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Guillaume

Research Analyst at UBS

Guillaume Delmas is an Equity Research Analyst at UBS AG, London Branch, with a specialization in European consumer and food companies. He covers major firms including Haleon, L'Oreal S.A., and Reckitt Benckiser, delivering a track record of nuanced investment calls across the UK, Germany, France, and US markets. Delmas has made 392 ratings with a 47% success rate and an average return per rating of -0.1%, and was ranked #6,132 of 9,440 Wall Street analysts by TipRanks. He began his analyst career at UBS, where he is currently based, and holds responsibilities for detailed performance and market share assessments for the consumer sector; professional registration and security licenses such as FINRA are not confirmed from available data.

Guillaume's questions to UNILEVER (UL) leadership

Guillaume's questions to UNILEVER (UL) leadership • Q3 2025

Question

Guillaume inquired about Unilever's pricing strategy and outlook given benign commodity costs and a weak consumer environment, and the drivers behind the slightly negative volume growth in Europe, questioning if it was solely due to high comparators or underlying market changes.

Answer

CEO Fernando Fernandez clarified that Europe's volume growth was positive excluding ice cream, despite very tough comparators from the previous year, and noted significant share gains in Home Care and Personal Care. CFO Srinivas Phatak explained that while some commodity costs (palm oil, aluminum) and wage inflation are rising, net material inflation for this year and next would warrant 'sensible pricing,' with beauty having the ability to price up due to premium innovations.

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