v3.25.4
Capital and funding (Tables)
 12 Months Ended
Dec. 31, 2025
Equity and liabilities [abstract]  
Summary of Share Capital
Unilever PLC
£ million
2025
£ million
2024
Ordinary shares(a)
76.3
78.4
Unilever Group
€ million
2025
€ million
2024
Euro equivalent in millions(b)
85
88
(a)At 31 December 2025, 2,181,005,247 PLC ordinary shares of 31/2p were in issue (2024: 2,521,497,338 PLC ordinary shares of 31/9p). During the year, there was a reduction in the number
of shares by 279,078,800 due to the impact of the share consolidation, 3,500,000 new shares were issued, and 64,913,291 treasury shares were cancelled.
(b)The ordinary share capital of PLC is translated using the conversion rate as at the date of Unification of £1 = €1.121.
Summary of Combined Financial Information in Relation to HUL Summary financial information in relation to
HUL is shown below.
HUL balance sheet as at 31 December
€ million
2025
€ million
2024
Non-current assets
4,968
6,478
Current assets
1,561
2,125
Current liabilities
(1,594)
(1,456)
Non-current liabilities
(1,307)
(1,798)
HUL comprehensive income for the year ended 31 December
€ million
2025
€ million
2024
Turnover
6,253
6,607
Profit after tax
940
1,167
Total comprehensive income
110
1,318
HUL cash flow for the year ended 31 December
€ million
2025
€ million
2024
Net increase/(decrease) in cash and cash equivalents
(163)
364
HUL non-controlling interest
€ million
2025
€ million
2024
1 January
(2,044)
(2,048)
Share of (profit)/loss for the year ended 31 December
(539)
(446)
Other comprehensive income
6
3
Dividend paid to the non-controlling interest
582
511
Currency translation
306
(60)
Other movements in equity
120
(4)
31 December
(1,569)
(2,044)
Summary of Consolidated Statement of Changes in Equity: Analysis of Other Reserves
€ million
Total 2025
€ million
Total 2024
€ million
Total 2023
Fair value reserves – see following table
332
600
392
Currency retranslation of group companies – see following table
(8,284)
(7,026)
(7,432)
Capital redemption reserve
28
25
25
Book value of treasury shares – see following table
(36)
(37)
(207)
Repurchase of shares
(3,769)
(2,259)
(6,034)
Cancellation of PLC shares
3,770
—
5,282
Other(a)
(305)
(602)
(544)
(8,264)
(9,299)
(8,518)
(a)Relates primarily to options to purchase non-controlling interest in subsidiaries.
Summary of Treasury Shares Movements
Treasury shares – movements during the year
€ million
2025
€ million
2024
1 January
(2,296)
(959)
Repurchase of shares
(1,510)
(1,508)
Cancellation of PLC shares
3,770
—
Other purchases and utilisations
1
171
31 December
(35)
(2,296)
Disclosure of Currency Retranslation Reserve
Currency retranslation reserves – movements during the year
€ million
2025
€ million
2024
1 January
(7,026)
(7,432)
Currency retranslation of group companies' net assets and liabilities during the year
(1,522)
(419)
Movement in net investment hedges and exchange differences in net investments in foreign operations
(796)
280
Recycling of currency retranslation to the income statement on demerger of Ice Cream business
1,036
—
Recycling of currency retranslation to the income statement on business disposals
24
545
31 December
(8,284)
(7,026)
Disclosure of Fair Value Reserve
Fair value reserves – movements during the year
€ million
2025
€ million
2024
1 January
600
392
Movements in Other comprehensive income, net of tax
  Gains/(losses) on equity instruments
(14)
60
  Gains/(losses) on cash flow hedges
(196)
210
Hedging (gains)/losses transferred to non-financial assets
(58)
(62)
31 December
332
600
Disclosure of Remeasurement of Defined Benefit Pension Plans Net of Tax Remeasurement of defined benefit pension plans, net of tax
€ million
2025
€ million
2024
1 January
84
(180)
Movement during the year
176
264
31 December
260
84
Disclosure of Currency Retranslation Gains (Losses)
€ million
2025
€ million
2024
1 January
(5,955)
(7,344)
Currency retranslation during the year:
    Other reserves
(1,258)
406
    Retained profit
(76)
891
    Non-controlling interest
(349)
92
31 December
(7,638)
(5,955)
Summary of Financial Liabilities
Financial liabilities(a)
€ million
Current
2025
€ million
Non-
current
2025
€ million
Total
2025
€ million
Current
2024
€ million
Non-
current
2024
€ million
Total
2024
Bank loans and overdrafts(b)
229
4
233
517
4
521
Bonds and other loans
1,951
24,087
26,038
5,363
23,285
28,648
Lease liabilities
277
1,049
1,326
322
1,164
1,486
Derivatives
48
404
452
152
442
594
Other financial liabilities(c)
77
152
229
633
171
804
2,582
25,696
28,278
6,987
25,066
32,053
(a)For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13
and 14 respectively.
(b)Bank loans and overdrafts include €3 million (2024: €4 million) of secured liabilities.
(c)Includes options and financial liabilities to acquire non-controlling interests in the US, Myanmar and India, refer to note 22.
