Plan in 2023.

The Group received a partial refund of €115 million from the Netherlands Plan in 2024, per a formal agreement with the Plan allowing a return of surplus provided specific funding

conditions are satisfied. A further €118 million refund from the Netherlands Plan is due to be received in 2025.

Following conclusion of the 2022 triennial valuation of the UK pension fund, the Group, in agreement with the Trustees, implemented an updated Schedule of Contributions. Deficit

contributions to this fund will continue to be nil. The next triennial valuation is in 2025.

The Group’s funding policy is to periodically review the contributions made to the plans while taking account of local legislation.

4C. SHARE-BASED COMPENSATION PLANS


The fair value of awards at grant date is calculated using observable market price. This value is expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed and adjusted to reflect changes to the level of awards expected to vest, except where this arises from a failure to meet a market condition. Any cancellations are recognised immediately in the income statement.

As at 31 December 2024, the Group had multiple share-based compensation plans to its employees including Executive Directors and Key Management.

The numbers in this note include shares awarded to Executive Directors and to key management as reported in note 4A on page 149. Non-Executive Directors do not

participate in any of the share-based compensation plans.

The charge to income statement related to equity-settled share-based compensation plan is €324 million (2023: €212 million; 2022: €177 million).

SHARE PLANS

As at 31 December 2024, the Group has multiple Share plans under which employees are granted Unilever PLC’s shares. The major share-based plans are

explained below:

Performance Share Plans (PSP)

From 2021, under PSP scheme, Unilever’s managers receive annual awards of PLC shares. The awards vest between 0% and 200% of grant level (limits for

Executive Directors may vary) based on the performance measures which are percentage business winning, cumulative free cash flow, underlying return on invested

capital, sustainability progress index for the Group. The awards vest after 3 years. In 2024, the Group modified the PSP scheme to only eligible employees. The

performance measures for PSP awards from 2024 are underlying sales growth, underlying return on invested capital, relative total shareholder return and

sustainability progress index.

Annual Share Plans (ASP)

From 2024, under the Annual Share Plan (ASP) award, eligible employees receive Unilever PLC shares which will vest after 3 years and are not subject to any

performance conditions.

Management Co-Investment Plans (MCIP)

The MCIP allowed Unilever’s managers to invest up to 100% of their annual bonus (a minimum of 33% and maximum of 67% for Executive Directors) in shares of

Unilever PLC and to receive a corresponding award of performance-related shares. The awards vest between 0% and 200% of grant level (limits for Executive

Directors may vary) based on the performance measures which are underlying sales growth, underlying EPS growth, return on invested capital and sustainability

progress index. The awards vest after 4 years. MCIP awards were last granted in 2020 and vested in 2024.

A summary of the status of the above Share Plans as at 31 December 2024, 2023 and 2022 and changes during the years ended on these dates is presented below:


	2024 Number of shares	2023 Number of shares	2022 Number of shares
Outstanding at 1 January	21,329,938	17,923,890	14,318,564
Awarded	7,508,412	7,479,544	10,032,321
Vested	(6,296,695)	(2,021,439)	(3,101,598)
Forfeited	(3,429,400)	(2,052,057)	(3,325,397)
Outstanding at 31 December	19,112,255	21,329,938	17,923,890


	2024	2023	2022
Share award value information
Fair value per share award during the year	€46.19	€45.71	€41.56


156	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

4C. SHARE-BASED COMPENSATION PLANS continued

SHARE OPTIONS

In the year 2024, Hindustan Unilever Limited (HUL) subsidiary of Unilever PLC announced “HUL PSP” scheme 2024. Under this scheme, specific eligible employees

of HUL and its wholly owned subsidiaries are awarded with HUL share options. HUL PSP vesting to managers at higher work levels is based on underlying sales

growth, underlying return on invested capital, relative total shareholder return and sustainability progress index. These awards will vest after 3 years.


	Number of options	Weighted average exercise price
Outstanding at 1 January 2024	–	€0.00
Awarded	196,994	€0.01
Vested	–	€0.00
Forfeited	(15,856)	€0.01
Outstanding at 31 December 2024	181,138	€0.01

Summary of options outstanding:


	Outstanding share options	Weighted average exercise price	Weighted remaining average contractual life
HUL PSP share options	181,138	€0.01	25 months

Additional information

At 31 December 2024, the employee benefit trust held 1,998,281 (2023: 1,361,032) PLC shares and PLC and its subsidiaries held 326,473 (2023: 36,903) PLC

shares which are held as treasury shares.

The book value of €37 million (2023: €207 million) of the shares held by the trust and by Unilever PLC and its subsidiaries in respect of share-based compensation

plans is eliminated on consolidation by deduction from other reserves. Their market value at 31 December 2024 was €127 million (2023: €60 million).

Shares held to satisfy awards are accounted for in accordance with IAS 32 ‘Financial Instruments: Presentation’. All differences between the purchase price of the shares

held to satisfy awards granted and the proceeds received for the shares, whether on exercise or lapse, are charged to reserves.

Between 31 December 2024 and 21 February 2025 (the latest practicable date for inclusion in this report), movement in shares and share options are as below:

■Shares: nil shares were granted, 6,389,830 shares vested and 1,416,886 shares were forfeited related to the Share Plans.

■Share options: nil shares were granted, nil shares vested and 2,565 shares were forfeited related to the Share Plans.

5. Net finance costs


Net finance costs are comprised of finance costs and finance income, including net finance costs in relation to pensions and similar obligations. Finance income includes income on cash and cash equivalents and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities which represents the unwind of the discount rate applied to lease liabilities. Borrowing costs are recognised based on the effective interest method.


Net finance costs	Notes	€ million 2024	€ million 2023	€ million 2022
Finance costs		(1,113)	(1,038)	(818)
Bank loans and overdrafts		(82)	(82)	(44)
Interest on bonds and other loans(a)		(959)	(921)	(673)
Interest on lease liabilities		(77)	(72)	(72)
Net gain/(loss) on transactions for which hedge accounting is not applied(b)		5	37	(29)
On foreign exchange derivatives		(90)	86	123
Exchange difference on underlying items		95	(49)	(152)

Finance income		438	442	281
Pensions and similar obligations	4B	71	110	44
		(604)	(486)	(493)

(a)Interest on bonds and other loans includes the impact of interest rate derivatives that are part of hedge accounting relationships and the related recycling of results from the hedge

accounting reserve. This includes an amount of €(3) million (2023: €(16) million) relating to unwinding of discount on deferred consideration for acquisitions.

(b)For further details of derivatives for which hedge accounting is not applied, please refer to note 16C.


Unilever Annual Report on Form 20-F 2024		157



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

6. Taxation

6A. INCOME TAX

Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to

items recognised directly in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any

adjustments to tax payable in respect of previous years.

Current tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax

arising on temporary differences and payment dates for income tax occurring after the balance sheet date.

Unilever is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and is subject to

interpretation by management and the government authorities. These matters of judgement give rise to the need to create provisions for tax payments that may

arise in future years with respect to transactions already undertaken. Provisions are made against individual exposures and take into account the specific

circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. The

provision is estimated based on one of two methods, the expected value method (the sum of the probability-weighted amounts in a range of possible outcomes) or

the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty.


Tax charge in income statement	€ million 2024	€ million 2023	€ million 2022
Current tax
Current year	(2,835)	(2,261)	(2,206)
Pillar 2 income taxes	(9)	–	–
Over/(under) provided in prior years	191	9	(61)
	(2,653)	(2,252)	(2,267)
Deferred tax
Origination and reversal of temporary differences	121	22	153
Changes in tax rates	(2)	7	28
Recognition of previously unrecognised losses brought forward	34	24	18
	153	53	199
	(2,500)	(2,199)	(2,068)

The reconciliation between the computed weighted average rate of income tax expense, which is generally applicable to Unilever companies, and the actual rate of

taxation charged is as follows:


Reconciliation of effective tax rate	% 2024	% 2023	% 2022
Computed rate of tax(a)	25	25	25
Differences between computed rate of tax and effective tax rate due to:
Incentive tax credits	(2)	(2)	(2)
Withholding tax on dividends	3	2	2
Expenses not deductible for tax purposes	2	1	1
Irrecoverable withholding tax	1	1	1
Income tax reserve adjustments – current and prior year	–	(1)	–
Impact of disposals	2	(2)	(6)
Others	(2)	–	(1)
Effective tax rate	29	24	20

(a)The computed tax rate used is the average of the standard rate of tax applicable in the countries in which Unilever operates, weighted by the amount of profit before taxation generated in

each of those countries. For this reason, the rate may vary from year to year according to the mix of profit and related tax rates.

Our tax rate is reduced by incentive tax credits, the benefit from preferential tax regimes that have been legislated by the countries and provinces concerned in order

to promote economic development and investment. The tax rate is increased by business expenses which are not deductible for tax, such as entertainment costs and

some interest expense and by irrecoverable withholding taxes on dividends paid by subsidiary companies and on other cross-border payments such as royalties and

service fees, which cannot be offset against other taxes due. Uncertain tax provisions excluding the related interest amounted to €888 million (2023: €820 million).

This includes €506 million (2023: €434 million) related to the Horlicks intangible amortisation in India.

The Group's future tax charge and effective tax rate could be affected by several factors, including changes in tax laws and their interpretation, the implementation of the

OECD Pillars 1 and 2, EU and US tax changes, as well as the impact of acquisitions, disposals and restructuring of our business.

Pillar Two legislation applies to the Group for 2024 and we have accrued Pillar Two top-up tax of €9 million which is in line with the Group’s expectations in 2023 that

the impact would be in the range of 0%–0.2% increase to the Group effective tax rate for 2024.


158	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

6B. DEFERRED TAX

Deferred tax is recognised using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the

balance sheet of the Group. Certain temporary differences are not provided for as follows:

■goodwill not deductible for tax purposes;

■the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and

■differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future.

The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates

enacted, or substantively enacted, at the year end.

The Group has applied the exemption to not recognise or disclose any deferred tax related to Pillar Two income taxes.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred

tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.


Movements in 2024 and 2023	€ million As at 1 January 2024	€ million Income statement	€ million Other	€ million As at 31 December 2024	€ million As at 1 January 2023	€ million Income statement	€ million Other	€ million As at 31 December 2023
Pensions and similar obligations	(514)	(12)	(104)	(630)	(613)	(90)	189	(514)
Provisions and accruals	805	168	(35)	938	741	103	(39)	805
Goodwill and intangible assets	(3,697)	(45)	(121)	(3,863)	(3,848)	(10)	161	(3,697)
Accelerated tax depreciation	(572)	(20)	8	(584)	(700)	47	81	(572)
Tax losses	234	190	(9)	415	231	(3)	6	234
Fair value gains	(40)	(3)	(23)	(66)	(42)	–	2	(40)
Fair value losses	23	9	(20)	12	36	(2)	(11)	23
Share-based payments	246	(2)	29	273	194	30	22	246
Lease liability	189	(16)	8	181	237	(34)	(14)	189
Right of use asset	(166)	8	(3)	(161)	(201)	30	5	(166)
Other	610	(124)	(63)	423	639	(18)	(11)	610
	(2,882)	153	(333)	(3,062)	(3,326)	53	391	(2,882)

At the balance sheet date, the Group had unused tax losses of €2,245 million (2023: €1,313 million) and tax credits amounting to €795 million (2023: €832 million)

available for offset against future taxable profits. Deferred tax assets have not been recognised in respect of unused tax losses of €695 million (2023: €602 million)

and tax credits of €502 million (2023: €418 million), as it is not probable that there will be future taxable profits within the entities against which the losses and credits

can be utilised. Of these losses, €246 million (2023: €168 million) have expiry dates, being corporate income tax losses in the US, Korea and China which expire

between now and 2043.

Where deferred tax assets have been recognised in respect of losses, the evidence considered includes the reason for the loss, potential planning strategies to utilise

the loss, including where permitted merger with other profitable entities and the availability of future taxable profits against which the losses can be utilised. Profit

forecasts used are consistent with those used in other areas of the business.

Deferred tax assets have not been recognised in respect of other deductible temporary differences of €986 million (2023: €515 million) as it is not expected they will

be utilised. Of these differences, €868 million (2023: €409 million) relates to limitation on the deduction of interest expenses. There is no expiry date for these

differences.

At the balance sheet date, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have

not been recognised was €2,013 million (2023: €2,610 million). No liability has been recognised in respect of these differences because the Group is in a position to

control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred

income taxes relate to the same fiscal authority. The following amounts, determined after appropriate offsetting, are shown in the consolidated balance sheet:


Deferred tax assets and liabilities	€ million Assets 2024	€ million Assets 2023	€ million Liabilities 2024	€ million Liabilities 2023	€ million Total 2024	€ million Total 2023
Pensions and similar obligations	(158)	199	(472)	(713)	(630)	(514)
Provisions and accruals	510	503	428	302	938	805
Goodwill and intangible assets	286	51	(4,149)	(3,748)	(3,863)	(3,697)
Accelerated tax depreciation	(38)	(18)	(546)	(554)	(584)	(572)
Tax losses	395	201	20	33	415	234
Fair value gains	(22)	(1)	(44)	(39)	(66)	(40)
Fair value losses	–	–	12	23	12	23
Share-based payments	118	84	155	162	273	246
Lease liability	81	94	100	95	181	189
Right of use asset	(83)	(92)	(78)	(74)	(161)	(166)
Other	191	92	232	518	423	610
	1,280	1,113	(4,342)	(3,995)	(3,062)	(2,882)
Of which deferred tax to be recovered/(settled) after more than 12 months	879	756	(4,581)	(4,199)	(3,702)	(3,443)


Unilever Annual Report on Form 20-F 2024		159



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

6C. TAX ON ITEMS RECOGNISED IN EQUITY OR OTHER COMPREHENSIVE INCOME


Income tax is recognised in equity or other comprehensive income for items recognised directly in equity or other comprehensive income.

Tax effects directly recognised in equity or other comprehensive income were as follows:


Movements in 2024 and 2023	€ million Before tax 2024	€ million Tax (charge)/ credit 2024	€ million After tax 2024	€ million Before tax 2023	€ million Tax (charge)/ credit 2023	€ million After tax 2023
Gains/(losses) on:
Equity instruments at fair value through other comprehensive income	60	–	60	(38)	10	(28)
Cash flow hedges	253	(43)	210	(10)	(17)	(27)
Remeasurement of defined benefit pension plans	318	(54)	264	(745)	235	(510)
Currency retranslation gains/(losses)	1,420	(31)	1,389	(1,460)	(1)	(1,461)
	2,051	(128)	1,923	(2,253)	227	(2,026)

7. Earnings per share


The earnings per share calculations are based on the average number of share units representing the ordinary shares of PLC in issue during the period, less the average number of shares held as treasury shares. In calculating diluted earnings per share, a number of adjustments are made to the number of shares, principally, the exercise of share plans by employees.

Earnings per share for total operations for the 12 months were as follows:


	€ 2024	€ 2023	€ 2022
Basic earnings per share	2.30	2.58	3.00
Diluted earnings per share	2.29	2.56	2.99


	Millions of share units
Calculation of average number of share units	2024	2023	2022
Average number of shares	2,520.9	2,587.0	2,629.2
Less: treasury shares held by employee share trusts and companies	(28.3)	(71.1)	(81.0)
Average number of shares – used for basic earnings per share	2,492.6	2,515.9	2,548.2
Add: dilutive effect of share-based compensation plans	14.5	16.5	11.6
Diluted average number of shares – used for diluted earnings per share	2,507.1	2,532.4	2,559.8


Calculation of earnings	€ million 2024	€ million 2023	€ million 2022
Net profit	6,369	7,140	8,269
Non-controlling interests	(625)	(653)	(627)
Net profit attributable to shareholders’ equity – used for basic and diluted earnings per share	5,744	6,487	7,642

8. Dividends on ordinary capital


Dividends are recognised on the date that the shareholder’s right to receive payment is established. This is generally the date when the dividend is declared.


	€ million 2024	€ million 2023	€ million 2022
Dividends on ordinary capital during the year	(4,320)	(4,327)	(4,356)

Four quarterly interim dividends were declared and paid during 2024, totalling £1.47 (2023: £1.50) per PLC ordinary share.

A quarterly dividend of €1,121 million (2023: €1,067 million) was declared on 13 February 2025, to be paid in March 2025; £0.38 per PLC ordinary share (2023:

£0.36). Total dividends declared in relation to 2024 were £1.48 (2023: £1.48) per PLC ordinary share.


160	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

9. Goodwill and intangible assets


Goodwill Goodwill is initially recognised based on the accounting policy for business combinations (see note 21). Goodwill is subsequently measured at cost less amounts provided for impairment. Goodwill acquired in a business combination is assessed to determine whether new cash generating units (CGUs) are created, and if not, is allocated to the Group’s CGUs, or groups of CGUs (GCGUs) in line with the structure detailed below. These might not always be the same as the CGUs or GCGUs that include the assets and liabilities of the acquired business.
Intangible assets Separately purchased intangible assets are initially measured at cost, being the purchase price as at the date of acquisition. On acquisition of new interests in group companies, Unilever recognises any specifically identifiable intangible assets separately from goodwill. These intangible assets are initially measured at fair value as at the date of acquisition. Expenditure to support development of internally produced intangible assets is recognised in profit or loss as incurred. Indefinite-life intangibles mainly comprise trademarks and brands, for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the strength and durability of our brands and the level of marketing support. These assets are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate this is necessary. Finite-life intangible assets mainly comprise software, patented and non-patented technology, know-how and customer lists. These assets are amortised on a straight-line basis in the income statement over the period of their expected useful lives, or the period of legal rights if shorter. None of the amortisation periods exceeds ten years.
Cash generating units The Group’s assets are grouped into cash generating units (CGUs) which are the smallest identifiable group of assets that generates largely independent cash inflows. The Group's CGUs are aligned with our organisation structure of Business Units and Global Business Units. For impairment testing purposes, goodwill is allocated to groups of CGUs (GCGUs) which are based on the five Business Groups since the synergies acquired through a business combination benefit a Business Group as a whole rather than a specific Business Unit or Global Business Unit. Cash inflows relating to indefinite-life intangible assets are identifiable at Business Unit or Global Business Unit level and are therefore allocated to individual CGUs.
Impairment review The impairment test is performed by comparing the carrying value of the CGUs or GCGUs with their recoverable value. The recoverable value is primarily based on value in use but also considers fair value less costs of disposal where relevant. Any impairment is charged to the income statement as it arises.


€ million	Goodwill	Indefinite-life intangible assets	Finite-life intangible assets		Total
Movements during 2024	Goodwill	Indefinite-life intangible assets	Software	Other	Total
Cost
1 January 2024	22,266	17,967	3,483	1,124	44,840
Additions through business combinations(a)	310	382	–	–	692
Disposal of businesses	(60)	(510)	(26)	(4)	(600)
Reclassification to held for sale	(47)	(47)	(5)	–	(99)
Additions	–	3	229	1	233
Disposals and other movements	132	2	(23)	9	120
Hyperinflationary adjustment	284	34	–	–	318
Currency retranslation	586	506	143	26	1,261
31 December 2024	23,471	18,337	3,801	1,156	46,765
Accumulated amortisation and impairment
1 January 2024	(1,157)	(345)	(2,841)	(1,031)	(5,374)
Amortisation/impairment for the year	–	(127)	(213)	(35)	(375)
Disposals and other movements	(3)	–	47	(8)	36
Currency retranslation	–	(9)	(116)	(26)	(151)
31 December 2024	(1,160)	(481)	(3,123)	(1,100)	(5,864)
Net book value 31 December 2024(c)	22,311	17,856	678	56	40,901


Unilever Annual Report on Form 20-F 2024		161



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

9. GOODWILL AND INTANGIBLE ASSETS continued


€ million	Goodwill	Indefinite-life intangible assets	Finite-life intangible assets		Total
Movements during 2023	Goodwill	Indefinite-life intangible assets	Software	Other	Total
Cost
1 January 2023	22,766	18,516	3,317	1,137	45,736
Additions through business combinations(a)	326	430	–	–	756
Disposal of businesses	(56)	–	–	(7)	(63)
Reclassification to held for sale(b)	(65)	(467)	–	–	(532)
Additions	–	2	239	2	243
Disposals and other movements	–	(2)	(71)	7	(66)
Hyperinflationary adjustment	(173)	(12)	(5)	–	(190)
Currency retranslation	(532)	(500)	3	(15)	(1,044)
31 December 2023	22,266	17,967	3,483	1,124	44,840
Accumulated amortisation and impairment
1 January 2023	(1,157)	(350)	(2,730)	(1,010)	(5,247)
Amortisation/impairment for the year	–	–	(187)	(41)	(228)
Disposals and other movements	(1)	–	72	7	78
Currency retranslation	1	5	4	13	23
31 December 2023	(1,157)	(345)	(2,841)	(1,031)	(5,374)
Net book value 31 December 2023(c)	21,109	17,622	642	93	39,466

(a)Includes the provisional fair value of goodwill and intangibles for acquisitions made in 2024 as well as subsequent changes in the fair value of goodwill and intangibles for the acquisitions

made in 2023 where the initial acquisition accounting was provisional at the end of 2023. See note 21 for further details.

(b)Goodwill and intangibles in relation to Elida Beauty amounting to €532 million in 2023 were reclassified as held for sale and were subsequently disposed in 2024.

(c)Within indefinite-life intangible assets there are five existing brands that have a significant carrying value: Horlicks €2,719 million (2023: €2,640 million), Knorr €1,860 million (2023:

€1,838 million), Paula's Choice €1,807 million (2023: €1,699 million), Hellmann’s €1,285 million (2023: €1,226 million) and Carver Korea €1,278 million (2023: €1,370 million).

SIGNIFICANT CGUs

In 2024, the Group announced a new organisational structure effective 1 January 2025. This new structure retains the concept of Business and Global Business Units

and so this remains the basis for our CGUs. However, the new organisation structure does alter the composition of some of our CGUs.

The goodwill and indefinite-life assets held in the GCGUs and CGUs shown below are considered significant within the total carrying amounts of goodwill and

indefinite-life intangible as at 31 December 2024.


	2024 GCGUs	2023 GCGUs
	€ billion Goodwill	€ billion Goodwill
Beauty & Wellbeing	5.0	4.6
Personal Care	4.2	3.9
Home Care	0.9	0.9
Foods	8.6	8.0
Ice Cream	3.6	3.7
Total GCGUs	22.3	21.1


	2024 CGUs
	€ billion Indefinite-life intangible assets
Foods India and Nepal	3.0
Prestige	3.2
Wellbeing(a)	1.7
Beauty & Wellbeing North America	1.0
Total Significant CGUs	8.9
Others(b)	9.0
Total CGUs	17.9

(a)Previously Health & Wellness.

(b)Included within Others are individually insignificant amounts of intangible assets.


162	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

9. GOODWILL AND INTANGIBLE ASSETS continued

KEY ASSUMPTIONS

In performing our annual impairment testing, the recoverable amount of each CGU has been calculated based on its value in use, estimated as the present value of

projected future cash flows. Each GCGU's value in use is based on the aggregated value in use of the CGUs grouped under the respective GCGU.

Projected cash flows include specific estimates for a period of five years. The growth rates and operating margins used to estimate cash flows for the five years are

based on past performance and on the Group’s three-year strategic plan, de-risked to ensure reasonability and extended to years four and five. The Group's three-

year strategic plan factors in initiatives we are undertaking to reduce carbon emissions in line with our Climate Transition Action Plan (CTAP) and impacts of climate

change on our operational costs. The growth rates used in this exercise for GCGUs and significant CGUs are set out below:

For the year 2024


Group of CGUs	Beauty & Wellbeing	Personal Care	Home Care	Foods	Ice Cream
Longer-term sustainable growth rates	3%	2%	3%	3%	3%
Average near-term nominal growth rates	5%	3%	3%	3%	5%
Discount rate	11%	11%	12%	11%	10%


Significant CGUs	Foods India and Nepal	Prestige	Wellbeing	Beauty & Wellbeing North America
Longer-term sustainable growth rates	7%	2%	2%	2%
Average near-term nominal growth rates	7%	8%	11%	1%

For the year 2023


Group of CGUs	Beauty & Wellbeing	Personal Care	Home Care	Foods	Ice Cream
Longer-term sustainable growth rates	3%	2%	3%	2%	2%
Average near-term nominal growth rates	6%	4%	3%	3%	6%
Discount rate	11%	11%	12%	11%	10%

The estimated cash flows after year five are extrapolated using a longer-term sustainable growth rate, which is determined as the lower of our own three-year

average growth projection and external forecasts for the relevant market.

In 2024, the projected cash flows are discounted using pre-tax discount rates. The discount rates are specific to each CGU and are determined based on the

weighted average cost of capital, including a market and country risk premium. Given the higher number of CGUs spread across different markets, the CGU discount

rates are in the range 9.0%–16.5% (2023: 8.4%–20.0%). For significant CGUs the discount rates are in the range 9.0%–11.4%.

There are no reasonably possible changes in key assumptions that would cause the carrying amount of any CGU to exceed its recoverable amount.

Impairment of Air business

Water & Air Wellness CGU comprised of Pureit, Qinyuan, and Blueair. Pureit was launched in 2004, Qinyuan, a water purification company, was acquired in 2014,

and Blueair, a provider of innovative mobile indoor air purification technologies and solutions, was acquired in 2016.

During the 2024 annual impairment review, following the sale of the water business, including the Qinyuan and Pureit brands, it was determined that the carrying

value of Air exceeded its recoverable amount. As a result, the full amount of indefinite-life intangibles was impaired by €127 million.


Unilever Annual Report on Form 20-F 2024		163



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

10. Property, plant and equipment


The Group’s property, plant and equipment is comprised of owned assets (note 10A) and leased assets (note 10B). Property, plant and equipment is measured at cost including eligible borrowing costs less depreciation and accumulated impairment losses. Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate that this is necessary. If an indication of impairment exists, the asset’s or cash generating unit’s recoverable amount is estimated and any impairment loss is charged to the income statement as it arises.
Owned assets Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line basis over the expected average useful lives of the assets. Residual values and useful lives are reviewed at least annually. The review of residual values and useful lives has taken into consideration the impacts of climate change and the actions we undertake to mitigate and adapt against these climate-related risks and there is no material impact on the income statement for this year. Estimated useful lives by major class of assets are as follows:
■freehold buildings (no depreciation on freehold land)		40 years
■leasehold land and buildings		40 years (or life of lease if less)
■plant and equipment		2-20 years
Leased assets The cost of a leased asset is measured as the lease liability at inception of the lease contract and other direct costs less any incentives granted by the lessor. The Group has not capitalised leases which are less than 12 months or leases of low-value assets. These mainly relate to IT equipment, office equipment, furniture and fitting and other peripheral items. When a lease liability is remeasured, the related lease asset is adjusted by the same amount. Depreciation is provided on a straight-line basis from the commencement date of the lease to the end of the lease term.


Property, plant and equipment	Notes	€ million 2024	€ million 2023
Owned assets	10A	10,259	9,377
Leased assets	10B	1,410	1,330
Total		11,669	10,707

10A. OWNED ASSETS


Movements during 2024	€ million Land and buildings	€ million Plant and equipment	€ million Total
Cost
1 January 2024	4,671	14,957	19,628
Additions through business combinations	–	1	1
Additions	319	1,421	1,740
Disposals and other movements	(116)	(1,073)	(1,189)
Hyperinflationary adjustment	223	441	664
Reclassification as held for sale	(27)	(69)	(96)
Currency retranslation	34	122	156
31 December 2024	5,104	15,800	20,904
Accumulated depreciation
1 January 2024	(1,599)	(8,652)	(10,251)
Depreciation charge for the year	(119)	(886)	(1,005)
Disposals and other movements	45	893	938
Hyperinflationary adjustment	(33)	(246)	(279)
Reclassification as held for sale	15	50	65
Currency retranslation	(26)	(87)	(113)
31 December 2024	(1,717)	(8,928)	(10,645)
Net book value 31 December 2024(a)	3,387	6,872	10,259
Includes capital expenditures for assets under construction	234	1,368	1,602

(a)Includes €556 million of freehold land.

The Group has commitments to purchase property, plant and equipment of €694 million (2023: €583 million).


Unilever Annual Report on Form 20-F 2024		165



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

10B. LEASED ASSETS


Movements during 2024	€ million Land and buildings	€ million Plant and equipment	€ million Total
Cost
1 January 2024	2,625	583	3,208
Additions	404	143	547
Disposals and other movements	(373)	(149)	(522)
Hyperinflationary adjustment	(4)	–	(4)
Reclassification as held for sale	(2)	(1)	(3)
Currency retranslation	56	11	67
31 December 2024	2,706	587	3,293
Accumulated depreciation
1 January 2024	(1,578)	(300)	(1,878)
Depreciation/Impairment charge for the year	(271)	(106)	(377)
Disposals and other movements	292	120	412
Reclassification as held for sale	–	1	1
Currency retranslation	(35)	(6)	(41)
31 December 2024	(1,592)	(291)	(1,883)
Net book value 31 December 2024	1,114	296	1,410


Movements during 2023	€ million Land and buildings	€ million Plant and equipment	€ million Total
Cost
1 January 2023	2,655	650	3,305
Additions through business combinations	2	–	2
Additions	365	175	540
Disposals and other movements	(307)	(216)	(523)
Hyperinflationary adjustment	(1)	–	(1)
Reclassification as held for sale	(12)	(3)	(15)
Currency retranslation	(77)	(23)	(100)
31 December 2023	2,625	583	3,208
Accumulated depreciation
1 January 2023	(1,580)	(371)	(1,951)
Depreciation/Impairment charge for the year	(292)	(109)	(401)
Disposals and other movements	245	166	411
Reclassification as held for sale	9	3	12
Currency retranslation	40	11	51
31 December 2023	(1,578)	(300)	(1,878)
Net book value 31 December 2023	1,047	283	1,330

Our leases mainly comprise of land and buildings and plant and equipment. The Group leases land and buildings for manufacturing, warehouse facilities and office

space and also sublets some property. Plant and equipment includes leases for vehicles.

The Group has recognised in the income statement, a charge of €121 million (2023: €117 million) for short-term leases and €57 million (2023: €64 million) on leases

for low-value assets.

During the year, the Group recognised income of €10 million (2023: €11 million) from sublet properties.

The total cash outflow relating to leases was €458 million (2023: €465 million).

Lease liabilities are shown in note 15 on pages 169 and 173.


166	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

11. Other non-current assets


Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence. Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the movement in the Group’s share of their net assets and liabilities. The Group’s share of the profit or loss after tax of joint ventures and associates is included in the Group’s consolidated profit before taxation. Where the Group’s share of losses exceeds its interest in the equity-accounted investee, the carrying amount of the investment is reduced to zero and the recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee.


	€ million 2024	€ million 2023
Interest in net assets of joint ventures	80	70
Interest in net assets of associates	14	24
Long-term trade and other receivables(a)	344	394
Other non-current assets(b)	533	423
	971	911

(a)Including indirect tax receivables where we do not have the contractual right to receive payment within 12 months.

(b)Includes direct tax assets, withholding tax assets, interest on tax assets, contingent assets and investment properties.


Movements during 2024 and 2023	€ million 2024	€ million 2023
Joint ventures(a)
1 January	70	65
Additions	–	10
Dividends received/reductions	(245)	(241)
Share of net profit/(loss)	255	235
Currency retranslation	–	1
31 December	80	70
Associates
1 January	24	19
Additions	–	8
Dividend received/reductions	(2)	(5)
Share of net profit/(loss)	–	(4)
Currency retranslation	(8)	6
31 December	14	24

(a)Our principal joint ventures are Unilever FIMA LDA and Gallo Worldwide LDA in Portugal, Binzagr Unilever Distribution in the Middle East, the Pepsi Lipton Tea Partnership in the US and

Pepsi Lipton International Ltd for the rest of the world.

The joint ventures and associates have no contingent liabilities to which the Group is exposed, and the Group has no contingent liabilities in relation to its interests in

the joint ventures and associates.

The Group has no outstanding capital commitments to joint ventures.

Outstanding balances with joint ventures and associates are shown in note 23 on page 190.

12. Inventories


Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale.


Inventories	€ million 2024	€ million 2023
Raw materials and consumables	1,912	1,815
Finished goods and goods for resale	3,569	3,662
Total inventories	5,481	5,477
Provision for inventories	(304)	(358)
	5,177	5,119


Unilever Annual Report on Form 20-F 2024		167



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

12. INVENTORIES continued


Provision for inventories	€ million 2024	€ million 2023
1 January	358	379
Charge to income statement	9	80
Reduction/releases	(56)	(63)
Currency translations	(1)	(32)
Others(a)	(6)	(6)
31 December	304	358

(a)Others include the amount relating to the acquisition/disposal of businesses and transfers.

Inventories with a value of €188 million (2023: €173 million) are carried at net realisable value, this being lower than cost. During 2024, a total expense of €259 million

(2023: €413 million) was recognised in the income statement for inventory write-downs and losses.

13. Trade and other current receivables


Trade and other current receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequently, except for derivatives (see note 16 on page 174), these assets are held at amortised cost, using the effective interest method and net of any impairment losses. Discounts payable to customers are shown as a reduction in trade receivables when there is a legal right and intent to settle them on a net basis.

We do not consider the fair values of trade and other current receivables to be significantly different from their carrying values. Concentrations of credit risk with

respect to trade receivables are limited, due to the Group’s customer base being large and diverse. Our historical experience of collecting receivables, supported by

the level of default, is that credit risk is low across territories and so trade receivables are considered to be a single class of financial assets. Impairment for trade

receivables are calculated for specific receivables with known or anticipated issues affecting the likelihood of recovery and for balances past due with a probability of

default based on historical data as well as relevant forward-looking information.


Trade and other current receivables	€ million 2024	€ million 2023
Due within one year
Trade receivables	4,227	4,023
Prepayments and accrued income	506	516
Other receivables	1,278	1,236
	6,011	5,775

Included within trade receivables are discounts due to our customers of €2,587 million (2023: €2,528 million). Other receivables comprise financial assets of €312

million (2023: €256 million) and non-financial assets of €966 million (2023: €979 million). Financial assets include supplier and customer deposits, employee

advances and certain derivatives. Non-financial assets mainly consist of reclaimable sales tax of €582 million (2023: €581 million).


Ageing of trade receivables	€ million 2024	€ million 2023
Not overdue	3,807	3,522
Past due less than three months	382	401
Past due more than three months but less than six months	47	67
Past due more than six months but less than one year	28	90
Past due more than one year	142	141
Total trade receivables	4,406	4,221
Impairment provision for trade receivables	(179)	(198)
	4,227	4,023

The total impairment provision includes €179 million (2023: €198 million) for current trade receivables, €16 million (2023: €11 million) for other current receivables and

€11 million (2023: €13 million) for non-current trade and other receivables.


Impairment provision for total trade and other receivables	€ million 2024	€ million 2023
1 January	222	278
Charge to income statement	37	34
Reduction/releases	(53)	(82)
Reclassifications	–	(3)
Currency translations	–	(5)
31 December	206	222


168	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

14. Trade payables and other liabilities


Trade payables Trade payables are initially recognised at fair value less any directly attributable transaction costs. Trade payables are subsequently measured at amortised cost, using the effective interest method. Other liabilities Other liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent measurement depends on the type of liability: ■accruals are subsequently measured at amortised cost, using the effective interest method; ■social security and sundry taxes are subsequently measured at amortised cost, using the effective interest method; ■deferred consideration is subsequently measured at fair value with changes in the income statement as explained below; and ■others are subsequently measured either at amortised cost, using the effective interest method or at fair value, with changes being recognised in the income statement.
Deferred consideration Deferred consideration represents any payments to the sellers of a business that occur after the acquisition date. These typically comprise contingent consideration and fixed deferred consideration: ■fixed deferred consideration is a payment with a due date after acquisition that is not dependent on future conditions; and ■contingent consideration is a payment which is dependent on certain conditions being met in the future and is often variable. All deferred consideration is initially recognised at fair value as at the acquisition date, which includes a present value discount. Subsequently, deferred consideration is measured to reflect the unwinding of discount on the liability, with changes recognised in finance cost within the income statement. In the balance sheet, it is remeasured to reflect the latest estimate of the achievement of the conditions on which the consideration is based; changes in value other than the discount unwind are recognised as acquisition and disposal-related costs in the income statement.

We do not consider the fair values of trade payables and other liabilities to be significantly different from their carrying values.


Trade payables and other liabilities	€ million 2024	€ million 2023
Current: due within one year
Trade payables	10,258	10,355
Accruals	5,053	5,057
Social security and sundry taxes	555	512
Deferred consideration	16	167
Others	808	766
	16,690	16,857
Non-current: due after more than one year
Accruals	148	105
Deferred consideration	1	5
Others	54	28
	203	138
Total trade payables and other liabilities	16,893	16,995

Included within trade payables and other liabilities are discounts due to our customers of €2,161 million (2023: €2,294 million).

Included within others are IT, consulting services, payroll-related expenses and refundable deposits.

Deferred consideration

At 31 December 2024, the total balance of deferred consideration for acquisitions is €17 million (2023: €172 million), which includes contingent consideration of €1

million (2023: €157 million). These contingent consideration payments are dependent on acquired businesses achieving contractually agreed financial targets (mainly

relates to cumulative increases in turnover and profit before tax) until 2025.

Supplier financing arrangements for trade payables

Some of our suppliers elect to factor some of their receivables from the Group with financial institutions. In some instances, we provide suppliers and/or banks with

visibility of invoices approved for payment, which helps them receive cash from the bank before the invoice due date, if they choose to do so.

Payment dates and terms for Unilever do not vary based on whether the supplier chooses to factor their receivable. If a receivable is purchased by a third-party bank,

that third-party bank does not benefit from additional security when compared to the security originally enjoyed by the supplier.

The Group evaluates these arrangements to assess if the payable holds the characteristics of a trade payable or should be classified as a financial liability. At

31 December 2024 and 31 December 2023, all such liabilities were classified as trade payables.


	2024
Carrying amount of trade payables
Presented in trade and other payables (€ million)	2,207
of which suppliers have received payment from finance provider (€ million)	1,908
Range of payment due dates
Liabilities that are part of the arrangements (days)	180 days
Comparable trade payables that are not part of the arrangements (days)	180 days

In its liquidity assessment, the Group does not consider any supplier financing arrangements as these arrangements are non-recourse to Unilever and supplier

payment dates and terms for Unilever do not vary based on whether the supplier chooses to use such financing arrangements.


Unilever Annual Report on Form 20-F 2024		169



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

15. Capital and funding


Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.
Share-based compensation The Group operates a number of share-based compensation plans involving awards of ordinary shares. Full details of these plans are given in note 4C on pages 155 and 156.
Unification reserve The Group recognised a separate Unification Reserve within Equity as a result of PLC Share Premium that arose from Unification.
Other reserves Other reserves include the fair value reserve, the foreign currency translation reserve, the capital redemption reserve and treasury shares.
Shares held by employee share trusts and group companies An employee share trust and group companies purchase and hold shares to satisfy performance shares granted and other share awards (see note 4C). The assets and liabilities of the trust and shares held by the trust and group companies are included in the consolidated financial statements. The book value of shares held is deducted from other reserves, and the trust’s borrowings are included in the Group’s liabilities. The costs of the trust are included in the results of the Group. The shares held by the trust and group companies are excluded from the calculation of earnings per share.
Financial liabilities Financial liabilities are initially recognised at fair value, less any directly related transaction costs. When bonds are designated as being part of a fair value hedge relationship, in those cases bonds are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in value shown in the income statement. Put options are initially recognised at the present value of the expected gross obligation, with changes in value being recognised in the income statement. Other financial liabilities, which includes put options, are subsequently carried at amortised cost, with the exception of: ■financial liabilities which the Group has elected to measure at fair value through profit or loss; ■derivative financial liabilities – see note 16 on page 174; and ■contingent consideration recognised by an acquirer in a business combination to which IFRS 3 applies. Such contingent consideration is subsequently measured at fair value through profit or loss.
Lease liabilities Lease liabilities are initially measured at the present value of the lease payments that are not yet paid at the start of the lease term. This is discounted using an appropriate borrowing rate determined by the Group, where none is readily available in the lease contract. The lease liability is subsequently reduced by cash payments and increased by interest costs. The lease liability is remeasured when the Group assesses that there will be a change in the amount expected to be paid during the lease term.

The Group’s Treasury activities are designed to:

■maintain a competitive balance sheet in line with at least A/A2 rating (see below);

■secure funding at lowest costs for the Group’s operations, M&A activity and external dividend payments (see below);

■protect the Group’s financial results and position from financial risks (see note 16);

■maintain market risks within acceptable parameters, while optimising returns (see note 16); and

■protect the Group’s financial investments, while maximising returns (see note 17).

The Treasury department provides central deposit-taking, funding and foreign exchange management services for the Group’s operations. The department is

governed by standards and processes which are approved by Unilever Leadership Executive (ULE). In addition to guidelines and exposure limits, a system of

authorities and extensive independent reporting covers all major areas of activity. Performance is monitored closely by senior management. Reviews are undertaken

periodically by corporate audit.

Key instruments used by the Treasury department are:

■short-term and long-term borrowings;

■cash and cash equivalents; and

■plain vanilla derivatives, including interest rate swaps and foreign exchange contracts.

The Treasury department maintains a list of approved financial instruments. The use of any new instrument must be approved by the Chief Financial Officer. The use

of leveraged instruments is not permitted.

Unilever considers the following components of its balance sheet to be managed capital:

■total equity – retained profit, other reserves, share capital, share premium, non-controlling interests (notes 15A and 15B);

■short-term debt – current financial liabilities (note 15C); and

■long-term debt – non-current financial liabilities (note 15C).

The Group manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders through an appropriate

balance of debt and equity. The capital structure of the Group is based on management’s judgement of the appropriate balance of key elements in order to meet its

strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions

and the risk characteristics of the underlying assets.

Our current long-term credit rating is A+/A1 and our short-term credit rating is A1/P1. We aim to maintain a competitive balance sheet which we consider to be the

equivalent of a credit rating of at least A/A2 in the long term. This provides us with:

■appropriate access to the debt and equity markets;

■sufficient flexibility for acquisitions;

■sufficient resilience against economic and financial uncertainty while ensuring ample liquidity; and

■optimal weighted average cost of capital, given the above constraints.

Unilever monitors the qualitative and quantitative factors utilised by the rating agencies. This information is publicly available and is updated by the credit rating

agencies on a regular basis.


170	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

15A. SHARE CAPITAL


Unilever PLC	£ million 2024	£ million 2023
PLC ordinary shares of 31/9 p each(a)	78.4	78.3


Unilever Group	€ million 2024	€ million 2023
Euro equivalent in millions(b)	88	88

(a)At 31 December 2024, 2,521,497,338 (2023: 2,516,597,338) of PLC ordinary shares were in issue. During the year, 4,900,000 new shares were issued.

(b)The ordinary share capital of PLC is translated using the conversion rate as at the date of Unification of £1 = €1.121.

15B. EQUITY

Basis of consolidation

Unilever is the majority shareholder of all material subsidiaries and has control in all cases. Information in relation to significant subsidiaries is provided in note 27 on

page 191.

Subsidiaries with significant non-controlling interests

Unilever has one subsidiary company which has a material non-controlling interest, Hindustan Unilever Limited (HUL). Summary financial information in relation to

HUL is shown below.


HUL balance sheet as at 31 December	€ million 2024	€ million 2023
Non-current assets	6,478	6,221
Current assets	2,125	2,004
Current liabilities	(1,456)	(1,315)
Non-current liabilities	(1,798)	(1,531)

HUL comprehensive income for the year ended 31 December	€ million 2024	€ million 2023
Turnover	6,607	6,636
Profit after tax	1,167	1,147
Total comprehensive income	1,318	937


HUL cash flow for the year ended 31 December	€ million 2024	€ million 2023
Net increase/(decrease) in cash and cash equivalents	364	(22)

HUL non-controlling interest	€ million 2024	€ million 2023
1 January	(2,048)	(2,115)
Share of (profit)/loss for the year ended 31 December	(446)	(437)
Other comprehensive income	3	(1)
Dividend paid to the non-controlling interest	511	405
Currency translation	(60)	80
Other movements in equity	(4)	20
31 December	(2,044)	(2,048)

Analysis of other reserves


	€ million Total 2024	€ million Total 2023	€ million Total 2022
Fair value reserves – see following table	600	392	329
Currency retranslation of group companies – see following table	(7,026)	(7,432)	(5,803)
Capital redemption reserve	25	25	21
Book value of treasury shares – see following table	(37)	(207)	(282)
Repurchase of shares	(2,259)	(6,034)	(4,527)
Cancellation of PLC shares	–	5,282	–
Other(a)	(602)	(544)	(542)
	(9,299)	(8,518)	(10,804)

(a)Relates primarily to options to purchase non-controlling interest in subsidiaries.

Unilever acquired 27,368,909 (2023: 31,734,256) of its own shares through purchases on the stock exchanges during the year, which includes the share buyback

programme as explained in note 24. During 2023, 112,746,434 of PLC ordinary shares were cancelled and the remaining shares were held as treasury shares as a

separate component of other reserves.


Unilever Annual Report on Form 20-F 2024		171



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

15B. EQUITY continued

At 31 December 2024, the employee benefit trust held 1,998,281(2023: 1,361,032) of PLC shares. PLC and its subsidiaries held 326,473 (2023: 36,903) of PLC

shares as treasury shares in connection with share-based compensation plans. The shares are shown as a deduction from other reserves. (see note 4C on pages

155 and 156).


Treasury shares – movements during the year	€ million 2024	€ million 2023
1 January	(959)	(4,809)
Repurchase of shares	(1,508)	(1,507)
Cancellation of PLC shares	–	5,282
Other purchases and utilisations	171	75
31 December	(2,296)	(959)


Currency retranslation reserves – movements during the year	€ million 2024	€ million 2023
1 January	(7,432)	(5,803)
Currency retranslation of group companies' net assets and liabilities during the year	(419)	(1,528)
Movement in net investment hedges and exchange differences in net investments in foreign operations	280	(115)
Recycling of currency retranslation to the income statement on business disposals	545	14
31 December	(7,026)	(7,432)


Fair value reserves – movements during the year	€ million 2024	€ million 2023
1 January	392	329
Movements in Other comprehensive income, net of tax
Gains/(losses) on equity instruments	60	(27)
Gains/(losses) on cash flow hedges	210	(27)
Hedging (gains)/losses transferred to non-financial assets	(62)	117
31 December	600	392

Refer to the consolidated statement of comprehensive income on page 138, the consolidated statement of changes in equity on page 139, and note 6C on page 159.

Remeasurement of defined benefit pension plans, net of tax


	€ million 2024	€ million 2023
1 January	(180)	330
Movement during the year	264	(510)
31 December	84	(180)

Refer to the consolidated statement of comprehensive income on page 138, the consolidated statement of changes in equity on page 139, note 4B from pages 150 to

155 and note 6C on page 159.

Currency retranslation gains/(losses) – movements during the year


	€ million 2024	€ million 2023
1 January	(7,344)	(5,883)
Currency retranslation during the year:
Other reserves	406	(1,629)
Retained profit	891	294
Non-controlling interest	92	(126)
31 December	(5,955)	(7,344)


172	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

15C. FINANCIAL LIABILITIES


Financial liabilities(a)	€ million Current 2024	€ million Non- current 2024	€ million Total 2024	€ million Current 2023	€ million Non- current 2023	€ million Total 2023
Bank loans and overdrafts(b)	517	4	521	501	5	506
Bonds and other loans	5,363	23,285	28,648	4,066	22,626	26,692
Lease liabilities	322	1,164	1,486	334	1,061	1,395
Derivatives	152	442	594	48	446	494
Other financial liabilities(c)	633	171	804	138	397	535
	6,987	25,066	32,053	5,087	24,535	29,622

(a)For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13

and 14 respectively.

(b)Bank loans and overdrafts include €4 million (2023: €5 million) of secured liabilities.

(c)Includes options and financial liabilities to acquire non-controlling interests in the US, Myanmar, India, Italy and Hong Kong, refer to note 21.

Reconciliation of liabilities arising from financing activities


			Non-cash movement

Movements in 2024 and 2023	Opening balance at 1 January € million	Cash movement € million	Business acquisi- tions/ disposals € million	Foreign exchange changes € million	Fair value changes € million	Other movements € million	Closing balance at 31 December € million
2024
Bank loans and overdrafts(a)	(506)	(52)	–	2	–	35	(521)
Bonds and other loans(a)	(26,692)	(1,119)	–	(755)	(5)	(77)	(28,648)
Lease liabilities(b)	(1,395)	385	21	(24)	–	(473)	(1,486)
Derivatives	(494)	–	–	(13)	(87)	–	(594)
Other financial liabilities(a)	(535)	25	(59)	(33)	(203)	1	(804)
Total	(29,622)	(761)	(38)	(823)	(295)	(514)	(32,053)

2023
Bank loans and overdrafts(a)	(519)	(98)	(9)	130	–	(10)	(506)
Bonds and other loans(a)	(26,512)	(413)	(3)	403	(159)	(8)	(26,692)
Lease liabilities(b)	(1,408)	399	12	55	–	(453)	(1,395)
Derivatives	(631)	–	–	7	130	–	(494)
Other financial liabilities(a)	(418)	–	(44)	19	(81)	(11)	(535)
Total	(29,488)	(112)	(44)	614	(110)	(482)	(29,622)

(a)These cash movements are included within the following lines in the consolidated cash flow statement: net change in short-term borrowings, additional financial liabilities and repayment of

financial liabilities. The difference of €(68) million (2023: €(14) million) represents cash movements in overdrafts that are not included in financing cash flows.

(b)Lease liabilities cash movement is included within capital element of lease payments in the consolidated cash flow statement. The difference of €4 million (2023: €5 million) represents gain

or loss from termination and modification of lease contracts.


Unilever Annual Report on Form 20-F 2024		173



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

15C. FINANCIAL LIABILITIES continued

Analysis of bonds and other loans


€ million	Total 2024	Total 2023
Unilever PLC
1.375% Notes 2024 (£)	–	288
1.875% Notes 2029 (£)	300	286
1.500% Notes 2026 (£)	602	575
1.500% Notes 2039 (€)	647	647
2.125% Notes 2028 (£)(a)	334	320
Total PLC	1,883	2,116
Other group companies
The Netherlands
1.625% Notes 2033 (€)	795	794
1.375% Notes 2029 (€)	747	746
1.125% Bonds 2027 (€)	699	698
1.125% Bonds 2028 (€)	698	697
0.875% Notes 2025 (€)	650	649
0.500% Bonds 2025 (€)	650	649
1.375% Notes 2030 (€)	646	645
1.000% Notes 2027 (€)	599	599
0.500% Notes 2024 (€)	–	500
1.250% Notes 2025 (€)	1,000	1,000
1.750% Notes 2030 (€)	997	996
1.250% Notes 2031 (€)(a)	588	576
2.250% Notes 2034 (€)(a)	793	786
0.750% Notes 2026 (€)(a)	489	475
1.750% Notes 2028 (€)	646	645
3.250% Notes 2031 (€)	495	495
3.500% Notes 2035 (€)	496	496
3.250% Notes 2032 (€)	598	–
3.500% Notes 2037 (€)	597	–
3.250% Notes 2032 (€)	100	–

United States
5.900% Bonds 2032 (US $)	955	897
2.900% Notes 2027 (US $)	956	897
3.500% Notes 2028 (US $)	764	716
2.000% Notes 2026 (US $)	671	629
3.250% Notes 2024 (US $)	–	452
3.100% Notes 2025 (US $)	480	450
2.600% Notes 2024 (US $)	–	451
3.500% Bonds 2028 (US $)	478	449
3.375% Notes 2025 (US $)	336	315
7.250% Bonds 2026 (US $)	285	267
6.625% Bonds 2028 (US $)	231	214
5.600% Bonds 2097 (US $)	88	83
2.125% Notes 2029 (US $)	812	762
2.600% Notes 2024 (US $)	–	453
1.375% Notes 2030 (US $)(a)	391	368
0.626% Notes 2024 (US $)	–	452
2.625% Notes 2051 (US $)	613	576
1.750% Notes 2031 (US $)(a)	670	640
3.300% Notes 2029 (€)	549	549
3.400% Notes 2033 (€)	694	694
4.875% Notes 2028 (US $)	670	630
5.000% Notes 2033 (US $)	760	714
4.750% Notes 2031 (US $)	163	–
4.625% Bonds 2034 (US $)	949	–
4.250% Bonds 2027 (US $)	718	–
Commercial Paper (US $)	2,158	1,465

Other countries
Switzerland	89	6
Others	2	1
Total other group companies	26,765	24,576
Total bonds and other loans	28,648	26,692

(a)Bonds includes €(373) million (2023: €(378)million) fair value adjustment following the fair value hedge accounting of fixed-for-floating interest rate swaps.

Information in relation to the derivatives used to hedge bonds and other loans within a fair value hedge relationship is shown in note 16.


174	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

16. Treasury risk management


Derivatives and hedge accounting Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below. (i) Fair value hedges(a) Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment resulting from a change in credit risk (in either the Group or the counter-party to the derivative) that is not matched by the hedged item. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest method. (ii) Cash flow hedges(a) Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the income statement immediately. (iii) Net investment hedges(a) Certain derivatives are designated as hedges of the currency risk on the Group’s investment in foreign subsidiaries. The accounting policy for these arrangements is set out in note 1. (iv) Derivatives for which hedge accounting is not applied Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in the income statement.

(a)Applying hedge accounting has not led to material ineffectiveness being recognised in the income statement for both 2024 and 2023. Fair value changes on basis spread is recorded in a

separate account within equity.

The Group is exposed to the following risks that arise from its use of financial instruments, the management of which is described in the following sections:

■liquidity risk (see note 16A);

■market risk (see note 16B); and

■credit risk (see note 17B).

The Group’s risk management framework is established to set appropriate risk limits and controls, and to maintain adherence to these limits.

16A. MANAGEMENT OF LIQUIDITY RISK

Liquidity risk is the risk that the Group will face in meeting its obligations associated with its financial liabilities. The Group’s approach to managing liquidity is to

ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and

stressed conditions. A material and sustained shortfall in our cash flow could undermine the Group’s credit rating, impair investor confidence and also restrict the

Group’s ability to raise funds.

The Group’s funding strategy was supported by cash delivery from the business, coupled with the proceeds from bond issuances. Surplus cash balances have been

invested conservatively with low-risk counter-parties at maturities of primarily less than six months. In its liquidity assessment, the Group does not consider any

supplier financing arrangements as these arrangements are non-recourse to Unilever and supplier payment dates and terms for Unilever do not vary based on

whether the supplier chooses to use such financing arrangements.

Cash flow from operating activities provides the funds to service the financing of financial liabilities on a day-to-day basis. The Group seeks to manage its liquidity

requirements by maintaining access to global debt markets through short-term and long-term debt programmes. In addition, Unilever has committed credit facilities

for general corporate use.

On 31 December 2024, Unilever had undrawn revolving 364-day bilateral credit facilities in aggregate of $5,200 million and €2,600 million (2023: $5,200 million and

€2,600 million) with a 364-day term out. As part of the regular annual process, the intention is that these facilities will again be renewed in 2025.


Unilever Annual Report on Form 20-F 2024		175



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

16A. MANAGEMENT OF LIQUIDITY RISK continued

The following table shows Unilever’s contractually agreed undiscounted cash flows, including expected interest payments, which are payable under financial liabilities

at the balance sheet date:


Undiscounted cash flows	€ million Due within 1 year	€ million Due between 1 and 2 years	€ million Due between 2 and 3 years	€ million Due between 3 and 4 years	€ million Due between 4 and 5 years	€ million Due after 5 years	€ million Total	€ million Net carrying amount as shown in balance sheet
2024
Non-derivative financial liabilities:
Bank loans and overdrafts	(535)	(1)	(1)	(1)	(1)	(7)	(546)	(521)
Bonds and other loans	(6,041)	(2,710)	(3,552)	(4,348)	(2,817)	(14,513)	(33,981)	(28,648)
Lease liabilities	(389)	(322)	(257)	(207)	(147)	(479)	(1,801)	(1,486)
Other financial liabilities	(633)	(41)	(131)	–	(2)	–	(807)	(804)
Trade payables, accruals and other liabilities	(16,064)	(110)	(25)	(35)	(6)	(26)	(16,266)	(16,265)
Deferred consideration	(16)	(1)	–	–	–	–	(17)	(17)
	(23,678)	(3,185)	(3,966)	(4,591)	(2,973)	(15,025)	(53,418)	(47,741)
Derivative financial liabilities:
Interest rate derivatives:								(442)
Derivative contracts – receipts	71	71	192	192	184	408	1,118
Derivative contracts – payments	(178)	(142)	(257)	(260)	(244)	(525)	(1,606)
Foreign exchange derivatives:								(188)
Derivative contracts – receipts	5,641	–	–	–	–	–	5,641
Derivative contracts – payments	(5,867)	–	–	–	–	–	(5,867)
Commodity derivatives:								(20)
Derivative contracts – receipts	–	–	–	–	–	–	–
Derivative contracts – payments	(20)	–	–	–	–	–	(20)
	(353)	(71)	(65)	(68)	(60)	(117)	(734)	(650)
Total	(24,031)	(3,256)	(4,031)	(4,659)	(3,033)	(15,142)	(54,152)	(48,391)
2023
Non-derivative financial liabilities:
Bank loans and overdrafts	(524)	(1)	(1)	(1)	(1)	(3)	(531)	(506)
Bonds and other loans	(4,650)	(3,599)	(2,480)	(2,643)	(4,092)	(14,028)	(31,492)	(26,692)
Lease liabilities	(407)	(316)	(260)	(193)	(153)	(362)	(1,691)	(1,395)
Other financial liabilities	(138)	(352)	(50)	–	–	(2)	(542)	(535)
Trade payables, accruals and other liabilities	(16,113)	(63)	(23)	(16)	(4)	(26)	(16,245)	(16,245)
Deferred consideration	(168)	(5)	–	–	–	–	(173)	(172)
	(22,000)	(4,336)	(2,814)	(2,853)	(4,250)	(14,421)	(50,674)	(45,545)
Derivative financial liabilities:
Interest rate derivatives:								(452)
Derivative contracts – receipts	542	84	84	971	54	192	1,927
Derivative contracts – payments	(648)	(150)	(125)	(1,020)	(95)	(326)	(2,364)
Foreign exchange derivatives:								(85)
Derivative contracts – receipts	7,704	–	–	–	–	–	7,704
Derivative contracts – payments	(7,806)	–	–	–	–	–	(7,806)
Commodity derivatives:								(22)
Derivative contracts – receipts	–	–	–	–	–	–	–
Derivative contracts – payments	(22)	–	–	–	–	–	(22)
	(230)	(66)	(41)	(49)	(41)	(134)	(561)	(559)
Total	(22,230)	(4,402)	(2,855)	(2,902)	(4,291)	(14,555)	(51,235)	(46,104)

The Group has sublet a small proportion of leased properties. Related future minimum sublease payments are €69 million (2023: €23 million).


176	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

16A. MANAGEMENT OF LIQUIDITY RISK continued

The following table shows cash flows for which cash flow hedge accounting is applied. The derivatives in the cash flow hedge relationships are expected to have an

impact on profit and loss in the same periods as the cash flows occur.


	€ million Due within 1 year	€ million Due between 1 and 2 years	€ million Due between 2 and 3 years	€ million Due between 3 and 4 years	€ million Due between 4 and 5 years	€ million Due after 5 years	€ million Total	€ million Net carrying amount of related derivatives(a)
2024
Foreign exchange cash inflows	2,717	–	–	–	–	–	2,717	–
Foreign exchange cash outflows	(2,696)	–	–	–	–	–	(2,696)	31
Interest rate swaps cash inflows	70	70	1,017	42	592	795	2,586	55
Interest rate swaps cash outflows	(71)	(71)	(982)	(58)	(624)	(852)	(2,658)	–
Commodity contracts cash inflows	126	–	–	–	–	–	126	126
Commodity contracts cash outflows	(20)	–	–	–	–	–	(20)	(20)
2023
Foreign exchange cash inflows	2,807	–	–	–	–	–	2,807	–
Foreign exchange cash outflows	(2,842)	–	–	–	–	–	(2,842)	(6)
Interest rate swaps cash inflows	526	68	68	959	42	1,387	3,050	48
Interest rate swaps cash outflows	(528)	(68)	(68)	(978)	(55)	(1,387)	(3,084)	–
Commodity contracts cash inflows	8	–	–	–	–	–	8	8
Commodity contracts cash outflows	(22)	–	–	–	–	–	(22)	(22)

(a)See note 16C.

16B. MANAGEMENT OF MARKET RISK

Unilever’s size and operations result in it being exposed to the following market risks that arise from its use of financial instruments:

■commodity price risk;

■currency risk; and

■interest rate risk.

The above risks may affect the Group’s income and expenses, or the value of its financial instruments. The objective of the Group’s management of market risk is to

maintain this risk within acceptable parameters, while optimising returns. Generally, the Group applies hedge accounting to manage the volatility in income statement

arising from market risk.

Where the Group uses hedge accounting to mitigate the above risks, it is normally implemented centrally by either the Treasury or Commodity Risk Management

teams, in line with their respective frameworks and strategies. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic

prospective effectiveness assessments to ensure that an economic relationship continues to exist between the hedged item and hedging instrument. The Group

generally enters into hedge relationships where the critical terms of the hedging instrument match exactly with the hedged item, meaning that the economic

relationship between the hedged item and hedging instrument is evident, so only a qualitative assessment is performed. When a qualitative assessment is not

considered sufficient, for example when the critical terms of the hedging instrument do not match exactly with the hedged item, a quantitative assessment of hedge

effectiveness will also be performed. The hedge ratio is set on inception for all hedge relationships and is dependent on the alignment of the critical terms of the

hedging instrument to the hedged item (in most instances these are matched, so the hedge ratio is 1:1).


Unilever Annual Report on Form 20-F 2024		177



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

16B. MANAGEMENT OF MARKET RISK continued

The Group’s exposure to, and management of, these risks is explained below. It often includes derivative financial instruments, the uses of which are described in

note 16C.


As at year end, the Group had the below notional amount of currency derivatives outstanding to which cash flow hedge accounting is applied:
Currency	€ million 2024	€ million 2023
EUR*	(1,014)	(951)
GBP	(404)	(372)
USD	306	363
SEK	(87)	(97)
CAD	(194)	(136)
SGD	68	78
Others	(260)	(301)
Total	(1,585)	(1,416)
* Euro exposure relates to group companies having non- euro functional currencies.


178	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

16B. MANAGEMENT OF MARKET RISK continued


Potential impact of risk		Management policy and hedging strategy		Sensitivity to the risk


Currency risk on the Group’s net investments The Group is also subject to currency risk in relation to the translation of the net investments of its foreign operations into euros for inclusion in its consolidated financial statements. These net investments include Group financial loans, which are monetary items that form part of our net investment in foreign operations, of €7.9 billion (2023: €13.0 billion), of which €3.5 billion (2023: €2.9 billion) is denominated in USD and €3.1 billion (2023: €9.0 billion) is denominated in GBP. In accordance with IAS 21, the exchange differences on these financial loans are booked through reserves.


Part of the currency exposure on the Group’s investments is also managed using net investment hedges for below currencies with a nominal value of as stated below.
Currency	€ million 2024	€ million 2023
USD	3,023	2,636
CNY	(1,081)	–
ILS	(323)	–

Unilever aims to minimise this currency risk on the

Group’s net investment exposure by borrowing in local

currency in the operating companies themselves. In

some locations, however, the Group’s ability to do this

is inhibited by local regulations, lack of local liquidity or

by local market conditions.

Treasury may decide on a case-by-case basis to

actively hedge the currency exposure from net

investment in foreign operations. This is done either

through additional borrowings in the related currency, or

through the use of foreign exchange derivative

contracts.

Where local currency borrowings, or derivative

contracts, are used to hedge the currency risk in

relation to the Group’s net investment in foreign

subsidiaries, these relationships are designated as net

investment hedges for accounting purposes.

Exchange risk related to the principal amount of the

USD denominated debt either forms part of hedging

relationship itself, or is hedged through forward

contracts.

Impact on equity – net investment hedges

A 10% strengthening of the euro against other

currencies would have led to €162 million (2023: €260

million) loss in the equity on the net investment

hedges used to manage the currency exposure on

the Group’s investments.

A 10% weakening of the euro against other currencies

would have led to an equal but opposite effect.

Impact on equity – net investments in group

companies

A 10% strengthening of the euro against all other

currencies would have led to €2,600 million negative

retranslation effect (2023: €2,620 million negative

retranslation effect).

A 10% weakening of the euro against all other

currencies would have led to an equal but opposite

effect.

In line with accepted hedge accounting treatment and

our accounting policy for financial loans, the

retranslation differences would be recognised in

equity.


At 31 December 2024, the net exposure of the net investments in foreign currencies amounts to €26.0 billion (2023: €26.2 billion).


(iii) Interest rate risk(a) The Group is exposed to market interest rate fluctuations on its floating-rate debt. Increases in benchmark interest rates could increase the interest cost of our floating-rate debt and increase the cost of future borrowings. The Group’s ability to manage interest costs also has an impact on reported results. The Group does not have any material floating interest-bearing financial assets or any significant long-term fixed interest-bearing financial assets. Consequently, the Group’s interest rate risk arises mainly from financial liabilities other than lease liabilities. Taking into account the impact of interest rate swaps, at 31 December 2024, interest rates were fixed on approximately 76% of the expected financial liabilities (excluding lease liabilities) for 2025, and 68% for 2026 (70% for 2024 and 59% for 2025 at 31 December 2023).


As at year end, the Group had the below notional amount of interest rate derivatives outstanding on which hedge accounting is applied:
Cash flow hedge	€ million 2024	€ million 2023
Currency	2,211	2,605
EUR	1,250	1,250
USD	961	1,355
Fair value hedge
Currency	3,660	3,566
EUR	2,000	2,000
USD	1,298	1,220
GBP	362	346
Net investment hedge
Currency	647	–
CNY	647	–

Unilever’s interest rate management approach aims for

an optimal balance between fixed- and floating-rate

interest rate exposures on expected financial liabilities.

The objective of this approach is to minimise annual

interest costs.

This is achieved either by issuing fixed- or floating-rate

long-term debt, or by modifying interest rate exposure

through the use of interest rate swaps.

The majority of the Group’s existing interest rate

derivatives are designated as fair value hedges and are

expected to be effective. The fair value movement of

these derivatives is recognised in the income

statement, along with any changes in the relevant fair

value of the underlying hedged asset or liability.


