v3.25.4
Treasury risk management (Tables)
 12 Months Ended
Dec. 31, 2025
Treasury Risk Management [Abstract]  
Summary of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities The following table shows Unilever’s contractually agreed undiscounted cash flows, including expected interest payments, which are payable under financial liabilities
at the balance sheet date:
Undiscounted cash flows
€ million
Due
within
1 year
€ million
Due
between
1 and
2 years
€ million
Due
between
2 and
3 years
€ million
Due
between
3 and
4 years
€ million
Due
between
4 and
5 years
€ million
Due
after
5 years
€ million
Total
€ million
Net carrying
amount as
shown in
balance
sheet
2025
Non-derivative financial liabilities:
Bank loans and overdrafts
(245)
(3)
(1)
(1)
(1)
(1)
(252)
(233)
Bonds and other loans
(2,701)
(4,065)
(4,188)
(2,819)
(3,226)
(14,470)
(31,469)
(26,038)
Lease liabilities
(343)
(278)
(228)
(163)
(129)
(489)
(1,630)
(1,326)
Other financial liabilities
(78)
(143)
(11)
(2)
–
–
(234)
(229)
Trade payables, accruals and other liabilities
(16,297)
(55)
(12)
(24)
(3)
(24)
(16,415)
(16,413)
Deferred consideration
(26)
(20)
–
–
–
–
(46)
(46)
(19,690)
(4,564)
(4,440)
(3,009)
(3,359)
(14,984)
(50,046)
(44,285)
Derivative financial liabilities:
Interest rate derivatives:
(413)
Derivative contracts – receipts
243
1,032
511
140
139
2,951
5,016
Derivative contracts – payments
(330)
(1,165)
(602)
(227)
(226)
(3,144)
(5,694)
Foreign exchange derivatives:
(80)
Derivative contracts – receipts
9,152
1
–
–
–
–
9,153
Derivative contracts – payments
(9,267)
(2)
–
–
–
–
(9,269)
Commodity derivatives:
(10)
Derivative contracts – receipts
–
–
–
–
–
–
–
Derivative contracts – payments
(10)
–
–
–
–
–
(10)
(212)
(134)
(91)
(87)
(87)
(193)
(804)
(503)
Total
(19,902)
(4,698)
(4,531)
(3,096)
(3,446)
(15,177)
(50,850)
(44,788)
2024
Non-derivative financial liabilities:
Bank loans and overdrafts
(535)
(1)
(1)
(1)
(1)
(7)
(546)
(521)
Bonds and other loans
(6,041)
(2,710)
(3,552)
(4,348)
(2,817)
(14,513)
(33,981)
(28,648)
Lease liabilities
(389)
(322)
(257)
(207)
(147)
(479)
(1,801)
(1,486)
Other financial liabilities
(633)
(41)
(131)
–
(2)
–
(807)
(804)
Trade payables, accruals and other liabilities
(16,064)
(110)
(25)
(35)
(6)
(26)
(16,266)
(16,265)
Deferred consideration
(16)
(1)
–
–
–
–
(17)
(17)
(23,678)
(3,185)
(3,966)
(4,591)
(2,973)
(15,025)
(53,418)
(47,741)
Derivative financial liabilities:
Interest rate derivatives:
(442)
Derivative contracts – receipts
71
71
192
192
184
408
1,118
Derivative contracts – payments
(178)
(142)
(257)
(260)
(244)
(525)
(1,606)
Foreign exchange derivatives:
(188)
Derivative contracts – receipts
5,641
–
–
–
–
–
5,641
Derivative contracts – payments
(5,867)
–
–
–
–
–
(5,867)
Commodity derivatives:
(20)
Derivative contracts – receipts
–
–
–
–
–
–
–
Derivative contracts – payments
(20)
–
–
–
–
–
(20)
(353)
(71)
(65)
(68)
(60)
(117)
(734)
(650)
Total
(24,031)
(3,256)
(4,031)
(4,659)
(3,033)
(15,142)
(54,152)
(48,391)
Summary of Derivative Cash Flow Hedges The following table shows cash flows for which cash flow hedge accounting is applied. The derivatives in the cash flow hedge relationships are expected to have an
impact on profit and loss in the same periods as the cash flows occur.
€ million
Due
within
1 year
€ million
Due
between
1 and
2 years
€ million
Due
between
2 and
3 years
€ million
Due
between
3 and
4 years
€ million
Due
between
4 and
5 years
€ million
Due
after
5 years
€ million
Total
€ million
Net carrying
amount of
related
derivatives(a)
2025
Foreign exchange cash inflows
1,795
–
–
–
–
–
1,795
–
Foreign exchange cash outflows
(1,843)
–
–
–
–
–
(1,843)
(25)
Interest rate swaps cash inflows
180
1,617
141
691
822
3,601
7,052
15
Interest rate swaps cash outflows
(233)
(1,733)
(197)
(698)
(846)
(3,672)
(7,379)
–
Commodity contracts cash inflows
3
–
–
–
–
–
3
3
Commodity contracts cash outflows
(10)
–
–
–
–
–
(10)
(10)
2024
Foreign exchange cash inflows
2,717
–
–
–
–
–
2,717
–
Foreign exchange cash outflows
(2,696)
–
–
–
–
–
(2,696)
31
Interest rate swaps cash inflows
70
70
1,017
42
592
795
2,586
55
Interest rate swaps cash outflows
(71)
(71)
(982)
(58)
(624)
(852)
(2,658)
–
Commodity contracts cash inflows
126
–
–
–
–
–
126
126
Commodity contracts cash outflows
(20)
–
–
–
–
–
(20)
(20)
(a)See note 16C.
