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"0.0", "decimals": -6, "dimensions": { "concept": "mic:IncreaseDecreaseThroughDeferredTaxRecognitionOnSeparation", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00640": { "value": "-398000000.0", "decimals": -6, "dimensions": { "concept": "mic:IncreaseDecreaseThroughDeferredTaxRecognitionOnSeparation", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00306": { "value": "821000000.0", "decimals": -6, "dimensions": { "concept": "mic:IncreaseDecreaseThroughIssueOfEquityAndOtherTransactionsOnFormationOfEntityEquity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mic:InvestedCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00300": { "value": "-2143000000.0", "decimals": -6, "dimensions": { "concept": "mic:IncreaseDecreaseThroughIssueOfEquityAndOtherTransactionsOnFormationOfEntityEquity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00303": { "value": "-5798000000.0", "decimals": -6, "dimensions": { "concept": "mic:IncreaseDecreaseThroughIssueOfEquityAndOtherTransactionsOnFormationOfEntityEquity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00305": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "mic:IncreaseDecreaseThroughIssueOfEquityAndOtherTransactionsOnFormationOfEntityEquity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00302": { "value": "7120000000.0", "decimals": -6, "dimensions": { "concept": "mic:IncreaseDecreaseThroughIssueOfEquityAndOtherTransactionsOnFormationOfEntityEquity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00307": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "mic:IncreaseDecreaseThroughIssueOfEquityAndOtherTransactionsOnFormationOfEntityEquity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00301": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "mic:IncreaseDecreaseThroughIssueOfEquityAndOtherTransactionsOnFormationOfEntityEquity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00304": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "mic:IncreaseDecreaseThroughIssueOfEquityAndOtherTransactionsOnFormationOfEntityEquity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00622": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mic:InvestedCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00608": { "value": "2143000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00624": { "value": "5798000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00618": { "value": "-172000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00609": { "value": "-7144000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00615": { "value": "625000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00627": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00610": { "value": "633000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00561": { "value": "(a)
Pro\ufb01t for the period prior to the Demerger is presented within Invested Capital.
(b) Movement attributable to the period prior to the Demerger is presented in Invested Capital, while the movement attributable to the period post
Demerger is presented in Retained earnings. The pension reserve balance of \u20ac70 million as at 31 December 2024 is reclassi\ufb01ed from Other
Reserves to Invested Capital.
(c) Includes a hyperin\ufb02ation adjustment in relation to T\u00fcrkiye for the years ended 31 December 2023, 2024, and 2025.
(d) The share-based payment credit represents the non-cash charge recorded in operating pro\ufb01t for the fair value of share awards granted to
employees. It includes the fair value of Unilever share awards allocated to the Group , for the pre-Demerger period, which is presented in
Invested Capital. Following the Demerger, the Group granted its own share awards to employees, and the related non-cash charge in operating
pro\ufb01t for these awards is presented in Retained earnings. See Note 4C.
(e) Other transactions with Unilever and Transactions with owners of the non-controlling interests re\ufb02ect the fact that prior to the Demerger, the
Group did not retain cash generated from operating activities and represent the cash out \ufb02ow associated with repatriating such cash to Unilever,
net of any movements in working capital, \ufb01nancing and investing activities. As part of the separation, the Group paid \u20ac3,162 million to Unilever for
the transaction, o\ufb00set by the inventory subsidy receipt of \u20ac905 million and working capital subsidy payment of \u20ac300 million. Transactions with
owners of the non-controlling interests also includes the buy back of minority shareholders in Indonesia following the Separation.
(f)
Following the Separation, the Group recognised a net deferred tax asset. See Note 6B.
(g) On 6 and 7 December 2025, the Magnum Ice Cream Company N.V. issued 612,245,455 shares with a nominal value per share of \u20ac3.50
per share. The total shares issued had an estimated fair value of \u20ac7,941 million (based on the market price on the \ufb01rst day of trading).
The\u00a0di\ufb00erence between the estimated fair value and the nominal value of the shares issued has been recognised as share premium of \u20ac5,798
million. See Note 14A.
(h) In 2023 and 2024 in the Combined Carve-out Financial Statements this was referred to as Net Parent Investment.14. Capital and funding
Ordinary shares
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of
ordinary shares are recognised as a deduction from equity, net of any tax e\ufb00ects.
Other reserves
Other reserves include the foreign currency translation reserve and the cash \ufb02ow hedge reserve.
It also includes the di\ufb00erence between the fair value of the shares issued in 2025 and the net book
value of the business transferred to the Group under common control business combination.14A. Share capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
TMICC ordinary share of \u20ac3.50 each
2,143
\n
The Company has an authorised share capital of \u20ac2,143 million, divided into 612,259,739 ordinary
shares with a nominal value of \u20ac3.50 per share.
For information on the rights of shareholders of TMICC, see the Management Report - Corporate
Governance section on pages 80 and 81.
14B. Equity
Share premium
On 6 and 7 December 2025, the Magnum Ice Cream Company N.V. issued 612,245,455 shares with
a nominal value per share of \u20ac3.5 per share. The total shares issued had an estimated value of \u20ac7,941
million (based on \ufb01rst day of trading). The di\ufb00erence between the estimated fair value of the shares
issued and the nominal value has been recognised as share premium (\u20ac5,798 million).
Non-controlling interests
The Group has subsidiaries in which non-controlling interests exist. The share of third parties\u2019
ownership interests in the Group consolidated balance sheet and consolidated income statement
for these subsidiaries has been recognised and separately presented. The most signi\ufb01cant non-
controlling interests are held in Philippines (Magnum RFM Ice Cream Inc).
Other reserves
Other reserves include the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Cash \ufb02ow hedge reserve, net of tax
(31)
81
(7)
Remeasurement of de\ufb01ned bene\ufb01t pension plans,
\u00a0\u00a0\u00a0
net of tax
(a)
-
70
32
Currency retranslation reserve
7
242
106
Merger Reserve
(b)
(7,120)
-
-
Total
(7,144)
393
131
\n
(a) The pension reserve balance of \u20ac70 million as at 31 December 2024 is reclassi\ufb01ed from Other Reserves to Invested Capital which was then
reclassi\ufb01ed to Merger reserve.
(b) The Merger Reserve was created as the di\ufb00erence of the fair value of the business and the net invested capital position at the Demerger date.
Capital management
The Group manages its capital so as to safeguard its ability to continue as a going concern and to
optimise returns to our shareholders through an appropriate balance of debt and equity. The capital
structure of the Group is based on management\u2019s judgement of the appropriate balance of key
elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in
proportion to risk and manage the capital structure in light of changes in economic conditions and
the\u00a0risk characteristics of the underlying assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00628": { "value": "70000000.0", "decimals": -6, "dimensions": { "concept": "mic:PensionReserveTransferredFromOtherReservesToInvestedCapital", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00629": { "value": "3162000000.0", "decimals": -6, "dimensions": { "concept": "mic:PaymentsForTransactionsWithPreviousOwnersOfBusinessPriorToFormationOfEntityClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00650": { "value": "905000000.0", "decimals": -6, "dimensions": { "concept": "mic:ProceedsFromInventorySubsidiesClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00651": { "value": "300000000.0", "decimals": -6, "dimensions": { "concept": "mic:PaymentFromWorkingCapitalSubsidiesClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00652": { "value": "3.5", "decimals": 2, "dimensions": { "concept": "ifrs-full:ParValuePerShare", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-12-08T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00653": { 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"2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedBalanceSheet_Label_00310": { "value": "731000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedBalanceSheet_Label_00311": { "value": "793000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedBalanceSheet_Label_00313": { "value": "2306000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipmentIncludingRightofuseAssets", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedBalanceSheet_Label_00312": { "value": "2355000000.0", "decimals": -6, "dimensions": { "concept": 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"value": "8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedBalanceSheet_Label_00360": { "value": "23000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedBalanceSheet_TotalLabel_00362": { "value": "633000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedBalanceSheet_TotalLabel_00363": { "value": "2801000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedBalanceSheet_TotalLabel_00365": { "value": "7488000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedBalanceSheet_TotalLabel_00364": { "value": "5521000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "(a) Represents amortisation and depreciation charges on intangible assets, property, plant and equipment, and leased assets recognised in the
balance sheet. For 2023, 2024, and the \ufb01rst half of 2025, this also includes allocated charges for shared assets with Unilever that did not transfer
to the Group at Separation. From H2 2025, these depreciation and amortisation costs are included within the TSA charge from Unilever,
re\ufb02ecting the Group\u2019s continued use of those assets during the Transitional Period.
(b) As part of the Separation, TMICC paid \u20ac3,162 million to Unilever, o\ufb00set by an inventory subsidy receipt of \u20ac905 million and a working capital
subsidy payment of \u20ac300 million. A dividend to Unilever of \u20ac83 million did not result in a separate cash out\ufb02ow, as it was a cash neutral dividend
distribution with an equal and opposite movement recognised in \u2018Transactions with Unilever\u2019.
For the period prior to the Separation, the Group relied on Unilever\u2019s centralised approach to cash management and \ufb01nancing. These amounts
represent the cash out\ufb02ow associated with repatriating cash generated from operating activities to Unilever, net of movements in working
capital, \ufb01nancing and investing activities up to the date of the Demerger.
