Unilever Q2: Best Quarterly Volume Performance Since 2010

Unilever delivered a strong volume-led performance in H1 2026, reporting underlying sales growth of 4.8% with 4.2% volume with a significant step-up in Q2— the best quarter at the Happi International Top 30 Company in over a decade, officials said.

“It is particularly encouraging, therefore, to be able to present today a strong, volume-led half for Unilever. And not just a strong performance, but an accelerating one, with underlying sales growth in the second quarter of 5.8%, with volume up 5.5%. This is Unilever’s best quarterly volume performance since 2010,” CEO Fernando Fernandez said in an earnings call yesterday.

Power Brands continued to outperform with (78% of turnover) leading growth—with 6.0% underlying sales growth and 5.4% volume growth. Operational performance and net acquisitions more than offset adverse currency with a turnover of €25.6 billion, up 0.5%.

Emerging markets showed momentum including India, Indonesia and Latin America , all of which delivered strong growth while North America outperformed its market once again.

“These results show our ability to continue performing while transforming our portfolio,” said Fernandez. “Our brands are stronger, our execution is sharper and we are driving Desire at Scale…The macroeconomic environment remains uncertain, but our consistency, discipline and strong first half performance give us confidence that we are well positioned to deliver our upgraded full year outlook.”

H1 Results

All business groups delivered volume-led growth in the first half. Performance was led by HPC, with Beauty & Wellbeing, Personal Care and Home Care growth all accelerating in the second quarter, according to Unilever.

Underlying sales growth for Beauty & Wellbeing was 5.9% with 4.5% volume and 1.3% price. This was led by double-digit growth in the largest Power Brands Dove, Sunsilk and Vaseline, alongside strong growth in prestige beauty brands.

Wellbeing grew low-single digit, with improved growth in the second quarter.

In personal care, underlying sales growth was 4.8% with 4.1% volume and 0.7% price. Skin cleansing and deodorants both delivered mid-single digit growth, supported by strong performance from Dove’s premium innovations and our FIFA World Cup 2026 related campaigns and activations in the second quarter.

Underlying sales growth for home care was 7.6% with 7.4% volume and 0.2% price, led by our largest markets, India and Brazil. Growth accelerated in the second quarter driven by emerging markets, which delivered double-digit USG and volume. Developed markets grew low-single digit in the first half.

Outlook

Following strong performance in the first half, Unilever said it expects underlying sales growth for full year 2026 to be within its multi-year guidance range of 4% to 6%, with around 3% underlying volume growth.