聯合利華 (UL) 2025 Q4 法說會逐字稿

Hello, and welcome to Unilever's full year results announcement. Thank you for joining us. In a moment, Srini Phatak, our Chief Financial Officer, will take you through a detailed breakdown of Unilever results for 2025. But before that, I would like to share with you a few reflections on our performance last year.

大家好，歡迎收看聯合利華全年業績發表會。感謝您的參與。稍後，我們的財務長 Srini Phatak 將為大家詳細介紹聯合利華 2025 年的表現。但在此之前，我想先跟大家分享一下我對去年表現的一些感想。

Let me start by saying that we have delivered a solid year, fully in line with our commitments despite challenging conditions. When I took over as CEO, I made clear that one of my biggest priorities was to ensure that in Unilever, we could both perform and transform. 2025 has demonstrated our ability to evolve.

首先我想說的是，儘管面臨許多挑戰，我們仍然取得了穩健的業績，完全履行了我們的承諾。我上任執行長時就明確表示，我的首要任務之一是確保聯合利華既能維持業績成長，又能實現轉型升級。 2025年已經證明了我們具備這樣的發展能力。

We delivered a good performance, delivering competitive volume growth, positive mix and gross margin expansion, with sequential improvement throughout the year. We sharpened the portfolio. The successful demerger of Ice Cream combined with 10 deals, including acquisitions like Minimalist, Wild, and Dr. Squatch and the disposal of several non-strategic brands means that we have rotated 15% of the total portfolio in 2025.

我們取得了良好的業績，實現了具有競爭力的銷售成長、積極的產品組合和毛利率擴張，並且全年業績持續改善。我們優化了投資組合。冰淇淋業務的成功分拆，加上 10 筆交易（包括收購 Minimalist、Wild 和 Dr. Squatch 等品牌，以及出售幾個非策略性品牌），意味著我們在 2025 年已經完成了 15% 的產品組合輪調。

We have significantly elevated the offering of our brands, stepping up their functionality, their aesthetics, their sensorials. Strong innovation plans and a decisive shift to social first demand generation models also contributed to a strong improvement in the admissible brand superiority scores of our brands, a key reason for our ability to outperform markets. This is empowered by another increase in our brand and marketing investment.

我們大幅提升了旗下品牌的品質，並增強了其功能性、美觀性和感官體驗。強而有力的創新計畫和向社交優先需求產生模式的果斷轉變，也大大提高了我們品牌的可接受品牌優勢得分，這是我們能夠在市場中脫穎而出的關鍵原因。這得益於我們品牌和行銷投入的進一步增加。

We improved our execution, reflected by our continuing strength in developed markets and our improved performance in emerging markets, including the successful operational results in key markets like Indonesia and China. We have also acted decisively to correct performance gaps in areas like Home Care and Deodorants in Brazil or US [Care] businesses, in which we expect significant improvements during 2026.

我們提高了執行力，這體現在我們繼續在已開發市場保持強勁勢頭，以及在新興市場取得更好的業績，包括在印尼和中國等主要市場取得成功的營運成果。我們也採取了果斷措施，糾正了巴西家庭護理和除臭劑業務或美國護理業務等領域的業績差距，我們預計這些業務在 2026 年將取得顯著改善。

We drove cost discipline and improved overheads by 50 basis points through the continuing delivery of our productivity program that is significantly ahead of schedule. We are moving at a speed to build a business that drives desire and scale in our brands and execution excellence. There is much still to do, but we have entered 2026 as a simpler, sharper, more focused business, better able to capture the many growth opportunities that exist across our categories and our channels.

我們透過持續推進生產力提升計劃，大幅提前​​完成了目標，從而有效控制了成本，並將管理費用降低了 50 個基點。我們正以迅猛的速度打造一個能夠激發消費者對我們品牌的渴望並擴大規模、實現卓越執行力的業務。還有很多工作要做，但我們已經以更簡潔、更精準、更專注的業務模式進入了 2026 年，能夠更好地抓住我們各個品類和渠道中存在的眾多增長機會。

Our performance in 2025 give us added confidence that we are on the right track, as Srini will now highlight in taking you through the numbers.

我們在 2025 年的表現讓我們更加確信我們走在正確的道路上，Srini 現在將透過數字向您重點介紹這一點。

Srini?

斯里尼？

Thank you, Fernando. Before I turn to the results, just a brief point on the basis of reporting. All the figures that I refer today are on a continuing basis, which excludes Ice Cream. Comparative figures have been restated to reflect the demerger of the Ice Cream business. So all growth, margin and cash metrics are presented on a like-for-like basis.

謝謝你，費爾南多。在討論結果之前，先簡單提一下報道方面的問題。我今天提到的所有數據都是持續性的，不包括冰淇淋。比較數據已重新表述，以反映冰淇淋業務的分拆。因此，所有成長、利潤率和現金流指標均以可比較口徑為基礎進行展示。

For the full year, underlying sales growth was 3.5%, with volumes at 1.5% and price at 2%. Looking beyond the single year, performance over a 2-year period highlights the underlying momentum of the business, particularly in Beauty & Wellbeing, Home Care and Personal Care, we delivered compounded annual volume growth of 3.6%, 3.1% and 2.1%, respectively.

全年來看，基本銷售額成長了 3.5%，其中銷量成長了 1.5%，價格成長了 2%。放眼過去兩年，業績表現凸顯了公司業務的潛在發展勢頭，尤其是在美容保健、家居護理和個人護理領域，我們分別實現了 3.6%、3.1% 和 2.1% 的複合年銷量增長。

In 2025, we saw a clear sequential improvement through the year, with quarter four growth at 4.2%, with a step-up in volumes to 2.1% and pricing at 2%. This reflects our disciplined execution and a sharper focus on volume-led growth. Our 30 Power Brands, which represent more than 78% of the group turnover, continued to grow ahead of the average, delivering 4.3% underlying sales growth for the full year, with volumes up 2.2%, in line with our medium-term growth algorithm.

2025 年，我們看到全年業績穩定提升，第四季成長 4.2%，銷量成長 2.1%，價格成長 2%。這體現了我們嚴謹的執行力和對銷售驅動成長的更加重視。我們的 30 個實力品牌佔集團營業額的 78% 以上，持續維持高於平均水準的成長，全年基本銷售額成長 4.3%，銷量成長 2.2%，符合我們的中期成長演算法。

This performance has been sustained over time, with Power Brands delivering a 2-year compounded annual growth rate of 5%, including 3.4% volume growth. Power Brands have the first call our incremental resources, with 100% of our incremental BMI in 2025 being invested behind them. The performance we see reflects the impact of those prioritization choices.

這項業績一直維持至今，Power Brands 的兩年複合年增長率達到 5%，其中銷量成長 3.4%。強勢品牌享有優先使用我們新增資源的權利，到 2025 年，我們將把 100% 的新增 BMI 投入這些品牌。我們看到的業績反映了這些優先排序選擇的影響。

Momentum strengthened further in the fourth quarter with Power Brands delivering growth of 5.8%, driven by volume growth of 3.5%. Beauty & Wellbeing delivered balanced growth across the year, with underlying sales growth of 4.3% evenly split between volume of 2.2% and price at 2.1%. Dove, Vaseline and our premium brands continued to outperform, delivering double-digit growth, reflecting the strength of our innovation and focused execution.

第四季成長動能進一步增強，強勢品牌實現了 5.8% 的成長，其中銷量成長了 3.5%。美容與健康業務全年實現了均衡成長，基礎銷售額成長 4.3%，其中銷量成長 2.2%，價格成長 2.1%。多芬、凡士林和我們的高端品牌繼續表現出色，實現了兩位數的成長，這反映了我們強大的創新能力和專注的執行力。

Category performance varied across the year, reflecting different stages of portfolio reshaping, innovation delivery and execution. Hair Care was flat overall, with pricing offset by lower volumes. Within this context, Dove Hair continued to deliver double-digit growth, driven by the rollout of its fiber repair range across multiple markets. Total hair care performance in North America was flat, reflecting portfolio simplification actions, while softer market conditions in some emerging markets weighed on volumes.

此品類全年的表現各不相同，反映了產品組合調整、創新交付和執行的不同階段。護髮產品整體表現平穩，價格上漲被銷售下降所抵銷。在此背景下，多芬護髮產品持續保持兩位數成長，這得益於其纖維修復系列產品在多個市場的推出。北美地區護髮產品整體表現持平，反映出產品組合簡化的舉措，而一些新興市場疲軟的市場狀況也對銷售造成了壓力。

Core skincare delivered mid-single-digit growth. Vaseline again stood out, delivering double digit growth for the third consecutive year and becoming our eighth largest brand. Wellbeing remained a key growth engine, delivering double-digit growth for the year, led by volume. Liquid I.V. and Nutrafol both delivered double-digit growth, with Liquid I.V. reaching two important milestones becoming a billion-dollar brand and achieving a record US household penetration of over 18%.

核心護膚品實現了中等個位數的成長。凡士林再次脫穎而出，連續第三年實現兩位數成長，成為我們第八大品牌。健康福祉仍然是關鍵的成長引擎，在銷量的帶動下，全年實現了兩位數的成長。Liquid I.V. 和 Nutrafol 都實現了兩位數的增長，其中 Liquid I.V. 達到了兩個重要的里程碑，成為價值十億美元的品牌，並在美國家庭滲透率方面創下了超過 18% 的紀錄。

OLLY delivered high single-digit growth, and it is now an over $500 million brand. Prestige Beauty delivered low single-digit growth. Hourglass and K18 continued to grow double digit, and Dermalogica and Paula's Choice returned to growth in the second half. In the fourth quarter, Beauty and Wellbeing growth stepped up to 4.7%, with volumes up 2.8%.

OLLY實現了接近兩位數的成長，現在已成為一個價值超過5億美元的品牌。高端美妝產品實現了個位數低成長。Hourglass 和 K18 繼續保持兩位數成長，Dermalogica 和 Paula's Choice 在下半年恢復成長。第四季度，美容和健康業務成長加速至 4.7%，銷量成長 2.8%。

This performance underpins a 2-year compounded annual volume growth rate of 3.3%, reflecting improved execution and a stronger performance across several key Asia Pacific Africa markets as the year progressed. While market growth moderated in Wellbeing, we delivered volume growth above 5% for the quarter, continuing to materially outperform the market.

這項業績支撐了過去兩年 3.3% 的複合年均銷量成長率，反映出隨著年限的推移，亞太和非洲幾個主要市場的執行力有所提高，業績也更加強勁。儘管健康領域的市場成長放緩，但我們本季的銷量成長超過 5%，繼續大幅優於市場表現。

Meanwhile, our core portfolio delivered improved growth with Hair Care at mid-single-digit growth. From a profitability perspective, underlying operating profit in Beauty & Wellbeing was EUR2.5 billion in 2025, with an underlying operating margin at 19.2%, down 20 basis points year-on-year. This reflects a significant improvement in overhead efficiency, with increased brand and marketing investments behind Power Brands and premium innovations supporting long-term sustainable growth.

同時，我們的核心產品組合實現了成長，其中護髮產品實現了中等個位數的成長。從獲利能力的角度來看，2025 年美容與健康業務的基本營業利潤為 25 億歐元，基本營業利潤率為 19.2%，年減 20 個基點。這反映出營運效率的顯著提高，對強勢品牌和高端創新投入的增加，為長期永續成長提供了支持。

Personal Care delivered underlying sales growth of 4.7% for the full year, with a much stronger competitive performance driven by the momentum in the United States. The US remains a big growth engine and a benchmark for the execution across the business group.

個人護理業務全年基本銷售額成長 4.7%，其中美國市場的成長勢頭推動了業務的強勁競爭表現。美國仍然是重要的成長引擎，也是整個業務集團執行力的標竿。

Price contributed 3.6%, largely reflecting commodity-driven increases, with volumes growing 1.1%, supported by premium innovations, particularly in Dove, which delivered high single-digit growth. Strong volume growth in developed markets led by North America more than offset softer conditions in Latin America where volumes declined, but the performance remained ahead of the category.

價格貢獻了 3.6% 的成長，主要反映了大宗商品價格上漲；銷量成長了 1.1%，這得益於高端創新，尤其是多芬品牌，實現了接近兩位數的成長。以北美為首的已開發市場銷售強勁成長，足以抵銷拉丁美洲銷售下滑帶來的不利影響，但整體表現仍優於同類產品。

Deodorants delivered low single-digit growth, supported by both price and volume. Dove again led performance, delivering double-digit growth, with scaling of whole body deos across 15 markets, reinforcing our leadership in the category.

除臭劑產品實現了個位數低成長，價格和銷售量雙雙支撐了這一成長。多芬再次引領業績成長，實現了兩位數的成長，並在 15 個市場擴大了全身除臭劑的銷售規模，鞏固了我們在該品類中的領導地位。

In the fourth quarter, growth improved sequentially to mid-single digit as actions to address product format mix in Brazil began to gain traction. Skin Cleansing delivered mid-single-digit growth led by price and continued premiumization. Oral Care also delivered mid-single-digit growth, driven by strong performances in Closeup and Pepsodent with premium whitening and naturals innovations in Asia Pacific, Africa.

第四季度，隨著解決巴西產品形式組合問題的措施開始取得成效，成長環比改善至個位數中段。皮膚清潔產品在價格上漲和持續高端化推動下實現了中等個位數的成長。口腔護理業務也實現了中等個位數的成長，這主要得益於Closeup和Pepsodent在亞太和非洲地區的高端美白和天然創新產品的強勁表現。

During the year, we further strengthened Personal Care's portfolio through the acquisitions of Wild and Dr. Squatch. These acquisitions enhance our exposure to premium segments, and are expected to contribute meaningfully to growth over time. In the fourth quarter, underlying sales growth remained strong at 5.1%, led by North America and Asia Pacific, Africa.

年內，我們透過收購 Wild 和 Dr. Squatch，進一步加強了個人護理產品組合。這些收購增強了我們在高端市場的份額，預計隨著時間的推移，將對成長做出重大貢獻。第四季度，基本銷售額成長依然強勁，達到 5.1%，其中北美、亞太和非洲地區帶動了成長。

Growth was driven by price and supported by positive volume, reflecting the positive trajectory of the business and the sustainability of US-led momentum. From a profitability perspective, underlying operating profit in Personal Care was EUR3 billion. Underlying operating margin increased by 50 basis points to 22.6%, driven by improvements in gross margin and overhead efficiency.