(c) None of the cash, cash equivalents, debt or related interest income and expense at the corporate level have been assigned to the Group in
comparative periods, with the exception of cash, debt and related interest held by entities that only contained Ice Cream related activities.
These are listed in Note 23.
(d) Includes the impact of Inventory subsidy and Working capital subsidy exchanged between Unilever Group and TMICC Group explained in
Note\u00a021 and (b). 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"dimensions": { "concept": "mic:ProceedsFromDisposalOfPaymentsForPurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_Label_00437": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "mic:ProceedsFromDisposalOfPaymentsForPurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_TotalLabel_00439": { "value": "-315000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_TotalLabel_00440": { "value": "-359000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_TotalLabel_00438": { "value": "-854000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00443": { "value": "83000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00442": { "value": "11000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00441": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00444": { "value": "130000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00445": { "value": "13000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00446": { "value": "10000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_Label_00448": { "value": "3078000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_Label_00449": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_Label_00447": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00451": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00452": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00450": { "value": "3000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00453": { "value": "56000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00454": { "value": "39000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00455": { "value": "45000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00457": { "value": "2595000000.0", "decimals": -6, "dimensions": { "concept": "mic:ProceedsFromPaymentsForTransactionsWithPreviousOwnerOfBusinessPriorToFormationOfEntityClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00456": { "value": "676000000.0", "decimals": -6, "dimensions": { "concept": "mic:ProceedsFromPaymentsForTransactionsWithPreviousOwnerOfBusinessPriorToFormationOfEntityClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00458": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "mic:ProceedsFromPaymentsForTransactionsWithPreviousOwnerOfBusinessPriorToFormationOfEntityClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_Label_00461": { "value": "-9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_Label_00459": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_Label_00460": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_TotalLabel_00636": { "value": "205000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_TotalLabel_00637": { "value": "-737000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_TotalLabel_00638": { "value": "-51000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_TotalLabel_00463": { "value": "373000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_TotalLabel_00464": { "value": "17000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_TotalLabel_00462": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00465": { "value": "67000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00466": { "value": "50000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00467": { "value": "43000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_Label_00468": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_Label_00469": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_Label_00470": { "value": "-2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:25490052LLF3XH6G9847", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00473": { "value": "436000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:25490052LLF3XH6G9847", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00472": { "value": "67000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00471": { "value": "50000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:25490052LLF3XH6G9847", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "1. General information
Reporting entity
The Magnum Ice Cream Company N.V. (\u201cTMICC\u201d) is a public limited liability company (naamloze
vennootschap) domiciled in the Netherlands. TMICC is headquartered in Amsterdam and
its\u00a0registered address is Reguliersdwarsstraat 63, 1017BK Amsterdam, the Netherlands.
The\u00a0consolidated \ufb01nancial statements of TMICC as at 31 December 2025 comprise TMICC
and\u00a0its\u00a0subsidiaries (together referred to as \u2018TMICC\u2019, the \u201cCompany\u201d or the \u201cGroup\u201d).
TMICC is the global leader in the ice cream industry, operating in 80 markets with an extensive
portfolio of\u00a0global and local brands.
Basis of preparation
The consolidated \ufb01nancial statements are:
\u2022
Prepared in accordance with the International Financial Reporting Standards (IFRS) as issued
by\u00a0the International Accounting Standards Board (IASB) and endorsed by the European Union
(EU). The consolidated \ufb01nancial statements comply with the statutory provisions of Part 9, Book
2 of the\u00a0Dutch Civil Code. All standards and interpretations issued by the IASB and the IFRS
Interpretation Committee e\ufb00ective 2025 have been endorsed by the EU. As a result our accounting
policies also fully comply with IFRS accounting standards as issued by the IASB.
\u2022
Authorised for issue by the Board of TMICC on 18 March 2026 and subject to adoption by the
General Meeting
on 7 May 2026.
\u2022
Prepared under the historical cost convention, unless otherwise indicated.
\u2022
Prepared on a going concern basis.
\u2022
Presented in Euro, which is the Company\u2019s functional currency and Group\u2019s presentation currency.
\u2022
Rounded to the nearest million unless stated otherwise.
\u2022
The 2024 and 2023 comparative information is derived from the Combined Carve-out Financial
Statements as disclosed in the listing prospectus.
In December 2025, the Ice Cream business of Unilever was transferred to the Group (the Demerger).
In return, the Group issued shares in TMICC N.V. to the shareholders of Unilever PLC on 6 December
2025 and its shares were admitted to trading on Euronext Amsterdam, the London Stock Exchange,
and the New York Stock Exchange on 8 December. Management concluded that this transaction was
under common control.
Management decided to apply the book value method (predecessor accounting). As such, the
carrying amounts of the Unilever Ice Cream business as at the date of the Demerger have been
transferred to the Group. The separation from Unilever (\u201cSeparation\u201d) (refer to Note 21) was executed
as one single economic event yet sequenced via a series of legal proceedings and activities between
1 July 2025 and 8 December 2025.
Prior to the Demerger, the Ice Cream business was operated largely through legal entities that carried
out both Ice Cream and non-Ice Cream activities, as well as through dedicated subsidiaries within
Unilever. Between 1 July and 8 December 2025, Unilever established its Ice Cream business under the
intermediate holding company TMICC HoldCo B.V. From 1 July 2025, the Group and Unilever entered
into a Global Transitional Services Agreements (GTSA) to ensure business continuity (refer to Note 21).
The following paragraphs include a description of the Basis of preparation principles and how
\n
estimates, judgements, and assumptions have been applied for the purpose of preparing the
\n
consolidated \ufb01nancial statements for the periods from the period 1 January 2025 until 30 June 2025
\n
and for the prior year comparatives.
\n
Net parent investment in previously reported \ufb01nancial statements has been renamed to Invested
\n
Capital, these terms are used interchangeably.
\n
Income statements and statements of other comprehensive income
\n\n \n
Unilever\u2019s general corporate
Expenses for support functions were provided centrally and recharged
expenses and shared expenses
to the Group. These included indirect central costs (primarily related to
the sales force and general marketing) and general corporate expenses
(primarily related to \ufb01nance, legal, information technology, human resources,
communications, and audit). These management charges were recharged
by Unilever based on direct usage when identi\ufb01able or based on a proportion
of revenue or other applicable measures, adjusted on a line-by-line basis
to re\ufb02ect speci\ufb01c local circumstances. These were deemed to have been
cash settled by the Group to Unilever in the period in which these costs were
accrued. From the period after 1 July 2025, these have been replaced by
charges arising from Transitional Service Agreements (See Note 21).
Operating costs including
Operating costs included amortisation and depreciation charges relating
amortisation and depreciation
to intangible assets, property, plant and equipment, and leased assets
and liabilities included in the \u2018as-if\u2019 balance sheet (see balance sheet items
below), and an allocation of amortisation and depreciation charges for
shared assets with Unilever utilised by the Group. These costs were deemed
to have been settled through Invested Capital.
Performance share plans
Certain employees of the Group participated in the Unilever performance
and other share awards
share plans and other share awards. Costs related to participating
employees were allocated to the Group based on a proportion of
revenue. In addition, the Group also received an allocation of share-based
compensation charges with respect to corporate employees of Unilever.
\n\n \n
Pension costs
Pension costs recorded in the consolidated income statements included
pension charges for dedicated Ice Cream employees and an allocation
based on revenue for other employees.
Net \ufb01nance costs
Included only net \ufb01nance costs incurred by the ice cream dedicated entities
that existed prior to the Separation. Interest incurred by Unilever or interest
on funding provided by Unilever as part of Unilever\u2019s invested capital was not
allocated to the Group.
Realised gains/ or losses
Unilever hedged foreign currency exposures using derivatives on the net
on forex derivatives
forex\u00a0exposure of the Unilever Group. However, given that the derivatives
were held at the Unilever level, they could not be accounted for in the
consolidated \ufb01nancial statements as the Group was not party to the
contracts. While there was no recognition of forex derivatives entered into by
Unilever in the consolidated \ufb01nancial statements, a proportional allocation
of the realised gains/ or losses on forex derivatives was recognised in the
income statement.
\n \n
Taxation
The total tax charge for the periods prior to the Separation was computed
on a territory-by-territory basis using the relevant country\u2019s e\ufb00ective tax rate
or, where more appropriate, its statutory tax rate. Where e\ufb00ective tax rates
were used, these were adjusted for any speci\ufb01c inclusions or exclusions
to ensure that they were speci\ufb01c to the Group. The tax rates were then
applied to countries\u2019 carved-out pro\ufb01t before tax, as adjusted for transfer
pricing impacts, to calculate the total tax charge attributable to the Group.
The\u00a0deferred tax balances and movements were calculated with\u00a0the
deferred tax movement being deducted from the total tax movement to
arrive at the current tax charge.