Impact on income statement Assuming that all other variables remain constant, a 1.0 percentage point increase in floating interest rates on a full-year basis as at 31 December 2024 would have led to an additional €94 million of additional finance cost (2023: €77 million additional finance costs). A 1.0 percentage point decrease in floating interest rates on a full-year basis would have led to an equal but opposite effect. Assuming that all other variables remain constant, a 1.0 percentage point increase in interest rates on a full-year basis as at 31 December 2024 would have led to an additional €12 million of additional finance costs related to net investment hedge interest rate swaps. A 1.0 percentage point decrease in interest rates on a full-year basis would have led to an equal but opposite effect. Impact on equity – cash flow hedges Assuming that all other variables remain constant, a 1.0 percentage point increase in interest rates on a full-year basis as at 31 December 2024 would have led to an additional €5 million credit in equity from derivatives in cash flow hedge relationships (2023: €7 million debit). A 1.0 percentage point decrease in interest rates on a full-year basis would have led to an additional €5 million debit in equity from derivatives in cash flow hedge relationships (2023: €8 million credit).


For interest management purposes, transactions with a maturity shorter than six months from inception date are not included as fixed interest transactions. The average interest rate on short-term borrowings in 2024 was 6.3% (2023: 5.9%).

(a)See the weighted average amount of financial liabilities with fixed-rate interest shown in the following table.


Unilever Annual Report on Form 20-F 2024		179



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

16B. MANAGEMENT OF MARKET RISK continued

The following table shows the split in fixed- and floating-rate interest exposures, taking into account the impact of interest rate swaps:


	€ million 2024	€ million 2023
Current financial liabilities	(6,987)	(5,087)
Non-current financial liabilities	(25,066)	(24,535)
Total financial liabilities	(32,053)	(29,622)
Less: lease liabilities	(1,486)	(1,395)
Financial liabilities (excluding lease liabilities)	30,567	28,227
Of which:
Fixed rate (weighted average amount of fixing for the following year)	(21,151)	(20,527)

16C. DERIVATIVES AND HEDGING

The Group does not use derivative financial instruments for speculative purposes. The uses of derivatives and the related values of derivatives are summarised in the

following table. Derivatives used to hedge:


	€ million Trade and other receivables	€ million Current financial assets		€ million Non-Current financial assets	€ million Trade payables and other liabilities	€ million Current financial liabilities		€ million Non-Current financial liabilities	€ million Total
31 December 2024
Foreign exchange derivatives
Fair value hedges	–	–		–	–	–		–	–
Cash flow hedges	59	–		–	(28)	–		–	31
Hedges on the net investment in foreign operations	–	69		–	–	(28)	(a)	–	41
Hedge accounting not applied	18	79	(a)	–	(8)	(124)		–	(35)
Interest rate derivatives
Fair value hedges	–	–		–	–	–		(423)	(423)
Cash flow hedges	–	–		58	–	–		(3)	55
Hedges on the net investment in foreign operations	–	–		–	–	–		(16)	(16)
Hedge accounting not applied	–	1		10	–	–		–	11
Commodity contracts
Cash flow hedges	126	–		–	(20)	–		–	106
Hedge accounting not applied	–	–		–	–	–		–	–
	203	149		68	(56)	(152)		(442)	(230)
	Total assets			420	Total liabilities			(650)	(230)
31 December 2023
Foreign exchange derivatives
Fair value hedges	–	–		–	–	–		–	–
Cash flow hedges	22	–		–	(28)	–		–	(6)
Hedges on the net investment in foreign operations	–	–		–	–	(42)	(a)	–	(42)
Hedge accounting not applied	7	37	(a)	–	(15)	–	(a)	–	29
Interest rate derivatives
Fair value hedges	–	–		–	–	–		(425)	(425)
Cash flow hedges	–	–		75	–	(6)		(21)	48

Hedge accounting not applied	–	–		–	–	–		–	–
Commodity contracts
Cash flow hedges	8	–		–	(22)	–		–	(14)
Hedge accounting not applied	–	–		–	–	–		–	–
	37	37		75	(65)	(48)		(446)	(410)
	Total assets			149	Total liabilities			(559)	(410)

(a)Swaps that hedge the currency risk on intra-group loans and offset ‘Hedges of net investments in foreign operations’ are included within ‘Hedge accounting not applied’. See below for

further details.


180	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

16C. DERIVATIVES AND HEDGING continued

Master netting or similar agreements

A number of legal entities within the Group enter into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting

agreements. In general, under such agreements the amounts owed by each counter-party on a single day in respect of all transactions outstanding in the same

currency are aggregated into a single net amount that is payable by one party to the other. In certain circumstances, such as when a credit event such as a default

occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of

all transactions.

The ISDA agreements do not meet the criteria for offsetting the positive and negative values in the consolidated balance sheet. This is because the Group does not

have a legally enforceable right to offset recognised amounts against counterparties, as the right to offset is enforceable only upon the occurrence of credit events

such as a default.

The column ‘Related amounts not set off in the balance sheet – Financial instruments’ shows the netting impact of our ISDA agreements, assuming the agreements

are respected in the relevant jurisdiction.

(i) Financial assets

The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements.


				Related amounts not set off in the balance sheet
As at 31 December 2024	€ million Gross amounts of recognised financial assets	€ million Gross amounts of recognised financial assets set off in the balance sheet	€ million Net amounts of financial assets presented in the balance sheet	€ million Financial instruments	€ million Cash collateral received	€ million Net amount
Derivative financial assets	478	(58)	420	(174)	(89)	157
As at 31 December 2023
Derivative financial assets	191	(42)	149	(122)	(6)	21

(ii) Financial liabilities

The following financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements.


				Related amounts not set off in the balance sheet
As at 31 December 2024	€ million Gross amounts of recognised financial liabilities	€ million Gross amounts of recognised financial liabilities set off in the balance sheet	€ million Net amounts of financial liabilities presented in the balance sheet	€ million Financial instruments	€ million Cash collateral received	€ million Net amount
Derivative financial liabilities	(708)	58	(650)	174	–	(476)
As at 31 December 2023
Derivative financial liabilities	(601)	42	(559)	122	–	(437)


Unilever Annual Report on Form 20-F 2024		181



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

17. Investment and return


Cash and cash equivalents Cash and cash equivalents in the balance sheet include deposits, investments in money market funds and highly liquid investments. To be classified as cash and cash equivalents, an asset must: ■be readily convertible into cash; ■have an insignificant risk of changes in value; and ■have a maturity period of typically three months or less at acquisition. Cash and cash equivalents in the cash flow statement also include bank overdrafts and are recorded at amortised cost.
Other financial assets The Group classifies its financial assets into the following measurement categories: ■those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and ■those to be measured at amortised cost. This classification depends on our business model for managing the financial asset and the contractual terms of the cash flows. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the income statement. All financial assets are either debt instruments or equity instruments. Debt instruments are those that provide the Group with a contractual right to receive cash or another asset. Equity instruments are those where the Group has no contractual right to receive cash or another asset.
Debt instruments The subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories that debt instruments are classified as: ■financial assets at amortised cost; ■financial assets at fair value through other comprehensive income; or ■financial assets at fair value through profit or loss. (i) Amortised cost Assets measured at amortised cost are those which are held to collect contractual cash flows on the repayment of principal or interest (SPPI). A gain or loss on a debt investment recognised at amortised cost on derecognition or impairment is recognised in the income statement. Interest income is recognised within finance income using the effective interest rate method. (ii) Fair value through other comprehensive income Assets that are held at fair value through other comprehensive income are those that are held to collect contractual cash flows on the repayment of principal and interest and which are held to recognise a capital gain through the sale of the asset. Movements in the carrying amount are recognised in other comprehensive income except for the recognition of impairment, interest income and foreign exchange gains or losses which are recognised in the income statement. On derecognition, the cumulative gain or loss recognised in other comprehensive income is reclassified from equity to the income statement. Interest income is included in finance income using the effective interest rate method. (iii) Fair value through profit or loss Assets that do not meet the criteria for either amortised cost or fair value through other comprehensive income are measured as fair value through profit or loss. Related transaction costs are expensed as incurred. Unless they form part of a hedging relationship, these assets are held at fair value, with changes being recognised in the income statement. Interest income from these assets is included within finance income.
Equity instruments The Group subsequently measures all equity instruments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains or losses to profit or loss. Dividends from these investments continue to be recognised in the income statement.
Impairment of financial assets Financial instruments classified as amortised cost and debt instruments classified as fair value through other comprehensive income are assessed for impairment. The Group assesses the probability of default of an asset at initial recognition and then whether there has been a significant increase in credit risk on an ongoing basis. To assess whether there is a significant increase in credit risk, the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Macroeconomic information (such as market interest rates or growth rates) is also considered. Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the company. Impairment losses on assets classified as amortised cost are recognised in the income statement. When a later event causes the impairment losses to decrease, the reduction in impairment loss is also recognised in the income statement. Permanent impairment losses on debt instruments classified as fair value through other comprehensive income are recognised in the income statement.


182	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

17A. FINANCIAL ASSETS

The Group’s Treasury function aims to protect the Group’s financial investments, while maximising returns. The fair value of financial assets is considered to be the

same as the carrying amount for 2024 and 2023. The Group’s cash resources and other financial assets are shown below.


Financial assets(a)	€ million Current 2024	€ million Non-current 2024	€ million Total 2024	€ million Current 2023	€ million Non-current 2023	€ million Total 2023
Cash and cash equivalents
Cash at bank and in hand	3,241	–	3,241	2,862	–	2,862
Short-term deposits(b)	2,436	–	2,436	1,181	–	1,181
Other cash equivalents(c)	459	–	459	116	–	116
	6,136	–	6,136	4,159	–	4,159
Other financial assets
Financial assets at amortised cost(d)	736	526	1,262	961	454	1,415
Financial assets at fair value through other comprehensive income(e)	–	600	600	151	458	609
Financial assets at fair value through profit or loss:
Derivatives	149	68	217	37	75	112
Other(f)	445	377	822	582	399	981
	1,330	1,571	2,901	1,731	1,386	3,117
Total	7,466	1,571	9,037	5,890	1,386	7,276

(a)For the purposes of this note and note 15C, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes

13 and 14 respectively.

(b)Short-term deposits typically have maturity of up to three months.

(c)Other cash equivalents include investments in overnight funds and marketable securities.

(d)Current financial assets at amortised cost include short-term deposits with banks with maturities longer than three months excluding deposits which are part of a recognised cash

management process, fixed income securities and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposits of €196 million (2023: €227

million).

(e)Included within non-current financial assets at fair value through other comprehensive income are equity investments. These investments are not held by Unilever for trading purposes and

hence the Group has opted to recognise fair value movements through other comprehensive income. The fair value movement in 2024 of these equity investments was €64 million (2023:

€(39) million).

(f)Current other financial assets at fair value through profit or loss include money market funds, marketable securities and other capital market instruments. Included within non-current

financial assets at fair value through profit or loss are assets in a trust to fund benefit obligations in the US (see also note 4B) of €30 million (2023: €33 million), option to acquire non-

controlling interest in subsidiaries of €27 million (2023: €31 million) and investments in financial institutions.

There were no significant changes on account of change in business model in classification of financial assets since 31 December 2023.

There are no financial assets that are designated at fair value through profit or loss, which would otherwise have been measured at fair value through other

comprehensive income or amortised cost


Cash and cash equivalents reconciliation to the cash flow statement	€ million 2024	€ million 2023
Cash and cash equivalents per balance sheet	6,136	4,159
Less: Bank overdrafts	(180)	(116)
Add: Cash and cash equivalents included in assets held for sale	–	2
Less: Bank overdraft included in liabilities held for sale	(6)	–
Cash and cash equivalents per cash flow statement	5,950	4,045

Approximately €3.0 billion (or 49%) of the Group’s cash and cash equivalents are held in the parent and central finance companies, for maximum flexibility. These

companies provide loans to our subsidiaries that are also funded through retained earnings and third-party borrowings. The Group maintain access to global debt

markets through an infrastructure of short- and long-term debt programmes. The Group make use of plain vanilla derivatives, such as interest rate swaps and foreign

exchange contracts, to help mitigate risks. More detail is provided in notes 16, 16A, 16B and 16C on pages 174 to 180.

The remaining €3.1 billion (or 51%) of the Group’s cash and cash equivalents are held in foreign subsidiaries which repatriate distributable reserves on a regular

basis. For most countries, this is done through dividends which are in some cases subject to withholding or distribution tax. This balance includes €176 million (2023:

€98 million) of cash that is held in a few countries where we face cross-border foreign exchange controls and/or other legal restrictions that inhibit our ability to make

these balances available for general use by the wider business. The cash will generally be invested or held in the relevant country and, given the other capital

resources available to the Group, does not significantly affect the ability of the Group to meet its cash obligations.


Unilever Annual Report on Form 20-F 2024		183



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

17B. CREDIT RISK

Credit risk is the risk of financial loss to the Group if a customer or counter-party fails to meet its contractual obligations. Additional information in relation to credit risk

on trade receivables is given in note 13. These risks are generally managed by local controllers. Credit risk related to the use of treasury instruments, including those

held at amortised cost and at fair value through other comprehensive income, is managed on a Group basis. This risk arises from transactions with financial

institutions involving cash and cash equivalents, deposits and derivative financial instruments. The maximum exposure to credit risk at the reporting date is the

carrying value of each class of financial assets. To reduce this risk, Unilever has concentrated its main activities with a limited number of counter-parties which have

secure credit ratings. Individual risk limits are set for each counter-party based on financial position, credit rating and past experience. Credit limits and concentration

of exposures are actively monitored by the Group’s Treasury department. Netting agreements are also put in place with Unilever’s principal counter-parties. In the

case of a default, these arrangements would allow Unilever to net assets and liabilities across transactions with that counter-party. To further reduce the Group’s

credit exposures on derivative financial instruments, Unilever has collateral agreements with Unilever’s principal counter-parties in relation to derivative financial

instruments. Under these arrangements, counter-parties are required to deposit securities and/or cash as a collateral for their obligations in respect of derivative

financial instruments. At 31 December 2024, the collateral held by Unilever under such arrangements amounted to €89 million (2023: €6 million) which was entirely in

cash.

Further details in relation to the Group’s exposure to credit risk are shown in note 13 and note 16A.

18. Financial instruments fair value risk

The Group is exposed to the risk of changes in fair value of its financial assets and liabilities. The following table summarises the fair values and carrying amounts of

financial instruments.


Fair values of financial assets and financial liabilities	€ million Fair value 2024	€ million Fair value 2023	€ million Carrying amount 2024	€ million Carrying amount 2023
Financial assets
Cash and cash equivalents	6,136	4,159	6,136	4,159
Financial assets at amortised cost	1,262	1,415	1,262	1,415
Financial assets at fair value through other comprehensive income	600	609	600	609
Financial assets at fair value through profit or loss
Derivatives	217	112	217	112
Other	822	981	822	981
	9,037	7,276	9,037	7,276
Financial liabilities
Bank loans and overdrafts	(521)	(506)	(521)	(506)
Bonds and other loans	(28,037)	(26,112)	(28,648)	(26,692)
Lease liabilities	(1,486)	(1,395)	(1,486)	(1,395)
Derivatives	(594)	(494)	(594)	(494)
Other financial liabilities	(804)	(535)	(804)	(535)
	(31,442)	(29,042)	(32,053)	(29,622)

The fair value of financial assets and financial liabilities (excluding listed bonds) is considered to be the same as the carrying amount for 2024

and 2023. The fair value of trade receivables and payables is considered to be equal to the carrying amount of these items due to their

short-term nature.

Fair value hierarchy

The fair values shown in notes 15C and 17A have been classified into three categories depending on the inputs used in the valuation technique.

The categories used are as follows:

■Level 1: quoted prices for identical instruments;

■Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and

■Level 3: inputs which are not based on observable market data.


184	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

18. FINANCIAL INSTRUMENTS FAIR VALUE RISK continued

For assets and liabilities which are carried at fair value, the classification of fair value calculations by category is summarised below:


	Notes	€ million Level 1 2024	€ million Level 1 2023	€ million Level 2 2024	€ million Level 2 2023	€ million Level 3 2024	€ million Level 3 2023	€ million Total fair value 2024	€ million Total fair value 2023
Assets at fair value

Financial assets at fair value through other comprehensive income	17A	10	163	4	4	586	442	600	609
Financial assets at fair value through profit or loss:
Derivatives(a)	16C	–	–	420	149	–	–	420	149
Other	17A	445	582	–	–	377	399	822	981

Liabilities at fair value
Derivatives(b)	16C	–	–	(650)	(559)	–	–	(650)	(559)
Contingent consideration	14	–	–	–	–	(1)	(157)	(1)	(157)

(a)Includes €203 million (2023: €37 million) derivatives, reported within trade receivables, that hedge trading activities.

(b)Includes €(56) million (2023: €(65) million) derivatives, reported within trade payables, that hedge trading activities.

There were no significant changes in classification of fair value of financial assets and financial liabilities since 31 December 2023. There were also no significant

movements between the fair value levels since 31 December 2023.

The impact in 2024 income statement due to Level 3 instruments is a loss of €(58) million (2023: loss of €(68) million).

Reconciliation of Level 3 fair value measurements of financial assets and financial liabilities is given below:


Reconciliation of movements in Level 3 valuations	€ million 2024	€ million 2023
1 January	684	696
Gains/(losses) recognised in income statement	(58)	(68)
Gains/(losses) recognised in other comprehensive income	67	(8)
Purchases and new issues	135	71
Sales and settlements	134	(7)
31 December	962	684

SIGNIFICANT UNOBSERVABLE INPUTS USED IN LEVEL 3 FAIR VALUES

Assets valued using Level 3 techniques include €658 million (2023: €584 million) relating to a number of unlisted investments within Unilever Ventures companies,

none of which are individually material; €172 million (2023: €161 million) of long-term cash receivables under life insurance policies and €27 million (2023: €31

million) for option to acquire non-controlling interest. Valuation techniques used are specific to each asset and liability, a change in one or more of the inputs to

reasonably possible alternative assumptions would not change the value significantly for all assets and liabilities.

Calculation of fair values

The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used in the

year ended 31 December 2023.

Assets and liabilities carried at fair value

■The fair values of quoted investments falling into Level 1 are based on current bid prices.

■The fair values of unquoted financial assets at fair value through other comprehensive income and at fair value through profit or loss are based on recent trades in

liquid markets, observable market rates, discounted cash flow analysis and statistical modelling techniques such as the Monte Carlo simulation. If all significant

inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable

market data, the instrument is included in Level 3.

■Derivatives are valued using valuation techniques with market observable inputs. The models incorporate various inputs including the credit quality of counter-

parties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodities.

■For listed securities where the market is not liquid, and for unlisted securities, valuation techniques are used. These include the use of recent arm’s length

transactions, reference to other instruments that are substantially the same and discounted cash flow calculations.

Other financial assets and liabilities (fair values for disclosure purposes only)

■Cash and cash equivalents, trade and other current receivables, bank loans and overdrafts, trade payables and other current liabilities have fair values that

approximate to their carrying amounts due to their short-term nature.

■The fair values of listed bonds are based on their market value.

■Non-listed bonds, other loans, bank loans and non-current receivables and payables are based on the net present value of the anticipated future cash flows associated with

these instruments using rates currently available for debt on similar terms, credit risk and remaining maturities.

Policies and processes used in relation to the calculation of Level 3 fair values

Assets valued using Level 3 valuation techniques are primarily made up of long-term cash receivables and unlisted investments. Valuation techniques used are

specific to the circumstances involved. Unlisted investments include €658 million (2023: €584 million) of investments within Unilever Ventures companies.


Unilever Annual Report on Form 20-F 2024		185



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

19. Provisions


Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable.


Provisions	€ million 2024	€ million 2023
Due within one year	831	537
Due after one year	571	563
Total provisions	1,402	1,100


Movements during 2024	€ million Restructuring	€ million Legal	€ million Brazil indirect taxes	€ million Other	€ million Total
1 January 2024	175	241	68	616	1,100
Additions through business combinations	–	–	–	–	–
Income statement:
Charges	460	129	15	121	725
Releases	(45)	(30)	(5)	(56)	(136)
Utilisation	(129)	(54)	(2)	(80)	(265)
Currency translation	5	(4)	(12)	(11)	(22)
31 December 2024	466	282	64	590	1,402

Restructuring provisions primarily include people costs such as redundancy costs and the cost of compensation where manufacturing, distribution, service or selling

agreements are to be terminated. The Group expects these provisions to be substantially utilised within the next few years.

The Group is involved from time to time in legal and arbitration proceedings arising in the ordinary course of business. As previously disclosed, along with other

consumer product companies and retail customers, Unilever is involved in a number of ongoing investigations by national competition authorities. These proceedings

and investigations are at various stages and concern a variety of product markets. Where specific issues arise, provisions are made to the extent appropriate. Due to

the nature of the legal cases, the timing of utilisation of these provisions is uncertain.

Provisions for Brazil indirect taxes are separate from the matters listed as contingent liabilities in note 20. Unilever does not have provisions and contingent liabilities

for the same matters. Due to the nature of disputed indirect taxes, the timing of utilisation of these provisions is uncertain.

Other includes provisions for indirect taxes in countries other than Brazil, interest on tax provisions and provisions for various other matters. The timing of utilisation of

these provisions is uncertain.

20. Commitments and contingent liabilities

COMMITMENTS


Lease commitments are the future cash outflows from the lease contracts which are not recorded in the measurement of lease liabilities. These include potential future payments related to leases of low-value assets, leases which are less than twelve months, variable leases, extension and termination options and leases not yet commenced but which we have committed to.

Other commitments principally comprise commitments under contract to purchase materials and services. They do not include commitments to purchase property,

plant and equipment, which are reported in note 10 on pages 163 to 165.


Lease commitments and other commitments fall due as follows:	€ million Leases 2024	€ million Leases 2023	€ million Other commitments 2024	€ million Other commitments 2023
Within 1 year	101	64	1,654	1,510
Later than 1 year but not later than 5 years	163	79	2,360	2,595
Later than 5 years	66	148	184	265
	330	291	4,198	4,370


186	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

20. COMMITMENTS AND CONTINGENT LIABILITIES continued

CONTINGENT LIABILITIES


Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future. Assessing the amount of liabilities that are not probable is highly judgemental, so contingent liabilities are disclosed on the basis of the known maximum exposure.

Contingent liabilities arise in respect of litigations against group companies, investigations by competition, regulatory and fiscal authorities and obligations arising

under environmental legislation. In many markets, there is a high degree of complexity involved in the local tax regimes. The majority of contingent liabilities are in

respect of fiscal matters in Brazil, with no other contingent liability being individually material.

In the case of fiscal matters, the known maximum exposure is the amount included in a tax assessment.


Summary of contingent liabilities	€ million 2024	€ million 2023
Corporate reorganisation – IPI, PIS and COFINS taxes and penalties	3,230	3,757
Inputs for PIS and COFINS taxes	35	40
Goodwill amortisation	144	174
Other tax assessments – approximately 500 cases	855	983
Total Brazil Tax	4,264	4,954
Other contingent liabilities	571	575
Total contingent liabilities	4,835	5,529

Brazil tax

During 2004, and in common with many other businesses operating in Brazil, one of our Brazilian subsidiaries received a notice of infringement from the Federal

Revenue Service in respect of indirect taxes regarding corporate reorganisation. The notice alleges that a 2001 reorganisation of our local corporate structure was

undertaken without a valid business purpose. The 2001 reorganisation was comparable with restructuring done by many companies in Brazil. The original dispute

was resolved in the courts in the Group’s favour. However, in 2013 a new assessment was raised in respect of a similar matter. Additionally, during the course of 2014

and between 2017 and 2024, other notices of infringement were issued based on the same grounds argued in the previous assessments. The total amount of the tax

assessments in respect of this matter is €3,230 million (2023: €3,757 million).

The Group believes that the likelihood that the Brazilian tax authorities will ultimately prevail is low, however there can be no guarantee of success in court. In each

case we believe our position is strong, so they have not been provided for and are considered to be contingent liabilities. Due to the fiscal environment in Brazil, there

remains the possibility of material tax assessments related to the same matters for periods not yet assessed. We expect that tax litigation cases related to this matter

may move from the Administrative to the Judicial Courts, although the exact timing is uncertain. In such case, we will be required to make a judicial deposit or provide

a guarantee in respect of the disputed tax, interest and penalties. The judicial process in Brazil is likely to take a number of years to conclude.

The contingent liabilities reported for indirect taxes relating to disputes with the Brazilian authorities are separate from the provisions listed in note 19. Unilever does

not hold provisions and contingent liabilities for the same matters.

21. Acquisitions and disposals


Business combinations are accounted for using the acquisition accounting method as at the acquisition date, which is the date at which control is transferred to the Group. Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling interests and the fair value of any previously held equity interests less the net recognised amount (which is generally fair value) of the identifiable assets and liabilities assumed. Goodwill is subject to an annual review for impairment (or more frequently if necessary) in accordance with our accounting policies. Any impairment is charged to the income statement as it arises. Detailed information relating to goodwill is provided in note 9 on pages 160 to 162. Non-controlling interests are valued based on the proportion of net assets of the acquired company at the date of acquisition. Transaction costs are expensed as incurred. Changes in ownership that do not result in a change of control are accounted for as equity transactions and therefore do not have any impact on goodwill. The difference between consideration and the non-controlling share of net assets acquired is recognised within equity.


Unilever Annual Report on Form 20-F 2024		187



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

21. ACQUISITIONS AND DISPOSALS continued

2024

In 2024, the Group completed the business acquisitions and disposals as listed below. The net consideration for acquisitions in 2024 is €616 million (2023: €675

million for acquisitions completed during that year). More information related to the 2024 acquisitions is provided below.


Deal completion date	Acquired/disposed business

1 February 2024	Acquired 91.88% of K18, a US-based premium hair care brand. The acquisition complements Unilever’s existing Beauty and Wellbeing portfolio, with a range of high-quality, hair care products.
1 June 2024	Sold Elida Beauty to Yellow Wood Partners LLC. Elida Beauty comprises more than 20 beauty and personal care brands, such as Q-Tips, Caress, Timotei and TIGI.
1 August 2024	Sold Qinyuan Group (also known as “Truliva”) to Yong Chao Venture Capital Co., Ltd. Qinyuan Group offers a range of water purification solutions to households in China.
8 October 2024	Sold the Russian subsidiary to Arnest Group. The sale includes all of Unilever’s business in Russia and its four factories in the country, along with our business in Belarus.
1 November 2024	Sold Pureit to A.O. Smith. Pureit offers a range of water purification solutions across India, Bangladesh, Sri Lanka, Vietnam and Mexico, among others.

On 22 January 2025, Hindustan Unilever Limited announced it has signed an agreement to acquire Minimalist, a premium actives-led beauty brand in India. The

transaction is expected to be completed by Q2 2025.

2023

In 2023, the Group completed the business acquisitions and disposals as listed below. The net consideration for acquisitions in 2023 was €675 million. More

information related to the 2023 acquisitions is provided below.


Deal completion date	Acquired/disposed business

10 January 2023	Acquired 51% of Zywie Ventures Private Limited ('OZiva'), a leading plant-based, and clean-label consumer wellness brand focused on the need spaces such as Lifestyle Protein, Hair & Beauty Supplements and Women’s health.
1 May 2023	Sold Suave brand in North America to Yellow Wood Partners LLC. The Suave beauty and personal care brand includes hair care, skin care, skin cleansing and deodorant products.
1 August 2023	Acquired 100% of Yasso Holdings, Inc. ('Yasso'), a premium frozen Greek yogurt brand in the United States offering a high- quality range of low-calorie yet indulgent products. The acquisition is aligned to the premiumisation strategy of Unilever’s Ice Cream Business Group.
1 November 2023	Sold Dollar Shave Club to Nexus Capital Management LP.

On 1 May 2023, Unilever sold the North America Suave business to Yellow Wood Partners LLC for consideration of €592 million. A gain on disposal of €497 million

was recognised (see note 3).

EFFECT ON CONSOLIDATED INCOME STATEMENT

If the acquisition deals completed in 2024 had all taken place at the beginning of the year, Group turnover would have been €60,772 million, and Group operating

profit would have been €9,402 million. In 2023, if all of the acquisitions had taken place at the beginning of the year, Group turnover for 2023 would have been

€59,709 million and Group operating profit would have been €9,780 million.


188	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

21. ACQUISITIONS AND DISPOSALS continued

EFFECT ON CONSOLIDATED BALANCE SHEET

Acquisitions

The following table sets out the overall impact of acquisitions in 2024 as well as comparative years on the consolidated balance sheet. The

fair values currently used for opening balances are provisional. These balances remain provisional due to there being outstanding relevant

information in regard to facts and circumstances that existed as of the acquisition date and/or where valuation work is still ongoing.


	€ million 2024	€ million 2023	€ million 2022
Net assets acquired	333	368	487
Non-controlling interest	(27)	(20)	(99)
Goodwill	310	327	580
Total consideration	616	675	968

In 2024, the net assets acquired and total payment for acquisitions consists of:


	€ million 2024
Intangible assets	382
Other non-current assets	14
Trade and other receivables	15
Other current assets	36
Non-current liabilities(a)	(99)
Current liabilities	(15)
Net assets acquired	333
Non-controlling interest	(27)
Goodwill(b)	310
Total consideration	616
Of which:
Cash consideration paid	616
Deferred consideration	–

(a)Non-current liabilities include deferred tax of €99 million.

(b)Goodwill not deductible for tax purposes.

Goodwill represents the future value that the Group believes it will obtain through operational synergies and the application of acquired company ideas to existing

Unilever channels and businesses. Detailed information relating to goodwill is provided in note 9 on pages 160 to 162.

Disposals

Total consideration for 2024 disposals is €1,396 million (2023: €578 million for disposals completed during that year). The following table sets out the effect of

disposals in 2024 and comparative year on the consolidated balance sheet. The results of disposed businesses are included in the consolidated financial statements

up until their date of disposal.


	€ million 2024	€ million 2023
Goodwill and intangible assets(a)	1,107	56
Other non-current assets	218	55
Current assets(b)	700	108
Liabilities(c)	(683)	(144)
Net assets sold	1,342	75
Loss on recycling of currency retranslation on disposal	545	14
Non-controlling interest	(85)	0
Profit/(loss) on sale attributable to Unilever	(406)	489
Consideration	1,396	578
Of which:
Cash(d)	1,299	477
Non-cash items and deferred consideration	97	101

(a)2024 includes intangibles of €984 million relating to the disposals of the Elida Beauty, Russia and Truliva businesses.

(b)2024 includes inventories of €126 million, cash of €324 million and trade receivables of €215 million.

(d)2024 includes €324 million related to cash balances of businesses sold.


190	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

23. Related party transactions


A related party is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group.

Joint ventures

The following related party balances existed with joint venture businesses at 31 December:


Related party balances	€ million Total 2024	€ million Total 2023
Sales to joint ventures	1,168	1,144
Purchases from joint ventures	110	134
Receivables from joint ventures	112	99
Payables to joint ventures	111	111
Loans to joint ventures	227	219
Royalties and service fees	9	19

Significant joint ventures are Unilever FIMA LDA and Gallo Worldwide LDA in Portugal, Binzagr Unilever Distribution in the Middle East, the Pepsi Lipton Tea

Partnership in the US and Pepsi Lipton International Ltd for the rest of the world.

All transactions between the group and related parties are conducted on arm's length basis.

Associates

There are no trading balances due to or from associates.

24. Share buyback

On 8 February 2024, we announced a share buyback programme for an aggregate market value equivalent of up to €1.5 billion. As at 31 December 2024, the Group

repurchased 27,368,909 (2023: 31,734,256) ordinary shares which are held by Unilever as treasury shares. Consideration paid in 2024 for the repurchase of shares

including transaction costs was €1,508 million (2023: €1,507 million) and was recognised in other reserves.

25. Remuneration of auditors


	€ million 2024	€ million 2023	€ million 2022
Fees payable to the Group’s auditors for the audit of the consolidated and parent
company accounts of Unilever PLC	12	7	6
Fees payable to the Group’s auditors for the audit of accounts of subsidiaries of
Unilever PLC pursuant to legislation(a)(b)	20	16	17
Total statutory audit fees	32	23	23
Fees payable to the Group’s auditors for the audit of non-statutory
financial statements(c)	8	–	–
Audit-related assurance services(d)	1	–	–
Other taxation advisory services	–	–	–
Services relating to corporate finance transactions	–	–	–
Other assurance services(e)	7	1	1
All other non-audit services(f)	–	–	–
Total fees payable	48	24	24

(a)Comprises fees payable to the KPMG network of independent member firms affiliated with KPMG International Cooperative for audit work on statutory financial statements and Group

reporting returns of subsidiary companies.

(b)Amount payable to KPMG in respect of services supplied to associated pension schemes was less than €1 million individually and in aggregate (2023: less than

€1 million individually and in aggregate; 2022: less than €1 million individually and in aggregate).

(d)In 2024, amounts paid in relation to each type of service are less than €1 million individually and in aggregate.

(e)2024 includes fees payable for CSRD assurance reporting services. With the exception of this service, amounts paid in relation to each type of service are less than

€1 million individually and in aggregate (2023: less than €1 million and in aggregate; 2022: less than €1 million and in aggregate).

(f)2024, 2023 and 2022 include various services, each less than €1 million individually.

26. Events after the balance sheet date


Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of these events is adjusted within the financial statements. Otherwise, events after the balance sheet date of a material size or nature are disclosed below.

On 13 February 2025, Unilever announced a quarterly dividend with the 2024 fourth-quarter results of £0.3775 per PLC ordinary share. The total value of the

announced dividend is €1,121 million.

In February 2025, we announced a share buyback programme of €1.5 billion to be conducted during 2025.


Unilever Annual Report on Form 20-F 2024		191



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP

27. Significant subsidiaries

The following represents the significant subsidiaries of the Group at 31 December 2024, that principally affect the turnover, profit and net assets of the Group. The

percentage of share capital shown below represents the aggregate percentage of equity capital directly or indirectly held by Unilever PLC in the company. The

companies are incorporated and principally operated in the countries under which they are shown except where stated otherwise.


Country	Name of company	Shareholding
Argentina	Unilever de Argentina S.A.	100%
Australia	Unilever Australia Limited	100%
Brazil	Unilever Brasil Ltda.	100%
Canada	Unilever Canada, Inc.	100%
China	Unilever Services (Hefei) Co. Ltd	100%
China	Wall's (China) Co. Limited	100%
England and Wales	Unilever UK & CN Holdings Limited	100%
England and Wales	Unilever Global IP Ltd	100%
England and Wales	Unilever U.K. Holdings Limited	100%
England and Wales	Unilever UK Limited	100%
England and Wales	Unilever U.K. Central Resources Limited	100%
France	Unilever France S.A.S.	100%
Germany	Unilever Deutschland GmbH	100%
Germany	Unilever Deutschland Holding GmbH	100%
India	Hindustan Unilever Limited	62%
Indonesia	PT Unilever Indonesia Tbk	85%
Italy	Unilever Italia Mkt Operations S.R.L.	100%
Mexico	Unilever de Mexico, S. de R.l. de C.V.	100%
Netherlands	Mixhold B.V.	100%
Netherlands	Unilever Finance Netherlands B.V.	100%
Netherlands	Unilever IP Holdings B.V.	100%
Netherlands	Unilever Nederland B.V.	100%
Netherlands	Unilever Europe B.V.	100%
Netherlands	UNUS Holding B.V.	100%
Pakistan	Unilever Pakistan Limited	99%
Philippines	Unilever Philippines, Inc.	100%
Poland	Unilever Polska Sp. z o.o.	100%
Singapore	Unilever Asia Private Limited	100%
South Africa	Unilever South Africa (Pty) Limited	100%
Spain	Unilever Espana S.A.	100%
Switzerland	Unilever Finance International AG	100%
Thailand	Unilever Thai Trading Limited	100%
Turkey	Unilever Sanayi ve Ticaret Turk A.S.	100%
United States of America	ConopCo, Inc.	100%
United States of America	Unilever Capital Corporation	100%
United States of America	Unilever North America Supply Chain Company LLC	100%
United States of America	Unilever United States, Inc.	100%
United States of America	Ben & Jerry's Homemade, Inc.	100%
United States of America	Paula's Choice, Inc.	100%
United States of America	The LIV Group, Inc.	100%
United States of America	Nutraceutical Wellness, Inc	80%
Vietnam	Unilever Vietnam International Company Limited	100%


200	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


Group Companies

AS AT 31 DECEMBER 2024

In accordance with Section 409 of the Companies Act 2006, a list of subsidiaries, partnerships, associates and joint ventures as at 31 December 2024 is set out

below. All subsidiary undertakings are subsidiary undertakings of their immediate parent undertaking(s) pursuant to Section 1162 (2) (a) of the Companies Act 2006

unless otherwise indicated – see the notes on page 210. All subsidiary undertakings not included in the consolidation are not included because they are not material

for such purposes. All associated undertakings are included in the Unilever Group’s financial statements using the equity method of accounting unless otherwise

indicated – see the notes on page 210.

See page 191 of the Annual Report and Accounts for a list of the significant subsidiaries.

Companies are listed by country and under their registered office address. The aggregate percentage of capital held by the Unilever Group is shown after the

subsidiary company name, except where it is 100%. If the Nominal Value field is blank, then the Share Class Note will identify the type of interest held in the entity.

Subsidiary undertakings included in the consolidation


Name of Undertaking	Nominal Value	Share Class Note
Algeria – Zone Industrielle Hassi Ameur Oran 31000
Unilever Algérie SPA (72.50)	DZD1,000.00	1
Argentina – Tucuman 1, piso 4, Ciudad Autónoma de Buenos Aires
Arisco S.A.	ARS1.00	1
Unilever De Argentina S.A.	ARS1.00	1
Club de Beneficios S.A.U.	ARS1.00	1
Urent S.A.	ARS1.00	1
Ulands S.A.	ARS1.00	1
Argentina – Martín Güemes 24 Sur, San Juan, Provincia de San Juan
Helket S.A.	ARS1.00	1
Argentina – Juana Manso 205, 7mo. Piso, Ciudad Autónoma de Buenos Aires
Compre Ahora S.A.	ARS1.00	1
Australia – 219 North Rocks Road, North Rocks NSW 2151
Ben & Jerry’s Franchising Australia Limited	AUD1.00	1
Unilever Australia (Holdings) Pty Limited	AUD1.00	1
Unilever Australia Group Pty Limited	AUD2.7414	1
Unilever Australia Limited	AUD1.00	1
Unilever Australia Trading Limited	AUD1.00	1
Australia – 111-115 Chandos Street, Crows Nest, NSW 2065
Dermalogica Holdings Pty Limited	AUD1.00	1
Dermalogica Pty Limited	AUD2.00	1
Australia – Level 12, 60 Castlereagh Street, Sydney, NSW 2000
Paula’s Choice International Australia Pty Limited	AUD0.01	1
Australia – Level 16, 68 Pitt Street, Sydney, NSW 2000
Brand Evangelists for Beauty Pty Ltd∆ (68.03)		1
Austria – Jakov-Lind-Straße 5, 1020 Wien
Delico Handels GmbH	EUR36,336.42	1
Unilever Austria GmbH	EUR10,000,000.00	1
Bangladesh – 51 Kalurghat Heavy Industrial Area, Kalurghat, Chittagong
Unilever Bangladesh Limited (60.75)	BDT100.00	1
Bangladesh – Fouzderhat Industrial Area, North Kattali, Chattogram 4217
Unilever Consumer Care Limited (81.98)	BDT10.00	1
Belgium – Anderlecht, Industrielaan 9, 1070 Brussels
Unilever Belgium NV/SA	No Par Value	1
Bolivia – Av. Blanco Galindo, Km 10.5, Cochabamba
Unilever Andina Bolivia S.A.	BOB100.00	1
Brazil – Avenida das Nações Unidas, n. 14.261, Ala A, 3º andar, Foco 4, Vila Gertrudes, São Paulo/SP, CEP 04794-000
Euphoria Ice Cream Comercio de Alimentos Limitada	BRL1.00	5
Brazil – Rua Gomes de Carvalho, 1666, conjunto 161, 16ª andar, Bairro Vila Olimpia, São Paulo, ZIP Code 04547-006
E-UB Comércio Limitada	BRL1.00	5
Brazil – Cidade de Valinhos, Estado de São Paulo, Rua Campos Salles, nº 20, Parte, Centro, ZIP Code 13271-900
Unilever Logistica Serviços Limitada	BRL1.00	5
Brazil – Av. das Nações Unidas, n. 14.261, 3rd floor, Parte – Gelados SP, Wing B, Vila Gertrudes, ZIP Code 04794-000, São Paulo/SP
Unilever Brasil Gelados Limitada	BRL1.00	5
Brazil – Av. das Nações Unidas, n. 14.261, 3rd to 6th floors, Wing B Vila Gertrudes, ZIP Code 04794-000, São Paulo/SP
Unilever Brasil Limitada	BRL1.00	5
Brazil – Av. das Nações Unidas, n. 14.261, 3rd floor, Wing A, Vila Gertrudes, ZIP Code 04794-000, São Paulo/SP


Name of Undertaking	Nominal Value	Share Class Note
Unilever Brasil Industrial Limitada	BRL1.00	5
Brazil – Avenida das Nações Unidas, nº 14.261, Vila Gertrudes, Andares 24º a 27º, Sala/Conjunto nº 2401B, 2501B, 2601B, e 2701B, parte, Espaço de Escritório WeWork nº 25-109, na Cidade de São Paulo, Estado de São Pa, CEP 04794-000
Mãe Terra Produtos Naturais Limitada	BRL1.00	5
Brazil – Rua Tenente Pena, No. 156, Bom Retiro, CEP 01127-020, São Paulo
Smart Home Comércio E Locação De Equipamentos S.A. (59.50)	No Par Value	1
Brazil – São Paulo, Estado de São Paulo na Rua Demóstenes nº 1072, Bairro Campo Belo CEP 04614-010
Ole Franquia Limitada	BRL1.00	1
Brazil – Rua Gomes de Carvalho, 1666, conjunto 161, 5ª andar, locker 5D Bairro Vila Olimpia, São Paulo, ZIP Code 04547-006
Compra Agora Serviços Digitais Limitada	BRL1.00	5
Bulgaria – City of Sofia, Borough Mladost, 1, Business Park, Building 4, Floor 5
Unilever Bulgaria EOOD	BGN1,000.00	1
Bulgaria – District Veliko Tarnovo, 5030 Debelets, Promishlena Zona
Unilever Ice Cream Bulgaria EOOD	BGL50.00	1
Cambodia – Morgan Tower Building, Level 15, No. 15F-8A/8B/9/10/11/12/13/14/15/16/17A, Street Sopheak Mongkul, Phum 14, Sangkat Tonle Bassac, Khan Chamkarmon, Phnom Penh
Unilever (Cambodia) Limited	KHR20,000.00	1
Canada – 3081, 3rd Avenue, Whitehorse, Yukon Territory, Y1A 4Z7
Dermalogica (Canada) Limited	No Par Value	6
Canada – 100 King Street West, 1 First Canadian Place, Suite 1600, Toronto, ON M5X 1G5
UPD Canada Inc.	No Par Value	7
Canada – 1000 rue de la Gauchetière Ouest, Bureau 2500, Montreal, H3B 0A2
4012208 Canada Inc.	No Par Value	7
Canada – 160 Bloor Street East, Suite 1400, Toronto, ON M4W 3R2
Unilever Canada Inc.	No Par Value	8
	No Par Value	9
	No Par Value	10
	No Par Value	11
	No Par Value	12
Canada – Lawson Lundell LLP, 925 W Georgia Street, Vancouver, BC V6C 3L2
Hourglass Cosmetics Canada Limited	No Par Value	1
Chile – Avenida Las Condes 11.000, Piso 5, Comuna de Vitacura
Unilever Chile Limitada		13
China – Room 1001, No. 398 Caoxi Road (N), Xuhui District, Shanghai, 200030
Blueair (Shanghai) Sales Co. Limited	CNY1.00	1
China – No. 33 North Fuquan Road, Changning District, Shanghai, 200335
Unilever (China) Investing Company	USD1.00	1
China – 88 Jinxiu Avenue, Hefei Economic and Technology Development Zone, Anhui, 230601
Unilever (China) Limited	USD1.00	1
Unilever Services (Hefei) Co. Ltd.	CNY1.00	1
China – No. 225 Jingyi Road, Tianjin Airport Economic Area, Tianjin
Unilever (Tianjin) Company Limited	USD1.00	1
China – 1068 Ting Wei Road, Jinshanzui Industrial Region, Jinshan District, Shanghai
Unilever Foods (China) Co. Limited	USD1.00	1
China – No. 166 Unilever Avenue West, Qinglong Town, Pengshan District, Meishan City, Sichuan province 620800
Unilever (Sichuan) Company Limited	USD1.00	1


Unilever Annual Report on Form 20-F 2024		201



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GROUP COMPANIES


Name of Undertaking	Nominal Value	Share Class Note
China – No.16 Wanyuan Road, Beijing E&T Development, Beijing 100076
Wall’s (China) Co. Limited	USD1.00	1
China – Room 326, 3rd Floor, Xinmao Building, 2 South Taizhong Road, (Shanghai) Pilot Free Trade Zone
Uchieve Commerce (Shanghai) Co. Ltd	CNY1.00	1
China – Floor 1, Building 2, No. 33 North Fuquan Road, Changning District, Shanghai 200335
Shanghai CarverKorea Limited	USD1.00	1
China – 2F, No. 10, Lane 255, Xiaotang Road, Fengxian District, Shanghai
Paula’s Choice (Shanghai) Trading Co. Limited	CNY1.00	1
China – Room 1436, No. 1256 and No. 1258 Wanrong Road, Jingan District, Shanghai
Paula’s Choice (Shanghai) Technology Co. Limited	CNY1.00	1
China – No. 88 Yanghua Road, Mingzhu Industrial Zone, Conghua District, Guangzhou City
Unilever (Guangzhou) Co. Limited	CNY1.00	1
China – 5th Floor, Qunjia Building Block 1, No. 366 Shengkang Road, Jiubao Street, Shangcheng District, Hangzhou City, Zhejiang Province
GoUni (Hangzhou) Trading Co. Limited	CNY1.00	1
China – Room 407, No. 1256, No. 1258 Wanrong Road, Jingan District, Shanghai
UPD (Shanghai) Trading Co. Ltd	CNY1.00	1
Colombia – Avenida Carrera 45, 108-27 Torre 3, Piso 5 y 6, Bogotá D.C.
Unilever Andina Colombia Limitada	COP100.00	1
Costa Rica – Provincia de Heredia, Cantón Belén, Distrito de la Asunción, de la intersección Cariari-Belén, 400 Mts. Oeste, 800 Mts. al Norte
UL Costa Rica SCC S.A.	CRC1.00	1
Côte d’Ivoire – 01 BP 1751 Abidjan 01, Boulevard de Vridi
Unilever-Côte d’Ivoire (99.78)	XOF2,650.00	1
Côte d’Ivoire – Abidjan-Marcory, Boulevard Valery Giscard d’Estaing, Immeuble Plein Ciel, Business Center, 26 BP 1377, Abidjan 26
Unilever Afrique de l’Ouest	XOF10,000.00	1
Croatia – Strojarska cesta 20, 10000 Zagreb
Unilever Hrvatska d.o.o.	EUR1.00	1
Cuba – Zona Especial de Desarrollo Mariel, Provincia Artemisa
Unilever Suchel, S.A. (60)	USD1,000.00	56
Cyprus – Head Offices, 195C Old Road, Nicosia Limassol, CY-2540 Idalion Industrial Zone – Nicosia
Unilever Tseriotis Cyprus Limited (84)	EUR1.00	1
Czech Republic – Voctářova 2497/18, 180 00 Praha 8
Unilever ČR, spol. s.r.o.	CZK210,000.00	1
Denmark – Ørestads Boulevard 73, 2300 København S
Unilever Danmark A/S	DKK1,000.00	1
Denmark – Petersmindevej 30, 5000 Odense C
Unilever Produktion ApS	DKK100.00	1
Djibouti – Haramous, BP 169
Unilever Djibouti FZCO Limited	USD200.00	1
Dominican Republic – Av. Winston Churchill, Torre Acropolis, Piso 16, Santo Domingo
Unilever Caribe, S.A.	DOP1,000.00	1
Ecuador – Km 25, Vía a Daule, Guayaquil
Unilever Andina Ecuador S.A.	USD1.00	1
Egypt – 5th Floor, North Tower, Galleria 40 Business Complex, Sheikh Zayed, 6th of October City, Giza
Unilever Mashreq for Manufacturing and Trading (SAE)	EGP10.00	1
Unilever Egypt for Shared Consultations Services	EGP10.00	1
Egypt – Public Free Zone, Alexandria
Unilever Mashreq International Company (in liquidation)	USD1,000.00	1
Egypt – 14 May Bridge, Sidi Gaber, Smouha, Alexandria
Unilever Mashreq Trading LLC (in liquidation)	EGP1000.00	1
Commercial United for Import and Export LLC (in liquidation)	EGP1000.00	1
Egypt – 15 Sphinx Square, El-Mohandsin, Giza
Unilever Mashreq for Import and Export LLC	EGP100.00	1
El Salvador – Local 19, Nivel 19, Edificio Torre Futura, Calle El Mirador y 87 Avenida Norte, Colonia Escalón, San Salvador


Name of Undertaking	Nominal Value	Share Class Note
Unilever El Salvador, SCC S.A. de C.V.	USD1.00	1
Unilever de Centro America S.A. de C.V.	USD11.00	1
England and Wales – Unilever House, 100 Victoria Embankment, London EC4Y 0DY
Accantia Group Holdings (unlimited company)	GBP0.01	1
Alberto-Culver (Europe) Limited (in liquidation)	GBP1.00	1
Alberto-Culver Group Limited (in liquidation)	GBP1.00	1
Alberto-Culver UK Holdings Limited (in liquidation)	GBP1.00	1
Alberto-Culver UK Products Limited (in liquidation)	GBP1.00	1
	GBP5.00	14
Associated Enterprises Limited°	GBP1.00	1
GroNext Technologies Limited	GBP1.00	1
Hourglass Cosmetics UK Limited	GBP1.00	1
Margarine Union (1930) Limited°	GBP1.00	1
	GBP1.00	18
	GBP1.00	68
	GBP1.00	69
MBUK Trading Limited (in liquidation)	GBP1.00	1
Mixhold Investments Limited	GBP1.00	1
ND4A Limited	GBP1.00	1
Toni & Guy Products Limited°	GBP0.001	1
UAC International Limited	GBP1.00	1
UML Limited	GBP1.00	1
Unidis Forty Nine Limited (in liquidation)	GBP1.00	1
Unilever AC Limited	GBP1.00	1
Unilever Assam Estates Limited	GBP1.00	1
Unilever Company for Industrial Development Limited (in liquidation)	GBP1.00	1
Unilever Company for Regional Marketing and Research Limited (in liquidation)	GBP1.00	1
Unilever Corporate Holdings Limited°	GBP1.00	1
Unilever Employee Benefit Trustees Limited	GBP1.00	1
Unilever Group Limited°	GBP0.25	1
Unilever South India Estates Limited°	GBP1.00	1
	GBP1.00	15
Unilever S.K. Holdings Limited	GBP1.43	1
Unilever Overseas Holdings Limited°	GBP1.00	1
Unilever U.K. Central Resources Limited	GBP1.00	1
Unilever U.K. Holdings Limited°	GBP1.00	1
Unilever UK & CN Holdings Limited	GBP1.00	2
	GBP1.00	3
	GBP10.00	24
Unilever UK Group Limited	GBP1.00	2
Unilever US Investments Limited°	GBP1.00	1
United Holdings Limited°	GBP1.00	1
England and Wales – c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH
Unilever Australia Investments Limited (in liquidation)	GBP1.00	1
Unilever Australia Partnership Limited (in liquidation)	GBP1.00	1
Unilever Innovations Limited (in liquidation)	GBP0.10	1
England and Wales – The Manser Building, Thorncroft Manor, Thorncroft Drive, Dorking Road, Leatherhead, Surrey KT22 8JB
Dermalogica (UK) Limited	GBP1.00	1
England and Wales – Oceana House 39-49 Commercial Road, First Floor, Southampton, Hampshire, SO15 1GA
Aquis Haircare UK Ltd	GBP1.00	1
England and Wales – c/o TMF Group, 13th Floor, 1 Angel Court, London EC2R 7HJ
Twenty Nine Capital Partners Limited Partnership∞ (80)		4
Unilever Ventures III Limited Partnership∞ (86.25)		4
Unilever Ventures Limited	GBP1.00	1


202	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GROUP COMPANIES


Name of Undertaking	Nominal Value	Share Class Note
Twenty Nine Capital Partners (General Partner) Limited	GBP1.00	1
Unilever Ventures General Partner Limited	GBP1.00	1
England and Wales – Union House, 182-194 Union Street, London SE1 0LH
REN Limited	GBP0.01	1
	GBP0.0032	19
	GBP0.0042	126
Murad Europe Limited	GBP1.00	1
England and Wales – Lever House, 3 St James Road, Kingston Upon Thames, Surrey KT1 2BA
Alberto-Culver Company (U.K.) Limited	GBP1.00	1
CPC (UK) Pension Trust Limited (in liquidation)		16
Nature Delivered Limited	GBP0.001	1
	GBP0.001	79
	GBP0.001	84
Marshfield Bakery Limited (in liquidation)	GBP0.01	1
Unilever Pension Trust Limited	GBP1.00	1
Unilever UK Limited	GBP1.00	1
Unilever UK Pension Fund Trustees Limited	GBP1.00	1
Unilever Superannuation Trustees Limited	GBP1.00	1
USF Nominees Limited	GBP1.00	1
England and Wales – 1 More Place, London SE1 2AF
Accantia Health and Beauty Limited (in liquidation)	GBP0.25	1
England and Wales – Port Sunlight, Wirral, Merseyside CH62 4ZD
Unilever Global IP Limited°	GBP1.00	1
England and Wales – Suite 1, 7th Floor, 50 Broadway, London SW1H 0BL
Paula’s Choice UK Limited (in liquidation)	GBP1.00	1
England and Wales – 3rd Floor, 1 Ashley Road, Altrincham, Cheshire WA14 2DT
Brand Evangelists for Beauty Limited∆ (80.30)	GBP1.00	2
(100)	GBP1.00	85
(66.47)	GBP1.00	128
(82.92)	GBP1.00	129
Estonia – Harju maakond, Tallinn, Haabersti linnaosa, Paldiski mnt 96, 13522
Unilever Eesti Aktsiaselts	EUR6.30	1
Ethiopia – Bole Sub City, Kebele 03/05, Lidiya Building, Addis Ababa
Unilever Manufacturing PLC	ETB1,000.00	1
Finland – Post Box 254, 00101 Helsinki
Unilever Finland Oy	EUR16.82	1
Unilever Ingman Production Oy	EUR1000.00	1
France – 20, rue des Deux Gares, 92500, Rueil-Malmaison
Bestfoods France Industries S.A.S. (99.99)	No Par Value	1
Cogesal-Miko S.A.S. (99.99)	No Par Value	1
Fralib Sourcing Unit S.A.S. (99.99)	No Par Value	1
Saphir S.A.S. (99.99)	EUR1.00	1
U-Labs S.A.S. (99.99)	No Par Value	1
Unilever France S.A.S. (99.99)	No Par Value	1
Unilever France Holdings S.A.S. (99.99)	EUR1.00	1
Unilever France HPC Industries S.A.S. (99.99)	EUR1.00	1
Unilever Retail Operations France (99.99)	No Par Value	1
France – ZI de la Norge – Chevigny Saint-Sauveur, 21800 Quetigny
Amora Maille Societe Industrielle S.A.S. (99.99)	No Par Value	1
France – 42, rue Jean de La Fontaine, Paris, 75016
Laboratoire Garancia	EUR62.50	1
UPD EU	EUR1.00	1
Germany – Wiesenstraße 21. 40549 Düsseldorf
Dermalogica GmbH	EUR25,000.00	1
Germany – Spitaler Straße 16, 20095 Hamburg
ProCepta Service GmbH	EUR28,348.00	1
Germany – Neue Burg 1, 20457 Hamburg
DU Gesellschaft für Arbeitnehmerüberlassung mbH (99.99)	DEM50,000.00	1
Unilever Deutschland GmbH	EUR90,000,000.00	1


Name of Undertaking	Nominal Value	Share Class Note
	EUR2,000,000.00	1
	EUR1,000,000.00	1
	EUR 100.000,00	1
Unilever Deutschland Holding GmbH	EUR39,000.00	1
	EUR18,000.00	1
	EUR14,300.00	1
	EUR5,200.00	1
	EUR6,500.00	1
Unilever Deutschland Produktions GmbH & Co. OHG		4
Germany – Alt-Moabit 2, c/o Mazars Advisors GmbH & Co. KG, 10557 Berlin
T2 Germany GmbH (in liquidation)	EUR25,000.00	1
Germany – Langnesestraße 1, 64646 Heppenheim
Maizena Grundstücksverwaltung Gesellschaft mit beschränkter Haftung & Co. offene Handelsgesellschaft		4
Rizofoor Gesellschaft mit beschränkter Haftung	EUR15,350.00	1
	EUR138,150.00	1
Schafft GmbH	EUR63,920.00	1
	EUR100,000.00	1
Germany – Wiesenstrasse. 21, D-40549 Düsseldorf
Murad GmbH	EUR1.00	1
Ren GmbH	EUR1.00	1
Germany – Zehdenicker Str. 110119 Berlin
Paula’s Choice Germany GmbH		4
Ghana – Plot No. Ind/A/3A-4, Heavy Industrial Area, Tema, PO Box 721, Tema
Unilever Ghana PLC (74.50)	GHC0.0192	1
Greece – Kymis Ave & 10, Seneka Str. GR-145 64 Kifissia
Elais Unilever Hellas SA	EUR10.00	1
Unilever Knorr SA	EUR10.00	1
Unilever Logistics SA	EUR10.00	1
Guatemala – 24 Avenida 35-87 Calzada Atanasio Tzul, Zona 12
Unilever de Centroamerica S.A.	GT60.00	1
Haiti – 115, Rue Panamericaine, Estabissement Número 1, Petion Ville
Les Condiments Alimentaires, S.A. (61) (in liquidation)	HTG1000.00	1
Honduras – Anillo Periférico 600 metros después de la colonia, Residencial, Las Uvas contigua acceso de residencial Roble Oeste, Tegucigalpa M.D.C.
Unilever de Centroamerica S.A.	HNL10.00	1
Hong Kong – Suite 1106-8, 11/F, Tai Yau Building, 181 Johnston Road, Wanchai
Blueair Asia Limited	HKD0.10	1
Hong Kong – 6 Dai Fu Street, Tai Po Industrial Estate
Unilever Hong Kong Limited	HKD0.10	1
Hong Kong – Room 66, Unit 1111, 11/F, Silvercord Tower 2, 30 Canton Road, Tsim Sha Tsui, Kowloon
Hourglass Cosmetics Hong Kong Limited	HKD1.00	1
Hong Kong – Room 1808, 18/F, Tower II Admiralty Centre, 18 Harcourt Road, Admiralty
Hong Kong CarverKorea Limited	HKD1.00	7
Hong Kong – 14th Floor, One Taikoo Place, 979 King’s Road, Quarry Bay
UPD Hong Kong Limited	HKD100.00	1
Hong Kong – 14/F, One Taikoo Place, 979 King’s Road, Quarry Bay
Go-Uni Limited (67)	USD1.00	1
Hong Kong – Unit B, 17/F, United Centre, 95 Queensway, Admiralty
Paula’s Choice Hong Kong Limited	HKD1.00	1
Paula’s Choice Hong Kong Distributor Services Ltd	HKD1.00	1
Hungary – 1138-Budapest, Váci út 121-127
Unilever Magyarország Kft	HUF1.00	1
India – Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai 400099
Daverashola Estates Private Limited (61.90)	INR10.00	1
Hindlever Trust Limited (61.90)	INR10.00	1
Hindustan Unilever Limited° (61.90)	INR1.00	1
Lakme Lever Private Limited (61.90)	INR10.00	1
Levers Associated Trust Limited (61.90)	INR10.00	1


Unilever Annual Report on Form 20-F 2024		203



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GROUP COMPANIES


Name of Undertaking	Nominal Value	Share Class Note
Levindra Trust Limited (61.90)	INR10.00	1
Unilever India Limited (61.90)	INR1.00	1
Unilever India Exports Limited (61.90)	INR10.00	1
Unilever Industries Private Limited°	INR10.00	1
Unilever Ventures India Advisory Private Limited	INR1.00	75
India – S-327, Greater Kailash – II, New Delhi – 110048, Delhi
Blueair India Private Limited (in liquidation)	INR10. 00	1
India – c/o Vaish Associates, 106, Peninsula Centre, Dr S.S. Rao Road, Parel, Mumbai, Maharashtra, 400012
Jech India Private Limited (in liquidation)	INR10. 00	1
Indonesia – Grha Unilever, Green Office Park Kav 3, Jalan BSD Boulevard Barat, BSD City, Tangerang, 15345
PT Unilever Indonesia Tbk (84.99)	IDR2.00	1
PT Unilever Enterprises Indonesia (99.99)	IDR1,000.00	1
PT Unilever Trading Indonesia	IDR1,003,875.00	1
Indonesia – Gedung Pasaraya Blok M, Gedung B, Lantai 6 dan 7, Jalan Iskandarsyah II No. 2, DKI Jakarta
PT Gerai Cepat Untung (88.19)	IDR100,000.00	1
Indonesia – KEK Sei Mangkei, Nagori Sei Mangkei, Kecamatan Bosar Maligas, Kabupaten Simalungun 21183, Sumatera Utara
PT Unilever Oleochemical Indonesia	IDR1,000,000.00	1
Iran – No. 23, Corner of 33rd Street, Zagros Street, Argentina Square, Tehran
Unilever Iran (Private Joint Stock Company) (99.99)	IRR1,000,000.00	1
Ireland – 20 Riverwalk, National Digital Park, Citywest Business Campus, Dublin 24
Lipton Soft Drinks (Ireland) Limited	EUR1.26	1
Unilever Ireland (Holdings) Limited	EUR1.26	1
Unilever Ireland Limited	EUR1.26	1
Isle of Man – Bridge Chambers, West Quay, Ramsey, Isle of Man, IM8 1DL
Rational International Enterprises Limited	USD1.00	1
Israel – 3 Gilboa Street, Airport City, Ben Gurion Airport
Beigel & Beigel Mazon (1985) Limited	ILS1.00	1
Israel – 52 Julius Simon Street, Haifa, 3296279
Bestfoods TAMI Holdings Ltd	ILS0.001	1
Israel Vegetable Oil Company Ltd	ILS0.0001	1
Unilever Israel Foods Ltd	ILS0.10	35
	ILS0.10	79
	ILS0.10	17
	ILS0.0002	25
Unilever Israel Home and Personal Care Limited	ILS1.00	1
Unilever Israel Marketing Ltd	ILS0.0001	1
Unilever Shefa Israel Ltd	ILS1.00	1
Israel – Haharoshet 1, PO Box 2288, Akko, 2451704
Glidat Strauss Limited	ILS1.00	30
	ILS1.00	1
	ILS1.00	31
Italy – Piazza Paleocapa 1/D, 10100, Torino
Gromart S.R.L.	EUR1,815,800.00	1
Italy – Viale Sarca 235, 20126 Milan
Unilever Italia Administrative Services S.R.L.	EUR70,000.00	1
Italy – Via Paolo di Dono n. 3/A 00142 Roma
Unilever Italia Logistics S.R.L.	EUR600,000.00	1
Unilever Italia Manufacturing S.R.L.	EUR10,000,000.00	1
Unilever Italia Mkt Operations S.R.L.	EUR25,000,000.00	1
Unilever Italy Holdings S.R.L.	EUR1,000.00	1
Italy – Via Plava, 74 10135 Torino
Equilibra S.R.L. (75)	EUR1.00	1
Armores Srl (75)	EUR1.00	1
Syrio Srl (75)	EUR1.00	1
Italy – Business Center Monte Napoleone, Via Monte Napoleone 8, 20121 – Milano
UPD Italia S.r.l.	EUR10,000.00	1
Japan – 2-1-1, Kamimeguro, Meguro-ku, Tokyo 153-8578
Unilever Japan Customer Marketing K.K.	JPY100,000,001.00	1


Name of Undertaking	Nominal Value	Share Class Note
Unilever Japan Holdings G.K.	JPY10,000,000.00	1
Unilever Japan K.K.	JPY100,000,001.00	1
Unilever Japan Service K.K.	JPY50,000,000.00	1
Rafra Japan K.K.	JPY20,000,000.00	7
Japan – Marunouchi Trust Tower - Main 20F, 1-8-3 Marunouchi Chiyoda-ku Tokyo 100-0005
UPD Japan K.K.	JPY109,850.00	1
Jersey – 13 Castle Street, St Helier, Jersey, JE4 5UT
Unilever Chile Investments Limited	GBP1.00	1
Jordan – Ground Floor, Office No. 1, GH24 Building, Business Park, Development Zone, Amman
Unilever Jordan for Marketing Services	JOD1000.00	1
Kazakhstan – Abylai Khan Avenue, 53, Abylai Khan Building, 6th Floor, Almaty
Unilever Kazakhstan LLP		4
Kenya – Commercial Street, Industrial Area, PO Box 30062-00100, Nairobi
Unilever Kenya Limited°	KES20.00	1
Korea – 443 Taeheran-ro, Samsung-dong, Kangnam-gu, Seoul
Unilever Korea Co., Ltd	KRW10,000.00	1
Korea – 81, Tojeong 31-gil, Mapo-gu, Seoul
CARVERKOREA Co., Limited (97.47)	KRW500.00	7
Korea – #1-313 #1-314, 48, Achasan-ro 17-gil, Seongdong-gu, Seoul
Paula’s Choice Korea, Limited	KRW500,000,000.0 0	1
Kuwait – AlQibla - Land No.14, Abu Bakir Alssiddiq Street, Mohamed Abdulrahman AlBahar building – Floor #9 – Unit 4
AlBahar United For Wholesale and Retail Trading Company LLCX (30)	KWD0.10	1
Laos – Viengvang Tower, 4th Floor, Room no. 402A, Boulichan Road, Dongpalan Thong Village, Sisattanak District, Vientiane Capital
Unilever Services (Lao) Sole Co. Limited	LAK80,000.00	1
Latvia – Kronvalda bulvāris 3-10, Rīga, LV-1010
Unilever Baltic LLC	EUR1.00	1
Lebanon – Sin El Fil, Dolphin Building, 3rd Floor, Beirut
Unilever Levant s.a.r.l.	LBP1,000,000.00	1
Lithuania – Skuodo St. 28, Mazeikiai, LT-89100
UAB Unilever Lietuva distribucija	EUR3,620.25	1
UAB Unilever Lietuva ledu gamyba	EUR3,620.25	1
Malawi – Room 33, Gateway Mall, Area 47, Lilongwe Malawi
Unilever South East Africa (Private) Limited (in liquidation)	MWK2.00	1
Malaysia – Suite 2-1, Level 2, Vertical Corporate Tower B, Avenue 10, The Vertical, Bangsar South City, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Wilayah Persekutuan
Paula's Choice Malaysia SEA Sdn. Bhd.	No Par Value	1
Unilever (Malaysia) Holdings Sdn. Bhd.	No Par Value	1
Unilever (Malaysia) Services Sdn. Bhd.	No Par Value	1
Mexico – Av. Tepalcapa No. 2, Col. Rancho Santo Domingo, C.P. 54900 Tultitlán, Estado de México
Unilever de Mexico S. de R.L. de C.V.		4
Unilever Holding Mexico S. de R.L. de C.V.		4
Unilever Manufacturera S. de R.L. de C.V.		4
Unilever Real Estate Mexico S. de R.L. de C.V.		4
Unilever NA Sourcing West S. de R.L. de C.V.		4
Morocco – 65, Main Street Finance District, Casablanca Finance City, Place Anfa Ouest Et Palmeraie, Immeuble Walili Street, 10ème Étage - Hay-Hassani (AR)
Unilever Maghreb S.A.	MAD100.00	1
Mozambique – Avenida 24 de Julho, Edifício 24, nº 1097, 4º andar, Maputo
Unilever Mocambique Limitada (in liquidation)	USD0.01	1
Myanmar – Plot No (40,41,47), Min Thate Hti Kyaw Swar Road, 39 Ward, Shwe Pyi Thar Industrial Zone (2), Shwe Pyi Thar Township, Yangon Region, 11411
Unilever (Myanmar) Limited	MMK11,129,679,600 .00	1
Unilever (Myanmar) Services Limited	USD2,000,000.00	1
Myanmar – Lot No. 31, Bamaw Ahtwin Wun Street, Hlaing Thar Yar Industrial Zone 3, Hlaing Thar Yar Township, Yangon, 11401
Unilever EAC Myanmar Company Limited (60)	MMK500,000,000,0 00. 00	1
Nepal – Hetauda-3, Basamadi Makawnapur