成長主要由價格驅動，並得到銷量支撐，反映了業務的積極發展軌跡和美國市場主導的成長勢頭的可持續性。從獲利能力角度來看，個人護理業務的基本營業利潤為 30 億歐元。受毛利率和營運效率提升的推動，基本營業利潤率提高了 50 個基點，達到 22.6%。

We continue to invest behind our brands, most notably in the US and in the premium segments, in line with our strategic priorities. Home Care delivered underlying sales growth of 2.6% for the year, with growth primarily being volume-led at 2.2% and a modest contribution from price of 0.4%. Performance improved sequentially through the year, supported by strong growth momentum in Europe, driven by premium innovations and improved execution and performance in India.

我們將持續加大對旗下品牌的投資，尤其是在美國和高端市場，這符合我們的策略重點。家庭護理業務全年基本銷售額成長 2.6%，其中銷量成長 2.2%，價格成長貢獻較小，為 0.4%。在歐洲市場強勁的成長動能推動下，以及在印度市場執行力和業績的提升，公司業績全年逐年改善。

Fabric Cleaning was flat as strong performance in Europe was offset by a softer performance in Brazil. The corrective pricing actions were taken earlier in the year to restore competitiveness. Wonder Wash continues to go from strength to strength, following its launch in 2024, and it's now established in more than 30 markets. This demonstrates the speed at which we can roll out high-impact innovations at scale.

織物清洗產業整體表現平平，歐洲市場的強勁表現被巴西市場的疲軟表現所抵銷。今年稍早採取了價格調整措施，以恢復競爭力。Wonder Wash 自 2024 年推出以來，發展勢頭強勁，目前已在 30 多個市場站穩腳跟。這展現了我們大規模推出高影響力創新成果的速度。

Home and hygiene delivered mid-single-digit growth led by Cif and Domestos. Growth was supported by premium innovations, including Cif Infinite Clean and the continued rollout of Domestos Power Foam beyond Europe, extending our leadership in hygiene formats.

家居和衛生用品實現了中等個位數的成長，其中 Cif 和 Domestos 是主要推動因素。成長得益於高端創新產品，包括 Cif Infinite Clean 和 Domestos Power Foam 在歐洲以外的持續推廣，從而鞏固了我們在衛生用品領域的領先地位。

Fabric enhancers delivered high single-digit growth led by volume. Comfort, one of our billion euro brands performed particularly well, supported by premium formats and fragrance led innovation with strong momentum across several emerging markets. In the fourth quarter, growth accelerated to 4.7% driven by 4% volume growth, underlining the recovery of the business.

織物增強劑銷量帶動實現了接近兩位數的成長。Comfort 是我們旗下價值十億歐元的品牌之一，憑藉高端產品和以香氛為主導的創新，在多個新興市場取得了強勁的發展勢頭，表現尤為出色。第四季度，受銷量成長 4% 的推動，增速加快至 4.7%，凸顯了業務的復甦。

India was a key contributor to this momentum, with Home Care delivering mid-single digit volume growth, led by strong performance in liquids across Fabric Wash and Household Care, and reaching its highest ever market share. Brazil, Home Care's second largest market, also returned to growth in the quarter, further supporting the overall improvement.

印度是推動這一成長勢頭的關鍵因素，家居護理業務實現了個位數中段的銷售增長，這主要得益於織物洗滌劑和家居護理液體產品的強勁表現，並達到了有史以來最高的市場份額。巴西是家庭護理的第二大市場，該季度也恢復了成長，進一步支撐了整體的改善。

From a profitability perspective, underlying operating profit in Home Care was EUR1.7 billion, with an underlying operating margin of 14.9%, up 40 basis points year-on-year. This reflects improved overhead efficiencies and disciplined brand investments focused on fewer high impact innovations, partly offset by a decline in gross margin.

從獲利能力角度來看，家庭護理業務的基本營業利潤為 17 億歐元，基本營業利潤率為 14.9%，較去年同期成長 40 個基點。這反映出管理效率的提高和對品牌投資的嚴格把控，專注於較少但影響巨大的創新，但部分被毛利率的下降所抵消。

Foods delivered underlying sales growth of 2.5% for the year, with 0.8% from volume and 1.7% from price. Growth was ahead of the market, driven by strong performance in emerging markets, while developed markets were broadly flat amid weaker consumer demand. Against that backdrop, this represents a solid performance, with clear evidence of competitiveness across our core brands.

食品業務全年基本銷售額成長2.5%，其中銷量成長0.8%，價格成長1.7%。受新興市場強勁表現的推動，經濟成長高於市場平均水平，而已開發市場則因消費需求疲軟，整體成長乏力。在此背景下，這代表著穩健的業績，也清楚證明了我們核心品牌的競爭力。

Hellmann's continued to perform well, delivering mid-single-digit volume rate growth for the year. This was supported by the continued strength of its flavored mayonnaise range, now scaled across more than 30 markets and established as a EUR100 million platform, demonstrating our ability to premiumize at scale.

Hellmann's 繼續保持良好表現，全年銷售成長率達到中等個位數。其風味蛋黃醬系列產品持續強勁的成長也印證了這一點，該系列產品現已擴展到 30 多個市場，並已發展成為一個價值 1 億歐元的平台，這表明我們有能力大規模地實現高端化。

Cooking Aids delivered low single-digit growth, driven primarily by price. Knorr grew low single digit, with softer retail conditions in developed markets offset by volume and price growth in emerging markets. Unilever Food Solutions was flat, volumes were positive in North America, offset by declines in China, reflecting a weaker out-of-home consumption. We expect the UFS performance in China to improve during 2026.

烹飪輔助用品實現了個位數低成長，主要受價格因素驅動。家樂的業績實現了個位數低成長，已開發市場零售環境疲軟被新興市場銷售和價格的成長所抵消。聯合利華食品解決方案業務持平，北美地區銷量成長，但被中國市場銷量下滑所抵消，反映出外食消費疲軟。我們預計UFS在中國的表現將在2026年有所改善。

In the fourth quarter, underlying sales growth was 2.3%, with volumes up 1.3%, reflecting a market environment that remained subdued into year-end. From a profitability perspective, Foods delivered a record year, with underlying operating margin increased by 130 basis points to 22.6%, the highest level achieved by the business group.

第四季，基本銷售額成長2.3%，銷量成長1.3%，反映市場環境在年底前依然低迷。從獲利能力來看，食品業務取得了創紀錄的一年，基本營業利潤率提高了 130 個基點，達到 22.6%，這是該業務集團取得的最高水準。

Underlying operating profit was EUR2.9 billion. This reflected portfolio pruning, disciplined pricing, productivity gains in gross margin, tight overhead control, alongside continued focused brand investments in line with our food strategy.

基本營業利潤為29億歐元。這體現了產品組合精簡、定價策略的嚴格執行、毛利率的提高、嚴格的營運成本控制，以及與我們的食品策略一致的持續品牌投資。

We delivered balanced growth across developed and emerging markets despite a more uneven macro and consumer backdrop through the year. This highlights the advantage of our geographic footprint. In developed markets, we grew ahead of our categories despite consumer conditions softening, particularly in the second half.

儘管今年宏觀經濟和消費環境較為不穩定，但我們在已開發市場和新興市場均實現了均衡成長。這凸顯了我們地理佈局的優勢。在已開發市場，儘管消費者狀況有所疲軟，尤其是在下半年，但我們的成長速度仍超過了各品類平均水準。

In emerging markets, performance improved throughout the year, reflecting decisive actions we took to address challenges, alongside improved execution, a step-up in innovation and a more focused channel execution as well as an improving trading environment in several key markets.

在新興市場，業績全年持續改善，這反映出我們採取了果斷行動來應對挑戰，同時提高了執行力，加大了創新力度，更加專注於渠道執行，並且幾個主要市場的交易環境也在不斷改善。

Developed markets, which represent 41% of the group turnover, delivered underlying sales growth of 3.6% for the year, a sustained outperformance versus the market. Growth moderated in the second half as the macro and the consumer backdrop softened, with fourth quarter underlying sales growth of 1.7%, with slower market growth in both US and Europe.

已開發市場佔集團營​​業額的 41%，全年實現了 3.6% 的基礎銷售成長，持續優於市場表現。下半年，隨著宏觀經濟和消費環境的疲軟，成長速度放緩，第四季基本銷售額成長1.7%，美國和歐洲市場成長均放緩。

North America was a standout performer. Underlying sales grew 5.3% for the year, with volumes contributing 3.8%, reflecting continued share gains and the benefits of multiyear reshaping of our portfolio towards Beauty & Wellbeing and Personal Care.

北美地區表現尤為突出。本年度基礎銷售額增長 5.3%，其中銷量增長 3.8%，反映了市場份額的持續增長以及多年來我們向美容健康及個人護理產品組合進行調整所帶來的益處。

Premium innovations supported by strong retail execution continue to underpin growth, allowing us to outperform the markets despite more subdued consumer conditions. In the fourth quarter, growth moderated as category conditions softened across the segments. Despite this, our portfolio performance remained resilient, reflecting the strength of our portfolio and execution.

高端創新產品加上強大的零售執行力持續支撐著成長，即使在消費市場較為疲軟的情況下，我們也能跑贏大盤。第四季度，由於各細分市場的品類狀況疲軟，成長速度放緩。儘管如此，我們的投資組合表現依然穩健，這反映了我們投資組合的實力和執行力。

Europe delivered low single-digit underlying sales growth for the year. Home Care and Personal Care performed well, supported by the volume growth and the continued rollout of Wonder Wash and whole body deodorants. This was partly offset by softer conditions in Foods, where we continue to outperform the market.

歐洲全年基本銷售額僅實現個位數成長。家居護理和個人護理業務表現良好，這得益於銷售增長以及 Wonder Wash 和全身除臭劑的持續推廣。食品業的疲軟表現部分抵消了上述影響，我們在食品業持續跑贏大盤。

Growth across Europe was uneven, with good momentum in France and Italy offset by softness in Germany. In the fourth quarter, underlying sales were flat, in line with the slowing market environment, but our performance remained robust relative to the categories.

歐洲各地的成長並不均衡，法國和義大利的良好勢頭被德國的疲軟所抵消。第四季度，基本銷售額與市場放緩環境相符，但相對於各品類而言，我們的業績依然強勁。

Emerging markets, which account for 59% of the group turnover, delivered underlying sales growth of 3.5% for the year. Performance improved sequentially through the year, with growth accelerating to 5.8% in the fourth quarter including 3.2% volume growth, reflecting the impact of decisive actions taken earlier in the year, alongside a return to growth in Latin America.

新興市場佔集團營​​業額的 59%，全年實現了 3.5% 的基礎銷售成長。年內業績逐季改善，第四季成長加速至 5.8%，其中銷量成長 3.2%，這反映了年初採取的果斷措施的影響，以及拉丁美洲市場恢復成長。

Asia Pacific Africa delivered underlying sales growth of 4.6% for the year, with volumes contributing 3%, and price 1.6%, reflecting strengthening of execution across several key markets. Momentum strengthened in the fourth quarter, with APA delivering underlying sales growth of 6.9%, driven by volume growth of 5.7%.

亞太及非洲地區全年基本銷售額成長 4.6%，其中銷量成長 3%，價格成長 1.6%，反映出幾個關鍵市場執行力的增強。第四季成長動能增強，APA 實現了 6.9% 的基礎銷售額成長，其中銷量成長 5.7%。

In India, underlying sales grew 4% for the year, with volumes up 3%. Growth accelerated in the fourth quarter to 5% with volumes up 4%, reflecting market share gains, a gradual recovery in market growth and the normalization of the trade environment following GST adjustments in the third quarter. Performance was led by our premium Personal Care portfolio and strong execution in laundry liquids.

在印度，全年基礎銷售額成長了 4%，銷量成長了 3%。第四季成長加速至 5%，銷量成長 4%，反映出市場佔有率的增加、市場成長的逐步恢復以及第三季消費稅調整後貿易環境的正常化。業績成長主要得益於我們高端個人護理產品組合和洗衣液的強勁表現。

In Indonesia, underlying sales grew at 4% for the year, with a sharp recovery in the second half following a comprehensive reset of the business. Alongside price stabilization and trade stock normalization, we stepped up innovation and significantly increased social-first brand activation, strengthening relevance and demand across our core categories. As execution improved, availability and affordability were sharpened. The performance stepped up materially, with growth accelerating to 17% in the fourth quarter against soft prior competitors.

在印尼，全年基礎銷售額成長了 4%，在對業務進行全面調整後，下半年實現了強勁復甦。在穩定價格和使貿易庫存正常化的同時，我們加大了創新力度，並大幅提升了以社交為先的品牌激活力度，從而增強了我們核心品類的相關性和需求。隨著執行力的提高，產品的可用性和可負擔性也得到了提升。與先前表現疲軟的競爭對手相比，該公司業績顯著提升，第四季成長加速至 17%。

In China, underlying sales growth were flat for the year with clear improvement in the second half, including mid-single-digit growth in the fourth quarter. Actions to reset the business, including strengthening of go-to-market execution and accelerating premiumization supported this improvement. This was led by Beauty & Wellbeing and Personal Care despite overall market growth remaining weak.

在中國，全年基本銷售成長持平，下半年有明顯改善，其中第四季度實現了中等個位數的成長。為重塑業務而採取的措施，包括加強市場推廣執行和加速高端化進程，都促進了這項改善。儘管整體市場成長依然疲軟，但美容保健和個人護理產品仍引領了這一成長。

In Latin America, underlying sales grew 0.5% for the year, reflecting a broad-based market slowdown amid ongoing macro and political uncertainty. Price growth of 5.9% largely offset a volume decline of 5.1%, with elevated price elasticity continuing to wane on volumes as consumer demand remained under pressure. The region, however, returned to growth in the fourth quarter.

在拉丁美洲，全年基本銷售額成長了0.5%，反映出在持續的宏觀和政治不確定性下，市場整體放緩。價格上漲 5.9%，基本上抵銷了銷售量下降 5.1% 的影響，由於消費者需求持續承壓，價格彈性對銷售的影響逐漸減弱。然而，該地區在第四季度恢復了成長。

For the year, Beauty & Wellbeing and Foods both delivered low single-digit growth. In Foods, performance was supported by Hellmann's, led by the continued strength of the flavored mayonnaise range in Brazil. In Beauty & Wellbeing, growth reflected improved execution and the strength of the core brands.

今年，美容保健和食品業務均實現了個位數低成長。在食品方面，Hellmann's 的業績表現得到了支撐，這主要得益於其風味蛋黃醬系列在巴西市場的持續強勁表現。在美容與健康領域，成長反映了執行力的提升和核心品牌的實力。

During the year, we took targeted actions in Brazil to restore competitiveness, including corrective pricing in fabric cleaning, and adjustments to the format mix in Deodorants. Home Care returned to growth in the fourth quarter, providing a clear indication that these actions are beginning to gain traction.