\n
Management believes the allocation methods applied in the comparative periods and for the \ufb01rst
\n
six months to be a reasonable re\ufb02ection of the utilisation of services provided by Unilever. However,
\n
di\ufb00erent allocation methods could have resulted in di\ufb00erent outcomes. Had the Group operated
\n
independently during the periods presented, the level of costs incurred would have been di\ufb00erent
\n
and would have been in\ufb02uenced by a number of factors including the chosen organisation structure,
\n
the functions that are outsourced as opposed to performed by employees, and by other strategic
\n
decisions made in areas such as information technology and infrastructure. The allocation methods
\n
are therefore not necessarily representative of the \ufb01nancial positions, results of operations or cash
\n
\ufb02ows that would have been reported if the Group operated on its own or as an entity independent
\n
from Unilever during the comparative periods. Actual cost levels may thus deviate from historical
\n
presentation.
\n
Cash \ufb02ow statement
\n
For the period from 1 January 2025 to 30 June 2025, and for the prior year comparatives, the
\n
statements of cash \ufb02ows have been prepared using the indirect method, in line with the Group\u2019s
\n
accounting policy.
\n
Under this method, pro\ufb01t or loss was adjusted for non-cash transactions, deferrals or accruals of
\n
past or future operating cash receipts or payments, and items of income or expense associated with
\n
investing or \ufb01nancing cash \ufb02ows. Up to the Demerger, Unilever used a centralised approach to cash
\n
management and \ufb01nancing its operations, and transactions between Unilever and the Ice Cream
\n
business were accounted for through Invested Capital. These cash \ufb02ows to and from Unilever have
\n
changed Unilever\u2019s investment in the Group and has been presented as \u2018Other transactions with
\n
Unilever\u2019 in the Consolidated statement of changes in equity. This relationship is presented in the
\n
\ufb01nancing activities as \u2018Transactions with Unilever\u2019.
\n
Accordingly, none of the cash, cash equivalents, debt or related interest income and expense at
\n
the\u00a0corporate level have been assigned to the Ice Cream business up to Separation, with the exception
\n
of cash, debt and related interest held by entities that only contained Ice Cream related activities.
\n
Historically, the Ice Cream business recognised payables and receivables with the related customers
\n
and suppliers. As a result of the GTSA entered into on 1 July 2025, these have been\u00a0replaced with
\n
positions directly with Unilever, which is acting as a service provider to the Group. Refer to Note 21 for
\n
more details on the GTSA.
\n
Any tax expenses described under taxation as part of the income statements and statements of
\n
other comprehensive income have been considered as tax paid in the cash \ufb02ow statements during
\n
the\u00a0period prior to the Demerger.
Comparative period balance sheet
\n
The comparative balance sheet included Ice Cream assets and liabilities that were speci\ufb01cally
\n
identi\ufb01able or otherwise attributable to the Group as follows:
\n\n \n
Property, plant
This included \u201cowned assets\u201d and \u201cleased assets\u201d that were dedicated
and equipment
historically and were directly attributed to the Group. Shared central
property, plant and equipment such as head o\ufb03ces, regional o\ufb03ces and
associated equipment were excluded from the comparative balance sheet
as these assets would not be transferred to the Group.
Goodwill
This was derived by aggregating the goodwill balances from historic
acquisitions of Ice Cream brands since the Unilever Group\u2019s IFRS
implementation in 2005.
Trade and other
These were speci\ufb01cally assigned to the Group where identi\ufb01able or were
current receivables
allocated based on the relative percentage of Group revenue by customer,
which approximated allocation on an item-by-item basis.
Inventories
They were speci\ufb01cally identi\ufb01able and assigned to the Group.
Trade payables and
They were speci\ufb01cally assigned to the Group where identi\ufb01able or were
other liabilities
allocated based on the relative percentage of either Ice Cream purchases
or cost of sales, which approximates allocation on an item-by-item basis.
Payroll accruals were speci\ufb01cally assigned or were allocated to the Group
based on a proportion of revenue.
Provisions
They were speci\ufb01cally assigned to the Group where directly identi\ufb01able
or\u00a0based on the relative percentage of either Ice Cream revenue or cost
of sales, depending upon the nature of the provision. Contingent liabilities
were assigned on a consistent basis to provisions.
\n\n \n
Deferred tax
Deferred tax was calculated using three di\ufb00erent approaches depending
on the nature of the underlying item.
\u2022 For items with no associated tax base, the related amounts were tax
e\ufb00ected using the applicable local tax rate of the relevant legal entity.
\u2022 For Brands, the amounts included re\ufb02ected the deferred tax directly
attributable to the speci\ufb01c brands included in intangible assets.
\u2022 For property, plant and equipment, deferred tax has been determined by
applying a proportional approach based on the share of the underlying
asset\u2019s pre-tax value that is included in the consolidated \ufb01nancial
statements.
Derivatives
Unilever hedged commodity exposures using derivatives for the whole
Unilever business. Where Unilever applied cash \ufb02ow hedge accounting
to these derivatives, hedge accounting was applied to the derivatives
attributable to the Group.
Share capital
The Group did not constitute a separate legal group in the past
and\u00a0therefore was not meaningful to show share capital or an analysis
of reserves prior to the Separation. The net assets of the Group were
represented by the cumulative investment of the Unilever Group in the
Group (shown as \u2018\u2018Invested capital\u201d).
Intercompany receivables from,
Intercompany receivables from, and payables to, and funding from Unilever
and payables to
within dedicated Ice Cream legal entities were presented as part of related
party receivables, payables and loans, respectively.
Cash, cash equivalents, debt
None of the cash, cash equivalents or debt at the corporate level prior were
assigned to the Group, with the exception of cash, debt and related interest
held by entities that only contained Ice Cream related activities.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
De\ufb01ned bene\ufb01t plans
For de\ufb01ned bene\ufb01t plans for which the Group had a liability or when the
\u00a0
legal liability was linked to and followed the relevant Ice Cream employee,
\u00a0
balance sheet surplus or de\ufb01cit comprised the total of the estimated
\u00a0
market value of plan assets less the present value of the de\ufb01ned bene\ufb01t
\u00a0
liabilities. For de\ufb01ned bene\ufb01t plans for which the Group had no liability, or
\u00a0
where the number of Ice Cream employees was so low that any de\ufb01ned
\u00a0
bene\ufb01t exposure is not expected to be material, no assets or liabilities were
\u00a0
recognised.
\n
Accounting policies
The 2025 consolidated \ufb01nancial statements present the Group\u2019s results, assets, liabilities, and
cash \ufb02ows in accordance with IFRS 10, eliminating intercompany transactions through standard
consolidation procedures. In the period prior to the Demerger, IFRS 10 was applied as-if the Ice Cream
business was a standalone business. The previously issued \ufb01nancial statements were prepared and
issued on a combined, carve out basis as the Ice Cream business did not form part of a consolidated
group.
Material accounting policies are included in the relevant Notes to the consolidated \ufb01nancial statements
and presented as text highlighted in grey on pages 97 to 140. These accounting policies have been
applied consistently throughout the periods presented in the consolidated \ufb01nancial statements.
Foreign currencies
The consolidated \ufb01nancial statements are presented in Euros (\u20ac) which is the Group\u2019s presentation
currency.
Items included in the consolidated \ufb01nancial statements of individual Group companies or operations
are recorded in their respective functional currency, which is the currency of the primary economic
environment in which each entity operates.
Foreign currency transactions in individual Group companies or operations are translated into
functional currency using exchange rates at the date of the transaction. Foreign exchange gains and
losses from settlement of these transactions, and from translation of monetary assets and liabilities at
year-end exchange rates, are recognised in the income statement.
Following the Separation on 1 July 2025, the Group entered into contracts to hedge foreign currency
exposures, see Note 15 for further information.
In preparing these consolidated \ufb01nancial statements the balances in individual Group companies or
operations are translated from their functional currency into Euros. Apart from the \ufb01nancial statements
of Group companies in hyperin\ufb02ationary economies (see below), the income statement, the cash \ufb02ow
statement and all other movements in assets and liabilities are translated at average rates of exchange
as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and
liabilities are translated at year-end exchange rates.
The \ufb01nancial statements of Group companies whose functional currency is the currency of a
hyperin\ufb02ationary economy are adjusted for in\ufb02ation and then translated into Euros using the balance
sheet exchange rate. To determine the existence of hyperin\ufb02ation, the Group assesses the qualitative
and quantitative characteristics of the economic environment of the country, such as the cumulative
in\ufb02ation rate over the previous three years.
The e\ufb00ect of exchange rate changes during the year on the net assets of foreign operations is
recorded in the consolidated statement of comprehensive income.
Hyperin\ufb02ationary economies
The T\u00fcrkiye economy was designated as hyperin\ufb02ationary from 1 July 2022. As a result, application of
IAS 29 \u2018Financial Reporting in Hyperin\ufb02ationary Economies\u2019 has been applied to all Group units whose
functional currency is the Turkish lira. The application of IAS 29 includes:
\u2022
adjustment of historical cost non-monetary assets and liabilities for the change in purchasing
power caused by in\ufb02ation from the date of initial recognition to the balance sheet date;
\u2022
adjustment of the income statement for in\ufb02ation during the reporting period;
\u2022
translation of income statement at the period-end foreign exchange rate instead of an average rate;
\u2022
adjustment of the income statement to re\ufb02ect the impact of in\ufb02ation and exchange rate movement
on holding monetary assets and liabilities in local currency.
