v3.25.4
Employees (Tables)
 12 Months Ended
Dec. 31, 2025
Classes of employee benefits expense [abstract]  
Summary of Staff Cost, Average Number of Employees and Key Management Compensation 4A. STAFF AND MANAGEMENT COSTS
Staff costs
€ million
2025
€ million
2024
€ million
2023
Wages and salaries
(5,433)
(5,852)
(5,722)
Social security costs
(594)
(640)
(591)
Other pension costs
(333)
(339)
(348)
Share-based compensation costs
(284)
(324)
(212)
(6,644)
(7,155)
(6,873)
2025 Staff costs include €925 million (2024: €1,013 million, 2023: €987 million) in relation to discontinued operations.
Average number of employees during the year(a)
'000
2025
'000
2024
'000
2023
Asia Pacific Africa
51
54
56
The Americas
30
31
32
Europe
19
20
20
Total continuing operations
100
105
108
Discontinued operations
18
20
20
Total
118
125
128
(a)The reduction in the average number of employees is primarily attributable to the demerger of the Ice Cream operations, the productivity program, and the sale of the Russia business in
2024.
Key management compensation
€ million
2025(a)
€ million
2024(a)
€ million
2023(a)
Salaries and short-term employee benefits
(37)
(44)
(41)
Share-based benefits(b)
(21)
(19)
(13)
(58)
(63)
(54)
Of which: Executive Directors
(9)
(14)
(13)
  Other(c)
(49)
(49)
(41)
Non-Executive Directors’ fees
(2)
(2)
(2)
(60)
(65)
(56)
(a)Includes compensation for total Unilever
(b)Share-based benefits are expenses recognised for the period. Share-based benefit compensation on a vesting basis is €16 million (2024: €13 million; 2023: €8 million).
(c)Other includes all members of the Unilever Leadership Executive, other than Executive Directors.
Summary of Assumptions, Weighted by Liabilities for Valuation of Defined Benefit Plans The following table shows the assumptions, weighted by liabilities, used to value the principal defined benefit
plans (representing approximately 95% of total pension liabilities and other post-employment benefit liabilities). 
31 December 2025
31 December 2024
Defined benefit
pension plans
Other post-
employment
benefit plans
Defined benefit
pension plans
Other post-
employment
benefit plans
Discount rate
5.1%
6.3%
4.8%
6.3%
Inflation
2.6%
n/a
2.8%
n/a
Rate of increase in salaries
3.3%
3.0%
3.4%
3.0%
Rate of increase for pensions in payment (where provided)
2.5%
n/a
2.5%
n/a
Rate of increase for pensions in deferment (where provided)
2.6%
n/a
2.8%
n/a
Long-term medical cost inflation
n/a
5.6%
n/a
5.7%
For the most material other post-employment benefit plan in the US, a higher initial level of medical cost inflation is assumed which falls from the initial rate of 7.5% to
the long-term rate of 5% after 10 years.
4B. PENSIONS AND SIMILAR OBLIGATIONS continued
For the UK and Netherlands pension plans, representing approximately 69% of all defined benefit pension liabilities, the assumptions of principal defined benefit
pension plans used at 31 December 2025 and 2024 were:
United Kingdom
Netherlands
2025
2024
2025
2024
Discount rate
5.6%
5.6%
4.2%
3.4%
Inflation
2.9%
3.1%
2.0%
2.0%
Rate of increase in salaries
3.6%
3.8%
2.5%
2.5%
Rate of increase for pensions in payment (where provided)
2.8%
2.9%
2.0%
2.0%
Rate of increase for pensions in deferment (where provided)
2.6%
2.9%
2.0%
2.0%
Number of years a current pensioner is expected to live beyond age 65:
Men
21.5
21.5
22.1
22.0
Women
23.2
23.1
24.3
24.2
Number of years a future pensioner currently aged 45 is expected to live beyond age 65:
Men
22.6
22.5
24.1
24.0
Women
24.4
24.3
26.3
26.2
Summary of Charge to Operating Profit The charge to the income statement comprises:
Notes
€ million
2025
€ million
2024(a)
€ million
2023(a)
Charged to operating profit:
Defined benefit pension and other benefit plans:
              Gross service cost
(154)
(168)
(119)
              Employee contributions
32
36
10
              Special termination benefits
(5)
(5)
(14)
              Past service cost including (losses)/gains on curtailments(b)
18
32
3
              Settlements
11
5
2
Defined contribution plans
(196)
(197)
(186)
Total operating cost
4A
(294)
(297)
(304)
Finance income/(cost)(c)
5
123
83
121
Net impact on the income statement (before tax)
(171)
(214)
(183)
(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).