今年，我們在巴西採取了有針對性的措施來恢復競爭力，包括對織物清潔產品進行價格調整，以及對除臭劑產品的形式組合進行調整。家庭護理業務在第四季度恢復成長，這清楚地表明這些措施開始取得成效。

One Unilever markets delivered mid-single-digit growth with positive volume and price, and were accretive to both group sales and profit growth in 2025. This performance reflects the benefits of radical prioritization and sharper focus in our smaller markets.

聯合利華旗下部分市場實現了中等個位數成長，銷量和價格均實現正成長，並預計在 2025 年為集團銷售額和利潤成長做出貢獻。這項業績反映了我們在較小市場中採取的積極優先事項調整和更精準的聚焦所帶來的益處。

Turnover for the full year was EUR50.5 billion, down 3.8% versus the prior year. This was driven by significant currency headwinds, with FX reducing turnover by 5.9%. The currency impact was broad-based, reflecting a weaker US dollar, alongside depreciation across a number of emerging market currencies, including several of our large markets. This was only marginally offset by strength in a small number of currencies.

全年營業額為 505 億歐元，較上年下降 3.8%。這主要是由於匯率波動帶來的不利影響，外匯交易額下降了 5.9%。貨幣影響範圍廣泛，反映出美元走軟，以及包括我們幾個主要市場在內的許多新興市場貨幣貶值。少數幾種貨幣的走強僅略微抵消了這種影響。

Excluding currency, turnover increased by 2.3%, driven by underlying sales growth of 3.5%, partly offset by portfolio actions as we continued to sharpen the business. The net impact from acquisitions and disposals was negative 1.2%. Within this, acquisitions contributed 0.6%, driven by Minimalist, Wild, and Dr. Squatch, all performing in line with their acquisition business cases.

剔除匯率因素，營業額成長 2.3%，主要得益於 3.5% 的銷售額成長，但部分被我們持續優化業務組合的舉措所抵銷。收購和處置的淨影響為負 1.2%。其中，收購貢獻了 0.6%，主要由 Minimalist、Wild 和 Dr. Squatch 推動，這三家公司均實現了與其收購業務目標相符的業績。

This was more than offset by a disposal impact of 1.8%, reflecting the exits of Unilever Russia and the China water purification business in 2024. Disposals of Conimex, The Vegetarian Butcher, and Kate Somerville were completed during 2025.

但這被 1.8% 的處置影響所抵消，這反映了聯合利華俄羅斯和中國淨水業務在 2024 年的退出。Conimex、The Vegetarian Butcher 和 Kate Somerville 的處置工作已於 2025 年完成。

Underlying operating margin expanded by 60 basis points to 20% in 2025, reflecting a structurally strong margin profile. Gross margin contributed positively, expanding by 20 basis points and marking the third consecutive year of gross margin expansion. Importantly, following the Ice Cream's demerger, gross margin now is at structurally higher level of 46.9%. This reflects a fundamental shift in the shape of the group, alongside improvements in mix, price and sustained delivery of savings.

2025 年，基本營業利潤率成長 60 個基點至 20%，反映出結構性強勁的利潤率狀況。毛利率做出積極貢獻，成長了 20 個基點，標誌著毛利率連續第三年成長。重要的是，在冰淇淋業務分拆後，毛利率目前處於結構性更高的水平，達到 46.9%。這反映了集團結構發生的根本性轉變，以及產品組合、價格和持續節省成本的改進。

Our productivity program and the ongoing cultural shift enabled a further 50 basis points reduction in the overheads. Since the program began, we have delivered more than EUR670 million of savings and are well ahead of the plan. We remain on track to complete the EUR800 million program in 2026.

我們的生產力提升計畫和持續的文化轉變使管理費用進一步降低了 50 個基點。自從該計劃啟動以來，我們已經節省了超過 6.7 億歐元，遠遠超前於計劃。我們仍按計劃在 2026 年完成這項 8 億歐元的計劃。

Brand and marketing investment increased by 10 basis points to 16.1% of turnover, the highest percentage in over a decade, and 300 basis points higher than 4 years ago. This reflects a clear choice to prioritize investment behind our strongest brands and innovations, consistent with our focus on sustainable growth and long-term value creation. 100% of the incremental BMI was allocated behind Beauty & Wellbeing and Personal Care. Underlying operating profit was EUR10.1 billion, a decline of 1.1% versus prior year.

品牌和行銷投資成長了 10 個基點，達到營業額的 16.1%，這是十多年來的最高比例，比 4 年前高出 300 個基點。這體現了我們優先投資於最強品牌和創新產品的明確選擇，與我們對永續成長和長期價值創造的關注相一致。新增的BMI資金100%都投入了美容健康及個人護理領域。基本營業利潤為101億歐元，較上年下降1.1%。

In line with our multiyear priority, in 2025, we delivered hard currency underlying earnings growth. Underlying EPS rose to EUR3.08, up 0.7% versus the prior year, with sales growth and margin expansion together contributing 6.5% to EPS growth.

根據我們多年的優先事項，到 2025 年，我們實現了以硬通貨計價的基本獲利成長。基本每股收益增至 3.08 歐元，比上年增長 0.7%，其中銷售增長和利潤率擴張共同貢獻了 6.5% 的每股收益增長。

Net finance costs were broadly flat year-on-year, reflecting active balance sheet management and disciplined funding decisions. Net finance costs represented 2.1% of average net debt, underscoring the resilience of our financing structure following the Ice Cream separation.

淨融資成本與上年基本持平，反映出積極的資產負債表管理和嚴謹的融資決策。淨融資成本占平均淨債務的 2.1%，凸顯了冰淇淋業務分拆後我們融資結構的穩健性。

Tax contributed positively, adding 1.3% to underlying earnings per share as the underlying effective tax rate decreased slightly to 25.7%. This reduction reflects the mix of earnings and the benefits of local tax optimization measures.

稅收對每股收益產生了積極影響，使每股收益增加了 1.3%，因為實際稅率略微下降至 25.7%。這一減少反映了收入組成和地方稅收優化措施帶來的好處。

Our share buyback programs contributed 1.5% to underlying EPS. These positives were morely offset by currency, which had a negative impact of 8.8% on the underlying earnings per share. On a constant currency basis, underlying earnings per share grew by 9.5%.

我們的股票回購計劃為每股盈餘貢獻了 1.5%。這些利好因素更被匯率波動所抵消，匯率波動對每股基本收益產生了 8.8% 的負面影響。以固定匯率計算，每股基本收益成長了 9.5%。

Following the separation of Ice Cream, an 8 for 9 share consolidation was implemented in December 2025 to ensure comparability of earnings per share, share price and dividends, with prior periods being restated accordingly.

在冰淇淋業務分拆後，於 2025 年 12 月實施了 8 比 9 的股份合併，以確保每股收益、股價和股息的可比性，並相應地重述了以前的期間。

Sustainability remains a fundamental part of Unilever's strategy and is managed with the same discipline as our financial performance, with clear accountability and a direct link to remuneration. In 2025, we reached an important milestone on plastics delivering both on our multi-year targets due this year. This reflects sustained focus and investments and demonstrates our ability to deliver against complex commitments.

永續發展仍然是聯合利華策略的重要組成部分，我們以與財務績效相同的嚴謹態度進行管理，明確問責制，並與薪酬直接掛鉤。2025 年，我們在塑膠領域取得了重要里程碑式的成就，實現了今年應完成的多年目標。這反映了我們持續的關注和投入，也證明了我們有能力履行複雜的承諾。

Free cash flow for the year was EUR5.9 billion, representing 100% cash conversion. Compared with the previous year's, free cash flow was around EUR400 million lower, reflecting costs associated with the Ice Cream demerger, including separation-related tax on disposals. Excluding these demerger-related items, free cash flow was EUR6.3 billion, underlining the cash generating strength of the business.

該年度自由現金流為 59 億歐元，現金轉換率為 100%。與前一年相比，自由現金流減少了約 4 億歐元，這反映了冰淇淋業務分拆的相關成本，包括處置資產的分離相關稅費。剔除這些與分拆相關的項目後，自由現金流為 63 億歐元，凸顯了該業務的現金創造能力。

Net debt at the year-end was EUR23.1 billion, an absolute reduction of EUR1.4 billion following the Ice Cream separation. This reflects the combined impact of cash generation and the demerger offset by dividends, acquisitions and share buybacks. Net debt to underlying EBITDA closed at 2 times, remaining within our target range and consistent with our capital structure objectives.

年末淨債務為 231 億歐元，冰淇淋業務分拆後絕對減少了 14 億歐元。這反映了現金產生和分拆的綜合影響，但被股利、收購和股票回購所抵消。淨負債與基礎 EBITDA 的比率為 2 倍，仍在我們的目標範圍內，符合我們的資本結構目標。

Turning to returns. Our underlying return on invested capital was 19%, placing us in the top one-third of the sector. Our ROIC benefited by around 100 basis points from Ice Cream demerger, reflecting the higher quality and the lower capital intensity of the group following the separation. Overall, ROIC remains firmly in the high teens, which we continue to view as a key guardrail for capital allocation and a core pillar of a multi-year value creation model.

接下來是回報情況。我們的基本投資資本報酬率為 19%，使我們躋身產業前三分之一。從冰淇淋業務分拆中，我們的 ROIC 提高了約 100 個基點，這反映了分拆後集團的品質更高、資本密集度更低。整體而言，ROIC 仍然穩定在 10% 以上，我們繼續將其視為資本配置的關鍵保障措施和多年價值創造模式的核心支柱。

Our capital allocation is clear and disciplined and remains focused on three priorities growth and productivity, actively shaping the portfolio and delivering attractive capital returns. Starting with growth and productivity. We continue to invest at scale where it matters most.

我們的資本配置清晰且有紀律，始終專注於成長和生產力這三大優先事項，積極塑造投資組合併實現具有吸引力的資本回報。從成長和生產力入手。我們將繼續在最關鍵的領域進行大規模投資。

Brand and marketing investment was 16.1% of turnover, while capital expenditure was 3.1% of turnover. Importantly, more than half the CapEx is directed towards productivity and margin initiatives, reflecting our focus on strengthening the underlying economics of the business while continuing to support our brands and innovation agenda.

品牌和行銷投資佔營業額的 16.1%，而資本支出佔營業額的 3.1%。重要的是，超過一半的資本支出用於提高生產力和利潤率的舉措，這體現了我們致力於加強業務基本經濟效益，同時繼續支持我們的品牌和創新議程。

Turning to the portfolio, we remain value-focused. We are continuing to simplify the portfolio through targeted disposals while pursuing bolt-on acquisitions aligned to our strategy. Our focus remains on Beauty & Wellbeing and Personal Care, with emphasis on premium segments, digitally-native brands and e-commerce exposure, particularly in the US and India.

就投資組合而言，我們仍然注重價值投資。我們將繼續透過有針對性的資產剝離來簡化投資組合，同時尋求符合我們策略的補充性收購。我們仍然專注於美容、健康和個人護理領域，並專注於高端市場、數位原生品牌和電子商務，尤其是在美國和印度。

Finally, on capital returns, we returned EUR6 billion to shareholders in 2025, comprising EUR4.5 billion in dividends and EUR1.5 billion in share buybacks. This reflects our capital allocation priorities, with a clear preference to maintain in principle a 70-30 balance between dividends and share buybacks. Taken together, this provides consistency and visibility, supported by strong cash generation and disciplined execution.

最後，關於資本回報，我們在 2025 年向股東返還了 60 億歐元，其中包括 45 億歐元的股息和 15 億歐元的股票回購。這反映了我們的資本配置優先事項，我們明確傾向於原則上保持股息和股票回購之間 70-30 的平衡。綜合來看，這提供了穩定性和透明度，並輔以強勁的現金流和嚴謹的執行力。

We continue to transform the portfolio in 2025, allocating capital towards higher growth premium segments, while exiting businesses that no longer fit our strategic direction. Taken together, 2025 represents a step change in portfolio transformation. With the Ice Cream demerger and 10 transactions completed or announced during the year, we materially increased the focus and the growth profile of the group.

2025 年，我們將持續調整投資組合，將資金投入成長更快的優質細分市場，同時退出不再符合我們策略方向的業務。綜上所述，2025 年標誌著投資組合轉型的重大轉變。隨著冰淇淋業務的分拆以及年內完成或宣布的 10 項交易，我們顯著提高了集團的專注度和成長前景。

On the acquisition side, the additions of Magnum, Dr. Squatch, and Wild strengthen our exposure to Beauty, Wellbeing and Personal Care, premium segments and digitally native ecommerce led brands, with particular emphasis on the US and India.

在收購方面，Magnum、Dr. Squatch 和 Wild 的加入增強了我們在美容、健康和個人護理、高端領域以及以數位原生電商為主導的品牌的實力，尤其側重於美國和印度市場。

At the same time, we were decisive in simplifying the portfolio. We completed exits from lower growth on non-core businesses, including Conimex, The Vegetarian Butcher, and Kate Somerville and announced further disposals such as Graze, Indonesia tea, and the Home Care business in Colombia and Ecuador.

同時，我們果斷地簡化了投資組合。我們完成了對成長速度較慢的非核心業務的退出，包括 Conimex、The Vegetarian Butcher 和 Kate Somerville，並宣布了進一步的資產剝離，例如 Graze、印尼茶以及在哥倫比亞和厄瓜多爾的家庭護理業務。

These actions further sharpen the focus of the group and reduce complexity. The Ice Cream demerger is the most significant step in this portfolio transformation. It reflects a deliberate decision to simplify the group, increase the strategic focus, enabling both Unilever and the Ice Cream business to pursue testing strategies, capital structures and growth priorities more effectively. Overall, the scale and pace of change in 2025 underlines that this is a different Unilever, one that is actively transforming its portfolio to drive higher-quality growth and stronger returns over time.

這些舉措進一步明確了團隊的目標，並降低了複雜性。冰淇淋業務的分拆是這次投資組合轉型中最重要的一步。這體現了簡化集團、加強戰略重點的深思熟慮的決定，使聯合利華和冰淇淋業務能夠更有效地推行測試戰略、資本結構和增長重點。總體而言，2025 年的變化規模和速度表明，這是一個不同的聯合利華，它正在積極轉型其產品組合，以推動更高品質的成長和更強勁的回報。

Turning to 2026. Our outlook reflects the progress we have made and a disciplined focus on what we can control in a slower market environment. On growth, we expect underlying sales growth for the full year to be at the bottom end of our multiyear range of 4% to 6%. We expect underlying volume growth of at least 2%, maintaining focus on our volume-led growth and outperforming slower markets.

