For 2024 Unilever Continues To Expect Underlying Sales Growth To Be 3%-5%, With The Majority Of The Growth Being Driven By Volume; Sees Operating Marin Of 18%

We continue to expect underlying sales growth (USG) for 2024 to be within our multi-year range of 3% to 5%, with the majority of the growth being driven by volume.

Underlying operating margin for the full year is expected to be at least 18%, with increasing investment behind our brands. We expect the year-on-year margin progression in the second half to be smaller than in the first half.

Our very strong gross margin progression in the first half reflects positive contributions from volume leverage, mix and net productivity but also factors that will not repeat in the second half such as, a low prior year comparator affected by high input costs, and carry-over pricing from a period of higher inflation.