v3.25.4
Consolidated statement of changes in equity - EUR (€)
€ in Millions
Total
Aggregate continuing and discontinued operations
Total
Total
Aggregate continuing and discontinued operations
Called up share capital
Share premium account
Unification reserve
Other reserves
Other reserves
Aggregate continuing and discontinued operations
Retained profit
Retained profit
Aggregate continuing and discontinued operations
Non-controlling interests
Non-controlling interests
Aggregate continuing and discontinued operations
Equity at beginning of period at Dec. 31, 2022 € 21,701   € 19,021   € 92 € 52,844 € (73,364) € (10,804)   € 50,253   € 2,680  
Profit or loss for the period 7,140 [1]   6,487             6,487   653  
Other comprehensive income, net of tax:                          
Equity instruments gains/(losses) (28) [1] € (28)   € (27)         € (27)       € (1)
Cash flow hedges gains/(losses) (29) [1] (27)   (27)         (27)        
Remeasurement of defined benefit pension plans (510) [1] (510)   (508)             € (508)   (2)
Currency retranslation gains/(losses) (1,316) [1] (1,461) [2]   (1,335) [2]         (1,629) [2]   294 [2]   (126) [2]
Total comprehensive income   5,114 [1]   4,590         (1,683)   6,273   524
Dividends on ordinary capital (4,327)   (4,327)             (4,327)      
Cancellation of treasury shares [3] 0   0   (4)     5,282   (5,278)      
Dividends in specie to shareholders in The Magnum Ice Cream Company shares 0                        
Repurchase of shares [4] (1,507)   (1,507)         (1,507)          
Movements in treasury shares [5] (23)   (23)         75   (98)      
Share-based payment credit [6] 212   212             212      
Dividends paid to non-controlling interests (521)                     (521)  
Hedging (gain)/loss transferred to non-financial assets 117   117         117          
Other movements in equity (2)   19         2   17   (21)  
Equity at end of period at Dec. 31, 2023 20,764   18,102   88 52,844 (73,364) (8,518)   47,052   2,662  
Profit or loss for the period 6,369 [7]   5,744             5,744   625  
Other comprehensive income, net of tax:                          
Equity instruments gains/(losses) 60 [1] 60   60         60        
Cash flow hedges gains/(losses) 122 [1] 210   210         210        
Remeasurement of defined benefit pension plans 226 [1] 264   269             269   (5)
Currency retranslation gains/(losses) 1,113 [1] 1,389 [2]   1,297 [2]         406 [2]   891 [2]   92 [2]
Total comprehensive income   8,292 [1]   7,580         676   6,904   712
Dividends on ordinary capital (4,320)   (4,320)             (4,320)      
Dividends in specie to shareholders in The Magnum Ice Cream Company shares 0                        
Repurchase of shares [4] (1,508)   (1,508)         (1,508)          
Movements in treasury shares [5] (95)   (95)         25   (120)      
Share-based payment credit [6] 324   324             324      
Dividends paid to non-controlling interests (712)                     (712)  
Hedging (gain)/loss transferred to non-financial assets (54)   (54)         (54)          
Other movements in equity (136)   (39)         80   (119)   (97)  
Equity at end of period at Dec. 31, 2024 22,555   19,990   88 52,844 (73,364) (9,299)   49,721   2,565  
Profit or loss for the period 10,011   9,469             9,469   542  
Other comprehensive income, net of tax:                          
Equity instruments gains/(losses) (14) (14)   (14)         (14)        
Cash flow hedges gains/(losses) (111) (198)   (196)         (196)       (2)
Remeasurement of defined benefit pension plans 137 176   180             180   (4)
Currency retranslation gains/(losses) (2,239) (1,683) [2]   (1,334) [2]         (1,258) [2]   (76) [2]   (349) [2]
Total comprehensive income   € 8,292   € 8,105         € (1,468)   € 9,573   € 187
Dividends on ordinary capital (4,453)   (4,453)             (4,453)      
Cancellation of treasury shares [3] 0   0   (3)     3,770   (3,767)      
Dividends in specie to shareholders in The Magnum Ice Cream Company shares [8] (6,752)   (6,752)             (6,752)      
Repurchase of shares [4] (1,510)   (1,510)         (1,510)          
Movements in treasury shares [5] (151)   (151)         1   (152)      
Share-based payment credit [6] 284   284             284      
Dividends paid to non-controlling interests [9] (728)                     (728)  
Hedging (gain)/loss transferred to non-financial assets (57)   (58)         (58)       1  
Other movements in equity [10] 107   75         300   (225)   32  
Equity at end of period at Dec. 31, 2025 € 17,587   € 15,530   € 85 € 52,844 € (73,364) € (8,264)   € 44,229   € 2,057  
[1] The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).
[2] Includes a hyperinflation adjustment of €17 million in relation to Argentina and Turkey (2024: €880 million, primarily reflects the effect of significant inflationary pressures, particularly in
Argentina, compared with 2025, 2023: €308 million).
[3] During 2025, 13,288,138 PLC ordinary shares held as treasury shares were cancelled before share consolidation and 51,625,153 cancelled after share consolidation. During 2023,
112,746,434 PLC ordinary shares held as treasury shares were cancelled. The amount paid to repurchase these shares was initially recognised in other reserves and is transferred to
retained profit on cancellation.
[4] Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback programmes announced on 10 February 2022, 8 February 2024 and 13 February 2025.
[5] Includes purchases and sales of treasury shares, other than the share buyback programme and the transfer from treasury shares to retained profit of share-settled schemes arising from
prior years and differences between purchase and grant price of share awards.
[6] The share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of share options and awards granted to employees.
[7] The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).
[8] A non‑cash dividend was distributed to shareholders in connection with the demerger of our Ice Cream business. The distribution was settled through the transfer of the Company’s equity
interest in the demerged entity, measured at fair value and recognised directly in equity with no associated cash outflow.
[9] Includes a non-cash dividend of €199 million by Hindustan Unilever Limited to its minority shareholders.
[10] Includes the impact on the minority liability and non-controlling interest following the acquisition of Dr. Squatch and Minimalist, and the step-up acquisitions of Nutrafol, Welly and Equilibra.