展望2026年。我們的展望反映了我們所取得的進展，以及在市場環境放緩的情況下，我們專注於自身可控因素的堅定決心。關於成長，我們預計全年基本銷售成長將處於我們多年預期範圍 4% 至 6% 的下限。我們預計銷售量將至少成長 2%，繼續專注於以銷售量為導向的成長，並跑贏成長放緩的市場。

On margins, we are confident of a further modest improvement to the underlying operating margin. Our structurally strong gross margin will continue to benefit from value chain interventions, fueling ongoing reinvestment into our brands. In 2026, we expect inflationary pressures in select commodities with the overall inflation being lower than 2025.

在利潤率方面，我們有信心基本營業利潤率將進一步小幅提升。我們結構性強勁的毛利率將繼續受益於價值鏈幹預措施，從而推動我們對品牌的持續再投資。預計 2026 年部分大宗商品價格將出現通膨壓力，但整體通膨率將低於 2025 年。

As before, margin progression is an outcome of our choices, not the short-term objective in its own right. On capital returns, we have announced a new share buyback of EUR1.5 billion, reflecting confidence in the strength of our balance sheet and the consistency of our capital allocation framework. We also continue to expect sustained attractive and growing dividends, supported by strong cash generation.

與以往一樣，利潤成長是我們選擇的結果，而不是短期目標本身。在資本回報方面，我們宣布了一項新的15億歐元股票回購計劃，這反映了我們對自身資產負債表的穩健性和資本配置框架的一致性的信心。我們也將繼續預期，在強勁的現金流支持下，股息將持續保持吸引力並持續成長。

With that, over to you, Fernando.

那麼，接下來就交給你了，費南多。

Thank you, Srini. As we look ahead, we expect conditions to remain challenging, with soft markets in many parts of the world. Our confidence in the future stems from the significant progress we made in 2025, and we entered '26 as a very different looking business, one that is not only simpler and more focused, but also now bid to deliver consistently.

謝謝你，斯里尼。展望未來，我們預期市場環境仍將充滿挑戰，世界許多地區的市場將持續疲軟。我們對未來的信心源自於我們在 2025 年取得的重大進展，進入 2026 年時，我們已是一家面貌截然不同的企業，它不僅更加簡潔、更加專注，而且現在也力求持續交付成果。

We are building a sales and marketing machine founded on three fundamental shifts that transcend our whole business with seven clear growth priorities. Let me take them in turn. The three fundamental shifts encompass our brands, our organization and our people.

我們正在建立一個銷售和行銷機器，它基於三個根本性的轉變，這些轉變貫穿我們整個業務，並有七個明確的成長重點。讓我依序來。這三大根本轉變涵蓋了我們的品牌、我們的組織、我們的員工。

Our brands are benefiting from a desired scale model that is elevating every stage of the journey, from product development right through to the way we reach and engage with consumers, to the way we execute in both off-line and online retail. Where fully deployed, we have seen incredibly strong performances in brands Dove, Vaseline, Persil and Hellmann's.

我們的品牌正受益於理想的規模模式，該模式提升了旅程的每個階段，從產品開發到我們觸達和吸引消費者的方式，再到我們在線上線下零售中的執行方式。在全面部署的情況下，我們看到 Dove、Vaseline、Persil 和 Hellmann's 等品牌取得了非常強勁的業績。

We are making our organization fit for the AI age, transforming every link in the value chain, particularly around the consumer. That means deploying AI to supercharge demand generation, scaling and hyper targeting marketing content, partnering with consumer faces, LLMs, and working with retailers on agentic shopping models, creating a future-fit model for how our brands are discovered and shopped.

我們正在使我們的組織適應人工智慧時代，改造價值鏈中的每一個環節，特別是圍繞消費者的環節。這意味著要部署人工智慧來增強需求生成，擴大規模並精準定位行銷內容，與消費者代表、LLM（生命週期管理）合作，並與零售商合作開發代理購物模型，從而為我們的品牌如何被發現和購買創造一個面向未來的模型。

And our people are embracing a new play-to-win philosophy approach where the demands may be greater, but our targets are sharper, accountability is clearer, potential rewards are higher and with the highest ever differentiation between best and worst performers.

我們的員工正在接受一種新的以贏為目標的理念，雖然要求可能更高，但我們的目標更明確，責任更清晰，潛在回報更高，而且最佳員工和最差員工之間的差距也達到了前所未有的高度。

When it comes to our growth priorities, this will be increasingly familiar to you by now. They involve honing in and double down on our biggest growth opportunities across categories with more Beauty, more Wellbeing, more Personal Care, across geographies with US and India as clear and core markets for Unilever, and our growth segments and channels focusing on premiumizing the portfolio and further increasing our exposure to e-commerce.

談到我們的成長重點，這一點您現在應該越來越熟悉了。其中包括集中精力，加倍投入到我們在各個品類中最大的增長機會，例如美容、健康和個人護理；在地域上，美國和印度是聯合利華明確的核心市場；以及專注於產品組合高端化和進一步擴大電子商務領域的增長部門和渠道。

These seven areas are already driving a large proportion of our growth. And with the additional focus on investment we are bringing to them, we see opportunities to go considerably further. I look forward to going deeper on these fundamental shifts and growth priorities at next week's Cagny conference in Orlando.

這七個領域已經推動了我們很大一部分的成長。隨著我們對他們的投資給予更多關注，我們看到了更大的發展機會。我期待在下週於奧蘭多舉行的卡尼會議上，更深入地探討這些根本性的轉變和成長重點。

Nowhere does the robustness and validity of these transformation and fundamental shifts and strategic growth priorities show up more clearly than in the strength and quality of our innovation program. You have seen in our results today, how effective our premium innovation is when we create or grow categories, like powder hydration, short-cycle laundry, probiotics in surface cleaning, flavored mayo, all powered by our superior science in residual aesthetics and elevated sensorials.

這些轉型、根本轉變和策略成長重點的穩健性和有效性，最能體現在我們創新計畫的實力和品質上。從我們今天的成果中，您已經看到了我們的優質創新在創造或發展品類方面的有效性，例如粉末補水、短週期洗衣、表面清潔中的益生菌、風味蛋黃醬，所有這些都得益於我們在殘留美學和提升感官體驗方面的卓越科學。

We are doubling down on this approach in 2026 with an excellent pilot of innovation, leveraging our multiyear scientific streams and introducing new ones. And many of our Personal Care innovations will be activated alongside our sponsorship of the FIFA World Cup 2026, an exciting moment for us and our brands.

我們將在 2026 年加倍投入此方法，開展一項出色的創新試點項目，充分利用我們多年的科研成果，並引入新的科研成果。我們將在贊助 2026 年 FIFA 世界盃的同時，推出許多個人護理創新產品，這對我們和我們的品牌來說都是一個令人興奮的時刻。

A simpler, more focused company is not an end in itself, it is all about delivery, consistent delivery. That's what we are concentrated on. And while there is a lot more to do and more to prove, we are confident that '26 will be another big step forward in moving to a model and an approach that is built for delivery. The key elements are all there.

一個更精簡、更專注的公司本身並不是目的，而是關乎交付，持續交付。這就是我們關注的重點。雖然還有很多工作要做，還有很多需要證明，但我們相信 2026 年將是朝著以交付為導向的模式和方法邁出的又一大步。關鍵要素都已具備。

First, our mantra is and will remain volume growth, positive wins and gross margin expansion. We are laser-focused on these very clear metrics. This is a route to sustain success for Unilever and to top for shareholder returns, and we will continue to invest accordingly to achieve these objectives.

首先，我們的宗旨是並將繼續是實現銷售成長、贏得客戶和擴大毛利率。我們高度關注這些非常明確的指標。這是確保聯合利華持續成功並實現股東回報最大化的途徑，我們將繼續進行相應的投資以實現這些目標。

Second, with the well-executed separation of Ice Cream now behind us, and with other recent bolt-on deals successfully completed, we have a sharper portfolio radically focused around our strongest categories and our biggest brand.

其次，隨著冰淇淋業務的成功剝離，以及其他近期成功完成的收購交易，我們擁有了一個更精簡的產品組合，該組合完全圍繞著我們最強大的品類和最大的品牌。

Third, with our emerging markets strengthening and developed market continuing to outperform, we have a real opportunity now to leverage one of Unilever's most distinctive assets, our global strength. Fourth, our capital allocation priorities, as you heard from Srini, are crystal clear, focused on driving growth and productivity by supporting our brands, sharpening our portfolio and maximizing margin initiatives, while at the same time, delivering strong capital returns to shareholders.

第三，隨著新興市場走強和已開發市場持續表現優異，我們現在擁有一個真正的機會來利用聯合利華最獨特的資產之一——我們的全球實力。第四，正如您從斯里尼那裡聽到的，我們的資本配置重點非常明確，即透過支持我們的品牌、優化我們的產品組合和最大限度地提高利潤率來推動成長和生產力，同時為股東帶來強勁的資本回報。

And finally, the strength of the organizational change at Unilever over recent years can hardly be overstated. The heavy lifting has been done. This is now a new business, simpler, leaner more accountable, with P&L ownership now squarely in the hands of our category-led business groups, all back up by differentiated reward to the right of performance.

最後，近年來聯合利華組織變革的力量怎麼強調都不為過。最艱難的部分已經完成了。現在，這是一個全新的業務模式，更簡單、更精簡、更負責，損益所有權完全掌握在我們以品類為主導的業務集團手中，所有這些都得到了績效差異化獎勵的支持。

All these elements give us the confidence that we are moving towards a model and an organization built for consistent delivery even in markets that will remain tough.

所有這些因素都讓我們有信心，我們正在朝著一個能夠持續交付的模式和組織邁進，即使在仍然艱難的市場中也是如此。

Thank you for your attention. We look forward now to taking your questions.

感謝您的關注。現在我們期待回答您的問題。

Good morning, and many thanks for joining the call. (Operator Instructions)

早安，非常感謝各位參加電話會議。（操作說明）

Thank you very much for joining the call.

非常感謝您參加此通話。

Celine, JPMorgan. Celine? Moving to the second question.

Celine，摩根大通。席琳？接下來是第二個問題。

Warren Ackerman, Barclays.

沃倫·阿克曼，巴克萊銀行。

Yeah, good morning. Fernando, Srini, Jemma, Warren here at Barclays. Can you hear me okay?

早安.巴克萊銀行的費爾南多、斯里尼、傑瑪、沃倫。你聽得清楚我說話嗎？

Yeah, we can, Warren.

是的，我們可以，華倫。

So -- okay, super. So first one, Fernando, can you talk a bit about the emerging market outlook for 2026? I think about the big four Brazil, India, China, Indonesia. Can you maybe hit on some of the key topics that people are interested in? The fix on Brazil deals, for example. Is China and Indonesia proper reset? Is it done? How should we think about volumes in '26? That's the first one.

好的，太棒了。費爾南多，首先你能談談2026年新興市場的前景嗎？我想到的是巴西、印度、中國和印尼這四大經濟體。能否談談大家感興趣的一些關鍵議題？例如，巴西交易中的操縱行為。中國和印尼的關係是否真的實現了徹底的重置？完成了嗎？我們該如何看待 2026 年的銷售量？這是第一個。

Second one, another geo one. It's on the US, obviously slowed versus Q3. Can you talk a little bit, Fernando, about where you see US category growth? Any signs of price pressure in the US. And your confidence about the '26 delivery, what kind of innovation pipeline, what kind of delivery should we expect out of the US in '26?

第二個，也是地理相關的。顯然，美國經濟成長放緩，與第三季相比有所下降。費爾南多，您能否談談您認為美國市場哪些品類會成長？美國出現價格壓力跡象了嗎？您對 2026 年的交付有何信心？ 2026 年美國將推出怎樣的創新產品？我們應該期待美國在 2026 年推出怎樣的產品？

And just quickly, if I can squeeze in a housekeeping for Srini. Can you just tell us where the productivity savings landed, Srini? Is the EUR800 million done? And what should we think about productivity-wise in '26?

還有一件事，如果我能擠出時間幫 Srini 做點家事就好了。Srini，你能告訴我們生產力提升的具體體現在哪裡嗎？8億歐元的計畫完成了嗎？那麼，我們該如何看待2026年的生產力問題呢？

Thank you.

謝謝。

Thank you, Warren, and good morning, everyone. Well, let me start saying that we consider our strength in emerging markets a significant long-term competitive advantage given the exposure to give us to better population growth rate, towards the margin expansion, et cetera. And we have a portfolio in emerging markets that is really diversified in terms of geographies, category segment, price points, and this gives us resilience against volatility.

謝謝你，沃倫，大家早安。首先我想說的是，我們認為我們在新興市場的優勢是一項重要的長期競爭優勢，因為這使我們能夠獲得更好的人口成長率，從而實現利潤率擴張等等。我們在新興市場的投資組合在地理、類別細分、價格點等方面都非常多元化，這使我們能夠抵禦市場波動。

We are very, very confident in our step up in emerging markets. We are seeing now -- with the exception of LatAm, in which the market volume growth is flattish. We are seeing now growth in Asia Pacific Africa, in the territory of 3% volume growth for the market.

我們對我們在新興市場的擴張非常有信心。我們現在看到的是——除了拉丁美洲以外，該地區的市場規模成長較為平緩。目前我們看到亞太和非洲市場正在成長，市場銷售成長率達到 3%。

And our performance is improving across the board -- in India is improving, both in terms of economic backgrounds and the fundamentals of business, particularly the strengthening of our brand equities, our mission brands, operating scores in India are improving across the board, our execution, particularly in rural areas and traditional trade, independent trade is also improving.

我們的業績正在全面提升——在印度，無論是經濟背景還是業務基本面都在改善，特別是我們的品牌資產和使命品牌得到了加強，我們在印度的營運評分也在全面提高，我們的執行力，尤其是在農村地區和傳統貿易、獨立貿易方面，也在不斷提升。

We are growing shares, particularly in Home Care, we have achieved that, as you know, is 40% of our business there. We have achieved the highest ever share there in the last reading. China is slowly getting better. Growth has accelerated in second half 2025. We have made some significant interventions in the route to market of e-commerce. More work to do there, but we expect a better year in China in 2026.

