#1Investing for growth Graeme Pitkethly CFO 8 December 2022 Unilever TM Kru VEGAN NEW &JERRY'S with HOND EGA CHOCOLATE FUDGE BROWNIE Non-Dairy Ice Cream chocolate with chocolate brownie pieces FA Rexona 72h ATIVADO PELO MOVIMENTO COTTON DRY 93 ppy __no APN အား 12 137 NIE MO 414 T yugo N เสนา พ NOIIVNOAH Alainoi LIQUIDIV 0010 G Comfort ultimate care 8x Knorr VEGETABLE STOCK CUBE Our Promise Quality ingredients for rich flavour Gluten free Energy 31k Tecal <0.5g 0.96 Fat Saturates Sugars 8.69 0.40 2 Energy per 100ml: 31ks/7k#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 4 Our priority is growth Building blocks for higher growth Disciplined capital allocation Multi-year financial model 3#4Unilever We are operating in a complex macro environment Geopolitics Inflation CHERRY A FOCTAT VREARVA WAMERICA CARRIES WORL CA MERICS MEER M Ⓒ THE EMBRY THE EXTER Ⓡ CETK Affordability We are no strangers to volatility with deep experience and capability across 190+ markets 4#5Unilever Our guidance is unchanged 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#6Unilever We see significant headroom for growth Premiumisation Premium >120 30% Value <80 15% 55% Mid 80 to 120 % turnover by price index UBA ATM Demographics 60% of business in Emerging Markets Market development Expert at growing markets More users More More usage benefits 3.4 billion people use our products daily 6#7Unilever Our priority is sustained, high-quality growth Sustainably higher 5%- 3% 2017-21 USG CAGR 5% 3% 2023+ USG CAGR Step-up in volume 1.4% 2017-21 UVG CAGR 2%+ 2023+ UVG CAGR 43% Competitive 53% 1 50% 50%+ 2017-19 2020-21 22 MAT 2023+ 7#8Investing for growth Building blocks Unilever TATCH A THE SILK CREAM LIQUIDIV HYDRATION MULTIPLIER+ POWERED BY CTT (Cellular Transport Technology) Immune Support Drink Mix AL DAWN AT DUSK nOHאפ SSV#9Unilever We are now investment-ready, with the building blocks in place Execution Operationally stronger Brands Innovation Penetration Channel Fuel for growth Refreshed portfolio Higher growth profile Harvested PG tips Invested Flora dermalogica PAULA'S CHOICE SKINCARE Horlicks NUTRAFOL LIQUIDIV Fueling Life's Adventures 17% of portfolio rotated New operating model Focus of FIVE, power of ONE Beauty & Wellbeing Unilever Corporate Centre Personal Care Home Care Nutrition Ice Cream Unilever Business Operations 9#10Unilever Our new operating model creates many advantages Strategy and investment 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 Incentives drive performance BG performance drives annual bonus 75% for BG Presidents 100% for Business Units - - Growth is prioritised - upweight to 50% in annual incentive 10#11Unilever Value creation Margin vs UL Position We have sharper, more distinctive Business Group strategies Focus Cap. allocation Acquisitions Disposals Beauty & Wellbeing €12bn High Growth Accretive Challenger Purpose. Science. Desire Priority Personal Care €13bn Growth Accretive Leader Extend leadership Limited Home Care €12bn Indicative size of Business Groups, Nutrition excludes ekaterra Growth and margin Dilutive Emerging market leader Category development Limited Selective pruning where needed Nutrition €13bn Growth Slightly accretive Big brand leader Boldly healthier Focused Ice Cream €8bn Growth and ROA Dilutive Category builder Premium and OOH Limited 11#12Unilever With resource allocation across Business Groups by CEO/CFO Led by BG strategies ● Capital allocation ● 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#13Unilever We will step up investment behind growth Brand support Increasing absolute BMI €6.9bn 2021 2022 2023-25 More working media More digital Stronger brand power Increasing absolute R&D ● R&D €0.8bn 2021 2022 2023-25 Science & technology Digital tools Superior innovation Targeted investments ● Overheads ● Unilever PRESTIGE NOW NUTRAFOL NUTRAFOL Unilever Food Solutions COMPRA AGORA Channels Business models World-class capabilities 13#14Unilever And fuel that through price, mix and increased savings Underlying price growth Pricing quickly and responsibly UPG% 8.3 4.1 4.9 11.2 12.5 Q3'21 Q4 Q1'22 Q2 Q3 Price carry-over into 2023 Mix & SKU reduction Simplifying for growth 20% SKU reduction Better service, lower costs, more cash Productivity experts €2bn p.a. Savings 2022 €2-2.5bn p.a. 2023+ UL Business Operations and new organisation 14#15Investing for growth Capital allocation Unilever Living proof.