Executive Summary

• Unilever reported 1H17 sales of €27,725 million, almost on par with the consensus of €27,724 million and up by 5.5% from 1H16. At constant exchange rates, sales grew by 3.8%.
• The operating margin jumped by 307 basis points and diluted EPS bounced by 23.9% to €1.09.
• Unilever expects “accelerating growth” in 2H17 and estimates full-year underlying sales growth to be in the range of 3%–5%.