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    Warren Ackerman • Barclays

    Warren Ackerman's questions to Haleon PLC (HLN) leadership

    Warren Ackerman's questions to Haleon PLC (HLN) leadership • H1 2025

    Question

    Warren Ackerman of Barclays PLC asked for specific details on three key U.S. brands. He inquired about the plans to fix Advil's market share, the size and second-half expectations for the Smoker's Health business, and whether any significant innovation is planned for Centrum in the back half of the year.

    Answer

    CEO Brian McNamara outlined that for Advil, a new media campaign and strong promotional plans are in place, with 'green shoots' of share growth seen late in Q2. He described Smoker's Health as a 'couple hundred million' dollar business and expects its decline to lessen in H2, aided by a new innovation. For Centrum, he highlighted the reactivation of its cognitive health platform with a new claim ('slows cognitive aging by 60%') and other innovations planned for H2.

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    Warren Ackerman's questions to Haleon PLC (HLN) leadership • H1 2025

    Question

    Warren Ackerman asked for specifics on actions being taken to fix the Advil brand's market share. He also inquired about the size of the Smoker's Health business in the U.S., its second-half expectations, and whether new innovation is planned for Centrum in H2.

    Answer

    CEO Brian McNamara explained that for Advil, a new media campaign and promotional plans are showing 'green shoots' of share growth. For Smoker's Health, a business in the 'couple hundred million' range, he expects less decline in H2 but not a return to growth. For Centrum, he highlighted a new claim ('slows cognitive aging by 60%') and unannounced innovations for H2 to firm up performance.

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    Warren Ackerman's questions to Haleon PLC (HLN) leadership • H1 2025

    Question

    Warren Ackerman from Barclays Investment Bank asked for specifics on the plans to fix market share losses for Advil. He also inquired about the size of the Smoker's Health business in the U.S., its second-half outlook, and whether any new innovation is planned for Centrum in H2.

    Answer

    CEO Brian McNamara explained that for Advil, a new media campaign and strong promotional plans are in place, with early signs of share recovery in late Q2. He described Smoker's Health as a 'couple hundred million' dollar business and expects declines to lessen in H2, with a new innovation launching in 2026. For Centrum, he highlighted the reactivation of a cognitive health claim and upcoming new product innovations to help firm up performance.

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    Warren Ackerman's questions to Unilever PLC (UL) leadership

    Warren Ackerman's questions to Unilever PLC (UL) leadership • H1 2025

    Question

    Warren Ackerman of Barclays Investment Bank requested a detailed breakdown of emerging market performance, contrasting Latin America's weakness with Asia's recovery, and asked about the U.S. business performance, particularly in Personal Care.

    Answer

    CEO Fernando Fernandez acknowledged a weak quarter in Latin America due to macroeconomic pressures and pricing actions but expects improvement. Acting CFO Srinivas Phatak detailed the recovery in Asia, noting a step-up in India, sequential improvement in Indonesia, and a return to growth expected in China in H2. Fernandez attributed strong U.S. performance to portfolio transformation, despite a temporary issue in Hair Care pricing which has been corrected.

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    Warren Ackerman's questions to Unilever PLC (UL) leadership • FY 2024

    Question

    Warren Ackerman from Barclays asked about the outlook for category growth and market share in 2025, the drivers of a slower Q1 start, and the phasing of gross margin and operating profit, including expectations for COGS and brand investment.

    Answer

    CEO Hein M. Schumacher acknowledged a slower market growth trend continuing from Q4 into Q1, particularly in Home Care and Nutrition, but expects growth to be back-weighted as pricing actions take effect. He affirmed that the 45% gross margin is a new base to build from, supported by net productivity and premiumization. CFO Fernando Fernandez added that net material inflation is projected at €0.7-€0.8 billion, concentrated in specific commodities, which will necessitate pricing from Q2 onwards.

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    Warren Ackerman's questions to Unilever PLC (UL) leadership • Q4 2024

    Question

    Warren Ackerman asked about category growth trends, market share expectations for 2025, the reasons for a slower Q1, and the phasing of margins, including gross margin, COGS inflation, and brand and marketing spend.

    Answer

    CEO Hein. M. Schumacher confirmed a slower start to 2025, with growth back-weighted due to a lag in pricing actions against rising commodity costs. He stated that the 45% gross margin is a new base to grow from, driven by net productivity and premiumization, and that brand and marketing investment (BMI) will remain competitive around 15.5%. CFO Fernando Fernandez added that material inflation is expected to be around €0.7-€0.8 billion, concentrated in specific commodities, which will necessitate price increases from Q2 onwards.

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