The main e\ufb00ects on the consolidated \ufb01nancial statements for T\u00fcrkiye are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Total assets increase/(reduction)
(7)
42
8
Revenue increase/(reduction)
(1)
79
20
Operating pro\ufb01t increase/(reduction)
(14)
7
1
Net monetary gain / (loss)
(31)
-
(10)
\n
Climate change
The Group does not believe that there is a material impact on the \ufb01nancial reporting judgements,
estimates and going concern assessment arising from the impact of Climate Change. To reach this
conclusion, Management has reviewed each balance sheet line item and identi\ufb01ed those line items
that could have a potential impact by climate-related risks and by the Group\u2019s plans to mitigate against
these risks. As a result, management ensured that:
\u2022
growth rates and projected cash \ufb02ows used in assessing whether goodwill and inde\ufb01nite-life
intangibles are impaired, are consistent with the Group\u2019s climate-related risk assumptions and the
actions being taken to mitigate against those risks (see Note 8);
\u2022
useful lives of the Group\u2019s property, plant and equipment are appropriate given the potential
physical and obsolescence risks associated with climate change and the actions being taken to
mitigate against those risks (see Note 9);
\u2022
in relation to the pension assets, the external pension trusts and funds operate diversi\ufb01ed strategies
taking into consideration climate risks.
Critical accounting estimates and judgements
The preparation of consolidated \ufb01nancial statements requires management to make estimates and
judgements in the application of accounting policies that a\ufb00ect the reported amounts of assets,
liabilities, income and expenses. Actual results may di\ufb00er from these estimates. Estimates and
judgements are continuously evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in any future period
a\ufb00ected.
Management are required to make certain estimates to achieve a reasonable allocation to the Ice
Cream Business of costs incurred centrally by Unilever, as described in the Basis of Preparation above.
The following estimates are those that management believe have the most signi\ufb01cant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
De\ufb01ned Bene\ufb01t Obligations -
Valuation depends on key actuarial assumptions including discount rates,
Measurement
in\ufb02ation and life expectancy of scheme members. Referenced in Note 4B.
Customer discounts -
Customer discounts are estimated where settlement depends on future
Measurement of variable
events (e.g., volume based promotions) or where su\ufb03cient reliable data is
consideration
not yet available. Most settlements occur within 12 months, so uncertainties
\u00a0
typically do not span multiple reporting periods. Due to the volume and
\u00a0
diversity of agreements, preparing a meaningful sensitivity analysis is
\u00a0
impracticable. However, the income statement impact of subsequent
\u00a0
adjustments is not material year-on-year.
The following judgements are those that management believe have the most signi\ufb01cant e\ufb00ect on the
amounts recognised in the Group consolidated \ufb01nancial statements:
Predecessor accounting
The Separation was accounted for as a business combination under
common control using predecessor accounting. The Group recognised the
di\ufb00erence between the net book value of the ice cream business transferred
to the Group and the fair value of the shares issued directly in Equity (See
Note 14 A). This is a judgment as there is no speci\ufb01c requirements in IFRS on
how to account for such transactions.
Principal vs Agent assessment
(Revenue recognition)
Under the Transitional Services Agreements, Unilever transacts with
customers on the Group\u2019s behalf, however, the Group sets prices, is
responsible to ful\ufb01l customer orders, and bears inventory risk. Accordingly,
the Group is the principal and recognises revenue gross, with Unilever
acting\u00a0as agent.
Deferred tax assets -
The business operates in many countries and is subject to taxes in numerous
Recognition
jurisdictions and following the transaction has recorded material amounts
of Deferred Tax on Goodwill and Intangibles assets. Management uses
judgement to assess the recoverability of tax assets such as whether there
will be su\ufb03cient future taxable pro\ufb01ts to utilise losses - see Note 6B.
Contingent liabilities -
Events can occur where there is uncertainty over future obligations.
Likelihood of occurrence
Judgement is required to determine if an out\ufb02ow of economic resources
is probable, or possible but not probable. Where it is probable, a liability is
recognised, and further judgement is used to determine the level of the
provision. Where it is possible but not probable, further judgement is used
to determine if the likelihood is remote, in which case no disclosures are
provided; if the likelihood is not remote then judgement is used to determine
the contingent liability disclosed. The business does not have provisions and
contingent liabilities for the same matters. External advice is obtained for any
material cases. See Notes 18 and 19.
Recent accounting developments adopted by the Group
All standards or amendments to standards that have been issued by the IASB and that were e\ufb00ective by
1 January 2025 were not applicable or material to the Group.
New standards, amendments and interpretations of existing standards that are not yet e\ufb00ective
and have not been early adopted by the Group.
Applicable standard
Key requirements or changes in accounting policy
Amendments to IFRS 9 and IFRS 7 \u2018The
In May 2024, International Accounting Standards Board (IASB)
Classi\ufb01cation and Measurement of Financial
amended IFRS 7 and IFRS 9 which includes clari\ufb01cations on
instruments\u2019 E\ufb00ective from the year ended 1
recognition and derecognition dates of certain \ufb01nancial assets
January 2026
and liabilities, including exceptions for liabilities settled through
\u00a0
electronic cash transfer systems. The Company is currently
\u00a0
evaluating the impact of the amendments.
IFRS 18 Presentation and Disclosure in
IFRS 18 will replace IAS 1 Presentation of Financial Statements.
Financial Statements E\ufb00ective 1 January
The new standard impacts presentation and disclosure
2027
of the consolidated income statement with new de\ufb01ned
\u00a0
categories being operating, investing and \ufb01nancing to provide
\u00a0
a consistent structure. Disclosures about Management-
\u00a0
de\ufb01ned Performance Measures (MPMs) (i.e. certain non-
\u00a0
GAAP measures) will have to be disclosed in the \ufb01nancial
\u00a0
statement with reconciliations to GAAP measures. The new
\u00a0
standard will also provide guidance on grouping of information
\u00a0
(aggregation/ disaggregation). The Group is currently
\u00a0
evaluating the impact of IFRS 18 on the consolidated \ufb01nancial
\u00a0
statements.
\n
All other new standards or amendments to standards issued by the IASB that are not yet e\ufb00ective are
not applicable or material to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "The Magnum Ice Cream Company N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "The Magnum Ice Cream Company N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "The Magnum Ice Cream Company N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "Reguliersdwarsstraat 63, 1017BK Amsterdam, the Netherlands. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "TMICC is the global leader in the ice cream industry, operating in 80 markets with an extensive portfolio of\u00a0global and local brands. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "Basis of preparation
The consolidated \ufb01nancial statements are:
\u2022
Prepared in accordance with the International Financial Reporting Standards (IFRS) as issued
by\u00a0the International Accounting Standards Board (IASB) and endorsed by the European Union
(EU). The consolidated \ufb01nancial statements comply with the statutory provisions of Part 9, Book
2 of the\u00a0Dutch Civil Code. All standards and interpretations issued by the IASB and the IFRS
Interpretation Committee e\ufb00ective 2025 have been endorsed by the EU. As a result our accounting
policies also fully comply with IFRS accounting standards as issued by the IASB.
\u2022
Authorised for issue by the Board of TMICC on 18 March 2026 and subject to adoption by the
General Meeting
on 7 May 2026.
\u2022
Prepared under the historical cost convention, unless otherwise indicated.
\u2022
Prepared on a going concern basis.
\u2022
Presented in Euro, which is the Company\u2019s functional currency and Group\u2019s presentation currency.
\u2022
Rounded to the nearest million unless stated otherwise.
\u2022
The 2024 and 2023 comparative information is derived from the Combined Carve-out Financial
Statements as disclosed in the listing prospectus.
In December 2025, the Ice Cream business of Unilever was transferred to the Group (the Demerger).
In return, the Group issued shares in TMICC N.V. to the shareholders of Unilever PLC on 6 December
2025 and its shares were admitted to trading on Euronext Amsterdam, the London Stock Exchange,
and the New York Stock Exchange on 8 December. Management concluded that this transaction was
under common control.
Management decided to apply the book value method (predecessor accounting). As such, the
carrying amounts of the Unilever Ice Cream business as at the date of the Demerger have been
transferred to the Group. The separation from Unilever (\u201cSeparation\u201d) (refer to Note 21) was executed
as one single economic event yet sequenced via a series of legal proceedings and activities between
1 July 2025 and 8 December 2025.
Prior to the Demerger, the Ice Cream business was operated largely through legal entities that carried
out both Ice Cream and non-Ice Cream activities, as well as through dedicated subsidiaries within
Unilever. Between 1 July and 8 December 2025, Unilever established its Ice Cream business under the
intermediate holding company TMICC HoldCo B.V. From 1 July 2025, the Group and Unilever entered
into a Global Transitional Services Agreements (GTSA) to ensure business continuity (refer to Note 21).
\n
The following paragraphs include a description of the Basis of preparation principles and how
\n
estimates, judgements, and assumptions have been applied for the purpose of preparing the
\n
consolidated \ufb01nancial statements for the periods from the period 1 January 2025 until 30 June 2025
\n
and for the prior year comparatives.
\n
Net parent investment in previously reported \ufb01nancial statements has been renamed to Invested
\n
Capital, these terms are used interchangeably.