我們正在擴大市場份額，尤其是在家庭護理領域，我們已經實現了這一目標，正如您所知，該領域占我們業務的 40%。我們在最近一次的統計數據中取得了有史以來最高的份額。中國的情況正在逐漸好轉。2025年下半年成長速度加快。我們對電子商務的市場進入管道進行了一些重大干預。還有很多工作要做，但我們預計 2026 年中國的情況會好轉。

In Indonesia, we are very pleased with the renewed leadership team that we have put in place. They have done the right thing to reset the fundamentals of the business. We are now operating with very, very historic low levels of stock in our distributors, that has removed any fundamental issue of channel price conflict we have had in the past. We have relaunched our 8 top brands in the market. And of course, in quarter 4, we were benefiting for a very weak comparable.

在印度尼西亞，我們對新組建的領導團隊非常滿意。他們採取了正確的措施，重塑了企業的基本面。我們現在的經銷商庫存水準處於歷史非常非常低的水平，這消除了我們過去遇到的任何通路價格衝突的根本問題。我們已重新推出市場上8個頂級品牌。當然，第四季我們受益於非常疲軟的年比數據。

But I feel the metric that we look obsessively in Indonesia is an improvement in our sales run rates. And every single quarter, we have been selling more in Indonesia in the last four quarters. Other markets, like Vietnam, Pakistan, Bangladesh, Arabia are all also improving. We have significant operations in other countries. So all this is growing nicely.

但我認為我們在印尼最關注的指標是銷售運行率的提高。過去四個季度，我們在印尼的銷售額每季都在成長。其他市場，如越南、巴基斯坦、孟加拉、阿拉伯等，也都在改善。我們在其他國家也有大量業務。所以這一切進展都很順利。

Regarding LatAm, markets remained flattish. We have seen in the second half of last year around 0% growth. Volume growth in Latin America, macroeconomic remained challenging in Mexico and Brazil. But we are pleased with the return to growth in quarter 4 led by the great momentum in Foods. We have a flying Hellmann's there.

拉丁美洲市場整體保持穩定。去年下半年我們看到成長率約為0%。拉丁美洲銷量成長，但墨西哥和巴西的宏觀經濟依然充滿挑戰。但我們很高興看到第四季恢復成長，這主要得益於食品業務的強勁勢頭。我們那裡有一輛會飛的Hellmann's冰淇淋車。

Solid growth in Beauty & Wellbeing. I'm very, very pleased with the fast reaction in Home Care to the corrective actions that we have put in pricing to restore competitiveness. This is starting to bear fruits there. We expect improvements in deos in the next few months. Actions have been put in place to rebalance our investment, increasing the one in aerosol relative to the one in contract applicator formats.

美容與健康領域穩健成長。我非常非常滿意家庭護理行業對我們為恢復競爭力而採取的價格調整措施的快速反應。這件事在那裡已經開始取得成效了。我們預計未來幾個月除臭劑的使用情況將會有所改善。我們已採取措施重新平衡投資，增加氣霧劑的投資，增加合約施藥服務的投資。

Reigniting growth in aerosol is absolutely critical, given the higher revenue per use and the higher profit per use. We are getting a lot of support from retailers in this aspect. We are resetting planograms in thousands of stores and growth region, and we expect deos in Latin America to be a key contributor to growth from quarter two onwards.

鑑於氣霧劑的單次使用收入和單次使用利潤更高，重振氣霧劑市場的成長至關重要。在這方面，我們得到了零售商的大力支持。我們正在數千家門市和成長區域重新調整商品陳列圖，預計從第二季開始，拉丁美洲的除臭劑將成為成長的關鍵貢獻者。

So in summary, optimistic about emerging markets in 2026. In US, let me start saying that our volume growth in North America in the last 3 years has been 3.9% in 2023, 4.2% in 2024, 3.8% in 2025. So this is a very consistent performance despite tough markets, probably one of the best performances in the sector. And this is a reflection of a profound transformation we have done in our portfolio, the setup of a US for US innovation model and a huge focus in a strengthening relationship with retailers there.

總之，我對2026年新興市場持樂觀態度。首先，我想說的是，過去三年我們在北美的銷售成長率分別為：2023 年 3.9%，2024 年 4.2%，2025 年 3.8%。儘管市場環境艱難，但該公司業績表現非常穩定，可能是該行業中表現最好的公司之一。這反映了我們對產品組合的深刻變革，建立了美國本土創新模式，並高度重視加強與當地零售商的關係。

Quarter four had a soft start, but we are encouraged by the fact that the market has rebounded in December and January. We have -- we are off to a good start in North America in 2026. Of course, we have seen some slowdown in Wellbeing. Wellbeing in North America in the quarter four delivered around 5% volume growth when it was in double digit in first three quarters, we have a couple of issues there.

第四季開局疲軟，但令人鼓舞的是，市場在 12 月和 1 月已經反彈。2026 年，我們在北美市場開局良好。當然，我們也看到幸福感下降。北美地區第四季的健康產品銷售成長約為 5%，而前三個季度的銷售成長均為兩位數，我們在這方面遇到了一些問題。

Fundamentally, the share of assortment of Liquid I.V. in a key retailer of the club channel, also some increase in the customer acquisition cost of our DTC business of Nutrafol, but we continue very, very confident in the structural growth in the verticals of well-being in which we compete and in our ability to continue expanding our leadership there.

從根本上講，Liquid I.V. 在俱樂部通路主要零售商的商品組合份額有所增加，我們 DTC 業務 Nutrafol 的客戶獲取成本也有所增加，但我們仍然對我們所競爭的健康垂直領域的結構性增長以及我們繼續擴大在該領域領先地位的能力充滿信心。

So optimistic about the emerging markets, really optimistic about emerging markets. I believe that the solid delivery in US in the last 3 years give us confidence that we will continue with outperforming the market there.

我對新興市場非常樂觀，真的非常樂觀。我相信，過去三年在美國的穩健業績讓我們有信心繼續跑贏美國市場。

Thanks, Warren. On the productivity savings, I think we've said it in the press release. Cumulatively, we have now delivered about EUR670 million of savings. The program is ahead of our own plans and internal plans and schedule. Most of this benefit, you will actually see in our SG&A line under the lower heads line, while some part of it was in supply chain overheads.

謝謝你，沃倫。關於提高生產力，我想我們在新聞稿中已經提過了。迄今為止，我們累計已節省約 6.7 億歐元。該專案進展順利，超越了我們自己的計劃和內部進度安排。大部分的收益實際上會反映在我們較低的費用項下銷售、一般及行政費用中，而其中一部分則反映在供應鏈管理費用中。

From a 2026 perspective, we expect to at least deliver the balance, EUR130 million, that was a commitment we set about EUR800 million, and we'll continue to go further on that. And more as a cultural shift that we have really made in the company is, we'll continue to keep our SG&A costs and other overhead costs at run rates which are lower than the turnover and therefore, in a sense that productivity, therefore, becomes an ongoing habit.

從 2026 年的角度來看，我們預計至少能夠兌現剩餘的 1.3 億歐元，這是我們先前承諾的 8 億歐元，我們將繼續在這方面取得更大進展。更重要的是，作為公司真正實現的文化轉變，我們將繼續把銷售、一般及行政費用和其他間接費用保持在低於營業額的水平，因此，從某種意義上說，生產力因此成為一種持續的習慣。

Guillaume, UBS.

Guillaume，瑞銀集團。

Thank you very much and good morning all. A couple of questions for me, please. The first one is on the pricing outlook for 2026. Fernando, can you maybe shed some light on how you expect price growth to play out this year, particularly given the sequentially, I think, lower inflationary pressures you're expecting for '26.

非常感謝，大家早安。請問我幾個問題。第一個問題是關於 2026 年的價格展望。費爾南多，你能否闡述一下你對今年價格增長的預期，特別是考慮到你預計 2026 年的通膨壓力將逐週下降。

And also, it seems a pickup in promo activities in many of your categories and regions. So it would be interesting, did you hear if you anticipate some or maybe contrasted pricing developments by region or product category this year?

此外，貴公司許多類別和地區的促銷活動似乎也有所增加。所以，這很有意思，您是否聽說今年不同地區或產品類別的價格走勢可能會有所不同？

And then the second question, probably for Srini. Could you maybe walk us through the key building blocks that support your confidence in achieving this modest margin improvement in '26? And in terms of phasing, anything you would flag at this stage, be it for margin or for underlying sales growth?

然後是第二個問題，可能是問斯里尼的。能否請您詳細介紹一下，是什麼關鍵因素支撐了您對在 2026 年實現這小幅利潤率提升的信心？就階段安排而言，您在這個階段有什麼需要特別注意的嗎，無論是對利潤率還是對潛在銷售成長的影響？

Thank you very much.

非常感謝。

Thank you, Guillaume. Well, I think that the category and geographical footprint of Unilever offer in the long run around 3% pricing. That's the kind of normal pricing we have seen in the last 10 years. This year, we probably see that probably a bit lower than that, around 2%. We have seen some increased promotional spending, particularly in promotional intensity, particularly in foods, but it's not dramatic.

謝謝你，紀堯姆。我認為，從長遠來看，聯合利華的品類和地理覆蓋範圍能夠提供約 3% 的定價。這是過去十年我們看到的正常定價模式。今年，我們可能會看到這個數字略低於這個數字，大約在 2% 左右。我們看到促銷支出增加，尤其是在促銷強度方面，特別是食品方面，但增幅並不顯著。

We have not seen really an increase in promotional intensity in emerging markets. So overall, I would expect pricing to be around the 2% level. Commodity inflation, Srini can give a bit of background on that.

我們尚未看到新興市場促銷力道真正加大。因此，總體而言，我預計價格漲幅會在 2% 左右。關於商品通膨，Srini可以簡單介紹一下背景。

So you're absolutely right. I think Fernando summarized the pricing outlook quite well. In 2026, the commodity inflation is not going to be broad-based. It's actually concentrated in a few set of the materials, most notably really being palm, canola oil and surfactants, where we continue to see year-on-year pressure coming through.

所以你的說法完全正確。我認為費爾南多對價格前景的總結相當到位。2026年，大宗商品通膨不會是普遍性的。實際上，這種物質主要集中在少數幾種材料中，最顯著的是棕櫚油、菜籽油和界面活性劑，我們看到這些物質的污染壓力逐年增加。

The second angle, which is important -- and the first element of that really comes from a Home Care and Personal Care perspective, that's where we'll start to see elevated inflation in comparison to the other categories.

第二個角度很重要——而第一個因素實際上來自家庭護理和個人護理的角度，我們將看到與其他類別相比，這些類別的通貨膨脹率會上升。

The second aspect, which is important and sometimes overlooked, is that half our inflation classically comes from imported inflation or currency devaluation in the emerging markets. And therefore, that becomes an important element. It's also equally important to highlight that in some other commodities, notably in some of the food side of it or it's a crude related, including packaging, we are actually seeing deflation.

第二個面向很重要，但有時會被忽視，那就是我們一半的通貨膨脹通常來自新興市場的輸入性通貨膨脹或貨幣貶值。因此，這就成為一個重要因素。同樣重要的是要強調，在其他一些商品領域，特別是食品領域或原油相關領域（包括包裝），我們實際上看到了通貨緊縮。

So it's important in the first element to understand the difference between the different sets of the commodities that we have. Notwithstanding, we'll all recognize that there is also wage inflation, which is happening in the market. And that's also an important element, which we'll have to cover through a combination of productivity and through pricing.

因此，首先要了解我們所擁有的不同商品類別之間的差異。儘管如此，我們都會意識到市場上也存在著薪資上漲的現象。這也是很重要的一個因素，我們需要透過提高生產力和提高定價能力來解決這個問題。

Coming back to, I think, the point really on the building blocks on gross margin. It's actually been quite an incredible story. If you really see, we have now consecutively increased our gross margins for the last 3 years, and the increases have actually been sizable, over 330 basis points.

我覺得，這才是真正關乎毛利率構成要素的關鍵。這其實是一個相當不可思議的故事。如果你仔細觀察，你會發現我們在過去 3 年毛利率已經持續成長，而且成長幅度相當可觀，超過 330 個基點。

What we now start at 46.9% is structurally in a sustainably high gross margin business. And the levers in a manner are consistent with what we have been talking about. Mix plays a very important role for us through a combination of portfolio and geography will continue to drive that harder.

我們現在從 46.9% 的毛利率開始，這在結構上屬於一個可持續的高毛利率業務。從某種意義上說，這些槓桿與我們一直在討論的內容是一致的。透過投資組合和地理的結合，混合策略對我們發揮著非常重要的作用，我們將繼續加強推進這項策略。

Our savings program, notably in procurement, has actually demonstrated very differentiated capabilities now. On a consistent basis, we are actually beating across more commodities and markets we are beating the market, and that's actually flowing into the bottom line.

我們的節約計劃，尤其是在採購方面，現在已經展現出非常差異化的能力。從長遠來看，我們在更多商品和市場上的表現都優於市場，這實際上也反映在了利潤上。

We have also significantly enhanced some of our commodity risk management practices, which is enabling us to use more of the tools and the instruments to really hedge and actually mitigate the risk for us. We've also talked about capital investment. More than 50% of our capital has been now consistently, for the past 18-, 24-months, being put towards savings, and that's something that we will continue.

我們也大幅加強了一些商品風險管理措施，使我們能夠使用更多的工具和手段來真正對沖和降低風險。我們也討論過資本投資的問題。在過去的 18 到 24 個月裡，我們一直將超過 50% 的資金用於儲蓄，我們將繼續這樣做。

A combination of these elements, we are quite confident that our gross margin expansion in 2026 is likely to be higher than 2025, and that becomes actually a super important lever for us to actually continue to invest behind our brands. '25, we actually reached 16%. We'll continue to increase the spend, both on our Power Brands and also on our Beauty and Personal Care businesses.

綜合以上因素，我們相當有信心2026年的毛利率成長將高於2025年，這將成為我們繼續投資旗下品牌的重要槓桿。 2025年，我們的毛利率實際上達到了16%。我們將繼續增加投入，包括對我們的主力品牌以及美容和個人護理業務的投入。

And completing the picture, I did talk about overheads. Culturally and philosophically, we will keep overheads increases lower than sales. That means there is inherent productivity built into our plans. A combination of all of this actually then starts to give us a confidence to have a higher gross margin, which we'll reinvest, and therefore deliver what we call is really a modest margin expansion.

最後，我還談到了營運成本。從文化和哲學角度來看，我們將把營運成本的成長控制在銷售額的成長之下。這意味著我們的計劃本身就蘊含著生產力。所有這些因素結合起來，實際上讓我們有信心獲得更高的毛利率，我們將把這部分利潤再投資，從而實現我們所謂的適度利潤成長。

The last point in terms of your question on the phasing, while from a margin perspective we don't expect material differences between half one and half two, it's important to highlight that we'll have slightly additional or higher headwinds of currency in half one. That's really reflecting what has happened in base period of 2025. But from a full year perspective, we should be in the right ballpark.