(b)This includes €28 million credit in the UK in 2024 due to the removal of a discretionary administration practice.
(c)This includes the impact of asset ceiling on interest.
Summary of Amounts Recognised in Statement of Comprehensive Income on Remeasurement of Net Defined Benefit Liability Amounts recognised in the statement of comprehensive income on the remeasurement of the surplus/(deficit).
€ million
2025
€ million
2024(a)
€ million
2023(a)
Return on plan assets excluding amounts included in net finance income/(cost)
(196)
(653)
87
Change in asset ceiling excluding amounts included in finance cost
(19)
(37)
(5)
Actuarial gains/(losses) arising from changes in demographic assumptions
(12)
23
98
Actuarial gains/(losses) arising from changes in financial assumptions
574
880
(544)
Experience gains/(losses) arising on pension plan and other benefit plan liabilities
(128)
58
(386)
Total of defined benefit costs recognised in other comprehensive income
219
271
(750)
(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).
Summary of Assets, Liabilities and Surplus/ (Deficit) Position of Pension and Other Post-Employment Benefit Plans at Balance Sheet Date The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date were:
€ million 2025
€ million 2024
Pension plans
Other post-
employment
benefit plans
Pension plans
Other post-
employment
benefit plans
Fair value of assets
18,050
1
19,867
2
Present value of liabilities
(13,934)
(282)
(16,259)
(345)
Computed surplus/(deficit)
4,116
(281)
3,608
(343)
Irrecoverable surplus(a)
(317)
–
(295)
–
Surplus/(deficit)
3,799
(281)
3,313
(343)
Of which in respect of:
Funded plans in surplus:
Liabilities
(12,969)
–
(12,909)
–
Assets
17,748
–
17,368
–
Aggregate surplus
4,779
–
4,459
–
          Irrecoverable surplus(a)
(317)
–
(295)
–
Surplus/(deficit)
4,462
–
4,164
–
Funded plans in deficit:
Liabilities
(368)
(35)
(2,633)
(41)
Assets
302
1
2,499
2
Surplus/(deficit)
(66)
(34)
(134)
(39)
Unfunded plans:
Pension liabilities
(597)
(247)
(717)
(304)
(a)A surplus is deemed recoverable to the extent that the Group is able to benefit economically from the surplus. Unilever assesses the maximum economic benefit available through a
combination of refunds and reductions in future contributions in accordance with local legislation and individual financing arrangements with each of our funded defined benefit plans.
Summary of Movements in Assets The group of plans within ‘Rest of world’ category in the tables below are not materially different with respect to their risks that would require disaggregated
disclosure.