Ⓡ triple bond complex HAIR STRENGTHENER SOIN FORTIFIANT CHEVEUX 45 mL e 1.5 FL OZ US UP LE 05.08 HELLMANN'S VEGAN MAYO Rexona 72h ATIVADO PELO MOVIMENTO COTTON DRY#16Unilever We have a clear and consistent strategy for capital allocation Operational investment ● ● Brand support, R&D, new capabilities Capital expenditure Restructuring ● Portfolio reshaping Bolt-on acquisitions Portfolio pruning ● Capital returns Dividends Share buybacks 16#17Unilever Delivering strong cash performance Cash conversion Stepping up free cash flow <90% Free cash flow in €bn 3.9 (average) >90% 5.4 >100% 6.7 (3.8) 2013 Negative working capital WC % of turnover (6.1) +€2bn cash 2015 (6.1) 2013-15 2016-18 2019-21 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 2017 (4.5) 2019 (7.2) 2021 17#18Unilever Our growth model underpinned by disciplined capital allocation Operational investment Capex % turnover Covid impact 3.0 2.8 0.6 2.7 1.8 2017 18 19 20 21 0.9 2.4 Restructuring €bn 1.2 0.9 0.6 2017 18 19 20 21 Portfolio reshaping Acquisitions since 2017 €17bn invested dermalogica €11bn proceeds NUTRAFOL Disposals since 2017 tips PG Flora 17% of portfolio rotated Capital returns Cash dividends €bn 4.2 4.1 4.5 3.9 2017 18 19 20 21 Share buybacks €14bn 4.3 2017-21 up to €3bn 2022-23 18#19Unilever Maintaining a solid balance sheet 2x Net debt/ underlying EBITDA Leverage 1.9 2.0 1.9 1.8 2.2 2017 18 19 20 21 Credit rating A1/A+ Net finance costs Interest rate % on avg. net debt 2.7 2.6 2017 18 2.5 2.2 1.5 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 Sustaining in mid teens % 18.5 ROIC 18.1 2017 18 19.2 18.0 17.2 filli 19 20 21 Tax 25% Underlying tax rate ROIC: UOP after tax / annual average (goodwill, intangibles, property, plant & equipment, assets held for sale, working capital) Debt Net debt/EBITDA around 2x Net finance costs 2.5-3% 20#21Investing for growth Growth model Unilever NUTRAFOL WOMEN COI. NUTRAFOL WOMEN'S BALANCE O NUTRAFOL POSTPARTUM CHARTS RULED TH X Per 100ml: Energy Veggie STOCK CUBES Fat BEGEB Saturates Sugars <0.5 g 0.2 g <0.5g <1% <1% 1% 38 kJ 9 kcal VISAVA SINCE 1838 AFRICA 25 YEARS DEODORANT & BODYSPRAY 48H FRESH Salt 0g Energy per 100ml: 38 kJ/9 kcal 'NX <1% 0% - ENDED PRONT IT FRIEND DEBIL BR RULED TIM CHARTS BURN PL ZERO SALT Our Promise Full of flavour, wi sustainably farm veggies Gluten free#22Unilever Multi-year financial framework Mi Growth ● Underlying sales growth 3-5% USG Towards upper end • Volume step-up Competitive Modest margin expansion ● ● C Profit Gross margin-led With increased BMI Long-term value creation through EPS growth with high cash conversion 4E S € Cash Sustained strong cash flow 100% cash conversion Attractive dividend 22#23Unilever Key messages 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 23#24Investing for growth Graeme Pitkethly CFO 8 December 2022 Unilever XFOLIATE HELLMANN'S EST.1913 e LIGHT MAYONNAISE PAULA'S CHOICE ******* SKIN PERFECTING 2% BHA Liquid Exfoliant SALICYLIC ACID All Skin Types UNCLOGS & SHRINY ENLARGED PORES & EVE SMOOTHS SKIN TONE LIGHTWEIGH ABSORBS Q ml/4f 93 ppy __no APN အား 12 137 NIE MO 414 T yugo N เสนา พ NOIIVNOAH Alainoi LIQUIDIV 0010 G Comfort ultimate care Knorr PLANT Based VEGAN FRIENDLY CHICKEN FLAVOUR STOCK CURE 8x made with NATURAL Ingredients FULL-F