\n
Income statements and statements of other comprehensive income
\n\n \n
Unilever\u2019s general corporate
Expenses for support functions were provided centrally and recharged
expenses and shared expenses
to the Group. These included indirect central costs (primarily related to
the sales force and general marketing) and general corporate expenses
(primarily related to \ufb01nance, legal, information technology, human resources,
communications, and audit). These management charges were recharged
by Unilever based on direct usage when identi\ufb01able or based on a proportion
of revenue or other applicable measures, adjusted on a line-by-line basis
to re\ufb02ect speci\ufb01c local circumstances. These were deemed to have been
cash settled by the Group to Unilever in the period in which these costs were
accrued. From the period after 1 July 2025, these have been replaced by
charges arising from Transitional Service Agreements (See Note 21).
Operating costs including
Operating costs included amortisation and depreciation charges relating
amortisation and depreciation
to intangible assets, property, plant and equipment, and leased assets
and liabilities included in the \u2018as-if\u2019 balance sheet (see balance sheet items
below), and an allocation of amortisation and depreciation charges for
shared assets with Unilever utilised by the Group. These costs were deemed
to have been settled through Invested Capital.
Performance share plans
Certain employees of the Group participated in the Unilever performance
and other share awards
share plans and other share awards. Costs related to participating
employees were allocated to the Group based on a proportion of
revenue. In addition, the Group also received an allocation of share-based
compensation charges with respect to corporate employees of Unilever.
\n\n \n
Pension costs
Pension costs recorded in the consolidated income statements included
pension charges for dedicated Ice Cream employees and an allocation
based on revenue for other employees.
Net \ufb01nance costs
Included only net \ufb01nance costs incurred by the ice cream dedicated entities
that existed prior to the Separation. Interest incurred by Unilever or interest
on funding provided by Unilever as part of Unilever\u2019s invested capital was not
allocated to the Group.
Realised gains/ or losses
Unilever hedged foreign currency exposures using derivatives on the net
on forex derivatives
forex\u00a0exposure of the Unilever Group. However, given that the derivatives
were held at the Unilever level, they could not be accounted for in the
consolidated \ufb01nancial statements as the Group was not party to the
contracts. While there was no recognition of forex derivatives entered into by
Unilever in the consolidated \ufb01nancial statements, a proportional allocation
of the realised gains/ or losses on forex derivatives was recognised in the
income statement.
\n\n \n
Taxation
The total tax charge for the periods prior to the Separation was computed
on a territory-by-territory basis using the relevant country\u2019s e\ufb00ective tax rate
or, where more appropriate, its statutory tax rate. Where e\ufb00ective tax rates
were used, these were adjusted for any speci\ufb01c inclusions or exclusions
to ensure that they were speci\ufb01c to the Group. The tax rates were then
applied to countries\u2019 carved-out pro\ufb01t before tax, as adjusted for transfer
pricing impacts, to calculate the total tax charge attributable to the Group.
The\u00a0deferred tax balances and movements were calculated with\u00a0the
deferred tax movement being deducted from the total tax movement to
arrive at the current tax charge.
\n
Management believes the allocation methods applied in the comparative periods and for the \ufb01rst
\n
six months to be a reasonable re\ufb02ection of the utilisation of services provided by Unilever. However,
\n
di\ufb00erent allocation methods could have resulted in di\ufb00erent outcomes. Had the Group operated
\n
independently during the periods presented, the level of costs incurred would have been di\ufb00erent
\n
and would have been in\ufb02uenced by a number of factors including the chosen organisation structure,
\n
the functions that are outsourced as opposed to performed by employees, and by other strategic
\n
decisions made in areas such as information technology and infrastructure. The allocation methods
\n
are therefore not necessarily representative of the \ufb01nancial positions, results of operations or cash
\n
\ufb02ows that would have been reported if the Group operated on its own or as an entity independent
\n
from Unilever during the comparative periods. Actual cost levels may thus deviate from historical
\n
presentation.
\n
Cash \ufb02ow statement
\n
For the period from 1 January 2025 to 30 June 2025, and for the prior year comparatives, the
\n
statements of cash \ufb02ows have been prepared using the indirect method, in line with the Group\u2019s
\n
accounting policy.
\n
Under this method, pro\ufb01t or loss was adjusted for non-cash transactions, deferrals or accruals of
\n
past or future operating cash receipts or payments, and items of income or expense associated with
\n
investing or \ufb01nancing cash \ufb02ows. Up to the Demerger, Unilever used a centralised approach to cash
\n
management and \ufb01nancing its operations, and transactions between Unilever and the Ice Cream
\n
business were accounted for through Invested Capital. These cash \ufb02ows to and from Unilever have
\n
changed Unilever\u2019s investment in the Group and has been presented as \u2018Other transactions with
\n
Unilever\u2019 in the Consolidated statement of changes in equity. This relationship is presented in the
\n
\ufb01nancing activities as \u2018Transactions with Unilever\u2019.
\n
Accordingly, none of the cash, cash equivalents, debt or related interest income and expense at
\n
the\u00a0corporate level have been assigned to the Ice Cream business up to Separation, with the exception
\n
of cash, debt and related interest held by entities that only contained Ice Cream related activities.
\n
Historically, the Ice Cream business recognised payables and receivables with the related customers
\n
and suppliers. As a result of the GTSA entered into on 1 July 2025, these have been\u00a0replaced with
\n
positions directly with Unilever, which is acting as a service provider to the Group. Refer to Note 21 for
\n
more details on the GTSA.
\n
Any tax expenses described under taxation as part of the income statements and statements of
\n
other comprehensive income have been considered as tax paid in the cash \ufb02ow statements during
\n
the\u00a0period prior to the Demerger.
\n
Comparative period balance sheet
\n
The comparative balance sheet included Ice Cream assets and liabilities that were speci\ufb01cally
\n
identi\ufb01able or otherwise attributable to the Group as follows:
\n\n \n
Property, plant
This included \u201cowned assets\u201d and \u201cleased assets\u201d that were dedicated
and equipment
historically and were directly attributed to the Group. Shared central
property, plant and equipment such as head o\ufb03ces, regional o\ufb03ces and
associated equipment were excluded from the comparative balance sheet
as these assets would not be transferred to the Group.
Goodwill
This was derived by aggregating the goodwill balances from historic
acquisitions of Ice Cream brands since the Unilever Group\u2019s IFRS
implementation in 2005.
Trade and other
These were speci\ufb01cally assigned to the Group where identi\ufb01able or were
current receivables
allocated based on the relative percentage of Group revenue by customer,
which approximated allocation on an item-by-item basis.
Inventories
They were speci\ufb01cally identi\ufb01able and assigned to the Group.
Trade payables and
They were speci\ufb01cally assigned to the Group where identi\ufb01able or were
other liabilities
allocated based on the relative percentage of either Ice Cream purchases
or cost of sales, which approximates allocation on an item-by-item basis.
Payroll accruals were speci\ufb01cally assigned or were allocated to the Group
based on a proportion of revenue.
Provisions
They were speci\ufb01cally assigned to the Group where directly identi\ufb01able
or\u00a0based on the relative percentage of either Ice Cream revenue or cost
of sales, depending upon the nature of the provision. Contingent liabilities
were assigned on a consistent basis to provisions.
\n\n \n
Deferred tax
Deferred tax was calculated using three di\ufb00erent approaches depending
on the nature of the underlying item.
\u2022 For items with no associated tax base, the related amounts were tax
e\ufb00ected using the applicable local tax rate of the relevant legal entity.
\u2022 For Brands, the amounts included re\ufb02ected the deferred tax directly
attributable to the speci\ufb01c brands included in intangible assets.
\u2022 For property, plant and equipment, deferred tax has been determined by
applying a proportional approach based on the share of the underlying
asset\u2019s pre-tax value that is included in the consolidated \ufb01nancial
statements.
Derivatives
Unilever hedged commodity exposures using derivatives for the whole
Unilever business. Where Unilever applied cash \ufb02ow hedge accounting
to these derivatives, hedge accounting was applied to the derivatives
attributable to the Group.
Share capital
The Group did not constitute a separate legal group in the past
and\u00a0therefore was not meaningful to show share capital or an analysis
of reserves prior to the Separation. The net assets of the Group were
represented by the cumulative investment of the Unilever Group in the
Group (shown as \u2018\u2018Invested capital\u201d).
Intercompany receivables from,
Intercompany receivables from, and payables to, and funding from Unilever
and payables to
within dedicated Ice Cream legal entities were presented as part of related
party receivables, payables and loans, respectively.
Cash, cash equivalents, debt
None of the cash, cash equivalents or debt at the corporate level prior were
assigned to the Group, with the exception of cash, debt and related interest
held by entities that only contained Ice Cream related activities.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
De\ufb01ned bene\ufb01t plans
For de\ufb01ned bene\ufb01t plans for which the Group had a liability or when the
\u00a0
legal liability was linked to and followed the relevant Ice Cream employee,
\u00a0
balance sheet surplus or de\ufb01cit comprised the total of the estimated
\u00a0
market value of plan assets less the present value of the de\ufb01ned bene\ufb01t
\u00a0
liabilities. For de\ufb01ned bene\ufb01t plans for which the Group had no liability, or
\u00a0
where the number of Ice Cream employees was so low that any de\ufb01ned
\u00a0
bene\ufb01t exposure is not expected to be material, no assets or liabilities were
\u00a0
recognised.
