Executive Summary

• Unilever reported 1H16 revenues of €26.3 billion, down 2.6% year over year and slightly above the consensus estimate of €25.9 billion. The decline was primarily driven by a negative currency impact of 7.6%, which offset sales growth of 4.7%.
• In the first half of 2016, Unilever’s underlying revenues in the Personal Care segment increased by 5.7% year over year, while underlying sales in the Food segment increased by 2.3%. Underlying sales in the Home Care segment were up by 6.5% and underlying sales in the Refreshment segment increased by 4.1%.
• Underlying sales in Asia increased year over year by 5.5% in 1H16, underlying sales in the Americas increased by 7.4% and underlying sales in Europe increased by 0.1%.