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    Jeremy Fialko • HSBC

    Jeremy Fialko's questions to Unilever PLC (UL) leadership

    Jeremy Fialko's questions to Unilever PLC (UL) leadership • H1 2025

    Question

    Jeremy Fialko of HSBC asked for an overview of market share performance and for details on the flat volume performance in the Personal Care division during the quarter.

    Answer

    CEO Fernando Fernandez reported market share gains in the U.S., Europe, and India, while acknowledging losses in China, Indonesia, and a short-term issue in Brazil. He explained that Personal Care's flat volume was primarily due to its high exposure to a sharp market decline in Latin American deodorants and the temporary impact of necessary price increases in LATAM and India, expecting a recovery.

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    Jeremy Fialko's questions to Unilever PLC (UL) leadership • FY 2024

    Question

    Jeremy Fialko of HSBC asked for an update on competitive metrics, including market share trends, and for more detail on the China business, specifically regarding its portfolio, competitive landscape, and potential for strategic changes.

    Answer

    CEO Hein M. Schumacher reported that market shares improved in H2 2024, reaching a neutral position in measured markets, with gains in unmeasured businesses like Wellbeing and Prestige. He noted strength in Europe and the U.S. but softness in China and Indonesia due to ongoing resets. For China, he explained the focus is on strong brands like Clear and OMO and adapting to new channels like Douyin, with positive results expected from H2 2025.

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    Jeremy Fialko's questions to Unilever PLC (UL) leadership • Q4 2024

    Question

    Jeremy Fialko asked for details on competitive metrics, such as market share performance in 2024. He also inquired about the portfolio and competitive landscape in China, including whether Unilever might consider divesting parts of that business.

    Answer

    CEO Hein. M. Schumacher stated that turnover-weighted market shares improved in H2 2024 to a neutral position, as guided, and he believes the company is gaining share in unmeasured businesses like Wellbeing and Prestige. He noted strength in Europe and the US, but softness in China and Indonesia due to ongoing resets. For China, he described a concentrated portfolio and a focus on adapting to new channels like Douyin, with positive effects expected in H2 2025, showing no intention to divest.

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    Jeremy Fialko's questions to Unilever PLC (UL) leadership • Q2 2024

    Question

    Jeremy Fialko asked for the specific growth rate and scale of the Health & Wellness business and inquired about the consumer dynamics in the difficult Chinese market and the outlook for the rest of the year.

    Answer

    CEO Hein M. Schumacher stated that the combined Health & Wellness and Prestige Beauty businesses grew double-digits, with H&W's strength compensating for muted Prestige performance. He noted China's market growth is low but feels good about Unilever's business there, which is not heavily exposed to luxury. CFO Fernando Fernandez added that the Health & Wellness business is around €2.5 billion annually.

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    Jeremy Fialko's questions to Kenvue Inc (KVUE) leadership

    Jeremy Fialko's questions to Kenvue Inc (KVUE) leadership • Q3 2024

    Question

    Jeremy Fialko asked whether the cautious top-line outlook was due to underlying U.S. consumer softening or more transitory factors, and inquired about any increases in promotional activity.

    Answer

    Executive Thibaut Mongon clarified that low illness incidence rates are unusual but do not reflect a weak consumer, who continues to prioritize health and is not trading down to private label. He stated there has been no increase in promotional intensity in the self-care segment and only a slight, low single-digit increase in other categories, which he described as in line with a 'new normal.'

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    Jeremy Fialko's questions to Haleon PLC (HLN) leadership

    Jeremy Fialko's questions to Haleon PLC (HLN) leadership • Q2 2024

    Question

    Jeremy Fialko sought confirmation that the pricing contribution to growth would remain relatively stable after the Q1 to Q2 step-down. He also asked for an update on the environment for bolt-on M&A and the potential for increased activity.

    Answer

    CFO Tobias Hestler confirmed the pricing outlook, explaining the Q2 step-down was an expected effect of rollover from annual negotiations in EMEA and should be more stable going forward. CEO Brian McNamara reiterated that while the company is actively looking at bolt-on M&A that is strategic and value-creative, it is not a necessity for delivering on guidance.

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