204	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GROUP COMPANIES


Name of Undertaking	Nominal Value	Share Class Note
Unilever Nepal Limited (49.52)	NPR100.00	1
Netherlands – Weena 455, 3013 AL Rotterdam
Alberto-Culver Netherlands B.V. (in liquidation)	EUR1.00	2
	EUR1.00	3
Argentina Investments B.V.	EUR454.00	1
BFO Holdings B.V.	EUR1.00	1
Brazinvest B.V.	EUR1.00	1
Chico-invest B.V.	EUR455.00	1
Doma B.V.	NLG1,000.00	1
Handelmaatschappij Noorda B.V.	NLG1,000.00	1
Hourglass Cosmetics Europe B.V.	EUR1.00	1
Unilever Foods & Refreshments Global B.V.	EUR453.78	1
Itaho B.V.	EUR1.00	1
Lipoma B.V.	NLG1,000.00	1
Marga B.V.	EUR1.00	1
Mavibel (Maatschappij voor Internationale Beleggingen) B.V.	EUR1.00	1
Mexinvest B.V.	EUR1.00	1
Mixhold B.V.°	EUR1.00	2
	EUR1.00	3
	EUR1.00	26
N.V. Elma (in liquidation)	NLG1,000.00	1
	NLG1,000.00	27
New Asia B.V.	EUR1.00	1
Nommexar B.V.	EUR1.00	1
Ortiz Finance B.V.	NLG100.00	1
Pabulum B.V.	NLG1,000.00	1
Rizofoor B.V.	NLG1,000.00	1
Rolf von den Baumen’s Vetsmelterij B.V.	EUR454.00	1
Rolon B.V.	NLG1,000.00	1
Saponia B.V.	NLG1,000.00	1
ThaiB1 B.V.	NLG1,000.00	1
ThaiB2 B.V.	NLG1,000.00	1
Unilever Administration Centre B.V. (in liquidation)	EUR1.00	1
Unilever Alser B.V.	EUR1.00	1
Unilever Berran B.V.	EUR1.00	1
Unilever Canada Investments B.V.	EUR1.00	1
Unilever Caribbean Holdings B.V.	EUR1,800.00	1
Unilever Employment Services B.V. (in liquidation)	EUR1,000.00	1
Unilever Europe B.V.	EUR1.00	1
Unilever Europe Business Center B.V.	EUR454.00	1
	EUR454.00	14
Unilever Finance International B.V.	EUR1.00	1
Unilever Finance Netherlands B.V.o	EUR1.00	1
FoodServiceHub B.V.	EUR1.00	1
Unilever Global Services B.V.	EUR1.00	1
Unilever Holdings B.V.	EUR454.00	1
Unilever IP Holdings B.V.	EUR1.00	1
Unilever Indonesia Holding B.V.	EUR1.00	1
Unilever Insurances N.V.	EUR454.00	1
Unilever International Holdings B.V.°	EUR1.00	1
Unilever Netherlands Retail Operations B.V.	EUR1.00	1
Unilever Nederland Holdings B.V.	EUR454.00	1
Unilever Nederland Services B.V.	EUR460.00	1
Unilever PL Netherlands B.V.	EUR1.00	1
Unilever Turkey Holdings B.V.	EUR1.00	1
Unilever US Investments B.V.°	EUR1.00	1
Unilever Ventures Holdings B.V.	EUR453.79	1
Univest Company B.V.	EUR1.00	1
UNUS Holding B.V.	EUR0.10	2
	EUR0.10	3


Name of Undertaking	Nominal Value	Share Class Note
	Non-voting†
Verenigde Zeepfabrieken B.V.	NLG1,000.00	1
Wemado B.V.	NLG1,000.00	1
The Magnum Ice Cream Company HoldCo Netherlands B.V.	EUR1.00	1
The Magnum Ice Cream Company NewCo Netherlands B.V.	EUR1.00	1
The Magnum Ice Cream Company HoldCo 3 Netherlands B.V.	EUR1.00	1
Netherlands – Hofplein 19, 3032 AC Rotterdam
Unilever Nederland B.V.	EUR454.00	1
Netherlands – Valkweg 2, 7447JL Hellendoorn
Ben en Jerry’s Hellendoorn B.V.	EUR453.78	1
Netherlands – Markhek 5, 4824 AV Breda
De Korte Weg B.V.	EUR1.00	1
	EUR1.00	26
	Non-voting†
Netherlands – Bronland 14, 6708 WH Wageningen
Unilever Innovation Centre Wageningen B.V.	EUR460.00	1
Netherlands – Grote Koppel 7, 3813 AA Amersfoort
Paula’s Choice Europe B.V.	EUR1.00	1
Netherlands – Unilever House, 100 Victoria Embankment, London EC4Y 0DY (Registered Seat: Rotterdam)
Unilever Overseas Holdings B.V.	NLG1,000.00	1
New Zealand – Level 4, 103 Carlton Gore Rd, Newmarket, Auckland 1023
Ben & Jerry’s Franchising New Zealand Limited	No Par Value	1
Unilever New Zealand Limited	NZD2.00	1
Nicaragua – Km 11.5, Carretera Vieja a León, 800 Mts Norte, 100 Mts Este, 300 Mts Norte, Managua
Unilever de Centroamerica S.A.	NIC50.00	1
Niger – BP 10272 Niamey
Unilever Niger S.A. (in liquidation)	XOF10,000.00	1
Nigeria – 1 Billings Way, Oregun, Ikeja, Lagos
Unilever Nigeria Plc (76.41)	NGN0.50	1
West Africa Popular Foods Nigeria Limited (51)	NGN1.00	1
Norway – Martin Linges vei 25, Postbox 1, 1331 Fornebu
Unilever Norge AS	NOK100.00	1
Pakistan – Avari Plaza, Fatima Jinnah Road, Karachi, 75530
Unilever Pakistan Foods Limited (76.57)	PKR10.00	1
Unilever Pakistan Limited (99.29)	PKR50.00	1
(71.78)	PKR100.00	1
Palestine – Ersal St., Awad Center, PO Box 3801, Al-Beireh, Ramallah
Unilever Market Development Company (in liquidation)	JOD1.00	1
Palestine – Jamil Center, Al-Beireh, Ramallah
Unilever Agencies Limited (99) (in liquidation)	JOD1.00	1
Panama – PH Dream Plaza, Piso 10 y, Provincia de Panamá, Corregimiento de Parque Lefevre, Costa del Este
Unilever Regional Services Panama S.A. (in liquidation)	USD1.00	1
Panama – Santa María Business District, Torre Argos, Piso 6, Distrito de Juan Diaz, Provincia de Panamá
Unilever de Centroamerica S.A.	No Par Value	1
Paraguay – Roque Centurión Miranda No. 1635, casi Avenida San Martin, Edificio Aymac II, Asunción
Unilever de Paraguay S.A.	PYG1,000,000.00	1
Peru – Av. Paseo de la Republica, 5895 OF. 402, Miraflores, Lima 18
Unilever Andina Perú S.A.	PEN1.00	1
Philippines – Linares Road, Gateway Business Park, General Trias, Cavite
Metrolab Industries, Inc.	PHP1.00	7
	PHP10.00	22
Philippines – 7th Floor, Bonifacio Stopover Corporate Center, 31st Street corner 2nd Avenue, Bonifacio Global City, Taguig City
Unilever Global Services, Inc.	PHP10.00	7
Unilever Philippines, Inc.	PHP50.00	7


Unilever Annual Report on Form 20-F 2024		205



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GROUP COMPANIES


Name of Undertaking	Nominal Value	Share Class Note
Philippines – 11th Avenue, Corner 39th Street, Bonifacio Triangle, Bonifacio Global City, Taguig City, Manila
Universal Philippines Body Care, Inc.	PHP100.00	7
Philippines – Manggahan Light Industrial Park, A. Rodriguez Avenue, Bo. Manggahan, Pasig City
Unilever RFM Ice Cream, Inc. (50)	PHP1.00	29
	PHP1.00	103
Philippines – Four/Neo, 12th Floor, Fourth Avenue, Bonifacio Global City, Barangay Fort Bonifacio, Taguig 1634, Metro Manila
Gronext Technologies Phils., Inc.	PHP1.00	7
Poland – Jerozolimskie 134, 02-305, Warszawa
Unilever Polska Sp. z o.o.	PLN50.00	1
Unilever Poland Services Sp. z o.o.	PLN50.00	1
Unilever Polska S.A.	PLN10.00	1
Puerto Rico – Professional Services Park 997, San Roberto St., Suite 7, San Juan
Unilever de Puerto Rico, Inc.°	USD100.00	1
Qatar – Almana & Partners WLL Building, Area No. 43, Al Mamoura, PO Box 49
Unilever Qatar LLC	QAR1,000.00	1
Romania – Ploiesti, 291 Republicii Avenue, Prahova County
Unilever Romania S.A. (99.93)	ROL0.10	1
Unilever South Central Europe S.A.	ROL260.50	1
Romania – 121 Cernăuţi Street, Suceava 720089
Betty Ice SRL	RON10.00	1
Romania – Bvd. Republicii 291, Camera 15, Corp C6
Betty Ice Distributie SRL	RON10.00	1
Romania – Bucuresti, Sector 2, Barbu Vacarescu 301-311, Cladirea AFI Lakeview, Biroul , E-8-A11
Good People SA (75) (in liquidation)	RON10.00	1
Saudi Arabia – PO Box 5694, Jeddah 21432
Binzagr Unilever LimitedX (49)	SAR1,000.00	1
Scotland – c/o Brodies LLP, Capital Square, 58 Morrison Street, Edinburgh EH3 8BP
Twenty Nine Capital Partners (SLP) Limited Partnership∞		4
Unilever Ventures (SLP) General Partner Limited	GBP1.00	1
Unilever Ventures III (SLP) Limited Partnership∞ (14.098)		4
Twenty Nine Capital Partners (SLP) V Limited Partnership∞		4
Serbia – Belgrade, Serbia, Omladinskih brigada 90b – Novi Beograd
Unilever Beograd d.o.o.		13
Singapore – 18 Nepal Park, 139407
Unilever Asia Private Limited	SGD1.00	1
Unilever Singapore Pte. Limited	No Par Value	1
UPD Singapore Pte. Ltd.	SGD1.00	1
Gronext Technologies Pte. Ltd.	No Par Value	1
Singapore – 1 Maritime Square, #09-34/35, Harbourfront Centre, 099253
Paula’s Choice Singapore, SEA Pte. Ltd.	SGD1.00	1
Slovakia – Karadzicova 10, 821 08 Bratislava
Unilever Slovensko, spol. s. r.o.	EUR1.00	1
South Africa – 15 Nollsworth Crescent, Nollsworth Park, La Lucia Ridge Office Estate, La Lucia, 4051
Unilever Market Development (Pty) Limited	ZAR1.00	1
Unilever South Africa (Pty) Limited	ZAR2.00	1
Unilever South Africa Holdings (Pty) Limited	ZAR1.00	1
	ZAR1.00	2
	ZAR1.00	3
Aconcagua 14 Investments (RF) (Pty) Limited	ZAR1.00	1
South Africa – Oakhurst Office Park, 11-13 St Andrews Road, Parktown, Johannesburg 2193
UPD South Africa (Pty) Limited (60)	No Par Value	1
Spain – C/ Tecnología 19, 08840 Viladecans
Unilever España S.A.	EUR48.00	1
Spain – C/ Felipe del Río, 14 – 48940 Leioa
Unilever Foods Industrial España, S.L.U.	EUR600.00	1


Name of Undertaking	Nominal Value	Share Class Note
Sri Lanka – 258 M Vincent Perera Mawatha, Colombo 14
Unilever Merchandising Private Limited	LKR100.00	1
Ceytea (Private) Limited	LKR10.00	1
Lever Brothers (Exports and Marketing) (Private) Limited°	LKR2.00	1
Premium Exports Ceylon (Private) Limited	LKR10.00	1
Unilever Ceylon Services (Private) Limited	LKR10.00	1
Unilever Lanka Consumer Limited	LKR10.00	1
Unilever Sri Lanka Limited°	LKR10.00	1
Sudan – Property No. 125, Block 2, Industrial Area, Kafori District, Bahri, Kafori
Unilever Sudanese Investment Company	SDG10,000.00	1
Sweden – Box 1056, Svetsarvägen 15, 171 22, Solna, Stockholm
Alberto Culver AB	SEK100.00	1
Unilever Holding AB	SEK100.00	1
Unilever Produktion AB	SEK50.00	1
Unilever Sverige AB	SEK100.00	1
The Magnum Ice Cream Company Sweden AB	SEK1.00	1
Sweden – Karlavagen 104, 115 26 Stockholm
Blueair AB	SEK100.00	2
Switzerland – Bahnhofstrasse 19, CH 8240 Thayngen
Knorr-Nährmittel Aktiengesellschaft	CHF1,000.00	1
Unilever Schweiz GmbH	CHF100,000.00	1
Switzerland – Spitalstrasse 5, 8200 Schaffhausen
Helmsman Capital AG	CHF1,000.00	1
Unilever ASCC AG	USD1,190.3345	1
Unilever Finance International AG	EUR1,077.4701	1
Unilever Business and Marketing Support AG	CHF1,000.00	1
Unilever Overseas Holdings AG	EUR1,077.4701	1
Unilever Schaffhausen Service AG	CHF1,000.00	1
Unilever Swiss Holdings AG	CHF1,000.00	1
Unilever Supply Chain Company AG	CHF1,000.00	1
Switzerland – Hinterbergstr. 30, CH-6312 Steinhausen
Oswald Nahrungsmittel GmbH	CHF800,000.00	1
Taiwan – 15F, No. 39, Sec. 2, Dunhua S. Road, Da’an District, Taipei City
Unilever Taiwan Limited (99.92)	TWD10.00	1
Taiwan – RM 1, 8 F, No. 186, Sec. 1, Zhangmei Rd, Changhua City, Changhua County 50062, Taiwan (R.O.C.)
Paula's Choice Taiwan Co., Limited	TWD27.00	1
Tanzania – Plot No. 4A, Nyerere Road, Dar Es Salaam, PO Box 40383
Unilever Tanzania Limited	TZS20.00	1
Thailand – 161 Rama 9 Road, Huay Kwang Sub-District, Huay Kwang District, Bangkok 10310
Unilever Thai Holdings Limited	THB100.00	1
Unilever Thai Trading Limited	THB100.00	1
Thailand – 989 Siam Piwat Tower, Level 12A, Area No. B1-B2, Office No. 1225, Rama 1 Road, Pathum Wan Sub-District, Pathum Wan District, Bangkok
UPD (Thailand) Limited	THB100.00	1
Thailand – 21/39 Soi Ladpraw 15, Chom Phon, Chatuchak, Bangkok, 10900
Gronext Technologies (Thailand) Limited	THB100.00	1
Trinidad & Tobago – Albion Plaza, 3rd Floor, 22-24 Victoria Avenue, Port of Spain
Unilever Caribbean Limited (50.01)	TTD1.00	1
Tunisia – Z.I. Voie Z4-2014, Mégrine Erriadh – Tunis
Unilever Tunisia S.A. (99.78)	TND6.00	1
Unilever Maghreb Export S.A. (99.76)	TND5.00	1
Tunisia – Z.I. Voie Z4, Megrine Riadh, Tunis, 2014
UTIC Distribution S.A. (99.78)	TND10.00	1
Turkey – İnkılap Mahallesi, Dr. Adnan Büyükdeniz Cad, No: 13, Ümraniye İstanbul
Unilever Gida Sanayi ve Ticaret AŞo (99.98)	TRY0.01	1
Unilever Sanayi Ve Ticaret Türk AŞo (99.98)	TRY0.01	1
Besan Besin Sanayi ve Ticaret AŞ (99.99)	TRY0.01	1
Unilever Hizli Tuketim Urunleri Satis Pazarlama ve Ticaret Anonim Sirketi (99.99)	TRY1.00	1


206	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GROUP COMPANIES


Name of Undertaking	Nominal Value	Share Class Note
Uganda – DFCU Towers, 5th Floor, Plot 26 Kyadondo Road, Industrial Area, PO Box 3515, Kampala
Unilever Uganda Limited	UGX20.00	1
Ukraine – 03150, Velyka Vasylkyvska 139
Unilever Ukraine LLC	UAH1.00	1
United Arab Emirates – PO Box 17053, Jebel Ali, Dubai
Severn Gulf FZCOX (50)	AED100,000.00	1
Unilever Gulf FZE	AED1,000,000.00	1
United Arab Emirates – Office No. 901, owned by Easa Saleh AlGurg LLC, Deira, Riqqa AlBateeen
Unilever Binzagr Gulf General Trading LLCX (50)	AED1,000.00	1
Unilever General Trading LLC	AED1,000.00	1
United Arab Emirates – Warehouse No. 1.2, Dubai Industrial Park – Seeh Shwaib 2
Unilever Home & Personal Care Products Manufacturing LLCX (49)	AED1,000.00	1
United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201
Alberto-Culver Company	No Par Value	1
Alberto-Culver International, Inc.	USD1.00	1
Alberto-Culver USA, Inc.	No Par Value	1
BC Cadence Holdings, Inc.	USD0.01	7
Ben & Jerry’s Gift Card, LLC		13
Ben & Jerry’s Franchising, Inc.	USD1.00	7
Ben & Jerry’s Homemade, Inc.	USD1.00	7
Conopco, Inc.	USD1.00	7
Kate Somerville Holdings, LLC		13
Kate Somerville Skincare LLC		13
Kensington & Sons, LLC	No Par Value	13
Living Proof, Inc.	USD0.01	7
Pantresse, Inc.	USD120.00	7
REN USA Inc.	No Par Value	7
Skin Health Experts, LLC		13
St. Ives Laboratories, Inc.	USD0.01	1
The Laundress, LLC		13
Unilever Bestfoods (Holdings) LLC		13
Unilever Capital Corporation	USD1.00	1
Unilever North America Supply Chain Company, LLC		13
Unilever United States, Inc.	USD0.3333	7
	USD73.50	22
Unilever Ventures Advisory LLC		13
US Health & Wellbeing LLC	No Par Value	13
Yasso, Inc.	USD0.01	7
Yasso Holdings, Inc.	USD0.01	7
United States – 1535 Beachey Pl Carson, CA 90746
Dermalogica, LLC		13
United States – 2121 Park Place, First Floor El Segundo, CA 90245
Murad LLC		13
United States – 125 S Clark, Suite 2000, Chicago, IL 60603
Blueair Inc.	No Par Value	1
United States – 2816 S. Kilbourne Avenue, Chicago, IL 60624
Unilever Illinois Manufacturing, LLC		13
United States – 2900 W. Truman Boulevard, Jefferson City, MO 65109
Unilever Manufacturing (US), Inc.	No Par Value	7
United States – 40 Merritt Boulevard, Trumbull, CT 06611
Unilever Trumbull Holdings, Inc.	USD1.00	7
Unilever Trumbull Research Services, Inc.	USD1.00	1
	USD1.00	34
United States – 60 Lake Street, Suite 3N, Burlington, VT 05401
Seventh Generation, Inc.	USD0.001	7
United States – 605 5th Ave S, Ste 800, Seattle, WA 98104-388
Paula’s Choice, Inc.	USD0.001	7
	USD0.001	22


Name of Undertaking	Nominal Value	Share Class Note
United States – 705 5th Avenue South, Suite 200, Seattle, WA 98104
Paula’s Choice, LLC		13
United States – c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware, 19801, New Castle County
Cocotier, Inc.	USD0.001	7
Nature Delivered Inc.	USD0.01	7
Nirvana Holdco LLC (80)		7
Nirvana Intermediate LLC (80)		7
Nutraceutical Wellness, Inc. (80)	USD0.001	7
The Uncovery, LLC		13
Aquis, LLC		13
Heat Enterprise Holdings Inc	USD0.00001	23
K18, Inc.	USD0.00001	23
Biomimetek, Inc.	USD0.00001	23
United States – 1501 Lincoln Blvd, #1064 Venice, CA 90291
Kingdom Animalia, LLC		13
United States – 11 Ranick Drive South, Amityville, NY 11701
Sundial Brands, LLC		13
Madam C.J. Walker Enterprises, LLC		13
Nyakio, LLC		13
United States – 415 Jackson Street, Floor 2, San Francisco, CA 94111
Olly Public Benefit Corporation	USD0.00001	7
United States – 32 West Loockerman Street, Dover, DE 19801
Tatcha, LLC		13
United States – 2121 Park Place, 1st Floor, El Segundo, CA 90245
The LIV Group, Inc.	USD0.01	7
United States – 4056 Del Rey Avenue, Marina Del Rey, CA 90292
SmartyPants, Inc.	No Par Value	7
United States – 1169 Gorgas Avenue, Suite A, San Francisco, CA 94129
Welly Health PBC (51)	USD0.00001	7
	USD0.00001	22
United States – 1675 South Street, Suite B, City of Dover, DE 19901
Onnit Labs, Inc.	USD0.01	7
United States – 8 The Green STE R, City of Dover, Kent County, Delaware, 19901
Brand Evangelists for Beauty Inc.∆ (68.03)	USD0.01	23
Uruguay – Complejo World Trade Center de Montevideo, Torre IV, Calle Luis Bonavita Nro. 1266, Piso 31, Oficina 3101, Montevideo, CP 11.300
Unilever Uruguay SCC S.A.	UYU1.00	1
Uruguay – Edificio World Trade Center Free Zone Torre II, Piso 11, Unidad 1133, Dr. Luis Bonavita 1294, Montevideo, C.P. 11.300
Unilever America Latina S.A.	UYU1.00	1
Venezuela – Torre BOD, Piso 15, La Castellana, Caracas, Bolivarian Republic of Venezuela
Unilever Andina Venezuela S.A.	VES0.000001	1
Vietnam – Lot A2-3, Tay Bac Cu Chi Industry Zone, Tan An Hoi Ward, Cu Chi District, Ho Chi Minh City
Unilever Vietnam International Company Limited	VND863,104,820,00 0.00	13
Vietnam – No. 156, Nguyen Luong Bang Street, Tan Phu Ward, District 7, Ho Chi Minh City
Unicorn Market Place Vietnam Company Limited (in liquidation)	VND207,819,496,31 1	13
Vietnam – 3rd Floor, The Sun Building, No. 3 Me Tri Street, Me Tri Ward, Nam Tu Liem District, Hanoi
Paula’s Choice Vietnam Company Limited	VND 6,879,000,000	13
Zambia – Stand 2375, Corner Addis Ababa Drive & Great East Road, Show Grounds, Lusaka
Unilever South East Africa Zambia Limited	ZMK2.00	34
	ZMK2.00	1
Zambia – Stand No. 3027, Nakambala Road Industrial Site, PO Box 71570, Ndola
Chesebrough-Ponds (Private) Limited		1
Zimbabwe – 2 Stirling Road, Workington, Harare
Unilever – Zimbabwe (Pvt) Limited∆	ZWD0.002	1
SUBSIDIARY UNDERTAKINGS NOT INCLUDED IN THE CONSOLIDATION


Unilever Annual Report on Form 20-F 2024		207



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GROUP COMPANIES


Name of Undertaking	Nominal Value	Share Class Note
Brazil – Av Das Nacoes Unidas, 14261 4º Andar Ala B, Vila Gertrudes, Cep 04792-000, Sao Paulo
Unileverprev Sociedade De Previdencia Privada	No Par Value	13
Canada – 66 Wellington Street West, Suite 5300, Td Bank Tower, Toronto, Ontario, M5K1E6
Magnum ICC CA Ltd	CAD1.00	7
England and Wales – Unilever House, 100 Victoria Embankment, London EC4Y 0DY
Unilever Fragrance Limited	GBP1.00	1
England and Wales – 1 More London Place, London SE1 2AF
Unidis Twenty Six Limited (in liquidation)	GBP1.00	1
Unidis Sixty Four Limited (in liquidation)	GBP1.00	1
England and Wales – Port Sunlight, Wirral, Merseyside CH62 4ZD
The Magnum Ice Cream Company UK Trading Limited	GBP1.00	1
The Magnum Ice Cream Company Manufacturing UK Limited	GBP1.00	1
The Magnum Ice Cream Company R&D United Kingdom Limited	GBP1.00	1
The Magnum Ice Cream Company Limited	GBP1.00	1
Germany – Rotebühlplatz 21, 70178 Stuttgart
TIGI Haircare GmbH	EUR25,600.00	1
Germany – Wiesenstraße 21. 40549 Düsseldorf
Living Proof GmbH	EUR1.00	1
Ghana – Plot No. Ind/A/3A-4, Heavy Industrial Area, Tema, PO Box 721, Tema
Unilever Oleo Ghana Limited	GHC2.250	1
India – Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai 400 099
Hindustan Unilever Foundation (61.90)	INR10.00	1
Indonesia – Grha Unilever, Green Office Park Kav 3, Jalan BSD Boulevard Barat, BSD City, Tangerang, 15345
PT The Magnum Ice Cream Indonesia	IDR10,000,000.00	1
Kenya – Commercial Street, PO Box 40592-00100, Nairobi
Union East African Trust Limited	KES20.00	1
Myanmar – No. 40-41, Min Thate Hti Kyaw Swar Street, 35 Ward, Shwe Pyi Thar Industrial Zone (2), Shwe Pyi Thar Township, Yangon Region
Lever Brothers (Burma) Limited	MMK500,000.00	1
Netherlands – Weena 455, 3013 AL Rotterdam
The Magnum Ice Cream Company HoldCo 1 Netherlands B.V.	EUR1.00	1
The Magnum Ice Cream Company HoldCo 2 Netherlands B.V.	EUR1.00	1
Pakistan – Avari Plaza, Fatima Jinnah Road, Karachi, 75530
The Magnum Ice Cream Company Pakistan Limited	PKR10.00	1
Sri Lanka – 258 M Vincent Perera Mawatha, Colombo 14
Maddema Trading Company (Private) Limited (in liquidation)	LKR10.00	1
R.O. Mennell & Co. (Ceylon) (Private) Limited (in liquidation)	LKR10.00	1
Switzerland – Bahnhofstrasse 19, 8240 Thayngen
The Magnum Ice Cream Company Switzerland AG	CHF100,000.00	1
Thailand – No. 161 Rama 9 Road, Huai Khwang Sub-District, Huai Khwang District, Bangkok
The Magnum Ice Cream (Thailand) Company Limited	THB100,000.00	1
United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201
Unilever AC Canada Holding, Inc.	USD10.00	1
Unilever United States Foundation, Inc.		13
United States – 1209 Orange Street, Wilmington, Delaware 19801
Magnum ICC US, LCC		13
Magnum ICC US Holdco, LLC		13
Magnum ICC US SpinCo, LLC		13
ASSOCIATED UNDERTAKINGS
Australia – Level 1, 569 Church Street, Richmond, VIC, 3121
SNDR PTY LTD∆◊ (72.98)	No Par Value	58
Australia – Floor 1, 101 Moray Street, South Melbourne, 3205
Straand Pty Ltd∆◊ (100)	No Par Value	107


Name of Undertaking	Nominal Value	Share Class Note
(12.05)	No Par Value	109
Bahrain – Shop 61, Building 866, Road 3618, Block 436 Alseef Manama
Unilever Bahrain Co. W.L.L. (49)	BHD50.00	1
Brazil – Avenida Engenheiro Luiz Carlos Berrini, 105, 16th floor, Ed. Berrini One, Cidade das Monções, São Paulo, SP, Brazil, ZIP Code: 04571-010
Gallo Brasil Distribuição e comércio Limitada (55)	BRL1.00	7
Canada – Suite 300-171 West Esplanade, North Vancouver, British Columbia Canada V7M 3K9
A&W Root Beer Beverages Canada Inc.◊ (40)	No Par Value	38
Canada – 229 Amesbury Gate, Bedford, Nova Scotia, B4B 0R8
The 7 Virtues Beauty Inc.∆◊ (64.29)	No Par Value	58
(11.79)	No Par Value	119
Canada – 1400-160 Bloor Street East, Toronto, ON M4W 3R2
Food Service Direct Logistics Canada, Inc.◊ (60)	CAD1.00	7
Cyprus – 2 Marcou Dracou Street, Engomi Industrial Estate, 2409 Nicosia
Unilever PMT Limited∆ (49)	EUR1.71	2
	EUR1.71	3
England and Wales – 100 Victoria Embankment, Blackfriars, London EC4Y 0DY
Uflexreward Holdings LimitedΔ (99.64)	GBP0.001	35
	GBP0.001	21
	GBP0.001	120
Uflexreward LimitedΔ (99.64)	GBP0.001	1
England and Wales – Unit 1.8 & 1.9, The Shepherds Building, Charecroft Way, London W14 0EE
SCA Investments Holdings Limited∆◊ (15.61)	GBP0.001	40
(25.19)	GBP0.001	41
(3.63)	GBP0.001	42
(5.31)	GBP0.001	112
England and Wales – 2nd Floor, 5 Jubilee Place, Chelsea, London SW3 3TD
Trinny London Limited∆◊ (54.88)	GBP0.01	58
(32.32)	GBP0.01	71
England and Wales – 126b Olympic Avenue, Milton, Abingdon, OX14 4SA
P2i Limited∆◊ (12.89)	GBP0.000001	1
(5.44)	GBP0.000001	44
(5.44)	GBP0.000001	46
(4.20)	GBP0.000001	52
(4.20)	GBP0.000001	50
(2.44)	GBP0.000001	102
(50)	GBP1.0000	80
England and Wales – Odeon House, 146 College Road, Harrow, HA1 1BH
Clean Beauty Co Ltd∆◊ (69.76)	GBP0.0001	97
(26.52)	GBP0.0001	58
(13.21)	GBP0.0001	87
England and Wales – 2 Leman Street, London, England, E1W 9US
Penhros Bio Limited◊ (32)	GBP1.00	1
England and Wales – 6 Snow Hill, London, EC1A 2AY
VHSquared Limited◊ (in liquidation) (39.47)	GBP0.01	1
(1.79)	GBP0.01	57
(17.86)	GBP0.01	36
France – 13 Avenue Morane Saulnier, 78140 Velizy Villacoublay
Pegase S.A.S. (25)	EUR5,000.00	1
France – 7 rue Armand Peugeot, 92500 Rueil-Malmaison
Relais D’or Centrale S.A.S. (49.99)	No Par Value	1
Germany – Beerbachstraße 19, 91183 Abenberg
Hans Henglein & Sohn GmbH◊ (50)	EUR100,000.00	1
Henglein & Co. Handels-und Beteiligungs GmbH & Co. KG◊ (50)		4
Henglein Geschäftsführungsgesellschaft mit beschränkter Haftung◊ (50)	DEM50,000.00	1
Nürnberger Kloßteig NK GmbH & Co. KG◊ (50)		4
Henglein NRW GmbH◊ (50)	DEM250,000.00	1


208	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GROUP COMPANIES


Name of Undertaking	Nominal Value	Share Class Note
Germany – Lauchaer Straße 1, 06647 An der Poststraße OT Klosterhaeseler
Henglein GmbH & Co. KG◊ (50)	DEM50,000.00	1
Germany – Neue Burg 1, 20457 Hamburg
Dollar Shave Club GmbH (in liquidation) (35)	EUR25,000.00	1
India – 1st & 2nd Floor, Kagalwala House, Plot No. 175, CST Road, Kalina, Bandra Kurla, Santacruz East Mumbai, Mumbai 400098
Peel-Works Private Limited∆◊ (48.15)	INR30.00	63
(16.66)	INR30.00	70
(14.65)	INR30.00	32
India – 1st Floor Lodha, i-Think Techno Campus, A Wing, Chirak Nagar, Thane MH 400607
Pureplay Skin Sciences (India) Private Limited∆◊ (0.1)	INR10.00	75
(100)	INR100.00	73
(100)	INR100.00	64
(6.54)	INR100.00	65
(8.75)	INR100.00	106
India – Plot No. D 5, Road No. 20, Marol MIDC, Andheri East, Mumbai 400093
Scentials Beautycare & Wellness Ltd∆◊ (63.43)	INR10.00	73
(0.10)	INR10.00	75
India – 15 Ambika Nagar, Sector 4, Hiran Magri, Udaipur, Rajasthan 313002
Derma Goodness Private Limited∆◊ (0.2)	INR10.00	75
(97.93)	INR100.00	110
India – Z-44, Panchasayar, P-210-4-1, Panchasayar, Kolkata, WB 700094
Wellness Ville Private Limited∆◊ (0.10)	INR10.00	75
(92.11)	INR10.00	118
India – 28 B.T. Road, Cossipore Chiria, More Kolkata, WB 700002
Rabiko Lifestyle Private Limited∆◊ (0.02)	INR10.00	75
(100.00)	INR10.00	114
India – A-2004, Floor-20, Plot-141, Phoenix Tower-A, S.B. Marg, Delisle Road, Lower Parel West, Mumbai 400013
Nutritionalab Private Limited (13.31)	INR10.00	1
India – Ground Floor, Plot No. 57, Industrial Area Phase I, Chandigarh 160002
Zywie Ventures Private Limited (33.02)	INR10.00	1
India – 109, Floor 1, Plot 16, Vithaldas Chamber, Mumbai Samachar Marg Bombay Stock Exchange, Fort, Mumbai, Maharashtra- 400001
ClayCo Cosmetics Private Limited∆◊ (100)	INR10.00	114
(0.1)	INR10.00	75
India – B/902, Anmol Tower, Off S.V. Rd, Goregaon West, Mumbai, Maharashtra, 400104
Poptech Growth Private Limited∆◊ (0.01)		75
(37.50)		127
Indonesia – Jalan Srengseng Raya Nomor 55A, Rukun Tetangga 001, Rukun Warga 002, Kelurahan Srengseng, Kecamatan Kembangan, Jakarta Barat 11630
PT Anugrah Mutu Bersama◊ (40)	IDR1,000,000.00	1
Iran – Second Floor, No. 23, Corner of 33rd Street, Zagros Street, Argentina Square, Tehran
Unilever-Golestan Foods (Private Joint Stock Company)(51)	IRR1,000,000.00	1
Ireland – 70 Sir John Rogerson’s Quay, Dublin 2
Pepsi Lipton International Limited∆	EUR1.00	53
	EUR1.00	54
	EUR1.00	79
	EUR1.00	121
	EUR1.00	122
	EUR1.00	123
	EUR1.00	124
Israel – Kochav Yokneam Building, 4th Floor, PO Box 14, Yokneam Illit 20692
IB Ventures Limited∆ (99.74)	ILS1.00	14
Italy – Via Quercete, n.a. 81016, San Potito Sannitico (CE)
P2P S.r.l (50)	EUR1.00	1
Luxembourg – 5 Heienhaff, L-1736 Senningerberg
Helpling Group Holding S.à r.l.∆◊ (34.06)	EUR1.00	60
(1.37)	EUR1.00	33


Name of Undertaking	Nominal Value	Share Class Note
(6.13)	EUR1.00	125
Mauritius – c/o Apex Fund Services (Mauritius) Ltd, 4th Floor, 19 Bank Street, Cyber City, Ebene 72201
Capvent Asia Consumer Fund Limited∆ (40.41) (in liquidation)	USD0.01	78
Netherlands – 1016CG Amsterdam, Heregracht 346 A
Inde Wild B.V.∆◊ (61.77)	EUR0.01	111
Oman – PO Box 1711, Ruwi, Postal Code 112
Towell Unilever LLC (49)	OMR1.00	1
Philippines – 11th Avenue Corner, 38th Street, Bonifacio Triangle, Bonifacio Global City, Taguig City, Metro Manila
Sto Tomas Paco Land Corp∆◊ (40)	PHP1.00	7
(40)	PHP10.00	46
(40)	PHP20.00	44
Cavite Horizons Land, Inc.◊ (35.10)	PHP1.00	7
	PHP10,000.00	46
Philippines – Manggahan Light Industrial Compound, A. Rodriguez Avenue, Bo. Manggahan, Pasig City
WS Holdings Inc.∆◊	PHP1.00	29
	PHP1.00	103
Selecta Walls Land Corp∆◊	PHP10.00	29
	PHP10.00	103
Portugal – Largo Monterroio Mascarenhas, 1,1099–081 Lisboa
Fima Ola – Produtos Alimentares, S.A. (55)	EUR4,125,000.00	1
Gallo Worldwide, Limitada (55)	EUR550,000.00	5
Grop – Gelado Retail Operation Portugal, Unipessoal, Limitada (55)	EUR50,000.00	1
Transportadora Central do Infante, Limitada (54)	EUR27,000.00	5
Unilever Fima, Limitada (55)	EUR14,462,336.00	5
Victor Guedes – Industria e Comercio, S.A. (55)	EUR275,000.00	1
Fima Dressings Unipessoal, Lda (55)	EUR50,000.00	1
Saudi Arabia – PO Box 22800, Jeddah 21416
Binzagr Unilever Distribution Company Limited (49)	SAR1,000.00	1
Singapore – 3 Phillip Street, #14-05 Royal Group Building, 048693
YOU Private Limited∆◊ (33.33)		76
(33.56)		45
Singapore – 20A Tanjong Pagar Road, 088443
ESQA Corp Pte Ltd∆◊ (60)		73
(100)		76
Sweden – Sturegatan 38, Stockholm, 11436
SachaJuan Haircare AB∆◊ (69.5)	SEK1.00	9
United Arab Emirates – PO Box 49, Dubai
Al Gurg Unilever LLC (49)	AED1,000.00	1
United Arab Emirates – PO Box 49, Abu Dhabi
Thani Murshid Unilever LLC (49)	AED1,000.00	1
United States – c/o Resident Agents Inc. 8 The Green, STE R, Dover, Kent, Delaware, 19901
Discuss IO Inc.◊ (7.77)	USD0.0001	7
(16.78)	USD0.0001	111
(50.53)	USD0.0001	58
United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201
Pepsi Lipton Tea Partnership (50)		4
Food Service Direct Logistics, LLC (40)		13
(17.83)	USD0.0001	55
(17.83)	USD0.0001	58
United States – c/o The Company Corporation, 251 Little Falls Drive, Wilmington, DE, New Castle 19808
Equilibria, Inc.∆◊ (20.00)	USD0.00001	98
FabFitFun Inc.∆◊ (68.18)	USD0.001	6
(7.48)	USD0.001	100
Outliers, Inc.∆◊ (58.77)	USD0.00001	62
(31.35)	USD0.00001	113
Perelel, Inc.∆◊(64.71)	USD0.00001	97
(68.42)	USD0.00001	58


210	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GROUP COMPANIES

Notes:

1: Ordinary, 2: Ordinary-A, 3: Ordinary-B, 4: Partnership, 5: Quotas, 6: Class-A Common, 7: Common, 8: Class A, 9: Class B, 10: Class C, 11: Class II Common, 12: Class III Common, 13:

Membership Interest, 14: Preference, 15: Redeemable Preference, 16: Limited by Guarantee, 17: C Ordinary Shares, 18: Viscountcy, 19: B3 Ordinary, 20: Series C-1 Pref, 21: Ordinary-C, 22:

Preferred, 23: Common Stock, 24: Redeemable Preference Class B, 25: Special, 26: Cumulative Preference, 27: 5% Cumulative Preference, 28: Non-Voting Ordinary B, 29: Common B,

30: Management, 31: Dormant, 32: Series C1 Preference, 33: Series D-2, 34: Cumulative Redeemable Preference, 35: A-Ordinary, 36: Preferred Ordinary, 37: Com, 38: Class Common-B,

39: Series A Participating Preference, 40: H-Ordinary, 41: I-Ordinary, 42: J-Ordinary, 43: Series A Preferred Convertible, 44: A Preference, 45: Series B1 CCPS, 46: B Preference, 47: Series

A-5, 48: Series C-2 Preferred, 49: A-4 Com, 50: D Preference, 51: Series A-3 Preferred, 52: C Preference, 53: E Ordinary, 54: G Preferred, 55: Series Seed, 56: Nominal, 57: Preferred A, 58:

Series A Preferred, 59: Series Seed-2 Preferred, 60: Series C-2, 61: Series D, 62: Series A-1 Preferred, 63: Series B-2 Preference, 64: Pre Series B CCPS, 65: Series B CCPS, 66: Series C1

CPPS, 67: Series C2, 68: Office Holders, 69: Security, 70: Series B-3 Preference, 71: Series B Preferred, 72: Series Seed B CPPS, 73: Series A CCPS, 74: Series A2 CPPS, 75: Equity, 76:

Series B CCPS, 77: Series B Preferred Convertible, 78: Class A Redeemable Non-Voting Ordinary, 79: B Ordinary, 80: N Ordinary, 81: A-1 Com, 82: A-2 Com, 83: A-3 Com, 84: Series A EIS,

85: Series A Convertible Preferred, 86: Series A2 Preferred, 87: Series B2 Preferred, 88: Series C Preferred, 89: Series A1 CPPS, 90: D1 Preferred, 91: Series E, 92: Series C-2 Pref, 93:

Series B-1 Preferred, 94: Series B-2 Preferred, 95: Series A-2 Preferred, 96: Series A-4 Preferred, 97: Preferred Seed, 98: Seed-3 Preferred, 99: CCPS,100: Series A Preferred Stock, 101:

Ordinary Preferred, 102: E Preference, 103: Common A, 104: Series D-5 Preferred, 105: Series D-6 Preferred, 106: Series C CCPS, 107: Series Seed Convertible Preferred, 108: Series C-E

Preferred, 109: Series Seed 2 Convertible Preferred Shares, 110: Seed CCPS, 111: Series Seed Preferred Shares, 112: M-Ordinary, 113: Series A-9 Preferred, 114: Series Seed CCPS, 115:

Series A-1, 116: Pre-Series B CCCPS, 117: Series A CCCPS, 118: Series Seed A CCPS, 119: Series B Common Stock, 120: B1 Ordinary, 121: I Preferred, 122: K Preferred, 123:

M Preferred, 124: O Preferred 125: Series F, 126: B4 Ordinary, 127: Pre-Series A CCPS, 128: Series B Convertible Preferred, 129: Series B2 Convertible Preferred.

Ο Indicates an undertaking directly held by PLC. All other undertakings are indirectly held. In the case of Hindustan Unilever Limited, 47.43% is directly held and the remainder of 14.47% is

indirectly held. In the case of Unilever Kenya Limited, 11.30% is directly held and the remainder of 88.70% is indirectly held. In the case of Unilever Sri Lanka Limited, 18.32% is directly held

and the remainder of 81.68% is indirectly held. In the case of Mixhold B.V., 27.71% is directly held and the remainder of 72.29% is indirectly held. In the cases of each of Unilever Gida Sanayi

ve Ticaret A.Ş. and Unilever Sanayi ve Ticaret Turk A.Ş., a fractional amount is directly held and the remainder is indirectly held. In the case of Mixhold B.V., 55.37% of the ordinary-A shares

are directly held, the remainder of 44.63% are indirectly held and the other share classes are indirectly held.

† Shares the undertaking holds in itself.

Δ Denotes an undertaking where other classes of shares are held by a third party.

Χ Binzagr Unilever Limited, Severn Gulf FZCO, Unilever Binzagr Gulf General Trading LLC, Unilever Home, Personal Care Products Manufacturing LLC and AlBahar United For Wholesale and

Retail Trading Company LLC are subsidiary undertakings pursuant to Section 1162(2)(b) Companies Act 2006. The Unilever Group is entitled to 50% of the profits made by Binzagr Unilever

Limited, Severn Gulf FZCO and Unilever Binzagr Gulf General Trading LLC. The Unilever Group is entitled to 80% of the profits made by Unilever Home and Personal Care Products

Manufacturing LLC.

◊ Accounted for as non-current investments within non-current financial assets.

∞ Exemption pursuant to Regulation 7 of the Partnership (Accounts) Regulations 2008.

In addition, we have revenues either from our own operations or otherwise in the following locations: Afghanistan, Aland Islands, Albania, Americas, American Samoa, Andorra, Angola, Anguilla,

Antigua and Barbuda, Armenia, Aruba, Azerbaijan, Bahamas, Barbados, Belize, Benin, Bermuda, Bhutan, Bonaire, Bosnia and Herzegovina, Botswana, British Indian Ocean Territory, British

Virgin Islands, Brunei Darussalam, Burkina Faso, Burundi, Cameroon, Cape Verde, Cayman Islands, Central African Republic, Chad, Christmas Island, Cocos (Keeling) Islands, Comoros,

Congo, Cook Islands, Curacao, Democratic Republic of Congo, Dominica, Equatorial Guinea, Eritrea, Eswatini (previously known as Swaziland), Falkland Islands (Malvinas), Faroe Islands,

Federated States of Micronesia, Fiji, French Guiana, French Polynesia, French Southern Territories, Gabon, Gambia, Georgia, Gibraltar, Greenland, Grenada, Guadeloupe, Guam, Guernsey,

Guinea, Guinea-Bissau, Guyana, Heard Island and McDonald Islands, Holy See (Vatican City State), Iceland, Iraq, Jamaica, Kiribati, Kosovo, Kyrgyzstan, Lebanon, Lesotho, Liberia, Libya,

Liechtenstein, Luxembourg, Macao, Macedonia, Madagascar, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mayotte, Moldova, Republic Of, Monaco, Mongolia,

Montenegro, Montserrat, Namibia, Nauru, New Caledonia, Niue, Norfolk Island, Northern Mariana Islands, Palau, Papua New Guinea, Pitcairn, Réunion, Saint Kitts and Nevis, Saint Lucia, Saint

Martin (French part), Saint Pierre And Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Senegal, Seychelles, Sierra Leone, Sint Maarten (Dutch part), Slovenia, Solomon

Islands, Somalia, South Georgia and The South Sandwich Islands, South Sudan, Suriname, Svalbard and Jan Mayen, Tajikistan, Timor Leste, Togo, Tokelau, Tonga, Turkmenistan, Turks and

Caicos Islands, Tuvalu, Uzbekistan, Vanuatu, Virgin Islands, U.S., Wallis and Futuna, Western Sahara and Yemen.

The Unilever Group has established branches in Azerbaijan, Burkina Faso, Côte d'Ivoire, Cuba, Jordan, Kazakhstan, Lebanon, Northern Ireland, Republic of Moldova, Turkey and the UK.


Unilever Annual Report on Form 20-F 2024		211



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


Shareholder information Financial calendar

ANNUAL GENERAL MEETING


Date	30 April 2025
Voting and Registration date	28 April 2025

QUARTERLY DIVIDENDS


	Announcement date	Ex-dividend date for ordinary shares	Ex-dividend date for ADSs	Record date	Payment date
Quarterly dividend announced with the Q4 2024 results	13 February 2025	27 February 2025	28 February 2025	28 February 2025	28 March 2025
Quarterly dividend announced with the Q1 2025 results	24 April 2025	15 May 2025	16 May 2025	16 May 2025	13 June 2025
Quarterly dividend announced with the Q2 2025 results	31 July 2025	14 August 2025	15 August 2025	15 August 2025	12 September 2025
Quarterly dividend announced with the Q3 2025 results	23 October 2025	6 November 2025	7 November 2025	7 November 2025	5 December 2025

CONTACT DETAILS

Unilever PLC

100 Victoria Embankment

London EC4Y 0DY

United Kingdom

Institutional Investors telephone +44 (0)20 7822 6830

Any queries can also be sent to us electronically via

www.unilever.com/investors/contacts/

Private Shareholders can email us at

shareholder.services@unilever.com

SHAREHOLDER SERVICES


Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
Telephone +44 (0) 370 600 3977
Website	www.investorcentre.co.uk
FAQ and Contact Form	www.investorcentre.co.uk/contactus

The Netherlands


ABN AMRO Bank N.V.
Gustav Mahlerlaan 10
1082 PP Amsterdam
Telephone +31 (0) 20 628 6070
Email	corporate.broking@nl.abnamro.com


American Stock Transfer & Trust Company
Operations Center
6201 15th Avenue
Brooklyn, NY 11219
Toll-free number +1 866 249 2593
Direct dial +1 718 921 8124
Email	db@astfinancial.com

WEBSITE

Shareholders are encouraged to visit our website, which has a wealth

of information about Unilever.

There is a section on our website designed specifically for investors. It includes

detailed coverage of the Unilever share price, our quarterly and annual results,

performance charts, financial news and investor relations speeches and

presentations. It also includes details of the conference and investor/analyst

presentations.

You can also view the Unilever Annual Report and Accounts 2024 (and the

Additional Information for US Listing Purposes) on our website, and those for

prior years.

Find out more at www.unilever.com

www.unilever.com/investorrelations

www.unilever.com/investor-relations/annual-report-and-accounts

References to information on websites in this document are included as an aid to

their location and such information is not incorporated in, and does not form part

of, this document. Any website URL is included as text only and is not an active

link.

PUBLICATIONS

Copies of the Unilever Annual Report and Accounts 2024 (and the Additional

Information for US Listing Purposes) and the Annual Report on Form 20-F 2024

can be accessed directly or ordered via the website.

www.unilever.com/investorrelations

UNILEVER ANNUAL REPORT AND ACCOUNTS 2024

The Unilever Annual Report and Accounts 2024 (and the Additional Information

for US Listing Purposes) forms the basis for the Annual Report on Form 20-F,

which is filed with the United States Securities and Exchange Commission and is

also available free of charge from their website.

www.sec.gov

Quarterly results announcements

Unilever’s quarterly results announcements are in English with figures in euros.


214	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


ADDITIONAL INFORMATION FOR US LISTING PURPOSES

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

Employees

The average number of employees for the last three years is provided in note 4A on page 149. The average number of employees during 2024 included 129 seasonal

workers. We believe our relationship with our employees and any labour unions of which they may be part is satisfactory in all material respects.

Global employee share plans (SHARES)

Unilever’s global employee plan ‘SHARES’ gives eligible Unilever employees below management level the opportunity to invest between €10 and €200 per month

from their net salary in Unilever shares. For every three shares our employees buy (Investment Shares), Unilever will give them one free Matching Share, which will

vest if employees hold their Investment Shares for at least three years. The Matching Shares are not subject to any performance conditions. Executive Directors are

not eligible to participate in SHARES. As of 21 February 2025 (the latest practicable date for inclusion in this report), awards for 318,988 PLC shares were

outstanding under SHARES.

North American share plans

Unilever also maintains share plans for its North American employees that are governed by an umbrella plan referred to as the Unilever North America Omnibus

Equity Compensation Plan, which was amended and restated as of 29 November 2022 to authorise the issue of newly issued Unilever Ordinary Shares under the

Plan. These plans are the North American equivalents of the Unilever Share Plan 2017 and SHARES plans, as amended from time to time. The rules governing these

share plans are materially the same as the rules governing the Unilever Share Plan 2017 and SHARES plans, respectively. However, the plans contain non-

competition and non-solicitation covenants and they are subject to US and Canadian employment and tax laws. The plans are administered by the North America

Compensation Committee of Unilever United States, Inc. and they are governed by New York law.

The foregoing description of the Unilever North America Omnibus Equity Compensation Plan does not purport to be complete and is qualified in its entirety by

reference to the Unilever North America Omnibus Equity Compensation Plan, including all amendments thereto, filed as Exhibit 99.1 to the Form S-8 (File

No. 333-185299) filed with the SEC on 12 December 2022.

Compensation Committee

The Committee is concerned with the remuneration of the Executive and Non-Executive Directors and the tier of management directly below the Board. The

Committee also has responsibility for the cash and executive and all-employee share-based incentive plans, the Remuneration Policy and performance evaluation of

the Unilever Leadership Executive, and the periodic review of the remuneration and related policies of the wider workforce to assess alignment to PLC’s purpose,

value and strategy.

DIRECTORS AND SENIOR MANAGEMENT

Family relationship

There are no family relationships between any of our Executive Directors, members of the ULE or Non-Executive Directors.

Other arrangements

None of our Non-Executive Directors, Executive Directors or other key management personnel are elected or appointed under any arrangement or understanding

with any major shareholder, customer, supplier or others. As mentioned on page 112, Nelson Peltz, a Non-Executive Director, is the Chief Executive and founding

partner of Trian Fund Management, LP, which held interests in approximately 1.3% of Unilever’s issued share capital as at 21 February 2025.


Unilever Annual Report on Form 20-F 2024		215



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ADDITIONAL INFORMATION FOR US LISTING PURPOSES

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

Major shareholders

The voting rights of the significant shareholders of the Company are the same as for other holders of the class of share held by such significant shareholders.

The principal trading market upon which the Company’s ordinary shares are listed is the London Stock Exchange. The Company’s ordinary shares are also listed and

traded on Euronext Amsterdam.

In the United States, Unilever PLC American Depositary Receipts are traded on the New York Stock Exchange. Deutsche Bank Trust Company Americas (Deutsche

Bank) acts for PLC as depositary.

At 21 February 2025 (the latest practicable date for inclusion in this report), there were 1,773 registered holders of Unilever PLC American Depositary Receipts in the

United States. We estimate that approximately 40% of the Company’s ordinary shares (including shares underlying Unilever PLC American Depositary Receipts)

were held in the United States in 2024.

If you are a shareholder of the Company, your interest is in a UK legal entity, your dividends will be paid in pound sterling (converted into US dollars if you have

Unilever PLC American Depositary Receipts) and you may be subject to UK tax.

To Unilever’s knowledge, the Company is not owned or controlled, directly or indirectly, by another corporation, any foreign government or by any other legal or

natural person, severally or jointly. The Company is not aware of any arrangements the operation of which may at any subsequent date result in a change of control

of the Company.

Related party transactions

Transactions with related parties are conducted in accordance with agreed transfer pricing policies and include sales to joint ventures and associates. Other than

those disclosed in note 23 to the consolidated financial statements (and incorporated herein as above), there were no related party transactions that were material to

the Group or to the related parties concerned that are required to be reported in 2024 up to 21 February 2025 (the latest practicable date for inclusion in this report).

Dividend record

The following tables show the dividends declared and dividends paid by PLC for the last five years, expressed in terms of the revised share denominations which

became effective from 22 May 2006.


	2024	2023	2022	2021	2020
Dividends declared for the year
PLC dividends
Dividend per 31/9 p	£1.48	£1.48	£1.48	£1.46	£1.48
Dividend per 31/9 p (US Registry)	$1.88	$1.86	$1.77	$2.00	$1.91
Dividends paid during the year
PLC dividends
Dividend per 31/9 p	£1.47	£1.50	£1.45	£1.48	£1.45
Dividend per 31/9 p (US Registry)	$1.86	$1.86	$1.80	$2.03	$1.85


216	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


ADDITIONAL INFORMATION FOR US LISTING PURPOSES

Material contracts

At the date of this Annual Report on Form 20-F, Unilever is not party to any

contracts that are considered material to its results or operations.

Exchange controls

Other than certain economic sanctions which may be in place from time to time,

there are currently no UK laws, decrees or regulations restricting the import or

export of capital or affecting the remittance of dividends or other payments to

holders of the PLC’s shares who are non-residents of the UK. Similarly, other

than certain economic sanctions which may be in force from time to time, there

are no limitations relating only to non-residents of the UK under English law

or the PLC’s Articles of Association on the right to be a holder of, and to vote in

respect of, the company’s shares.

Unilever Annual Report on Form 20-F 2024

Filed with the SEC on the SEC’s website. Printed copies are available, free of

charge, upon request to Unilever PLC, Investor Relations department, 100

Victoria Embankment, London, EC4Y 0DY United Kingdom.

Documents on display in the United States

Unilever files and furnishes reports and information with the United States SEC.

Certain of our reports and other information that we file or furnish to the SEC are

also available to the public over the internet on the SEC’s website.

2023 compared to 2022 Financial Performance

We have not included a discussion of year-over-year comparisons between 2023

and 2022 in this Annual Report on Form 20-F. This discussion can be found in

’Group Financial Review’, ’Business Group Review’, ’Planet & Society’, ’Financial

Performance’ and ’Financial Statements’ in our Annual Report on Form 20-F for

the year ended 31 December 2023 filed with the SEC on 13 March 2024.

OTHER INFORMATION ON THE COMPANY

Innovation, research and development

We have over 20,000 patents protecting the discoveries and breakthroughs that

our global team of 5,000 world-leading experts produce. We have invested

around €900 million in R&D in each of the last three years.

We strive to create superior products and consumer-relevant scalable

innovations, and help ensure efficiency and resilience in supply. Science and

technology and consumers sit at the heart of our approach to innovation. We are

building digital and automated technology into our innovation centres. For

example, our UK Materials Innovation Factory has one of the highest

concentrations of automated equipment for materials chemistry anywhere in the

world. It delivers robust and reproducible data many times faster than traditional

methods. We run virtual tests and scenarios to optimise products before the lab

and scale-up stage, bringing efficiency and cutting time to market. Our new Agile

Innovation hubs, including in Shanghai, China, use real-time consumer data to

develop new insights, then rapidly develop prototypes to test via digital

commerce in a matter of days. This provides rapid, efficient, on-trend innovation.

We are investing in real science behind our focus areas. For example, in our

world-leading research and partnerships on the microbiome, where we have

more than 100 patents. This is unlocking significant benefits and leading to new

scientific insights and product innovations, such as biome-friendly skin care

products and superior, probiotic cleaning products for the home.

R&D also underpins our sustainability goals, helping to power our move away

from petrochemicals, stop plastic pollution and ensure we source ingredients in a

sustainable way. Science, technology and innovation are required behind these

goals, from renewable materials to new bio-based ingredients to next-generation

packaging materials.

Every Unilever product is based on an innovation crafted by our experts in

collaboration with our network of partners. We translate our scientific discoveries

into everyday products that improve people’s health, confidence and wellbeing,

while taking care to reduce our impact on the planet. We are constantly evolving

alongside our consumers’ ever-changing lives and tastes, and to remain at the

cutting edge of science and technology.

Raw materials

Our products use a wide variety of raw and packaging materials, which we

source locally and internationally and which may be subject to price volatility,

either directly or as a result of movements in foreign exchange rates.

Commodity prices decreased towards the end of 2023 and into the first half of

2024, leading to negative net material inflation of €(0.4) billion

in 2024. A slight increase in the second half of the year remained well below

previous peaks. The impact of net material inflation is being offset through

increased productivity measures.

Seasonality

Certain of our businesses, such as ice cream, are subject to significant seasonal

fluctuations in sales. However, Unilever operates globally in many different

markets and product categories, and no individual element of seasonality is likely

to be material to the results of the Group as a whole.

Insider Dealing Policies (Share Dealing Standard)

Unilever has adopted insider trading policies and procedures applicable to

directors, senior management and employees that are reasonably designed to

promote compliance with applicable insider trading laws, rules and regulations

and any listing standards.

Intellectual property

We have a large portfolio of patents and trademarks, and we conduct some of

our operations under licences that are based on patents or trademarks owned or

controlled by others. We are not dependent on any one patent or group of

patents. We use all appropriate efforts to protect our brands and technology.

Competition

As a fast-moving consumer goods (FMCG) company, we are competing with a

diverse set of competitors. Some of these operate on an international scale like

ourselves, while others have a more regional or local focus. Our business model

centres on building brands which consumers know, trust, like and buy in

conscious preference to those of our competitors. Our brands command loyalty

and affinity and deliver superior performance.

Information on market share

Unless otherwise stated, market share refers to value share as opposed to

volume share. The market data and competitive position classifications are taken

from independent industry sources in the markets in which Unilever operates.

Iran-related required disclosure

Unilever operates in Iran through a non-US subsidiary. In 2024, sales in Iran

were significantly less than 0.5 per cent of Unilever’s worldwide turnover. During

the year, this non-US subsidiary had approximately €2,842,776 in gross

revenues and less than €1,168,954 in net profits attributable to the sale of

personal care and home care products to the Shahrvand Group, an entity

affiliated with the Government of Iran. Income, payroll and other taxes, duties

and fees (including for utilities) were payable to the Government of Iran and

affiliated entities and significantly less than 0.5 per cent of our total raw material

purchases were indirectly related to the Government of Iran in connection with

our operations. These two suppliers were Jovein Agriculture Industry J.S.C. and

Amlah Madani Iran, which supplied raw materials used in personal care and

home care products, including soap, shampoo and laundry products. Our non-

US subsidiary maintains bank accounts in Iran with various banks to facilitate our

business in the country and make any required payments to the Government of

Iran and affiliated entities. While we currently continue our activities in Iran, we

are continuously evaluating such activities in light of the evolving regulatory

environment.

Property, plant and equipment

The Group has interests in properties in most of the countries where there are

Unilever operations. None of these interests are individually material in the

context of the Group as a whole. The properties are used predominantly to

house production and distribution activities and as offices. There is a mixture of

leased and owned property throughout the Group. We are not aware of any

environmental issues affecting the properties that would have a material impact

upon the Group, and there are no material encumbrances on our properties.

Any difference between the market value of properties held by the Group

and the amount at which they are included in the balance sheet is not


Unilever Annual Report on Form 20-F 2024		217



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ADDITIONAL INFORMATION FOR US LISTING PURPOSES

significant. We believe our existing facilities are satisfactory for our current

business, and we currently have no plans to construct new facilities or expand or

improve our current facilities in a manner that is material to the Group.

CYBER SECURITY RISK MANAGEMENT AND STRATEGY

Risk management and strategy

Unilever recognises the importance of cyber security and takes a risk-based

approach to the defence and resiliency of critical assets, business operations,

technology and data:

■Unilever has an established Cyber Security Risk Management Framework

aligned to industry-standard methodologies and control frameworks. We

promote a company-wide culture of cyber security awareness and vigilance,

and provide regular reporting on the cyber security risk posture of the

organisation to operational and business leaders, leadership executives and

key non-executives, in order to influence and promote continuous

improvement of our risk posture. Unilever’s Cyber Security Risk Management

processes are integrated into its broader enterprise-level risk management

framework and its associated reporting and monitoring, with cyber security risk

forming a central part of the principal risk ’Systems and Information’ on

page 56;

■Unilever has an established framework of Cyber Security Policies

and Standards, which are in alignment to cyber security industry frameworks.

These apply to employees, third parties, contractors, data and technology

across Unilever. Unilever Cyber Security Policies and Standards are subject to

periodic review and modifications based on any changes in risk;

■A Cyber Security Assurance team, dedicated to risk assurance, and the

Internal Audit team, conducting independent enterprise-wide risk reassurance,

assess and report on the risk posture of our key systems, services, data and

operations. The scope and frequency of the evaluations are risk-based, with

output used to influence and promote continuous improvement of Unilever’s

resilience posture, as well as provide insights to the governance of cyber risk

by the Audit Committee. The Cyber Security Assurance team is composed

of internal and external expertise (e.g. third-party assessors and consultants),

including penetration testing services and a bug bounty programme;

■Unilever requires prioritised third parties and contractors to complete initial

and periodic security assessments, with a dedicated team that monitors and

assesses risks associated with such service providers and contractors;

■Unilever’s Cyber Security function drives continuous improvement initiatives,

leveraging people, processes and technology to address emerging risks. We

also conduct resilience planning and recovery testing, aiming to bolster

preparedness for cyber security incidents; and

■While Unilever’s cyber risk management activities are aimed at reducing the

likelihood of a material cyber security incident happening, they cannot

guarantee a material event will not occur. Should a material event occur,

Unilever has a set of established and rehearsed incident response

procedures. These set out a structured, phased, tiered response for the full

incident lifecycle, including coordination with other corporate functions and

relevant senior leaders (see below). Our procedures are designed to detect

and respond in a timely manner to abnormal cyber activity in order to minimise

business impact – for example, by supporting rapid recovery of services and/

or operations, enabling legal and regulatory obligations, or reducing

reputational impact.

Our internal Cyber Security function is a global team of experienced

professionals, with a multi-channelled talent pipeline, who carry various and

multiple industry credentials, led by our Chief Information Security Officer (CISO).

Our internal team is complemented by the expertise and specialised knowledge

of a range of external partners and providers. These external providers add

support across select capabilities, all in alignment with cyber security industry

good practice frameworks.

Material cyber security risks, threats and incidents

Unilever has experienced and continues to experience cyber-attacks regularly.

However, during the year ended 31 December 2024, no known cyber security

incidents have materially affected or are reasonably likely to materially affect

Unilever.

Governance

Board Oversight

The Board of Directors oversees cyber security risk as part of its overall risk

management framework, with specific oversight provided by the Audit

Committee.

Management, primarily the Chief Enterprise Technology Officer (CETO)

and the CISO, provide cyber security briefings to the Audit Committee

on a regular (typically quarterly) basis, covering a range of topics including:

■status of ongoing cyber security controls and risk posture, and continuous

improvement initiatives;

■operational metrics, and reports and learnings, as applicable, from any cyber

security events;

■cyber security risk management frameworks, and regulatory trends and

requirements; and

■ongoing awareness of external threat landscape and trends.

The Audit Committee’s role in cyber security risk oversight is further supported by

our Internal Audit function, which provides independent re-assurance of the

effectiveness of Management’s cyber security risk handling including internal

controls systems.

Management role in cyber security risk management

Ownership of cyber security risk at Unilever sits with the Chief Financial Officer

(CFO) (until the end of 2024, this was jointly with the Chief Business Operations

Officer), who is a member of Unilever’s executive leadership team. They receive

regular, routine cyber security briefings as well as ad hoc updates as needed.

The broader executive leadership team members are informed of the cyber

security risk posture of Unilever and participate in periodic education and

awareness sessions.

The CETO and CISO report into the CFO, and are responsible for managing and

assessing Unilever’s cyber security risk. The CISO has over 20 years of

executive-level experience in information technology and cyber security, through

leadership roles in various companies. Her background includes: strategy- and

architecture-focused roles; technical experience; and expertise in material cyber

incident response. The CETO has 25 years of experience of leading global

business service and IT organisations across multiple major multinationals, with

oversight of cyber security in multiple roles.

