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    Sarah Simon • Morgan Stanley

    Sarah Simon's questions to Unilever PLC (UL) leadership

    Sarah Simon's questions to Unilever PLC (UL) leadership • H1 2025

    Question

    Sarah Simon of Morgan Stanley asked for an update on the impact of tariffs on the business and inquired about the potential for more disposals to accelerate the portfolio shift towards beauty and personal care.

    Answer

    Acting CFO Srinivas Phatak stated that the cost impact from tariffs is manageable and within guidance, with inventory builds being a temporary measure for supply resilience. CEO Fernando Fernandez confirmed a disposal plan of €1.5B to €2.0B is in progress, focusing on non-core assets, to accelerate the strategic shift, but disposals will be executed to protect value.

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    Sarah Simon's questions to Unilever PLC (UL) leadership • Q2 2024

    Question

    Sarah Simon asked for an update on the premiumization strategy in Personal Care, the potential risk to the B2B Nutrition business in China, and where Unilever stands on its net productivity goals for cost of goods sold.

    Answer

    CEO Hein M. Schumacher confirmed the desire to premiumize Personal Care continues, focusing on the 'masstige' segment, and noted that the China Food Solutions business remains strong with high single-digit growth. CFO Fernando Fernandez explained that COGS productivity is a continuous effort driven by value chain interventions and CapEx allocated to margin expansion, rather than a fixed-point target.

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    Sarah Simon's questions to Anheuser-Busch Inbev SA (BUD) leadership

    Sarah Simon's questions to Anheuser-Busch Inbev SA (BUD) leadership • Q1 2025

    Question

    Sarah Simon asked about the consumer environment in Mexico, noting other companies have flagged weakness, and requested clarification on the 'scope' impact that affected European volume results.

    Answer

    CFO Fernando Tennenbaum attributed the negative scope impact primarily to the phasing of the San Miguel integration and certain financial items. CEO Michel Doukeris addressed Mexico, stating that underlying consumer behavior and brand demand remain strong, with Q1 volume impacted by calendar shifts and weather rather than a fundamental consumer slowdown.

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    Sarah Simon's questions to Anheuser-Busch Inbev SA (BUD) leadership • Q2 2024

    Question

    Sarah Simon of Morgan Stanley asked whether ready-to-drink (RTD) beverages are sourcing volume more from beer or spirits and requested concrete examples of drivers behind the strong U.S. gross margin expansion in the quarter.

    Answer

    CEO Michel Doukeris responded by citing third-party data indicating that 80% of RTD volume comes from spirits and wine, not beer. He highlighted that the company's own RTD brands, Neutral and Cutwater, source 75% of their volume from spirits and wine. Regarding U.S. margins, he pointed to ongoing, company-wide productivity programs in logistics, breweries, and back-office functions as key drivers of the improvement.

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