Unilever PLC (UL) Q3 2023 Earnings Call Transcript

Unilever PLC (NYSE:UL) Q3 2023 Results Conference Call October 26, 2023 3:30 AM ET

Company Participants

Hein Schumacher – Chief Executive Officer

Graeme Pitkethly – Chief Financial Officer

Jemma Spalton – Head of Investor Relations

Conference Call Participants

Rashad Kawan – Morgan Stanley

Warren Ackerman – Barclays

Guillaume Delmas – UBS

Bruno Monteyne – Bernstein

James Edward Jones – RBC

Tom Skykes – Deutsche

Jeff Stent – BNP

Karel Zoete – Kepler

Celine Pannuti – JPM

Hein Schumacher

Good morning, and welcome to Unilever’s Third Quarter Trading Statement and CEO update. Today’s agenda will run as follows. Firstly, Graeme will update you on our quarter three performance and the outlook. I will then share my action plan to lift Unilever’s performance to achieve our full potential. We will leave plenty of time to take your questions at the end.

Before I hand over to Graeme, let me share a few key messages with you. The quarter reflected solid progress. Price growth moderated as expected and three of the business groups, Beauty and Well-being, Personal Care and Home Care delivered volume growth. Nutrition and Ice cream, however, continued to see volume declines and weaker overall performance. In part, this reflects the fact that these business groups are later in the commodity cost inflationary cycle and had to price in the first half of the year, but our performance in Nutrition and Ice cream needs to improve from here.

Overall growth remained above our 3% to 5% long-term range. It was driven by the biggest brands and the largest innovations, more of these teams later. I’m not happy with our overall competitiveness. And although there are positions where we are fully competitive and some areas where we have made conscious choices to delist unprofitable volume, there are still too many situations where we are losing share because for example, competition

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