#1Investing for growth TM VEGAN NEW EGA N&JERRY'S With CHOCOLATE FUDGE BROWNIE Non-Dairy Ice Cream chocolate with chocolate brownie pieces FA avin 113 Graeme Pitkethly CFO 8 December 2022 Unilever Rexona 72h ATIVADO PELO MOVIMENTO COTTON DRY H Mainon IQUIDIV TECHNOLOGY Comfort ultimate care ул Knorr VEGETABLE STOCK CUBE Our Promise Quality ingredients for rich flavour Gluten free 0.69 Energy Fat Saturates Sugars 3113 Thecal chch 0.4g <0.5g 0.9 2st Energy per 100ml: 31ks/7k <h#2Unilever Safe harbour statement This presentation may contain forward-looking statements, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995. Words such as 'will', 'aim', 'expects', 'anticipates', 'intends', 'looks', 'believes', 'vision', 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 Unilever Group's (the 'Group') emissions reduction targets and other climate change related matters (including actions, potential impacts and risks associated therewith). 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. Because these forward-looking statements involve risks and uncertainties, 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 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 our 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; economic, social and political risks and natural disasters; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters. A number of these risks have increased as a result of the current Covid-19 pandemic. These 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. 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 Unilever Annual Report and Accounts 2021. 2#3Unilever Investing for growth: What we will cover 1 2 3 Our priority is growth Building blocks for higher growth Disciplined capital allocation 4 Multi-year financial model 3#4We are operating in a complex macro environment Unilever Geopolitics Inflation ® 1 Affordability We are no strangers to volatility with deep experience and capability across 190+ markets 4#5Our guidance is unchanged Unilever Expect FY 2022 USG above 8%, with more negative UVG than in the first nine months Increased investment in BMI, R&D and Capex FY 2022 UOM of 16% Estimated net material inflation of around €2bn in H1 2023 Expect to improve margin in 2023 and 2024 5#6We see significant headroom for growth Unilever Premiumisation Premium >120 15% 30% Value <80 55% Mid 80 to 120 % turnover by price index UBAI ATM Demographics Market development Expert at growing markets More users More More usage benefits 60% of business in Emerging Markets 3.4 billion people use our products daily 6#7Our priority is sustained, high-quality growth Unilever Sustainably higher Step-up in volume Competitive 5% 5% 3% 2017-21 USG CAGR -3% 2023+ USG CAGR 1.4% 2017-21 UVG CAGR 2%+ 2023+ UVG CAGR 43% 53% 50%+ 50% 2017-19 2020-21 22 MAT 2023+ 7#8Investing for growth Building blocks Unilever TATCHA THE SILK CREAM LIQUIDIV HYDRATION MULTIPLIER+ POWERED BY CTT (Cellular Transport Technology) Immune Support Drink Mix ALDAWN AT DUSK SAVANNAH#9Unilever We are now investment-ready, with the building blocks in place Execution Refreshed portfolio New operating model Operationally stronger Higher growth profile Focus of FIVE, power of ONE Brands Innovation Penetration Channel Fuel for growth Harvested PG tips Flora Invested Horlicks dermalogica PAULA'S CHOICE SKINCARE NUTRAFOL LIQUIDIV Fueling Life's Adventures 17% of portfolio rotated Unilever Corporate Centre Beauty & Wellbeing Personal Care Home Care Nutrition Unilever Business Operations 9 Ice Cream#10Unilever Our new operating model creates many advantages Strategy and investment Incentives drive performance Business Groups own end-to-end strategy and performance Investment aligned to BG strategies Greater speed and accountability Business Group focused reward - clear line of sight BG performance drives annual bonus - - 75% for BG Presidents 100% for Business Units Growth is prioritised - upweight to 50% in annual incentive 10#11Unilever We have sharper, more distinctive Business Group strategies Beauty & Wellbeing Personal Care Home Nutrition Ice Cream Care €12bn €13bn €12bn €13bn €8bn Value creation High Growth Growth Growth and margin Growth Growth and ROA Margin Accretive Accretive Dilutive vs UL Position Slightly accretive Dilutive Challenger Leader Emerging market leader Big brand leader Category builder Focus Purpose. Science. Desire Extend leadership Category development Boldly healthier Premium and OOH - Cap. allocation Acquisitions - Disposals Priority Limited Limited Selective pruning where needed Indicative size of Business Groups, Nutrition excludes ekaterra Focused Limited 11#12Unilever With resource allocation across Business Groups by CEO/CFO Capital allocation Led by BG strategies Portfolio change . Capital expenditure Restructuring investment Target setting Rolling 3 year strategic