關於您提出的分階段實施的問題，最後一點是，雖然從利潤率的角度來看，我們預計第一年和第二年之間不會有實質性差異，但需要強調的是，第一年我們將面臨略微額外的或更高的匯率不利因素。這確實反映了 2025 年基準期內發生的情況。但從全年來看，我們的估計應該大致正確。

Thank you. Jeremy, HSBC.

謝謝。傑瑞米，匯豐銀行。

Hi, good morning. Thanks for taking a couple of questions from me. First one is on Europe, perhaps you could just go into a little bit more detail on that, sort of flattish at the end of the year. Was that reflecting kind of entirely slower markets? Or did your relative performance slip a bit? And then what would the outlook for the region be in 2026?

您好，早安。謝謝您回答我的幾個問題。第一個問題是關於歐洲的，或許您可以更詳細地談談這方面，年底的時候情況比較平穩。這是否反映出市場整體放緩的趨勢？還是你的相對錶現有所下滑？那麼，到 2026 年，該地區的前景會如何呢？

And then the second part was, I guess, the Power Brands versus everything else. I guess that was an unusually big difference from what I could remember in Q4. Perhaps you could talk about sort of the non-Power Brand stuff because logically, that was quite a lot weaker.

第二部分，我想，就是強勢品牌與其他所有品牌的較量。我想這和我記憶中第四季的情況相比，確實是個異常大的差異。或許你可以談談非強勢品牌方面的內容，因為從邏輯上講，這些內容要弱得多。

Just kind of how you -- how you kind of intend to manage that sort of 25% of the business to make sure that it doesn't become too big a drag on your turnover or whether you're happy with this sort of more dramatic Power Brand versus everything else growth that you saw in the quarter?

您打算如何管理這 25% 的業務，以確保它不會對您的營業額造成太大拖累？或者您對本季看到的這種強勢品牌相對於其他業務的顯著成長感到滿意？

Thank you, Jeremy. Well, in Europe, our performance, yes, there was some slowdown in Europe in the last quarter. We have seen markets getting a bit more flattish in Europe. We continue outperforming the market, particularly in Home Care and Personal Care. They continue performing really well.

謝謝你，傑瑞米。嗯，在歐洲，我們的業績確實在上個季度有所放緩。我們看到歐洲市場趨於穩定。我們持續跑贏市場，尤其是在家庭護理和個人護理領域。他們的表現一直都非常出色。

Our Home Care business is gaining share broad-based across Laundry and Household Care. And our Deodorants business really performing also very, very strong. We have a strong innovation pipeline coming into 2026 in these categories. We continue thinking that we will remain strong when it comes to our competitiveness. We are in a round of negotiation with retailers at this stage.

我們的家庭護理業務在洗衣和家務護理領域正逐步擴大市場份額。我們的除臭劑業務也表現非常非常強勁。我們在這些領域擁有強大的創新產品線，並將持續到 2026 年。我們仍然認為，在競爭力方面，我們將保持強勁勢頭。目前我們正在與零售商進行一輪談判。

Everything is progressing well. So we don't expect any kind of big impact coming from that. Probably the biggest issue in Europe has been in Foods, that has been gradually soft, particularly in Netherlands, Germany. We have very, very good performance in Italy and France, overall. And UK has been solid for us. Poland has been a weak spot also.

一切進展順利。所以我們預計這不會產生任何重大影響。歐洲最大的問題可能出在食品領域，食品業逐漸走軟，尤其是荷蘭和德國。我們在義大利和法國的整體表現都非常非常好。英國對我們來說一直都很可靠。波蘭也是一個弱點。

40% of our European business is Foods, so that has an impact. But overall, we are confident that the kind of improved performance that we have had in Europe in the last couple of years, we can sustain that in average.

我們歐洲業務的 40% 是食品，所以這會產生影響。但總的來說，我們有信心，我們能夠保持過去幾年在歐洲取得的這種進步水平的平均狀態。

When it comes to Power Brands and non-Power Brands, Power Brands are now 78% of our revenue. You already remember that we used to call out around 75% 18 months ago. They are growing strongly. In the quarter four, we grew close to 6% UAG in Power Brands with 3.5% UAG. This is where we are concentrating all our incremental investment, particularly in the Power Brands of Beauty & Wellbeing and Personal Care.

就強勢品牌和非強勢品牌而言，強勢品牌目前占我們營收的 78%。你應該還記得，18 個月前我們大約有 75% 的時間會發出警報。它們生長勢頭強勁。第四季度，我們的強勢品牌 UAG 成長了近 6%，UAG 成長了 3.5%。我們將所有新增投資集中投入到這個領域，特別是美容保健和個人護理領域的強勢品牌。

When you look at the non-Power Brands, 22% of our revenue, for the year, we delivered a volume growth negative of 1%. It has accelerated to minus 3% in the quarter four. There are some discontinuation that we have done in that quarter. And also, there is some geographical elements that have play a role there. But we are not -- we continue thinking that the strategy of focusing behind our most strongest assets is the right one.

如果只看非主力品牌（占我們全年收入的 22%），我們全年的銷售成長率為負 1%。第四季增速加快至-3%。該季度我們停止了一些專案。此外，一些地理因素也發揮了作用。但我們並非如此——我們仍然認為，集中精力發展我們最強大的資產的策略是正確的。

If you look at our Beauty & Wellbeing and Personal Care combined, our performance has been, I believe, 4.5% growth for the year and 4.9% in quarter four. And if you look at Power Brands in that territory, it's close to 6%. So that's what we will continue to put in the focus, and we will manage the rest of the portfolio accordingly.

如果將我們的美容保健和個人護理業務合併來看，我認為，我們全年的業績增長了 4.5%，第四季度增長了 4.9%。如果你看看該地區的實力品牌，這個比例接近 6%。所以，我們將繼續把重點放在這方面，並據此管理投資組合的其餘部分。

I would like to highlight also that the One Unilever markets, that our smaller markets have an excellent performance in 2025. This is an organization that we have put in place in 2025, with 35% reduction in headcount. It delivered 5.2% growth, and we have delivered an expansion of margin of more than 250 basis points.

我還想強調的是，在聯合利華旗下各個市場中，我們的小市場在 2025 年都取得了優異的成就。這是我們為 2025 年制定的組織架構，員工人數將減少 35%。它實現了 5.2% 的成長，我們的利潤率提高了 250 多個基點。

So smaller markets for us are a key engine for growth, but we are managing them in a simpler way, in a sharper way, with clear focus in the portfolio. They are focusing the portfolio there, and we are very confident about those geographies also.

因此，較小的市場對我們來說是成長的關鍵引擎，但我們正在以更簡單、更精準的方式管理它們，並在投資組合中明確重點。他們正將投資組合重點放在這些地區，我們也對這些地區充滿信心。

Thank you. Celine, JPM.

謝謝。Celine，JPM。

Excellent. Good morning. So I hope I'm not asking something that's already been asked, but my first question would be on the sequencing of growth for the year. So you're looking to grow around 4%. I understand maybe pricing, 2% and volume, above 2%.

出色的。早安.所以我希望我問的問題沒有被問過，但我的第一個問題是關於今年的成長順序。所以你們的目標是成長 4% 左右。我理解定價可能是 2%，銷售量可能高於 2%。

But then you've been flagging probably some weakness in the US in the first quarter, and I presume a normalization in Asia or at least in Indonesia. So can you talk about how we should expect these to evolve throughout the year?

但你之前可能提到美國第一季經濟疲軟，我推測亞洲或至少印尼的經濟將會恢復正常。那麼，您能否談談我們應該預期這些因素在一年中會如何變化？

And my second question is coming back on the Wellbeing and Beauty category. If you can talk about, on the Wellbeing side, what you're doing in the US to reconnect with growth? And as well, what is your expectation about internationalization on that business?

我的第二個問題與健康和美容類別有關。從福祉的角度來看，您能否談談您在美國正在採取哪些措施來重新與成長建立聯繫？另外，您對該業務的國際化有何預期？

And what can we expect as that business, I would say, more normalized growth rate to be, if I could use that word. And I think on that division too, if you can talk about Hair Care and what we should expect for '26.

那麼，我們可以期待該業務實現怎樣的更正常的成長率呢？ （如果我可以用這個字的話）而且我認為在這個領域，如果你能談論護髮以及我們對 2026 年的期待，那就更好了。

Thank you.

謝謝。

Cool. Thank you, Celine. We are guiding our top line growth at the lower end of our midterm guidance from 4% to 6%. If we are doing that, of course, there can be some quarters that can be below and some quarters that can be above that 4%, okay? So we will not guide on a quarterly basis.

涼爽的。謝謝你，席琳。我們預計營收成長將處於中期預期範圍的下限，即 4% 至 6%。如果我們這樣做，當然，有些季度可能會低於 4%，有些季度可能會高於 4%，好嗎？因此，我們將不再按季度發布業績指引。

We have a good start in January, but there is a lot to do in the next few weeks to close quarter one. But overall, we are confident that we will be delivering that 2%-plus volume growth for the year and around 4% -- at least 4% for the top line growth.

一月份我們開局不錯，但在接下來的幾周里還有很多工作要做，才能完成第一季的工作。但總體而言，我們有信心實現今年銷量成長 2% 以上，營收成長 4% 左右——至少 4%。

Going into Beauty & Wellbeing, what is the performance? As I mentioned before, if you look at Beauty & Wellbeing and Personal Care, that combined business, because there are some brands that travel across the categories. We delivered an aggregated growth of 4.9% in the quarter 4% and 4.5% in the full year. And within Beauty and Personal Care, we had another great year of our largest brand, Dove, it grew 9%, with 7% volume growth on top of our 7% volume growth in the previous year, I would like to highlight that.

進入美容與健康領域，表現如何？正如我之前提到的，如果你看看美容保健和個人護理這兩個領域，你會發現它們是一個綜合性產業，因為有些品牌可以跨越這些類別。本季我們實現了 4.9% 的綜合成長，全年分別實現了 4% 和 4.5% 的成長。在美容和個人護理領域，我們最大的品牌多芬又迎來了一個輝煌的年份，實現了 9% 的增長，銷量在上一年 7% 的銷量增長基礎上又增長了 7%，我想重點強調這一點。

In the case of Beauty & Wellbeing, we saw a solid performance in Skincare, great performance in Dove and Vaseline. Vaseline has delivered, for the second year in a row, double-digit volume growth. In Hair Care, we have been accelerating performance throughout the year. Dove Hair relaunch is a great success. We are seeing growth in markets like US, above 20%.

在美容與健康領域，保養品表現穩健，多芬與凡士林表現特別出色。凡士林連續第二年實現了兩位數的銷售成長。在護髮領域，我們全年都在加速提升業績。多芬護髮產品重新上市取得了巨大成功。我們看到美國等市場的成長超過 20%。

This mix is traveling globally, and the rollout is expected to be completed in all key markets by mid-'26. And we expect better performance from Sunsilk and Clear that in 2025 were affected by the issues in Brazil and China.

這種混合產品正在全球推廣，預計到 2026 年年中將在所有主要市場完成推廣。我們預計 Sunsilk 和 Clear 在 2025 年將取得更好的業績，這兩個品牌在 2025 年受到了巴西和中國市場問題的影響。

In Prestige Beauty, we accelerated also. The second half in 2025 was much better than the first half. We have great performances in brands like Hourglass and K18, our last acquisition. And in the retail channel for Dermalogica, we need to improve performance in Paula's Choice. There is a full relaunch of the brand ready for March this year, and we have to improve performance in the professional channel of Dermalogica that takes 30% of the brand.

在高端美妝領域，我們也加快了腳步。2025年下半年比上半年好得多。我們在 Hourglass 和 K18（我們最近收購的品牌）等品牌上都取得了非常好的表現。在 Dermalogica 的零售通路中，我們需要提升 Paula's Choice 的表現。該品牌將於今年三月全面重新推出，我們必須提高 Dermalogica 在專業管道的業績，該管道佔該品牌的 30%。

In Wellbeing, another great year. If you look at each of our three biggest brands Liquid I.V., 16% growth; Nutrafol, 23% growth; OLLY, 9% growth. All these brands are US-centric. We saw some softening in quarter four, some of that fundamentally linked to market growth. The volume growth we delivered in the quarter was about 5%.

在健康方面，又是碩果累累的一年。如果你看我們三大品牌，Liquid I.V.成長了16%；Nutrafol成長了23%；OLLY成長了9%。這些品牌都以美國為中心。第四季我們看到了一些疲軟的跡象，其中一些疲軟與市場成長有著根本性的聯繫。本季銷量成長約 5%。

We expect a relatively soft quarter one due to strong comparators, but we -- as I mentioned before, we are very confident on the structural growth potential of the Wellbeing verticals in which we compete and in our ability to continue expanding the leadership positions our brands enjoy there. I highlighted before, there are a couple of issues that we have to sort out.

由於去年同期基數較高，我們預計第一季業績會相對疲軟，但是——正如我之前提到的——我們對我們所競爭的健康垂直領域的結構性增長潛力以及我們繼續擴大旗下品牌在這些領域所享有的領先地位的能力非常有信心。我之前已經強調過，我們需要解決幾個問題。

There was a decrease of share of assortment for Liquid I.V. in an important customer of the group channel. And there is some increase in the customer acquisition cost in Nutrafol, but we have great teams working on that, and we will find the solution quickly.

Liquid I.V. 在集團通路的重要客戶中的產品份額有所下降。Nutrafol 的客戶獲取成本確實有所增加，但我們有優秀的團隊正在努力解決這個問題，我們很快就會找到解決方案。

Thank you. Jeff, BNP.

謝謝。Jeff，法國巴黎銀行。

Good morning. Two questions, if I may. The first one is with respect to innovation, you've made quite a few comments about it. But could you just tell us what are the sort of big new renovations that you've got coming to market this year that we should be expecting to hear quite a lot about as the year progresses?

早安.請問兩個問題。第一個問題是關於創新，您已經就此發表了不少評論。您能否告訴我們，今年有哪些大型翻新工程即將上市，我們會在今年稍後經常聽到相關消息？

And the second one, really just a housekeeping issue, but are you able to quantify the magnitude of the TSA receipts that you'll be getting from Magnum?

第二個問題其實只是個小問題，您能否量化一下您將從 Magnum 收到的 TSA 收據的數量？

Thank you.