\n
Accounting policies
The 2025 consolidated \ufb01nancial statements present the Group\u2019s results, assets, liabilities, and
cash \ufb02ows in accordance with IFRS 10, eliminating intercompany transactions through standard
consolidation procedures. In the period prior to the Demerger, IFRS 10 was applied as-if the Ice Cream
business was a standalone business. The previously issued \ufb01nancial statements were prepared and
issued on a combined, carve out basis as the Ice Cream business did not form part of a consolidated
group.
Material accounting policies are included in the relevant Notes to the consolidated \ufb01nancial statements
and presented as text highlighted in grey on pages 97 to 140. These accounting policies have been
applied consistently throughout the periods presented in the consolidated \ufb01nancial statements.
Foreign currencies
The consolidated \ufb01nancial statements are presented in Euros (\u20ac) which is the Group\u2019s presentation
currency.
Items included in the consolidated \ufb01nancial statements of individual Group companies or operations
are recorded in their respective functional currency, which is the currency of the primary economic
environment in which each entity operates.
Foreign currency transactions in individual Group companies or operations are translated into
functional currency using exchange rates at the date of the transaction. Foreign exchange gains and
losses from settlement of these transactions, and from translation of monetary assets and liabilities at
year-end exchange rates, are recognised in the income statement.
Following the Separation on 1 July 2025, the Group entered into contracts to hedge foreign currency
exposures, see Note 15 for further information.
In preparing these consolidated \ufb01nancial statements the balances in individual Group companies or
operations are translated from their functional currency into Euros. Apart from the \ufb01nancial statements
of Group companies in hyperin\ufb02ationary economies (see below), the income statement, the cash \ufb02ow
statement and all other movements in assets and liabilities are translated at average rates of exchange
as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and
liabilities are translated at year-end exchange rates.
The \ufb01nancial statements of Group companies whose functional currency is the currency of a
hyperin\ufb02ationary economy are adjusted for in\ufb02ation and then translated into Euros using the balance
sheet exchange rate. To determine the existence of hyperin\ufb02ation, the Group assesses the qualitative
and quantitative characteristics of the economic environment of the country, such as the cumulative
in\ufb02ation rate over the previous three years.
The e\ufb00ect of exchange rate changes during the year on the net assets of foreign operations is
recorded in the consolidated statement of comprehensive income.
Hyperin\ufb02ationary economies
The T\u00fcrkiye economy was designated as hyperin\ufb02ationary from 1 July 2022. As a result, application of
IAS 29 \u2018Financial Reporting in Hyperin\ufb02ationary Economies\u2019 has been applied to all Group units whose
functional currency is the Turkish lira. The application of IAS 29 includes:
\u2022
adjustment of historical cost non-monetary assets and liabilities for the change in purchasing
power caused by in\ufb02ation from the date of initial recognition to the balance sheet date;
\u2022
adjustment of the income statement for in\ufb02ation during the reporting period;
\u2022
translation of income statement at the period-end foreign exchange rate instead of an average rate;
\u2022
adjustment of the income statement to re\ufb02ect the impact of in\ufb02ation and exchange rate movement
on holding monetary assets and liabilities in local currency.
The main e\ufb00ects on the consolidated \ufb01nancial statements for T\u00fcrkiye are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Total assets increase/(reduction)
(7)
42
8
Revenue increase/(reduction)
(1)
79
20
Operating pro\ufb01t increase/(reduction)
(14)
7
1
Net monetary gain / (loss)
(31)
-
(10)
\n
Climate change
The Group does not believe that there is a material impact on the \ufb01nancial reporting judgements,
estimates and going concern assessment arising from the impact of Climate Change. To reach this
conclusion, Management has reviewed each balance sheet line item and identi\ufb01ed those line items
that could have a potential impact by climate-related risks and by the Group\u2019s plans to mitigate against
these risks. As a result, management ensured that:
\u2022
growth rates and projected cash \ufb02ows used in assessing whether goodwill and inde\ufb01nite-life
intangibles are impaired, are consistent with the Group\u2019s climate-related risk assumptions and the
actions being taken to mitigate against those risks (see Note 8);
\u2022
useful lives of the Group\u2019s property, plant and equipment are appropriate given the potential
physical and obsolescence risks associated with climate change and the actions being taken to
mitigate against those risks (see Note 9);
\u2022
in relation to the pension assets, the external pension trusts and funds operate diversi\ufb01ed strategies
taking into consideration climate risks.
Critical accounting estimates and judgements
The preparation of consolidated \ufb01nancial statements requires management to make estimates and
judgements in the application of accounting policies that a\ufb00ect the reported amounts of assets,
liabilities, income and expenses. Actual results may di\ufb00er from these estimates. Estimates and
judgements are continuously evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in any future period
a\ufb00ected.
Management are required to make certain estimates to achieve a reasonable allocation to the Ice
Cream Business of costs incurred centrally by Unilever, as described in the Basis of Preparation above.
The following estimates are those that management believe have the most signi\ufb01cant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
De\ufb01ned Bene\ufb01t Obligations -
Valuation depends on key actuarial assumptions including discount rates,
Measurement
in\ufb02ation and life expectancy of scheme members. Referenced in Note 4B.
Customer discounts -
Customer discounts are estimated where settlement depends on future
Measurement of variable
events (e.g., volume based promotions) or where su\ufb03cient reliable data is
consideration
not yet available. Most settlements occur within 12 months, so uncertainties
\u00a0
typically do not span multiple reporting periods. Due to the volume and
\u00a0
diversity of agreements, preparing a meaningful sensitivity analysis is
\u00a0
impracticable. However, the income statement impact of subsequent
\u00a0
adjustments is not material year-on-year.
The following judgements are those that management believe have the most signi\ufb01cant e\ufb00ect on the
amounts recognised in the Group consolidated \ufb01nancial statements:
Predecessor accounting
The Separation was accounted for as a business combination under
common control using predecessor accounting. The Group recognised the
di\ufb00erence between the net book value of the ice cream business transferred
to the Group and the fair value of the shares issued directly in Equity (See
Note 14 A). This is a judgment as there is no speci\ufb01c requirements in IFRS on
how to account for such transactions.
Principal vs Agent assessment
(Revenue recognition)
Under the Transitional Services Agreements, Unilever transacts with
customers on the Group\u2019s behalf, however, the Group sets prices, is
responsible to ful\ufb01l customer orders, and bears inventory risk. Accordingly,
the Group is the principal and recognises revenue gross, with Unilever
acting\u00a0as agent.
Deferred tax assets -
The business operates in many countries and is subject to taxes in numerous
Recognition
jurisdictions and following the transaction has recorded material amounts
of Deferred Tax on Goodwill and Intangibles assets. Management uses
judgement to assess the recoverability of tax assets such as whether there
will be su\ufb03cient future taxable pro\ufb01ts to utilise losses - see Note 6B.
Contingent liabilities -
Events can occur where there is uncertainty over future obligations.
Likelihood of occurrence
Judgement is required to determine if an out\ufb02ow of economic resources
is probable, or possible but not probable. Where it is probable, a liability is
recognised, and further judgement is used to determine the level of the
provision. Where it is possible but not probable, further judgement is used
to determine if the likelihood is remote, in which case no disclosures are
provided; if the likelihood is not remote then judgement is used to determine
the contingent liability disclosed. The business does not have provisions and
contingent liabilities for the same matters. External advice is obtained for any
material cases. See Notes 18 and 19.
Recent accounting developments adopted by the Group
All standards or amendments to standards that have been issued by the IASB and that were e\ufb00ective by
1 January 2025 were not applicable or material to the Group.
New standards, amendments and interpretations of existing standards that are not yet e\ufb00ective
and have not been early adopted by the Group.
Applicable standard
Key requirements or changes in accounting policy
Amendments to IFRS 9 and IFRS 7 \u2018The
In May 2024, International Accounting Standards Board (IASB)
Classi\ufb01cation and Measurement of Financial
amended IFRS 7 and IFRS 9 which includes clari\ufb01cations on
instruments\u2019 E\ufb00ective from the year ended 1
recognition and derecognition dates of certain \ufb01nancial assets
January 2026
and liabilities, including exceptions for liabilities settled through
\u00a0
electronic cash transfer systems. The Company is currently
\u00a0
evaluating the impact of the amendments.
IFRS 18 Presentation and Disclosure in
IFRS 18 will replace IAS 1 Presentation of Financial Statements.
Financial Statements E\ufb00ective 1 January
The new standard impacts presentation and disclosure
2027
of the consolidated income statement with new de\ufb01ned
\u00a0
categories being operating, investing and \ufb01nancing to provide
\u00a0
a consistent structure. Disclosures about Management-
\u00a0
de\ufb01ned Performance Measures (MPMs) (i.e. certain non-
\u00a0
GAAP measures) will have to be disclosed in the \ufb01nancial
\u00a0
statement with reconciliations to GAAP measures. The new
\u00a0
standard will also provide guidance on grouping of information
\u00a0
(aggregation/ disaggregation). The Group is currently
\u00a0
evaluating the impact of IFRS 18 on the consolidated \ufb01nancial
\u00a0
statements.