Outputs from the cyber security risk management process, threat detection

capability, vulnerability lifecycle management, and assurance and re-assurance

activities drive enterprise-wide visibility and reporting of company performance

on cyber security risk posture, influencing and prioritising continuous risk

mitigation activities across the enterprise.

To make transparent and track the continuous risk mitigation activities across the

enterprise, a council of senior individuals and executives meets regularly and

forms the membership of the Information Protection Council (IPC). This Council

(jointly chaired by the CISO and Chief Privacy Officer) has expertise in cyber

security, information technology, enterprise risk, privacy, legal, physical security

and internal audit. The IPC actively reviews enterprise-wide cyber security risk

management prioritisation, progress and initiatives, providing key operational

unlocks and risk prioritisation decisions. These senior individuals have significant

experience and expertise across multiple industries, with special expertise in

developing and executing cyber security strategy, driving digital transformation,

managing information technology, overseeing and embedding data protection

and data privacy good practices, the embedding and oversight of financial

controls, and operating within complex regulatory and compliance environments.

The members of the IPC then drive, as appropriate to their role and

responsibilities, first and second line of defence risk reduction activities, providing

a whole-of-Unilever approach to the governance of cyber security risk, the

embedding of cyber security controls, assurance of those controls and risk

posture, and independent re-assurance of our cyber security risk posture.

TAXATION

The comments below in relation to United Kingdom and United States taxation

are based on current United Kingdom and United States federal income tax law

as applied in England and Wales and the United States respectively, and HM

Revenue & Customs (’HMRC’) and Internal Revenue Service (’IRS’) practice

(which may not be binding on HMRC or the IRS) respectively, in each case as at

the latest practicable date before the date of this document save that in relation

to the United Kingdom it is assumed that the Finance Bill, as ordered to be

printed by the United Kingdom government on 7 November 2024, will be enacted

without amendments.

This discussion does not address any United States or United Kingdom tax

consequences to shareholders and ADS holders of the separation of the Ice

Cream business, which may depend on certain details of the separation and

such tax consequences are not yet known at this time.

Taxation for US persons holding shares or American

Depositary Shares in PLC

The following notes are provided for guidance, but they do not consider

the specific circumstances of any particular shareholder or ADS holder,

nor do they address all the consequences that may be relevant to


218	Unilever Annual Report on Form 20-F 2024



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ADDITIONAL INFORMATION FOR US LISTING PURPOSES

shareholders or ADS holders subject to special rules. US persons should consult

their local tax advisers, particularly in connection with potential liability to pay US

taxes on disposal, lifetime gift or bequest of their shares or American Depositary

Shares (’ADSs’). A US person is a US individual citizen or resident, a corporation

organised under the laws of the United States, any state or the District of

Columbia, or any other legal person subject to US Federal Income Tax on its

worldwide income.

United Kingdom taxation on dividends

Under United Kingdom law, income tax is not withheld from dividends paid by

most United Kingdom companies, including PLC. Shareholders of PLC, whether

resident in the United Kingdom or not, receive the full amount of the dividend

actually declared.

A non-UK resident shareholder or ADS holder holding their shares or ADSs

otherwise than in connection with any trade, profession or vocation carried on

through a branch, agency or permanent establishment in the UK will not

generally be subject to UK tax in respect of dividends paid by PLC.

United States taxation on dividends

If you are a US person, the distribution up to the amount of PLC’s earnings and

profits for US Federal Income Tax purposes will be ordinary dividend income.

Any portion of the distribution that exceeds PLC’s earnings and profits is subject

to different rules. This portion is a tax-free return of capital to the extent of your

basis in PLC’s shares or ADSs, and thereafter is treated as a gain on a

disposition of the shares or ADSs. PLC does not maintain calculations of its

earnings and profits in accordance with US Federal Income Tax accounting

principles. You should therefore assume that any distribution by PLC with respect

to the shares will be reported as ordinary dividend income. You should consult

your own tax advisers with respect to the appropriate US Federal Income Tax

treatment of any distribution received from us.

Dividends received by an individual will be taxed at a maximum rate of 15% or

20%, depending on the income level of the individual, provided the individual has

held the shares or ADSs for more than 60 days during the 121-day period

beginning 60 days before the ex-dividend date, that PLC is a qualified foreign

corporation and certain other conditions are satisfied. PLC is a qualified foreign

corporation for this purpose. In addition, an additional tax of 3.8% will apply to

dividends and other investment income received by individuals with incomes

exceeding certain thresholds. The dividend is not eligible for the dividends

received deduction allowable to corporations. The dividend is foreign source

income for US foreign tax credit purposes.

For US Federal Income Tax purposes, the amount of any dividend paid in a non-

US currency will be included in income in a US dollar amount calculated by

reference to the exchange rate in effect on the date the dividends are received

by you or the depositary (in the case of ADSs), regardless of whether they are

converted into US dollars at that time. If the non-US currency is converted into

US dollars on the day they are received, you generally will not be required to

recognise foreign currency gain or loss in respect of this dividend income.

UK taxation on capital gains

Under United Kingdom law, when you dispose of shares or ADSs you may be

liable to pay United Kingdom tax in respect of any gain accruing on the disposal.

However, if you are either:

■an individual who is not resident in the United Kingdom for the year

in question; or

■a company which is not resident in the United Kingdom when the gain accrues

you will generally not be liable to United Kingdom tax on any gains made on

disposal of your shares or ADSs.

There are exceptions to this general rule, two of which are: if the shares or ADSs

are held in connection with a trade or business which is conducted in the United

Kingdom through a branch, agency or permanent establishment; or if the shares

or ADSs are held by an individual who becomes resident in the UK having left the

UK for a period of non-residence of five years or less and who was resident for

at least four of the seven tax years prior to leaving the UK. In such cases, you

may be liable to United Kingdom tax in respect of the disposal of shares or

ADSs.

United States taxation on capital gains

If you are a US person, generally you will recognise capital gain or loss

for US Federal Income Tax purposes equal to the difference, if any,

between the amount realised on the sale and your adjusted tax basis

in the shares or ADSs, in each case as determined in US dollars.

You should consult your own tax advisers about how to determine the US dollar

value of any foreign currency received as proceeds on the sale of shares or

ADSs and the treatment of any foreign currency gain or loss upon conversion of

the foreign currency into US dollars. The capital gain or loss recognised on the

sale will be long-term capital gain or loss if your holding period in the shares or

ADSs exceeds one year. Non-corporate US persons are subject to tax on long-

term capital gain at reduced rates. The deductibility of capital losses is subject

to limitations. The rules governing foreign tax credit are complex and US persons

should consult their own tax advisers regarding the US Federal Income Tax

consequences in case non-US taxes (if any) are imposed on disposition gains.

UK inheritance tax

Under the current estate and gift tax convention between the United States and

the United Kingdom, shares or ADSs (regardless of whether they are situated in

the United Kingdom for inheritance tax purposes) held by an individual

shareholder who is:

■domiciled for the purposes of the convention in the

United States; and

■not for the purposes of the convention a national of the

United Kingdom

will generally not be subject to United Kingdom inheritance tax:

■on the individual’s death; or

■on a gift of the shares during the individual’s lifetime.

Where shares or ADSs are held on trust, they will generally not be subject to

United Kingdom inheritance tax where the settlor at the

time of the settlement:

■was domiciled for the purposes of the convention in the United States; and

■was not for the purposes of the convention a national of the United Kingdom.

An exception is if the shares or ADSs are part of the business property of a

permanent establishment of the shareholder in the United Kingdom or, in the

case of a shareholder who performs independent personal services, pertain to a

fixed base situated in the United Kingdom.

Where shares or ADSs are subject to United Kingdom inheritance tax and United

States federal gift or federal estate tax, the amount of the tax paid in one

jurisdiction can generally be credited against the tax due in the other jurisdiction.

However, the rules governing the creditability of United Kingdom inheritance tax

and United States estate taxes are complex, and shareholders and ADS holders

should consult their own advisers regarding the application of these rules in their

particular circumstances.

Where a United Kingdom inheritance tax liability is prima facie not payable by

virtue of the convention, that tax can become payable if any applicable federal

gift or federal estate tax on the shares or ADSs in the United States is not paid.

Where shares are dealt with through a clearing system or in the form of ADSs,

the situs of the shares may not be determinative of the situs of the interests held

by holders through such system or of such ADSs for United Kingdom inheritance

tax purposes. Where shares are dealt with through Euroclear Nederland, there

are arguments that the interests of participants in Euroclear Nederland will be

situated outside the United Kingdom for the purposes of United Kingdom

inheritance tax so long as Euroclear Nederland maintains the book-entry register

of such participants’ interests outside the United Kingdom, although HMRC

may not accept this analysis. Similarly, there are arguments that ADSs registered

on a register outside the United Kingdom will be situated outside the United

Kingdom for the purposes of United Kingdom inheritance tax, although again

HMRC may not accept this analysis. Shareholders to whom this may be relevant

should consult an appropriate professional adviser.

If the ADSs or the shares dealt with through Euroclear Nederland or both are not

situated in the United Kingdom, a gift of such ADSs or such shares by, or the

death of, an individual holder of such assets who is:

■Prior to 6 April 2025, neither domiciled nor deemed to be domiciled (under

certain rules relating to long residence or previous domicile) in the United

Kingdom; or

■From 6 April 2025, a ’Long-Term UK Resident’ (an ’LTR’) for UK inheritance

tax purposes (see below) will not generally give rise to a liability to United

Kingdom inheritance tax regardless of whether the estate and gift tax

convention between the United States and the United Kingdom applies. Under

the rules applicable from 6 April 2025, generally, any individual who is resident

in the UK for at least 10 of the previous 20 years will be an LTR for UK

inheritance tax purposes.

■Special rules may also apply to such ADSs or such shares dealt with through

Euroclear Nederland that are held on trust.


Unilever Annual Report on Form 20-F 2024		219



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ADDITIONAL INFORMATION FOR US LISTING PURPOSES

UK stamp duty and stamp duty reserve tax

The statements in this section are intended as a general guide to the current

United Kingdom stamp duty and stamp duty reserve tax (’SDRT’) position.

Special rules apply to certain transactions such as transfers of the shares to a

company connected with the transferor and those rules are not described below.

Investors should also note that certain categories of person are not liable to

stamp duty or SDRT and others may be liable at a higher rate or may, although

not primarily liable for tax, be required to notify and account for SDRT under the

Stamp Duty Reserve Tax Regulations 1986.

ISSUE OF SHARES

No stamp duty or SDRT will arise on the issue of shares by PLC.

TRANSFER OF SHARES

Except in relation to clearance services and depositary receipt systems (to which

special rules outlined below apply), stamp duty at the rate of 0.5 per cent

(rounded up to the next multiple of £5) of the amount or value of the

consideration given will generally be payable on an instrument transferring PLC

shares. A charge to SDRT will also generally arise on an unconditional

agreement to transfer PLC shares (at the rate of 0.5 per cent of the amount or

value of the consideration payable). However, if within six years of the date of the

agreement becoming unconditional, an instrument of transfer is executed

pursuant to the agreement, and stamp duty is paid on that instrument, any SDRT

already paid will be refunded (generally, but not necessarily, with interest)

provided that a claim for repayment is made, and any outstanding liability to

SDRT will be cancelled. The liability to pay stamp duty or SDRT is generally

satisfied by the purchaser or transferee.

SHARES HELD THROUGH CLEARANCE SERVICES

INCLUDING EUROCLEAR NEDERLAND

Special rules apply where shares are issued or transferred to, or to a nominee or

agent for, a person providing a clearance service. In such circumstances, SDRT

or stamp duty may be charged at a rate of 1.5 per cent (the ’1.5% Charge’), with

subsequent transfers within the clearance service then being free from SDRT

and stamp duty (except in relation to clearance service providers that have made

an election under section 97A(1) of the Finance Act 1986 which has been

approved by HMRC, to which the special rules apply).

However, the 1.5% Charge does not arise in respect of (i) transfers of shares into

clearance services where such transfers are in the course of a capital-raising

arrangement (being arrangements pursuant to which securities are issued by a

company for the purpose of raising new capital), or instruments which effect such

transfers; and (ii) transfers of shares in to clearance services where such

transfers are in the course of arrangements for the first listing of the shares of a

company on a recognised stock exchange and where such arrangements do not

affect the beneficial ownership of the shares, or instruments which effect such

transfers. Accordingly, specific professional advice should be sought in relation to

the application of the 1.5% Charge.

There is an exception from the 1.5% Charge on the transfer to, or to a nominee

or agent for, a clearance service where the clearance service has made and

maintained an election under section 97A(1) of the Finance Act 1986, which has

been approved by HMRC. In these circumstances, SDRT at the rate of 0.5% of

the amount or value of the consideration payable for the transfer will arise on any

transfer of shares in PLC into such an account and on subsequent agreements

to transfer such shares within such account.

Any liability for stamp duty or SDRT in respect of a transfer into a clearance

service, or in respect of a transfer within such a service, which does arise will

strictly be accountable by the clearance service system operator or their

nominee, as the case may be, but may, in practice, be payable by the

participants in the clearance service system.

SHARES HELD IN ADS FORM

There should be no stamp duty or SDRT on an issuance of shares into a

depositary receipt system. A transfer of shares into a depositary receipt system

may be subject to SDRT, or stamp duty may be charged at a rate of 1.5 per cent,

with subsequent transfers of depositary receipts then being free from SDRT.

However, this 1.5% Charge does not arise in respect of (i) transfers of shares

into depositary receipt systems where such transfers are in the course of a

capital-raising arrangement (being arrangements pursuant to which securities

are issued by a company for the purpose of raising new capital), or instruments

which effect such transfers; and (ii) transfers of shares into depositary receipt

systems

where such transfers are in the course of arrangements for the first listing of the

shares of a company on a recognised stock exchange and where such

arrangements do not affect the beneficial ownership of the shares, or instruments

which effect such transfers. Accordingly, specific professional advice should be

sought in relation to the application of this 1.5% Charge.

Any liability for stamp duty or SDRT in respect of a transfer of shares into a

depositary receipt system that does arise will strictly be accountable by the

depositary receipt system operator or its nominee but may, in practice, be

payable by the relevant holder of the depositary receipts.

An issue of ADSs by Deutsche Bank Trust Company Americas as depositary in

respect of the ADSs will not be subject to stamp duty or SDRT. An agreement for

the transfer of ADSs should not be subject to SDRT but a charge to stamp duty

will technically arise on the transfer of ADSs if it is executed in the UK or relates

to any property situated, or to any matter or thing done or to be done, in the UK.

However, the only sanction for failing to pay such stamp duty is that the

instrument of transfer cannot be produced as evidence in a UK court. Therefore,

no UK stamp duty should in practice be payable on the acquisition or transfer of

existing ADSs or transfer of beneficial ownership of ADSs.

US backup withholding and information reporting

Payments of dividends and other proceeds with respect to ordinary shares or

ADSs by a US (or US connected) paying agent or a US (or US connected)

intermediary will be reported to you and to the IRS as may be required under

applicable regulations. Backup withholding may apply to these payments if you

fail to provide an accurate taxpayer identification number or certification of

exempt status or fail to comply with applicable certification requirements. Some

holders are not subject to backup withholding. You should consult your tax

adviser as to your qualification for an exemption from backup withholding and the

procedure for obtaining an exemption.

Disclosure requirements for certain US holders

US individuals and certain US entities that hold certain specified non-US financial

assets, including stock in a non-US corporation, with values in excess of certain

thresholds are required to file Form 8938 with their US Federal Income Tax

return. Such Form requires disclosure of information concerning such non-US

assets, including the value of the assets. Failure to file the Form when required

may subject you to penalties. An exemption from reporting applies to non-US

assets held through a US financial institution generally including a non-US

branch or subsidiary of a US institution and a US branch of a non-US institution.

Investors are encouraged to consult with their own tax advisers regarding the

possible application of this disclosure requirement to their investment in the

shares or ADSs.

Description of securities other than equity securities

Deutsche Bank serves as the depositary (Depositary) for PLC’s American

Depositary Receipt Programme.

Depositary fees and charges for PLC

Under the terms of the Deposit Agreement for the PLC American Depositary

Shares (ADSs), an ADS holder may have to pay the following service fees to the

depositary bank:

■Issuance of ADSs: up to US 5¢ per ADS issued.

■Cancellation of ADSs: up to US 5¢ per ADS cancelled.

■Processing of dividend and other cash distributions not made pursuant to a

cancellation or withdrawal: up to US 5¢ per ADS held.

An ADS holder will also be responsible for paying certain fees and expenses

incurred by the depositary bank and certain taxes and governmental charges

such as:

■fees for the transfer and registration of shares charged by the registrar and

transfer agent for the shares in the United Kingdom (i.e. upon deposit and

withdrawal of shares);

■expenses incurred for converting foreign currency into US dollars;

■expenses for cable, telex and fax transmissions and for delivery of securities;

■taxes and duties upon the transfer of securities (i.e. when shares

are deposited or withdrawn from deposit);

■fees and expenses incurred in connection with the delivery or servicing of

shares on deposit; and

■fees incurred in connection with the distribution of dividends.

Depositary fees payable upon the issuance and cancellation of ADSs are

typically paid to the depositary bank by the brokers (on behalf of their clients)

receiving the newly issued ADSs from the depositary bank and by the brokers

(on behalf of their clients) delivering the ADSs to the depositary bank for

cancellation. The brokers in turn charge these transaction fees to their clients.


220	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


ADDITIONAL INFORMATION FOR US LISTING PURPOSES

Note that the fees and charges an investor may be required to pay may vary over

time and may be changed by us and by the depositary bank. Notice of any

changes will be given to investors.

Depositary payments – fiscal year 2024

Deutsche Bank has been the depositary bank for its American Depositary

Receipt Programme since 1 July 2014. Under the terms of the Deposit

Agreement, PLC is entitled to certain reimbursements, including processing of

cash distributions, reimbursement of listing fees (NYSE), reimbursement of

settlement infrastructure fees (including DTC feeds), reimbursement of proxy

process expenses (printing, postage and distribution), dividend fees and

program-related expenses (that include expenses incurred from the requirements

of the US Sarbanes-Oxley Act of 2002). In relation to 2024, PLC received

$5,084,322 from Deutsche Bank.

DEFAULTS, DIVIDEND ARREARAGES AND

DELINQUENCIES

Defaults programme

There has been no material default in the payment of principal, interest, a sinking

or purchase fund instalment or any other material default relating to

indebtedness of the Group.

Dividend arrearages and delinquencies

There have been no arrears in payment of dividends on, and material

delinquency with respect to, any class of preferred stock of any significant

subsidiary of the Group.

ARTICLES OF ASSOCIATION

Lapse of distributions

Any PLC dividend unclaimed after 12 years from the date of the declaration of

the dividend by PLC reverts to PLC. Any unclaimed dividends may be invested or

otherwise applied for the benefit of PLC while they are claimed. PLC may also

cease to send any cheque for any dividend on any shares normally paid in that

manner if the cheques in respect of at least two consecutive dividends have

been returned to PLC or remain uncashed.

Unilever N.V., the former parent company of the Unilever Group alongside PLC,

was merged in to PLC and dissolved in November 2020 (Unification). The time

periods for the right to claim cash dividends or the proceeds of share

distributions declared by Unilever N.V. before Unification will remain at 5 and 20

years, respectively, after the first day the dividend or share distribution was

obtainable from Unilever N.V.

Any such unclaimed amounts will revert to Unilever PLC after the expiry of these

time periods.

Redemption provisions and capital call

Outstanding PLC ordinary shares cannot be redeemed. PLC may make capital

calls on money unpaid on shares and not payable on a fixed date. PLC has only

fully paid shares in issue.

Modification of rights

Modifications to PLC‘s Articles of Association must be approved by a general

meeting of shareholders.

Modifications that prejudicially affect the rights and privileges of a class of PLC

shareholders require the written consent of three-quarters of the affected holders

(excluding treasury shares) or a special resolution passed at a general meeting

of the class at which at least two persons holding or representing at least one-

third of the paid-up capital (excluding treasury shares) must be present. Every

shareholder is entitled to one vote per share held on a poll and may demand a

poll vote. At any adjourned general meeting, present affected class holders may

establish a quorum.

Required majorities

Resolutions are usually adopted at the Company‘s General Meetings by an

absolute majority of votes cast, unless there are other requirements under the

applicable laws or the Company‘s Articles. For example, there are special

requirements for resolutions relating to the alteration of the Articles of Association

and the liquidation of the Company. A proposal to alter the Articles of the

Company can be made either by the Company‘s Board or by requisition of

shareholders in accordance with the UK Companies Act 2006. Unless expressly

specified to the contrary in the Company‘s Articles, the Company‘s Articles may

be amended by a special resolution. The Company‘s Articles can be found on

our website.

PURCHASES OF EQUITY SECURITIES

Share purchases during 2024

Please also refer to the ‘Shares’ section on page 79.

In 2024, 27,368,909 PLC ordinary shares or ADSs were purchased

by or on behalf of PLC or any ‘affiliated purchaser‘, as defined in

Section 10b-18(a)(3) of the US Securities Exchange Act of 1934, during the

period covered by this Annual Report on Form 20-F.

The following table shows details of such purchases of shares made by the

Company during 2024:


2024	Total Number of Shares purchased	Average Price Paid Per Share (EUR)	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Euro Value) of Shares that May Yet be Purchased Under the Plans or Programs
January	–	–	–	–
February	–	–	–	–
March	–	–	–	–
April	–	–	–	–
17 May - 31 May	3,476,252	50.16	3,476,252	–
3 June - 28 June	3,838,784	51.84	3,838,784	–
1 July - 31 July	3,950,852	51.81	3,950,852	–
1 August - 30 August	2,171,813	56.16	2,171,813	–
13 September - 30 September	4,487,000	58.35	4,487,000	–
1 October - 31 October	7,559,263	57.05	7,559,263	–
1 November - 5 November	1,884,945	56.62	1,884,945	–
December	–	–	–	–
Total	27,368,909	54.8	27,368,909	–

The Company announced its share buyback programme of up to €1.5 billion on 8 February 2024, and completed the programme on 5 November 2024.

Under the First Tranche, which was announced on 17 May 2024, a total of 13,437,701 ordinary Unilever PLC shares were purchased with an aggregate market value

equivalent of €700,101,906.

Under the Second Tranche, which was announced on 13 September 2024, a total of 13,931,208 ordinary Unilever PLC shares were purchased with an aggregate

market value equivalent of €799,897,969.

On 13 February 2025, the Company announced a further share buyback of up to €1.5 billion. As at 21 February 2025 (the latest practicable date for inclusion in this

report), 4,101,196 ordinary Unilever PLC shares had been bought back under this new share buyback programme.


Unilever Annual Report on Form 20-F 2024		221



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


ADDITIONAL INFORMATION FOR US LISTING PURPOSES

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

In accordance with the requirements of Section 404 of the US Sarbanes-Oxley Act of 2002, the following report is provided by management in respect of the Group’s

internal control over financial reporting (as defined in rule 13a–15(f) or rule 15d–15(f) under the US Securities Exchange Act

of 1934):

■Unilever’s management is responsible for establishing and maintaining adequate internal control over financial reporting for the Group;

■Unilever’s management has used the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework (2013) to evaluate the

effectiveness of our internal control over financial reporting. Management believes that the COSO framework (2013) is a suitable framework for its evaluation of our

internal control over financial reporting because it is free from bias, permits reasonably consistent qualitative and quantitative measurements of internal controls, is

sufficiently complete so that those relevant factors that would alter a conclusion about the effectiveness of internal controls are not omitted and is relevant to an

evaluation of internal control over financial reporting;

■Management has assessed the effectiveness of internal control over financial reporting as of 31 December 2024 and has concluded that such internal control over

financial reporting is effective. Management’s assessment and conclusion excludes K18, Inc as this entity was acquired on

1 February 2024. This entity is included in our 2024 consolidated financial statements, and constituted 0.17% of our total assets as at 31 December 2024 and

0.19% of total turnover for the year ended 31 December 2024; and

■KPMG LLP, who have audited the consolidated financial statements of the Group for the year ended 31 December 2024, have also audited the effectiveness of

internal control over financial reporting as at 31 December 2024 and have issued an attestation report on internal control over financial reporting.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our independent registered public accounting firm is KPMG LLP, London, United Kingdom, Auditor Firm ID: 1118


	€ million 2024	€ million 2023	€ million 2022
Audit fees(a)	32	23	23
Audit-related fees(b)(c)	16	1	1
Tax fees(d)	–	–	–
All other fees(d)	–	–	–

(a)Amount payable to KPMG in respect of services supplied to associated pension schemes was less than €1 million individually and in aggregate (2023: less than €1 million individually and

in aggregate; 2022: less than €1 million individually and in aggregate).

(b)Includes other audit services, which comprise audit and similar work that regulations or agreements with third parties require the auditors to undertake.

(d)Amounts paid in relation to each type of service are individually less than €1 million. In aggregate, the fees paid were less than €1 million (2023: less than €1 million, 2022: less than €1

million).

GUARANTOR STATEMENTS

On 26 July 2023, Unilever Finance Netherlands B.V. and Unilever Capital Corporation (UCC) filed a US Shelf registration, which was unconditionally and fully

guaranteed by Unilever PLC (PLC) and Unilever United States, Inc. (UNUS).

In relation to the US Shelf registration, US$10.95 billion of Notes were outstanding at 31 December 2024 (2023: US$11.2 billion; 2022: US$10.75 billion) with

coupons ranging from 1.375% to 5.900%. These Notes are repayable between 22 March 2025 and 12 August 2051.

All debt securities issued by UCC are senior, unsecured and unsubordinated and are fully and unconditionally guaranteed, on a joint and several basis, by PLC and

UNUS.

UCC and UNUS are 100% subsidiaries of Unilever PLC and are consolidated in the financial statements of the Unilever Group. In addition, there are no material

assets in the guarantor entities apart from intercompany investments and balances. Therefore, as allowed under Rule 13-01 of regulation S-X, we have excluded the

summarised information for each issuer and guarantor.

The guarantees provide that, in case of the failure of the relevant issuer to punctually make payment of any principal, premium or interest, each guarantor agrees to

ensure such payment is made when due whether at the stated maturity or by declaration of acceleration, call for redemption or otherwise. The guarantees also

provide that the Trustee shall be paid any and all amounts due to it under the guarantee upon which the debt securities are endorsed.


224	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


General Information

GENERAL BASIS FOR PREPARATION

Overview

We have prepared a sustainability statement for Unilever PLC and its subsidiary

undertakings (Unilever) in accordance with the European Sustainability

Reporting Standards (the ESRS) as issued by Delegated Regulation (EU)

2023/2772 on 31 July 2023.

The sustainability statement presents information about Unilever’s material

impacts, risks and opportunities in relation to environmental, social and

governance matters. The statement comprises four sections:

■General Information – summarises our basis of preparation for the

sustainability statement, including the governance of our sustainability

strategy and our assessment of our material impacts, risks and opportunities

(IROs).

■Environmental Disclosures – provides a consolidated view of our processes

to identify our material IROs and overarching policies that govern our

responses to these matters across our own operations and value chain. This

also includes our actions, metrics and targets related to Climate, Pollution,

Water, Biodiversity and Ecosystems, and Resource Use and Circular

Economy. Climate disclosures consolidate our Task Force on Climate

Disclosures (TCFD) and Climate Transition Action Plan (CTAP) progress

report.

■Social Disclosures – provides a consolidated view of our processes to

identify our material IROs and our holistic approach to human rights across

our operations and value chain. This also includes our actions, metrics and

targets related to Own Workforce, Workers in the Value Chain, Affected

Communities and Consumers and End-Users.

■Governance Disclosures – provides an overview of Unilever’s business

conduct and Speak Up processes across our own operations and value chain.

Scope

We define Unilever PLC and its subsidiary undertakings as our own operations

for the purpose of these disclosures which is consistent with the scope of our

consolidated financial statements. We have no operational control1 over our

associates and joint ventures; therefore, they are not included in our

sustainability statement as part of our own operations. The reporting period for

this statement is consistent with the reporting period of the consolidated financial

statements which is 12 months from 1 January to 31 December 2024.2

We have not excluded any information corresponding to intellectual property,

know-how or results of innovation on the basis of commercial sensitivity.

Upstream and downstream value chain

The scope of the sustainability statement is extended to include our upstream

and downstream value chain, to the extent that they are connected to Unilever’s

material impacts, risks and opportunities. Generally referred to as our business

partners, Unilever defines its upstream and downstream value chain as:

Upstream value chain – We procure a large number of raw materials for the

manufacture and sale of our products, including many different crops and

packaging materials. Our global supply chain works with over 50,000 Tier 1

suppliers across 150 countries. Tier 1 suppliers are defined as those who invoice

Unilever for goods and services. We also consider suppliers that perform work

subcontracted by a Tier 1 supplier in our upstream value chain. In addition, we

partner with third parties where we outsource the manufacturing and packaging

of certain products, referred to as collaborative manufacturing.

Downstream value chain – Around 3.4 billion people use our products every

day. To ensure our products are accessible to our customers, we partner with

distributors and large and small retailers across different trading environments

and channels. We also consider companies that distribute or sell on behalf of

Unilever as part of our downstream value chain including agents, franchisers and

importers.

We have only included narrative and metric disclosures about direct and indirect

1.Defined by Annex II of the July 2023 delegated act as the situation where the undertaking

has the ability to direct the operational activities and relationships of the entity, site,

operation or asset.

2.For the year ending 31 December 2024, no Unilever European subsidiaries are required to

prepare separate ESRS statements.

business relationships in our upstream and downstream value chain where such

information is readily available to us. This includes omitting value chain data from

metrics unless stated otherwise.

Comparative information

For the first year of reporting, the ESRS does not require us to include

comparative information. Therefore, we have not included any comparators

except for where the information was already disclosed in prior-year financial

reports.

It is Unilever’s policy to restate a metric in the following cases, where accurate

and reliable data is available to enable us to recalculate or estimate the impact

and where the impact is material:

■An error resulting from incorrect data or calculation;

■A change in reporting requirements;

■Better assumptions or more accurate data being available; or

■Where we have assessed a disposal as a discontinued operation.

Baseline values, base years and targets

The disclosure of targets within the sustainability statement is fully aligned with

Unilever’s 15 external sustainability goals across four priority areas: Climate,

Nature, Plastics and Livelihoods. Targets are set based on several factors,

including bottom-up roadmaps, reasonable ambition, and industry standards

where relevant. We will review the need for further targets in line with our

strategy.

It is Unilever’s policy to review the baseline values, base years and targets when

we identify a material change such as significant acquisitions, disposals,

structural changes or assumptions updates (a 5% review threshold will be

applied) and when accurate and reliable data is available. We have made no

adjustments in the reporting period for acquisitions or disposals.

Sources of estimations and outcome uncertainty

Metrics are prepared in accordance with the definitions as set out in the ESRS,

unless stated otherwise. Any Unilever-specific definitions are included where

applicable. The data and assumptions used in the sustainability statement are

consistent with the corresponding financial data and assumptions used in our

2024 consolidated financial statements.

Where we have not been able to directly measure metrics, we have estimated

them using internal and external data from a variety of sources. This includes,

but is not limited to, indirect sources such as supplier invoices, publicly available

benchmarks, or scientific research. For any metric that is subject to a high level

of measurement uncertainty, we have disclosed the source of uncertainty and the

key assumptions, approximations and judgements made to arrive at

that estimate.

GOVERNANCE

Oversight of sustainability matters

The accountability for managing Unilever’s material sustainability impacts, risks

and opportunities aligns to Unilever’s overarching governance structure. While

the Board takes overall accountability for the management of all material

impacts, risks and opportunities, the CEO supported by the ULE is ultimately

responsible for oversight of any material sustainability impacts, risks and

opportunities.

The Board identity, composition and employee representation as at 31 December

2024 is covered in our Corporate Governance statement and Report of the

Nominating and Corporate Governance Committee, detailed on pages 66 to 85.

This includes the relevant skills and expertise to oversee sustainability matters,

and how they relate to Unilever’s impacts, risks and opportunities.

Role of supervisory bodies

The reporting lines between the Board, Board subcommittees and ULE are

detailed in our Corporate Governance statement on page 65. The terms of

reference of each Committee is documented in the Governance of Unilever and

published on our website.


Unilever Annual Report on Form 20-F 2024		225



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GENERAL INFORMATION

The Board delegates sustainability matters to the following Board

subcommittees:

■The Corporate Responsibility Committee oversees the development and

progress of Unilever’s sustainability agenda, including performance against

our sustainability goals. The Committee also reviews sustainability-related

impacts, risks and opportunities and associated reputational matters

(see page 92). This includes a standing agenda item from the Chief Corporate

Affairs and Sustainability Officer (CSO).

■The Audit Committee is responsible for reviewing the effectiveness of our risk

management processes, including the double materiality assessment. In

addition, the Committee oversees the non-financial disclosures in our Annual

Report and Accounts which encompasses disclosures under the ESRS, and

reviews any internal and external assurance activities obtained over the

disclosures (see page 88).

■The Compensation Committee supports the delivery of the sustainability

strategy through the alignment of Unilever’s long-term incentive plan

(Performance Share Plan) to the sustainability agenda and priority areas (see

page 102).

■The Nominating and Corporate Governance Committee is responsible for

ensuring that the composition of the Board includes sufficient skills and

experience in sustainability matters to effectively deliver on the sustainability

agenda (see page 82).

Role of management bodies

In 2024, the ULE discussed and approved our refocused sustainability strategy

and the 15 external goals across the four priority areas: Climate, Nature, Plastics

and Livelihoods. Our priority areas help inform the identification of our material

impacts, risks and opportunities (IROs). Each IRO is owned by a ULE member

and detailed mitigation plans are documented with action owners and timelines.

Unilever’s policies and standards define mandatory requirements across a

number of specialist areas, which are key in mitigating these risks. At least

quarterly, the ULE discuss key strategic matters relating to our four sustainability

priorities and progress against our targets.

Unilever’s global Sustainability function is led by our CSO and is divided into

three core areas:

■Dedicated Business Group Sustainability teams, reporting directly into the

CSO, who work closely with the relevant Business Group teams and

leadership, to ensure that sustainability impacts, risks and opportunities are

embedded into their strategies, and that progress against actions and targets

is monitored.

■A specialist Sustainability Corporate Centre team that develops

our sustainability strategy and policies while also driving transformational

change across markets through advocacy and partnerships.

■Country Sustainability teams who translate the global strategy into local plans,

engage with local stakeholders to drive transformational change and work with

partners to deliver shared priorities.

Our Supply Chain and Procurement functions are critical to supporting our

Business Groups on the delivery of our 15 goals within our manufacturing

operations, and through extensive collaboration with our suppliers and other

value chain partners. They are primarily responsible for our impact measurement

capability as well as the systems and data to support the sustainability metrics

we report.

Our Business Groups, Supply Chain and Procurement teams are supported by a

team of experts in Research & Development (R&D) and Finance corporate

functions who are focused on innovation, investment business cases, scope and

calculation methodologies for our metrics and sustainability reporting.

We regularly engage with our investors on a wide range of sustainability matters

including our climate strategy. In April 2024, our updated Climate Transition

Action Plan (CTAP) was endorsed by an advisory vote at our AGM.

Sustainability performance and incentives

We continue to formally link remuneration for management employees, including

the ULE, to performance against our sustainability goals. The long-term

Performance Share Plan (PSP) is linked to financial and sustainability

performance, guided by our Sustainability Progress Index (SPI), which accounts

for 15% of the total PSP award. The SPI is an assessment made jointly by the

Corporate Responsibility Committee and the Compensation Committee.

In 2024, we determined the SPI by considering performance against

four sustainability targets related to each of our priority areas: Climate, Nature,

Plastics and Livelihoods. For further information on SPI outcomes for 2024, see

page 105 and for the SPI targets for the PSP 2025–2027, see page 102. In

addition, the ULE and the Board discuss progress against the four metrics of our

SPI tied to our reward quarterly.

Sustainability due diligence

Unilever’s approach to responsible business embeds human rights

and environmental matters into our due diligence processes. The mechanisms to

identify, mitigate and account for how we address actual and potential negative

environmental and human rights impacts is detailed throughout our sustainability

statement. The table below provides a mapping of the core elements of our due

diligence approach.


Core elements	Paragraphs in the sustainability statement

Embedding due diligence in our governance, strategy and business model	In this section under Governance and Strategy and business model. Climate disclosures page 235, Biodiversity and Ecosystem disclosures page 254, and Social disclosures page 267.

Engaging with affected stakeholders	In this section under Interests and views of stakeholders and Double materiality. Engaging on human rights impacts page 270, Own workforce engagement 272, Value chain workers engagement page 279, Affected communities engagement page 282, and Consumer and end-users engagement page 284 and 286.

Identifying and assessing adverse impacts	In this section under Double materiality. Environmental IROs page 230, Social IROs page 267 and Governance IROs page 287. Further details are included in each topical standard. For page references, see Index page 295.

Taking actions to address those adverse impacts	Actions sections from each topical standard. For page references, see Index page 295.

Tracking the effectiveness of these efforts and communicating the results	Targets and Metrics sections from each topical standards. For page references, see Index page 295.


226	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


GENERAL INFORMATION

Sustainability reporting controls

We have established processes to assess and manage risks related to the

integrity of the information disclosed in our sustainability statement. This

assessment identified that completeness, accuracy and availability of the

sustainability information are key reporting risks to be considered when preparing

the sustainability statement.

Unilever's Group Controller oversees our sustainability statement as a whole, and is

responsible for managing these risks. For each of the 10 ESRS topics we are

reporting on, a ULE Topical Owner is in place and appoints owners for the narrative

and metrics elements of those disclosures.

Metrics owners are responsible for developing and documenting the Basis of

Preparation (BoP) for each metric, which provides the key Unilever definitions

and scope, as well as an explanation of how the data is collected and calculated

and any key assumptions made.

Narrative owners are responsible for the collection and preparation of narrative

disclosures. Each narrative and metric is signed off by the respective owner and

subject to management assurance to check that the ESRS disclosure

requirements are addressed, claims are supported by evidence and that metrics

align to the BoPs.

The Audit Committee oversees the reporting of ESRS information and reviews

the processes and controls that are the basis for its preparation. It is supported

by the Disclosure Committee, which oversees the accuracy, materiality and

timeliness of the sustainability statement, and evaluates the adequacy of

Unilever’s disclosure processes and controls including in relation to the ESRS

information.

STRATEGY AND BUSINESS MODEL

Our strategy and business model are described in our Strategic Report on pages

2 to 5. We produce and sell consumer goods across our five Business Groups:

Beauty & Wellbeing, Personal Care, Home Care, Foods, and Ice Cream.3 With a

global footprint, we operate over 250 factories worldwide and employ over

120,000 employees.4

For over two decades, we have been driving an ambitious sustainability agenda.

In April 2024, we launched our new Growth Action Plan (GAP). This included a

refreshed approach to our sustainability leadership to ensure we are more

focused on resource allocation, more urgent in delivering our long-term priorities

through short-term goals, and more systemic in delivering the greatest impact to

our stakeholders. This was supported by the launch of our updated Climate

Transition Action Plan in May 2024, which gained 97.5% of shareholder votes.

At an external event on 8 May 2024, we announced four long-term sustainability

priority areas: climate, nature, plastics and livelihoods. The priority areas are

underpinned by 15 voluntary goals. At this event, we consulted with a wide range

of external stakeholders for feedback on our strategy. In addition, in December

2024, we relaunched the Unilever Sustainability Advisory Council, made up of a

group of independent sustainability experts, who help guide our strategy.

Progress against the 15 goals is detailed in the relevant target sections.

Our sustainability strategy leverages our global value chain, working

in partnership with our stakeholders to reach our long-term goals together. The

sustainability strategy is embedded into overall business performance and each

Business Group is responsible for delivering against our actions and targets.

Alongside our four sustainability priorities, we remain fully committed to operating

as a responsible business by respecting human rights, advancing diversity and

inclusion, doing business with integrity and ensuring the safety of people.

INTEREST AND VIEWS OF STAKEHOLDERS

Unilever identifies six stakeholder groups as critical to our future success:

shareholders, our people, consumers, customers, suppliers & business partners,

and planet & society. These stakeholders are selected because they are

individuals or groups of individuals affected by our operations (e.g. affected

communities and consumers), as well as the users of our sustainability statement

(e.g. prospective investors).

Our Governance report, on page 74, details how we consider and engage with

each of the six stakeholder groups. This includes their interests and views as

they relate to our strategy and business model, to the extent that they were

analysed during our due diligence and double materiality assessment processes.

Additionally, we engage with these stakeholders to identify and manage our

material impacts, risks and opportunities in relation to environmental, social and

governance sustainability matters. Engagement processes and results for each

stakeholder group are discussed during Board meetings, with outputs for 2024

summarised on page 72.

DOUBLE MATERIALITY

Overview

The ESRS require that we report on sustainability matters in which we have or

could have a material impact on people or the environment, both positive and

negative in nature, as well as where they present risks and opportunities to our

business success. Those material impacts, risks and opportunities (IROs) can

arise from our own operations or through actors in our value chain. Impacts are

not limited by proximity or contractual relationship, but may occur at any stage of

our upstream or downstream value chain, as a result of our operations, or as a

result of the use or disposal of our products.

Our double materiality assessment (DMA) has been designed to help us identify

our material IROs and therefore which sustainability matters we should report on.

The material IROs are reviewed on an ongoing basis, and formally by senior

management, the Corporate Responsibility Committee and the Audit Committee

at least once a year.

Double materiality assessment process

We followed a four-step process to identify our material IROs:

Step 1: Identification of potentially relevant IROs. The outputs of existing

engagement channels and previous risk assessments, along with targeted

interviews and questionnaires with key internal sustainability experts, were used

to collate a complete list of all potentially relevant IROs. This approach ensured

that the perspectives of all key stakeholder groups, including affected

communities, were considered during the assessment process. Positive impacts

and financial opportunities resulting from the mitigation of negative impacts or

risks were considered during the identification step but it was decided these

would be included as actions within each topical standard rather than as

individual IROs.

Step 2: Impact Materiality Assessment to identify material impacts we are

connected to. An impact is the effect an undertaking has or could have on the

environment and people to which it is connected through its own operations or its

value chain. Impacts can be positive or negative in nature. We undertook an

initial assessment of each potentially relevant impact to consider whether the

matter identified had an actual or potential impact on the world. The potentially

relevant impacts were then scored using a scale of 1–5 with consideration of

scale, scope and remediable character (to calculate an average severity score)

and likelihood (where an actual impact was scored 5). A quantitative threshold

was applied to each potentially relevant impact to determine whether it was

material.

Step 3: Financial Materiality Assessment to identify our material risks and

opportunities. We undertook an assessment of each potentially relevant risk or

opportunity identified, including the connection of impacts and dependencies, to

determine whether it was financially material to Unilever. Using our Enterprise

Risk Management (ERM) methodology, the potentially relevant risks and

opportunities were scored using a scale of 1-5 with consideration of magnitude

(impact on turnover/operating profit) and likelihood. A quantitative threshold was

applied to each potentially relevant risk or opportunity to determine whether it

was material. For climate- and plastic-related risks, consideration was given

to the potential financial effects calculated through our scenario analysis, as

detailed on pages 235 and 262. The assessment also considered our existing

Enterprise Risk Management (ERM) processes and Principal Risk definitions, as

set out on page 51, to support in the prioritisation of the risks and opportunities.

Step 4: Validation and disclosure requirement mapping. The output of the

DMA was validated with each sustainability expert with oversight from our Chief

Corporate Affairs and Sustainability Officer, Chief Supply Chain Officer, Chief

People Officer and Group Controller. The double materiality assessment was

reviewed at year-end and approved by the Audit Committee to ensure the

conclusions remained appropriate. We evaluated our material IROs against the

disclosure requirements of each ESRS to identify which disclosure requirements

apply.

IROs were assessed on a gross basis (assuming no mitigating action has been

taken to reduce the risk) at both a consolidated and Business Group level.

Where relevant, scoping information is included in the IRO descriptions. Our

methodology considered whether the IRO would occur in the short, medium and/

or long term. The time horizon for each IRO has been reflected through relevant

policies, actions and targets described in our topical disclosures.

3.For segmental information, see Financial Statements – note 2 on page 145.

4.For headcount by geographical area, see Own Workforce disclosures on page 274.


Unilever Annual Report on Form 20-F 2024		227



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GENERAL INFORMATION

Interaction with strategy and business model

In April 2024, we updated our sustainability strategy as part of our new GAP. No

changes were made to our strategy or business model in response to the

material IROs identified through the DMA process.

The Directors assess Unilever’s resilience through the going concern

assessment on page 120 in our Statement of Directors’ Responsibilities (one-

year time horizon) and viability statement (three-year time horizon) on page 60 in

our Strategic Report. For more information on our resilience regarding material

climate and biodiversity IROs, refer to the relevant topical disclosures.

Our actions to address our material IROs are embedded in the strategy of our

five Business Groups and therefore not all costs are separately identifiable. In

2024, where we could separately identify costs, none of the costs met our

definition of significant operational or capital expenditure based on a quantitative

materiality threshold.

We have excluded anticipated financial effects of the undertaking’s material risks

and opportunities on its financial position, financial performance and cash flows

over the short, medium and long term.

However, for Climate and Plastic where we have performed a scenario analysis,

we have calculated the potential financial impacts under different scenarios. In

addition, we have not identified any material current financial effects related to

our IROs on our operations, value chain, strategy and decision-making.

We provide more detailed information about the interaction of our IROs with the

strategy and business model in our topical disclosures.

Our 2024 material impacts, risks and opportunities

A summary of our material IROs is included below; further detailed descriptions

are included at the start of each topical section. IROs that require entity-specific

disclosures, i.e. are not covered by the ESRS, are denoted by the symbol (†).

The specific processes and detailed descriptions of our material IROs are disclosed in

the Environmental IROs section on page 230, the Social IROs section on page 267

and the Governance IROs section on page 287.

CLIMATE


Material impact, risk or opportunity

GHG emissions in our operations and our value chain	Negative Impact	Own Operations; Value Chain

Changing climate and extreme weather events	Risk	Own Operations; Value Chain

Carbon tax	Risk	Own Operations; Value Chain

Land use pressures and regulation	Risk	Own Operations; Value Chain

Energy transition	Risk	Own Operations

Product regulations and claims: composition and sourcing transparency	Risk	Own Operations

POLLUTION


Material impact, risk or opportunity

Pollution of air, soil and water (excluding plastic pollution)	Negative Impact	Own Operations; Value Chain

Non-biodegradable substances †	Negative Impact	Own Operations; Value Chain

WATER


Material impact, risk or opportunity

Water withdrawal from our own operations and upstream value chain actors leading to water shortages	Negative Impact	Own Operations; Value Chain

Reducing product demand due to consumer awareness of water scarcity and water shortages	Risk	Value Chain

BIODIVERSITY AND ECOSYSTEMS


Material impact, risk or opportunity

Ecosystem degradation and ecosystem service failures	Negative Impact	Value Chain

Ecosystem degradation leading to reduction of crop yields in key sourcing locations	Risk	Value Chain

Systemic risk of biodiversity collapse	Risk	Value Chain

Increased activism, legal or non-compliance costs resulting from biodiversity degradation and loss	Risk	Own Operations; Value Chain

† Entity-Specific Disclosure


230	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


Environmental Disclosures

ENVIRONMENTAL MATERIAL IMPACTS, RISKS

AND OPPORTUNITIES

Assessing and identifying our material impacts, risks and opportunities (IROs) is

informed by our double materiality assessment as outlined in our general

information on page 226.

When identifying IROs across all our Environmental topics, we used a number of

sources including:

■For each principal risk, including Climate and Nature (covering biodiversity

and water scarcity) and Plastic Packaging (covering circular economy), we

reviewed the risk management frameworks detailing risk descriptions and

mitigating controls in place. These frameworks are updated annually and

monitored throughout the year to identify changes in the risk profile.

■We evaluated our manufacturing sites using Unilever’s Environmental Care

Framework Standards (ECFWS), based on the ISO 14001 standard for

environmental management systems. The ECFWS outlines how we identify

and manage environmental impacts and risks. Key findings were considered

as part of the DMA.

■For non-manufacturing sites, such as offices and our logistics network, we

reviewed all available environmental data from our operations to identify any

potential impacts and risks. This was substantiated by our subject matter

experts.

■We performed a climate scenario analysis to identify additional

sub-risks, their potential financial effects and to gauge the resilience of our

strategy and business model against these risks. This analysis included a

review of both physical and transition risks that could arise by 2050,

considering drivers across the evolving physical climate, policy and market

landscapes.

■We conducted a top-down analysis of Unilever’s nature-related dependencies,

impacts, risks and opportunities. This assessment covered both actual and

potential impacts on biodiversity and ecosystems within our own operations

and throughout our value chain, including those related to pollution.

Additionally, we conducted a detailed impact assessment on over 600

Unilever-owned, managed or leased sites with known geographic coordinates.

■We reviewed our material physical, transition and systemic nature related risks

under two nature scenarios for the first time to help inform our nature strategy

and the resilience of the business against the risk identified. We also used this

process to quantify the potential financial effects of our plastic packaging-

related risks, which are closely linked to nature. We will continue to develop

our understanding of the implications of these different nature scenarios for

future reporting periods.

■For water, we incorporated inputs from the World Resources Institute

Aqueduct tool, an open-source platform that maps and analyses current and

future water risks across various locations. This was supplemented by site-

specific factors and localised water risks where identified. For our upstream

value chain, we use the Water Footprint Network Assessment tool, which

integrates information from the Global Water Footprint Standard and

WaterStat. Additionally, we conduct annual surveys with our ingredient buyers

to assess crop risks and evaluate the resilience of our farmed ingredients and

forest-based supply chains in water-stressed areas.

■When evaluating the environmental impact of our products, we conduct risk

assessments for all ingredients before they are introduced to the market and

for all new ingredients before they are utilised. We perform annual

assessments to evaluate the combined environmental exposure from the use

of individual ingredients across our product portfolio, ensuring safety based on

total usage.

■We have detailed our engagement with stakeholders, including affected

communities, in our general information on page 226. While consultations with

affected communities regarding shared biological resources have not yet been

completed as part of our risk assessments, Unilever recognises the

importance of this engagement and will incorporate it into future local

assessments.

■We considered opportunities relating to environmental topics as part of our

overall strategy and business model, including innovation and product

assessments.

The output of our 2024 DMA is included below:

CLIMATE


Material impact, risk or opportunity		Description

GHG emissions in our operations and value chain	Negative Impact (OO) (VC)	Our operations emit greenhouse gases (GHG) primarily from the generation of electricity and heat, and loss of refrigerants. However, 98% of our GHG emissions come from Scope 3 emissions within our upstream and downstream value chain.

Changing climate and extreme weather events (physical risk)	Risk (OO) (VC)	Extreme weather and sustained increases in temperature could lead to water shortages, floods, droughts and reduced crop yields. Extreme weather events are likely to disrupt our supply chain causing commodity delays, shortages and/or increased prices of raw materials. In addition, customer and consumer demand could shift or erode from the resulting macroeconomic pressure linked to rising adaptation costs.

Carbon tax	Risk (VC)	Taxes associated with greenhouse gases (GHG) could impact the price of raw materials, resulting in increased costs and a potential reduction in profit.

Land use pressure and regulation	Risk (OO) (VC)	Reforms to regulation and changing land use patterns, could reduce land availability for the production of food, biomass/feedstock and reduce crop outputs leading to a potential increase in our raw material costs.

Energy transition	Risk (VC)	Petrochemical prices are expected to rise across scenarios, largely driven by mandates for sustainable practices in policy-heavy transitions, and rising oil prices in higher-warming scenarios. This risk affects our upstream value chain across all regions and impact our ability to financially plan, forecast and manage our business performance.

Product regulations and claims: composition and sourcing transparency	Risk (OO)	New regulations may restrict how we source raw materials leading to higher costs. Pressure to adopt sustainable supply chains could impact business performance if not addressed promptly. Increased global regulation also means more scrutiny of sustainability claims, potentially raising costs and harming revenue due to reputational damage.

OO Own Operations

VC Value Chain

† Entity-Specific Disclosure


Unilever Annual Report on Form 20-F 2024		231



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ENVIRONMENTAL DISCLOSURES

POLLUTION


Material impact, risk or opportunity		Description

Pollution of air, soil and water (excluding plastic)	Negative Impact (OO) (VC)	Pollution (excluding plastic pollution) of air, soil and water caused by our own operations and value chain has the potential for negative impacts. Localised pollution from our own operations and pollution in the upstream value chain, which can occur from the use of agrichemicals, may negatively impact communities and catchments.

Non-biodegradable substances †	Negative Impact (OO) (VC)	Our product formulations may contain substances that can be slow or resistant to biodegradation. There are concerns that those substances could build up in the environment and potentially cause adverse impacts on water resources.

WATER


Material impact, risk or opportunity		Description

Water withdrawal from our own operations and upstream value chain leading to water shortages	Negative Impact (OO) (VC)	Consumption of water through our own operations and from our upstream value chain actors, for example agricultural commodities, could result in water shortages specifically in areas of high- water stress.

Reducing product demand due to consumer awareness of water scarcity and water shortages	Risk (VC)	Growing consumer awareness of water scarcity and water shortages may reduce demand for high water usage products, especially in areas of high-water stress. This may conversely create new revenue opportunities for products requiring less or no water.

BIODIVERSITY AND ECOSYSTEMS


Material impact, risk or opportunity		Description

Ecosystem degradation and ecosystem service failures	Negative Impact (VC)	Unilever relies on intensive agricultural practices, which can pose threats to biodiversity and ecosystem services and could lead to ecosystem collapse (localised or across many locations). This impacts water availability, soil health, and terrestrial and aquatic biodiversity ecosystems. Deforestation and land conversion is also caused by agricultural expansion and can contribute to biodiversity loss, disrupt communities and negatively impact climate change mitigations.

Ecosystem degradation leads to reduction of crop yields in key sourcing locations	Risk (VC)	Agricultural practices (use of fertilisers, freshwater, agricultural chemicals and monocultures) and rising temperatures lead to biodiversity loss and ecosystem degradation, which in turn reduce crop yields in key sourcing locations, including the US, Brazil, Argentina, India, Indonesia, the Philippines and Côte d'Ivoire.

Systemic risk of biodiversity collapse (systemic risk)	Risk (VC)	Ecosystem degradation or biodiversity loss and ecosystem service failures can escalate over the medium to long term into shock events that affect the commodities and financial markets we depend on.

Increased activism, legal or non- compliance costs resulting from biodiversity degradation and loss	Risk (OO) (VC)	Our actions or those of actors in our value chain that can cause harm to biodiversity and ecosystems, could lead to increased public scrutiny, legal claims or non-compliance incidents resulting in fines and penalties and potential loss of market share impacting long-term profitability.

RESOURCE USE AND CIRCULAR ECONOMY


Material impact, risk or opportunity		Description

Plastic pollution	Negative Impact (OO) (VC)	The use of plastics in our packaging could cause harm to biodiversity and ecosystems. This includes impacts from the production of virgin plastic packaging derived from fossil fuels and from the improper disposal of plastic packaging downstream which can result in leakage to the environment and the generation of microplastics.

Hazardous waste	Negative Impact (OO)	Hazardous waste resulting from the manufacture, transport, use or disposal of our products may not be properly handled or disposed of. This could lead to environmental contamination, public health issues and regulatory non-compliances.

Extended producer responsibility (EPR) schemes for packaging and other plastic-related taxes †	Risk (OO)	EPR schemes can help to improve recycling systems by ensuring that money is invested into waste management and packaging innovation and holding businesses to account for the packaging choices they make. Compliance with EPR schemes could lead to higher expenses for waste management and packaging redesign. There is also a risk that bans and/or taxes are applied to certain types of plastic packaging and single-use plastics reducing market access or requiring increased investment in new packaging.

OO Own Operations

VC Value Chain

† Entity-Specific Disclosure


232	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


ENVIRONMENTAL DISCLOSURES

ENVIRONMENTAL POLICIES

As set out in our general information on page 229, Unilever’s Code and Code

policies apply to all material sustainability matters. Our material IROs relating to

environmental matters, including Climate, Pollution, Water, Biodiversity and

Ecosystems, and Resource Use and Circular Economy are managed through

several additional environmental policies, as set out below.

Given the maturity of our sustainability agenda, these policies were established

prior to our double materiality assessment. Policies are continuously reviewed

and periodically updated where relevant, to ensure they reflect our strategy and

key sustainability matters.

Unilever’s Environmental Policy updated in January 2025, governs our

approach to environmental issues and applies to our own operations. For

partners in our value chain that are outside of our direct control, we encourage

them to apply the same requirements. This policy commits Unilever to:

■Ensure the Board and Unilever Leadership Executive are accountable for

implementing the Environmental Policy, overseeing our environmental strategy

and the management of key environmental impacts, risks and opportunities,

including the effectiveness of our risk management and internal control

systems.

■Comply with relevant environmental legislation and internal Unilever standards

in our operations.

■Continuously enhance our environmental management systems and

processes to improve performance, setting internal targets and public goals

with clear metrics.

■Report all incidents and near misses according to reporting requirements,

including thorough investigation, follow-up and communication of lessons

learned.

■Monitor and report transparently on our annual progress against public goals.

■Engage employees on environmental issues, goals, plans and metrics.

■Ensure those responsible for this policy and our environmental goals have the

necessary skills and competencies to lead and support our agenda.

■Collaborate with others to promote environmental care, increase

understanding of environmental issues, and share best practices.

■Monitor and respond to external issues and public concerns related to the

environment.

Unilever’s Environmental Care Framework Standards (ECFWS) apply to all

our operations and environmental aspects of our organisation, and mandate that

the Environmental Policy is implemented at all Unilever sites. Each site must

create and document a customised environmental policy aligned with the

Environmental Policy, which is authorised and communicated to all employees.

The ECFWS requires sites to identify potential serious environmental incidents

or emergencies and establish comprehensive plans to prevent or mitigate their

likely consequences. Our manufacturing sites undergo Environmental

Compliance Audits and are reviewed by Corporate Audit to assess the

robustness of their ECFWS implementation.

There are three policies that focus on the environmental impact of

our business partners:

Unilever’s Responsible Partner Policy (RPP) and its Fundamental Principles

applies not only to direct suppliers, but also includes expectations for suppliers to

cascade equivalent requirements within their own supply chain. It sets out the

mandatory requirements suppliers must meet and the mandatory management

systems they should have in place to identify and manage issues that present

significant environmental risks to their operations. Requirements are divided into

three pillars: Business Integrity & Ethics, Human Rights, and Planet. Specifically,

the principles and requirements relating to our material Environmental IROs are:

■Greenhouse gas (GHG) emissions: Reduce GHG emissions in line with the

goals of the Paris Agreement to limit global warming to well below 2°C

compared to pre-industrial levels. This includes complying with all legal

requirements and holding necessary permits for GHG emissions management

and reduction.

■Water consumption and management: Reduce water usage, especially in

high-water stress areas, and manage wastewater discharge (pollution of

water) appropriately. This includes complying with water-related laws and

permits.

■Nature protection: Conduct business in a way that protects, preserves and

regenerates nature (including biodiversity), and ensures no deforestation or

conversion occurs. This includes ensuring suppliers provide deforestation-

and conversion-free materials. Future requirements will also address the

biodegradability of organic ingredients.

■Plastic use and waste: Reduce plastic use and waste to help create

a transparent and circular economy for plastics. This includes complying with

legal requirements with respect to plastic feedstock sourcing, plastics

production, storage, transport and end-of-life management.

■Waste generation: Reduce waste generation and achieve net zero waste to

landfill. This includes ensuring waste is stored, handled, transported and

disposed of in a manner that protects health, safety and the environment.

We verify alignment to and achievement of our RPP’s Mandatory Requirements

and Mandatory Management Systems through the use of self-declaration, due

diligence scanning, online assessments and independent verification by third-

party audits in high-risk sites.

Unilever’s People & Nature Policy is a cross-commodity policy supported by

policy guidelines that set out our requirements to Direct Suppliers of In-Scope

Materials. The policy sets out four principles that these suppliers are required to

comply with:

■Protecting natural ecosystems from deforestation and conversion: We are

committed to ensuring that the In-Scope Materials entering our supply chain

will not originate from deforested land or converted natural ecosystems.

■Respecting and promoting human rights: We are committed to respecting and

advancing the human rights of all people in line with the UN Guiding Principles

on Business and Human Rights.

■Transparency and traceability: We are committed to transparency and

traceability in sourcing, governance and reporting to enable us to drive

continuous improvement.

■Being a force for good for people and planet: We are committed to working

through partnerships to protect natural ecosystems within our supply chain,

encouraging legal recognition of customary rights, implementing regenerative

agricultural land use practices, and finding ways to restore damaged

landscapes.

We seek to implement and independently verify the policy requirements over

time with all our suppliers.

Unilever Sustainable Agriculture Code (SAC) provides the basis for our

sustainable sourcing programme and helps suppliers and farmers of our

agricultural raw materials implement the principles of sustainable agriculture. In

September 2024, we published the Sustainable Agricultural Principles

(SAPs), which will replace the SAC fully in Q1 2025 and we are currently

supporting suppliers with this transition. The SAPs are a collection of good

practices designed to codify important aspects of sustainability in farming,

plantation and supply chain management, with the goal to positively transform

agricultural practices for people, nature and climate. They are made up of six

core principles which set out that the benchmarked standards should:

■Promote agricultural and business practices that ensure integrity and

accountability in a way that is transparent and traceable.

■Contribute to an agricultural supply chain that maintains and regenerates soil

health, supports appropriate land use, conserves and regenerates natural

resources, reduces waste and pollution, and avoids the introduction of

invasive species.

■Encourage agricultural practices that minimise greenhouse gases, improve

energy efficiency, and accelerate decarbonisation across the agricultural

supply chain, while building climate resilience and adaptation.

■Cover the respect and advancement of required human rights principles and

ensure that these are implemented in line with the UN Guiding Principles on

Business and Human Rights.

■Safeguard the welfare of all livestock including good animal husbandry

practices that adhere to appropriate guidelines on animal housing, feeding,

health and breeding.

■Promote an agricultural supply chain with suppliers and farmers who are

committed to continuous improvement to advance sustainable agricultural

practices within the sector.

The continued and growing use of SAP-benchmarked external standards by our

suppliers will enable us to source agricultural materials sustainably on an

ongoing basis.

Our ULE governs the Unilever Environmental Policy and Environmental Care

Framework Standard. The Chief Supply Chain Officer governs the Responsible

Partner Policy, People & Nature Policy, Sustainable Agriculture Code and

Sustainable Agriculture Principles.

Our policies underpin our approach to sustainable business. We make key

Unilever policies (including the Unilever Environmental Policy, RPP and SAC)

publicly available on our website to ensure that we are transparent in our

approach, providing access to all our stakeholders.


Unilever Annual Report on Form 20-F 2024		233



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ENVIRONMENTAL DISCLOSURES

Climate

GOVERNANCE

Sustainability performance and incentives

We continue to formally link remuneration for management employees, including the ULE, to performance against our sustainability goals. We have outlined the

details of this in the general information section on page 225 and the Directors’ Remuneration Report on pages 102 to 106. Within this framework, progress against

our climate goal in 2024 is measured on the reduction of our Scope 1 and 2 GHG emissions.

Climate Transition Action Plan

Our second Climate Transition Action Plan (CTAP) received Board approval in January 2024 and shareholder approval in May 2024 through a non-binding, advisory

vote. The CTAP outlines our 2030 climate targets and the mitigation, adaptation and advocacy actions we will take to achieve them. These actions are integrated into

the annual three-year strategic planning cycle of each Business Group. The CTAP sets out our long-term ambition to achieve net zero GHG emissions by 2039.

Climate targets

We have set near-term climate targets to reduce absolute GHG emissions from our operations (Scope 1 and 2) and our value chain (Scope 3). Our Scope 1 and 2

target was set versus a 2015 baseline using the market-based approach and was validated in 2017 by the Science Based Targets initiative (SBTi) as compatible with

a 1.5°C pathway in line with the Paris Agreement. In 2024, SBTi validated that our proposed Scope 3 targets conform with the SBTi Criteria and Recommendations

(Criteria version 5.1). We selected a more recent baseline date of 2021 for our Scope 3 targets, for which we have more accurate data. We regularly review our

approach with SBTi.


Scope of target	Target	Timeline

Scope 1 and 2 emissions from our operations	100% reduction	By 2030, against a 2015 baseline

Scope 3 energy and industrial GHG emissions from purchased goods and services (associated with ingredients, packaging), upstream transport and distribution, energy and fuel-related activities, direct emissions from use of sold products (associated with HFC propellants), end-of-life treatment of sold products, and downstream leased assets (associated with ice cream retail cabinets)	42.0% reduction	By 2030, against a 2021 baseline

Scope 3 forest, land and agriculture (FLAG) GHG emissions from purchased goods and services (associated with ingredients)	30.3% reduction	By 2030, against a 2021 baseline

Climate mitigation actions

We have identified the following decarbonisation levers and actions that will contribute to the delivery of our climate targets across our operations and our value chain:


Decarbonisation lever	Key action	Details

Scope 1 and 2 (Our operations)

Thermal and electrical energy	Improving efficiency and using alternative sources	Improving thermal and electrical efficiency. Introducing more solar thermal technology, electrifying thermal processes, transitioning to sustainably sourced biofuels.

Renewable power	Increasing on-site and enabling off- site renewable energy generation	Exploring increased on-site renewable electricity generation and enabling off-site generation through large-scale, physical and virtual power purchase agreements (PPAs).

Refrigeration	Reducing emissions from refrigeration	Phasing-out high-impact systems and training teams to identify, report and prevent leaks from existing systems.
Scope 3 (Our value chain)

Supplier Climate Programme	Scaling the programme	Co-funding supplier access to expert support services, sharing best practices, assistance in setting GHG reduction targets and creating innovation partnerships with select suppliers. Actively engaging with industry-wide initiatives to drive standardisation and scale up approaches to climate action and transparency.

Reformulating products	Using innovative ingredients	Developing lower GHG products including the use of low GHG ingredients and packaging, and reducing palm oil usage in soap bars.

Forest-risk commodities	Investing in our value chain	Building supply chain infrastructure to meet deforestation-free requirements, enrolling more suppliers and smallholder farmers in our direct sourcing programmes and smallholder development hubs, and driving improvements in the processing of forest-risk commodities.


234	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES


Decarbonisation lever	Key action	Details
Regenerative agriculture	Scaling up adoption	Scaling up adoption of regenerative agriculture in our Foods business, expanding our lower-carbon dairy programme, working across shared supply chains with other businesses that share our suppliers to amplify the impact of programmes.

Chemical ingredients	Reducing GHG intensity	Reducing the GHG intensity of soda ash production by scaling up the use of renewable energy sources. Reducing the GHG intensity of LAS production through increased use renewable energy.

Packaging	Reducing material use	Designing new product packaging formats, transitioning to recycled and renewable feedstocks, and designing packaging for recycling. Supporting the development of waste management infrastructure.