Movements in assets during the year:
€ million
UK
€ million
Netherlands
€ million
Rest of
world
€ million
2025 Total
€ million
UK
€ million
Netherlands
€ million
Rest of
world
€ million
2024 Total
1 January fair value of assets
8,132
5,595
6,142
19,869
8,679
5,514
5,985
20,178
1 January irrecoverable surplus
–
–
(295)
(295)
–
–
(255)
(255)
1 January (after irrecoverable surplus)
8,132
5,595
5,847
19,574
8,679
5,514
5,730
19,923
Employee contributions
–
–
33
33
–
–
37
37
Settlements(a)
–
–
(169)
(169)
–
–
–
–
Actual return on plan assets (excluding
amounts in net finance income/charge)
(113)
(156)
95
(174)
(894)
194
99
(601)
Change in asset ceiling excluding amounts
included in interest expenses
–
–
(21)
(21)
–
–
(38)
(38)
Interest income(b)
428
187
257
872
407
174
273
854
Employer contributions(c)
49
(108)
267
208
47
(106)
256
197
Benefit payments
(498)
(182)
(538)
(1,218)
(492)
(181)
(535)
(1,208)
Other(d)
–
–
(771)
(771)
–
–
(13)
(13)
Currency retranslation
(392)
–
(208)
(600)
385
–
38
423
31 December (after irrecoverable surplus)
7,606
5,336
4,792
17,734
8,132
5,595
5,847
19,574
31 December irrecoverable surplus
–
–
(317)
(317)
–
–
(295)
(295)
31 December fair value of assets
7,606
5,336
5,109
18,051
8,132
5,595
6,142
19,869
(a)Settlements mainly represent the contract that US UNICare Retirement Plan has entered into with a third-party insurance company to settle €150 million of pensioner liabilities for the price
of €143 million paid from pension plan assets.
(b)This includes the impact of asset ceiling on interest.
(c)The Group received a partial refund of €115 million and €118 million from the Netherlands Plan respectively in 2024 and 2025, per a formal agreement with the Plan allowing a return of
surplus provided specific funding conditions are satisfied.
(d)The majority of ’Other’ during 2025 is explained by disposal of pension assets with the demerger of The Magnum Ice Cream Company.
Summary of Movements in Liabilities Movements in liabilities during the year:
€ million
UK
€ million
Netherlands
€ million
Rest of
world
€ million
2025 Total
€ million
UK
€ million
Netherlands
€ million
Rest of
world
€ million
2024 Total
1 January
(6,782)
(3,653)
(6,169)
(16,604)
(7,250)
(4,031)
(6,241)
(17,522)
Gross service cost
(47)
(3)
(112)
(162)
(51)
(4)
(123)
(178)
Special termination benefits
–
–
(5)
(5)
–
–
(5)
(5)
Past service costs including losses/(gains) on
curtailments
6
1
10
17
27
–
5
32
Settlements(a)
–
–
180
180
–
–
5
5
Interest cost
(354)
(121)
(283)
(758)
(337)
(126)
(320)
(783)
Actuarial gain/(loss) arising from changes in
demographic assumptions
–
(8)
(4)
(12)
3
13
10
26
Actuarial gain/(loss) arising from changes in
financial assumptions
121
363
134
618
675
160
68
903
Actuarial gain/(loss) arising from experience
adjustments
(167)
(17)
59
(125)
(14)
154
(112)
28
Benefit payments
498
182
538
1,218
492
181
535
1,208
Other(b)
1
1
779
781
–
–
33
33
Currency retranslation
324
–
312
636
(327)
–
(24)
(351)
31 December
(6,400)
(3,255)
(4,561)
(14,216)
(6,782)
(3,653)
(6,169)
(16,604)
(a)Settlements mainly represent the contract that US UNICare Retirement Plan has entered into with a third-party insurance company to settle €150 million of pensioner liabilities for the price
of €143 million paid from pension plan assets.
(b)The majority of ’Other’ during 2025 is explained by disposal of pension liabilities with the demerger of The Magnum Ice Cream Company.