Summary of Currency Derivatives Outstanding
As at year end, the Group had the below notional
amount of currency derivatives outstanding to
which cash flow hedge accounting is applied:
Currency
€ million
2025
€ million
2024
EUR*
(18)
(1,014)
GBP
(560)
(404)
USD
242
306
SEK
(72)
(87)
CAD
(109)
(194)
SGD
62
68
Others
(206)
(260)
Total
(661)
(1,585)
*    Euro exposure relates to group companies having non-
euro functional currencies.
Disclosure of Impact of Interest Rate Swaps and Cross-Currency Swaps The following table shows the split in fixed- and floating-rate interest exposures, taking into account the impact of interest rate swaps:
€ million
2025
€ million
2024
Current financial liabilities
(2,582)
(6,987)
Non-current financial liabilities
(25,696)
(25,066)
Total financial liabilities
(28,278)
(32,053)
Less: lease liabilities
(1,326)
(1,486)
Financial liabilities (excluding lease liabilities)
26,952
30,567
Of which:
Fixed rate (weighted average amount of fixing for the following year)
(22,228)
(21,151)
Disclosure of detailed information about hedging instruments The Group does not use derivative financial instruments for speculative purposes. The uses of derivatives and the related values of derivatives are summarised in the
following table. Derivatives used to hedge:
€ million
Trade
and other
receivables
€ million
Current
financial
assets
€ million
Non-current
financial
assets
€ million
Trade
payables
and other
liabilities
€ million
Current
financial
liabilities
€ million
Non-current
financial
liabilities
€ million
Total
31 December 2025
Foreign exchange derivatives
Fair value hedges
–
–
–
–
–
–
–
Cash flow hedges
5
–
–
(30)
–
–
(25)
Hedges on the net investment in foreign
operations
–
12
(a)
–
–
(36)
(a)
–
(24)
Hedge accounting not applied
12
38
(a)
4
(11)
(3)
(a)
–
40
Interest rate derivatives
Fair value hedges
–
–
–
–
(9)
(295)
(304)
Cash flow hedges
–
–
117
–
–
(102)
15
Hedges on the net investment in foreign
operations
–
–
19
–
–
–
19
Hedge accounting not applied
–
–
–
–
–
(7)
(7)
Commodity contracts
Cash flow hedges
3
–
–
(10)
–
–
(7)
Hedge accounting not applied
–
–
–
–
–
–
–
20
50
140
(51)
(48)
(404)
(293)
Total assets
210
Total liabilities
(503)
(293)
31 December 2024
Foreign exchange derivatives
Fair value hedges
–
–
–
–
–
–
–
Cash flow hedges
59
–
–
(28)
–
–
31
Hedges on the net investment in foreign
operations
–
69
–
–
(28)
(a)
–
41
Hedge accounting not applied
18
79
(a)
–
(8)
(124)
(a)
–
(35)
Interest rate derivatives
Fair value hedges
–
–
–
–
–
(423)
(423)
Cash flow hedges
–
–
58
–
–
(3)
55
Hedges on the net investment in foreign
operations
–
–
–
–
–
(16)
(16)
Hedge accounting not applied
–
1
10
–
–
–
11
Commodity contracts
Cash flow hedges
126
–
–
(20)
–
–
106
Hedge accounting not applied
–
–
–
–
–
–
–
203
149
68
(56)
(152)
(442)
(230)
Total assets
420
Total liabilities
(650)
(230)
(a)Swaps that hedge the currency risk on intra-group loans and offset ‘Hedges of net investments in foreign operations’ are included within ‘Hedge accounting not applied’. See below for
further details.
Summary of Financial Assets are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements.
Related amounts not set
off in the balance sheet
As at 31 December 2025
€ million
Gross amounts of
recognised
financial assets
€ million
Gross amounts
of recognised
financial assets
set off in the
balance sheet
€ million
Net amounts of
financial assets
presented in the
balance sheet
€ million
Financial
instruments
€ million
Cash
collateral
received
€ million
Net amount
Derivative financial assets
229
(19)
210
(162)
(28)
20
As at 31 December 2024
Derivative financial assets
478
(58)
420
(174)
(89)
157
Summary of Financial Liabilities are Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements The following financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements.
Related amounts not set
off in the balance sheet
As at 31 December 2025
€ million
Gross amounts
of recognised
financial liabilities
€ million
Gross amounts
of recognised
financial liabilities
set off in the
balance sheet
€ million
Net amounts
of financial
liabilities
presented in the
balance sheet
€ million
Financial
instruments
€ million
Cash
collateral
received
€ million
Net amount
Derivative financial liabilities
(522)
19
(503)
162
–
(341)
As at 31 December 2024
Derivative financial liabilities
(708)
58
(650)
174
–
(476)