Logistics	Improving efficiency	Redesigning our network, increasing utilisation of intermodal transport, scaling up electric and alternative fuel vehicles.

Ice cream cabinets	Increasing energy efficiency	Renewing cabinet fleet with more energy-efficient models and transitioning to renewable energy.

Aerosol propellants	Developing alternatives	Using less GHG-intensive propellants.

Climate adaptation actions

Some of our planned mitigation actions described above include an element of

adaptation, which will help our business respond to the current and expected

physical impacts of climate change.

Examples of this include:

■Programmes to end deforestation and scale up regenerative agriculture can

help communities adapt to climate change and increase the resilience of our

supply chains through healthier soils, which are better able to cope with more

extreme weather patterns.

■Reducing overall packaging material use and investing in collection and

processing partnerships will help to reduce plastic pollution, which can

contribute to flooding.

We are taking some other, more specific, adaptation actions outside of our

Climate Transition Action Plan.

Examples of this include:

■Flexible production between manufacturing sites.

■Water stewardship programmes in water-stressed sites.

■Developing supplier strategies for alternative and sustainably sourced

materials to build supply chain resilience.

■Leveraging new climate-driven consumer trends, such as plant-based

alternatives and fabric cleaning products that work at lower temperatures.

Climate advocacy actions

To maximise the impact of Unilever’s mitigation and adaptation actions and to

create a level playing field, we advocate for policies that drive the global

transition to net zero.

Our cross-cutting advocacy plans aim to:

■Raise the ambition of national climate strategies and plans in key markets to

align with a 1.5°C pathway.

■Ensure carbon is priced at levels necessary for the delivery of the Paris

Agreement goals.

■Scale up renewable energy capacity and secure the rapid phase-out of fossil

fuels, including fossil fuel subsidies.

■Support forest protection and nature restoration.

■Encourage the evolution of the GHG Protocol’s standards to incentivise faster

emissions reduction actions in value chains.

Our full Climate Transition Action Plan is published on our website. We have set

out the progress we have made in 2024 in implementing our CTAP in Actions and

resources in relation to climate change policies on page 240.


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ENVIRONMENTAL DISCLOSURES

Interaction of material impacts and risks with strategy and business model

Our material Environmental impacts, risks and opportunities resulting from the double materiality assessment (DMA) and the process by which these were identified

are detailed on page 230. No climate-related opportunities were identified during the DMA process.

We further conducted a scenario analysis in 2024, to assess the potential financial effects under different climate scenarios of these risks and opportunities assuming

we take no action (gross risk) and assuming we take action (net risk) to mitigate the risks. This exercise helps us understand the resilience of our strategy and

business model to climate change.

As part of this process, each risk was categorised as a physical or transition risk across three time horizons – near term (2030), medium term (2039) and long term

(2050), in line with our climate target goals. Each risk was considered under two lower temperature scenarios of 1.5ºC and <2ºC and two higher temperature

scenarios of <3ºC and >4ºC.

We believe the four climate scenarios selected as part of this exercise cover a comprehensive range of plausible risks and uncertainties.

The 1.5ºC and <2ºC scenarios contain critical assumptions about the transition to a lower-carbon and resilient economy. The <3ºC and >4ºC high warming scenarios

were selected to test the resilience of the business to the more extreme physical impacts of climate change.

The scenarios described in the table below align with the Intergovernmental Panel on Climate Change (IPCC’s) Sixth Assessment report and use the upper end of the

likely temperature ranges (in terms of probability of occurrence), to better account for acknowledged uncertainty in climate modelling. This approach allows us to test

a range of plausible but challenging physical risks within the time boundaries of our scenario analysis to 2050. The key forces and drivers across the changing

physical climate, policy and market landscape that we considered in modelling the effects of each scenario are set out on page 248.


	Scenarios
	1.5°C	<2°C	<3°C	>4°C
	Transition scenario	Transition scenario	Physical scenario	Physical scenario
IPCC alignment	C1: SSP(a)1-1.9	C3: SSP(a)1-2.6	C6: SSP(a)2-4.5	C8: SSP(a)5-8.5
Scenario description	Global average temperature rises are limited to 1.5°C by 2100 (>50%(b)) with no or limited overshoot.	Global temperatures continue to increase but remain below 2°C by 2100 (>67%(b)).	Global temperatures continue to increase and are limited to 3°C (>50%(b)) by 2100.	Global temperatures continue to increase and exceed 4°C (>50%(b)) by 2100.
	This is achieved via immediate and coordinated global policy and action.	This is achieved through globally coordinated climate policies, although significant action only begins after 2030.	There is no globally coordinated climate policy; climate mitigation policies and actions are limited to those already in place.	There is no new globally coordinated climate policy and irreversible tipping points are at increasing risk of being crossed.
	Net zero CO2e achieved by 2050.	Net zero CO2e achieved by approximately 2070.	Net zero not reached by 2100, although CO2e levels decline from mid-century.	CO2e levels continue to rise throughout the 21st century.

(a)Shared Socioeconomic Pathways (SSPs).

(b)Probability of occurrence.

We used the selected scenarios to validate the output of our double materiality

assessment (DMA). This involved a review of risks that may emerge in the period to

2050, based on the drivers of the scenarios (including Shared Socioeconomic

Pathway descriptions), a review of other literature, and analysis of peers. The risks

and opportunities identified in the DMA were broken down into sub-risks and

opportunities and were assessed based on a high-level analysis of potential financial

impact.

For each risk and opportunity identified, we conducted a feasibility analysis to

determine the appropriateness of either quantitative or qualitative scenario

analysis methods. The criteria used for this were: availability of internal and

external data, and maturity of modelling approaches. This process included the

development of driver trees to understand the relationship between external

scenario drivers and potential financial effects. These driver trees considered

variables that influence gross and net risk.

We gathered key internal and external data, including from interviews with

internal subject matter experts. When data was unavailable, we tested and

agreed on reasonable proxies. Additionally, we identified relevant drivers of sub-

risks and opportunities for each scenario.

Our analysis does not specifically model the effect of reaching climate tipping

points (such as the melting of Greenland ice sheets) but such events could

exacerbate both climate and related financial impacts. The analysis is conducted

on a national or regional data level and excludes geography-specific breakdowns

of temperature increase and drought forecasts/crop yield declines.

We created a forward-looking view of our revenue, cost of goods sold (COGS)

and operating profit as a baseline against which to compare gross risks in each

scenario. This included assumptions about how our business could change from

2024 to 2050, such as:

■Revenue growth at a consistent rate, based on prior trends over five years.

■Volume growth at a consistent rate, based on the relationship with revenue

over five years.

■Emissions growth in line with volumes.

■Adjustments for the demerger of the Ice Cream business from 2026.

■No further progress against sustainability targets compared to present day.

This baseline enabled consistent assessment of the potential financial effects of

gross risks. To estimate the potential financial effects of net risks, we

incorporated the achievement of our sustainability goals as the primary lever.

Additional key assumptions included:

■Alternative supply strategies for key commodities; and

■Considering the impact of possible hedging strategies.

We structured our approach to be able to quantify the potential financial effects of

our risks over time to revenue, COGS, and operating profit, relative to the

baseline described above. The models considered the impact for gross and net

risks, in absolute monetary value and as a percentage of net revenue (turnover).

The results are not a forecast, rather they are an exploration of a range of

possible futures. A limitation of the approach of quantitative modelling is that not

every action we take to manage the identified risks can be easily captured within

a quantitative model. For example, the balance of our portfolio of affordable

household staples compared to premium alternatives provides relative resilience

to the risk of aggregate demand shocks, which we were not able to capture, due

to modelling complexity.

In scenarios that consider transition risks, where strict regulation is adopted on

land use and product sourcing transparency, our analysis considers the material

impacts that will be faced in 1.5ºC and <2ºC scenarios. It is assumed that these

regulations will not have been adopted in higher temperature scenarios of <3ºC

and >4ºC and hence, no impacts were assessed. Where quantitative modelling

for a risk was not possible, a qualitative assessment was made using driver

trees, which provided a structured framework for analysing how each sub-risk

may create financial implications for the business.


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The tables below set out the material climate-related risks that have been assessed.


Changing climate and extreme weather events (physical risk)
Rising temperatures and increasing drought frequency reduce crop outputs and increase commodity prices
				€bn impact on net profit (as a % of net revenue)
Description	Assumptions	Scenario	Risk type	2030	2039	2050
Extreme weather events such as sustained high temperatures increase the probability of crop failures and reduced crop yields.	Gross risk ■By 2050, palm prices increase by 13% (1.5ºC) – 31% (4°C) and other commodities by an average of 17% (1.5°C) – 40% (4°C). ■By 2050, extreme weather causes a 0.7% (1.5ºC)- 1.1% (4°C) loss in revenue due to reduced crop availability. ■Assumes 0% pass-through of costs to customers. Net risk ■A share of crop prices is fixed via hedging instrument.	1.5°C	Gross	-0.8 (-1.3%)	-1.2 (-1.5%)	-1.9 (-1.7%)
		1.5°C	Net	-0.8 (-1.3%)	-1.2 (-1.5%)	-1.8 (-1.7%)
		<2°C	Gross	-0.9 (-1.5%)	-1.4 (-1.8%)	-2.3 (-2.1%)
		<2°C	Net	-0.9 (-1.4%)	-1.4 (-1.7%)	-2.2 (-2.0%)
		<3°C	Gross	-0.9 (-1.5%)	-1.6 (-2.0%)	-2.9 (-2.6%)
		<3°C	Net	-0.9 (-1.4%)	-1.6 (-1.9%)	-2.7 (-2.5%)
		>4°C	Gross	-1.0 (-1.6%)	-2.0 (-2.5%)	-3.8 (-3.4%)
		>4°C	Net	-1.0 (-1.5%)	-1.9 (-2.4%)	-3.6 (-3.3%)


Changing climate and extreme weather event (physical risk)
Aggregate demand shocks
				€bn impact on net profit (as a % of net revenue)
Description	Assumptions	Scenario	Risk type	2030	2039	2050
Extreme weather events increase adaptation costs globally, resulting in increased macroeconomic pressure, falling GDP and reduced consumer disposable income. This is most felt in markets that are less prepared for extreme weather events.	Gross risk ■Scenario-related GDP loss due to climate change modelled using RCP 2.6 and 6.0 impacts.(a) ■Global GDP impact due to climate change in 2050 by -6.8% (1.5°C) to -16% (4°C). ■Income elasticity coefficients applied to GDP losses to model how a fall in global income leads to reduced consumer spending. ■Income elasticity coefficients used for premium (1.44) and non-premium (1.00) categories to model rates of spending decline by product type. Net risk ■No mitigations were modelled quantitatively.	1.5°C	Gross	-0.7 (-1.2%)	-1.8 (-2.2%)	-3.8 (-3.4%)

		<2°C	Gross	-0.8 (-1.3%)	-1.9 (-2.4%)	-4.2 (-3.8%)

		<3°C	Gross	-0.9 (-1.4%)	-2.4 (-2.9%)	-7.4 (-6.7%)

		>4°C	Gross	-0.9 (-1.5%)	-2.7 (-3.3%)	-8.9 (-8.1%)

(a)Representative Concentration Pathways (RCPs).


Changing climate and extreme weather events (physical risk)
Increased manufacturing and supply disruption
Description	Assumptions	Risk type	Description
Increased physical effects of climate change disrupt commodity supplies, cause plant outages or disrupt our distribution infrastructure, causing delays and supply shortages and increasing uncertainty in financial planning for key commodities. Given the volatility-driven, and therefore unpredictable, nature of this risk, a quantitative analysis is not feasible.	Gross risk ■Climate change-driven increase in extreme weather disrupts supply chains, increasing delays, shortages and costs. Net risk ■Alternative sourcing strategies alleviate commodity shortages; insurance reduces costs from damages, delays and shortages; hedging fixes a share of commodity and energy prices.	Gross	In 1.5°C and <2°C scenarios, rising temperatures intensify extreme weather and market volatility, increasing commodity/ energy and procurement costs. However, in <3°C and >4°C scenarios, greater temperatures rises drive more extreme weather (a 4°C rise quadruples extreme weather versus 1.5°C), thereby increasing costs.
		Net	In 1.5°C and <2°C scenarios, mitigation actions reduce commodity/energy and procurement costs. However, in <3°C and >4°C scenarios, extreme weather is more likely, increasing mitigation costs (e.g. insurance and hedging) and narrowing the gap between gross and net costs.


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Carbon taxes (transition risk)
Carbon taxes levied on suppliers increasing raw material costs
				€bn impact on net profit (as a % of net revenue)
Description	Assumptions	Scenario	Risk type	2030	2039	2050
Carbon taxes impact the price of raw materials.	Gross risk ■1.5°C: Carbon price increases from USD 70/T in 2025, reaching USD 250/T by 2050, based on the IEA’s(a) Net Zero 2050 Scenario.. ■<2°C: Carbon price increases from USD 0/ T in 2030, reaching USD 200/T by 2050, based on the IEA’s Announced Pledges Scenario. ■Carbon tax mechanisms are implemented in all regions uniformly. ■Both carbon taxes and carbon removals costs are paid from 2039. Net risk ■We achieve 90% reduction in emissions versus our 2021 baseline by 2050; carbon removals are purchased from 2039 to 2050 to neutralise residual emissions; cost of carbon removals is USD 83/T by 2050 in all scenarios. Excludes impacts on household purchasing power due to carbon taxes.	1.5°C	Gross	-5.3 (-8.4%)	-9.0 (-11.1%)	-14.2 (-12.9%)

			Net	-2.6 (-4.2%)	-3.9 (-4.8%)	-1.0 (-0.9%)

		<2°C	Gross	0.0 (0.0%)	-7.1 (-8.8%)	-11.3 (-10.3%)

			Net	0.0 (0.0%)	-3.4 (-4.3%)	-0.9 (-0.8%)

(a)International Energy Agency (IEA).


Land use pressure & regulation (transition risk)
Impact of changing land use regulation on crop prices
				€bn impact on net profit (as a % of net revenue)
Description	Assumptions	Scenario	Risk type	2030	2039	2050
Regulations and changing land use patterns reduce land available to meet increasing demand for food crops and biomass/feedstock and reduce crop outputs.	Gross risk ■1.5°C: ■Cropland growth of 0.2% CAGR and crop demand growth of 0.7% CAGR, as per academic sources. ■Implied annual crop price growth of 0.5%. ■<2°C: ■Zero cropland growth and crop demand growth of 0.7% CAGR, as per academic sources. ■Implied annual crop price growth of 0.7%. Net risk ■No mitigations have been modelled, due to complexity and lack of data. We maintain our deforestation-free target for key forest- risk commodities and implement our sustainable sourcing programmes.	1.5°C	Gross	-0.7 (-1.0%)	-0.8 (-1.0%)	-1.1 (-1.0%)



		<2°C	Gross	-0.7 (-1.2%)	-1.0 (-1.3%)	-1.6 (-1.4%)


Product regulations and claims: composition and sourcing transparency (transition risk)
Increased scrutiny of sustainability claims
Description	Assumptions	Risk type	Description
Introduction of anti-greenwashing regulation globally increases the scrutiny of sustainability claims.	Gross risk ■Higher costs associated with increased compliance. ■Potential revenue decline due to reputational damage should investigations be opened to review our claims. Net risk ■We achieve our sustainability targets, which credibly substantiate our sustainability claims, and align our sustainability marketing across brands for consistency.	Gross	1.5°C: In the short term, countries worldwide follow Europe’s lead by formalising anti-greenwashing regulation. Regulators monitor and scrutinise sustainability claims more rigorously. <2°C: Regulatory scrutiny becomes more rigorous from 2030, increasing the potential for action against us in the shape of claims reviews.
		Net	External audit, internal controls and verification processes support our sustainability claims, reducing the risk of negative impacts on our reputation and P&L. Increased brand and marketing spend to effectively communicate our claims across brands.


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ENVIRONMENTAL DISCLOSURES


Product regulations and claims: composition, sourcing transparency and labelling (transition risk)
Impact of increasing sourcing transparency requirements on commodity prices and operating costs
Description	Assumptions	Risk type	Description
Growing regulatory requirements increase scrutiny of, and sustainability requirements for, commodity supply chains increasing commodity and compliance costs.	Gross risk ■Regulations (e.g. CSDDD, EUDR) become more stringent and prevalent, increasing due diligence requirements for raw material sourcing, labour standards and manufacturing processes, and fines for non-compliance. Initially affecting Europe, expanding to all regions from 2030. Net risk ■We maintain our deforestation-free target for forest-risk commodities and comply with EUDR to avoid fines; we invest in sustainable supply chain technology and compliance capabilities; we re-design products to alleviate dependency on less sustainable inputs.	Gross	1.5°C: Commodity costs rise due to sourcing from compliant suppliers and higher labour costs, while due diligence compliance costs and potential fines increase operating expenses. <2°C: Costs are deferred, as policy action is delayed to 2030 and applies primarily within the EU.
		Net	Implementation of our sustainable sourcing programmes limits cost exposure, and implementation technology and training to ensure compliance with regulations (e.g. EUDR) reduces the risk of fines.


Energy transition (transition risk)
Rising cost of petrochemicals
				€bn impact on net profit (as a % of net revenue)
Description	Assumptions	Scenario	Risk type	2030	2039	2050
Petrochemical prices rise driven by policy interventions targeting the energy transition away from fossil fuels and rising oil prices.	Gross risk ■By 2050, petrochemical prices increase by 0.9% (1.5°C) to 1.9% (>4°C) CAGR to 2050 driven by policy interventions. ■Market prices for key petrochemicals ingredients used to set baseline. ■Forecast market price growth rate scaled using NGFS.(a) ■0% pass-through of increased costs to customers. Net risk ■Sustainable alternatives assumed to substitute a share of volumes. ■Hedging used to fix a share of petrochemical prices.	1.5°C	Gross	-0.3 (-0.5%)	-0.5 (-0.6%)	-0.8 (-0.7%)
		1.5°C	Net	-0.3 (-0.5%)	-0.5 (-0.6%)	-0.8 (-0.7%)
		<2°C	Gross	-0.4 (-0.6%)	-0.7 (-0.9%)	-1.4 (-1.3%)
		<2°C	Net	-0.4 (-0.6%)	-0.7 (-0.9%)	-1.3 (-1.2%)
		<3°C	Gross	-0.5 (-0.8%)	-1.0 (-1.2%)	-2.1 (-1.9%)
		<3°C	Net	-0.4 (-0.7%)	-0.9 (-1.1%)	-1.9 (-1.8%)
		>4°C	Gross	-0.5 (-0.8%)	-1.0 (-1.2%)	-2.1 (-1.9%)
		>4°C	Net	-0.4 (-0.7%)	-0.9 (-1.1%)	-1.9 (-1.8%)

(a)Network for Greening the Financial System (NGFS).


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ENVIRONMENTAL DISCLOSURES

In preparing our 2024 Unilever consolidated financial statements, we have

considered the impact of both physical and transition climate change risks, as

well as our mitigation plans and our CTAP, on the current valuation of our assets

and liabilities. We do not believe there is a material impact on the financial

reporting judgements and estimates arising from these considerations. As a

result, the valuations of our assets and liabilities have not been significantly

impacted as at 31 December 2024.

Refer to note 1 of the consolidated financial statements for further information on

page 142.

Resilience of our strategy and business model to

climate change

The outcomes of our scenario analysis provide us with insights into potential

business and financial risks and are an important input into our strategic planning

processes over the medium- to long-term horizons.

The analysis indicates that physical climate risks may impact us in all scenarios,

especially at <3°C and >4°, becoming more pronounced over time. Under these

scenarios, physical climate risks impact our supply chain, causing damage and

disruption, reducing crop yields and driving up commodity prices. Rising

temperatures and extreme weather increase adaptation and mitigation costs,

depress GDP growth, and may reduce demand for our products, especially for

premium products and in more climate-affected regions. To mitigate these risks,

we are:

Building resilience in our supply chain: We are implementing deforestation-

free and sustainable sourcing programmes to help suppliers adopt resilient

practices and develop alternative sourcing strategies. Our supply chain resilience

and procurement teams work together to address resilience issues through

detailed action plans, using a proactive and digital-driven approach. In 2023, we

started a transformation programme in Foods to address climate change supply

chain disruptions, and we expanded this to other Business Groups in 2024. In

addition, we have invested in Unilever Oleochemicals Indonesia (UOI) to

produce palm derivatives for various regions and secure our long-term supply of

product (including future sustainable product).

Continually evolving our portfolio towards more sustainable products:

While the ability to predict and respond to demand shocks may be limited, we will

be positioned to leverage the diversity of our portfolio and the strength of our

affordable core brands to mitigate some of the impact. For example, we are

developing products that can be used with less water.

Hedging against commodity price rises: We forward-buy traded commodities

and use other similar mechanisms to hedge against price rises in the short term.

The Global Commodities team monitors market insights and risks for all key

commodities on an ongoing basis to develop hedging proposals. In addition, we

monitor changing weather patterns and integrate weather system modelling into

our forecasting process.

Transition risks are more significant and may impact us sooner in 1.5°C and

<2°C scenarios. Earlier implementation of global carbon taxes, evolving

sustainable supply chain regulations (e.g. EUDR or CSDDD) and changes to

land use regulations (e.g. to increase protected areas) could increase costs.

Stricter sustainability claims regulations could make it harder and more

expensive to commercialise the benefits of our sustainability investments. To

mitigate these risks, we are:

Reducing our GHG emissions: We are taking action to reduce our

most material GHG emissions, as set out in our CTAP, and mitigate the potential

financial impact of carbon taxes. The scenario analysis identifies the transition

risk associated with carbon taxes as the risk with the largest potential financial

effect to our business. Our actions include product redesign strategies to replace

petrochemical based ingredients with more sustainable alternative ingredients.

Sourcing our commodities responsibly: We remain focused on maintaining

our deforestation-free target for key forest-risk commodities and continuing to

implement our sustainable sourcing programme to increase the transparency of

our sourcing decisions.

Investing and upskilling: We are investing in technology and workforce

upskilling, to ensure compliance with current and future legislation.

Significant uncertainties remain about the extent and exact nature, timing, and

geographic location of both physical and transition climate risks to our business.

While the potential financial effects of carbon taxes, in the scenarios of limiting

warming to 1.5C or <2C, may be significant to our business, high warming (<3°C

and >4°C) scenarios would pose profound challenges to global economic

stability and thus even greater uncertainty for our business. As a result, we

continue to advocate externally to ensure carbon is priced at levels necessary to

achieve the Paris Agreement goals. This will be key to meeting our 2030 targets

and net zero ambition. Our wider climate advocacy agenda is not just critical to

supporting the achievement of our climate targets but is also key to driving

systemic global initiatives to limit the possible impacts of the climate scenarios.


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ENVIRONMENTAL DISCLOSURES

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

Policies

Unilever’s climate policies, which include policies related to our own operations

and our value chain, are disclosed in our Environmental policies section on page

232. The table below demonstrates our policy positions on addressing our

material climate-related impacts and risks.


	GHG emissions(a)	Land use regulation	Product regulations and claims	Energy transition

Unilever Environmental Policy	■		■	■
Responsible Partner Policy	■	■
People & Nature Policy	■	■
Sustainable Agriculture Code and Sustainable Agriculture Principles	■	■
Hedging Policy(b)	■			■

(a)Includes GHG emissions in our own operations and value chain, and impacts relating to

changing climate and extreme weather events and carbon taxes.

(b)Unilever's hedging policy is provided in note 16 of the Financial Statements on page 174. This

forms part of the Treasury standards ultimately owned by the CFO.

Actions

The key actions we have taken in 2024 against each decarbonisation lever

identified in our CTAP are set out below.

Our operations (Scope 1 and 2)

Reductions in our Scope 1 and 2 emissions are expected to account

for approximately 1% of our targeted GHG emissions reductions to 2030. An

increasing number of sites are electrifying thermal energy production by using

heat pumps and electric boilers, and in 2024 we installed our first industrial-scale

electric boiler at our Nepal factory.

Our Scope 1 and 2 emissions reductions include the impact of the GHG

emissions from our significantly expanded operations at our Unilever

Oleochemicals Indonesia (UOI) refinery. To help manage this impact, UOI has

invested in sourcing biomethane, which is being produced from a waste product

of the palm oil production process, from two palm mills to supply its energy

needs. A roadmap is in place to do this for six other mills over the next three

years and we plan to significantly increase our use of this renewable fuel by

2030.

Our focus in the coming years remains on implementing large-scale electrical

and thermal energy efficiency initiatives, electrifying thermal processes, and

sourcing sustainable biofuels. Each of our Business Groups has developed

detailed roadmaps, considering the most appropriate low-carbon technologies

and energy sources for our diverse range of manufacturing technologies and site

locations.

Our value chain (Scope 3)

The table set out on page 242 demonstrates the contribution of our identified

Scope 3 decarbonisation levers towards our targeted GHG emissions reductions

to 2030.

Supplier Climate Programme

Our Supplier Climate Programme, launched in 2021, is focused on accelerating

the transition of key suppliers to a position of climate leadership. We define this

as suppliers setting their own science-based GHG reduction targets, publicly

reporting progress against their targets, and having the capacity and capability to

provide us with a Product Carbon Footprint (PCF) for the materials we buy.

In 2024, we engaged with 291 suppliers to accelerate their climate action and

capabilities. These suppliers represent approximately 42% of Unilever’s Scope 3

emissions from raw materials, packaging and collaborative manufacturing. Out of

the 291 suppliers we approached, 181 are actively participating in the

programme to date. In total, we have received almost 700 PCF data sets from

suppliers, which form the basis for identifying, planning and delivering emissions

reductions. Where these PCFs have been validated by our internal teams to be

calculated in line with the PACT (Partnership for Carbon Transparency)

methodology, they have been used in 2024 as part of our Scope 3

GHG emissions calculation. In 2024, we also focused on upskilling on climate

action within our Procurement function.

Separately, our Business Groups have led the identification of strategic suppliers

with whom we can create innovative and high-impact partnerships to reduce

emissions. For example, Personal Care has established workstreams with two

aerosol can suppliers to further explore GHG reduction opportunities through

recycled and low-carbon aluminium.

In 2025, the focus for the Supplier Climate Programme will be to scale the

initiative further, drive emission reduction plans for priority portfolios through

decarbonisation roadmaps with suppliers, and to embed climate into key

commercial processes and documents, including supplier contracts.

Reformulating products

This is one of our biggest opportunities to reduce emissions without

compromising on product performance or consumer experience. In 2024, our

Business Groups deployed several reformulated products with demonstrated

GHG reductions in market. These products included Sunlight’s 100% plant-based

RhamnoClean technology and Persil’s Wonder Wash detergent in our Home

Care Business Group. Our Personal Care Business Group successfully launched

soap bars with reduced fatty matter content delivering a superior consumer

experience across two key brands in India, with plans to roll out to other markets

from 2025 onwards.

Our Business Groups have now established detailed reformulation roadmaps

across their portfolios to 2030, which will form the basis of innovation plans

beyond 2024 to deliver superior products while reducing GHG emissions.

Forest-risk commodities

The GHG emissions from the production of our key forest-risk commodities (i.e.

palm oil, paper and board, tea, soy and cocoa) arise from land use change (e.g.

deforestation), agricultural practices and downstream processing. In 2024, we

set a goal to maintain a 95% deforestation-free supply chain of these

commodities in 2024.

Palm oil is the most material forest-risk commodity in our supply chain. To

address this, we enrolled over 20 independent palm oil mills and tier two

suppliers into our sustainability programme in 2024. We are making progress on

our Good Palm strategy, which enrols new suppliers into our programme,

including those we partner with to remediate past deforestation. We have

mapped the locations of over 32,000 smallholder farms and are active in three

palm oil smallholder development hubs with SNV, Widya Erti Indonesia (WEI)

and the World Resources Institute (WRI). To drive improvements in the

processing of forest-risk commodities and lower GHG emissions in the future,

336 palm oil mills in our supply chain now have methane capture in place.

Regenerative agriculture

In 2024, we raised our ambitions, committing to scale up regenerative agriculture

practices across 1 million hectares by 2030 and implemented 17 new

regenerative agriculture projects, bringing our total to 23 active projects covering

a cumulative total of over 129,000 hectares since 2021. For further information

on our regenerative agriculture programmes, refer to page 255 within our

Biodiversity and Ecosystems disclosure.

Chemical ingredients

Two key chemical ingredients contribute a significant proportion of our Scope 3

GHG emissions: linear alkylbenzene sulphonate (LAS) and soda ash. To meet

our Scope 3 reduction targets, we must reduce the GHG intensity of both LAS

and soda ash production.

In 2024, we worked closely with our suppliers of these ingredients to reduce the

GHG footprint of their LAS production and contracted for additional volumes of

low-GHG soda ash. The latter includes lower-GHG synthetic soda ash

manufactured with carbon capture of CO2 emissions from processing, as well as

natural soda ash. We will continue to scale these programmes in the period

2025-2027.

Packaging

Emissions from packaging predominantly arise from packaging production and at

end of life through incineration or landfill. In 2024, we reduced our use of virgin

plastics for the packaging of our products by 23% versus a 2019 baseline. We

reported 57% of our plastic packaging to be reusable, recyclable or compostable,

and that we collected and processed plastic waste equivalent to 93% of our

plastic packaging sold. The focus of our future packaging plans will be to further

increase recyclability, increase PCR inclusion and accelerate absolute virgin

plastic reduction in all formats including flexibles.


Unilever Annual Report on Form 20-F 2024		241



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ENVIRONMENTAL DISCLOSURES

Logistics

We use logistics and distribution networks across the world to transport our raw

materials and products, resulting in GHG emissions from fossil fuel use. In 2024,

we achieved a 2% reduction in CO2e per sold tonne compared to 2023. This

improvement was primarily driven by reduced kilometres travelled due to

operational efficiencies in North America. We also made good progress in our Ice

Cream business in Turkey where we are using solar power for our fleet, which

now includes 47 electric vehicles.

Ice cream cabinets

Ice Cream has a global cabinet fleet of close to 3 million point-of-sale ice cream

freezers, all of which use electricity with associated GHG emissions. Renewable

Energy Certificates (RECs) that were purchased in 2023 to offset a proportion of

electricity used by these cabinets in Turkey and Indonesia were not renewed for

2024. The impact of this decision is reflected in our total 2024 Scope 3 GHG

emissions.

In March 2024, Unilever announced the planned separation of the Ice Cream

Business Group in 2025. As a result, a revised climate strategy for the

standalone business will be developed in 2025.

Aerosol propellants

Outside of the US and Canada, Unilever uses natural hydrocarbon gases for

these spray formats which are not classified as GHGs. However, in part due to

historic restrictions in the US and Canada regarding volatile organic compound

(VOC) regulations, our spray formulas in these markets use hydrofluorocarbon

propellant which is classified as a GHG.

In 2024, we made further progress towards our key milestones on innovating for

alternative propellant systems to replace hydrofluorocarbon propellants, with

ongoing efforts focused on technology readiness and proposition testing ahead

of product launches in future years.

Climate & Nature Fund

Our Climate & Nature Fund (CNF) supports the delivery of our sustainability

goals and in 2024, our total CNF commitments since the Fund’s launch in 2020

increased from €0.3 billion in 2023 to €0.7 billion. We added €0.4 billion in 2024

related to our upstream value chain investments, which contribute to Unilever's

future fit operations and sustainability goals, including our NDPE palm value

chain investments in UOI. In addition, we invested €23 million in a partnership

with Nufarm, through which we are aiming to develop a variety of sugar cane to

extract lower GHG intensity plant-based oils for use in cleaning ingredients.

Cumulative spend by the Fund since 2020 is €0.4 billion.

Our wider influence on society

Policy advocacy

In 2024, we made progress on many of our climate policy advocacy priorities.

Key actions included:

■Nationally Determined Contributions: We published a report on the

importance of Nationally Determined Contributions (NDCs) in raising national

climate ambition to align with a 1.5°C pathway, including via the

implementation of robust carbon pricing mechanisms. It was promoted via

social media and was the subject of a Climate Week event in New York, co-

hosted with the Brazilian government.

■Renewable energy capacity and fossil fuel phase-out: As members of

RE100, WBCSD and at global events such as Climate Week New York,

Unilever has actively supported the global campaign to triple renewable

energy capacity. In 2024, we joined the Asia Clean Energy Coalition (ACEC)

and have been active in the Indonesia Working Group, co-developing

research and a government engagement plan.

■GHG Protocol standards to incentivise emissions reduction actions in

value chains: Through our participation in relevant WBCSD working groups

and the Value Change Initiative, we are working collaboratively to tackle the

challenge of quantifying the GHG emissions impact of interventions in our

land-based value chain, and how to count that impact towards our

sustainability goals.

■Chemical ingredients: We are engaged in two issues teams within Cefic, the

European Chemical Industry Council, focused on market pull measures to

support sustainable feedstocks, and a WBCSD working group established to

drive alternative chemical feedstocks. Unilever now also chairs a cross-

industry working group on the topic in India.

Trade associations and industry partnerships

In March 2024, we published our first Climate Policy Engagement Review, which

included an independent review of the positions and engagement activities of our

main industry associations, to determine whether they are consistent with

Unilever’s priority policy areas. We received a 100% (14/14) score for our

disclosures on climate policy engagement from InfluenceMap, a global think tank

providing open-source data on corporate influence on climate change to

investors and other stakeholders.


242	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES

METRICS AND TARGETS

Targets

Our near-term 2030 targets to reduce our GHG emissions have been set in accordance with a cross-sector emissions pathway and the draft GHG Protocol Land

Sector and Removals guidance and align with the near-term time horizon of 2030 considered in our resilience analysis. Our targets that relate to the risks associated

with land use pressure and regulation and product regulations and claims are addressed within Biodiversity and Ecosystems on page 256.

We set our climate targets for the entities and activities that fall within the boundaries of our GHG inventory, as disclosed in our total GHG emissions on page 244. As

part of our critical assumptions for setting our GHG emission reduction targets, our 2030 modelled outcomes include our 2030 growth trajectories and reflect the

expected technology advances, product formulation changes and portfolio shifts in the period. Our GHG emissions for 2015 (Scope 1 and 2) and 2021 (Scope 3)

were considered as representative of Unilever’s typical GHG emissions profile and form the baselines for our targets.

The table below sets out our baseline emissions, the scope of our baseline emissions covered for each target and the absolute 2030 GHG emissions target value.


Climate targets (million tonnes CO2e)	Baseline year	Total baseline emissions	Emissions in scope of 2030 target %	Baseline emissions in scope of target	Total emissions target reduction factor	2030 target absolute reduction
Scope 1 and 2	2015	2.1	95.6%(a)	2.0	100.0%	2.0
Total Scope 3	2021	55.3	71.8%	39.8	39.5%	15.7
Total Scope 3 FLAG	2021	10.2	81.9%(b)	8.4	30.3%	2.5
Total Scope 3 E&I	2021	45.1	69.6%(b)	31.4	42.0%	13.2

(a)Exceeds minimum coverage required by SBTi of 95%.

(b)Exceeds minimum coverage required by SBTi of 67.5%.

To meet our targets, our actions must deliver the planned reduction in our baseline emissions as well as 100% reduction in additional emissions from product volume

growth between the baseline year and 2030. We have plans in place to cover 100% of our Scope 1 and 2 emissions in scope of our Scope 1 and 2 target through

three priority decarbonisation levers of thermal and electrical energy, renewable power and refrigeration. The actions we have identified to reduce our Scope 3

emissions only partially address the total emissions in scope of our Scope 3 target. We have identified a scaling and innovation gap to reach our target which

underscores the need to continually search for new solutions and ways to scale existing ones faster than is currently possible. Of the identified plans, we expect the

most material reductions to come from Scope 3 FLAG and E&I emissions related to raw materials and ingredients.

The table below demonstrates the contribution of our identified decarbonisation levers towards reducing both our Scope 3 baseline emissions and our forecasted

Scope 3 GHG emissions from volume growth in the period to 2030.


Scope 3 Decarbonisation lever	% contribution of targeted reductions (baseline plus growth)
Supplier Climate Programme	14%
Reformulating products	13%
Forest-risk commodities	10%
Regenerative agriculture	4%
Chemical ingredients	6%
Packaging	3%
Logistics	2%
Ice cream cabinets	19%
Aerosol propellants	7%
Sub total	78%
Scaling and innovation gap(a)	22%
Total(b)	100%

(a)The scaling and innovation gap represents the amount of GHG emissions for which we need to develop new or scale existing solutions.

(b)Represents 15.7m CO2eT of total reductions by 2030 vs. 2021 baseline plus additional reductions to cater for emissions from growth in the period 2021–2030.


Unilever Annual Report on Form 20-F 2024		243



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ENVIRONMENTAL DISCLOSURES

Scope 1 and 2 target performance


The percentage change in Scope 1 and 2 market-based GHG emissions is the difference between the current reporting period and the 2015 baseline period (1 October 2014 to 30 September 2015). Gross Scope 1, 2, 3 and total GHG emissions calculation methodology is disclosed on page 244. Exclusions: All emissions from biogenic fuels and owned or leased vehicles controlled by Unilever are excluded from the target scope in line with the SBTi minimum scope requirement.


Scope 1 and 2 GHG emissions – Unilever operations (million tonnes CO2e)	2030 target % reduction	2015 baseline	2024 % change vs. 2015 baseline	2023 % change vs. 2015 baseline(a)(b)	2022 % change vs. 2015 baseline(a)(c)
Reduce absolute operational GHG emissions (Scope 1 and 2) by 100% by 2030 from a 2015 baseline	-100%	2.01	-72%	-70%	-63%

(a)2023 and 2022 measured for 12-month period ended 30 September.

(b)Restated from 74% in 2023 due to change in measurement methodology (see below).

(c)Restated from 68% in 2022 due to change in measurement methodology (see below).

In 2023, we improved our GHG measurement methodology, with a more complete and accurate measurement of emissions categories previously deemed immaterial.

In 2024, to comply with SBTi guidelines, some of these emission categories (e.g. small offices and small warehouses), have been included in our SBTi target

emissions coverage, including our 2015 baseline, resulting in a restatement of performance for prior years.

The 2% improvement in our target performance is driven by good progress on our Scope 1 emissions in 2024 related to continued energy efficiency measures,

electrifying thermal energy production at several sites and our first industrial-scale electric boiler at our Nepal factory.

Our Sustainability Progress Index (SPI) climate goal (Scope 1 and 2) performance, for internal remuneration purposes, was 76.5% as detailed on page 105.

Scope 3 target performance


Scope 3 Energy and Industrial GHG target – 42% absolute reduction in SBTi Scope 3 E&I GHG emissions by 2030 The percentage change in Scope 3 Energy and Industrial (E&I) GHG emissions is the difference between the current reporting period and the 2021 baseline period (1 October 2020 to 30 September 2021). Emissions are categorised according to the GHG Protocol Corporate standard and include those from ingredients and packaging purchased by Unilever, ingredients and packaging from collaborative manufacturing in India, fuel and energy activities, upstream transport and distribution, hydrofluorocarbon (HFC) propellants in sold products, end-of-life treatment of sold products manufactured by Unilever and by collaborative manufacturers in India, and downstream leased assets. Exclusions: E&I emissions associated with collaborative manufacturers outside India, purchased goods and services outside of ingredients and packaging, capital goods, waste generated in operations, business travel, employee commuting, downstream transport and distribution, processing of sold products, use of sold products (water purifiers only), franchises and investments. Scope 3 Forest, Land and Agriculture GHG target – 30.3% absolute reduction in SBTi Scope 3 FLAG GHG emissions by 2030 The percentage change in Scope 3 Forest Land and Agriculture (FLAG) GHG emissions is the difference between the current reporting period and the 2021 baseline period (1 October 2020 to 30 September 2021). FLAG emissions relate to GHG Protocol Category 1 – ingredients purchased by Unilever and collaborative manufacturers in India. Exclusions: FLAG emissions associated with collaborative manufacturers outside of India. Gross Scope 1, 2 and 3 and total GHG emissions calculation methodology is disclosed on page 244.


Scope 3 GHG emissions – Unilever value chain (million tonnes CO2e)	2030 targets	2024 emissions	2021 baseline	2024 % change vs. 2021 baseline
Reduce absolute Scope 3 energy and industrial (E&I) GHG emissions from purchased goods and services (associated with ingredients, packaging), upstream transport and distribution, energy and fuel- related activities, direct emissions from use of sold products (associated with HFC propellants), end-of-life treatment of sold products, and downstream leased assets (associated with ice cream retail cabinets) by 42% by 2030, from a 2021 baseline.	-42.0%	29.0	31.4	-8%
Reduce absolute Scope 3 forest, land and agriculture (FLAG) GHG emissions from purchased goods and services (associated with ingredients) by 30.3% by 2030, from a 2021 baseline.	-30.3%	7.2	8.4	-14%

In 2024, there were significant increases in emission factors across global databases for fossil-fuel-related materials and processes (e.g. plastics, chemicals, energy),

which are reflected in our 2024 GHG emissions reporting and our Scope 3 E&I and FLAG target performance. Changes to emission factors of this nature are not

within our control and over time will be adjusted in our target baselines so that we can report the impact of the actions we are taking. We included 512 supplier

specific product carbon footprint (PCF) data points within our Scope 3 GHG measurement for the first time in 2024, which is a significant milestone towards improving

the accuracy of our GHG data.

Scope 3 E&I: The reduction in E&I emissions since 2021, primarily relates to overall product volume decline including divestments in the period and logistics

operational efficiencies. As set out in our CTAP, we expect progress against our E&I target to be more challenging given the significant contribution of chemicals from

our Home Care business group. We are making progress to work with our suppliers to develop and increase the supply of lower GHG alternatives for these

chemicals, the impact of which will be reflected in future years as we scale these programmes.

Scope 3 FLAG: The good progress we have made in reducing our FLAG emissions since 2021 is primarily driven by significant efforts to source deforestation-free

palm and improved data from our suppliers through the Supplier Climate Programme. The impact of these programmes to date is a reduction of approximately 1.2

million tonnes CO2e and has been reflected in our GHG emissions measurement in 2024. The most material change in PCF data reflects our sourcing of soy from

regions with a lower GHG impact.


244	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


ENVIRONMENTAL DISCLOSURES

Gross Scope 1, 2 and 3, and total GHG emissions

Total GHG emissions are calculated using the GHG Protocol Corporate Standard and relate to the activities reported in our consolidated accounting group (parent

and subsidiaries). We do not have material emissions related to associates, joint ventures or unconsolidated subsidiaries and contractual arrangements where we

have operational control. Total GHG emissions are the sum of Scope 1 and 2 activities within our operations and Scope 3 activities, covering upstream and

downstream value chain.

Total GHG emissions include all seven greenhouse gases as required by the GHG Protocol standard, combined into a single CO2-equivalent (CO2e) unit using

Global Warming Potential (GWP) values from the IPCC 6th Assessment Report for Scope 1 and 3, and market-based factors from the IEA (2021) for Scope 2. Data

collection is from both internal and external sources, based on industry-accepted standards where available.

Scope 1 and 2 emissions

Scope 1 and 2 emissions are calculated as the sum of GHG emissions from energy used, energy sold and refrigerant use, reported in tonnes for all manufacturing

sites and the majority of logistics and office sites.

Energy used and energy sold: Data is collected from meter readings and invoices for each site in GJ and includes combustion of fossil fuels (Scope 1), as well as

purchased, generated and sold electricity, heat and steam (Scope 2). Carbon emission factors are used to convert energy (GJ) into greenhouse gases (GHG).

Scope 1 factors are provided by the Intergovernmental Panel on Climate Change (IPCC) and Scope 2 factors are based on Renewable Energy Attribute Certificates

or supplier data, following the GHG Protocol's Scope 2 Market-Based method. When Energy Attribute Certificates (EACs) are applied, electricity consumption is

reported as renewable with an emission factor of zero.

Refrigerant use: HFC consumption data is taken from site maintenance records for each site, including Global Warming Potential (GWP) factors for each refrigerant

type, which are converted from refrigerant losses (kg) to GHG emissions. GWP factors for HFC refrigerants are provided by the IPCC.

Sulphur hexafluoride (SF6) emissions from high voltage equipment: Amount of SF6 leaked from electrical insulators is calculated using an estimate of amount of SF6

across our sites and an average SF6 equipment leakage rate based on IPCC Guidelines multiplied by the GWP factors.

For logistics and office sites not reporting in Unilever systems, Scope 1 and 2 emissions are estimated based on measured sites and site headcount or pallet

position.

Exclusions: CO2 emissions from the combustion of biomass; the capturing of CO2 by the vegetation during growth is considered to offset emissions from

combustion.

Scope 3 emissions

The two most material categories of emissions are Category 1 – Purchased goods and services, and Category 11 – Consumer Use of Sold Products, which were

estimated as follows.

Category 1 – Purchased goods and services

Ingredient and packaging emissions are calculated by multiplying the volumes of ingredients and packaging purchased by Unilever and collaborative manufacturers

production volumes by emission factors.

Ingredients and packaging purchased by Unilever include emissions generated from production and transportation from ’cradle to gate’ (farming/mining of raw

materials to delivery at Unilever). We categorise transportation emissions from suppliers to Unilever under Category 1, instead of Category 4 as recommended by

the GHG Protocol, as we cannot separate these from other transportation emissions. Emissions not directly related to raw material production, such as head office

and marketing, are excluded.

Emissions from packaging materials are assumed to be E&I. Ingredient emissions are further categorised into:

■FLAG: Emissions from agricultural raw materials related to land use change and land management up to ’farm gate’.

■E&I: Emissions from converting or processing agricultural raw materials into purchased materials, from farm to Unilever site.

Emission factors for ingredients and packaging purchased by Unilever are obtained from two external sources:

1.Supplier product carbon footprint data: received annually directly from suppliers participating in the Supplier Climate Programme and internally validated.

2.’Cradle to gate’ emissions factors in kgCO2e per kg of material: calculated using Life Cycle Analysis (LCA) software, Life Cycle Inventory (LCI) databases such as

Ecoinvent and the World Food Life Cycle database, supplemented with other models and supplier-specific data where available. Where no emission factors are

available for specific ingredients or packaging materials, an average of known emission factors is used. Where emission factors do not include transport from the

supplier to Unilever, these are separately estimated and added to total emissions.

Emission factors for ingredients and packaging purchased from collaborative manufacturers are calculated from the average emissions of the relevant product

category and derived from Unilever’s annual product footprint assessment covering 13 countries.

FLAG and E&I emission factors for relevant materials are obtained from the eQosphere database where available (provided by Quantis). Where not available,

SEAC calculates and categorises relevant emission factors as FLAG and E&I based on external LCI data and assuming that emissions up to the ’farm gate’ are

FLAG (i.e., all land use change, land management, and all other production activities associated with agriculture and raw material extraction), with all remaining

emissions assumed to be E&I.

Annual water consumption (m3): Data is extracted from internal systems or estimated based floor area (m2) for logistics sites or head count for office sites and is

multiplied by emission factors in kgCO2e per m3 of water consumed obtained from the UK government’s Department for Environment, Food and Rural Affairs

(DEFRA).

Indirect procurement: Scope 1, 2 and 3 emissions from purchased goods and services not for resale, such as media placement and IT services. We exclude

emissions relating to trade spend, rent, employee salaries, memberships, tax, interest and depreciation. Annual spend by category is mapped to spend categories

in the Extended Environmental Input Output (EEIO) model and multiplied by the relevant emission factor in kgCO2e per £1,000 spend by category in the EEIO

model to calculate total emissions. The EEIO tool estimates carbon emissions based on spend using country- and sector-specific carbon conversion factors that

combine economic trade data and national industry-level carbon emission data.


Unilever Annual Report on Form 20-F 2024		245



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ENVIRONMENTAL DISCLOSURES

Category 11 – Use of sold products

HFC propellant volumes for aerosol products produced by Unilever and collaborative manufacturers are multiplied by emission factors in kgCO2e per kg of HFC

propellant obtained from the IPCC AR6 report. The quantity of water purifiers sold in India for the period to 30 October (date of sale of Pureit) is multiplied by lifetime

electricity consumption in kWh per unit, obtained from an LCA study, and by the grid emission factor in kgCO2e per kW of electricity for India, obtained from IEA.

Indirect consumer use emissions are calculated for a representative sample of products, based on grouping of similar products within 13 key countries. Consumer

use (i.e. the consumed amount per individual portion, single use or serving of a Unilever product by one person) is determined based on: consumer habits studies,

on-pack recommendations or internal expert opinion. Consumer use is applied to the primary product e.g. dishwashing tablets, hence ancillary products are

considered to have no impact. This data is consolidated and extrapolated across the sales of unclustered products at a category and country level to calculate total

emissions of the 13 countries. The total Unilever emissions for indirect consumer use are calculated per Business Group by extrapolating total emissions of the 13

countries based on total sales per Business Group.

Other key assumptions

For subsidiaries that do not report in Unilever systems, we calculate total emissions (tCO2e) for purchased goods and services per Business Group divided by total

Unilever turnover per Business Group (excluding these entities), multiplied by turnover for these entities.

Exclusions: Scope 3 activities are estimated for 13 emission categories. Emission category 10 (Processing of sold products) and Emission category 15

(Investments) are not reported as they are not material.


Emissions (million tonnes CO2e)	2024(a)	2023(a)	2022(a)	% change vs. 2023
Total Scope 1 and 2 GHG emissions (market-based)	0.69	0.75	0.87	-8%
Gross Scope 1 GHG(b)(c)	0.48	0.57	0.64	-14%
Gross market-based Scope 2 GHG emissions(b)	0.21	0.18	0.23	16%
Gross location-based Scope 2 GHG emissions(b)	1.26	1.16	1.26	9%
Scope 3 GHG emissions in scope of our net zero ambition(c)(d)	53.80	52.13	52.82	3%
Purchased goods and services	41.79	41.47	41.15	1%
Raw materials and ingredients	26.88	27.53	28.03	-2%
Packaging materials	6.37	5.60	5.84	14%
Indirect procurement	8.54	8.34	7.28	2%
Upstream transportation and distribution (logistics)	1.61	1.57	1.81	3%
Downstream leased assets (ice cream cabinets)	2.79	2.30	2.93	21%
Use of sold products (HFC propellants)	1.60	1.48	1.46	8%
End of life treatment of sold products	3.70	3.25	3.32	14%
Others(e)	2.31	2.06	2.15	12%
Total Scope 1, 2 and 3 GHG emissions in scope of net zero ambition (market-based)	54.49	52.88	53.69	3%
Scope 3 GHG emissions – indirect consumer use(f)	51.35	47.07	57.54	9%
Total Scope 1, 2 and 3 GHG emissions (market-based)	105.84	99.95	111.23	6%
Total Scope 1, 2 and 3 GHG emissions (location-based)	106.89	100.93	112.26	6%

(a)2023 and 2022 measured for 12-month period ended 30 September, and include minor corrections to site data.

(b)Scope 1 emissions regulated by trading schemes amounted to 4.2% in 2024, 3.8% in 2023 and 4.18% in 2022.

(c)Biogenic emissions of CO2 from the combustion or bio-degradation of biomass in our own operations are not reported as part of Scope 1 and 2 or Scope 3 emissions in line with GHG

protocol. In 2024, Scope 1 and 2 emissions amounted to 468,432 tonnes CO2 (Scope 1 and 2).

(d)2.8% of our Scope 3 emissions have been calculated from primary data obtained from suppliers or other value chain partners.

(e)Others include capital goods, fuel and energy-related activities, waste generated in operations, business travel, employee commuting, downstream transport and distribution and

franchises.

(f)Relates to emissions that typically arise from the heating of water needed to use our shampoos and shower gels. Excluded from the scope of our Net Zero ambition in line with GHG

Protocol and SBTi guidelines.

The 6% increase in our total Scope 1, 2 and 3 GHG emissions in 2024 from prior year is partially driven by product volume growth in the period but primarily by the

impact of changing emission factors across global databases for fossil-fuel-related materials and processes in 2024. This impacted our purchased goods and

services, ice cream cabinets, end-of-life treatment of sold products, and indirect consumer use emission categories the most. The increase in emissions from ice

cream cabinets further reflects our decision to discontinue the purchase of RECs in 2024. Use of sold product emissions from HFC propellants increased in 2024

reflecting product volume growth of aerosols in North America. The increase in our total Scope 1, 2 and 3 GHG emissions from 2023 is net of reduced emissions in

the period from our FLAG raw materials and ingredients and the roll-out of reformulated products with a lower GHG intensity.

GHG intensity per net revenue

Total GHG emissions calculated on a location-based and market-based methodology are divided by total turnover for Unilever as disclosed in the financial

statements on page 138. Total turnover equates to net revenue.


GHG intensity per net revenue (tonnes CO2e/€ million)	2024
Total GHG emissions (market-based) per net revenue	1,742
Total GHG emissions (location-based) per net revenue	1,759

The variability in geographical regions, business sectors and brands in our business limits the relevance of using a single global measure such as GHG intensity per

net revenue (turnover) as required by the ESRS.


246	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES

Energy consumption and mix

Energy sourced from within the organisational boundary is not counted under ’purchased or acquired’ energy. We consider 100% of our energy to be related to high

climate impact sectors (manufacturing, transportation and storage), as listed in Sections A to H and Section L of Annex I to Regulation (EC) No 1893/2006 of the

European Parliament and of the Council, as defined in Commission Delegated Regulation (EU) 2022/1288.

For sites reporting energy consumption in Unilever systems, consumption is calculated by consolidating data from fossil, nuclear and renewable sources based on

meter readings and invoices, converted to common units of energy.

Unilever purchased Energy Attribute Certificates (EACs) are matched against electricity consumption and reported as renewable, following RE100 Reporting

Guidance 2021. EACs are market-based instruments that authenticate the proportion of energy generated from renewable sources procured by consumers,

including Renewable Energy Certificates (RECs), International Renewable Energy Certificates (IRECs), and European Guarantees of Origin (GOs). EACs are

purchased in Q1 2025 once 2024 electricity consumption is complete.

For logistic and office sites not reporting energy consumption in Unilever systems, consumption is assumed to be non-renewable and is estimated for each utility

type and regional cluster based on energy consumption per pallet position (storage capacity) and per headcount using consumption data from similar sites that do

report in Unilever systems. For sites where pallet positions (storage capacity) and headcount data is not available, the average energy consumption reported in

Unilever systems for logistics and office sites is used as a proxy for each site.

A small number of manufacturing sites generate electricity, heat and steam, which is classified as renewable energy if it is from a renewable source. This is

classified as consumption of self-generated non-fuel renewable energy. Renewable energy generated which is sold to and used by a third party is not subtracted

from energy generated or offset against energy consumption.

Exclusions: Our own operations does not include sites that are under commissioning and sites where decommissioning has started. Excludes energy consumption

from collaborative manufacturers.


Energy consumption and mix (thousands MWh)	2024
Fuel consumption from coal and coal products	0
Fuel consumption from crude oil and petroleum products	461
Fuel consumption from natural gas	1,445
Fuel consumption from other fossil sources	0
Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources	775
Total fossil energy consumption	2,681
Share of fossil sources in total energy consumption (%)	41%
Consumption from nuclear sources	0
Share of consumption from nuclear sources in total energy consumption (%)	0%
Fuel consumption from renewable sources including biomass (also comprising industrial and municipal waste of biologic origin), biofuels, biogas and hydrogen from renewable sources	1,349
Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources	2,396
Consumption of self-generated non-fuel renewable energy	56
Total renewable energy consumption	3,801
Share of renewable sources in total energy consumption (%)	59%
Total energy consumption	6,482

Energy intensity

Energy intensity is calculated as total energy consumption in MWh for the reporting period divided by total turnover for Unilever as disclosed in the financial

statements on page 138. Total turnover equates to net revenue.


Energy intensity per net revenue (MWh/€ million)	2024
Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors(a)	107

(a)Total energy consumption excludes energy consumption from collaborative manufacturing. Net revenue includes net revenue from the sales of products produced for Unilever by

collaborative manufacturers. This limits the relevance of this metric.


248	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES

Scenario analysis – supporting information

The selection of the most relevant key forces and drivers across the changing physical climate, policy and market landscape are outlined in the table below for each

scenario considered in the scenario analysis.



Scenario	1.5°C	<2°C	<3°C	>4°C
Temperature: best estimate by 2100	Limit warming to 1.5°C (>50%) with no or limited overshoot	Limit warming to below 2°C (>67%)	Limit warming to 3°C (>50%)	Warming exceeds 4°C (>50%)
Temperature: very likely range by 2100	1.0-1.8°C	1.3-2.4°C	2.1-3.5°C	3.3-5.7°C
Global policy coordination	Globally coordinated policies with immediate action.	Globally coordinated climate policies with delayed action (i.e. after 2030).	No globally coordinated climate policy with current national mitigation efforts.
Emissions	Reach net zero CO2 emissions by approx. 2050.	Reach net zero CO2 emissions by approx. 2070.	CO2 levels don’t peak until mid-century, and net zero not achieved before 2100.	CO2 emissions approximately double by 2050.
Energy mix	Substantial energy system changes including use of carbon capture and storage, widespread electrification, use of alternative fuels such as hydrogen and sustainable biofuels, and improved energy efficiency.		Without additional policies, there is little change to the energy mix from present day.	Global energy mix prioritises fossil fuels, with an uptake of coal compared to present day.
Land use	The protection, improved management, and restoration of forests, peatlands, coastal wetlands, savannas and grasslands reduce emissions. Agriculture systems change from cropland and grassland to soil carbon management, agroforestry, use of biochar, improved rice cultivation, and livestock and nutrient management, etc.		Present day trends in land use continue, including deforestation rates and use of land for animal protein production.
Consumption	Low material growth and lower resource- and energy- intensive consumption and lifestyles.		Gradual decrease in resource- and energy-intensive consumption and lifestyles.	Continued exploitation of fossil fuel resources, which supports an increase in resource- and energy- intensive consumption and lifestyles globally.


Unilever Annual Report on Form 20-F 2024		249



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ENVIRONMENTAL DISCLOSURES

Pollution

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

Our material Environmental impacts, risks and opportunities resulting from the

double materiality assessment (DMA) and the process by which these were

identified are detailed on page 230.

Non-biodegradable substances is identified as a material topic, and disclosures

and metrics relating to biodegradability have been included accordingly. Unilever

considers microplastics in our products to be a subset of substances which can

be slow to biodegrade or are resistant to biodegradation, and not material on a

standalone basis. Consideration of microplastics resulting from our packaging is

detailed in our Resource Use and Circular Economy disclosures on page 258.

Unilever’s ingredient portfolio includes some substances classified as

substances of concern. However, we evaluate consumer, worker and

environmental exposures through our ingredient and product safety risk

assessments, alongside relevant hazard characterisation data, ensuring that our

products and the ingredient levels we use are safe by design. Our evaluation

approach is grounded in science and risk-based assessments, following the

principle that exposure determines the safe use of hazardous materials. We

update our ingredient and product standards, as well as our safety risk

assessments, to reflect new scientific data and changes in regulatory positions.

Our ingredient stewardship and product innovation programmes also enable us

to identify, review and replace substances of concern when there are concerns

about potential effects on human health or the environment. Substances of

concern is therefore not identified as a material topic and no further disclosures

have been included. For disclosures relating to product safety refer to page 284.

Policies

Unilever’s environmental policies, which include those related to pollution, are

disclosed on page 232. The table below demonstrates how these policies

address our material impacts in relation to pollution.


	Pollution of air, water and soil	Non-biodegradable substances

Unilever Code and Code Policies		■
Unilever Environmental Policy	■	■
Environmental Care Framework Standard	■
Responsible Partner Policy	■	■
Sustainable Agriculture Code and Sustainable Agriculture Principles	■

In relation to substances that can be slow to biodegrade or resistant to

biodegradation, our Responsible Innovation Code Policy outlines our

commitment to conducting responsible, safe and sustainable research and

innovation. This ensures that risks to consumer safety, occupational safety and

the environment are properly assessed and managed. The implementation of

this policy is supported by a standard that defines the approach to safety risk

assessments, ensuring consumer, occupational, and environmental safety by

design, which includes an understanding of biodegradability. We have set out

further information regarding Unilever’s Code and Code Policies on page 229.

Unilever’s Environmental Care Framework Standards (ECFWS) requires sites to

assess the potential for serious environmental incidents or emergency situations

and implement comprehensive plans to prevent or mitigate the associated

likely consequences. We do not have specific policies in relation to incidents and

emergency situations in our value chain. However, our Responsible Partner

Policy (RPP) requires our partners to put in place appropriate policies, processes

and procedures to address environmental issues.

Actions

Within our own operations, Unilever drives continual improvement in relation to

pollution through the ECFWS. For our manufacturing organisation, the Unilever

Manufacturing System (UMS) provides an operational framework that supports

the implementation of the ECFWS. It requires sites to follow a process to identify

and implement actions addressing pollution-related impacts.

Each year, sites develop action plans to enhance compliance with the ECFWS,

including pollution control. These plans are monitored throughout the year. We

seek to minimise pollution by monitoring relevant pollutants to air, water and soil,

and implementing both normal operating and emergency control measures, such

as preventative maintenance and monitoring, alarm systems, and dedicated and

secured secondary containment.

We require suppliers in our upstream value chain to meet or exceed

the Mandatory Requirements of the RPP by implementing appropriate policies,

management systems and practices. Unilever verifies compliance with the RPP’s

Mandatory Requirements and management systems through self-declarations,

due diligence scanning, online assessments and third-party audits in high-risk

sites.

We promote sustainable and regenerative agriculture practices in our supply

chain, through the implementation of the Sustainable Agriculture Code (SAC),

Sustainable Agriculture Principles (SAP) and regenerative agriculture projects.

The SAC and SAP set out requirements for suppliers regarding water

management, water quality, soil management and pollution control. We also

require suppliers to have management plans for irrigation, pesticide and fertiliser

use to avoid contamination and prevent damage to soils, ecosystems

and waterways.

To manage potential pollution impacts caused by environmental exposure to

ingredients following consumer use of our products, we conduct environmental

risk assessments for all ingredients before they are marketed and for new

ingredients prior to use. Each year, we assess the combined environmental

exposure from individual ingredients across our product portfolio to ensure

safety. Our commitment to producing environmentally safe products is core to

our decision-making on product ingredients.

At a minimum, we ensure our products comply with regulations, such as

restrictions on synthetic polymer microparticles, and monitor prohibited

substances in regulatory lists, taking necessary actions as required. In some

areas, our standards exceed regulatory requirements based on our

environmental safety assessments or in regions where regulations are weak or

poorly enforced.

We also consider evolving societal preferences in our ingredient management

decisions. For example, we understand that consumers want more reassurance

about the impact of our products on the environment, including on water and

aquatic systems. After their use by consumers, 93% of organic ingredients in our

products that enter water systems biodegrade within hours/days/weeks. We are

focusing on the small volume of ingredients that are slower to biodegrade and

working with suppliers to identify alternatives without compromising product

performance.

In 2014, we were one of the first companies to stop using small plastic scrub

beads, replacing them with alternative exfoliating ingredients such as apricot

kernels, cornmeal, ground pumice, silica and walnut shells. We are now in the

process of removing other solid polymers that are slow to biodegrade and

replacing them with natural or more biodegradable alternatives.

Our actions on ingredient use are supported by the expertise of our Safety,

Environmental & Regulatory Science group – our global centre of excellence in

safety and sustainability science – as well as our Regulatory Affairs team.


250	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES

METRICS AND TARGETS

Targets

Unilever does not have formal targets for pollution emissions defined at a global level. Our approach is to monitor emissions from our sites at a local level to ensure

compliance with local legal requirements and permits. We record any exceedance of local permit limits centrally, and put plans in place to remediate. As mentioned

above, our manufacturing sites are also reviewed through Environmental Compliance Audits and audited by Corporate Audit, including assessing the robustness of

their implementation of the ECFWS.

While Unilever has actions in place in relation to biodegradability, there is no formal target. However, we monitor the proportion of our ingredient portfolio that meets the

Unilever Biodegradability Standard, as we seek to develop formulations with less environmental impact while continuing to deliver superior performance.

Pollution of air, water and soil in our own operations

Pollutants emitted are those contained in outflows from our operations, that may relate to pollutants generated from Unilever operations and/or chemical

components that may enter our operations, such as chemical components already in the water or raw materials used in operations.

Each year, Unilever reviews the emissions volumes of pollutants listed in Annex II of Regulation (EC) No 166/2006 to ensure those near or above threshold levels

are sampled and tested or estimated. For each manufacturing site where sampling and testing is conducted, pollutant emissions to air, water and soil are calculated

using internal or certified external laboratories. For sites without sampled data, estimates are based on proxy data from sampled sites using statistical modelling

reviewed by external experts or, for air pollutants from energy combustion, on published emission factors.

Emissions per pollutant per site are compared to Annex II threshold values of Regulation (EC) No 166/2006. Only sites exceeding these thresholds are consolidated

and reported.

We have used direct measurement and periodic measurement i.e. sampling, to calculate pollutant emissions where possible, however in the first year of reporting, this

has been constrained by the availability and capacity of suitable sampling capabilities. Where data was unavailable via direct measurement and sampling, we have

employed representative data and a number of mathematical methods designed to produce a reasonable estimate. Emissions of hydrochlorofluorocarbons to air and

asbestos to soil, via direct measurement, and emissions of Chemical Oxygen Demand, via sampling, are reported based on actual data only. Estimations make up

circa 94% of the remainder of reported pollutant emissions. We aim to reduce the level of estimation, and hence the level of uncertainty in our data over time, as we

continue to build our reporting capabilities.

Emissions are reported irrespective of any further downstream processing at treatment plants, such as municipal water treatment or certified waste management. For

example, emissions of asbestos are directed to specialised waste landfills.

Emissions to air by pollutant


Pollutant volumes (kg/year)	2024
Carbon monoxide (CO)	9,146,961
Hydrochlorofluorocarbons (HCFCs)	725
Nitrogen oxides (NOx)	144,961
Non - methane volatile organic compounds (NMVOC)	839,375
Particulate matter (PM10)	192,336
Sulphur oxides (SOx)	150,855

Emissions to water by pollutant


Pollutant volumes (kg/year)	2024
Arsenic and compounds (as As)	–
Cadmium and compounds (as Cd)	11
Copper and compounds (as Cu)	–
Lead and compounds (as Pb)	166
Mercury and compounds (as Hg)	21
Nickel and compounds (as Ni)	2,843
Phenols (as total C)	8,615
Total organic carbon (TOC) (as total C or COD/3)	4,181,794
Zinc and compounds (as Zn)	2,461


252	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES

Water

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

Our material Environmental impacts, risks and opportunities resulting from the

double materiality assessment (DMA) and the process by which these were

identified are detailed on page 230. Given the nature of our business, we do not

consider marine-related resource commodities as a material topic.

Policies

Unilever’s environmental policies, which include water-related policies, are

disclosed on page 232. The table below demonstrates how these policies

address water withdrawal from our own operations and upstream value chain

leading to water shortages. These policies encompass water management and

water consumption.