Summary of Movements in (Deficit)/Surplus Movements in (deficit)/surplus during the year:
€ million
UK
€ million
Netherlands
€ million
Rest of
world
€ million
2025 Total
€ million
UK
€ million
Netherlands
€ million
Rest of
world
€ million
2024 Total
1 January
1,350
1,942
(322)
2,970
1,429
1,483
(511)
2,401
Gross service cost
(47)
(3)
(112)
(162)
(51)
(4)
(123)
(178)
Employee contributions
–
–
33
33
–
–
37
37
Special termination benefits
–
–
(5)
(5)
–
–
(5)
(5)
Past service costs including losses/(gains) on
curtailments
6
1
10
17
27
–
5
32
Settlements
–
–
11
11
–
–
5
5
Actual return on plan assets (excluding
amounts in net finance income/charge)
(113)
(156)
95
(174)
(894)
194
99
(601)
Change in asset ceiling excluding amounts
included in interest expenses
–
–
(21)
(21)
–
–
(38)
(38)
Interest cost
(354)
(121)
(283)
(758)
(337)
(126)
(320)
(783)
Interest income(a)
428
187
257
872
407
174
273
854
Actuarial gain/(loss) arising from changes in
demographic assumptions
–
(8)
(4)
(12)
3
13
10
26
Actuarial gain/(loss) arising from changes in
financial assumptions
121
363
134
618
675
160
68
903
Actuarial gain/(loss) arising from experience
adjustments
(167)
(17)
59
(125)
(14)
154
(112)
28
Employer contributions(b)
49
(108)
267
208
47
(106)
256
197
Benefit payments
–
–
–
–
–
–
–
–
Other
1
1
8
10
–
–
20
20
Currency retranslation
(68)
–
104
36
58
–
14
72
31 December
1,206
2,081
231
3,518
1,350
1,942
(322)
2,970
(a)This includes the impact of asset ceiling on interest.
(b)The Group received a partial refund of €115 million and €118 million from the Netherlands Plan respectively in 2024 and 2025, per a formal agreement with the Plan allowing a return of
surplus provided specific funding conditions are satisfied.
Summary of Movements in Irrevocable Surplus Movements in irrecoverable surplus during the year:
€ million
UK
€ million
Netherlands
€ million
Rest of
world
€ million
2025 Total
€ million
UK
€ million
Netherlands
€ million
Rest of
world
€ million
2024 Total
1 January
–
–
(295)
(295)
–
–
(255)
(255)
Interest income
–
–
(6)
(6)
–
–
(7)
(7)
Change in irrecoverable surplus in excess of
interest
–
–
(21)
(21)
–
–
(38)
(38)
Currency retranslations
–
–
5
5
–
–
5
5
31 December
–
–
(317)
(317)
–
–
(295)
(295)
Summary of Principal Defined Benefit Liabilities and Split of Liabilities Between Different Categories of Plan Participants The duration of the principal defined benefit plan liabilities (representing 95% of total pension liabilities and other post-employment benefit liabilities) and the split of
liabilities between different categories of plan participants are:
UK
Netherlands
Rest of
world(a)
2025 Total
UK
Netherlands
Rest of
world(a)
2024 Total
Duration (years)
12
13
9
0 to 21
12
14
10
0 to 23
Active members
6%
5%
24%
11%
8%
7%
23%
13%
Deferred members
28%
37%
16%
27%
30%
38%
15%
27%
Retired members
66%
58%
60%
62%
62%
55%
62%
60%
(a)Rest of world numbers shown are weighted averages by liabilities.