\n
All other new standards or amendments to standards issued by the IASB that are not yet e\ufb00ective are
not applicable or material to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "Prepared in accordance with the International Financial Reporting Standards (IFRS) as issued
by\u00a0the International Accounting Standards Board (IASB) and endorsed by the European Union
(EU). The consolidated \ufb01nancial statements comply with the statutory provisions of Part 9, Book
2 of the\u00a0Dutch Civil Code. All standards and interpretations issued by the IASB and the IFRS
Interpretation Committee e\ufb00ective 2025 have been endorsed by the EU. As a result our accounting
policies also fully comply with IFRS accounting standards as issued by the IASB. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "Authorised for issue by the Board of TMICC on 18 March 2026 and subject to adoption by the
General Meeting
on 7 May 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "Prepared on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "In December 2025, the Ice Cream business of Unilever was transferred to the Group (the Demerger). In return, the Group issued shares in TMICC N.V. to the shareholders of Unilever PLC on 6 December 2025 and its shares were admitted to trading on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange on 8 December. Management concluded that this transaction was under common control. Management decided to apply the book value method (predecessor accounting). As such, the carrying amounts of the Unilever Ice Cream business as at the date of the Demerger have been transferred to the Group. The separation from Unilever (\u201cSeparation\u201d) (refer to Note 21) was executed as one single economic event yet sequenced via a series of legal proceedings and activities between 1 July 2025 and 8 December 2025. Prior to the Demerger, the Ice Cream business was operated largely through legal entities that carried out both Ice Cream and non-Ice Cream activities, as well as through dedicated subsidiaries within Unilever. Between 1 July and 8 December 2025, Unilever established its Ice Cream business under the intermediate holding company TMICC HoldCo B.V. From 1 July 2025, the Group and Unilever entered into a Global Transitional Services Agreements (GTSA) to ensure business continuity (refer to Note 21). \nThe following paragraphs include a description of the Basis of preparation principles and how \nestimates, judgements, and assumptions have been applied for the purpose of preparing the \nconsolidated \ufb01nancial statements for the periods from the period 1 January 2025 until 30 June 2025 \nand for the prior year comparatives. \nNet parent investment in previously reported \ufb01nancial statements has been renamed to Invested \nCapital, these terms are used interchangeably. \nIncome statements and statements of other comprehensive income \n\n Unilever\u2019s general corporate Expenses for support functions were provided centrally and recharged expenses and shared expenses to the Group. These included indirect central costs (primarily related to the sales force and general marketing) and general corporate expenses (primarily related to \ufb01nance, legal, information technology, human resources, communications, and audit). These management charges were recharged by Unilever based on direct usage when identi\ufb01able or based on a proportion of revenue or other applicable measures, adjusted on a line-by-line basis to re\ufb02ect speci\ufb01c local circumstances. These were deemed to have been cash settled by the Group to Unilever in the period in which these costs were accrued. From the period after 1 July 2025, these have been replaced by charges arising from Transitional Service Agreements (See Note 21). Operating costs including Operating costs included amortisation and depreciation charges relating amortisation and depreciation to intangible assets, property, plant and equipment, and leased assets and liabilities included in the \u2018as-if\u2019 balance sheet (see balance sheet items below), and an allocation of amortisation and depreciation charges for shared assets with Unilever utilised by the Group. These costs were deemed to have been settled through Invested Capital. Performance share plans Certain employees of the Group participated in the Unilever performance and other share awards share plans and other share awards. Costs related to participating employees were allocated to the Group based on a proportion of revenue. In addition, the Group also received an allocation of share-based compensation charges with respect to corporate employees of Unilever. \n \n\n Pension costs Pension costs recorded in the consolidated income statements included pension charges for dedicated Ice Cream employees and an allocation based on revenue for other employees. Net \ufb01nance costs Included only net \ufb01nance costs incurred by the ice cream dedicated entities that existed prior to the Separation. Interest incurred by Unilever or interest on funding provided by Unilever as part of Unilever\u2019s invested capital was not allocated to the Group. Realised gains/ or losses Unilever hedged foreign currency exposures using derivatives on the net on forex derivatives forex\u00a0exposure of the Unilever Group. However, given that the derivatives were held at the Unilever level, they could not be accounted for in the consolidated \ufb01nancial statements as the Group was not party to the contracts. While there was no recognition of forex derivatives entered into by Unilever in the consolidated \ufb01nancial statements, a proportional allocation of the realised gains/ or losses on forex derivatives was recognised in the income statement. \n \n\n Taxation The total tax charge for the periods prior to the Separation was computed on a territory-by-territory basis using the relevant country\u2019s e\ufb00ective tax rate or, where more appropriate, its statutory tax rate. Where e\ufb00ective tax rates were used, these were adjusted for any speci\ufb01c inclusions or exclusions to ensure that they were speci\ufb01c to the Group. The tax rates were then applied to countries\u2019 carved-out pro\ufb01t before tax, as adjusted for transfer pricing impacts, to calculate the total tax charge attributable to the Group. The\u00a0deferred tax balances and movements were calculated with\u00a0the deferred tax movement being deducted from the total tax movement to arrive at the current tax charge. \n \nManagement believes the allocation methods applied in the comparative periods and for the \ufb01rst \nsix months to be a reasonable re\ufb02ection of the utilisation of services provided by Unilever. However, \ndi\ufb00erent allocation methods could have resulted in di\ufb00erent outcomes. Had the Group operated \nindependently during the periods presented, the level of costs incurred would have been di\ufb00erent \nand would have been in\ufb02uenced by a number of factors including the chosen organisation structure, \nthe functions that are outsourced as opposed to performed by employees, and by other strategic \ndecisions made in areas such as information technology and infrastructure. The allocation methods \nare therefore not necessarily representative of the \ufb01nancial positions, results of operations or cash \n\ufb02ows that would have been reported if the Group operated on its own or as an entity independent \nfrom Unilever during the comparative periods. Actual cost levels may thus deviate from historical \npresentation. \nCash \ufb02ow statement \nFor the period from 1 January 2025 to 30 June 2025, and for the prior year comparatives, the \nstatements of cash \ufb02ows have been prepared using the indirect method, in line with the Group\u2019s \naccounting policy. \nUnder this method, pro\ufb01t or loss was adjusted for non-cash transactions, deferrals or accruals of \npast or future operating cash receipts or payments, and items of income or expense associated with \ninvesting or \ufb01nancing cash \ufb02ows. Up to the Demerger, Unilever used a centralised approach to cash \nmanagement and \ufb01nancing its operations, and transactions between Unilever and the Ice Cream \nbusiness were accounted for through Invested Capital. These cash \ufb02ows to and from Unilever have \nchanged Unilever\u2019s investment in the Group and has been presented as \u2018Other transactions with \nUnilever\u2019 in the Consolidated statement of changes in equity. This relationship is presented in the \n\ufb01nancing activities as \u2018Transactions with Unilever\u2019. \nAccordingly, none of the cash, cash equivalents, debt or related interest income and expense at \nthe\u00a0corporate level have been assigned to the Ice Cream business up to Separation, with the exception \nof cash, debt and related interest held by entities that only contained Ice Cream related activities. \nHistorically, the Ice Cream business recognised payables and receivables with the related customers \nand suppliers. As a result of the GTSA entered into on 1 July 2025, these have been\u00a0replaced with \npositions directly with Unilever, which is acting as a service provider to the Group. Refer to Note 21 for \nmore details on the GTSA. \nAny tax expenses described under taxation as part of the income statements and statements of \nother comprehensive income have been considered as tax paid in the cash \ufb02ow statements during \nthe\u00a0period prior to the Demerger. \nComparative period balance sheet \nThe comparative balance sheet included Ice Cream assets and liabilities that were speci\ufb01cally \nidenti\ufb01able or otherwise attributable to the Group as follows: \n\n Property, plant This included \u201cowned assets\u201d and \u201cleased assets\u201d that were dedicated and equipment historically and were directly attributed to the Group. Shared central property, plant and equipment such as head o\ufb03ces, regional o\ufb03ces and associated equipment were excluded from the comparative balance sheet as these assets would not be transferred to the Group. Goodwill This was derived by aggregating the goodwill balances from historic acquisitions of Ice Cream brands since the Unilever Group\u2019s IFRS implementation in 2005. Trade and other These were speci\ufb01cally assigned to the Group where identi\ufb01able or were current receivables allocated based on the relative percentage of Group revenue by customer, which approximated allocation on an item-by-item basis. Inventories They were speci\ufb01cally identi\ufb01able and assigned to the Group. Trade payables and They were speci\ufb01cally assigned to the Group where identi\ufb01able or were other liabilities allocated based on the relative percentage of either Ice Cream purchases or cost of sales, which approximates allocation on an item-by-item basis. Payroll accruals were speci\ufb01cally assigned or were allocated to the Group based on a proportion of revenue. Provisions They were speci\ufb01cally assigned to the Group where directly identi\ufb01able or\u00a0based on the relative percentage of either Ice Cream revenue or cost of sales, depending upon the nature of the provision. Contingent liabilities were assigned on a consistent basis to provisions. \n \n\n Deferred tax Deferred tax was calculated using three di\ufb00erent approaches depending on the nature of the underlying item. \u2022 For items with no associated tax base, the related amounts were tax e\ufb00ected using the applicable local tax rate of the relevant legal entity. \u2022 For Brands, the amounts included re\ufb02ected the deferred tax directly attributable to the speci\ufb01c brands included in intangible assets. \u2022 For property, plant and equipment, deferred tax has been determined by applying a proportional approach based on the share of the underlying asset\u2019s pre-tax value that is included in the consolidated \ufb01nancial statements. Derivatives Unilever hedged commodity exposures using derivatives for the whole Unilever business. Where Unilever applied cash \ufb02ow hedge accounting to these derivatives, hedge accounting was applied to the derivatives attributable to the Group. Share capital The Group did not constitute a separate legal group in the past and\u00a0therefore was not meaningful to show share capital or an analysis of reserves prior to the Separation. The net assets of the Group were represented by the cumulative investment of the Unilever Group in the Group (shown as \u2018\u2018Invested capital\u201d). Intercompany receivables from, Intercompany receivables from, and payables to, and funding from Unilever and payables to within dedicated Ice Cream legal entities were presented as part of related party receivables, payables and loans, respectively. Cash, cash equivalents, debt None of the cash, cash equivalents or debt at the corporate level prior were assigned to the Group, with the exception of cash, debt and related interest held by entities that only contained Ice Cream related activities. \n \n\n\n\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\n\t\n\t\n\t\t\n\t\t\tDe\ufb01ned bene\ufb01t plans \n\t\t\tFor de\ufb01ned bene\ufb01t plans for which the Group had a liability or when the \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tlegal liability was linked to and followed the relevant Ice Cream employee, \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tbalance sheet surplus or de\ufb01cit comprised the total of the estimated \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tmarket value of plan assets less the present value of the de\ufb01ned bene\ufb01t \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tliabilities. For de\ufb01ned bene\ufb01t plans for which the Group had no liability, or \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\twhere the number of Ice Cream employees was so low that any de\ufb01ned \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tbene\ufb01t exposure is not expected to be material, no assets or liabilities were \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\trecognised. \n\t\t\n\t\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00542": { "value": "Accounting policies
The 2025 consolidated \ufb01nancial statements present the Group\u2019s results, assets, liabilities, and
cash \ufb02ows in accordance with IFRS 10, eliminating intercompany transactions through standard
consolidation procedures. In the period prior to the Demerger, IFRS 10 was applied as-if the Ice Cream
business was a standalone business. The previously issued \ufb01nancial statements were prepared and
issued on a combined, carve out basis as the Ice Cream business did not form part of a consolidated
group.