	Water withdrawal leading to water shortages

Unilever Environmental Policy	■
Environmental Care Framework Standard	■
Responsible Partner Policy	■
Sustainable Agriculture Code and Sustainable Agriculture Principles	■

There are no specific policies in place relating to product demand due to

consumer awareness of water scarcity and water shortages, including product

design (services are not applicable to Unilever). We consider product innovation

as part of our business strategy, including innovations related to sustainability

topics, which are supported by our Research & Development (R&D) science and

technology programmes. For example, innovating water-smart products that help

consumers use less water is considered as part of our Business Group R&D

strategies.

Actions

Water consumption

Within our manufacturing operations, we drive continuous improvement through

the implementation and monitoring of site-level water management plans. We

seek to minimise water abstraction per tonne of production from shared

resources, including reusing and recycling freshwater wherever practical. In

2024, we invested in rainwater harvesting facilities and other projects to reduce

freshwater withdrawal at our sites.

Our business partners in our value chain are required to comply with the

mandatory requirements of the RPP. This includes our water-related

requirements. We verify RPP alignment through self-declarations

upon registration, annual re-registration to our systems, routine due diligence

and risk-based audits. We require business partners to create a Corrective

Action Plan to address any issues identified during third-party audits and we

encourage suppliers to contact the Unilever team for guidance where they face

challenges in meeting our requirements.

We continue to implement water stewardship programmes in water-stressed

areas where we have manufacturing sites, which aim to improve water security

through collective action with other stakeholders in the shared water catchment:

■In 2024 we implemented eight additional water stewardship programmes,

bringing our total to 21 active programmes in Brazil, Chile, Egypt, India,

Indonesia, Mexico, South Africa and Turkey. These programmes are run in line

with the Alliance for Water Stewardship Standard, an external global

framework, or the Prabhat approach, our community development initiative in

India. Each programme has its own time horizons and associated activities,

informed by river basin studies (with four new studies completed in 2024) and

local knowledge from regional implementation partners, such as DKM in

Turkey and NBI in South Africa.

■In 2025, we will continue to onboard new sites in support of our target to

implement water stewardship programmes in 100 locations in water-stressed

areas by 2030.

Reducing product demand

To help our consumers conserve water and use our products in water-scarce

conditions, we invest in water-smart products and formulations that deliver

superior performance even in such environments. For example, many of our hair

care products now have fast-rinse technology as standard. We also seek to

minimise the impact of our products on water and aquatic systems by using

ingredients that meet our Biodegradability Standard, as detailed in our Pollution

disclosures on page 249.


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ENVIRONMENTAL DISCLOSURES

METRICS AND TARGETS

Targets

We do not have formal targets on water withdrawal in our own operations and we do not define targets for our upstream value chain or on water-smart product

design. Water withdrawal from our own operations and water-smart product design are addressed through our manufacturing processes and product innovation

plans, rather than through global targets. Within our upstream value chain, we manage water risk through our RPP and verify compliance with the RPP’s Mandatory

Requirements and management systems through self-declarations, due diligence scanning, online assessments and third-party audits in high-risk sites.

Unilever’s target is to implement water stewardship programmes in 100 locations in water-stressed areas by 2030, in line with our Environmental Policy. These stewardship

programmes involve working with others to address shared water challenges within water-stressed areas where Unilever has manufacturing operations. This is a voluntary

target and ecological thresholds and allocations of impacts to Unilever have not been applied when setting the target. Our target of water stewardship programmes in 100

locations represents all of our manufacturing sites in water-stressed areas.

Implement water stewardship programmes in 100 locations in water-stressed areas by 2030

Locations refer to Unilever manufacturing sites.

Water-stressed areas are those with ’high’ or ’extremely high’ baseline water stress, as determined based on the WRI Aqueduct Water Risk Atlas Tool, or, by

exception, based on Unilever’s additional review of site-specific factors and localised water risks to complement the WRI data and ratings.

Programmes must be implemented within the catchment of a Unilever water-stressed location, operate in line with either the Alliance for Water Stewardship

Standard or the Prabhat approach, and be approved by a Unilever authority. Programmes must also consist of a material Unilever commitment and be created,

facilitated or provided by Unilever or by a third party under a contractual commitment with Unilever.

Programmes must be implemented between 1 January 2020 and 31 December 2024, with activities either ongoing or completed during the reporting period, and at

least six months having elapsed since the contract was signed. Locations are not counted in the metric if programme activities were completed in prior periods and

have not been extended or renewed.


Water target	Goal	2024	2023	2022
Implement water stewardship programmes in 100 locations in water-stressed areas by 2030 (number of water stewardship programmes)	100	21	13	8

Water consumption in our own operations

Water consumption is calculated as the difference between water withdrawal and water discharge. This is measured using invoices and/or meter readings. For sites

where this information is not collected (representing 4% of water consumption), consumption is estimated based on site headcount, pallet positions and proxy data.

Unilever sites in areas at water risk, including areas of high-water stress, are identified using the World Resources Institute (WRI) Aqueduct Water Risk Atlas tool.

These include sites where the weighted aggregate total water risk is classified as ’high’ or ’extremely high’, as well as sites with high or extremely high baseline

water stress, or, by exception, sites may be identified based on Unilever’s additional review of site-specific factors and localised water risks to complement the WRI

data and ratings.

Water intensity is calculated as total water consumption in thousands m3 divided by turnover in € million. Total turnover equates to net revenue.

Water recycled and reused is measured via meter readings (62%) or through a water mass balance (38%) at all manufacturing sites and the majority of logistics

and other sites. Where data is unavailable, the amount of water recycled and reused is assumed to be zero given the non-manufacturing nature of operations at

these sites.

For all manufacturing sites and the majority of logistics sites with water storage capacity, the stored water is recorded as the maximum capacity of the storage

facilities. Where data is unavailable, water stored is assumed to be zero given the non-manufacturing nature of operations at such sites.


Water consumed, recycled, reused and stored (millions m3)	2024
Total water consumption	17
Total water consumption in areas at water risk, including areas of high-water stress (based on ESRS definition)	11
Total water consumption in areas at water risk, including areas of high-water stress (based on Unilever definition)(a)	11
Total water recycled and reused	2
Total water stored	1
Water intensity ratio: water consumption per turnover (m3/€ million)	281

(a)Includes an additional two sites based on Unilever’s additional review of site-specific factors and localised water risks.


254	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES

Biodiversity and Ecosystems

STRATEGY

Interaction of material impacts and risks with strategy and

business model

Our material Environmental impacts, risks and opportunities (IROs) resulting

from the double materiality assessment (DMA) and the process by which these

were identified are detailed on page 230. Impacts on desertification and soil

sealing were not assessed within our value chain. No biodiversity and

ecosystem-related opportunities were identified during the DMA process.

Impacts and risks in our own operations

Our double materiality assessment concluded that our own operations, covering

more than 600 sites globally, do not collectively have a material impact on

nature. At a local level, we have identified 22 sites that operate within or near

biodiversity-sensitive areas, where Unilever may contribute to negative effects on

biodiversity. To reach this conclusion, we identified sites within a 1km radius of

biodiversity sensitive areas to capture Unilever’s likely direct and indirect impacts

and allow for comparability across our sites.

Each site was then assessed using two indicators:

■The Biodiversity Intactness Index (BII); and

■Water stress assessment according to WRI Aqueduct Tool, supplemented with

Unilever’s localised water stress assessments.

We selected these indicators due to their global scope, their relevance to

Unilever’s operations and recognition by frameworks such as Taskforce on

Nature-related Financial Disclosures (TNFD). We then engaged with sites to

understand the local environment, our activities, and current land and

environmental classifications.

The indicators used identified potential negative impacts, but they risk over and

under-reporting due to being outdated and the inaccuracy of global biodiversity

data sets. Consequently, we are unable to directly attribute Unilever’s operations

to negative impacts on biodiversity and ecosystems. For example, many

identified sites are in industrial zones with multiple companies. While we know

threatened species exist near our operations, we have not assessed if our

operations specifically affect them. Material impacts from desertification and soil

sealing were not identified in our operations.

Establishing and attributing negative impacts requires local analysis and

community engagement. In 2025, we will enhance our site-specific assessment

capabilities with new datasets, indicators, and guidance to evaluate impacts,

risks, dependencies, and identify the necessary mitigation measures.

Impacts and risks in our value chain

Our double materiality assessment identified several nature-related risks in our

value chain. Our business both depends on and impacts nature, including land,

forests and water systems. We recognise the loss of biodiversity within these systems

as a principal risk (Climate and Nature), so protecting them is important to ensure the

resilience of our business and the communities where we operate.

To help inform the development of our strategy, we performed a review of our

most material biodiversity and ecosystems, physical, transition and systemic

risks under two possible nature scenarios aligned with TNFD scenarios over the

medium to long term as follows:

The High Nature Degradation scenario (aligned with the TNFD ‘Sand in the

Gears’ scenario) assesses business resilience to high ecosystem service

degradation and the physical and systemic risks associated with continued

environmental decline. It assumes fragmented global efforts and insufficient

climate policies drive temperatures above 2°C by 2050, worsening biodiversity

loss and environmental decline, and escalating risks for businesses and

communities.

The High Nature Preservation scenario (aligned with the TNFD ‘Ahead of the

Game’ scenario) focuses on high transition risks and the implications of a

resilient economy transitioning to a world with lower ecosystem degradation. It

assumes strong COP15-aligned policies and coordinated global climate efforts

limiting warming to well below 2°C, reducing biodiversity loss and ecosystem

degradation.

Resilience of our strategy and business model to biodiversity

loss and ecosystem degradation

The results of the review demonstrate that a high nature degradation scenario

results in the physical risks of soil depletion and declining yields for high-risk

crops like tea and soy. Rising temperatures, water shortages and the loss of

pollinators further reduce yields, limiting the supply of key crops. Shock events

from systemic risks, such as pest outbreaks, and extreme weather, increase in

frequency and magnitude impacting the agriculture sector directly in some

regions initially and subsequently cascade through the wider economy. This

scenario may further lead to transition risks from increased activism against

companies seen as having a negative environmental impact and reputational

damage.

Where a high nature preservation scenario is achieved, driven by public

awareness and political coordination on biodiversity, protective legal frameworks

(e.g. expansion of legislation similar to EUDR), may evolve faster, increasing the

likelihood of transition risks from nature-related fines and litigation. Our actions or

those of actors in our value chain that may cause harm to biodiversity and

ecosystems, could further lead to increased public scrutiny, legal claims or

potential non-compliance incidents resulting in fines and penalties and loss of

market share due to negative stakeholder perception.

Our business model integrates various strategies to address these risk,

enhancing resilience and increasing the organisation's capacity to respond as

follows:

Responsible sourcing: Our regenerative agriculture and sustainable sourcing

programmes address the impact of our sourcing on ecosystem degradation and

services, particularly in key sourcing locations. Our regenerative agriculture

programmes build on our sustainable sourcing programme, strengthening

practices within the supply base of key agricultural suppliers, and improving the

resilience of agricultural systems, which helps address our dependencies on

agricultural commodities. Our actions to stop deforestation and conversion are

also crucial for addressing the impacts and risks associated with ecosystem

degradation.

Protect and Restore: We take action to protect and restore ecosystems within

and surrounding our key sourcing locations to help address the wider system risk

of biodiversity failure and address the impact that our sourcing has on ecosystem

degradation and services.

Stakeholder engagement: We engage with a diverse range of stakeholders,

including local communities and Indigenous knowledge holders, in our

sustainability initiatives.

Given the significant potential challenges to the agricultural sector from high

nature degradation, our nature advocacy agenda is not just critical to supporting

the achievement of our nature targets but is also key to driving systemic global

initiatives to limit the possible impacts of this scenario.

We do not have a specific nature transition plan. However, the Unilever Climate

Transition Action plan set out on page 233 recognises the interconnected

challenges of climate change and biodiversity loss.


Unilever Annual Report on Form 20-F 2024		255



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ENVIRONMENTAL DISCLOSURES

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

Policies

Unilever’s environmental policies, which include nature-related policies in our

own operations and our value chain, are disclosed on page 232. The table below

demonstrates how these policies address our material nature-related impacts,

risks and dependencies, which are focused on our upstream value chain.

Unilever does not have a dedicated biodiversity and ecosystem protection policy

which focuses specifically on impacts from operational sites in or near

biodiversity sensitive areas.


	Ecosystem degradation and service failure	Ecosystem degradation leading to crop yield reduction	Systemic risk of biodiversity collapse	Increased activism, legal or non compliance costs

Unilever Code and Code policies				■
Unilever Environmental Policy				■
People & Nature Policy	■		■	■
Sustainable Agriculture Code and Sustainable Agriculture Principles	■	■	■	■

As described in our People & Nature Policy and the Sustainable Agriculture

Principles, we set requirements for traceability and the management of production

and sourcing to help maintain biodiversity in our upstream value chain. We also

consider the social consequences of biodiversity loss and ecosystem-related impacts

through these policies.

We do not have specific sustainable oceans/seas practices or policies. Based on

our materiality assessment, this is an area of low impact on nature for our

business, as we source only very low volumes of commodities from the oceans/

seas.

Actions

Our actions and resources are focused in four priority strategic areas and

address our material nature-related impacts, dependencies and risks. We do not

use biodiversity offsets within any of our actions.

Regenerative agriculture

In 2024, we implemented 17 new regenerative agriculture projects, bringing our total

to 23 active projects that collectively cover almost 130,000 hectares since 2021. The

programme has in-field implementation in 11 countries: Argentina, France, Germany,

India, Indonesia, Italy, Mexico, Spain, Thailand, the UK and the US. We have plans in

place to increase the implementation of our regenerative agriculture programmes to

more than 200,000 hectares in 2025. Each project starts with a context analysis of the

local environment, in partnership with the participating farmers, and draws on the

expertise of local agronomists. The projects are designed to address the most

material environmental and climate issues faced by farmers, with practices selected

to fit the local context and farmer knowledge. Every project is designed to address

a range of relevant metrics covering biodiversity, climate and other ecosystem

changes via our Measure, Report, Verify (MRV) framework, which generates output-

and outcome-level data annually.

Sustainable sourcing

In 2024, we sourced 79% of our key crops sustainably, with 63% sourced

using physically sustainable sources and 16% using sustainability credits. Our

goal is to source 95% of our key crops sustainably by 2030. The practices

codified in our Sustainable Agriculture Principles (SAP) (previously, the

Sustainable Agriculture Code (SAC)) enable us to identify and benchmark codes,

standards and assessments that meet our sustainable sourcing requirements.

This action has incorporated local and Indigenous knowledge and nature-based

solutions through the requirements encoded within our SAP. In 2024, we updated

our SAC to lift our requirements for environmental management, human rights,

climate compliance and traceability and to introduce regenerative agriculture

practices more clearly.

Deforestation-free supply chains

In 2024, we have maintained 95% order volumes of palm oil, paper and board,

tea, soy and cocoa as deforestation-free, based on Unilever’s requirements.

Since 2021, we have supported the large-scale transformation of our palm

supply chain through investing €218 million in Unilever Oleochemical

International (UOI). This will further expand our independent mills and direct

sourcing associated with smallholder programmes.

We have continued to invest in the verification of suppliers against our

Independent Verification Protocols, expanding the implementation of our

deforestation-free sourcing programme, addressing risk, and ensuring the

resilience of our supply chain and supporting ecosystems.

Our deforestation-free landscape strategy also includes empowerment and

inclusion of smallholders in our supply chain, which we seek to do through direct

sourcing approaches as well as working across landscapes. In 2024, Unilever’s

palm oil smallholder hub programme trained around 12,500 smallholders in

multiple provinces across Indonesia. Complementary to the programme, Unilever

is onboarding more than 20 independent mills to ensure linkage between

smallholders to our supply chain. Local and Indigenous knowledge is

incorporated into our smallholder programme at all stages, from programme

design to smallholder engagement, to enable land mapping and evaluation

process.

In 2025, we will continue to expand our deforestation-free verification programme

to new sources and suppliers.

Protect and Restore

In 2024, we implemented three new protection and restoration programmes

closely associated with our sourcing locations. We have implemented

13 programmes in total since 2021, covering around 425,000 hectares

cumulatively. The programmes are geographically focused in South East Asia.

Our programmes incorporate Indigenous knowledge by partnering with local

communities, through activities including but not limited to joint programme

design, mapping customary areas and supporting traditional forest management

practices.

All actions are tracked against our cumulative conservation target of protecting

and restoring 1 million hectares by 2030. We select landscapes based on our

commodity footprint, operational presence, and need for additional support from

Unilever in the area. Some of our existing long-term landscape partnerships are

located across three provinces that are the supply bases of our palm oil

processing facility in North Sumatra. We actively support programmes in which

multi-stakeholder collaboration is leveraged to scale up efforts to protect and

restore critical ecosystems. Alongside the Rimba Collective, which is designed to

provide conservation finance and project implementation across Indonesia, we

collaborate to protect both the Leuser Ecosystem and the Tapanuli Selatan

region, which are critical forest ecosystems for Sumatran tigers and orangutans.

Working in landscapes allows us to engage stakeholders within a jurisdiction on

sustainable development plans, considering factors like land and labour rights.

We also invest in innovations to drive

large-scale impacts.

Specific actions for 2025 include expanding protection work with forest

management units and scaling local farmer group engagement. We have plans

in place for projects of up to 600,000 hectares by 2027 that include expanding

our programming with the Rimba Collective and Conservation International.

Advocacy

In 2024, we made progress on our nature policy advocacy priorities. Key actions

included:

■Nature and biodiversity: We supported the Business for Nature coalition’s

Call to Action to governments ahead of UN Biodiversity COP16 in Cali,

Colombia, asking them to adopt, implement or strengthen the policies and

legislation needed to halt and reverse nature loss by 2030. We reinforced our

support for the Call to Action with a joint statement with Business for Nature,

which highlighted the importance of nature to our business but laying out why

voluntary action is insufficient. We then attended the COP to advocate for

ambitious National Biodiversity Strategies and Action Plans (NBSAPs),

integrated with countries’ NDCs.

■Regenerative agriculture: We attended New York Climate Week and the UN

General Assembly (UNGA) 2024 to advocate for the scaling of regenerative

agriculture via the creation of a regulatory landscape that supports farmers to

transition to, and maintain, regenerative approaches. We also attended

COP29 in Baku to advocate for NDCs that support the scaling of regenerative

agriculture.


256	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES

METRICS AND TARGETS

Targets

We have set targets to reduce our impacts on and risks associated with biodiversity and ecosystems, and to help protect, restore and regenerate nature in those locations

where we have a material impact. We have updated our targets to focus on allocating resources towards our material sustainability matters. Our sustainable sourcing and

regenerative agriculture targets address the impact of ecosystem degradation, potential crop yield reduction, and biodiversity loss or collapse within our value chain. Our

protect and restore and deforestation-free targets represent a unified approach to ecosystem intervention, aiming to address biodiversity loss risks and potential regulatory or

activist challenges in areas surrounding our value chain.

In 2024, we reset our sustainable sourcing target to 95% of procured volume with third-party verification by 2030, which allows for new supplier and programme expansion, as

well as additional third-party verification. We also split our previous ‘protect and restore 1.5 million hectares of land, forest and oceans’ target into two separate targets related to

regenerative agriculture and natural ecosystem protection.

We set our targets for both our regenerative agriculture and protect and restore programmes based on exposure to land and our key crops sourcing footprint, which we

estimate at 4 million hectares. By 2030, our regenerative agriculture programme aims to cover approximately 25% of the land required to grow the agricultural raw materials

associated with our key crops, for Unilever’s products. Our protect and restore target, which focuses on ecosystems within and around our key crops sourcing footprint, also

aims to cover approximately 25% of our land footprint. After achieving our no deforestation target in 2023, we set a new goal to maintain 95% deforestation-free sourcing for

palm oil, paper and board, tea, soy and cocoa. Continued implementation of our commitment to deforestation-free sourcing aims to prevent ecosystem destruction and mitigate

legal and reputational risks associated with biodiversity degradation.

Ecological thresholds and allocations of impacts to Unilever have not been applied when setting targets. Target-setting was informed by, but not aligned with, the Kunming-

Montreal Global Biodiversity Framework, and all our targets can be allocated to the avoidance, minimisation, restoration, and rehabilitation layers of the mitigation hierarchy.

Stakeholders in our value chain have not been formally involved in our target setting.

Our targets and progress against these targets are set out below:

Implement regenerative agriculture practices on 1 million hectares of agricultural land by 2030, and help protect and restore 1 million hectares of natural

ecosystems by 2030

Regenerative agriculture activities eligible for support through Unilever’s programmes must contribute to at least two of the five impact areas outlined in our Regenerative

Agriculture Principles: climate, soil, water, livelihoods or biodiversity.

Protect and restore activities eligible for support through Unilever’s programmes are those designed to either conserve areas of natural ecosystem or improve ecosystem

quality.

Eligible programmes must operate within a defined geographical area, be approved by Unilever authority, be operational between 1 January 2021 and 31 December 2024,

and be run directly by Unilever or by a third party under a contractual commitment with Unilever. Where a programme is phased over multiple years, only the share of newly

operational between 1 January and 31 December 2024 will be eligible. A programme is considered operational if at least one activity has commenced, as demonstrated by

the use of budgeted financial or in-kind resources.

95% volume of key crops to be verified as sustainably sourced by 2030

Key crops include cereals and starches, cocoa, coconut oil, dairy, palm oil, paper and board, rapeseed oil, soy oil, sugar, tea, vanilla, and vegetables and herbs, and account

for over 75% of our agricultural sourcing by volume.

Sustainable sources are defined as raw materials that are either produced according to third-party certification and aligned with Unilever’s Sustainable Agricultural Principles

or purchased from non-sustainable sources but matched with credits representing verified sustainably sourced raw materials. Examples include soy (RTRS credits), cane

sugar (Bonsucro credits), and palm oil and palm kernel oil (RSPO credits).

Measuring performance against this target includes the partial use of credits to address the unavailability of physically sustainable (certified) sources in some markets. These

credits are compensatory and not associated with providing biodiversity improvements.

Exclusions: crops purchased by third parties, those used in agricultural production of other purchase materials or those included in the manufacturing process of purchased

materials, and where the volume is <1,000 tonnes.

Maintain no deforestation across our primary deforestation-linked commodities

Performance is measured as the percentage of purchase order volumes of palm oil, paper and board, tea, soy and cocoa that meet Unilever's deforestation-free

requirements in the period from 1 January to 31 December 2024.

Materials are determined to be deforestation-free through one of the following means:

■The materials are in compliance with the European Union Regulation on Deforestation-Free Products (EUDR);

■An independent third-party certification body has provided confirmation to Unilever that the supplier meets the requirements of the Unilever Deforestation-Free Verification

protocols;

■The supplier has received a third-party certification from one of a list of approved certification bodies that meet Unilever's Deforestation-free requirements; or

■The materials come from locations or countries considered to have had a negligible risk of recent deforestation as per the Negligible Risk Protocol.

Exclusions: Materials purchased by third-party companies supplying finished products for Unilever, materials purchased for collaborative manufacturing, materials included

as an ingredient or used in the process of purchased materials or produced with multiple interchangeable feedstocks, small volume materials for palm oil and small volume

suppliers where the aggregated volumes are <5% of total purchased volumes.


Unilever Annual Report on Form 20-F 2024		257



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ENVIRONMENTAL DISCLOSURES


Nature targets	Goal	2024	2023	2022
Implement regenerative agriculture practices on 1 million hectares of agricultural land by 2030 (millions of hectares)(a)	1m	0.13m	0.06m	0.05m
Help protect and restore 1 million hectares of natural ecosystems by 2030 (millions of hectares)(a)	1m	0.43m	0.29m	0.20m
95% volume of key crops to be verified as sustainably sourced by 2030 (% purchased)(b)(c)	95%	79%	79%	81%
Maintain no deforestation across our primary deforestation-linked commodities (% palm oil, paper and board, tea, soy and cocoa order volumes that are deforestation-free)(d)	95%	97%	98%	–

(a)These results are from projects funded by Unilever and our partners. Unilever has an agreement with our project partners that allows all parties to make public statements on the total

impacts of these projects provided they acknowledge the role of the other party.

(b)Raw materials produced according to third-party certification and aligned with Unilever’s SAP were 63% in 2024, 66% in 2023 and 71% in 2022.

(c)Raw materials purchased from non-sustainable sources but matched with credits representing verified sustainably sourced raw materials were 16% in 2024, 13% in 2023 and 10% in 2022.

(d)2023 performance measured for all commodity volumes ordered for three-month period October to December, except for palm oil in India measured only for December.

The change to our goals in 2024 reflects our commitment to expand and stretch our sustainability requirements, and has impacted our 2024 performance on our

sustainably sourced and no deforestation goals. Our updated sustainable sourcing goal requires that all materials be verified, and we are transitioning suppliers and

programmes to verification through 2024. In addition, having reached 97.5% deforestation-free sourcing in 2023 for palm oil, paper and board, tea, soy and cocoa

order volumes, we set our target at 95% on an ongoing basis for the same commodities in 2024, to ensure we can expand the scope of our programme

by onboarding new suppliers and materials. This expands our deforestation-free sourcing and provides better resilience and greater scale. The scope of this target

covers more than 65% of Unilever’s impact on land used to grow our key crops, and focuses on those commodities that are most often linked to deforestation and

conversion of natural ecosystems to farmland.

Impact metrics related to biodiversity and ecosystems change

The Integrated Biodiversity Assessment Tool (IBAT) contains global biodiversity datasets and derived data, including the International Union for Conservation of

Nature (IUCN) Red List of Threatened Species™, the World Database on Protected Areas (WDPA) and the World Database of Key Biodiversity Areas (WDKBA).

Biodiversity-sensitive areas (BSAs) are defined as the Natura 2000 network of protected areas, UNESCO World Heritage sites and Key Biodiversity Areas (KBAs),

as well as other protected areas, as referred to in Appendix D of Annex II to Commission Delegated Regulation (EU) 2021/2139.

A Key Biodiversity Area (KBA) is a site that contributes significantly to the global persistence of biodiversity in terrestrial, freshwater and marine ecosystems. Sites

qualify as global KBAs by meeting one or more of 11 criteria in five categories: threatened biodiversity; geographically restricted biodiversity; ecological integrity;

biological processes; and irreplaceability.

A Protected Area (PA) is a clearly defined geographical space, recognised, dedicated and managed through legal or other effective means to achieve the long-term

conservation of nature, along with associated ecosystem services and cultural values. These areas are obtained from the WDPA.

Unilever site geo-coordinates are assessed using the IBAT to identify those within 1km of a BSA. For each site that is identified as in or within 1km of a BSA,

Unilever assess where there is a negative change in the Biodiversity Intactness Index (BII) and if this is greater than zero between 2017 and 2020; and a water-

stressed area according to WRI Aqueduct Water Risk Atlas Tool. For sites where there is both water stress and a negative change in BII, Unilever includes this site

in the metric and obtains the site size (in square metres) from Unilever’s site surface land area reports. Site areas reported in square metres are converted to

hectares and summed to give a total area in hectares.

Sites that were initially identified as being in biodiversity-sensitive areas but are located within highly urbanised regions were excluded from the final list, as their

proximity to biodiversity-rich locations is limited.

Exclusions: Smaller offices, logistics and GBU sites that do not report in Unilever systems.


Impact metrics related to biodiversity and ecosystems change	2024
Number of Unilever sites in or near (i.e. within 1km) of biodiversity-sensitive areas, that are negatively affecting biodiversity	22
Area of Unilever sites in or near (i.e. within 1km) of biodiversity-sensitive areas, that are negatively affecting biodiversity (hectares)	322

While the indicators used may identify potential negative impacts, they risk over- and under-reporting due to outdated and inaccurate global biodiversity data sets.

Consequently, we are unable to directly attribute Unilever’s operations to negative impacts on biodiversity and ecosystems.


258	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES

Resource Use and Circular Economy

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

Our material Environmental impacts, risks and opportunities resulting from the

double materiality assessment (DMA) and the process by which these were

identified are detailed on page 230.

Policies

Unilever’s environmental policies are disclosed on page 232. The table below

demonstrates how these policies address our material risks and impacts in

relation to resource use and circular economy.


	Plastic pollution	Hazardous waste	EPR schemes and other plastic-related taxes

Unilever Environmental Policy	■	■	■
Environmental Care Framework Standard	■	■
Responsible Partner Policy	■	■

Our approach to plastic packaging is embedded in our overall business strategy

and product innovation cycles. Our policies in relation to plastic packaging

encompass the reduction in our use of virgin plastics, and our policies in relation

to hazardous waste encompass waste management.

Unilever’s policies and other disclosures regarding the sustainable sourcing of

raw materials are detailed in our Biodiversity and Ecosystems section on page

254.

Actions

Plastic pollution, extended producer responsibility (EPR)

schemes for packaging and other plastic-related taxes

Unilever is working to end plastic pollution through reduction, circulation and

collaboration. We aim to reduce virgin plastic use by switching to recycled

plastic, designing lighter packaging, and developing alternative packaging

materials, formats and models. We have also introduced new packaging

solutions, like laundry sheets and capsules in cardboard boxes, to reduce or

remove plastic. To help find new ways for our consumers to shop and use our

products, since 2021, we have conducted over 50 reuse-refill pilots around the

world, testing and learning from different approaches. Because we recognise that

collaboration and regulation are key to scaling reusable packaging models, we

are also participating in industry-wide initiatives led by the World Economic

Forum, the Ellen MacArthur Foundation and the Consumer Goods Forum.

To help keep plastic packaging in circulation and out of the environment, we are

developing next-generation packaging materials that are reusable, recyclable or

compostable. We split rigid packaging from hard-to-recycle flexible packaging in

recognition of the unique challenges linked to each format and the different

solutions required. In 2024, we introduced a new recyclable pump for Vaseline

bottles in North America. Through our Future Flexibles programme, we are

exploring alternatives to plastic, such as recyclable and compostable paper-

based materials. While we develop and scale these new materials, we are

moving some of our products’ packaging to paper-plastic solutions, such as

Knorr bouillon cubes in the UK. Additionally, we are supporting initiatives to

collect and process plastic, which helps to scale waste management systems,

prevent plastic pollution in the environment, and reduce the leakage of

microplastics.

Tackling plastic pollution requires cross-industry collaboration and policy to drive

systemic change and ensure that all businesses play by the same rules. We co-

chair the Business Coalition for a Global Plastics Treaty, campaigning for a

legally binding UN plastics treaty that addresses the full lifecycle of plastic and

creates a level playing field for all businesses. We also advocate for mandatory,

well-designed extended producer responsibility (EPR) schemes to hold

businesses accountable for their packaging choices. In 2020, we endorsed the

Consumer Goods Forum’s position on EPR scheme design, and in 2021, we

signed the Ellen MacArthur Foundation’s public statement supporting the use of

EPR, alongside industry peers.

Waste management, including hazardous waste

We drive continuous improvement in waste management at our sites, including

hazardous waste, through the Environmental Care Framework Standard

(ECFWS). For our manufacturing organisation, the Unilever Manufacturing

System (UMS) provides an operational framework to support the implementation

of the ECFWS. Our sites follow a framework to identify and implement actions

addressing negative waste-related impacts. Each year, all sites develop action

plans to further enhance ECFWS compliance, including waste management, with

progress monitored throughout the year to ensure the timely closure of actions.

In 2024, we introduced a global Waste Standard, effective 1 January 2025,

mandating minimum requirements for the management of hazardous and non-

hazardous waste at all Unilever sites. The standard mandates the application of

the waste hierarchy, employee engagement on waste management principles

and regular audits of our waste service providers. To reduce our waste footprint,

the standard also requires sites to maintain zero non-hazardous waste from

manufacturing to landfill or incineration without energy recovery, which Unilever

has maintained since 2015. In 2024, we supported this by collaborating with

governments and waste service providers in countries where this approach is not

widely available.

Within our value chain, our business partners are required to comply with the

mandatory requirements of our Responsible Partner Policy (RPP), including our

hazardous waste management requirements. We verify RPP alignment through

self-declarations upon registration, annual re-registration to our systems, routine

due diligence and risk-based audits. We require business partners to create a

Corrective Action Plan to address any issues identified during third-party audits

and we encourage suppliers to contact the Unilever team for guidance where

they face challenges in meeting our requirements.

METRICS AND TARGETS

Targets

Our plastic packaging targets focus on the areas we know will have the most

impact such as reducing our use of virgin plastic and developing solutions for

hard-to-recycle flexible plastic packaging materials, like plastic sachets.

We aim to address plastic pollution, including microplastics pollution, by reducing

our virgin plastic usage and increasing circular plastic packaging design. These

voluntary targets are in line with Unilever’s Environmental Policy. Ecological

thresholds and allocations of impacts to Unilever have not been applied when

setting targets. Consideration of microplastics in our products is detailed on page

249.

Making progress on our targets to address plastic packaging is relevant to EPR

schemes, taxes or bans related to packaging; however, we do not have specific

targets in place for such schemes, taxes or bans.

We do not have formal waste targets in place in our own operations. However,

waste generation and waste routes are monitored at a local level to ensure

compliance with Unilever standards and local legal requirements. Our global

Safety, Health and Environment (SHE) team also monitors the compliance of our

manufacturing sites with respect to our aim to send zero non-hazardous waste to

landfill or incineration without energy recovery, and site-level plans are

developed to remediate any identified instances of non-compliance.


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ENVIRONMENTAL DISCLOSURES

The scope of our plastic packaging targets includes plastic packaging in 26 countries, which account for approximately 82% of Unilever’s sales. Packaging

materials comprise of a range of different plastics, including:

■Rigids – plastic packaging materials that are sturdy, inflexible and maintain their shape even when empty, such as bottles, jars and tubs.

■Flexibles – plastic packaging materials that can be easily moulded, folded or shaped, adapting to the product’s form, such as pouches, sachets, overwraps and

tubes.

Where packaging components are made of multiple materials, those that are predominantly plastic by weight are defined as plastic packaging. Conversely, if plastic

is not the single greatest material by weight within a packaging item, the whole item is not considered ’plastic packaging’.

Exclusions: All targets exclude plastic packaging purchased/sold (as applicable) by businesses that are not fully integrated into Unilever’s SAP system and transport

packaging, also known as tertiary packaging.

Reduce our virgin plastic footprint by 30% by 2026, and 40% by 2028, from a 2019 baseline; and Use 25% recycled plastic in our packaging by 2025

Virgin plastic packaging is derived from fossil fuels and/or bio-based sources and has not been recycled. 2024 virgin and recycled plastic packaging volumes are

recorded based on supplier invoices and product specification information. 2019 plastic packaging volumes are estimated by country and Business Group, based

on the volume of plastic purchased in 26 countries in 2023 and the ratio of 2019 and 2023 total product sales volumes. The 2019 recycled plastic purchased is

estimated based on monthly demand by region.

Other exclusions: Plastic packaging purchased by collaborative manufacturers of Unilever products is not included, representing approximately 11% of plastic

packaging purchased in the 26 countries.

100% of our plastic packaging to be reusable, recyclable or compostable by 2030 (for rigids) and 2035 (for flexibles); and Collect and process more

plastic packaging than we sell by 2025

Plastic packaging volumes are based on plastic packaging used in products sold. Approximately 6% of products have incomplete information, which is extrapolated

from the average of the most similar products available with complete data. To estimate the total tonnes of plastic packaging used in products sold for the reporting

year, the plastic packaging used in products sold for the 12 months to 30 September 2024 is multiplied by the ratio of sales volumes for the 12 months to 30

September 2024 compared to the 12 months to 31 December 2024.

■Recyclable plastic packaging: technically possible to recycle and has proven commercial viability for plastics processors to recycle the material in the region

where it is sold.

■Reusable plastic packaging: designed to be used, then refilled more than once and used again for the same purpose; it must also be recyclable at the end of its

life and is therefore not assessed separately to recyclability.

■Compostable plastic packaging: meets international standards and definitions for compostability, and local country infrastructure exists to enable composting to

take place.

Recyclability and compostability are assessed based on information gathered from various sources, such as governmental organisations (for recycling and recovery

rates), industry consortiums and packaging recycling organisations.

Plastic packaging collected for processing is calculated by country and consists of:

■Post-consumer recycled plastic purchased by Unilever, recorded based on supplier invoices and product specification information.

■Plastic packaging collected through activities directly funded by Unilever, tracked by country through invoices, contracts or other written confirmation from the

relevant supplier organisations. Where it is collected and processed in partnership, we will only count Unilever’s share.

■The tonnes of Unilever product packaging recycled, reused or recovered in countries where Unilever funds municipal recycling through EPR schemes are

estimated using country-specific Recycling and Recovery Indices (RRI). These estimates rely on government or industry data, or on internal expert opinions

when external data is unavailable or unreliable. Bottle collection is excluded to prevent double-counting with post-consumer recycled plastic packaging

purchased by Unilever.


Plastics targets	Goal	2024	2023	2022
Reduce our virgin plastic footprint by 30% by 2026, and 40% by 2028, from a 2019 baseline(a)	-30%	-23%	-21%	-21%
100% of our plastic packaging to be reusable, recyclable or compostable(b)	100%	57%	53%	55%
by 2030 for rigids (% of total tonnes of reusable, recyclable or compostable plastic packaging used)		76%	–	–
by 2035 for flexibles (% of total tonnes of reusable, recyclable or compostable plastic packaging used)		13%	–	–
Use 25% recycled plastic in our packaging by 2025 (% of total used in packaging)(c)	25%	21%	20%	18%
Collect and process more plastic than we sell by 2025 (tonnes of plastic packaging collected and processed, % of tonnes of plastic sold)(d)	100%	93%	68%	61%

(a)Restated from -18% in 2023 and -13% in 2022 due to change in measurement methodology (see below).

(b)2023 and 2022 measured for 12-month period ended 30 September.

(c)Restated from 22% in 2023 and 21% in 2022 due to change in measurement methodology (see below).

(d)Restated from 61% in 2023 and 58% in 2022 due to change in measurement methodology (see below).

In 2024, Unilever implemented improvements in the measurement of our virgin plastic and recycled plastic packaging, as part of our continuous efforts to enhance the

quality of our reporting. Measurement is now based on more accurate, granular and automated purchases data, and allows for improved consistency within our

calculations. We have therefore restated our 2022 and 2023 virgin plastic (including the baseline), recycled plastic, and collect and process performance metrics to

reflect these measurement improvements.

We have made progress across all our plastic goals in 2024. We increased our use of recycled plastic, driven by new innovation launches including Dove and Lux

body washes in China and Cif cream cleaner in Turkey, as well as volume growth in our Power Brands, which already use higher levels of recycled plastic. The

increase in recycled plastic use in our packaging contributed to the reduction in our virgin plastic footprint, alongside innovation projects such as the roll out of new

lightweight Rexona and Axe roll-on and stick deodorant designs in our largest deodorants markets.

The proportion of our plastic packaging that is reusable, recyclable or compostable increased, driven by innovations including the launch of recyclable pumps for

Vaseline bottles in North America and by the availability of more accurate data on recycling infrastructure. In 2024, we updated our 100% recyclable, reusable and

compostable goal by splitting it into rigid packaging and flexible packaging. This was in recognition of the unique challenges linked to each format and therefore the

different solutions required. Flexible plastic packaging remains an industry-wide challenge, with collection, processing and recycling infrastructure underdeveloped in

many markets. Developing alternatives to flexible plastic packaging is our priority. This includes alternative packaging materials, formats and models. We know that

alternative packaging formats and models, like reuse-refill, will take more time and systemic change to scale, which is why we are also developing material

alternatives to flexible plastic. For this, we are increasing investment in materials science and technology, boosting our in-house expertise to develop new sustainable

packaging materials and technologies, and working with our supply chain partners to bring these solutions to market.

In 2024, we helped to collect and process 93% of our plastic packaging footprint, representing significant progress towards our 2025 goal. The improvement was

achieved through scaling up and broadening our collection and processing activities across markets, including onboarding new waste management partners in Brazil

and expanding our existing partnership on community waste banks in Indonesia. Key markets driving our progress include Brazil, India, Indonesia, Thailand and

Vietnam.


260	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES

Resource Inflows

Description of resource inflows

The material resource inflows used in our own operations and upstream value chain are raw materials, packaging materials, and water:

■Raw materials used to produce our products include materials originating from agriculture and forestry, including palm-based oleochemicals and food ingredients,

as well as chemicals which may originate from fossil fuels, minerals or metals extracted from the earth. Unilever’s raw materials include biological materials

which are derived from or produced by living organisms (e.g. crops, animals, bacteria and fungi).

■Packaging materials include plastic, paper and board, glass and aluminium, and both virgin and secondary materials (materials that are derived from the

recycling of primary materials which are reprocessed and then reused).

■Water is used as an ingredient in our products and for our manufacturing processes.

Inflows of property, plant and equipment are not considered to be material.

Resource inflows metrics: Products and technical and biological materials used, including secondary materials

Measured based on tonnes of raw and packaging materials purchased for Unilever operations and collaborative manufacturing, and water consumed in Unilever

operations.

Raw and packaging materials purchased by Unilever and packaging materials purchased by collaborative manufacturers supplying Unilever’s Business Groups, are

recorded based on supplier invoices and product specification information. Where supplier invoices or product specification information are not available for

packaging materials purchased by third parties, volumes are estimated using extrapolation of existing data (representing circa 1% of total raw and packaging

materials purchased by Unilever and third parties).

For water consumption volumes, refer to Water Consumption metrics on page 253.

Resource inflows metrics: Biological materials that are sustainably sourced

Measured based on tonnes of biological raw and packaging materials purchased by Unilever. Biological material volumes are calculated based on supplier invoices,

and then mapped to tonnes of feedstock material e.g. chocolate is decomposed into x% cocoa, y% dairy and z% sugar. Water consumed in Unilever operations is

not included in the measurement.

Sustainable sources are defined as either raw materials which are produced according to third-party certification and aligned to Unilever’s Sustainable Agricultural

Principles (48%); or purchased from non-sustainable sources but matched to credits which represent verified sustainably sourced raw materials (12%) e.g. soy

(RTRS credits), cane sugar (Bonsucro credits) and RSPO credits for palm oil and palm kernel oil.


Resource inflows metrics	2024
Total weight of products and technical and biological materials used (million tonnes)(a)	32
Biological materials used that are sustainably sourced as a percentage of biological materials used (%)	60%
Total weight of secondary materials used (million tonnes)	1
Secondary material used as a percentage of total weight of products and technical and biological materials used (%)	2%

(a)Comprises 47% tonnes of raw and packaging materials purchased for Unilever operations and collaborative manufacturing and 53% water consumed in operations.

Resource Outflows

Products and materials

Description of resource outflows

Resource outflows include consumer products, the packaging materials used to contain or protect them, and waste materials. Consumer products include food,

beauty, personal care and home care products. Packaging materials include plastic, paper and board, glass and aluminium.

Exclusions: Our products are designed to be consumed, such as food, or to deliver benefits to the consumer and then pass into wastewater, such as shampoo or

laundry detergent. As such, repairability and durability are not relevant concepts.

Product and material metrics

Measured based on tonnes of packaging materials purchased for Unilever operations and collaborative manufacturing.

Packaging materials purchased by Unilever and collaborative manufacturers supplying Unilever’s Business Groups are recorded based on supplier invoices and

product specification information. Where supplier invoices or product specification information are not available for packaging materials purchased by third parties,

volumes are estimated using extrapolation of existing data (representing circa 6% of total packaging materials purchased by Unilever and third parties).

Recyclability is assessed using data from various sources, such as governmental organisations (for recycling and recovery rates), industry consortiums and

packaging recycling organisations. This reflects the technical potential to recycle a packaging material.

Exclusions: Product recyclability is not a materially relevant concept for our consumer products and is therefore excluded from the metric.

The percentage of our packaging that is recyclable using existing technology is set out below. Not all packaging that is technically recyclable will actually be recycled,

due to a lack of infrastructure. Our goal relating to the ‘actual recyclability’ of plastic packaging is included on page 259 and our plastic packaging actions are outlined

on page 258.


Product and material metrics	2024
Rate of recyclable content in packaging materials used by Unilever (%)	78%


262	Unilever Annual Report on Form 20-F 2024



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ENVIRONMENTAL DISCLOSURES

Potential financial effects

We have considered our most material resource use and circular economy-related risks under two nature scenarios: High Nature Degradation and High Nature

Preservation. Further detail on these scenarios is set out on page 254. The approach taken to this analysis is the same as the process set out in our climate scenario

analysis on page 235, with the exception of the specific nature scenario selection.

The outcomes from this analysis are set out below.


EPR for packaging (transition risk)
Expansion of EPR schemes and plastic tax
				€bn impact on net profit (as a % of net revenue)
Description	Assumptions	Scenario	Risk type	2030	2039	2050
The expansion of EPR schemes, globally or to countries currently considering a scheme. Additionally, within a High Nature Preservation scenario, the introduction of a global plastic tax.	Gross risk The costs relating to EPR schemes apply to all plastics within our packaging; plastic tax applies to virgin plastic only. ■High Nature Preservation: EPR schemes expand to all countries by 2030 and a global plastic tax is levied on virgin plastic production, growing from USD 0 per tonne in 2030 to USD 1,000 per tonne in 2050. ■High Nature Degradation: EPR schemes expand only to countries currently considering a scheme. Net risk ■Achieving our plastic goals reduces exposure to EPR costs and the volume of virgin plastic exposed to a potential tax.	High Nature Preservation	Gross	-0.5 (-0.8%)	-1.2 (-1.5%)	-2.8 (-2.6%)
		High Nature Preservation	Net	-0.4 (-0.7%)	-0.9 (-1.1%)	-1.9 (-1.7%)
		High Nature Degradation	Gross	-0.4 (-0.7%)	-0.7 (-0.9%)	-1.5 (-1.4%)
		High Nature Degradation	Net	-0.4 (-0.6%)	-0.7 (-0.8%)	-1.3 (-1.2%)


EPR for packaging (transition risk)
Increased bans on plastic packaging
Description	Assumptions	Risk type	Description
Increased bans on plastic packaging, affecting all markets in the High Nature Preservation scenario and some markets in the High Nature Degradation scenario.	Gross risk Plastic packaging bans are introduced in certain markets: ■High Nature Preservation: Global initiatives to phase out and ban some types of packaging, with viable alternatives made available. ■High Nature Degradation: Introduction of bans for some types of packaging before viable alternatives exist, in countries with high plastic pollution. Net risk ■Achieving our goals to reduce plastic packaging use, enhance recyclability, and improve waste collection, recycling, and reuse infrastructure.	Gross	High Nature Preservation: Global initiatives for the management of waste streams via EPR schemes are implemented by 2030. From 2030 onwards, additional global criteria to define bans for some types of packaging are established, increasing packaging costs where viable alternatives remain more expensive. High Nature Degradation: Country policies are fragmented; packaging bans are more likely in nations affected by high plastic pollution, reducing revenues in these markets.
		Net	Both scenarios: We achieve 100% reusable, recyclable or compostable plastic packaging goals by 2035 for flexibles, minimising exposure to bans and protecting revenues, while advocating for global rules and harmonised regulation.


Unilever Annual Report on Form 20-F 2024		263



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


ENVIRONMENTAL DISCLOSURES

EU Taxonomy Disclosures

OVERVIEW

The EU Taxonomy regulation sets out the reporting obligations to be included in

the sustainability statement. The regulation outlines certain activities, referred to

as ’eligible’ and ’aligned’ activities. For the financial year 2024, businesses need

to assess whether they have eligible and aligned activities within each of the six

environmental objectives: i) climate change mitigation, ii) climate change

adaptation, iii) sustainable use and protection of water and marine resources,

iv) transition to a circular economy, v) pollution prevention and control, and vi)

protection and restoration of biodiversity and ecosystems.

If the eligible activities are considered to make a substantial contribution to an

objective and do no significant harm in accordance with the criteria set out in the

regulations, then they are designated as ’aligned’ as long as the business also

meets a minimum set of criteria with respect to human rights, bribery and

corruption, taxation and fair competition. Using the current list of eligible activities

and the alignment criteria, we have reviewed the Group’s turnover, capital

expenditure and operating expenditure (as defined by the EU Taxonomy) to

identify the extent of any eligible and aligned activities within our business. The

outcome of our review is presented below.

The EU Taxonomy remains a work in progress and in creating the current list of

environmentally sustainable activities, the European Commission has not yet

considered the FMCG industry in which the Group operates, focusing instead on

the more carbon-intensive industries where it believes there is the most potential

for climate change mitigation or adaptation.

TURNOVER KPI

For the year ended 31 December 2024, none of our turnover related to eligible

activities, as detailed in our consolidated income statement on page 138.

Therefore, none of our turnover can be classified as aligned.

OPERATING EXPENDITURE KPI

As per the EU Taxonomy, operating expenditure is defined as directly incurred,

non-capitalised costs relating to research and development, building renovations,

short-term leases, or the repair and maintenance of property, plant and

equipment. For the year ended 31 December 2024, we did not identify any

material operating expenditure in respect to eligible activities. As a consequence,

none of our operating expenditure can be classified as aligned.

CAPITAL EXPENDITURE KPI

For the year ended 31 December 2024, as set out in our consolidated financial

statements, 15.1% of our capital expenditure related to eligible activities. This

includes all additions to intangible assets as detailed in note 9 on page 160 and

all additions to tangible assets (both leased and owned) as detailed in note 10 on

page 163. Those additions include those resulting from business combinations

and are before depreciation, amortisation and any re-measurements.

We have identified eligible activities that relate to i) climate change mitigation, iii)

sustainable use and protection of water and marine resources and iv) transition

to a circular economy. The majority of this relates to the acquisition of buildings

as shown in the tables below. There are no eligible activities in respect of v)

pollution prevention and control, and vi) protection and restoration of biodiversity

and ecosystems.

We have determined that none of this eligible capital expenditure can be

classified as aligned as they do not make a substantial contribution to climate

change mitigation objective. The principal reason is that we do not have

sufficiently detailed documentation to support the criteria.

We meet the minimum set of criteria with respect to human rights, corruption and

bribery, taxation and fair competition. This has been determined by assessing our

internal policies against the minimum criteria and reviewing any breaches or

violations identified in the reporting period.


Taxonomy-eligible but not Taxonomy-aligned activities
	€ Million
Climate change mitigation
4.1 – Electricity generation using solar photovoltaic technology	5.7
4.16 – Installation and operation of electric heat pumps	1.9
4.24 – Production of heat/cool from bioenergy	1.1
5.2 – Renewal of water collection, treatment and supply systems	1.0
6.5 – Transport by motorbikes, passenger cars and light commercial vehicles	3.1
7.1 – Construction of new buildings(a)	8.6
7.2 – Renovation of existing buildings(a)	21.6
7.3 – Installation, maintenance and repair of energy efficiency equipment	6.8
7.7 – Acquisition and ownership of buildings	385.4
8.1 – Data processing, hosting and related activities	1.3
Sustainable use and protection of water and marine resources
2.1 – Water supply	1.3
Transition to a circular economy,
5.1 – Repair, refurbishment and remanufacturing	0.9
Total Taxonomy-eligible but not Taxonomy-aligned activities	438.7

(a)Capital expenditure for those eligible activities are also eligible under the objective ’Transition to a circular economy’ however they are all allocated to Climate Change to avoid double

counting.


264	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


ENVIRONMENTAL DISCLOSURES

Proportion of capital expenditure from products or services associated with Taxonomy-aligned economic activities –

disclosure covering the year ended 31 December 2024

Financial year

2024

Substantial contribution criteria

DNSH criteria ('Does

Not Significantly Harm')

Economic activities (1)

Code

(2)

€ Million

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

in %

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Capital expenditure of

environmentally sustainable

activities (Taxonomy-aligned)

(A.1)

Of which enabling

Of which transitional

A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

N/EL

4.1 – Electricity

generation using solar

photovoltaic technology

CCM

4.1

5.7

0.2%

N/EL

0.6%

4.16 – Installation and

operation of electric heat

pumps

CCM

4.16

1.9

0.1%

N/EL

0.1%

4.24 – Production of heat/

cool from bioenergy

CCM

4.24

1.1

0.1%

N/EL

0.2%

5.2 – Renewal of water

collection, treatment and

supply systems

CCM.

5.2

1.0

—%

N/EL

—%

6.5 – Transport by

motorbikes, passenger

cars and light commercial

vehicles

CCM

6.5

3.1

0.1%

N/EL

0.1%

7.1 – Construction of new

buildings

CCM

7.1,

3.1

8.6

0.3%

N/EL

—%

7.2 – Renovation of

existing buildings

CCM

7.2,

3.2

21.6

0.8%

N/EL

0.2%

7.3 – Installation,

maintenance and repair of

energy efficiency

equipment

CCM

7.3

6.8

0.2%

N/EL

0.4%

7.7 – Acquisition and

ownership of buildings

CCM

7.7

385.4

13.3%

N/EL

16.1%

8.1 – Data processing,

hosting and related

activities

CCM

8.1

1.3

—%

N/EL

—%

2.1 – Water supply

WTR

2.1

1.3

—%

N/EL

—%

5.1 - Repair,

refurbishment and

remanufacturing

5.1

0.9

—%

N/EL

—%

Capital expenditure of

Taxonomy-eligible but not

environmentally

sustainable activities (not

Taxonomy-aligned

activities) (A.2)

438.7

15.1%

—%

17.7%

A. Capital expenditure of

Taxonomy-eligible activities

(A.1+A.2)

438.7

15.1%

—%

17.7%

B .TAXONOMY-NON-ELIGIBLE ACTIVITIES

Capital expenditure of

Taxonomy-non-eligible

activities

2,464.1

84.9%

TOTAL

2,902.8

100%

Climate Change

Mitigation (5)

Climate Change

Adaption (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change

Mitigation (11)

Climate Change

Adaption (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum

safeguards (17)

Proportion of taxonomy

aligned (A.1.) or eligible

(A.2.) Capex 2023 (18)

Category enabling

activity (19)

Category transitional

activity (20)

Proportion of capital

expenditure, year 2024

(4)

Capital expenditure (3)


266	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


ENVIRONMENTAL DISCLOSURES

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure

for the year ended 31 December 2024


Financial year	2024			Substantial contribution criteria						DNSH criteria ('Does Not Significantly Harm')
Economic activities (1)	Code (2)	Turnover (3)	Proportion of turnover 2024 (4)
		€ Million	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities (Taxonomy- aligned) (A.1)		0	-%	-%	-%	-%	-%	-%	-%	N	N	N	N	N	N	Y	-%
Of which enabling		0	-%	-%	-%	-%	-%	-%	-%	N	N	N	N	N	N	Y	-%	E
Of which transitional		0	-%	-%	-%	-%	-%	-%	-%	N	N	N	N	N	N	Y	-%		T
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
				N/EL	N/EL	N/EL	N/EL	N/EL	N/EL
Turnover of Taxonomy- eligible but not environmentally sustainable activities (not Taxonomy- aligned activities) (A.2)		0	-%	-%	-%	-%	-%	-%	-%								-%
A. Turnover of Taxonomy- eligible activities (A.1+A.2)		0	-%	-%	-%	-%	-%	-%	-%								-%
B .TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non- eligible activities		60,761	100%
TOTAL		60,761	100%

Climate Change

Mitigation (5)

Climate Change

Adaption (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change

Mitigation (11)

Climate Change

Adaption (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum

Safeguards (17)

Proportion of Taxonomy

-aligned (A.1.) or -eligible

(A.2.) operating expenses,

2023 (18)

Category enabling

activity (19)

Category transitional

activity (20)


Nuclear and fossil gas-related activities – disclosure for the year ended 31 December 2024
Nuclear energy-related activities
1.	Unilever carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	No
2.	Unilever carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	No
3.	Unilever carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	No
Fossil gas-related activities
4.	Unilever carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	No
5.	Unilever carries out, funds or has exposures to construction, refurbishment and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	No
6.	Unilever carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/ cool using fossil gaseous fuels.	No


Unilever Annual Report on Form 20-F 2024		267



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


Social Disclosures

Our business is supported by over 120,000 individuals working in factories,

offices, distribution warehouses, R&D centres and customer-facing roles. The

scope of our Social disclosures includes:

■Own workforce: Unilever employees, i.e. those in a direct employment

relationship with Unilever according to national law or practice, and non-

employees, i.e. contractors working for Unilever, such as self-employed

individuals or those provided by employment agencies.

■Value chain: People employed by Unilever’s business partners, as detailed in

our general information on page 224.

■Affected communities: Individuals and local communities, including

Indigenous people, living or working in areas impacted by Unilever’s

operations or value chain activities.

■Consumers and end-users: The 3.4 billion people who use our products

every day.

SOCIAL MATERIAL IMPACTS, RISKS AND

OPPORTUNITIES

The process for assessing and identifying our material impacts, risks and

opportunities (IROs) is informed by our double materiality assessment as

detailed in our general information on page 226.

In identifying our material IROs, we have considered all groups of people who

are in the scope of our disclosures, as set out above, and considered all topics

connected to our strategy and business model. The Board engages regularly

with our workforce and Unilever’s Supply Chain and Procurement teams

maintain communication with our business partners, including those communities

that may have been affected by Unilever operations or value chain. This

feedback provides a key input into our double materiality assessment.

In March 2024, Unilever announced a comprehensive productivity programme,

which is expected to affect 7,500 office-based roles globally. The programme

aims to reduce complexity and drive efficiencies through technology-led

interventions, process standardisation and centralisation. The impacts of this

programme have been considered through our double materiality assessment

as we recognise that the retention of talent throughout this period is an important

factor when considering the risks to our workforce.

For each of our principal risks, including those relating to talent and the quality

and safety of our products, we reviewed the risk management frameworks

detailing risk descriptions and mitigating controls in place. These frameworks are

updated annually and monitored throughout the year to identify changes in the

risk profile.

When reviewing the social matters that are most material to us, we consider the

concept of impact materiality to be interchangeable with saliency. Therefore, the

identification of our material IROs considers our human rights impacts based on

our salient human rights issues. These are defined by the United Nations

Guiding Principles on Business and Human Rights (UNGPs) as ’the human

rights that are at risk of the most severe negative impacts through a company’s

activities or business relationships’.

In 2023, we completed an external review working with a human rights

management consultancy, in consultation with our key stakeholder groups,

including our affected communities, to assess both existing and emerging human

rights issues. This review concluded that our salient human rights issues are:

■Bullying and harassment;

■Discrimination;

■Fair wages and income;

■Forced labour;

■Freedom of association and collective bargaining;

■Health;

■Land rights (including Indigenous rights); and

■Working hours.

Each of these issues is viewed through multiple lenses, including gender, climate

transition impacts and type of operations, to understand the influence that these

have on access to human rights. We aim to identify, understand and assess

potential and actual impacts to people, as well as the root causes of impacts, so

that these are effectively addressed. We also work to prevent potential impacts

from becoming actual impacts, while monitoring for new and emerging human

rights issues. This is detailed further in our approach to human rights section on

page 270.

We regularly review human rights issues to ensure our approach remains

focused on saliency. While child labour is not one of Unilever’s global salient

human rights issues, it remains a key focus at a regional and commodity-specific

level, such as child labour prevention initiatives in our cocoa supply chain in

Ghana and Côte d’Ivoire.

Our Business Group strategies incorporate processes for identifying potential

impacts, risks and opportunities related to our consumers. These strategies are

supported by our Unmissable Brand Superiority framework and the 6Ps –

product, packaging, proposition, promotion, place and pricing – which drive

brand innovation. Product safety is fundamental to our business and is governed

by our Safe Product Framework. This framework includes assessing raw

materials, product design and development, and manufacturing processes, with

special consideration for vulnerable populations where relevant. Customer,

channel (including marketing) and regulatory risks (e.g. sugar taxes) are also

identified and managed through our enterprise risk processes.


268	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


SOCIAL DISCLOSURES

The output of our 2024 DMA for our social impacts, risks and opportunities is included below:

OWN WORKFORCE AND WORKERS IN THE VALUE CHAIN


Material impact, risk or opportunity		Description

Talent	Risk (OO)	Unilever’s success depends on our ability to attract, develop and retain diverse talent, especially in competitive emerging markets. It is crucial to maintain a skilled and adaptable workforce. Failure to do so could make it more difficult to manage the business and could adversely affect operations and financial results. We recognise the importance of cultivating a strong reputation for skills development to help position Unilever as a top employer.

Capability building across our value chain to improve livelihoods †	Positive Impact (VC)	Unilever supports people in our value chain, including smallholder farmers, to improve their livelihoods. This includes building capability around employment practices and income diversification.

Salient human rights issues

Bullying and harassment	Negative Impact (OO) (VC)	Bullying and harassment are more likely to arise where there is an imbalance of power in a relationship or where people are in a situation of vulnerability. In addition, this may happen where the prevailing culture, context or law discriminates against certain groups. Bullying and harassment may occur within our own operations and value chain, which could have a significant negative impact on an individual’s physical and mental wellbeing, their families and the wider community.

Discrimination	Negative Impact (OO) (VC)	Discrimination is the absence of equality of opportunity and treatment, and occurs when a person is treated differently on the basis of protected characteristics.1 Discrimination may occur in our own operations and value chain. In workplaces, discrimination may occur in the processes leading up to hiring and following termination of employment, as well as during employment. Along with significant impacts on the individual, discrimination has wider social and economic consequences.

Forced labour	Negative Impact (OO) (VC)	Forced labour is defined as ‘all work or service which is exacted from any person under the threat of a penalty and for which the person has not offered himself or herself voluntarily’. While some situations are immediately identifiable as forced labour (such as being forced to work through the use of violence), others are more subtle (such as debt bondage, retention of identity papers or involuntary overtime). Forced labour has significant physical, mental and economic impacts on individuals and could occur in our own operations or value chain, in particular where workers utilise the services of recruitment agencies to secure a job.

Fair wages2 and income	Negative Impact (OO) (VC)	Without receiving a fair wage or income, people are unable to meet their basic needs. Providing employees and workers in the value chain with fair wages or incomes, including payment of a living wage, can have a significant impact on their livelihoods.

Working hours	Negative Impact (OO) (VC)	The number of hours worked, the way in which they are organised, and the availability of rest periods can significantly affect not only the quality of work, but also mental and physical health as well as income. Workers in our own operations or our value chain may be impacted by longer working hours. Workers in our value chain may be particularly impacted by longer working hours, especially where wages are low and the work is performed on an informal or seasonal basis (such as agriculture).

Health	Negative Impact (OO) (VC)	Everyone has the right to a clean, healthy and sustainable environment. Negative impacts on health may occur within our own operations, value chain and communities in which we operate, including from poor health and safety processes and unsafe working conditions.

Freedom of association and collective bargaining	Negative Impact (OO) (VC)	All workers should be free to form or join a union of their choice, seek representation and collectively bargain, all without the fear of intimidation, harassment or obtaining prior approvals. Lack of freedom of association may occur within our own operations and value chain, particularly where there are local laws restricting these rights.

1.Protected characteristics include race, age, role, gender, gender identity, colour, religion, country of origin, sexual orientation, marital status, dependents, disability, social class, political views

or any other class protected by law.

2.A fair wage or income supports an individual’s right to adequate living standards. Fair wages are determined using multiple dimensions, including consideration of the hours worked, the pay

OO Own Operations

VC Value Chain

† Entity-Specific Disclosure

OO Own Operations

VC Value Chain

† Entity-Specific Disclosure

systems used, the information workers receive in advance about their pay, and how this information is communicated. A living wage is the remuneration a worker receives for a standard

working week in a particular location, sufficient to afford a decent standard of living for the worker and their family.


Unilever Annual Report on Form 20-F 2024		269



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


SOCIAL DISCLOSURES

AFFECTED COMMUNITIES


Material impact, risk or opportunity		Description

Salient human rights issues

Land rights, including Indigenous rights	Negative Impact (OO) (VC)	Land is a source of livelihood for many and is also linked with people’s identities, culture and social status, which are protected by legal or customary rights. Communities connected to the areas where we operate, source, and conduct business may be affected by land rights issues. Our operations or our value chain actors could be associated with land transactions involving land appropriation or insufficient consultations with rightsholders.

CONSUMERS AND END-USERS


Material impact, risk or opportunity		Description

Safe products	Risk (OO) (VC)	Unsafe products could result in financial loss as a result of: ■Product formulation and packaging not meeting Unilever's safety standards; ■Formulation ingredients and packaging being accidentally or maliciously contaminated, compromising product integrity and potentially impacting the consumer; or ■Product labelling not aligning with laws and regulations, or lacking transparency, resulting in consumers not having the relevant information to make decisions about our products or being at risk of harm to their health.

Marketing to children	Negative Impact (VC)	Inappropriate marketing to children can lead to children increasingly being exposed to advertising of foods high in sugar, fat or salt, particularly through children's widespread use of social media. This may contribute to childhood obesity epidemic.

Nutritional product quality †	Risk (VC)	Regulatory restrictions may be imposed on the sale and marketing of food products that do not meet certain nutritional requirements. In many markets, consumers are also increasingly focused on products that combine great taste and health with limited salt, sugar, saturated fats and calories, as well as provide positive nutrition such as proteins, vitamins and minerals, fibre and vegetables. While we are diversifying our product portfolio to respond to new demands and increased restrictions, this could impact our revenue growth in the short term.

Product innovation as a response to changing demand †	Opportunity (VC)	Consumers are becoming more aware of sustainability issues and there is a growing demand for sustainable products that do not compromise on performance or affordability. Unilever's Research and Development function continues to focus on and innovate products that respond to these challenges, which provides an opportunity to create a competitive advantage and revenue growth.

OO Own Operations

VC Value Chain

† Entity-Specific Disclosure


270	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


SOCIAL DISCLOSURES

APPROACH TO HUMAN RIGHTS

Our commitment to respect human rights extends across our operations and

value chain. Following the operational principles of the UNGPs, we seek to

identify, address and remediate potential and actual human rights impacts.

Our human rights due diligence considers where potential or actual impacts are

most severe, and encompasses a wide range of rightsholders including:

■Our employees and workers at our own sites, including factories, offices,

warehouses and research and development laboratories (own workforce).

■Workers employed by our business partners, including manufacturing

facilities, laboratories and refineries, as well as professional service providers

(value chain).

■Agricultural workers and smallholder farmers growing and harvesting crops as

ingredients in our products (value chain).

■Drivers and transport operators who ensure our products reach our customers

(value chain).

■Retail employees selling our products to customers (value chain).

■Individuals and communities that live in and around our own sites and those of

our business partners (affected communities).

■Those impacted by our brands and our products (consumers).

Human rights policies

Unilever’s Human Rights Policy Statement is a comprehensive framework

developed in line with the UNGPs, the International Bill of Human Rights,1 and

the principles concerning fundamental rights set out in the International Labour

Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work.

We support the OECD Guidelines for Multinational Enterprises, which provide

voluntary principles and standards for responsible business conduct, including

employment and industrial relations and guidance on effective human rights due

diligence.

Our Human Rights Policy Statement outlines our approach to embedding respect

for human rights into how we operate and recognises the importance of

engagement with rightsholders, particularly those who may be at greater risk of

negative human rights impacts. This includes women, migrant workers, under-

represented communities and human rights defenders.