謝謝。

Thank you, Jeff. Well, first of all, I would like to highlight that our first -- our first [pennies] go to continue investing behind the innovations that have been very successful in the last few quarters. The Dove Hair relaunch, Persil Wonder Wash, Vaseline Gluta-Hya and Vaseline Pro Derma, the flavored range of Hellmann's that is really driving significant growth, all these platforms are above the EUR100 million, EUR200 million. So this is really going very, very fast, and we continue investing behind them.

謝謝你，傑夫。首先，我想強調的是，我們的第一筆——我們最初的[幾分錢]將用於繼續投資於過去幾季非常成功的創新項目。多芬護髮產品重新上市、Persil Wonder Wash、凡士林穀胱甘肽和凡士林Pro Derma，以及真正推動顯著增長的Hellmann's調味系列，所有這些平台的銷售額都超過了1億歐元、2億歐元。所以這個專案進展非常非常快，我們會繼續加大對他們的投入。

There is new innovation hitting the market in multiple categories. I would like probably to mention the UV repair range of Dove hitting the market in January in countries like China, Indonesia, Thailand, Vietnam, South Asia, Philippines. The derma scalp range of Dove Hair with focus in developed markets. I would call out particularly Vaseline lips. That's a [EUR100 million] franchise already.

多個領域都有創新產品湧入市場。我想提一下多芬的紫外線修復系列產品，該系列產品將於1月在中國、印尼、泰國、越南、南亞、菲律賓等國家上市。多芬 (Dove) 為已開發市場的頭皮護理系列產品。我特別要提一下凡士林潤唇膏。那已經是價值 1 億歐元的特許經營權了。

We are gaining share in every single market around the globe. We see lips as an entry for younger users into Vaseline, and we are very excited with the kind of Gluta-Hya range in lip care that we are bringing into the market. The rollout of the seal press range of TRESemme that has been a big success in India. We are rolling out that across Asia. Nexxus, a big relaunch in US and significant innovation in China and Indonesia. In China, Nexxus is really one highlight of our performance.

我們在全球各個市場的份額都在不斷增長。我們認為唇部護理是年輕用戶接觸凡士林的切入點，我們對即將推向市場的穀胱甘肽透明質酸唇部護理系列產品感到非常興奮。TRESemme 的封口機系列產品在印度取得了巨大成功。我們正在亞洲各地推廣這項服務。Nexxus 在美國進行了大規模的重新發布，並在中國和印尼進行了重大創新。在中國，Nexxus 確實是我們業績的一大亮點。

In Personal Care, many things coming into the market, but I would like to highlight also the importance of the activation around the FIFA World Cup. This should be a real support for our performance, particularly in quarter two, quarter three. In Foods, continuity to the development of Hellmann's flavored mayo, but we are entering with protein caps in North with the launch in US and scaling into European markets during the year.

在個人護理領域，市場上湧現許多新產品，但我還想強調圍繞 FIFA 世界盃開展的行銷活動的重要性。這應該會對我們的業績，特別是第二季和第三季的業績，起到很大的支撐作用。在食品方面，我們將繼續開發 Hellmann's 風味蛋黃醬，但我們將在美國推出蛋白質膠囊產品，並在年內擴展到歐洲市場。

These are just some of the things that we are doing. So our innovation machine, I believe, has improved a lot in the last 2- to 3-years. Now our focus is ensuring that our execution capabilities are in line with the improvements that we have done in product development and innovation. But a good plan for the year. And as I mentioned before, our absolute priority is investing heavily behind the big winners that we have in the portfolio now.

以上只是我們正在做的一些事情。因此，我認為，我們的創新機制在過去兩三年有了很大的改進。現在，我們的重點是確保我們的執行能力與我們在產品開發和創新方面所做的改進保持一致。但這是今年的一個好計劃。正如我之前提到的，我們目前的首要任務是大力投資我們投資組合中那些表現優異的股票。

On the TSA, Jeff, we are not actually quantifying externally the cost -- the total cost of the TSA. Having said that, there are three important elements. It's a cost plus and therefore, there's a very small markup that we charge on these services that's got to do with IT and it's got to do with the other commercial services, mostly in the functions.

傑夫，關於美國運輸安全管理局（TSA），我們實際上並沒有從外部量化其成本——TSA 的總成本。綜上所述，其中包含三個重要要素。這是成本加成，因此，我們對這些與 IT 相關的服務以及其他商業服務（主要是功能性服務）收取的加價非常小。

Point number two is that most of these TSAs will actually -- there are separate contracts, individual components. Between '26 and 2027, we expect most of them to really be taper off as the Magnum Ice Cream Company starts to take on these activities.

第二點是，大多數此類運輸安全管理局實際上都是——有單獨的合同，各個組成部分。從 2026 年到 2027 年，我們預計隨著 Magnum 冰淇淋公司開始進行這些活動，其中大部分活動將會逐漸減少。

Third element is that we have clear plans, which are ensuring that we manage these contracts well. And more importantly, there are no stranded costs left at a Unilever level. So all in all, very clear plans to handle this for the benefit of both companies.

第三點是我們有明確的計劃，確保我們能夠妥善管理這些合約。更重要的是，聯合利華層面已不存在任何擱淺成本。總而言之，處理此事的計劃非常明確，對兩家公司都有利。

Thank you. Olivier, Goldman Sachs.

謝謝。奧利維爾，高盛。

Good morning Fernando, Srini, and Jemma, could you please provide an update on the strategy for Prestige Beauty first? Some brands are doing great like K18 and Hourglass; other, less so. Do you need more brands to -- for the portfolio to reach a bigger scale? And what does the M&A landscape look like at the moment?

早安，Fernando、Srini 和 Jemma，請先介紹 Prestige Beauty 的策略進展嗎？有些品牌表現出色，例如 K18 和 Hourglass；有些品牌則不然。您是否需要更多品牌來擴大產品組合規模？那麼，目前的併購市場格局如何呢？

And then secondly, going back to Food. You had an amazing margin improvement. I think you reached 22.6% margins there. That's well above historical trends. What's the driver behind this improvement, how sustainable it is? And perhaps is Food Solutions better margins than the rest?

其次，我們再回到食物這個主題。你們的利潤率提升非常顯著。我認為你們的利潤率達到了 22.6%。這遠高於歷史平均。推動這項改進的因素是什麼？這種改進的可持續性如何？食品解決方案公司的利潤率是否比其他公司更高？

Thank you.

謝謝。

Good. I will cover Prestige, and Srini will cover the Food margin question. In Prestige, you are right. We have had a great performance in brands like our Hourglass, K18, not so well in Dermalogica, Paula's Choice. Even in Dermalogica in the retail is showing a lot of strength, but the brand is exposed to a professional channel that is declining, and we need to address some issues there.

好的。我將負責講解聲望方面的問題，Srini 將負責講解食品利潤率方面的問題。在《Prestige》中，你是對的。我們在 Hourglass、K18 等品牌上取得了非常好的業績，但在 Dermalogica、Paula's Choice 等品牌上表現不佳。即使在零售領域，Dermalogica 也展現出了強大的實力，但該品牌在專業通路方面卻面臨下滑的局面，我們需要解決這方面的一些問題。

The Prestige market is changing dramatically. I feel you see less importance of travel retail. You see department store practically disappearing. You see a huge growth of the e-commerce channel. And I believe this gives us a lot of opportunities.

高端市場正在發生巨大變化。我覺得你不太重視旅遊零售業。你會看到百貨公司幾乎消失殆盡。你會看到電子商務管道的巨大成長。我相信這會為我們帶來很多機會。

And we consider our presence in Prestige a natural continuity of our presence in Skin Care and Hair Care. So that's how we see that. We are working in a much more integrated way, particularly in areas like Asia, in which channels of specialist beauty are not so developed and e-commerce is really taking the lead in developing the prestige market.

我們認為，我們在高端產品領域的存在，是我們持續涉足護膚和護髮領域的自然延續。這就是我們看待這個問題的方式。我們正在以更一體化的方式開展工作，尤其是在亞洲等地區，那裡的專業美容管道還不發達，電子商務在發展高端市場方面確實發揮著主導作用。

We are always scanning the market for opportunities. Our acquisition criteria are very, very, very clear. We look at brands that are digitally-native with the big exposure to e-commerce, in categories in which we can add value and there are a set of criteria that we follow with a lot of rigor.

我們始終密切關注市場動態，尋找機會。我們的收購標準非常、非常、非常明確。我們專注於那些在電子商務領域擁有巨大曝光度的原生數位品牌，以及我們能夠為其創造價值的品類，並且我們嚴格遵循一套評判標準。

But we will not rush into acquisitions if the right asset doesn't emerge. And at this stage, we have not acquired in Prestige recently because we have not seen any asset that really fill any gap in the portfolio that we can have.

但是，如果沒有合適的資產出現，我們不會倉促進行收購。現階段，我們還沒有在 Prestige 進行任何收購，因為我們還沒有看到任何能夠真正填補我們投資組合中任何空白的資產。

But super, super committed to Skin Care, Hair Care. To a brand like Hourglass, that is a real jewel in the -- cosmetic super premium space. We see Prestige as natural continuity of our presence in our Skin Care and Hair Care business.

但我對護膚和護髮非常非常投入。對於像 Hourglass 這樣的品牌來說，這在超高端化妝品領域簡直就是一顆璀璨的明珠。我們認為 Prestige 是我們護膚和護髮業務的自然延續。

On the Foods margins, we are actually quite pleased with the way the whole business has been managed and being operated. There is a very sharp strategic choices that we've made in terms of where to play, how to win. And what's also notable is actually the execution discipline which has come into this business, which is actually leading to our market outperformance across various markets and various segments.

就食品業務的利潤率而言，我們對整個業務的管理和運作方式實際上相當滿意。我們在比賽地點和取勝方式方面做出了非常明確的策略選擇。值得注意的是，我們公司已經培養了執行力，這實際上也使我們在各個市場和各個細分市場都取得了優異的業績。

A lot of this really is read through gross margin. Some of the levers, which I explained earlier are also applicable to the Foods business, and therefore, I will not repeat them. Having said that, Foods business has also benefited significantly from some of the portfolio rationalization.

很多時候，這一切都可以透過毛利率來體現。我之前解釋過的一些槓桿也適用於食品業，因此，我就不再贅述了。話雖如此，食品業務也從一些業務組合合理化中獲益匪淺。

We have, over the past 18-, 24-, 36-months, taken out or delisted the parts of the portfolio which were not value accretive. So I think that has really helped us. Second is we also have some very good whole pack price architecture, especially when it comes to Hellmann's and some of the innovations. Secondly, when it comes to the UFS business where we manage it extremely well with profitable accounts has also been a big driver for us.

在過去的 18 個月、24 個月和 36 個月裡，我們已經剔除了或退市了投資組合中那些沒有增值作用的部分。所以我認為這確實對我們很有幫助。其次，我們還有一些非常好的整包價格體系，尤其是在 Hellmann's 和一些創新產品方面。其次，UFS 業務管理得非常好，獲利帳戶也成為了我們前進的一大動力。

It's also important that the whole overhead element of savings, which we have executed in the company, are also benefiting from a food perspective. Having said that, we continue to invest well. I think that's the most important element because we see Foods as a growth business for us. So we are absolutely determined to invest to really grow the business. At an aggregate level, I think we are quite happy with the margins.

同樣重要的是，我們在公司實施的各項節約措施，從食品角度來看，也使所有間接費用都節省了。儘管如此，我們仍會繼續進行穩健的投資。我認為這是最重要的因素，因為我們把食品業務視為我們的成長點。因此，我們決心加大投資，真正發展壯大這項業務。總體而言，我認為我們對利潤率相當滿意。

The focus from here on for us is going to be more drive growth, volume-led growth, and not necessarily a big margin expansion.

從現在開始，我們的重點將更多地放在推動成長、以銷售為導向的成長上，而不是追求利潤率的大幅提升。

Thank you.

謝謝。

Sarah, Morgan Stanley.

莎拉，摩根士丹利。

Yes, morning. I have two questions, please. One was the impact of discontinuations generally across the group. Can you quantify that in terms of volume? And then the second one was on Dr. Squatch, have you -- obviously, that was growing super fast before you acquired it. Can you give us any idea how much that's grown during fiscal '26 -- sorry, fiscal '25?

是的，早安。請問我有兩個問題。一是整個集團普遍存在的停產影響。能用體積來量化一下嗎？然後第二個是關於 Dr. Squatch 的，你——顯然，在你得到它之前，它已經長得非常快了。您能否告訴我們，在 2026 財年（抱歉，是 2025 財年）期間，這個數字成長了多少？

Yeah. I don't know if we will provide any discontinuation figure, Srini. But in Dr. Squatch, the -- of course, this is an important acquisition for us. It will only count in our underlying sales growth from September next year, but the performance has been good since acquisition, continued growing double digit, a strong brand, very distinct proposition in the male grooming space.

是的。Srini，我不知道我們是否會公佈停產數據。但對 Dr. Squatch 來說，這當然是一筆重要的收購。從明年 9 月起，這筆收入將計入我們的基礎銷售成長，但自收購以來，業績一直良好，持續兩位數成長，品牌實力雄厚，在男士護理領域擁有非常獨特的定位。

Really making significant inroads particularly in the Deo category after establishing a very, very strong position in skin cleansing. So we are very pleased with having Dr. Squatch in our portfolio. We expect that to be a significant contributor to growth during 2026. But as I mentioned before, it will only count in our underlying sales growth from September onwards.

在皮膚清潔領域確立了非常非常強大的地位之後，該公司在除臭劑領域取得了顯著進展。因此，我們非常高興能將 Dr. Squatch 納入我們的產品組合。我們預計這將成為2026年成長的重要貢獻因素。但正如我之前提到的，這只會從9月開始計入我們的基礎銷售成長。

But of course, pleased with the performance until now, absolutely in line with the business case that we put at acquisition time.

當然，我們對目前為止的表現感到滿意，完全符合我們在收購時提出的商業目標。

Just a short one. See, anything that we actually do from an M&A or a disposal perspective, you get a full list of those disposals and the impact. Discontinuations and new launches of SKUs happen in the normal course of our business. Having said that, some of these discontinuations actually sit in the non-Power Brands section.

就一個短篇。你看，無論我們從併購還是資產處置的角度來看做什麼，你都會得到一份完整的處置清單以及其影響。SKU的停產和新產品的推出是我們業務正常發展過程中不可避免的一部分。話雖如此，其中一些停產實際上屬於非強勢品牌類別。

And Fernando actually gave you a bit of a flavor in terms of whether it is the tail list of SKUs in Beauty & Wellbeing or some of the elements in Foods. I think that's the right place to keep looking for it, and it gives you a bit of a sense in terms of what's happening there.