plan 1 year financial plan CEO/CFO set BG targets Performance management BGs held accountable by CEO/CFO • Results delivery Cross-BG resource optimisation 12#13We will step up investment behind growth Unilever Brand support R&D Overheads Targeted investments Increasing absolute BMI Increasing absolute R&D €6.9bn €0.8bn H 2021 2022 2023-25 More working media More digital Stronger brand power 2021 2022 2023-25 Science & technology • Digital tools Superior innovation Unilever PRESTIGE NUTRAFOL NOW Channels NUTRAFOL Unilever Food Solutions COMPRA AGORA Business models World-class capabilities 13#14And fuel that through price, mix and increased savings Unilever Underlying price growth Pricing quickly and responsibly 11.2 12.5 UPG% 8.3 4.9 4.1 Q3'21 Q4 Q1'22 Q2 Q3 Price carry-over into 2023 Mix & SKU reduction Savings Simplifying for growth Productivity experts 20% €2bn €2-2.5bn p.a. p.a. SKU reduction Better service, lower costs, more cash 2022 2023+ UL Business Operations and new organisation 14#15Investing for growth Capital allocation Living proof.® triple bond complex HELLMANN'S EST.1913 VEGAN MAYO HAIR STRENGTHENER SOIN FORTIFIANT CHEVEUX 45 mL e 1.5 FL OZ US Rexona 72h ATIVADO PELO MOVIMENTO COTTON DRY Unilever AP WEG UP LF OS 08#16We have a clear and consistent strategy for capital allocation Unilever Operational investment Brand support, R&D, new capabilities Portfolio reshaping Capital returns • Bolt-on acquisitions • Dividends • Capital expenditure • Portfolio pruning Restructuring Share buybacks 16#17Unilever Delivering strong cash performance Stepping up free cash flow Cash conversion <90% >90% >100% 6.7 5.4 Free cash flow in €bn (average) 3.9 2013-15 2016-18 2019-21 (3.8) Negative working capital +€2bn cash WC % of turnover (4.5) (6.1) (6.1) 2013 2015 (7.2) 2017 2019 2021 Cash conversion: FCF as % of net profit before profits and losses on disposals WC ratio reflects the yearly average of inventories, trade and other current receivables less trade payables and other current liabilities 17#18Unilever Our growth model underpinned by disciplined capital allocation Operational investment Portfolio reshaping Capital returns Capex % turnover Acquisitions since 2017 Cash dividends €bn Covid 3.9 4.1 4.2 4.3 4.5 3.0 2.8 impact 2.7 2.4 dermalogica 1.8 €17bn invested NUTRAFOL 2017 18 19 20 21 2017 18 19 20 21 Restructuring €bn 1.2 Disposals since 2017 Share buybacks 0.9 0.6 0.9 0.6 €11bn proceeds PG €14bn up to €3bn Flora 2017-21 2022-23 2017 18 19 20 21 17% of portfolio rotated 18#19Unilever Maintaining a solid balance sheet Leverage Net debt/ underlying EBITDA 2x 2.0 1.9 1.9 1.8 Credit rating 2.2 A1/A+ 2017 18 19 20 21 Net finance costs Interest rate % on avg. net debt 2.7 2.6 2.5 2.2 1.5 2017 18 19 20 21 Net finance costs are comprised of finance costs and finance income, including net finance costs in relation to pensions and similar obligations 19#20Unilever Other financial metrics 2023+ Investment Capex >3% of TO Restructuring ca. 1% of TO ROIC Sustaining in mid teens % Tax 19.2 18.5 18.1 18.0 17.2 25% Underlying tax rate 2017 18 19 20 21 Debt Net debt/EBITDA around 2x Net finance costs 2.5-3% ROIC: UOP after tax / annual average (goodwill, intangibles, property, plant & equipment, assets held for sale, working capital) 20 20#21Investing for growth Growth model Unilever NUTRAFOL WOMEN NUTRAFOL NUTRAFOL POSTRARTUM זו CHARTS UP BRIT PLAYSTAT WORLD CUP CHARTS BURN PL A FRIEND DEBI NX AFRICA 25 YEARS DEODORANT & BODYSPRAY 48H FRESH SINCE 1638 Knorr Energy Veggie STOCK CUBES Fat Saturates Sugars 38 kJ <0.5g 0.2g <0.5g Salt وه 9 kcal <1% <1% 1%- <1% Energy per 100ml: 38 kJ/9 kcal 0%- A ZERO SALT ENDED CONT Our Promise Full of flavour, w sustainably farm veggies Gluten free#22Unilever Multi-year financial framework G Profit Growth Underlying sales growth 3-5% USG £ S € Cash Modest margin expansion Sustained strong cash flow Towards upper end • Gross margin-led 100% cash conversion Volume step-up With increased BMI Competitive Long-term value creation through EPS growth with high cash conversion Attractive dividend 22#23Key messages Unilever Our priority is sustained, higher growth An organisation better positioned to deliver that We are investing more, behind sharper Business Group strategies Our value creation model is clear, with disciplined capital allocation Anchored in higher growth, modest margin expansion, high cash conversion 223#24Unilever Investing for growth Graeme Pitkethly CFO 8 December 2022 ATE XFO PAULA'S CHOICE SKIN PERFECTING 2% BHA Liquid Exfoliant SALICYLIC ACID All Skin Types UNCLOGS & SHRINK ENLARGED PORES SMOOTHS & EVE SKIN TONE LIGHTWEIGH ABSORBS Q ml/4f HELLMANN'S EST.1913 e LIGHT MAYONNAISE IQUIDIV avin # 113 H Mainon Knorr PLANT VEGAN FRIENDLY CHICKEN FLAVOUR STOCK CURE 2 Based 8x NATURAL Ingredients FALL F TECHNOLOGY Comfort ultimate care