Own workforce

As detailed in our general information section on page 229, Unilever’s Code and

Code policies apply to all material sustainability matters, including Human Rights.

Our Respect, Dignity and Fair Treatment Code policy sets out how we will

respect employees’ human rights by:

■Recruiting, employing and promoting employees on the sole basis of the

qualifications and abilities needed for the work to be performed.

■Not engaging in any direct or indirect behaviour that could be construed as

harassment or bullying.

■Providing employees with a living wage, ensuring that they can meet their

everyday needs.

■Not using any form of forced, compulsory, trafficked or child labour.

■Respecting the dignity of the individual and the right of employees to freedom

of association and collective bargaining.

Our Occupational Health & Safety Code policy sets out our individual and shared

responsibilities for health and safety. Team leaders have overall operational

responsibility for health and safety and must:

■establish and maintain appropriate systems;

■identify and manage hazards and risks;

■report incidents in line with mandatory KPIs (incident reporting, process safety

incidents, fire incidents and safe travel); and

■ensure appropriate communications and training is provided to our own

workforce.

We expect all employees to take responsibility for their safety and those around

them by acting in accordance with the Code.

Value chain

Unilever’s business partners are required to follow a supplier code of conduct,

outlined in the Responsible Partner Policy (RPP). This includes meeting or

exceeding integrity and ethics, human rights and environment-related

requirements, and addressing any negative impacts that are identified. The

Human Rights Principles of the RPP are aligned with the relevant ILO

Conventions and include requirements that cover all of our salient human rights

issues, including forced labour (human trafficking), and child labour. The RPP

also requires that business partners have systems and processes in place to

ensure they are not at risk of breaching the RPP.

Business partners are mandated to cascade equivalent requirements within their

supply chain and carry out their own human rights due diligence. In addition to

the RPP, Unilever’s People & Nature Policy requires in-scope third parties to:

■Conduct human rights due diligence (HRDD) within their own operations and

supply chains.

■Develop and embed effective management systems to meet the requirements

of the RPP and People & Nature Policy.

■Demonstrate compliance with the policy’s principles through independent

verification.

Further information on the policies that apply to our business partners is included

in our Environmental policies section on page 232.

Affected communities

The RPP sets out our expectations of business partners regarding the rights and

title to the property and land of individuals and local communities, including

Indigenous peoples. Our People & Nature Policy outlines our recognition of

Indigenous peoples and local communities, and our support for open dialogue

and communication channels enabling all voices to be heard.

In 2023, we published our Principles in Support of Human Rights Defenders (HRDs),

acknowledging their important role, particularly those active in the communities where

we operate and source from. These principles recognise the vulnerability of HRDs to

potential and actual impacts and the need for safe and meaningful dialogue with

them.

Human rights governance

Our approach is to embed respect for human rights across our business by

implementing the UNGPs. Our human rights governance and policy

implementation is led from the top, overseen by our CEO and supported by the

ULE. The ULE is consulted on human rights issues where the severity of a

potential or actual impact is high, where a business-critical decision needs to be

taken, or where substantial financial investment may be required to address an

impact.

The Unilever Board of Directors oversees policies in relation to the Company’s

due diligence actions and considers inputs from various stakeholders. Additional

board-level oversight of the Responsible Partner Policy is provided by the

Corporate Responsibility Committee.

We continue to embed responsibility for our human rights commitment across all

parts of our business. Central business functions, including the Sustainability,

Procurement and Legal teams, provide guidance and support to respond to our

salient human rights issues. This includes capability building, as well as

identifying potential and actual human rights impacts, and creating action plans

to prevent, mitigate and remediate potential and actual impacts. We also

collaborate with business partners, peers, industry associations, civil society and

others to coordinate efforts and promote collective industry change.

Engaging on human rights impacts

Engagement with rightsholders and relevant stakeholders is an essential part of

our approach to identifying and assessing potential and actual human rights

impacts both within our own operations and our value chain. We engage with

stakeholders in a variety of ways, both directly and through credible proxies,

including conducting interviews with direct and third-party workers during site

audit processes and human rights impact assessments. Further information on

engagement with rightsholders is included on page 74.

We also use technology solutions, including mobile-hosted apps such as diginex

and Quizrr, to gather workers’ views, provide value chain workers with access to

learning materials, and help them become more aware of their rights. In addition,

we engage with rightsholders via grievance mechanisms to understand concerns

and issues and, where appropriate, provide remedy.

We work extensively with trade unions (IUF and IndustriAll), including through

joint working groups and formal consultations, as well as through the day-to-day

interactions that our leadership teams have with union representatives in the

workplace. The Memorandum of Understanding that we have with the IUF and

IndustriAll confirms our commitment to biannual meetings and communications

between meetings as required. These meetings are an engagement between

Unilever’s senior executives, industrial relations leaders and union

representatives, and allow us to address human and trade union rights arising

within our operations and set the tone for local management/trade union

relations.

1.Consisting of the Universal Declaration of Human Rights, the International Covenant on

Civil and Political Rights, and the International Covenant on Economic, Social and

Cultural Rights.


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Human rights due diligence

We apply a standard approach to human rights due diligence for all our

operations. In cases where issues of violence and conflict are identified, we carry

out heightened human rights due diligence. We have adopted elements of the

Voluntary Principles on Security and Human Rights and are signatories to the UN

Global Compact Business for Peace Initiative. We adhere to strict security

standards for our facilities and have performance measures in place to ensure

that our approach is appropriate for the situation. Where there is a risk of

Unilever causing, contributing to, or being linked to potential or actual impacts to

both people and conflict situations, we carry out heightened human rights due

diligence. This follows established internal processes to determine the most

appropriate course of action, including escalating recommendations to senior

leaders when required.

Where issues are identified at a business partner level, we engage with them to

create and implement corrective action plans and build their awareness and

capability on the relevant issue in line with the UNGPs. However, there are cases

where Unilever will cease sourcing from a business partner if they are unwilling

or unable to address the issue. In 2024, we developed internal guidelines for

responsible disengagement as a reference document that teams across the

business can use when making commercial decisions. The guidelines, which

align with the OECD Guidelines for Multinational Enterprises, includes tools that

ensure consideration is given to the potential impacts to people in our value

chains when considering exiting a country, region or sector.

Human rights due diligence is also integral to our mergers and acquisitions

process. During the pre-acquisition phase, we assess the robustness of policies,

processes and management systems to ensure respect for human rights both

within the entity’s operations and throughout its value chain. Post-acquisition, we

conduct onboarding processes that include developing a corrective action plan

with the new entity to address gaps identified during the pre-acquisition phase

and integrating the new entity into Unilever’s compliance systems.

Taking action to address potential and actual human

rights impacts

Unilever responds to identified negative human rights impacts with consideration

of several factors, including the location of the issue (own operations or value

chain) and our leverage. Our actions to address potential human rights impacts,

often carried out in partnership with peer companies and expert partners,

include:

■Embedding effective management systems across our own operations;

■Delivering training and capability building; and

■Participating in advocacy and multi-stakeholder collaborations to address root

causes and promote systemic change.

We have created a structured approach to addressing our salient human rights

issues through our framework on salient issues. The purpose of the framework is

to:

■Ensure our approach to each salient issue follows a similar model;

■Provide a global framework for each issue from which local approaches can

be adapted;

■Enable us to address issues in a consistent manner with consolidated

reporting;

■Define clearer articulation and coordination across issues and areas of

intervention;

■More easily prioritise action and resources; and

■Share clear impact assessment metrics and KPIs internally and measure/

report on progress.

For each issue identified, the framework captures who is impacted, how many

people are affected, the root cause of the issues, the vision and outcome we

want to deliver, and the targeted area of intervention.

Examples of actions taken in 2024 include:

■Partnering with an external provider to develop a programme aimed at

strengthening business partners’ human rights due diligence and improving

workers' access to their rights. The programme was launched in Thailand,

India, Mexico, and Brazil. We partnered with &Wider and 60 decibels to collect

baseline data so we can track improvements over time.

■Collaborating with other brand members of the AIM-Progress Responsible

Recruitment Working Group and human rights consultancy Embode to

continue executing the Ganapati Project. This included providing training and

advisory services to help suppliers manage and update recruitment practices

and improve communication channels.

■Partnering with Coca-Cola, the International Organization for Migration, and

diginex, supported by the Bonsucro Impact Fund, to gather insights from

sugarcane sector workers on their experiences and day-to-day work life.

Using this data, diginex aims to understand workers’ challenges and influence

policy development, helping to identify how factors such as gender, migration

status and other variables may influence their potential exploitation.

Monitoring actions relating to human rights

We publish regular updates on our actions to manage potential and actual

human rights impacts through our website, Unilever.com. Additionally, we publish

business partner audit reports to track the progress of our value chain monitoring

activities.

We take steps to monitor the effectiveness of our policies in embedding respect

for human rights both within our own operations and across our value chain. This

is managed through a number of programmes and committees, including the

Global Code and Policy Committee for our own operations, and the Procurement

Business Integrity Committee for our supply chain.

We have established a human rights impact measurement framework to

consistently report on the impact of our work and the effectiveness of our human

rights due diligence approach. We are also an active member of the AIM-

Progress Impact Measurement Working Group, with the goal of aligning on

common impact KPIs to simplify reporting and reduce the burden on suppliers for

data collection. Data will be published regularly through our human rights

reporting to show progress against these impact measures.

Modern slavery

To meet the requirements of the Modern Slavery Act 2015, we publish our

Modern Slavery Statement annually, which is approved by the Board. This

statement explains the steps taken to prevent, detect and respond to modern

slavery impacts in our business and value chain. We take a multidimensional

approach to identifying and understanding potential and actual forced labour

impacts considering several sources, including: external risk indicators calculated

by Verisk Maplecroft based on country-level analysis of forced labour risk;

insights from teams in local markets; supplier self-assessments through our

Responsible Sourcing Programme; and from carrying out heightened human

rights due diligence where appropriate. In 2024, our work was mainly focused in

Malaysia and Thailand, in addition to continuing projects in India and Indonesia.

We also began developing action plans for Saudi Arabia and the United Arab

Emirates, which we are implementing in 2025.

We disclose data about audit findings concerning potential and actual modern

slavery and forced labour impacts at our business partners’ sites in our annual

Modern Slavery Statement. Additionally, we publish audit findings related to

indicators of child labour identified at Business Partner sites in our Responsible

Partner Policy audit update. This is discussed further on page 280 in the Workers

in the Value Chain section.

Metrics relating to severe human rights incidents in our own operations, including

incidents of forced labour, are included in our Own Workforce disclosures on

page 278.


272	Unilever Annual Report on Form 20-F 2024



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SOCIAL DISCLOSURES

Own Workforce

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

Our material Social impacts, risks and opportunities resulting from the double

materiality assessment (DMA) and the process by which these were identified

are detailed on page 267.

Policies

Unilever’s Code and Code Policies set out the global standards of behaviour that

we expect all employees to adhere to. They emphasise our belief in a workplace

where there is mutual trust and respect for human rights and include specific

non-retaliation policies for anyone who raises concerns or alleged breaches of

the Code. We cover this in more detail in our Governance disclosures on page

287.

The Code Policies also detail how we manage our material IROs. In particular,

the Respect, Dignity and Fair Treatment, and Occupational Health and Safety

Code policies set out how we respect our employees and their responsibilities

towards each other. Further information is available in the Human Rights policies

section on page 270.

Non-employees (excluding contractors covered under the Code) are required to

adhere to Unilever's Responsible Partnership Policy (RPP).

Engaging with own workforce and workforce

representatives

Engaging with our own workforce

Unilever is committed to proactively engaging with our employees globally. We

recognise that our people have first-hand knowledge of our business, as well as

direct contact with our stakeholders. As a result, our people are well positioned to

give valuable insights and feedback on all elements of our business, including

identifying impacts on the workforce, and business risks and opportunities.

As set out in the Board's Workforce Engagement Policy, we strive to ensure

engagement with our people is strategic and meaningful. This means workforce

engagement activities:

■are planned in advance for the year to align with the agenda for Board

meetings;

■cover our entire workforce demographic in terms of geography, Business

Group, function, length of service, diversity and work level/seniority;

■provide opportunities for employees to engage directly with senior leaders,

including our Non-Executive Directors;

■use a variety of methods, including face-to-face sessions, employee

representatives, surveys and town hall meetings;

■focus on Unilever’s strategic priorities and associated policies

(i.e. sustainability, living wage, flexible employment models, skills training and

diversity goals); and

■provide an opportunity for our people to raise matters that are relevant to

them.

The ULE and the Board actively participate in workforce engagement sessions,

listening to employees and discussing focus topics. In 2024, Non-Executive

Directors participated in six workforce engagement events covering a wide range

of topics, including reward and performance culture, inclusion, sustainability, and

Unilever as an employer of choice. In addition, around 50 employee events were

led by the CEO and Unilever Leadership Executive (ULE), as well as by business

unit, regional or functional leaders. These included regular interactive global

‘town hall’ sessions with our CEO and ULE members, in which our senior leaders

inform our employees about our Growth Action Plan and our progress during the

year, and answer questions on issues of concern to our workforce, such as the

productivity programme. Leaders also make periodic in-person visits to our sites

around the world to meet with our people and seek their feedback. At a market

level, we hold regular local leader-led virtual town hall meetings to engage with

employees on relevant topics and issues.

Our annual UniVoice survey is a key tool to understand employee sentiment. It

covers a broad range of topics including engagement, leadership, line

management, business integrity, growth mindset, purpose and inspiration,

wellbeing, career development and learning, operational effectiveness, and

diversity and inclusion. Almost 100,000 employees took part in our UniVoice

survey in 2024 (75% engagement in offices and 83% in factories). We publish

highlights of the UniVoice survey in our Annual Report, and leaders within the

business are responsible for taking follow-up actions. We also undertake a more

frequent interim ‘UniPulse’ survey, allowing more focused enquiry around key

themes, such as the ongoing productivity programme.

Engaging with workers’ representatives

As set out in our approach to human rights on page 270, we work extensively

with trade unions through joint working groups and formal consultations.

We have both formal and informal consultations with unions and works councils,

in addition to the day-to-day interactions our leadership teams have with union

representatives in our factories. During 2024, the main topics of discussion with

our employee representatives, including with the Unilever European Works

Council, have been focused on the company’s Growth Action Plan, embedding

the performance edge to our culture, and the planning and preparation for the

separation of our Ice Cream business, as well as wider restructuring to achieve

productivity gains. There have also been specific consultations on some changes

to the European factory network and the divestment of Elida Beauty.

Effectiveness of engagement

We regularly report workforce engagement activities at Board meetings to ensure

feedback is factored into decision-making where appropriate. This includes the

completion rate and outcomes of key engagement surveys, how such

engagement informs the decisions it takes, and informal feedback from

employees on the effectiveness of engagement sessions. A summary of

Unilever’s workforce engagement activities for 2024 is set out in our Governance

Report on page 72.

Processes to remediate impacts and channels to

raise concerns

Unilever’s Speak Up processes and remediation mechanisms are detailed in our

Governance section on page 288. This includes the channels for our own

workforce to raise concerns, the investigation and resolution processes in place,

as well as non-retaliation policies. In addition to the Speak Up channels, we have

established formal processes globally to handle HR grievances relating to a

variety of workplace concerns. All material issues are channelled through the

Speak Up process and tracked to closure. Any HR grievances that are not

escalated through the Speak Up channels, i.e. not a breach of the Code and

Code policies, are not considered in scope for this disclosure.

Information regarding our approach to identifying and remediating actual or

potential human rights impacts is included on page 271.

Managing impacts and risks related to own workforce

Talent

We are the FMCG employer of choice for graduates and early career talent in

nine of our 19 biggest markets, as well as having the highest number of followers

on LinkedIn for our industry by the end of 2024. This ability to attract, develop

and retain a diverse range of skilled people is critical in the delivery of our

strategy and failure to do so could impact the continued success and growth of

our business. To maintain this talent pipeline and our reputation as an employer

of choice, we believe it is critical for Unilever to continue focusing on the area

outlined below.

Building an inclusive and diverse workforce

Our goal is to foster an inclusive workplace culture that unlocks the potential of

diverse teams to deliver high performance. To advance this goal among our

people, we are:

■building a workforce that represents the communities we serve;

■designing policies, processes and practices such as our Framework for Fair

Compensation policy; and

■creating a culture where everyone belongs.

In 2024, our efforts have focused on three key areas:

■Advancing our diversity and inclusion practices: We have developed

compelling engagement to celebrate International Awareness Days that

support Unilever’s culture and enable us to continue to build core diversity and

inclusion capabilities. We continue to build employee networks across markets

and functions to enable effective collaboration internationally, such as proUd.

■Focus on women representation at senior levels: Our talent commitment is

always ensuring we have the best talent for the role. We continue our focus on

increasing women’s representation at senior leadership levels through having

a balanced slate of candidates in our appointments process as called out in

our Talent Appointment Principles.


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SOCIAL DISCLOSURES

■Commitment to complying to our core regulatory obligations: We are building

on our core regulatory reporting in this area through key external indices, such

as the Parker Review and FTSE Women Leaders Review, under which we

disclose the number of the Board, ULE and ULE direct reports who identify as

ethnic minorities.

Employee wellbeing

We support our employees’ purposeful, physical, mental and emotional wellbeing

through a variety of programmes. A localised network of trained Mental Health

Champion volunteers is in place and all employees have access to a confidential

Employee Assistance Programme. We consider flexible working to be another

lever to improve the health and wellbeing of our workforce while managing

business demands. Our approach is a combination of global and local initiatives,

supported by local flexible working policies that embed geography-specific

legislation and cultural working styles.

Examples of wellbeing initiatives we run to support employees are:

■Psychological safety training: We consider psychological safety to be a key

enabler in dialling up a performance culture and a fundamental driver of

wellbeing. We developed training for line managers to build awareness of

psychological safety. In 2024, over 2,500 line managers and 1,900 employees

completed the training. Our psychological safety score remains steady at a

healthy 79% favourability in our annual UniVoice employee survey.

■Healthier U programme: Our global health programme supports our employees’

whole-person health and wellbeing. This data-driven approach offers tailored

interventions and activities aimed at building healthy habits to support employees

in addressing health risks. To date, Healthier U has reached over 50,000

employees across 56 countries.

■Hybrid working: In 2023, we launched our Intentionally Hybrid programme,

which translates the core principles of trust, flexibility, moments that matter

and performance into actions that ensure effective hybrid working, benefiting

both Unilever and its employees. Through this programme, we provide

guidelines and toolkits to help teams agree effective hybrid ways of working

and be intentional about flexible work patterns.

■U-Work: The U-Work model offers flexible employment arrangements, giving

employees the freedom associated with contract roles while still providing the

security and benefits typically linked to permanent roles. This allows us to

access a pool of skilled people familiar with Unilever without the hidden costs

that often come with finding freelance workers. The U-Work model has now

been launched in ten countries, and we plan to expand it during 2025, as well

as introducing other new employment models to meet different needs.

Competitive reward

To attract and retain skilled people, Unilever offers competitive reward packages.

Annually, we conduct a total reward benchmarking exercise in the countries

where we operate. This process involves reviewing our pay and benefits against

external peer groups, primarily consisting of other FMCG, as well as industries

from which we aim to attract talent, such as technology and pharmaceuticals.

This helps to ensure our reward packages remain competitive against the market

for pay, benefits, short-term incentives (annual bonus) and long-term

incentives (share plans).

Learning

Unilever’s strategy relies on a skilled workforce, making continuous upskilling

and reskilling essential for business success and talent risk mitigation. In 2024,

we have continued to focus on developing critical business skills to manage risks

and build a strong talent pipeline, including:

■Customer Strategy & Planning (CSP): Through the CSP Accelerator,

we identified four key skills to better enable CSP teams to succeed – digital

commerce, commercial strategy, data literacy and category growth

management. Upskilling of the CSP teams was provided through a global CSP

knowledge programme. Additionally, top CSP leaders underwent individual

assessments to create personalised development plans based on skills,

performance, experience and leadership. Informed by the collective results of

these assessments, we established the CSP Nexus programme to address

common skill gaps and provide a leadership forum to enable global CSP

leaders to connect and learn from each other.

■For office-based teams, we continued to develop stronger data sets on

employee skills (our ‘skills signal’) by inferring skill levels through successful

completion of flagship learning programmes, skills development discussions

during quarterly check-ins with line managers, and regularly updating skills

profiles. This data helps identify suitable opportunities, shape development

plans, and future-proof the employability of our people.

■To strengthen leadership, we launched two new Accelerator Programmes: the

work level (WL) 2C Accelerator for those with potential to step into WL3 roles

and the General Manager (GM) Accelerator for leaders with potential for

a GM role within the next 18 months. We launched our WL3 coaching

programme, with over 1,600 directors completing a six-month coaching

programme since it started. Our flagship WL4+ programme has engaged 180

leaders since 2019, incorporating real-world business challenges and market

visits to enhance leadership skills

■AI and data skills: In 2024, we invested significantly in AI and data skills, with

nearly 20,000 employees engaging with AI learning programmes.

Bullying and harassment, discrimination, forced labour and

working hours

Unilever's Respect, Dignity and Fair Treatment Code policy sets out our

commitments in relation to bullying and harassment, discrimination, forced labour

and working hours. Any allegations of breaches regarding these commitments

would be treated as a Code breach.

As described in our Governance disclosures, we conduct annual mandatory

Code training for all employees. This regularly includes training on how to

recognise bullying and harassment, discrimination, forced labour and working

hours breaches. We have further mandatory training (such as sexual harassment

training) in a number of countries in which we operate, in response to regulatory

requirements. Training is also made available to employees on subjects such as

how to recognise forced labour, our working hours policy, gender diversity,

unconscious bias, and race and ethnicity inclusion. This is delivered through

various mechanisms, including cross-function ‘learning hours’ and our Degreed

global learning platform.

Fair wages and income

Unilever’s Respect, Dignity and Fair Treatment Code policy codifies that all

employees should be paid a fair wage. In 2016, Unilever committed to pay a

living wage to employees by 2020. By the end of 2020, all direct employees i.e.

those on our global HR system, were paid at or above a certified living wage

level. In 2021, we were awarded our first global accreditation as a living wage

employer from the Fair Wage Network, achieved again in 2024.

To maintain this standard, Unilever annually reviews direct employees’ pay and

benefits against a certified independent living wage calculation. If any employees

are found to be below the living wage, we review and work with local leaders to

correct this. Additionally, Unilever continuously evolves its policies and practices

to promote living wages within the broader business environment.

The Unilever Framework for Fair Compensation 2022, governed by the Chief

People Officer, outlines the company’s position on wages for direct employees

globally. It includes principles such as fair and liveable compensation, market-

based compensation, and non-discrimination in compensation. This framework is

publicly available and applied through various compensation policies and

procedures in the countries where we operate.

We also provide training opportunities through platforms like Degreed to help

employees understand the company’s approach to the living wage, why it is

important and how it is implemented within Unilever.

Health

Unilever is committed to providing healthy and safe working conditions for all its

global employees. Health and safety is a key part of our Code and integral to our

way of working. It is deeply embedded in our culture, governance and operating

structures, with accountability at all levels. In our own operations, we aim for

Zero Harm, which underpins everything we do as a business.

Safety standards and communications

Unilever is committed to continuously improving health and safety performance,

with strong safety leadership being key. In 2024, our Together for Safety

programme continued, inviting our CEO and top leaders to visit our

manufacturing sites with a specific focus on safety. These visits demonstrate our

leadership’s commitment to safety and encourage people to speak up about

unsafe behaviour.

Our ‘Safety First’ culture is embedded through activities like our annual Safety Day,

the Safety Moments programme (building safety into our employees’ day-to-day work

lives), and our annual Global Safety Awards, which celebrate the outstanding work of

our teams across the world. The 2024 Safety Day campaign focused on our safety on

the road and raised awareness for how being tired, in a rush or frustrated impacts our

safety. The campaign reached over 83,000 employees via our internal

communications platform, with approximately 72,000 employees reached through the

CEO’s Safety Day video. In line with our ambition to have impact beyond our borders,

we promoted our safety values on LinkedIn.

Compliance with all applicable legislation and regulations is a mandatory

minimum, with our safety standards aligning with obligations set out in the

international standard for occupational health and safety management, ISO

45001. Safety in our manufacturing sites is critical for us and therefore our safety

guidance is built into our Unilever Manufacturing System. Manufacturing sites

develop individual plans that drive improvements based on their particular risk

profile, such as hazardous substances, and electrical or mechanical risks.

Following any incident or the identification of a hazard or risk, follow-up

communications, lessons learned, and training are also shared with our

employees and third parties.

Freedom of association and collective bargaining

As set out in our approach to human rights section on page 270, our Code

reflects our commitments with regard to freedom of association and collective

bargaining and, in practice, we work extensively with trade unions, through joint

working groups and formal consultations, on a multitude of different topics that

impact our employees. Any allegation of a breach of our commitment in this area

would be dealt with as a Code breach.


274	Unilever Annual Report on Form 20-F 2024



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SOCIAL DISCLOSURES

METRICS AND TARGETS

For metrics relating to our own workforce, employee data captured in the global

HR system is extracted as at 31 December 2024. Additional data points

(headcount data for approximately 5% of employees plus manual data points)

have been collected as at 31 October 2024; any significant changes to 31

December 2024 are reviewed.

Targets

No formal targets have been defined for our own workforce with respect to the

impacts, risks and opportunities identified in our sustainability statement. Instead,

Unilever measures progress against our actions through a series of internal

measures, including the use of oversight committees such as the Corporate

Responsibility Committee, Audit Committee, the ULE, and the Global Code and

Policy Committee which has visibility of Code breaches. Progress is also

assessed through our UniVoice scores in areas such as diversity and inclusion,

safety and wellbeing (see Engaging with our own workforce). Where relevant,

progress against our actions has been included in the sections above.

Characteristics of the undertaking’s employees

Employee headcount by geography, gender and type

All Unilever employees are categorised into the following types, applying the following definitions in the absence of national law or practice:

■Permanent employee: A full-time or part-time employee who works for and is paid directly by Unilever without a set end date of employment.

■Temporary employee: An employee who works for and is paid directly by Unilever for a defined period, i.e. is on the payroll. This includes temporary and fixed-

term workers, interns, apprentices, and seasonal or casual employees.

■Non-guaranteed hours employee: Those employed without a guarantee of a minimum or fixed number of working hours. Examples may include casual

employees, those with zero-hour contracts, and on-call employees.

The total number of Unilever employees is classified using the year-end headcount by:

■Employee type: recorded as of the hire date or when there is a change in type.

■Gender: based on official identification or self-assignment. ‘Not reported’ includes those categorised as ’Other’, ‘Unspecified’ or ‘Prefer not to say’.

The total headcount per country is compared to the total headcount of Unilever employees to identify any countries of significant employment (>50 employees that

represent more than 10% of headcount).

As at 31 December 2024, Unilever had 120,040 employees by headcount. The tables below show the breakdown of Unilever’s employees by geography, gender and

employee type.


Employee headcount by geography					2024
Asia Pacific Africa					58,026
The Americas					37,304
Europe					24,710
Total Headcount(a)					120,040

(a)Please refer to note 4 of the Financial Statements on page 149 for equivalent headcount data.


Employee headcount by gender and type	Female	Male	Not reported	2024
Permanent	42,513	73,418	33	115,964
Temporary	1,675	2,063	164	3,902
Non-guaranteed hours	125	49	0	174
Total Headcount	44,313	75,530	197	120,040

The only country of significant employment (>10%) is India, which has a total of 20,363 employees.

Total employee turnover

Employee start and exit dates are based on employment dates. Temporary employees (those working for a defined period) are excluded as they have come to the

end of their contract rather than leaving voluntarily or due to dismissal, retirement, or death in service.

Average headcount is calculated as the sum of weighted monthly headcount from December of the previous reporting period to December of the current reporting

period, with the following weighting:

■January to November 2024: Weighting of 1

■December 2023 and December 2024: Weighting of 0.5

Employee turnover rate is calculated as a percentage of the number of Unilever employees who have left in the reporting period over the average headcount.


Employee turnover					2024
Total turnover of employees in year (headcount)					17,334
Rate of employee turnover (%)					14.5%


Unilever Annual Report on Form 20-F 2024		275



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SOCIAL DISCLOSURES

Collective bargaining coverage and social dialogue

Unilever does not have any EEA countries that meet the criteria of significant employment. Therefore we do not report (i) collective bargaining by region within the

EEA, or (ii) in relation to social dialogue, the percentage of employees covered at the establishment level by workers' representatives by country.


Employees covered by collective bargaining agreements				2024
Total percentage of employees covered by collective bargaining agreements				54.6%

Percentage of Unilever employees covered by collective bargaining agreements by region


Collective bargaining coverage rate	Number of non-EEA countries	Non-EEA countries

0-19%	39	Azerbaijan, Cambodia, China, Costa Rica, Cuba, Djibouti, Dominican Republic, Ecuador, Egypt, El Salvador, Ethiopia, Guatemala, Honduras, Iran, Jordan, Kazakhstan, Republic of Korea, Kuwait, Lao, Lebanon, Malaysia, Myanmar, New Zealand, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Qatar, Saudi Arabia, Serbia, Singapore, Trinidad and Tobago, Uganda, Ukraine, United Arab Emirates, United States of America, Uruguay, Zimbabwe

20-39%	7	Colombia, Ghana, Philippines, South Africa, Tunisia, Turkey, United Kingdom

40-59%	12	Algeria, Australia, Bolivia, Canada, Chile, Côte d'Ivoire, India, Kenya, Mexico, Morocco, Pakistan, Venezuela

60-79%	7	Bangladesh, Israel, Japan, Nepal, Nigeria, Sri Lanka, Switzerland

80-100%	5	Argentina, Brazil, Indonesia, Thailand, Vietnam

Unilever confirms that it has agreements in place with its employees for representation by a European Works Council (EWC).

Diversity metrics

Top management level: Unilever Leadership Executive (ULE) and employees in senior management roles one level below ULE.

Age: age is determined by the employee's date of birth, based on official identification.

The tables below show the gender distribution in terms of number and percentage at the top management level and the diversity of employees by age group.


Gender distribution of top management	Female	Male	Not reported	2024 Total
Top management level headcount(a)	35	74	0	109
Percentage	32%	68%	0%	100%

(a)Unilever Leadership Executive (Female: 4, Male: 9) and Senior Management (Female: 31, Male: 65). Refer to Employee Diversity table on page 50.


Diversity of employees by age group	2024	Percentage
<30	21,635	18%
30–50	78,113	65%
>50	19,970	17%
Unknown(a)	322	0%
Total Headcount	120,040	100%

(a)Anyone for whom we do not have an age or date of birth, e.g. for short-term employees.

Adequate wages

Adequate wage is defined as a wage that provides for the satisfaction of the needs of the employee and their family in the light of national economic and social

conditions. This is either the applicable legal living or legal minimum wage, the minimum wage set by applicable collective bargaining agreements, or where neither

exists, either an appropriate alternative adequate wage benchmark (as set out in AR73) or the voluntary living wage.

For all countries, where not specified, ‘wage’ refers to the gross wage, excluding variable components such as overtime and incentive pay, and excluding

allowances unless they are guaranteed.

For non-EEA countries, we have not considered any official norms in determining the adequate wage level due to the lack of guidance in the ESRS around the

correct interpretation of this term. For EEA countries, we have applied the ESRS definitions.

As at 31 December 2024, 100% of Unilever employees were paid an adequate wage.


276	Unilever Annual Report on Form 20-F 2024



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SOCIAL DISCLOSURES

Social protection

If one or more Unilever employees in a country are not covered by social protection against loss of income for one or more of the specified major life events, we

disclose the countries to which this applies, the types of Unilever employees not covered, and the major life events not covered. Major life events include sickness,

unemployment, employment injury and acquired disability, parental leave, and retirement (either by company or public programmes).

As at 31 December 2024, all Unilever employees are covered by social protection against loss of income due to one or more major life events, through public

programmes or through benefits offered by Unilever. However, due to different legal systems and employment laws, the employee groups covered by social

protection for the different major life events vary across the nearly 100 countries in which Unilever has employees.

The tables below set out, for each type of specified major life event, in which countries employees do not have social protection and, for each of those countries, the

types of employees who do not have such protection.

Sickness


Country	Type of employees not covered by protection

None	n/a

Unemployment


Country	Type of employees not covered by protection

Bahrain	All employees

Egypt	Temporary/fixed-term employees

India	Office-based employees and any manufacturing employees not meeting the requirements for protection under the Industrial Disputes Act or a voluntary retirement scheme

Kuwait	All employees

Oman	All employees

Qatar	All employees

Singapore	Temporary/fixed-term employees and employees of Paula’s Choice

Tunisia	Temporary/fixed-term employees

Employment injury and acquired disability


Country	Type of employees not covered by protection

None	n/a

Parental leave


Country	Type of employees not covered by protection

United States of America	Employees of Dermalogica USA - employees who have not worked at least 30 hours per week in the year preceding leave. Other employees - Non-birthing parents working less than 20 hours a week and not eligible for parental leave under federal, state or local law.

Retirement


Country	Type of employees not covered by protection

None	n/a


Unilever Annual Report on Form 20-F 2024		277



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SOCIAL DISCLOSURES

Health and safety metrics

Work-related injury is defined as any personal injury or disease resulting from a single instantaneous exposure due to an unexpected or unplanned occurrence,

which is found to have occurred in a work environment and to be work-related (either caused or contributed). Based on Unilever’s definitions, an incident resulting in

injury is often referred to as an ’accident’. Unilever does not refer to incidents resulting in ill health as an ’accident’.

Work-related ill health (as a result of a work-related incident) is defined as a disease, abnormal condition or disorder contracted as a result of an exposure over a

period of time to risk factors arising from the work environment and work exposures. Work-related illnesses require exposure over time and cannot be the result of a

single exposure.

Fatality is defined as death as a result of work-related injury or work-related ill health, suffered by Unilever’s own workforce while they are on duty, both on-site and

off-site on Unilever business or other workers (also referred to as value chain workers), while working on Unilever sites.

Days lost is defined as the number of days lost to employee absence related to injuries and fatalities across all Unilever sites, counted on a calendar-day basis, i.e.

weekends and public holidays are counted as lost days, and where the first full day and last day of absence are included. Days lost on account of ’work-related ill-

health’ are excluded from this metric.

Unilever's health and safety management system applies to all of our own workforce. In the first year of reporting, Unilever is applying a partial phase in of these

metrics as allowed by the ESRS and is not disclosing the number of cases of recordable work-related ill health.

Fatalities

In 2024, there were no fatalities in Unilever's own workforce as a result of work-related injuries or work-related ill-health, or of other workers while working on Unilever sites. In

2023, there were no fatalities in Unilever's own workforce, however a value chain worker sadly passed away while working at one of our factories. We performed a full

investigation and applied the lessons learned to sites worldwide to prevent a similar reoccurrence.

Work-related accidents


Own workforce worker type	2024 Number of work- related accidents	2024 Total Recordable Frequency Rate (TRFR)(a)
Employees	152	0.58
Non-employees	13	0.35
Total	165	0.55(b)

(a)Rate of recordable work-related accidents per 1 million worked hours.

(b)2023: 0.58.

Days lost


Worker type					Number of days lost in 2024
Employees					2,946

Remuneration metrics

Gender pay gap

Gross hourly pay per employee is calculated, where applicable, as the sum of gross annual salary and gross annual benefits divided by annual hours (52 * weekly

hours). Male and female mean gross hourly pay is calculated as the total gross hourly pay for all male or female Unilever employees divided by the total number of

male or female Unilever employees.


					2024
Gender pay gap (%)					-49%

This table shows that the average (mean) pay level is 49% higher for female employees than male employees. The scale of the difference between the male and

female pay is strongly influenced by the prevalence within the business of male manufacturing workers, who are typically on lower pay grades than many office-based

workers, and often in countries where pay levels overall are lower. 63% of our workforce are men, which reflects that men continue to fulfil a high proportion of

manufacturing roles within the company. Among our female employees, a higher proportion are in professional roles at higher pay grades, meaning that women earn

more on average, than men.

Total remuneration ratio

Unilever considers the ESRS definition of pay to be equivalent to total annual remuneration. The median employee total annual remuneration for all Unilever

employees (excluding the highest-paid individual) is identified as the employee with total annual remuneration in the middle of the full list of employees by total

annual remuneration.

Non-equity incentive plan compensation and non-qualified deferred compensation earnings are not applicable to Unilever.


			2024
Total remuneration ratio			225.7:1

As at 31st December 2024, the highest-paid individual (former CEO Hein Schumacher) was paid more than 225 times the median of all employees. This number is

driven by several factors:

1. A high proportion of our employees work in manufacturing roles which are towards the lower end of our pay scale – this reduces the median annual total

remuneration of our employees.

2. As we are a global organisation covering nearly 100 countries, with a strong emerging market footprint, we see a wide range in our pay levels across countries. In

2024, our highest-paid individual is based in the UK (a higher-paying country). In comparison, a significant proportion of our other employees are located in countries

with lower absolute salaries, such as Argentina, Brazil, China, India, Indonesia and Mexico. Note that salaries in these countries are not necessarily lower relative to

the local cost of living.

3. The former CEOs long-term incentive package included shares that had not vested during the reporting period (given he joined Unilever in July 2023). However, as

shares do form part of the CEO's long-term incentive package, we expect to see the ratio change next year when the highest paid employee will have shares already

vesting.


278	Unilever Annual Report on Form 20-F 2024



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SOCIAL DISCLOSURES

Incidents, complaints and severe human rights impacts and incidents

Complaints

Complaints are defined as matters relating to working conditions, equal treatment and opportunities for all, or other work-related rights that are reported,

investigated and closed potential breaches to the Code of Business Principles, breaches to the Responsible Partner Policy, or complaints about a Unilever company

raised to the National Contact Points (NCP) for OECD Multinational Enterprises. NCP complaints are reviewed to identify whether they pertain to work-related

human rights. Substantiation is determined through review by the relevant Unilever Business Integrity Officer and/or Responsible Business Manager and the

management of the Third-Party Service Provider, where applicable.

Exclusions: Substantiated incidents of discrimination, including harassment.


					2024
Total number of complaints closed(a)(b)(c)(d)(e)					652

(a)The total number of complaints raised in 2024 was 619.

(b)The number of complaints closed in 2023 was 235, and the total number of incidents and complaints closed in 2024 was 417.

(c)The number of substantiated complaints in 2024 was 193.

(d)The number of unsubstantiated complaints, including discrimination and harassment, was 459.

(e)There have been no fines, penalties, or compensation for damages recorded as a result of the complaints disclosed above.

Incidents of discrimination, including harassment

An incident is a legal action or complaint registered with Unilever or competent authorities through a formal process, or an instance of non-compliance identified by

Unilever through established procedures. Established procedures to identify instances of non-compliance can include audits, formal monitoring programs, or

grievance mechanisms.

Incidents of discrimination, including harassment, are defined by Unilever as matters that are either substantiated (i.e. sufficient evidence to determine an incident

has occurred) Discrimination and Harassment Code of Business Principles Cases; or substantiated Discrimination and Harassment Responsible Partner Cases as

pertaining to non-employees.


					2024
Incidents of discrimination, including harassment(a)(b)					74

(a)As at 31 December 2024, 16 matters were under investigation, which may be determined as incidents of discrimination and harassment.

(b)There have been no fines, penalties, or compensation for damages recorded as a result of the incidents disclosed above.

Severe human rights incidents

Severe human rights incidents are issues, with respect to forced labour, human trafficking or child labour, and the facts of the incident are not disputed by Unilever.

A matter will be considered an incident if there is a related legal action, substantiated breach of Unilever’s Code of Business Principles, NCP complaints, finding

from a third-party audit of a Unilever manufacturing site, or a serious allegation in public reports or the media. In determining these incidents, Unilever considers, in

particular, any human rights impacts experienced by rightsholders.

Given the nature of severe human rights incidents, any identified incident is considered to be a case of non-respect of the UN Guiding Principles on Business and

Human Rights, ILO Declaration on Fundamental Principles and Rights at Work, or OECD Guidelines for Multinational Enterprises.


					2024
Total number of severe human rights incidents connected to our own workforce(a)(b)					0
Those incidents that are cases of non-respect of the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work, or OECD Guidelines for Multinational Enterprises					0

(a)As at 31 December 2024, three issues were under investigation, which may be determined as severe human rights incidents connected to our own workforce.

(b)There have been no fines, penalties, or compensation for damages recorded as a result.


Unilever Annual Report on Form 20-F 2024		279



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SOCIAL DISCLOSURES

Workers in the Value Chain

The focus of this disclosure is the workers of our business partners,

i.e. individuals performing work upstream or downstream within Unilever’s value

chain, regardless of the existence or nature of any contractual relationship with

Unilever. This includes all workers within the value chain who may be materially

impacted by Unilever or its business partners, and their actions.

Examples of workers in Unilever’s value chain are:

■Smallholder farmers who grow the ingredients we use in our products.

■Employees of enterprises in our retail value chain who sell our products.

■Employees of suppliers that provide services such as logistics, marketing and

professional services to Unilever.

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

Our material Social impacts, risks and opportunities resulting from the double

materiality assessment (DMA) and the process by which these were identified

are detailed on page 267.

Policies

The requirements for our business partners are set out in a supplier code of

conduct, Unilever’s Responsible Partner Policy (RPP). The scope of the RPP is

explained in the Environmental policies on page 232, and how the policy

addresses our approach to human rights is set out on page 270.

Engaging with value chain workers

We require business partners to declare their compliance with the RPP upon

registration and annual re-registration to our systems based on self-

assessments, including routine due diligence and risk-based audits. This process

helps us identify approved partners for the products and services we procure,

while also assessing risks based on the goods or services sourced and the

geographies in which our partners operate. Information from the self-

assessments helps determine which business partners require external auditing

and specific engagement. For high-risk sites, either a site audit or an EcoVadis

desktop assessment verifies compliance with the RPP.

We conduct supply chain mapping to identify sourcing areas and suppliers that

may increase risk within our supply chain. We use tools to perform risk analysis

at both country and commodity levels to better understand potential impacts on

value chain workers. This data helps predict where impacts are more likely to

occur and determine where additional checks, such as desktop or on-the-ground

audits, are required.

Technology is a key enabler for improving visibility of our value chain and

identifying potential impacts, particularly for vulnerable groups at higher risk of

discrimination, harassment and exploitation, such as women and migrant

workers. In July 2023, we began a collaborative project funded by the leading

global sustainability platform and standard for sugarcane, Bonsucro. This project

aims to utilise apps and learning platforms made available on mobile devices to

engage with rightsholders and gather their views.

We also use tools like diginexAPPRISE, which allows workers to anonymously

raise concerns, particularly those difficult to identify through traditional audits,

such as forced labour and gender-based violence. Quizrr is used to enhance

managers’ understanding of these issues and the necessary management

systems to prevent them. We are developing impact measures to evaluate the

effectiveness of these tools in enabling workers to raise concerns and

understand their rights.

Processes to remediate impacts and channels

to raise concerns

Once an actual impact is identified, we review it to establish the root cause,

contributing factors and whether we have caused, contributed to or are linked to

the impact. We work to address the impact, verify remediation of the impact and

implement processes to prevent reoccurrence, in collaboration with business

partners and other stakeholders where appropriate. As part of our remediation

approach, we seek to engage with rightsholders to improve our understanding of

the impact to them and the remediation that most appropriately meets the needs

of the individual/community that is affected.

Where an impact is linked to a business partner, we require them to create a

Corrective Action Plan (CAP) to address the issues identified. A follow-up audit,

carried out by an independent third-party auditor, is required within 90 days to

confirm that the actions taken have been sufficient to remediate the identified

issues. In some cases, the nature of the incident means that it is not possible to

close within 90 days, for example where capital investment or significant

changes in working practices are required. Where this is the case, the supplier is

expected to develop an interim plan to reduce the risk until a permanent solution

is put in place.

We support business partners in addressing issues and have developed the RPP

Implementation Guidance, which includes resources and checklists for

preventing and remedying impacts and establishing management systems to

prevent recurrence.

Examples of remediation of identified impacts in 2024 include:

■Commissioning an independent consultant to verify repayments made by a

supplier to workers to reimburse them for recruitment fees paid.

■Partnering with a human rights consultancy to evaluate the impact that

reimbursing recruitment fees has had on workers and their families.

■Continuing to collaborate with the International Cocoa Initiative (ICI) and

Afrique Secours et Assistance (ASA) to implement Child Labour Monitoring

and Remediation Systems (CLMRS) across our cocoa production supply

chain in Côte d’Ivoire and Ghana.

While we have mechanisms in place to enable third parties to raise concerns,

grievances are best addressed close to where the impact occurred.

Consequently, our approach is to work with our partners

to ensure they have effective and trusted grievance mechanisms for

their workers. Our Responsible Partner Policy (RPP) requires business partners

to have grievance mechanisms aligned with the UN Guiding Principles on

Business and Human Rights. We monitor workers’ awareness and trust in these

mechanisms through audit findings.

The RPP also includes leading practice that grievance mechanisms are widely

communicated and accessible to enable local communities to report issues. In

addition, business partners, their workers, communities, and other stakeholders

may report actual or suspected breaches of the RPP (including any failure by a

Unilever worker or anyone acting on behalf of Unilever) by phone or online via

a third-party hosted system. Reports can be submitted confidentially and

anonymously, where permitted by law, and are assessed to determine the

appropriate steps.

All investigations of suspected Code breaches are conducted by a Business

Integrity Officer. We aim to provide the reporter with an anticipated timescale for

completion. An investigation report summarising the evidence, findings,

corrective measures and recommended sanctions (where appropriate) is

submitted to the Business Integrity Committee for review and conclusion. We

have a zero-tolerance policy on retaliation and will not tolerate any form of

retaliation against anyone who reports a concern. Unilever’s Speak Up

processes and remediation mechanisms are detailed further in our Governance

section on page 288.


280	Unilever Annual Report on Form 20-F 2024



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SOCIAL DISCLOSURES

Managing impacts on value chain workers

Addressing our salient human rights issues

Actions to address our salient human rights issues are detailed in the approach

to human rights section on page 270. Additionally, Unilever collaborates with

various third parties to deliver training and capability-building programmes aimed

at raising awareness of human rights issues and strengthening action to prevent

and mitigate potential and actual impacts.

We engage in multiple platforms and forums, such as AIM-Progress, to bring

stakeholders together to collectively tackle issues. Through the AIM-Progress

membership working groups, we collaborate with peers to address systemic

challenges, including living wages, responsible recruitment, effective grievance

mechanisms and impact measurement. Other partnerships we are part of

include:

■Bullying and harassment, and health: In 2020, Unilever and IDH, in

partnership with others, launched The Women’s Safety Accelerator Fund

(WSAF) to create safer workplaces for women working in our

tea supply chain in India. We have engaged with nearly 300,000 tea estate

workers (both women and men) across more than 300 tea estates in India

since the programme launched.

■Discrimination, fair wages and income: We continue to be an

active member of the Fair Circularity Initiative (FCI), which Unilever co-

founded and launched with Coca-Cola, Nestlé, PepsiCo, and the NGO

Tearfund in 2022. This commits us to advancing and adopting the 10 Fair

Circularity Principles, which focus on placing the views, interests and

concerns of rightsholders at the centre of business decision-making and policy

development.

Delivering positive impacts across our value chain

To address barriers to decent livelihoods we are collaborating with partners to

promote systemic change. Our actions, which are delivering positive impacts to

our value chain, include:

■Supporting suppliers in identifying and closing wage gaps.

■Helping smallholder farmers to improve their productivity and farming

practices by enrolling them in certification schemes and providing access to

income growth and regenerative agriculture programmes.

■Providing small retailers with tools and training to foster their growth. We

support small to medium-sized enterprises (SMEs) in our retail value chain by

expanding our digital commerce platforms, enabling SMEs to buy directly from

us and easily access financial services. We are also continuing to scale our

last-mile distribution programmes, enabling us to reach consumers in remote

areas. For instance, our Shakti programme supports around 200,000 women

sales agents in rural Asia and Africa with access to finance and business

training.

■Advocating for higher farmer incomes, private sector initiatives and

government policy changes through local and global coalitions to ensure fair

wages for all. We are also advocating for change through industry forums like

the UN Global Compact and supporting the availability of free, publicly

accessible living wage data.

Tracking and monitoring effectiveness

As detailed in ‘Monitoring actions relating to Human Rights’ on page 271, we are

an active member of the AIM-Progress Impact Measurement Working Group,

with the goal of aligning on common impact KPIs to simplify reporting and reduce

the burden on suppliers for data collection. We will publish data regularly through

our human rights reporting to show our performance against these impact

measures.

Our approach to identifying, understanding and actioning potential and actual

forced labour impacts in our business and value chain is covered in our section

on modern slavery on page 271. We also have processes that alert us to

potential and actual human rights impacts in our value chain via public reports

and media coverage. We identified two instances of child labour, one of which

related to a supplier no longer supplying to Unilever. We are also currently

investigating three further allegations that relate to severe human rights issues in

our value chain within the example categories of forced labour, human trafficking

and child labour identified in the ESRS.

In addition, business partners are required to demonstrate compliance with our

RPP. Unilever verifies RPP alignment through self-declarations upon registration,

annual re-registration to our systems, routine due diligence and risk-based audits

of business partner factories, which is carried out by an independent third party.

During these audits, cases of non-respect of the UNGPs are identified in line with

our

RPP Fundamental Principles. We classify the most serious audit

non-conformances as 'key incidents', which represent significant contraventions

in relation to health and safety, labour rights and business conduct. This

definition, which aligns with the Sedex SMETA methodology criticality ratings,

includes forced labour, human trafficking and child labour (which are identified as

example categories of severe human rights issues in the ESRS) as well as other

issues.

Based on our 2023 RPP audit update, which is the latest full-year data available

at the time of reporting, the following key incidents were identified:

■155 health and safety issues representing a threat to life or imminent risk of

injury.

■28 labour rights issues relating to excessive working hours, contravention of

minimum wages, indicators of forced labour and indicators of lapses in

processes to verify age. This included the 2 instances of child labour

mentioned above.

■9 business conduct issues relating to conducting business with integrity and in

accordance with relevant legal requirements.

All key incidents are required to be escalated by the auditors within 24 hours to

Unilever. We then require the business partner to provide a Corrective Action

Plan (CAP) addressing the issues within seven days. As with all non-

conformances, a follow-up audit is required within 90 days to confirm that the

actions taken have been sufficient to remediate the identified issues.

In 2025, Unilever will continue to keep under review its processes to identify and

track cases of severe human rights in our value chain, as we continue to build

our reporting capabilities.


Unilever Annual Report on Form 20-F 2024		281



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SOCIAL DISCLOSURES

METRICS AND TARGETS

Targets

Unilever is committed to respecting and promoting human rights across our operations and value chain. However, due to the nature of human rights, we do not define

formal targets.

Our ambition is to help the people who grow, make and sell our products have a decent livelihood, including by earning a living wage – so they can afford the

essentials of daily life and have work that is secure, dignified and fair.

As part of Unilever’s 15 sustainability goals, we have set three short-term targets with the aim of delivering long-term impact to the livelihoods of workers in our value

chain;

■We are working with smallholder farmers to improve their livelihoods and agricultural practices. Our goal is to help 250,000 smallholder farmers in our supply chain

access livelihoods programmes by 2026.

■We are also encouraging our suppliers to sign our Living Wage Promise, kickstarting the journey to pay their employees a living wage. Our goal is to ensure that

suppliers representing 50% of our procurement spend sign the Living Wage Promise by 2026.

■We are helping small businesses in our retail value chain grow. Our goal is to help 2.5 million SMEs in our retail value chain grow their business by 2026.

We have engaged in a number of forums and initiatives that provide insight and expertise from the perspective of people in our value chain to help develop these

targets, including extensive engagement with the International Labour Organization (ILO) and the World Business Council for Sustainable Development (WBCSD).

Targets relating to sustainable sourcing and regenerative agricultural practices in our value chain are detailed in our Biodiversity and Ecosystem disclosures on page

256.


Suppliers representing 50% of our procurement spend to sign the Living Wage Promise by 2026 A living wage promise is a commitment made by a supplier to progress towards paying a living wage to workers in their own business operations, either through signing a Living Wage Special Terms Contract (STC) with Unilever or by signing Unilever’s Living Wage Promise document. Unilever’s definition of a living wage is included on page 268. Performance is measured as the percentage of total procurement spend from 1 January to 31 December for suppliers that have signed the Living Wage Promise divided by the total procurement spend for the reporting year. Help 250,000 smallholder farmers in our supply chain access livelihoods programmes by 2026 Unilever defines a smallholder farmer as a person who rears livestock and/or cultivates crops on one or more plots of land that, individually or in aggregate, is the larger of: up to and including 10 hectares (only counting farmed land), in line with the United Nations Food and Agriculture Organization’s definition of a smallholder farmer, or the size defined by an official regional and/or sector body. Supply chain refers to a farmer group or individual farmer, within a defined geographical area, providing functionally equivalent feedstocks to those that can be demonstrated to be within Unilever’s supply chain. Eligible livelihoods programmes must include activities and/or inputs designed to deliver improved livelihoods through positive outcomes on Unilever accepted certification and/or incomes, be approved by Unilever authority, within a signed contract between 1 January 2024 and 31 December 2024, and be run directly by Unilever or a third party under a contractual commitment with Unilever. Performance is measured as the cumulative total number of smallholder farmers in Unilever’s supply chain who have received help from Unilever to access livelihoods programmes in the reporting period. Access is defined as either: ■attending face-to-face training; ■receiving intended subsidies, financial services, farm input, labour or technologies; or ■being certified by the livelihoods programme. Help 2.5 million SMEs in our retail value chain grow their business by 2026 Small and medium-sized enterprises (SMEs) in our retail value chain include businesses selling Unilever goods to consumers in one of the following countries: Bangladesh, Brazil, Ecuador, India, Indonesia, Pakistan, the Philippines, Thailand, Turkey and Vietnam. These businesses have historically been serviced by a distributor, wholesaler, or cash and carry; or in Mexico, where servicing with Unilever has been enabled by the digital platform. Performance is measured as the number of SMEs in Unilever’s retail value chain that have used a Unilever digital platform (mobile app or website) to purchase at least one product in the reporting period from 1 January to 31 December 2024.


Livelihoods targets	Goal	2024	2023	2022
Suppliers representing 50% of our procurement spend to sign the Living Wage Promise by 2026 (% of procurement spend)	50%	32%	–	–
Help 250,000 smallholder farmers in our supply chain access livelihoods programmes by 2026 (number of smallholder farmers)	0.25m	0.08m	–	–
Help 2.5 million SMEs in our retail value chain grow their business by 2026 (number of SMEs)(a)	2.5m	2.58m	1.91m	1.83m

(a)2023 and 2022 measured for the three-month period October to December.

We are making good progress towards delivering all of our livelihoods targets. We have seen an increase in the number of active SMEs by over 600,000 in 2024,

which has resulted from the change in the reporting period, which now means we include seasonal SMEs who were previously not in scope; and principal markets

continue to grow organically, enrolling more retailers and improving the functionality of their apps to ensure that more retailers remain active.


282	Unilever Annual Report on Form 20-F 2024



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SOCIAL DISCLOSURES

Affected Communities

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

Our material Social impacts, risks and opportunities resulting from the double

materiality assessment (DMA) and the process by which we identified these are

detailed on page 267.

Policies

Unilever’s Code and Code policies sets out our commitment to the communities

where we operate, and our local businesses drive our community engagement

strategy. Our approach to affected communities is covered through a number

of additional policies as follows, the scope and governance of which are outlined

on page 232:

■Unilever’s People & Nature Policy sets out our commitments to respecting and

advancing the human rights of all people in line with the UN Guiding Principles

on Business and Human Rights. Specifically, it includes the rights of

Indigenous peoples and local communities with respect to livelihoods, food

security and resources, as well as our commitments that land rights are

respected and promoted.

■Unilever’s Responsible Partner Policy and its Fundamental Principle set out

that the rights and titles to the property and land of individuals and local

communities, including Indigenous populations, are respected, and that we

have a zero tolerance policy for land grabbing. It also requires suppliers to

consider Indigenous people and local communities when conducting impact

and risk assessments.

■The Sustainable Agriculture Code and Sustainable Agriculture Principles set

out that land tenure rights must be respected, there is a zero tolerance policy

for land grabbing, that local communities should be informed of planned

activities that affect them, and disturbances to local communities must be

minimised.

In addition to our policies, we have published Unilever’s Principles in Support of

Human Rights Defenders and implementation guidance to our business partners,

which outline our commitment to respecting human rights defenders (HRDs).

Indigenous people and local communities may act as HRDs and are often

vulnerable to human rights violations, including breaches of land rights. These

Principles are based on the International Bill of Human Rights and the

fundamental rights and principles set out in the ILO’s Declaration on

Fundamental Principles and Rights at Work. They are also guided by the UN

Declaration on the Right and Responsibility of Individuals, Groups and Organs of

Society to Promote and Protect Universally Recognized Human Rights and

Fundamental Freedoms, the UNGPs, and the UN Declaration on the Rights of

Indigenous Peoples.

Further details on our approach to human rights and the associated policies are

set out on page 270.

Engaging with affected communities

Land rights

We have a defined process for conducting due diligence on land transactions,

which must be followed and documented for each transaction to proceed

to completion. This process includes carrying out Environmental and Social

Impact Assessments (ESIAs) when additional information is required, conducting

consultations that adhere to the principles of Free, Prior and Informed Consent

(FPIC), and is supported by internal approval gateways overseen by the

Responsible Business team.

Other processes

We have recently developed a rightsholder engagement playbook

that establishes clear and consistent processes for engaging with rightsholders,

including local communities, regarding opportunities as well as potential and

actual human rights impacts. It guides our teams on the importance

of engagement, how to identify rightsholders, the steps for effective engagement

(including making rightsholders aware of engagement processes), and how to

monitor and evaluate the uptake and impact of these engagements. The

playbook was trialled in our plastics value chain in 2024, with feedback being

sought from the implementing teams on its effectiveness before wider

implementation.

Processes to remediate impacts and channels

to raise concerns

Affected communities may report concerns to us confidentially and anonymously,

where permitted by law, through our Speak Up hotline. This includes potential

cases of non-respect of the UNGPs. Unilever will investigate any concerns raised

and discuss findings with the relevant business partner, including issues related

to land rights. Unilever’s Speak Up processes and remediation mechanisms are

detailed in our Governance section on page 288, including our zero tolerance

policy on retaliation. Within our value chain, issues impacting affected

communities may also be identified through business partner factory audits,

which are described in more detail on page 280.

At a commodity level, our People and Nature Grievance Mechanism provides a

framework for investigating and resolving potential and actual social and

environmental impacts, including those raised by rightsholders in the

communities where we operate or source from. The process includes

acknowledging the grievance and reviewing it to determine if the issue is

applicable to our supply chain. If linked to our supply chain, we conduct an in-

depth review, working with the supplier and an independent organisation to

develop a time-bound action and remediation plan. We expect the supplier to

implement actions to resolve the issue and monitor the outcome. If the issue is

not connected to our supply chain, the relevant Unilever team will monitor the

remediation plan implemented by the relevant parties.

Reported grievances are recorded in our People and Nature Grievance Tracker

and details are published on our website. The tracker includes potential cases

of non-respect of the UNGPs, categorised under the grievance types

’Land & Community’ and ’Labour Rights’. There are 260 sub-cases in

our database based on grievances that have been raised to us since 2014, of

which 18% relate to Land & Community and 6% to Labour Rights.

Another mechanism through which we may identify potential cases of non-

respect of the UNGPs in relation to affected communities is through our anti-

corruption and bribery scanning. These mechanisms did not indicate any cases

of severe human rights incidents in 2024.

Managing impacts on affected communities

Land rights

We drive actions relating to land rights through our policies and fundamental

principles as set out in the RPP and People & Nature Policy. In 2024, we have:

■Co-convened and continued to actively participate in the Social Issues

Working Group (SIWG), part of the Palm Oil Collaboration Group, and the

subgroup that focuses on supporting and respecting the rights of Indigenous

Peoples and Local Communities (IPLC) affected by agricultural production in

Indonesia.

■Continued to support smallholder cocoa farmers to formalise the rights to their

land through an affordable land tenure documentation process. This work is

being carried out by the Côte d’Ivoire Land Partnership (CLAP), which brings

together Unilever, other organisations and industry bodies, the Ivorian and

German governments, and agri-technology company Meridia.

■Provided training to employees in Indonesia to increase their knowledge and

understanding of local land rights issues. This training equipped participants

with the tools to support informed decision-making when dealing with issues

or complaints related to land rights in our supply chain.


284	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


SOCIAL DISCLOSURES

Consumers and End-Users

Unilever’s success depends on the value and relevance of our brands and

products to consumers worldwide. We monitor trends and gather insights from

consumers, customers and shoppers to develop our brand strategies and build

competitive advantage.

This disclosure includes all Unilever consumers and end-users in our

downstream value chain who are likely to be materially impacted by

our operations. These include:

■consumers who rely on the quality and safety of our products, including those

who may be particularly dependent on accurate and accessible product

information, such as those with allergies; and

■children, who are increasingly exposed to online promotional content from a

broad range of industries and may be reached by our brand messaging.

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

Our material Social impacts, risks and opportunities resulting from the double

materiality assessment (DMA) and the process by which we identified these are

detailed on page 267.

Policies

As set out in our general information section, page 229, Unilever’s Code and

Code Policies apply to all material sustainability matters, including those that

impact our consumers and end-users.

Product safety

The Code sets out Unilever’s commitment to providing products and services that are

safe for their intended use, as well as accurately and properly labelled, advertised and

communicated. Product safety begins with responsible innovation, and the

Responsible Innovation Code Policy sets out our commitment to conducting

responsible, safe and sustainable research and innovation that fully respects the

concerns of our consumers and society. Its implementation is supported by eight

standards, including one that sets out the approach to Safety Risk Assessments for

ensuring Consumer, Occupational and Environmental Safety by Design, and a

standard on Use of Ingredients and Control of Contaminants. The Product Safety &

Product Quality Code Policy covers our commitment to producing safe, high-quality

products and services that meet all applicable standards and regulations. This is

supported by our Safe Product Framework, which sets out the processes for

identifying and mitigating product safety risks at each stage of our value chain.

As described in the environmental policies section on page 232, our Responsible

Partner Policy (RPP) sets out the requirements for suppliers in the value chain.

Specifically, within the Business Integrity & Ethics pillar, this includes

requirements to meet agreed specifications and notifying Unilever of any product

quality or safety concerns originating from the business partner, or its supply

chain without delay.

Responsible marketing

The Responsible Marketing Code Policy sets out our commitment to developing,

producing, marketing and selling all our products and services responsibly.

In addition, the Principles on Responsible Food & Beverage Marketing

to Children apply to Unilever’s food and beverage marketing communications

globally. Our commitments include not intentionally targeting any paid marketing

communications to children under 16 years old (including on social media) and

restricting certain ice cream marketing activities to products that meet

our Responsibly Made for Kids promise. Our marketing teams are responsible for

working with legal, regulatory affairs and external affairs to ensure compliance

with these principles. The Presidents of our Foods and Ice Cream Business

Groups are responsible for the implementation of these principles, which we

make publicly available on our website.

We also recognise Unilever’s role in partnering with others to drive a safer

consumer experience online. The Responsibility Framework sets out our

approach to building a positive digital media ecosystem for our brands and

consumers. Compliance with the framework is tracked through a global network

of Unilever and agency employees, who work together as our Digital Ecosystem

Network (DEN) team. The Chief Growth and Marketing Officer is responsible for

implementing this framework.

Human rights

Responsible business is a key part of Unilever’s Human Rights Policy Statement,

which applies to all our rightsholders. Our commitment to conducting business

with integrity while respecting human rights is driven through Unilever’s Code

and Code Policies, including commitments to our consumers and society, and

the RPP, which requires our business partners to identify and manage their own

potential human rights impacts.

We consider that, of the salient human rights issues identified on page 267, the

issue relevant to our consumers is health, in relation to which, we have explained

our approach to product safety below. Our approach to human rights is outlined

in more detail on page 270.

Engaging with consumers and end-users

We engage with our consumers and end-users, including those groups

considered vulnerable, through a range of communication channels on a

continuous basis, reaching over 3 million consumer contacts in 2024 through our

various platforms.

We operate consumer care lines around the world for our consumers to share

any comments or concerns (including any potential adverse human rights

impacts), with details provided on packs and through our websites. We monitor

feedback provided by consumers on Unilever’s brands and products on social

media and through product reviews on digital commerce sites. We also use

consumer research from partners such as Kantar, Nielsen and Ipsos, who we

engage through their regular surveys and panels. This engagement takes place

under the ultimate oversight of our Chief Growth and Marketing Officer. We use

these insights to support our aim of providing superior products and delivering

great consumer experiences.

In addition, we use a range of mechanisms to monitor and consider evolving

societal preferences, including media and social media reviews and NGO

engagement. This is overseen by the Global Head of Communications and

Corporate Affairs (overseen by the Chief Corporate Affairs and Sustainability

Officer from 1 January 2025).

Our approach to identifying and assessing the potential impacts on consumers

with allergies is through product safety assessments and product labelling, rather

than direct engagement. Similarly, potential impacts in relation to marketing to

children are assessed through reviewing their media consumption behaviour.

Processes to remediate impacts and channels

to raise concerns

The communication channels referenced above, including our consumer care

lines and websites, offer consumers multiple mechanisms through which to raise

any concerns. Trained consumer communication agents respond to questions

where appropriate, and their use and effectiveness are tracked by monitoring

performance against set indicators and through consumer feedback surveys.

Product safety

Concerns raised to Unilever in relation to product safety are shared with relevant

internal experts for further investigation. By closely monitoring consumer

feedback data, we can detect emerging issues and respond quickly. In the event

of a marketplace incident relating to consumer safety or product quality, an

incident management team is activated to ensure timely and effective action.

We are committed to continually improving our quality performance; however,

sometimes we fall short of our product safety and quality standards. A product

might, for example, have a quality defect. Or there may be a contamination of the

raw materials, or a mislabelling of ingredients. If this happens, protecting

consumers’ safety is our number one priority. When necessary, we will issue a

public recall of the affected products from the marketplace, even if only small

quantities of products are involved.

In the case of a public recall, we use multiple channels to ensure consumers

have the required information regarding the product affected (e.g. national press

advertising, store communications for retailers, email for direct-to-consumer

sales, and relevant websites) and that they can get answers to any questions or

concerns via our care lines.


Unilever Annual Report on Form 20-F 2024		285



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SOCIAL DISCLOSURES

Responsible marketing

Our marketing teams are responsible for ensuring compliance with our Marketing

to Children Principles. Where non-compliance is identified through our

processes, our teams work to make the necessary changes, such as changes to

artwork, to ensure adherence to the principles. Compliance with our

Responsibility Framework is tracked through our DEN team. Where issues are

identified, we support our media partners in developing their capabilities and

taking the necessary action to enable their adherence.

Code of Business Principles

Anyone may report more serious concerns about potential breaches of Unilever’s

Code and Code Policies through our Code reporting channels. Our investigation

standards require us to record and assess all potential breaches reported.

