2021 Delivery and Strategic Choices

Unilever Looking forward: Unprecedented inflation, margin recovery expected Margin to be restored after 2022, with the majority coming back in 2023 GM (bps) (150) 100 (30) (160) 30 110 10 80 50 60 50 30 (55) (120) Includes 7.2% UPG% 2.4 NMI¹ (€bn) 4.8% 3.3% 1.4 0.6 Covid costs & mix (90)bps headwind 2.9% 1.6% 0.3% 3.6 0.2 0.1 1.3 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 ¹Net Material Inflation = market inflation post impacts of hedging, procurement actions, product reformulations and currency movements 2022 10

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