Disclosure of Reconciliation of Liabilities Arising from Financing Activities Reconciliation of liabilities arising from financing activities
Non-cash movement
Movements in 2025 and 2024
€ million
Opening
balance at
1 January
€ million
Cash
movement(a)
€ million
Business
acquisi-
tions/
disposals
€ million
Foreign
exchange
changes
€ million
Fair
value
changes
€ million
Other
movements
€ million
Closing
balance at
31 December
2025
Bank loans and overdrafts
(521)
178
36
67
–
7
(233)
Bonds and other loans
(28,648)
(1,892)
3,000
1,583
(92)
11
(26,038)
Lease liabilities(b)
(1,486)
341
112
129
–
(422)
(1,326)
Derivatives
(594)
–
31
23
88
–
(452)
Other financial liabilities
(804)
24
(51)
93
(60)
569
(229)
Total
(32,053)
(1,349)
3,128
1,895
(64)
165
(28,278)
2024
Bank loans and overdrafts
(506)
(52)
–
2
–
35
(521)
Bonds and other loans
(26,692)
(1,119)
–
(755)
(5)
(77)
(28,648)
Lease liabilities(b)
(1,395)
385
21
(24)
–
(473)
(1,486)
Derivatives
(494)
–
–
(13)
(87)
–
(594)
Other financial liabilities
(535)
25
(59)
(33)
(203)
1
(804)
Total
(29,622)
(761)
(38)
(823)
(295)
(514)
(32,053)
(a)These cash movements are included within the following lines in the consolidated cash flow statement: net change in short-term borrowings, additional financial liabilities, repayment of
financial liabilities and net cash flow used in discontinued financing activities (excluding interest paid of €(170) million and the capital component of leases of €(46) million included in (b)
below) The difference of €99 million (2024: €(68) million) represents cash movements in overdrafts that are not included in financing cash flows.
(b)Lease liabilities cash movement is included within capital element of lease payments and net cash flow used in discontinued financing activities €(46) million from (a) above in the
consolidated cash flow statement. The difference of €(6) million (2024: €4 million) represents gain or loss from termination and modification of lease contracts.
Summary of Analysis of Bonds and Other Loans Analysis of bonds and other loans
€ million
Total 2025
Total 2024
Unilever PLC
1.875% Notes 2029 (£)
285
300
1.500% Notes 2026 (£)
573
602
1.500% Notes 2039 (€)
647
647
2.125% Notes 2028 (£)(a)
331
334
Total PLC
1,836
1,883
Other group companies
The Netherlands
1.625% Notes 2033 (€)
795
795
1.375% Notes 2029 (€)
747
747
1.125% Bonds 2027 (€)
699
699
1.125% Bonds 2028 (€)
698
698
0.875% Notes 2025 (€)
–
650
0.500% Bonds 2025 (€)
–
650
1.375% Notes 2030 (€)
647
646
1.000% Notes 2027 (€)
600
599
1.250% Notes 2025 (€)
–
1,000
1.750% Notes 2030 (€)
997
997
1.250% Notes 2031 (€)(a)
590
588
2.250% Notes 2034 (€)(a)
776
793
0.750% Notes 2026 (€)(a)
499
489
1.750% Notes 2028 (€)
647
646
3.250% Notes 2031 (€)
496
495
3.500% Notes 2035 (€)
496
496
3.250% Notes 2032 (€)
599
598
3.500% Notes 2037 (€)
597
597
3.250% Notes 2032 (€)
100
100
United States
5.900% Bonds 2032 (US $)
847
955
2.900% Notes 2027 (US $)
850
956
3.500% Notes 2028 (US $)
678
764
2.000% Notes 2026 (US $)
596
671
3.100% Notes 2025 (US $)
–
480
3.500% Bonds 2028 (US $)
425
478
3.375% Notes 2025 (US $)
–
336
7.250% Bonds 2026 (US $)
254
285
6.625% Bonds 2028 (US $)
206
231
5.600% Bonds 2097 (US $)
78
88
2.125% Notes 2029 (US $)
720
812
1.375% Notes 2030 (US $)(a)
371
391
2.625% Notes 2051 (US $)
544
613
1.750% Notes 2031 (US $)(a)
632
670
3.300% Notes 2029 (€)
549
549
3.400% Notes 2033 (€)
695
694
4.875% Notes 2028 (US $)
595
670
5.000% Notes 2033 (US $)
675
760
4.750% Notes 2031 (US $)
144
163
4.625% Bonds 2034 (US $)
842
949
4.250% Bonds 2027 (US $)
637
718
2.750% Notes 2030 (€)
696
–
3.375% Notes 2035 (€)
791
–
Floating Rate Notes 2027 (€)
596
–
4.824% Bonds 2035 (US $)
128
–
2.875% Notes 2032 (€)
842
–
3.500% Notes 2037 (€)
798
–
Commercial Paper (US $)
–
2,158
Other countries
Switzerland
28
89
Others
2
2
Total other group companies
24,202
26,765
Total bonds and other loans
26,038
28,648
(a)Bonds includes €(281) million (2024: €(373) million) fair value adjustment following the fair value hedge accounting of fixed-for-floating interest rate swaps.