Additional details, including our non-retaliation requirements, can be found in our

Governance disclosures on page 288.

Managing impacts and risks related to consumers

and end-users

Product safety

Unilever has comprehensive product quality processes and controls in place as

part of our Safe Product Framework. The framework is supported by standards,

including those covering Safety Risk Assessments and the Use of Ingredients

and Control of Contaminants. Safety risk assessments ensure consumer,

occupational and environmental safety by design, and require materials used in

our product formulations to be registered in Unilever’s Safety Systems,

supported by defined tools and guidance for assessing consumer safety risks.

The use of ingredient standards applies global exclusions or restrictions to

certain substances based on safety, regulatory or reputational concerns. These

standards are maintained based on external developments and subsequently

implemented within our portfolio.

Our Safe Product Framework and the standards which underpin this also

encompass product labelling. This includes instructions for use, product

composition and additional labelling, such as the presence of allergens. We have

labelling approval processes in place to ensure compliance with external

regulations and Unilever’s policies.

Suppliers of the materials for our products must meet the standards set within

Unilever’s Supplier Quality Approval process. Our Quality Management System

then defines the requirements to be followed for the manufacture of safe

products, covering topics such as cleaning and disinfection, hygienic engineering

and maintenance, allergen management and foreign matter prevention.

Processes and controls are verified annually and regularly monitored through

performance indicators that drive improvement activities.

In the event of a non-conforming product reaching the market, we have a global

process for identifying and managing marketplace incidents to ensure we act

fast, investigate fully and embed learnings to prevent future recurrence. Where

necessary, we will issue a public recall of the affected products from the

marketplace even if only small quantities of products are involved.

In 2024, we issued five public recalls. One of these related to

external manufacturers (cross-packaging), and four related to our

own manufacturing facilities (two were caused by foreign matter contamination,

one caused by undeclared allergens, and one barcoding-related issue).

Wherever and whenever mistakes occur, we take action to identify the root cause

and share lessons learned with all relevant parties to prevent a recurrence. For

example, during 2024, we established an allergens community where best

practices and lessons learned from incidents are shared.

Unilever is defending a portfolio of legal claims alleging asbestos contamination

in certain products which Unilever no longer sells. Unilever disputes these

allegations, which it does not consider are substantiated.

We monitor the effectiveness of our product safety processes and controls in a

number of ways, including leadership scorecards and tracking key metrics such

as marketplace incidents/recalls, consumer-safety-related complaints, and the

completion of audits and associated actions. We also track the completion of our

corrective and preventive actions, for example, those related to marketplace

incidents/recalls and consumer-safety-related manufacturing incidents, to ensure

that our processes for learning from incidents are effective in preventing future

recurrence. The quality and safety of our products are also managed through our

enterprise risk process.

We also work to improve consumer safety by engaging beyond our business with

the scientific community and regulators. A focus area is the development and

application of leading-edge advanced non-animal safety science, where we work

closely with authorities around the world, including regulators, government

scientists and academic experts. We actively disseminate the research we do to

guarantee that our products are safe, without the need for animal testing, to

support others in also building new capabilities based on advanced science.

In 2024, we engaged in collaborative research with the US National Institute of

Environmental Health Sciences (NIEHS) and, as the industry co-chair of the

European Partnership for Alternative Approaches to Animal Testing (EPAA),

contributed to the European Union transformational programme on non-animal

chemical safety assessment regulation. We also continued our collaboration with

the US Environmental Protection Agency (EPA), initiated in 2015, on pioneering

approaches to chemical safety assessment using advanced science. More

information on our approach to eliminating animal testing without compromising

on safety is set out within our Governance Disclosures.

Our actions on product safety are supported by the expertise of our Safety,

Environmental and Regulatory Science (SERS) Capability group, which is our

global centre of excellence in safety and sustainability science, and our Quality

expertise teams. Our dedicated team of safety and environmental scientists,

including many who are internationally recognised as leaders in their fields, have

expertise in allergy, chemistry, exposure science, microbiology, risk assessment,

toxicology, process safety, computational modelling and data science, and

environmental safety and sustainability science.

Responsible marketing

To aid understanding of our Principles on Responsible Food & Beverage

Marketing to Children, Unilever provides training on these Principles to its

marketers and the agencies it engages with.

To put the principles of Unilever’s Responsibility Framework into practice, we

maintain a Brand Safety and Suitability Guide, updated on an ongoing basis and

distributed to our media partners. We use this guide to drive a quality digital

ecosystem for our brands, ensuring our ads are viewable, by a person, on target,

with the right context and brand safety. Unilever has committed to support media

partners who respond to our Responsibility Framework with action and intent,

including resources, policies, principles and timelines.

METRICS AND TARGETS

Targets

No formal targets have been defined for our consumers and end-users with

respect to the impacts, risks and opportunities identified in our sustainability

statement. However, we are committed to continually improving our performance

against our product safety and quality standards, monitoring the effectiveness of

our processes and controls in multiple ways as set out above. As a result of our

sustained focus on continuous improvement, we reduced the number of

marketplace incidents by more than 10% versus 2023. In relation to responsible

marketing, we aim to achieve 100% compliance with our Principles on

Responsible Food & Beverage Marketing to Children. Our approach to tracking

compliance with our Responsibility Framework is set out above.


286	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


SOCIAL DISCLOSURES

ENTITY-SPECIFIC DISCLOSURES

Nutritional product quality

Policies

Continuously improving the nutritional profile of our products and helping

consumers adopt better diets without compromising on enjoyment are

fundamental to the strategies of our Foods and Ice Cream Business Groups.

Although no formal policy is in place, the implementation of this strategy is

guided by Unilever’s Nutrition Standards, an internally developed set of

standards that drives portfolio improvement based on the latest scientific

understanding of the role of nutrition for good health and wellbeing.

■Unilever’s Science-based Nutrition Criteria (USNC) are our standards for

nutrients to limit, which guide the nutritional quality of our products to healthier

options. They consist of product-specific criteria with thresholds for calories,

salt, sugar and saturated fat. These threshold values have been modelled

against dietary intakes in five countries to quantify their impact and published

in a peer-reviewed scientific journal.

■Our Positive Nutrition Standards are our standards for ingredients and

nutrients that people are encouraged to consume more of – for example, they

consist of product-specific criteria for increasing fruit and vegetables,

wholegrains, protein, fibre and micronutrients.

Engaging with consumers and end-users

We engage with consumers about nutritional product quality through the

mechanisms already described. In addition, we use international dietary guidelines

from groups such as the World Health Organization (WHO) and CODEX, along with

scientific modelling, to assess the impact of nutritional product quality on consumers

and inform our business strategy.

Managing impacts on consumers and end-users

We work to improve the nutritional quality of products on an ongoing basis,

innovating and reformulating our products against the USNC and our Positive

Nutrition Standards. For example, in 2024, we launched new flavours for Knorr

Sides in the US, as well as reformulating bouillon cubes in Pakistan to deliver

iron fortification against the backdrop of heightened levels of iron deficiency

anaemia. By investing in improvement and innovation, we aim to make our

products nutritionally better while continuing to meet people’s expectations

for delicious products.

In addition to our own Science-based Nutrition Criteria, we publish a scoring of our

portfolio against six externally endorsed Nutrient Profiling Models, contributing to

greater transparency in nutrition disclosure.

Benchmarks

Unilever does not have formal targets relating to nutritional product quality. However,

we set ourselves benchmarks against which we monitor our strategic progress on

nutritional product quality, as set out below.

Unilever’s Science-based Nutrition Criteria (USNC) is a set of criteria and threshold values established by Unilever nutrition experts in line with WHO standards.

The threshold values determine the amount that can be present in a Foods or Ice Cream product to meet USNC. Products that do not exceed any of the criteria or

thresholds are considered to be compliant. Threshold values have been determined for: sodium, saturated fat, sugar and calories.

Unilever’s Positive Nutrition Standards is a set of technical criteria and threshold values for selected ingredients, macronutrients and micronutrients, established in

line with external global and regional standards, such as those set by the World Health Organization (WHO), which are important for human health. The threshold

values determine the amount of ingredients, macronutrients and micronutrients that need to be present in a Foods or Ice Cream product to deliver positive nutrition.

A product that contains ingredients, macronutrients or micronutrients meeting at least one of the threshold values is considered to deliver Positive Nutrition. The

presence of other ingredients that do not meet the threshold values does not disqualify a product.

The selected ingredients, macronutrients and micronutrients are as follows:

■Ingredients: fruits, vegetables, legumes, pulses, fungi, nuts, seeds, wholegrains, and dairy in products designed for kids.

■Macronutrients: protein, fibre, and omega-3.

■Micronutrients: iron, iodine, zinc, vitamin A, vitamin D, calcium, magnesium, potassium, vitamin B12, folate, vitamin B2, vitamin C and vitamin E.

Servings sold is sales volumes measured in tonnes divided by product serving size. Where no serving size is available, we apply a standard serving size. Actual

data is used for January to November, and December data is estimated by extrapolating the average sales of the previous 11 months.


Metrics	Ambition	2024	2023	2022
Percentage of our portfolio meeting Unilever’s Science-based Nutrition Criteria, including Pepsi Lipton joint venture (% of servings sold)(a)(c)	85% by 2028	84%	81%	–
Number of products sold that deliver positive nutrition, including Pepsi Lipton joint venture (% of servings sold)(b)(c)	54% by 2025	52%	52%	48%

(a)The percentage of our portfolio meeting Unilever’s Science-based Nutrition Criteria excluding Pepsi Lipton joint venture in 2024 is 84%.

(b)The number of products sold that deliver positive nutrition excluding Pepsi Lipton joint venture in 2024 is 52%.

Products responding to changing consumer demands

We are continually working to reduce the impact of our products, serving

evolving consumer preferences and driving progress against

our sustainability goals. As consumer demand evolves, there is a longer-term

opportunity to deliver product innovations that serve consumers who want

superior products at great value, with a lower environmental impact.

As part of our approach to developing consumer insights and monitoring market

trends, we engage with consumers through the mechanisms already described.

Responding to emerging consumer demand patterns with superior products is

core to our Business Group strategies, supported by our R&D capabilities, rather

than guided by policy.

We understand that consumers increasingly want more reassurance about the

impact of the products they use, including more recycled and recyclable

packaging, trusted ingredients, and product safety that is ensured without animal

testing.

In 2024, our Vaseline brand launched a new recyclable pump for Vaseline

Intensive Care bottles in North America, while Sunlight dishwash has introduced

formulations with naturally derived

bio-enzymes and RhamnoClean technology.

The ingredients in our products are included at levels that are safe in

use; nevertheless, we also monitor consumer ingredient preferences, regulatory

hazard classification changes, and emerging scientific data to update our safety

and sustainability assessments where relevant. Our long-term investment in non-

animal safety science has enabled some of our biggest brands to be certified by

People for the Ethical Treatment of Animals (PETA) as ‘PETA-approved‘,

including Dove, Axe, TRESemmé and Sunsilk. We have over 15 brands that

comply with the criteria set out in PETA‘s Global Beauty Without Bunnies

Programme.

Delivering against our ambitious sustainability goals requires innovation;

however, we do not have targets in place in relation to the innovation of products

to meet changing demands regarding reduced environmental impact. Our

ongoing progress is measured through the implementation and monitoring of our

strategic plans.


Unilever Annual Report on Form 20-F 2024		287



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


Governance Disclosures

Business Conduct

GOVERNANCE

The role of administrative, management and supervisory

bodies

The ultimate responsibility for Unilever’s conduct is with Unilever’s Board who

are responsible for both setting and monitoring the culture of the business. The

Board is supported in this by the Corporate Responsibility and Audit

subcommittees. Please refer to the general information section on page 224 and

the Corporate Governance Report on pages 70 to 84 for the composition and

expertise of the Board and its subcommittees.

The Chief Executive Officer is accountable to the Board for the implementation of

Unilever’s culture and standards of conduct, which we refer to as ‘business

integrity’, and is supported in this by the Chief Legal Officer, Chief Business

Integrity Officer, Global Code and Policy Committee, and Business Integrity

Committees. The key elements of Unilever’s standards of conduct are set out in

Unilever’s Code and Code policies, which provide a set of mandatory rules that

govern how we run our business.

Responsibility for the day-to-day implementation of the Code and Code Policies

is delegated to the Unilever Leadership Executive and all senior management

leading Unilever’s Business Groups, business units and functions. They are

supported in this by cross-functional Business Integrity Committees.

IMPACT, RISK AND OPPORTUNITY MANAGEMENT

Description of the processes to identify and assess

material impacts, risks and opportunities

The process for assessing and identifying our material impacts, risks and

opportunities is informed by our double materiality assessment (DMA), as set out

in our general information on page 226. Risks identified are reviewed and

assessed on an ongoing basis and formally at least once per year. For each of

our principal risks, including Ethical and Legal & Regulatory risks, we reviewed

the risk management frameworks detailing risk descriptions and mitigating

controls in place. These frameworks are updated annually and monitored

throughout the year to identify changes in the risk profile.

From a governance perspective, this process incorporates several inputs, such

as a global fraud risk assessment conducted at both a functional and market

level to identify risks, including corruption and bribery risks. In addition, a

geopolitical working group has been established with representatives from

different functions to proactively identify and escalate issues for high-risk

markets, and external screening is undertaken to monitor changes to the risk

landscape.

The output of our 2024 DMA for our Governance impacts, risks and opportunities

is included below:


Material impact, risk or opportunity		Description

Business integrity and ethical conduct	Risk (OO) (VC)	Failure to act in an ethical manner and foster a culture where our employees and value chain feel empowered to speak up, consistent with the expectations of customers, consumers and other stakeholders, may result in reputational damage.

Anti-bribery and corruption	Risk (OO) (VC)	There is a risk that a breach of anti-bribery and corruption laws or failure to prevent bribery, fraud or tax evasion may result in legal and financial consequences for Unilever and individuals.

Use of non-animal safety science	Positive Impact (VC)	Unilever is a global leader advocating for regulatory use of modern non-animal safety science in place of animal testing, working with government groups and other stakeholders.

Changing regulatory landscape	Risk (OO) (VC)	Changes to laws and regulations relating to sustainability matters can have a significant positive or negative impact on our business. For example, they may reduce the cost of a process or ensure that all players in a market face a cost so an activity we undertake is not uncompetitive. On the other hand, they may prevent Unilever from doing something that it wants to do or increase compliance costs. Failure to comply could also lead to increased claims against Unilever and potentially incur penalties, legal costs or harm revenue due to reputational damage.

Advocacy	Positive Impact (OO) (VC)	Unilever is actively lobbying governments, regulators and other third parties to influence policies and regulations that will help to drive change in four key areas: climate, nature, plastics and livelihoods.

Supplier payments and relationships	Risk (OO)	Inappropriate or untimely processing of payments may result in incorrect payments to suppliers, fraudulent transactions, late payments, regulatory penalties or disputes.

OO Own Operations, VC Value Chain

Business conduct policies and corporate culture

As a purpose-led company, our values and culture are the foundation of our

success. Our approach to business integrity is designed to ensure that how we

do business is fully aligned with our values and the applicable laws and

regulations in countries where we operate.

Our business integrity framework is comprised of three pillars:

■Prevention – we seek to embed a culture of integrity at all levels.

■Detection – we encourage employees to speak up, and identify potential

issues through auditing and monitoring processes.

■Response – we have the tools to investigate and, if necessary, sanction

confirmed breaches, and use what we learn to continually improve our

processes to increase the level of prevention.

This approach is underpinned by Unilever’s Code of Business Principles, with

each principle supported by a Code Policy setting out what employees must and

must not do to ensure they are living the code.

We also set out what Unilever requires of business partners in our Responsible

Partner Policy (RPP), so that we can do business together responsibly. Further

detail on the RPP is set out in our Environmental policies section on page 232.

Corporate culture

Our Code sets out clear requirements for the standards of conduct we expect

from our employees.

Everyone at Unilever is expected to be an ambassador for the high standards set

out in the Code, with the tone set from the top. Our CEO communicates regularly

with senior leaders and all employees on business integrity, making clear that

adherence to the Code and Code Policies is non-negotiable. On an annual basis,

multiple initiatives aim to embed this culture across our business, ranging from

mandatory training and a global pledge – where our employees actively pledge

to uphold these values – to employee town hall and leadership awareness

sessions.

We aim to continuously improve and further embed a culture of business

integrity. We analyse the results of investigations, market assessments and audit

findings to identify trends and opportunities for improvement. Lessons learned

are then shared extensively across the business integrity community, Unilever’s

leadership, and with employees.


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GOVERNANCE DISCLOSURES

Employee surveys are also used as a tool to monitor this culture. Business

integrity questions are included within Unilever’s annual global UniVoice survey,

and in more regular UniPulse surveys administered to smaller randomised

groups of employees. Responses are reviewed by our Global Code and Policy

Committee and at Business Integrity Committee meetings. These responses

provide further insight into how strongly business integrity is embedded into

the business, driving future engagement and action plans.

Business conduct policies

Our Code and Code Policies define the ethical behaviours that everyone must

demonstrate when working for Unilever. They help us to address key potential

external and internal risks to the business such as fraudulent behaviour or a

failure to respect, uphold and advance human rights, as well as playing a key

role in ensuring compliance with laws and regulations. As a result, they help us to

protect our brands and reputation, and to prevent harm to people or the

environment.

The Code and Code Policies are available in multiple languages and designed to be

readily applied by employees in their day-to-day work. They are mandatory for all

employees and others working for Unilever, and apply to all Unilever companies,

subsidiaries and organisations over which Unilever has management control. While

our Code and Code Policies are for internal use, we also publish them externally in

support of transparency.

We undertake a comprehensive review of our Code and Code Policies every five

years when the Code is reviewed and approved by the Unilever Board. Potential

changes needed to the Code and Code Policies are monitored on an ongoing

basis to ensure they appropriately reflect the internal and external context, in

addition to incorporating the latest legal requirements, and the Board is informed

of any amendments. As an input to this process, the Board’s Corporate

Responsibility Committee meets quarterly and reviews external developments

that may be relevant to Unilever’s ability to conduct its business appropriately as

a responsible corporate citizen.

We also seek to work with suppliers, customers, agents, distributors and other

partners who uphold these standards throughout our value chain. Our

Responsible Partner Policy outlines our requirements for business partners.

Business conduct training

Everyone who works at Unilever is required to know our Code and Code Policies

and understand how to apply them in their work. We design and conduct annual

mandatory training for all office-based employees and have tailored training for

those employees working in factories and more remote areas. Completion of

training is tracked, and we follow up with employees who fail to complete

mandatory training and take further action where required.

Corruption and bribery are risks that may affect any employee, and therefore our

mandatory training, deployed for all employees, includes a focus on anti-

corruption, in particular related to learnings from investigations, risk assessments

and business partnering.

Identifying and reporting breaches, including whistleblower

protection

Unilever’s Code Policies specifically include the requirement to immediately report

actual or potential breaches of the Code or Code Policies. Key to identifying and

reporting breaches is training, to ensure familiarity with the Code, and the provision of

appropriate infrastructure to facilitate reporting. We make a variety of internal and

external reporting platforms available to all employees and those we partner with.

To report a concern, employees can contact a number of internal channels.

Alternatively, employees and third parties can use our independently managed,

confidential Unilever Code Support Line (whistleblowing line) via telephone or

our online Speak Up platform, which is available directly via a web address.

The available reporting channels are set out within our Code Policies and highlighted

during Business Integrity training and in our communications. The Speak Up platform

web address is signposted on Unilever’s website and our internal portals, and hotline

numbers are displayed in various locations, such as factory walls, building access

cards and payslips.

In 2024, 43% of cases were reported directly to Business Integrity Officers, which

reassures us that we continue to embed a strong process with trust in our

Business Integrity Officers. In addition, we highlight to employees that if they

prefer not to use the direct or anonymised channels provided by Unilever, they

can utilise other external reporting channels and report directly to the authorities.

We are committed to a culture of transparency and have a prohibition on

retaliation in any format against those who report or seek guidance on ethical or

compliance issues or report cases under our Code, compliant with the EU

Whistleblower Directive.

Our Code and Code Policies set out that Unilever will not retaliate against

employees who raise issues with us and that any attempted or actual retaliatory

action by employees is in itself considered to be a breach of our Code. This

approach to non-retaliation is emphasised in global employee training and local

town halls. Additional non-retaliation guidance for employees is also published on

both internal and external platforms.

After any Code concern is reported, reporters are reminded of what retaliation could

look like and asked if they think they have experienced this. All Business Integrity

Committees are also accountable for ensuring that individuals who report Code

breaches or assist with investigations are properly protected from retaliation and that

confidentiality is maintained.

Investigating potential breaches

Our investigation standards require us to record and assess all Code concerns

reported, however they are raised. Once a report is received, it is formally

acknowledged and directed to a Business Integrity Officer to determine whether

a Business Integrity investigation is required.

Investigations are led by the responsible Business Integrity Officers, who ensure

fair, unbiased and independent investigations are undertaken. All Business

Integrity Officers are trained on Unilever’s standards and processes and are

required to uphold these at all times. Business Integrity has officers posted

around the world to respond to cases, with oversight from a central Business

Integrity team.

Investigation reports link the allegation made to the specific requirements under

the Code, summarising the evidence, findings in respect of any breach,

corrective measures, and recommended sanctions. Completed investigation

reports and associated evidence are submitted to Business Integrity Committees

for approval. In cases involving public bribery or senior executives, our Chief

Legal Officer and Chief Business Integrity Officer oversee investigations and an

ad hoc Business Integrity Committee determines any sanctions, regardless of

where such executives are located.

We encourage engagement from the initial reporter to facilitate the investigation

while maintaining any confidentiality. Where appropriate and possible, we aim to

provide transparency with regard to the investigation’s progress and anticipated

completion. It is the responsibility of the Business Integrity Committees to ensure

the timely investigation of all potential Code breaches raised by an individual

employee, with a view to reaching a final determination within 60 days,

depending on the nature and complexity of the concern raised.

Breaches of the Code or Code Policies are shared with various oversight

committees, including the Unilever Board’s Corporate Responsibility and Audit

Committees, the Unilever Leadership Executive, and the Global Code and Policy

Committee.

Animal welfare policies

Unilever uses leading-edge safety science, not animals, to evaluate the safety of

our products. We believe that animal testing is not needed to make sure that our

products and their ingredients are safe for consumers, our workers and the

environment. For over 40 years, we have been working to eliminate animal

testing without compromising on safety. This is set out in our public position

statement on animal testing, owned by the Chief Research & Development

Officer on behalf of the Unilever Leadership Executive.

Unilever’s mandatory standard on animal testing sets out the strict internal

approval and control procedures in place to ensure our position is upheld. This

standard is one of several that underpins Unilever’s Responsible Innovation

Code Policy, which requires that all employees involved in scientific research and

innovation must comply with all standards relevant to their area of work.

To ensure the safety of our products, we develop and advance the use of safety

assessment approaches based on modern science that do not rely on new

animal data. Occasionally, across our wider product portfolio, some of the

ingredients we use have to be tested by our suppliers to comply with legal and

regulatory requirements in some markets, and some governments still test

certain products on animals as part of their regulations. We do not agree that this

animal testing is necessary to assure the safety of our products or the

ingredients in them. We work with our suppliers, government authorities and non-

governmental organisations (NGOs) across the world to increase the acceptance

and use of non-animal approaches for regulatory compliance purposes.

Our Responsible Partner Policy, which sets out what Unilever requires of our

business partners, contains mandatory requirements in relation to animal testing,

as well as outlining leading practices for suppliers to work towards. In support of

this, we partner with our ingredient suppliers to proactively share our non-animal

safety science and

non-animal approaches for chemicals registration.

We share our scientific approaches with regulatory authorities and NGOs around

the world to promote their broader acceptance and maximise the impact of our

science in replacing animal testing. People for the Ethical Treatment of Animals

(PETA) lists Unilever as a ‘company working for regulatory change’ in recognition

of our ongoing work on alternatives to animal testing and our commitment to

promoting their adoption worldwide.

Farm animal welfare forms part of Unilever’s Sustainable Agriculture Code

(SAC), which is designed to codify key aspects of sustainability in farming and

apply them to our supply chain. The Chief Business Operations Officer is

responsible for the implementation of the SAC, and it is applicable to all

agricultural suppliers. The SAC is supported by specific additional guidance,

such as the Unilever Sustainable Livestock Implementation Guide, and its

implementation by suppliers is audited by a third party.


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Farm animal welfare also forms part of our Responsible Partner Policy (RPP),

which helps us to manage our relationship with suppliers. Unilever’s Responsible

Sourcing and Business Partnering Code Policy underpins this approach, setting

out the responsibilities of employees to ensure that third parties are subject to

our RPP policies and controls.

Management of relationships with suppliers

Procurement processes, including fair behaviour with suppliers

Our Code and Code Policies govern what we require of our employees in terms

of fair behaviour in relation to Unilever’s suppliers and procurement processes.

The Code Policies include specific requirements in relation to areas such as anti-

bribery, communication with suppliers, fair competition, conflicts of interest and

treatment of suppliers’ information, as well as the obligation to source only from

suppliers that are compliant with our RPP.

Responsible partnerships

Our RPP, sponsored by our Chief Procurement Officer, helps us to manage our

relationship with suppliers. The RPP describes what Unilever requires of its

business partners across the three interconnected pillars of business integrity &

ethics, human rights, and the planet. It consists of mandatory requirements and

management systems for all suppliers and gives advance notice of future

mandatory requirements designed to build greater resilience as well as leading

practices. This approach recognises the evolving nature of our third parties and

value chains, while driving business growth and improved outcomes for people

and planet.

The scope of our RPP goes beyond our direct supplier universe, which directly

invoice Unilever for goods and services, by including our expectation for

suppliers to cascade equivalent requirements within their own supply chains by

carrying out human rights and environmental due diligence.

All our suppliers undergo continuous assessment against our RPP requirements

and general terms and conditions. If an existing supplier fails to remain compliant

with our requirements, Unilever may restrict the ability to raise new purchase

orders for business until they can once again meet all our requirements. If a new

supplier cannot meet our terms, we will not onboard them into our systems and

will not be able to do business with them.

We verify RPP alignment through self-declarations on registration, annual re-

registration to our systems, routine due diligence and risk-based audits. We take

a continuous improvement approach to our risk assessment and undertake

regular risk-mapping so we can accurately identify where specific risks occur

across geographies and within different supplier types. This leads to more

targeted due diligence and auditing based on the goods and services we source

and the country where the sourcing site is located and ensures we know where

to act to drive change if issues arise.

We encourage suppliers to contact the Unilever team if they face challenges in

meeting our requirements through implementing their own approaches, so that

we can endeavour to provide support and guidance. We also encourage

suppliers to share any insights that will help us improve our programmes, and

how we govern and monitor our value chain, embracing partnership in areas

where we can collaborate in a pre-competitive environment to address endemic

issues in our industries.

Prevention of late payments, specifically to SMEs

Payment terms are contractually agreed between Unilever and each supplier,

including SME suppliers. Further detail on payments to SMEs is set out within

the section on payment practices below.

Prevention and detection of corruption and bribery

Anti-corruption and anti-bribery policies

Our Code and Code Policies set out Unilever’s zero-tolerance approach towards

corruption and bribery. These prohibit both public and commercial bribery, to or

from any third party, and irrespective of financial values involved and also

explicitly prohibit facilitation payments.

Detailed written anti-corruption guidance and standards are also in place that

expand on our Code and Code Policies in relevant areas, including interactions

with public officials, brand protection, corporate transactions (M&A), customer

incentives, gifts and hospitality, grants and donations, and conflicts of interest.

As previously set out, our anti-corruption and bribery policies are communicated

and designed to be readily applied by employees. The Code and Code Policies

are available in multiple languages, and lessons are included in the annual

mandatory training.

Our partners must adhere to Unilever’s anti-corruption and bribery policies, as

defined in the RPP.

Preventing, detecting and addressing allegations or incidents of

corruption and bribery

The core processes to prevent, detect and address allegations or incidents of

corruption and bribery are the same as the processes in place for Unilever’s overall

Code and Code Policies. All potential cases of corruption and bribery related to public

officials are reported to our Chief Legal Officer and Chief Business Integrity Officer,

who oversee investigations, and the Global Code and Policy Committee determines

any sanctions.

As previously set out, breaches, lessons learned, and remedial actions related to

the Code or Code Policies are shared with various oversight committees,

including the Unilever Board’s Corporate Responsibility and Audit Committees,

the Unilever Leadership Executive, and the Global Code and Policy Committee.

In order to prevent incidents from taking place, we conduct periodic bespoke

anti-corruption and anti-bribery risk assessment exercises to determine the

business activities and geographies that require specific actions to enhance our

controls and respond to changes in our risk exposure. A range of tailor-made

measures are continuously introduced to mitigate these risks, along with

additional bespoke training.

Anti-corruption and anti-bribery training

As part of our annual mandatory Business Integrity learning programme, anti-

corruption and anti-bribery training is deployed to all employees. Unilever Board

members also receive specific training on this subject.

The training content is based on our learnings from investigations, risk

assessments and business partnering. Additional bespoke training is offered for

employees who may face a greater risk in their activities in respect of corruption

or bribery, such as those in external-facing commercial roles.

The anti-corruption and anti-bribery training programme is sponsored by the

Chief Legal Officer and Chief Business Integrity Officer and led by the Chief

Counsel – Ethics & Compliance. It is overseen by the Unilever Board’s Corporate

Responsibility Committee.


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GOVERNANCE DISCLOSURES

METRICS AND TARGETS

Incidents of corruption or bribery

There have been no incidents of corruption or bribery resulting in convictions or

fines for Unilever Group companies due to violation of applicable anti-corruption

and anti-bribery laws in 2024.

In addition, there have been no deferred prosecution agreements or other

significant enforcement activity involving Unilever Group companies in 2024 that

required us to take actions to address breaches in procedures and standards of

anti-corruption and anti-bribery.

Political influence and lobbying activities

Unilever engages with governments, policymakers, regulators, non-governmental

organisations and other stakeholders involved in policy and government through

our advocacy and lobbying activities. This engagement forms a key part of

promoting and protecting Unilever’s legitimate business interests, and takes

place directly and indirectly through bodies such as trade associations and

industry groups.

Our Code and Code Policies set out how employees must manage

their business relationship with political groups. Such activity must be conducted

with honesty, integrity, openness and in compliance with local and international

laws.

Oversight of political engagement

In 2024, Unilever’s Global Head of Communications and Corporate Affairs

oversaw national government engagement and lobbying activity. Unilever’s Chief

Corporate Affairs and Sustainability Officer (CSO) oversaw engagement with

intergovernmental organisations and non-governmental organisations. Both roles

report directly to the Chief Executive Officer (CEO).

At Board level, two Non-Executive Directors hold, or have held, comparable

positions in public administration:

■Susan Kilsby is on the UK Takeover Panel and was a non-executive director at

NHS England between 2021–2023.

■Adrian Hennah was appointed as an independent member to the Council of

Imperial College London in 2024.

Neither the CEO nor any other member of the Board not listed above has held

similar roles in public administration within the two years preceding this reporting

period.

Political contributions

Unilever companies are prohibited from supporting or contributing to political

parties or candidates. All Unilever Executive and Non-Executive Directors have

confirmed that they have not made any political contributions on behalf of

Unilever in 2024 and we do not have any reported cases of breaches with the

Political Activities & Political Donations Code Policy.

Main topics covered by Unilever’s political engagement

The scale of Unilever’s business operations and the fact that many areas of the

consumer goods industry are regulated means we engage regularly with

governments and policymakers. We do this both independently and as part of

industry groups and coalitions. The main topics covered by these engagements

during 2024 are set out below.


Topic	Main positions on this topic	Linkages with material impacts, risks and opportunities

Nutrition, diet and health	Unilever works with governments to create policy environments that help consumers make healthier diet choices. Unilever supports policies that restrict the marketing of food and beverages to children under 16, aligning with our global commitment.	■Nutritional product quality ■Safe products ■Business integrity and ethical conduct ■Changing regulatory landscape

Plastic pollution	Unilever supports public policy that aligns with our approach to reducing packaging waste and creating a circular economy. This includes Extended Producer Responsibility schemes, whereby producers are held accountable for the management of their packaging after it has been used. Unilever also supports the introduction of packaging design rules and recycled content targets that will help increase recycling rates. Both these policies are dependent on governments working with industry to increase the availability of high-quality recycled plastic. We also work with governments to identify the enabling conditions to help scale reuse and refill models. Unilever is advocating for a legally binding UN Treaty to end plastic pollution, which will help harmonise regulatory standards and policies across markets through global rules and mandatory targets.	■Plastic pollution ■Extended Producer Responsibility (EPR) schemes for packaging and other plastic taxes ■Changing regulatory landscape

Climate	Unilever advocates for changes to public policy frameworks consistent with the 1.5°C ambition of the Paris Agreement. Unilever’s main positions are that governments should raise national climate ambition, scale up renewable energy and non-fossil chemical feedstocks, and phase out fossil fuels, including fossil fuel subsidies. Furthermore, Unilever works with governments to accelerate enabling conditions, including encouraging the protection and restoration of land, forests and oceans, and putting forward policies that incentivise regenerative agriculture. Unilever advocates for the adoption of ISSB sustainability reporting standards as the global baseline for non-financial reporting.	■All climate change material impacts, risks and opportunities identified ■Changing regulatory landscape

Safety regulation	Chemical and product regulations are being revised to incorporate modern safety science and data. Unilever provides input to consultations on regulatory changes, sharing new scientific approaches and how we apply them to safety decision-making. We aim to have less complex regulations that promote ‘safe by design’ innovation and the highest standards of human health and environmental protection.	■Changing regulatory landscape ■Safe products

Business operations and trade issues	Unilever works with governments, policymakers, regulators and other stakeholders to ensure our supply chains operate efficiently and to protect our business interests and workforce, such as trade restrictions that impact our supply chain. Changes to laws and regulations can have a positive or negative impact on our business and how we operate.	■Changing regulatory landscape


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GOVERNANCE DISCLOSURES

Transparency Registers in the European Union

Unilever PLC is registered with the EU Transparency Register (identification number: 6200524920-25). Unilever entities are also listed in the lobbying registers of

other EU Member States, as set out below. Furthermore, we comply with the US Lobbying Disclosure Act (LDA); the LDA website provides a searchable database of

disclosure filings.


Country	Name of Register	Entity	ID number

Germany	Lobbyregister beim Deutschen Bundestag	Unilever DACH	R003910

Ireland	Register of Lobbying	Unilever UK&I	2621

Netherlands	Lobbyistenregister van de Tweede Kamer	Unilever N.V.	n/a

Spain	Direcció General de Bon Govern, Innovació i Qualitat Democràtiques	UNILEVER ESPAÑA SA	5292

Payment practices

Average payment days and percentage of invoices paid on time

Payment terms are contractually agreed between Unilever and each supplier. The global nature of our business and the variety in types of materials and services

we buy mean that our payment practices reflect local legal requirements and established local or industry practices, which can vary significantly. As a result,

suppliers have not been further subcategorised.

The average time Unilever takes to pay an invoice is calculated as the difference between the date when a payment advice is triggered by Unilever to the bank

(clearing date) and the date agreed between Unilever and its supplier from which invoice payment days start to be calculated (start of payment terms).

The percentage of invoices paid on time is calculated as the number of invoices for which the payment advice is triggered by Unilever to the bank (clearing date) on

or before the date on which Unilever must pay the invoice to the supplier as per the agreed payment terms (payment due date), divided by the total number of

invoices during the reporting period.

Small and medium-sized enterprises (SMEs) are considered to be small or medium-sized in the context of their market. The specific factors and thresholds applied

may vary depending on the market.

Entities in SAP represent around 95% of total Unilever turnover, and within this, SME identification is conducted for eight of Unilever’s largest markets, together

representing around 75% of Unilever’s global spend recorded in SAP: Brazil, China, Europe (excluding the UK), India, Indonesia, Mexico, the UK and the US. SME

identification is based on local government definitions and sourced from third-party databases. In certain cases, where available company data is limited, the third-

party databases used for this exercise use predictive modelling to estimate relevant values.

The table below sets out the standard payment terms together with the percentage of Unilever’s spend in Q4 2024. Our goal is to pay 100% of invoices within the

payment terms agreed with our suppliers. In 2024, Unilever paid over 6.9 million invoices to approximately 76k suppliers.


Standard payment terms (% spend by value)					Q4 2024
Within 30 days					36%
31–60 days					19%
61–90 days					23%
>90 days					22%
Total					100%

The table below sets out the average time taken to pay supplier invoices and the percentage of payments made within the agreed terms, for all suppliers and for

those SME suppliers we can currently separately identify.


Payment metrics	All suppliers	SME suppliers
Average payment days	56 days	38 days
% of invoices paid on time	87%	84%

Every month, all invoices that have not been paid in accordance with the contractual terms are identified, reasons for delays are identified and actions to rectify the

issues are taken. The most common issues causing delayed payments are:

■Where we only have weekly or fixed payment, so payment is often the next payment run after the due date;

■Where there is a delay in the receipt of invoices from suppliers, particularly where payment terms are shorter; or

■Timeliness of approvals as to the appropriateness of the invoice or lack of necessary information on the invoice to process it properly.

Number of legal proceedings outstanding for late payments

Formal legal proceeding in relation to late payment brought against any Unilever entity that is ongoing as at 31 December 2024.

A determination on whether any such proceeding has been brought by an SME is made based on local legal definitions where possible, or otherwise relevant

available information such as supplier financial information considered in the context of the relevant market.

As at 31 December 2024, there were two legal proceedings outstanding for late payment, both of which related to SMEs.


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INDEX

DISCLOSURE REQUIREMENTS COVERED BY OUR SUSTAINABILITY STATEMENT, INCLUDING

INCORPORATION BY REFERENCE


ESRS References				Page(a)	TCFD(b)

ESRS2 General Information

Basis of Preparation
BP-1	General basis of preparation			224
BP-2	Disclosures in relation to specific circumstances			224

Governance
GOV-1	Oversight of sustainability matters	66†, 71-72†, 84-85†, 224			■
GOV-2	Sustainability matters addressed by governance bodies			92†, 224	■
GOV-3	Sustainability performance and incentives		102-106†, 225		■
GOV-4	Sustainability due diligence			225
GOV-5	Sustainability reporting controls			226	■

Strategy
SBM-1	Strategy and business model		2-4†, 36†, 48†, 226		■
SBM-2	Interests and views of stakeholders		74†, 226		■
SBM-3	Interaction of material IROs with strategy and business model			227	■

Impact, risk and opportunity management
IRO-1	Double materiality assessment process and 2024 IROs			226-227	■
IRO-2	Disclosure requirements in ESRS covered by the undertaking’s sustainability statement			295, 298	■
E2-6, E3-5, E4-6	Current and anticipated financial effects of material IROs			227

E1 Climate

Governance
ESRS2 GOV-3	Sustainability performance and incentives		102-106†, 225, 233		■

Strategy
E1-1	Transition plan for climate change mitigation			233	■
ESRS2 SBM-3	Interaction of material IROs with strategy and business model			235	■

Impact, risk and opportunity management
ESRS2 IRO-1	Process to identify material climate impacts, risks and opportunities		226, 230, 235		■
E1-2	Policies		229, 232, 240		■
E1-3	Actions			240	■

Metrics and targets
E1-4	Targets			242	■
E1-5	Energy consumption and mix			246
E1-6	Gross scope 1, 2, 3 and total GHG emissions			244	■
E1-7	GHG removals and GHG mitigation projects financed through carbon credits			247
E1-8	Internal carbon pricing			247	■
E1-9	Potential financial effects			227, 235	■

E2 Pollution

Impact, risk and opportunity management
ESRS2 IRO-1	Process to identify material pollution impacts, risks and opportunities		226, 230, 249
E2-1	Policies		229, 232, 249
E2-2	Actions			249

Metrics and targets
E2-3	Targets			250
E2-4	Pollution of air, water and soil			250-251
E2-5	Substances of concern and substances of very high concern			n/a

E3 Water

Impact, risk and opportunity management
ESRS2 IRO-1	Process to identify material water impacts, risks and opportunities		226, 230, 252
E3-1	Policies		229, 232, 252
E3-2	Actions			252
Metrics and targets
E3-3	Targets			253
E3-4	Water consumption			253

(a)Incorporation by cross reference is indicated by the symbol (†).

(b)The sustainability statement is consistent with the Task Force on Climate-related Disclosures (TCFD) Recommendations and Recommended Disclosures. This column outlines how

the TCFD disclosures are mapped across the relevant sections of the sustainability statement.


296	Unilever Annual Report on Form 20-F 2024



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ESRS References			Page(a)	TCFD(b)
E4 Biodiversity and Ecosystems

Strategy
E4-1	Transition plan and consideration of biodiversity and ecosystems in strategy and business model		233, 254
ESRS2 SBM-3	Interaction of material IROs with strategy and business model		254

Impact, risk and opportunity management
ESRS2 IRO-1	Process to identify material biodiversity and ecosystem impacts, risks and opportunities	226, 230, 254
E4-2	Policies related to biodiversity and ecosystems	229, 232, 255
E4-3	Actions and resources related to biodiversity and ecosystems		255

Metrics and targets
E4-4	Targets related to biodiversity and ecosystems		256
E4-5	Impact metrics related to biodiversity and ecosystems change		257

E5 Resource Use and Circular Economy

Impact, risk and opportunity management
ESRS2 IRO-1	Process to identify material resource use and circular economy impacts, risks and opportunities		226, 230
E5-1	Policies	229, 232, 258
E5-2	Actions		258

Metrics and targets
E5-3	Targets		258
E5-4	Resource inflows		260
E5-5	Resource outflows		260
E5-6	Potential financial effects		227, 262	■

S1 Own Workforce

Strategy
ESRS2 SBM-2	Interests and views of stakeholders		226, 270
ESRS2 SBM-3	Interaction of material IROs with strategy and business model		227, 267

Impact, risk and opportunity management
S1-1	Policies	229, 270, 272
S1-2	Engaging with own workforce and workers’ representatives		270, 272
S1-3	Processes to remediate impacts and channels to raise concerns		272, 288
S1-4	Managing impacts and risks related to own workforce		271-272

Metrics and targets
S1-5	Targets		274
S1-6	Characteristics of the undertaking’s employees		274
S1-7	Characteristics of non-employees in the undertaking’s own workforce		n/a
S1-8	Collective bargaining coverage and social dialogue		275
S1-9	Diversity metrics		275
S1-10	Adequate wages		275
S1-11	Social protection		276
S1-12	Persons with disabilities		n/a
S1-13	Training and skills development metrics		n/a
S1-14	Health and safety metrics		277
S1-15	Work-life balance metrics		n/a
S1-16	Remuneration metrics (pay gap and total remuneration)		277
S1-17	Incidents, complaints and severe human rights impacts		278

(a)Incorporation by cross reference is indicated by the symbol (†).

(b)The sustainability statement is consistent with the Task Force on Climate-related Disclosures (TCFD) Recommendations and Recommended Disclosures. This column outlines how

the TCFD disclosures are mapped across the relevant sections of the sustainability statement.


Unilever Annual Report on Form 20-F 2024		297



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS


ESRS References			Page(a)	TCFD(b)

S2 Workers in the Value Chain

Strategy
ESRS2 SBM-2	Interests and views of stakeholders		226, 270
ESRS2 SBM-3	Interaction of material IROs with strategy and business model	227, 267, 279
Impact, risk and opportunity management
S2-1	Policies	229, 270, 279
S2-2	Engaging with value chain workers		270, 279
S2-3	Processes to remediate impacts and channels to raise concerns		279
S2-4	Managing impacts on value chain workers		271, 280

Metrics and targets
S2-5	Targets		281

S3 Affected Communities

Strategy
ESRS2 SBM-2	Interests and views of stakeholders		226, 270
ESRS2 SBM-3	Interaction of material IROs with strategy and business model		227, 267

Impact, risk and opportunity management
S3-1	Policies	229, 270, 282
S3-2	Engaging with affected communities		270, 282
S3-3	Processes to remediate impacts and channels to raise concerns		282
S3-4	Managing impacts on affected communities		271, 282

Metrics and targets
S3-5	Targets		283

S4 Consumers and End-Users

Strategy
ESRS2 SBM-2	Interests and views of stakeholders		226, 284
ESRS2 SBM-3	Interaction of material IROs with strategy and business model	227, 267, 284

Impact, risk and opportunity management
S4-1	Policies	229, 270, 284, 286
S4-2	Engaging with consumers and end-users		284, 286
S4-3	Processes to remediate impacts and channels to raise concerns		284
S4-4	Managing impacts, risks and opportunities related to consumers and end-users		285-286

Metrics and targets
S4-5	Targets		285

G1 Business Conduct

Governance
ESRS2 GOV-1	Oversight of sustainability matters	70†, 84†, 224, 287

Impact, risk and opportunity management
ESRS2 IRO-1	Process to identify material business conduct impacts, risks and opportunities		226, 287
G1-1	Business conduct policies and corporate culture		229, 287
G1-2	Management of relationships with suppliers		289
G1-3	Prevention and detection of corruption and bribery		289

Metrics and targets
G1-4	Incidents of corruption or bribery		290
G1-5	Political influence and lobbying activities		290
G1-6	Payment practices		291

(a)Incorporation by cross reference is indicated by the symbol (†).

(b)The sustainability statement is consistent with the Task Force on Climate-related Disclosures (TCFD) Recommendations and Recommended Disclosures. This column outlines how

the TCFD disclosures are mapped across the relevant sections of the sustainability statement.


298	Unilever Annual Report on Form 20-F 2024



STRATEGIC REPORT	CORPORATE GOVERNANCE	FINANCIAL STATEMENTS	SUSTAINABILITY STATEMENTS

EU LEGISLATION DATA POINTS


Disclosure requirement	Data point		SFDR reference	Pillar 3 reference	Benchmark regulation reference	EU Climate Law reference	Page / relevance
ESRS 2 GOV-1	21 (d)	Board's gender diversity	■		■		84
ESRS 2 GOV-1	21 (e)	Percentage of Board members who are independent			■		85
ESRS 2 GOV-4	30	Statement on sustainability due diligence	■				225
ESRS 2 SBM-1	40 (d) i	Involvement in activities related to fossil fuel activities	■	■	■		Not relevant
ESRS 2 SBM-1	40 (d) ii	Involvement in activities related to chemical production	■		■		Not relevant
ESRS 2 SBM-1	40 (d) iii	Involvement in activities related to controversial weapons	■		■		Not relevant
ESRS 2 SBM-1	40 (d) iv	Involvement in activities related to cultivation and production of tobacco			■		Not relevant
ESRS E1-1	14	Transition plan to reach climate neutrality by 2050				■	233
ESRS E1-1	16 (g)	Undertakings excluded from Paris-aligned benchmarks		■	■		Not relevant
ESRS E1-4	34	GHG emission reduction targets	■	■	■		242
ESRS E1-5	38	Energy consumption from fossil sources disaggregated by sources	■				246
ESRS E1-5	37	Energy consumption and mix	■				246
ESRS E1-5	40-43	Energy intensity associated with activities in high climate impact sectors	■				246
ESRS E1-6	44	Gross Scope 1, 2, 3 and total GHG emissions	■	■	■		245
ESRS E1-6	53-55	Gross GHG emissions intensity	■	■	■		245
ESRS E1-7	56	GHG removals and carbon credits				■	247
ESRS E1-9	66	Exposure of the benchmark portfolio to climate- related physical risks			■		Not relevant
ESRS E1-9	66 (a)	Disaggregation of monetary amounts by acute and chronic physical risk		■			Not relevant
ESRS E1-9	66 (c)	Location of significant assets at material physical risk		■			Not relevant
ESRS E1-9	67 (c)	Breakdown of the carrying value of its real estate assets by energy efficiency classes		■			Not relevant
ESRS E1-9	69	Degree of exposure of the portfolio to climate- related opportunities			■		Not relevant
ESRS E2-4	28	Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil	■				250
ESRS E3-1	9	Water and marine resources	■				252
ESRS E3-1	13	Dedicated policy	■				Not relevant
ESRS E3-1	14	Sustainable oceans and seas	■				Not relevant
ESRS E3-4	28 (c)	Total water recycled and reused	■				253
ESRS E3-4	29	Total water consumption in m3 per net revenue on own operations	■				253
ESRS 2 SBM 3 - E4	16 (a) i	Biodiversity sensitive areas	■				254
ESRS 2 SBM 3 - E4	16 (b)	Land impacts	■				254
ESRS 2 SBM 3 - E4	16 (c)	Threatened species	■				254
ESRS E4-2	24 (c)	Sustainable oceans/seas practices or policies	■				Not relevant
ESRS E4-2	24 (d)	Policies to address deforestation	■				232, 255
ESRS E5-5	37 (d)	Non-recycled waste	■				261
ESRS E5-5	39	Hazardous waste and radioactive waste	■				261
ESRS 2 SBM3 - S1	14 (f)	Risk of incidents of forced labour	■				267
ESRS 2 SBM3 - S1	14 (g)	Risk of incidents of child labour	■				267
ESRS S1-1	20	Human rights policy commitments	■				270
ESRS S1-1	21	Sustainability due diligence policies on issues addressed by the fundamental International Labour Organization Conventions 1 to 8			■		270, 271
ESRS S1-1	22	Processes and measures for preventing trafficking in human beings	■				270
ESRS S1-1	23	Workplace accident prevention policy or management system	■				270
ESRS S1-3	32 (c)	Grievance/complaints handling mechanisms	■				272
ESRS S1-14	88 (b), (c)	Number of fatalities and number and rate of work-related accidents	■				277



☐			REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024
OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐			SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


CATEGORY-FOCUSED ORGANISATION TO ACCELERATE GROWTH




Beauty & Wellbeing	Personal Care	Home Care	Foods*	Ice Cream
Hair Care Prestige Beauty Skin Care Wellbeing	Deodorants Oral Care Skin Cleansing	Fabric Cleaning Fabric Enhancers Home & Hygiene	Condiments Cooking Aids & Mini-Meals Unilever Food Solutions	Ice Cream
€13.2bn	€13.6bn	€12.3bn	€13.4bn	€8.3bn


CREATING VALUE FOR OUR STAKEHOLDERS
Our business model leverages our organisational structure, deep operational know-how and industry-leading expertise to create value.
■Shareholders ■Our People ■Consumers			■Customers ■Suppliers & Business Partners ■Planet & Society
All numbers mentioned on pages 2 and 3 are for 2024 reporting period.


U.S. GAAP ☐		International Financial Reporting Standards as issued by the International Accounting Standards Board ☒		Other ☐


Our brands serve consumers in almost every part of the world.
Worldwide reach		Developed & emerging market strength


We have around 400 brands meeting consumers’ daily needs, from household necessities to premium indulgences.
High household penetration		Marketing powerhouse


Our 5,000+ R&D experts are developing innovations to drive unmissable superiority.
Investment in R&D		Fragrance expertise


We are building a lean and agile supply chain powered by advancements in technology, data and AI.
Resilience and cost efficiency		Digitally connected logistics


Our people work in factories, offices, distribution warehouses, R&D centres and customer-facing roles across 100+ countries.
Highly engaged		Employee pride


We have a more focused, urgent and systemic sustainability agenda, supported by 15 short- and medium-term goals.
Decarbonising our operations		Helping small retailers grow


NORTH AMERICA	INDIA	EUROPE	NORTH ASIA	GREATER ASIA	PTAB
United States	India	United Kingdom	China	Korea	Pakistan
Canada		Netherlands		Japan	Turkey
	LATIN AMERICA	Belgium	INDONESIA	Philippines	Arabia
	Brazil	Germany	Indonesia	Thailand	Bangladesh
	Argentina	Italy		Vietnam
	Mexico	France
		Poland



PERFORMANCE HIGHLIGHTS
Turnover in 2024

€60.8bn
2023: €59.6bn	2022: €60.1bn


Turnover growth

2024

2023

2022


Underlying sales growth
	USG	UVG	UPG
2024		2.9%	1.3%

2023		0.2%	6.8%

2022		-2.1%	11.3%


Operating margin

2024

2023

2022


Underlying operating margin

2024

2023

2022


Unilever Group performance
Unilever	2024	2023	2022
Turnover growth	1.9%	(0.8)%	14.5%
Underlying sales growth	4.2%	7.0%	9.0%
Underlying volume growth	2.9%	0.2%	(2.1)%
Operating margin	15.5%	16.4%	17.9%
Underlying operating margin	18.4%	16.7%	16.1%
Cash flow from operating activities	€12.1bn	€11.6bn	€10.1bn
Free cash flow	€6.9bn	€7.1bn	€5.2bn
Net cash flow (used in)/from investing activities	€(0.6)bn	€(2.3)bn	€2.5bn
Net cash flow used in financing activities	€(6.9)bn	€(7.2)bn	€(8.9)bn


	(Translation of Registrant’s name into English)
	ENGLAND


POWERED BY STRONG FUNDAMENTALS AND CAPABILITIES


Business Group performance
Beauty & Wellbeing	2024	2023	2022
Turnover	€13.2bn	€12.5bn	€12.3bn
Turnover growth	5.5%	1.8%	20.8%
Underlying sales growth	6.5%	8.3%	7.8%
Operating margin	15.0%	17.7%	17.6%
Underlying operating margin	19.4%	18.7%	18.7%


Business Group performance continued
Home Care	2024	2023	2022
Turnover	€12.3bn	€12.2bn	€12.4bn
Turnover growth	1.4%	(1.8)%	17.3%
Underlying sales growth	2.9%	5.9%	11.8%
Operating margin	12.3%	11.6%	8.6%
Underlying operating margin	14.5%	12.3%	10.8%


Performance measure	Weighting			% of target
Underlying sales growth	40%	1.00%	7.00%	80%
Underlying operating profit growth (including restructuring costs)	30%	-3.20%	6.80%	150%
Free cash flow(a)	30%	€4.8bn	€6.3bn	150%
Overall performance based on the formulaic outcome		0%	150%	122%


Incentive plan	Performance measure	Link to strategy

Short term: annual bonus(a)	Underlying sales growth at constant FX rates (USG) (40%)	Clear, simple and well-understood measure supporting the achievement of Unilever’s growth ambition.
	Underlying operating profit growth at current FX rates (UOP) (30%)	Provides a focus on absolute profitability as an indicator of driving shareholder value.
	Free cash flow (FCF) at current FX rates (30%)	Provides clear focus on the achievement of Unilever’s cash generation ambition.
Long term: PSP	Underlying sales growth (USG) (25%)	The primary driver of value creation in our multi-year financial growth model.
	Relative total shareholder return(b) (30%)	Aligns remuneration with shareholders’ experience and allows us to measure relative performance.
	Underlying return on invested capital (average) (30%)	Supports disciplined investment of capital within the business and encourages acquisitions that create long-term value.
	Sustainability Progress Index (15%)	Sustainability is a strategic imperative for our business and a key part of our Growth Action Plan 2030. In May 2024, we launched our refocused sustainability strategy, with 15 near- and medium-term goals to accelerate action in four priority areas where we can deliver the greatest impact: Climate, Nature, Plastics and Livelihoods. To ensure focused progress, the CRC and Compensation Committee have agreed four KPIs (one for each priority area) to assess in progress towards Unilever’s sustainability goals (see pages 36 and 37).


Measure	Weighting	Vesting at threshold	Threshold	Maximum (200% of target)


Underlying sales growth (USG) (average)	25%	50%	3.4%	6.0%



Relative total shareholder return(a)	30%	50%	10th (median)	1st–5th (upper quartile)



Underlying return on invested capital (average)	30%	0%	18.2%	19.2%



Sustainability Progress Index(b)	15%	0%
Climate: The percentage change in greenhouse gas (GHG) emissions from energy and refrigerant use in our operations in the given period in the reporting year, in comparison to the same period in 2015.(c)			-75%	-85%
Nature: The total hectares of land, forests and oceans (as measured by ocean floor area) that Unilever programmes help protect and/or regenerate, reported annually as a cumulative total as at the end of the financial year.			1m hectares	1.5m hectares
Plastics: The percentage change in the total tonnes of virgin plastics used in the packaging for our products, in the given period in the reporting year in comparison to the same period in 2019.			-30%	-40%
Livelihoods: The percentage of our procurement spend in the financial year which is with suppliers who have signed the Living Wage promise by the end of the financial year.			50%	60%


Voting outcome	For	Against	Withheld
2024 Directors’ Remuneration Policy (2024 AGM)	97.69%	2.31%	2,918,626
2023 Directors’ Remuneration Report (2024 AGM)	97.96%	2.04%	2,966,904


Staff costs	€ million 2024	€ million 2023	€ million 2022
Wages and salaries	(5,852)	(5,722)	(5,857)
Social security costs	(640)	(591)	(587)
Other pension costs	(339)	(348)	(396)
Share-based compensation costs	(324)	(212)	(177)
	(7,155)	(6,873)	(7,017)


Average number of employees during the year (a)	'000 2024	'000 2023	'000 2022
Asia Pacific Africa	61	64	73
The Americas	38	38	38
Europe	26	26	27
	125	128	138
(a)Reduction in average number of employees is primarily driven by the productivity programme and business disposals during 2024. The reduction in 2023 was primarily driven by the disposal of the global tea business in 2022.


Key management compensation	€ million 2024	€ million 2023	€ million 2022
Salaries and short-term employee benefits	(44)	(41)	(41)
Share-based benefits(a)	(19)	(13)	(15)
	(63)	(54)	(56)
Of which: Executive Directors	(14)	(13)	(12)
Other(b)	(49)	(41)	(44)

Non-Executive Directors’ fees	(2)	(2)	(2)
	(65)	(56)	(58)


Non-current assets and groups of assets and liabilities which comprise disposal groups are classified as ‘held for sale’ when all of the following criteria are met: a decision has been made to sell; the assets are available for sale immediately; the assets are being actively marketed; and a sale has been agreed or is expected to be concluded within 12 months of the balance sheet date. Immediately prior to classification as held for sale, the non-current assets or groups of assets are remeasured in accordance with the Group’s accounting policies. Subsequently, non-current assets and disposal groups classified as held for sale are valued at the lower of book value or fair value less disposal costs. Assets held for sale are neither depreciated nor amortised. Non-current assets and liabilities held for sale are recognised as current on the balance sheet.


	€ million 2024	€ million 2023
Property, plant and equipment held for sale(a)	3	2

Disposal groups held for sale
Non-current assets
Goodwill and intangibles	94	534
Property, plant and equipment	33	21
Other non-current assets	1	1
	128	556
Current assets
Inventories	29	80
Trade and other receivables	6	47
Current tax assets	–	4
Cash and cash equivalents	1	2
	36	133
Assets held for sale	167	691

Current liabilities
Trade payables and other current liabilities	10	24
Current tax liabilities	1	2
Financial liabilities due within one year	30	–
Provisions	3	–
	44	26
Non-current liabilities
Pension and post-retirement healthcare liabilities	1	–
Financial liabilities due after one year	–	4
Deferred tax liabilities	3	145
	4	149
Liabilities held for sale	48	175


Form 20-F references

Item 1	Identity of Directors, Senior Management and Advisers						n/a

Item 2	Offer Statistics and Expected Timetable						n/a

Item 3	Key Information

	B.	Capitalisation and Indebtedness					n/a
	C.	Reasons for the offer and use of proceeds					n/a
	D.	Risk factors					52-59

Item 4	Information on the Company

	A.	History and development of the company	6-37, 65,142-144, 163-165, 185-188, 211, 216
	B.	Business overview			2-5, 10-33, 36-37, 51-59, 145-147, 216
	C.	Organisational structure				65, 191, 200-210
	D.	Property, plant and equipment				163-165, 216

Item 4A	Unresolved Staff Comments						n/a

Item 5	Operating and Financial Review and Prospects

	A.	Operating results			10-13, 38-47, 57-58, 176-179
	B.	Liquidity and capital resources		40-41, 58, 60, 120, 141, 163-165, 169, 172-186
	C.	Research and development, patents and licences, etc.		3, 14-33, 36-37, 148, 216
	D.	Trend information			2, 6-33, 52-59
	E.	Critical accounting estimates					n/a

Item 6	Directors, Senior Management and Employees

	A.	Directors and senior management				66-69, 214
	B.	Compensation				95-117, 149-156
	C.	Board practices			68-77, 95-97, 214
	D.	Employees				3, 50, 149, 214
	E.	Share ownership			99-117, 155-156, 214
	F.	Disclosure of a registrant's actions to recover erroneously awarded compensation					n/a

Item 7	Major Shareholders and Related Party Transactions

	A.	Major shareholders					79, 215
	B.	Related party transactions					190, 215
	C.	Interest of experts and counsel					n/a

Item 8	Financial Information

	A.	Consolidated statements and other financial information		121-191, 211, 215, 221
	B.	Significant changes					190

Item 9	The Offer and Listing

	A.	Offer and listing details				65, 79, 215, 219-220
	B.	Plan of distribution					n/a
	C.	Markets				65
	D.	Selling shareholders					n/a
	E.	Dilution					n/a
	F.	Expenses of the issue					n/a


Item 10	Additional Information

	A.	Share capital				n/a
	B.	Articles of association			70-80, 107, 220
	C.	Material contracts				216
	D.	Exchange controls				216
	E.	Taxation				217-219
	F.	Dividends and paying agents				n/a
	G.	Statement by experts				n/a
	H.	Documents on display				211, 216
	I.	Subsidiary information				n/a
	J.	Annual security report to security holders				n/a
Item 11	Quantitative and Qualitative Disclosures about Market Risk		167-184, 6

Item 12	Description of Securities Other than Equity Securities
	A.	Description of debt securities				n/a
	B.	Description of warrants and rights				n/a
	C.	Description of other securities				n/a
	D.	American Depositary Shares				219-220

Item 13	Defaults, Dividend Arrearages and Delinquencies

	A.	Defaults				220
	B.	Dividend arrearages and delinquencies				220

Item 14	Material Modifications to the Rights of Security Holders and Use of Proceeds					n/a

Item 15	Controls and Procedures

	A.	Disclosure Controls and Procedures				80
	B	Annual Report on Internal Control				221
	C	Attestation Report				221
	D	Changes in Internal Control over Financial Reporting				n/a
Item 16	Reserved

Item 16A.	Audit Committee Financial Expert					87
Item 16B.	Code of Ethics			79-80, 92-93
Item 16C.	Principal Accountant Fees and Services					87-90, 221
Item 16D.	Exemptions from The Listing Standards for Audit Committees					n/a
Item 16E.	Purchases of Equity Securities by The Issuer and Affiliated Purchasers					79, 190, 220
Item 16F.	Change in Registrant’s Certifying Accountant					n/a
Item 16G.	Corporate Governance					80
Item 16H.	Mine Safety Disclosures					n/a
Item 16I.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections					n/a
Item 16J.	Insider Trading Policies (Share Dealing Standard)					216
Item 16K.	Cybersecurity					217

Item 17	Financial Statements			120-210

Item 18	Financial Statements			120-210

Item 19	Exhibits Please refer to the Exhibit list located immediately following the signature page for this document as filed with the SEC.



	Sustainability Statement

	224	General Information
	230	Environmental Disclosures
	267	Social Disclosures
	287	Governance Disclosures


Material impact, risk or opportunity

Salient human rights issues

Land rights, including Indigenous rights	Negative Impact	Own Operations; Value Chain


Material impact, risk or opportunity

Business integrity and ethical conduct	Risk	Own Operations; Value Chain

Anti-bribery and corruption	Risk	Own Operations; Value Chain

Use of non-animal safety science	Positive Impact	Value Chain

Changing regulatory landscape †	Risk	Own Operations; Value Chain

Advocacy	Positive Impact	Own Operations; Value Chain

Supplier payments and relationships	Risk	Own Operations


Renewable electricity (% of MWh)	2024
On-site renewable self generation	2%
Purchased renewable electricity	83%
On-site Purchase Power Agreements	0%
Off-site Purchase Power Agreements	9%
Green energy products from an energy supplier (green tariffs/bundled RECs)	14%
Green energy purchased in markets with greater than 95% renewable grid	0%
Unbundled RECs bought in market	60%
Total renewable electricity	85%


Non-renewable electricity (% of MWh)	2024
On-site non-renewable electricity generation (e.g. gas-fired on-site CHP)	8%
Purchased non-renewable electricity (e.g. non-grid transfer of CHP)	5%
Unbundled RECs bought in an adjacent market	2%
Total non-renewable electricity	15%


Metric		2024
Percentage of organic ingredients contained in products sold that are biodegradable		93%


Waste generated in own operations (thousands tonnes)	2024
Total waste generated	731
Hazardous waste diverted from disposal	25
For preparation for reuse	4
For recycling	11
For other recovery operations	10
Non-hazardous waste diverted from disposal	699
For preparation for reuse	196
For recycling	337
For other recovery operations	166
Hazardous waste directed to disposal	6
By incineration without energy recovery	4
By landfilling	2
By other disposal operations	0
Non-hazardous waste directed to disposal	1
By incineration without energy recovery	0
By landfilling	1
By other disposal operations	0
Non-recycled waste	183
Percentage of non-recycled waste (%)	25%
Total hazardous waste including radioactive waste	31


Exhibit	Description of Exhibit

1.1	Articles of Association of Unilever PLC1

2.1	Twenty-Sixth Supplemental Trust Deed as of May 16, 2024, incorporating the Trust Deed as of July 22, 1994 as Amended and Restated on May 16, 2024

2.2	Amended and Restated Indenture as of July 26, 2023, among Unilever Capital Corporation, Unilever PLC, Unilever United States, Inc. and The Bank of New York Mellon, as Trustee, relating to Guaranteed Debt Securities2

2.3	Second Amended and Restated Deposit Agreement dated as of July 1, 2014 by and among Unilever PLC and Deutsche Bank Trust Company Americas, as Depositary, and the Holders and Beneficial Owners of American Depositary Shares issued thereunder3

2.4	Description of Securities Registered Under Section 12 of the Exchange Act4

4.1	Service Contracts of the Executive Directors of Unilever PLC

4.2	Letters regarding compensation of Executive Directors of Unilever PLC

4.3	Unilever North America Omnibus Equity Compensation Plan As Amended and Restated as of November 22, 20225

4.4	The Performance Share Plan6

4.5	Unilever Share Plan 20177

8.1	List of Subsidiaries8

11.1	Share Dealing Standard

12.1	Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

13.1	Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

15.1	Consent of KPMG LLP

17.1	Subsidiary Guarantors and Issuers of Guaranteed Securities

97.1	Recovery Policy

101	The following financial information from Unilever PLC’s Annual Report on Form 20-F for the fiscal year ended December 31, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) consolidated income statement for the years ended December 31, 2024, 2023 and 2022, (ii) consolidated statement of comprehensive income for the years ended 31 December 2024, 2023 and 2022, (iii) consolidated statement of changes in equity for the year ended 31 December 2024, 2023 and 2022, (iv) consolidated balance sheet as of December 31, 2024 and 2023, (vi) consolidated cash flow statement for the years ended December 31, 2024, 2023 and 2022, and (vii) notes to the consolidated financial statements.

104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).