Schedule of Fair Value of Plans Assets, Which Are Reported Net of Fund Liabilities That Are Not Employee Benefits
€ million
31 December 2025
€ million
31 December 2024
UK
Netherlands
Rest of world
2025 Total
UK
Netherlands
Rest of world
2024 Total
Total Pension Plans Assets
7,606
5,336
5,108
18,050
8,132
5,595
6,140
19,867
Equities Total
188
755
665
1,608
214
1,176
1,106
2,496
– Europe
37
98
226
361
37
148
346
531
– North America
109
441
275
825
128
746
525
1,399
– Other
42
216
164
422
49
282
235
566
Fixed Income Total
5,815
3,893
3,212
12,920
6,228
3,627
3,763
13,618
– Government bonds
4,021
1,771
1,731
7,523
4,296
1,460
1,814
7,570
– Investment grade corporate bonds
875
666
1,010
2,551
895
648
1,296
2,839
– Other Fixed Income
919
1,456
471
2,846
1,037
1,519
653
3,209
Derivatives
20
(93)
(15)
(88)
(239)
90
–
(149)
Private Equity
655
113
39
807
617
105
32
754
Property and Real Estate
551
353
383
1,287
749
370
433
1,552
Hedge Funds
119
–
76
195
123
–
75
198
Other
258
315
433
1,006
440
227
404
1,071
Other Pension Plans
–
–
315
315
–
–
327
327
Other Post-Employment Benefit Plans
Assets
–
–
1
1
–
–
2
2
Total Assets
7,606
5,336
5,109
18,051
8,132
5,595
6,142
19,869
Schedule of Sensitivity of Pension Liabilities to Changes in the Weighted Key Assumptions The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are:
Change in liabilities
Change in assumption
UK
Netherlands
Total
Discount rate
Increase by 0.5%
(5)%
(6)%
(5)%
Inflation rate
Increase by 0.5%
4%
7%
4%
Life expectancy
Increase by 1 year
5%
4%
4%
Long-term medical cost inflation(a)
Increase by 1.0%
n/a
n/a
4%
(a)Long-term medical cost inflation only relates to post-retirement medical plans and its impact on these liabilities.
Schedule of Cash Flow in Respect of Pensions and Similar Post-Employment Benefits The table below sets out these amounts:
€ million
2026 Estimate
€ million
2025
€ million
2024(a)
€ million
2023(a)
Company contributions to funded plans:
    Defined Benefit(b)
55
65
49
260
Defined Contribution
205
196
197
186
Benefits paid by the Company in respect of unfunded plans:
Defined Benefit
100
107
105
108
Group cash flow in respect of pensions and similar benefits
360
368
351
554
(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).
(b)The Group contributed a one-off contribution of $110 million into the US Pension Plan in 2023.
The Group received a partial refund of €115 million and €118 million from the Netherlands Plan respectively in 2024 and 2025, per a formal agreement with the Plan allowing a return of
surplus provided specific funding conditions are satisfied. A further €115 million refund from the Netherlands Plan is due to be received in 2026.
Following conclusion of the 2022 triennial valuation of the UK pension fund, the Group, in agreement with the Trustees, implemented an updated Schedule of Contributions. Deficit
contributions to this fund continue to be nil. The 2025 triennial valuation is in progress and has not been concluded as at 31 December 2025.
Summary of Status of Performance Share Plans, Related Changes and Share Award Value Information A summary of the status of the above Share Plans as at 31 December 2025, 2024 and 2023 and changes during the years ended on these dates is presented below:
2025
Number of shares
2024
Number of shares
2023
Number of shares
Outstanding at 1 January
19,112,255
21,329,938
17,923,890
Awarded
5,433,948
7,508,412
7,479,544
Vested
(6,413,314)
(6,296,695)
(2,021,439)
Forfeited
(2,504,504)
(3,429,400)
(2,052,057)
Outstanding at 31 December
15,628,385
19,112,255
21,329,938
2025
2024
2023
Share award value information
Fair value per share award during the year
€52.20
€46.19
€45.71
Disclosure of number and weighted average exercise prices of share options
2025
2024
Number of options
Weighted average
exercise price
Number of options
Weighted average
exercise price
Outstanding at 1 January
181,138
€0.01
–
€0.00
Awarded
221,727
€0.01
196,994
€0.01
Vested
–
€0.00
–
€0.00
Forfeited
(54,155)
€0.01
(15,856)
€0.01
Outstanding at 31 December
348,710
€0.01
181,138
€0.01
Summary of options outstanding:
2025
2024
Outstanding
share options
Weighted average
exercise price
Weighted
remaining average
contractual life
Outstanding
share options
Weighted average
exercise price
Weighted remaining
average contractual
life
HUL PSP share options
348,710
€0.01
20 months
181,138
€0.01
25 months