費爾南多實際上向你介紹了一些情況，無論是美容和健康領域的 SKU 尾單，還是食品中的一些元素。我認為應該繼續在那裡尋找答案，這能讓你對那裡正在發生的事情有所了解。

Thank you. David, Jefferies.

謝謝。大衛·傑弗里斯。

Thanks, Jemma. Morning. Just one for me, I think, in terms of the topic. Just Latin America, I know you talked about a little bit, but it feels like that's recovered volume wise a little bit quicker than maybe you were kind of indicating at the third quarter.

謝謝你，傑瑪。早晨。就這個主題而言，我覺得只需要一個答案。我知道你剛才稍微提到了拉丁美洲，但感覺那裡的交易量恢復速度比你在第三季預測的要快一些。

So just whether that is the case, what was done better that meant that, that's happened? I guess, to some extent, was the innovations, a relaunch that took place? And did that -- effectively, did that flatter the quarterly volumes in the fourth, maybe leading on to then saying, well, volume growth you think be flat to positive in the first quarter or the first half?

所以，究竟是什麼樣的改進才導致了這種情況的發生？我想，從某種程度上來說，這些創新是不是一次重新啟動？這樣做是否有效地粉飾了第四季度的銷量，從而導致人們認為第一季或上半年的銷售成長將持平或為正？

Thank you.

謝謝。

Yeah. Yeah, we don't see in Latin America, any performance that is fundamentally different to what we what we said to you one quarter ago. The macro environment remains tough, both in Brazil and Mexico. Markets, as I mentioned, has been flattish. But we have intervened in some areas in which, as I mentioned before, we have scored some own goals, particularly in Home Care pricing and in deos format focus.

是的。是的，我們在拉丁美洲並沒有看到任何與我們一個季度前告訴你們的情況有根本不同的地方。巴西和墨西哥的宏觀環境依然嚴峻。正如我之前提到的，市場一直比較穩定。但是，正如我之前提到的，我們在某些​​領域進行了乾預，結果卻弄巧成拙，尤其是在家庭護理定價和除臭劑形式方面。

Our Food business continue performing very, very well, particularly Hellmann's having a blast in Brazil, gaining share penetration, brand equity. And Beauty & Wellbeing has had a solid performance. In the case of Home Care, as I mentioned, we are pleased with the reaction to our pricing correction, is showing really impacting our volumes, particularly in Brazil.

我們的食品業務繼續表現非常出色，尤其是 Hellmann's 在巴西取得了巨大成功，市場份額和品牌價值不斷提升。美容與健康板塊表現穩健。就家庭護理業務而言，正如我之前提到的，我們對價格調整後市場的反應感到滿意，這確實對我們的銷售產生了影響，尤其是在巴西。

And in deos, I believe there is much more to come. Some of the actions that we have taken are being implemented now, particularly the reset of planogram in thousands of stores across the region. We are really investing heavily behind aerosol format that as I mentioned before, has a much higher revenue per user and profit per use than some of the contract applicators, and we have a strong support from the retailers in that space.

而我相信，在神明面前，還有更多美好的事物即將到來。我們採取的一些措施現在正在實施，特別是對該地區數千家門市的商品陳列圖進行重新調整。我們正在大力投資氣霧劑形式，正如我之前提到的，與一些合約噴塗商相比，氣霧劑形式的每用戶收入和每次使用利潤要高得多，而且我們在這個領域也得到了零售商的大力支持。

So we are confident for 2026 that Latin America will have a much better contribution to our performance. I have been associated with Latin America for many years. I have never seen two bad years in a row in Latin America. So we are very confident that we will deliver in that region and the team is super, super committed in the region to improve performance there.

因此我們有信心，到 2026 年，拉丁美洲將對我們的業績做出更大的貢獻。我與拉丁美洲有著多年的連結。我從未在拉丁美洲見過連續兩年歉收的情況。因此我們非常有信心能夠在該地區取得成功，而且該地區的團隊也非常非常致力於提高當地的業績。

Thank you. Tom, Deutsche Bank.

謝謝。湯姆，德意志銀行。

Yeah. Good morning everybody, thank you. I wondered if you could just say a few words on the channel shift that is occurring in North America and how that's impacting you? We're obviously seeing very high growth on Amazon, and it appears that your shares are a bit lower on Amazon than they would be off. So what is the outlook for your share on that channel? And what's the effect of that channel growth?

是的。各位早安，謝謝。我想請您簡單談談北美正在發生的頻道轉變以及這對您有何影響？顯然，我們在亞馬遜上看到了非常高的成長，而且看起來您在亞馬遜上的股價比在其他地方的股價要低。那麼，您認為您在該頻道的份額前景如何？那麼，這種通路成長會帶來什麼影響呢？

And particularly, I guess, as well is just the growth of smaller peers and what that then does to the cadence of your innovation because you're stating a lot of innovation globally, but it's not clear whether that is speeding up in any one particular market, if you say, particularly in North America. So are you combating the growth of smaller peers by fewer, bigger innovations or more iterative, please?

而且，我認為，規模較小的同行的發展也會影響你的創新節奏，因為你在全球範圍內進行了很多創新，但還不清楚這種創新是否在任何特定市場加速，例如北美市場。那麼，您是為了對抗規模較小的競爭對手而採取的策略是減少創新次數，加大創新力度，還是採取迭代式創新？

Thank you, Tom. Well, we continue having a strong performance in digital commerce. And I would say there are three types of digital commerce in which we have delivered strong performances. One is classic marketplace in North America, big retailers, they are like Amazon and walmart.com. I have mentioned the performance last quarter, I will not repeat numbers today, but we are growing double digit with these people strongly in North America.

謝謝你，湯姆。我們在數位商務領域持續保持強勁表現。我認為，我們在三種類型的數位商務領域都取得了優異的成績。一是北美傳統的電商平台，例如大型零售商，像亞馬遜和沃爾瑪。我上個季度已經提到他們的業績，今天就不贅述具體數字了，但我們在北美與這些客戶的合作實現了兩位數的強勁成長。

Social commerce in places like Southeast Asia and China and quick commerce in India. So in all of them, we are growing double digit. We are growing double-digits through a special assortment of our core brands. And of course, through the portfolio of new brands that we have been acquiring, particularly in the case of North America, our focus in acquisitions has been in digitally-native brands with a strong exposure to e-commerce, and that has been working for us properly.

東南亞和中國等地的社交電商，以及印度的快速電商。所以所有這些指標，我們都實現了兩位數的成長。我們透過一系列核心品牌的特色組合實現了兩位數的成長。當然，透過我們不斷收購的新品牌組合，尤其是在北美地區，我們的收購重點一直是那些在電子商務領域擁有強大影響力的數位原生品牌，而這種策略對我們來說非常有效。

We have not seen a significant slowdown in the North American market in the e-commerce side. Probably what you have seen, particularly in the month of October, that was very weak in the North American market, it was more related with physical stores with the off-line channel.

我們沒有看到北美電子商務市場出現明顯的放緩。您可能已經看到，尤其是在 10 月份，北美市場非常疲軟，這與線下通路的實體店更為相關。

And there is always, of course, e-commerce opens an entry point to many small brands, but very few brands has been able to scale big. I continue thinking that brands like that or like Vaseline have significant competitive advantage also in online. And when I said before that, that is growing 7% volume globally.

當然，電子商務為許多小品牌提供了進入市場的途徑，但能夠實現規模化發展的品牌卻寥寥無幾。我仍然認為像凡士林這樣的品牌在網路銷售領域也具有顯著的競爭優勢。正如我之前所說，全球銷量成長了 7%。

When you look at that growth in e-commerce, it's practically 2 times that. So good performance in digital commerce. Of course, this is accelerating, particularly in some markets in Asia, that is, I would say, a leapfrog of modern physical retail into e-commerce, but we are very well prepared to take advantage of that.

如果你看看電子商務的成長，你會發現它幾乎是這個數字的兩倍。在數位商務領域表現出色。當然，這種趨勢正在加速發展，尤其是在亞洲的一些市場，我認為這是現代實體零售向電子商務的跨越式發展，但我們已經做好了充分的準備來利用這一趨勢。

Ed Lewis, Rothschild

艾德‧劉易斯，羅斯柴爾德

Yes, thanks very much, everyone. A couple of ones for me. I guess a lot of change, a lot of heavy lifting, as you said, Fernando, the last 2 years. So we think about 2026, is this really the first year that we should start to see the benefits of the revamped approach to innovation that you introduced a couple of years ago?

是的，非常感謝大家。我有兩個。我想正如你所說，費爾南多，過去兩年發生了很多變化，做了很多艱鉅的工作。所以我們思考 2026 年，這是否真的是我們開始看到您幾年前推出的創新方法改進帶來的益處的第一年？

And then for Srini, just on the CapEx plans, over 3% of turnover, how much of CapEx will be spent on what you call margin-enhancing activities? I think you were close to around 60% last year.

那麼對於 Srini 來說，僅就資本支出計劃而言，超過營業額 3% 的資本支出將有多少用於您所說的提高利潤率的活動？我認為你去年的比例接近 60%。

Thank you, Ed. Yeah, a lot of heavy lifting has been done, I would say, particularly in terms of organization. And if you think that last year, we divisionalize our sales force, we separate Ice Cream, we made significant steps in our productivity program. All these are potential, very disruptive initiatives. And the fact that we delivered a solid year in the context of all these initiatives, we consider that something important for us.

謝謝你，埃德。是的，可以說已經做了很多繁重的工作，尤其是在組織方面。如果你認為去年我們對銷售團隊進行了部門劃分，將冰淇淋業務單獨劃分出來，我們在生產力提升計劃方面取得了重大進展。這些都是極具潛在顛覆性的舉措。考慮到所有這些舉措，我們今年取得了穩健的業績，我們認為這對我們來說意義重大。

Our product development, our innovation capabilities definitely are in a very different place to where they were 3 years ago. I have not said 3 years ago that I would have been proud when I stand up in front of the up Dove shelf or the Vaseline shelf. I am now. And that's basically a sentiment that I may start an experience with many, many of our brands.

我們的產品開發和創新能力與三年前相比，無疑已經發生了翻天覆地的變化。三年前，我並沒有說過，當我站在擺滿多芬香水或凡士林的貨架前時，我會感到自豪。我現在是了。而這基本上也是我可能與我們旗下許多品牌建立的連結。

Of course, there are some elements in execution that have to improve. We have had issues of channel price conflict in some markets, some issues in country like Brazil that should have not happened. We have launched a program of what we call perfect store in order to ensure that pricing assortment visibility are really properly managed and in a homogeneous way across Unilever.

當然，執行方面還有一些環節需要改進。我們在一些市場遇到了通路價格衝突問題，在巴西等國家也出現了一些不應該發生的問題。我們啟動了一項名為「完美門市」的計劃，旨在確保聯合利華旗下所有門市的價格和商品可見性得到真正妥善的管理，並以統一的方式進行管理。

I'm really focusing to that now. But as you said, a lot of the heavy lifting has been done, and we see 2026 as a very important year to really bear some of the fruits of this effort that -- this investment that we have put in the business, both in terms of money and time and focus during all these years.

我現在正全力以赴地做這件事。但正如你所說，很多艱苦的工作已經完成，我們認為 2026 年是一個非常重要的年份，可以真正收穫我們多年來在金錢、時間和精力方面對業務投入的成果。

Srini?

斯里尼？

So on the CapEx for the past 2 years, we have actually been spending around the 3% level. And you're right that we are -- or even from a 2026 point of view, we will look to spend anywhere about 55% to 60% going towards what we call as productivity or savings. From a capacity perspective, I think we are well covered, and therefore, that gives us the ammunition to continue to drive the savings harder.

因此，在過去兩年，我們的資本支出實際上一直維持在 3% 左右的水平。你說得對，我們確實如此——或者從 2026 年的角度來看，我們將把大約 55% 到 60% 的資金用於我們所謂的生產力或儲蓄。從產能角度來看，我認為我們完全能夠滿足需求，因此，我們有動力繼續加強節省成本。

Having said that, we are actually open to increasing the levels of CapEx to support the further growth in the productivity agenda, but with two caveats. One is obviously each of the case -- business cases have to justify themselves. And we have actually taken up the thresholds in terms of both the IRRs as well as the payback periods, and these are non-negotiable. So each of the projects have to justify and they justify. We will invest. That will not be a constraint.

話雖如此，我們其實願意增加資本支出水平，以支持生產力提升計畫的進一步發展，但有兩個前提條件。顯然，每種情況都是如此——商業案例必須證明自身合理性。我們已經確定了內部報酬率和投資回收期的門檻，這些門檻是不可協商的。因此，每個項目都必須證明其合理性，而它們也都證明了這一點。我們將進行投資。那不會成為限制因素。

The second element is we are committed to maintaining 100% cash conversion. So therefore, we will generate this cash for us to be able to fund it. But our focus on leveraging productivity CapEx remains on track from 2026 perspective.

第二點是我們致力於維持100%的現金轉換率。因此，我們將籌集資金來為該項目提供資金。但從 2026 年的角度來看，我們提高生產力資本支出的重點仍在按計畫進行。

Cool. I believe there are no more questions. So thank you, everyone, for joining the call. And let me close saying that I hope it's clear that first, we have delivered a very solid 2025 despite subdued markets and a very negative currency environment for Unilever. Second, that we enter 2026 as a simpler, more focused business with stronger brands and competitive level of investment. We're investing now 16% of our revenue in our brands, 3 years ago, we were at 13%.

涼爽的。我想應該沒有其他問題了。謝謝大家參加這次通話。最後我想說的是，我希望大家明白，儘管市場低迷，貨幣環境對聯合利華非常不利，但我們仍然取得了非常穩健的 2025 年業績。其次，我們希望在 2026 年成為一個更精簡、更專注的企業，擁有更強大的品牌和更具競爭力的投資水準。我們現在將收入的 16% 投資於我們的品牌，而 3 年前，這一比例為 13%。

Third, that our geographical footprint is an asset, and we are very confident in a step-up in emerging markets in 2026. And fourth, that our key metrics don't change volume growth, positive mix and gross margin expansion to deliver earnings growth in hard currency. That's where the whole company is focused on.

第三，我們的地理佈局是一項資產，我們非常有信心在 2026 年在新興市場取得更大進展。第四，我們的關鍵指標不會改變銷售成長、正面的產品組合和毛利率擴張，從而實現以硬通貨計價的獲利成長。這是整個公司關注的重點。

Thank you very much.

非常感謝。