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Consolidated cash flow statement - EUR (€)
€ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of cash flows [abstract]      
Net profit from continuing operations € 6,213 € 6,039 [1],[2] € 6,637 [1],[2]
Taxation 2,481 2,332 [1] 1,990 [1]
Share of net profit of joint ventures/associates and other (income)/loss from non-current investments (228) (263) [1] (206) [1]
Net monetary loss arising from hyperinflationary economies 68 201 [1],[2] 169 [1],[2]
Net finance costs 503 520 [1] 409 [1]
Operating profit from continuing operations 9,037 8,829 [1],[2] 8,998 [1],[2]
Depreciation, amortisation and impairment 1,353 1,370 [1] 1,148 [1]
Changes in working capital: 116 (188) [1] 753 [1]
Inventories (281) (190) [1] 282 [1]
Trade and other receivables [3] (2,620) (211) [1] 731 [1]
Trade payables and other liabilities [3] 3,017 213 [1] (260) [1]
Pensions and similar obligations less payments (74) (54) [1] (251) [1]
Provisions less payments (130) 289 [1] (171) [1]
Elimination of losses/(profits) on disposals 58 259 [1] (440) [1]
Non-cash charge for share-based compensation 255 292 [1] 192 [1]
Other adjustments 157 116 [1] 97 [1]
Cash flow from continuing operating activities 10,772 10,913 [1] 10,326 [1]
Income tax paid on continuing operations (2,720) (2,452) [1] (1,933) [1]
Net cash flow from continuing operating activities 8,052 8,461 [1] 8,393 [1]
Cash flow from operations attributable to discontinued operations 475 1,231 [1] 1,235 [1]
Income tax paid from discontinued operation (177) (173) [1] (202) [1]
Net operating cash flows attributable to discontinued operations 298 1,058 [1] 1,033 [1]
Total cash flows from operating activities 8,350 9,519 [1] 9,426 [1]
Interest received 352 370 [1] 223 [1]
Purchase of intangible assets (174) (233) [1] (241) [1]
Purchase of property, plant and equipment (1,417) (1,381) [1] (1,194) [1]
Disposal of property, plant and equipment 126 15 [1] 15 [1]
Acquisition of businesses and investments in joint ventures and associates (1,674) (734) [1] (100) [1]
Disposal of businesses, joint ventures and associates 107 910 [1] 436 [1]
Acquisition of other non-current investments (111) (166) [1] (533) [1]
Disposal of other non-current investments 239 59 [1] 62 [1]
Dividends from joint ventures, associates and other non-current investments 243 261 [1] 239 [1]
Sale/(purchase) of financial assets (85) 476 [1] (318) [1]
Net cash flow used in continuing investing activities (2,394) (423) [1] (1,411) [1]
Net investing cash flows attributable to discontinued operations (724) (202) [1] (883) [1]
Total cash outflow used in investing activities (3,118) (625) [1] (2,294) [1]
Dividends paid on ordinary share capital (4,453) (4,319) [1] (4,363) [1]
Interest paid (1,018) (929) [1] (751) [1]
Net change in short-term borrowings (2,228) 575 [1] (506) [1]
Additional financial liabilities 4,278 4,234 [1] 4,418 [1]
Repayment of financial liabilities (3,547) (3,846) [1] (3,470) [1]
Capital element of lease rental payments (301) (342) [1] (349) [1]
Repurchase of shares (1,510) (1,508) [1] (1,507) [1]
Other financing activities [4] (1,105) (694) [1] (556) [1]
Net cash flow used in continuing financing activities (9,884) (6,829) [1] (7,084) [1]
Net financing cash flows attributable to discontinued operations 3,070 (112) [1] (109) [1]
Total cash flow used in financing activities (6,814) (6,941) [1] (7,193) [1]
Net increase/(decrease) in cash and cash equivalents (1,582) 1,953 [1] (61) [1]
Cash and cash equivalents at the beginning of the year [1] 5,950 4,045 4,225
Effect of foreign exchange rate changes (498) (48) [1] (119) [1]
Cash and cash equivalents at the end of the year € 3,870 € 5,950 [1] € 4,045 [1]
[1] The 2024 and 2023 comparatives have been re-presented to reflect the demerger of our Ice Cream business (see note 21).
[2] The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).
[3] Net working capital includes the gross-up impact in receivables and payables arising due to the transitional service arrangement between Unilever and The Magnum Ice Cream Company.
[4] Comprises of minority dividend payment, and payments for step-up acquisitions.