Material accounting policies are included in the relevant Notes to the consolidated \ufb01nancial statements
and presented as text highlighted in grey on pages 97 to 140. These accounting policies have been
applied consistently throughout the periods presented in the consolidated \ufb01nancial statements.
Foreign currencies
The consolidated \ufb01nancial statements are presented in Euros (\u20ac) which is the Group\u2019s presentation
currency.
Items included in the consolidated \ufb01nancial statements of individual Group companies or operations
are recorded in their respective functional currency, which is the currency of the primary economic
environment in which each entity operates.
Foreign currency transactions in individual Group companies or operations are translated into
functional currency using exchange rates at the date of the transaction. Foreign exchange gains and
losses from settlement of these transactions, and from translation of monetary assets and liabilities at
year-end exchange rates, are recognised in the income statement.
Following the Separation on 1 July 2025, the Group entered into contracts to hedge foreign currency
exposures, see Note 15 for further information.
In preparing these consolidated \ufb01nancial statements the balances in individual Group companies or
operations are translated from their functional currency into Euros. Apart from the \ufb01nancial statements
of Group companies in hyperin\ufb02ationary economies (see below), the income statement, the cash \ufb02ow
statement and all other movements in assets and liabilities are translated at average rates of exchange
as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and
liabilities are translated at year-end exchange rates.
The \ufb01nancial statements of Group companies whose functional currency is the currency of a
hyperin\ufb02ationary economy are adjusted for in\ufb02ation and then translated into Euros using the balance
sheet exchange rate. To determine the existence of hyperin\ufb02ation, the Group assesses the qualitative
and quantitative characteristics of the economic environment of the country, such as the cumulative
in\ufb02ation rate over the previous three years.
The e\ufb00ect of exchange rate changes during the year on the net assets of foreign operations is
recorded in the consolidated statement of comprehensive income.
Hyperin\ufb02ationary economies
The T\u00fcrkiye economy was designated as hyperin\ufb02ationary from 1 July 2022. As a result, application of
IAS 29 \u2018Financial Reporting in Hyperin\ufb02ationary Economies\u2019 has been applied to all Group units whose
functional currency is the Turkish lira. The application of IAS 29 includes:
\u2022
adjustment of historical cost non-monetary assets and liabilities for the change in purchasing
power caused by in\ufb02ation from the date of initial recognition to the balance sheet date;
\u2022
adjustment of the income statement for in\ufb02ation during the reporting period;
\u2022
translation of income statement at the period-end foreign exchange rate instead of an average rate;
\u2022
adjustment of the income statement to re\ufb02ect the impact of in\ufb02ation and exchange rate movement
on holding monetary assets and liabilities in local currency.
The main e\ufb00ects on the consolidated \ufb01nancial statements for T\u00fcrkiye are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Total assets increase/(reduction)
(7)
42
8
Revenue increase/(reduction)
(1)
79
20
Operating pro\ufb01t increase/(reduction)
(14)
7
1
Net monetary gain / (loss)
(31)
-
(10)
\nSegmental information
The Group is organised into three geographic regions (i) Europe and ANZ, (ii) Americas, and (iii)
AMEA.
\u2022
Europe and ANZ
: representing Europe, Australia\u00a0and New Zealand.
\u2022
Americas
: representing North America and South America.
\u2022
AMEA
: representing Africa, Asia and the Middle East (which includes T\u00fcrkiye).
Within the AMEA region, operations are further structured into two sub regions, each led by a
President. As a result, the Group has four operating segments. However, the two AMEA sub-regions
are aggregated into a single reportable segment due to their similar economic characteristics
and the nature of their products, services and regulatory environments of the predominant
markets. Consequently, the Group reports three reportable segments, with results presented after
intercompany eliminations. The segment information is based on the geographical location of our
legal entities.
Revenue
Revenue comprises sales of goods after the deduction of discounts, sales taxes and estimated
returns. It does not include intercompany sales. Discounts given by the Group include rebates, price
reductions and incentives given to customers, promotional couponing and trade communication
costs and are based on the contractual arrangements with each customer. Discounts can either be
immediately deducted from the sales value on the invoice or o\ufb00-invoice and settled later through
credit notes when the precise amounts are known. Amounts provided for discounts at the end of the
period require estimation; historical data and accumulated experience is used to assess the provision
using the most likely amount method and, in most instances, the discount can be recognised
using known facts. Any di\ufb00erences between actual amounts settled and the amounts provided
are recognised in the subsequent reporting period and the impact on the income statement is not
material year-on-year.
Customer contracts generally contain a single performance obligation and revenue is recognised
when control of products being sold has transferred to the Group\u2019s customer as there are no
longer any unful\ufb01lled obligations to the customer. This is generally on delivery to the customer but
depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal
customer acceptance. This is considered the appropriate point where the performance obligations
in the Group\u2019s contracts are satis\ufb01ed as the Group no longer has control over the inventory.
Customers have the contractual right to return goods only when authorised by the Group. If material,
an estimate has been made of goods that will be returned, and a liability has been recognised for
this amount. An asset is then recorded for the corresponding inventory that is estimated to return
to the Group using a best estimate based on accumulated experience. The Group\u2019s customers are
distributors who may be able to return unsold goods in consignment arrangements.
Revenue is recognised where the Group controls the goods prior to transfer to the customer and
bears the associated inventory risk. For more detail refers to Note 21.
Adjusted EBIT and Adjusted EBITDA
Adjusted EBIT refers to operating pro\ufb01t before adjusting items within operating pro\ufb01t. Adjusted
EBITDA is de\ufb01ned as Adjusted EBIT before the impact of depreciation, amortisation. They represent
the Group\u2019s measures for the performance of each segment pro\ufb01t or loss. Adjusting items within
operating pro\ufb01t include impairment, restructuring costs, acquisition and disposal related costs and
other one-o\ufb00 items classi\ufb01ed separately due to their nature and/or frequency of occurrence (See
Note 3).
Adjusted EBIT margin and Adjusted EBITDA margin are calculated as the respective adjusted
measure divided by revenue for the period. Operating costs
Operating costs include cost of sales, selling, general and administrative expenses and other items
including gains and losses on business disposals, acquisition and disposal-related costs,
restructuring costs, impairments and other items within operating pro\ufb01t recognised separately due to
their nature and/or frequency. Depreciation and amortisation are included mainly within Cost of Sales
and Selling, general and administrative expenses. For further details in relation to the Transitional
Period refer to Note 21.
(i) Cost of sales
Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost
of inventories are raw and packaging materials and related production costs. Distribution costs are
charged to the income statement as incurred.
(ii) Selling, general and administrative expenses
Selling, general and administrative expenses comprise advertising and promotion and overheads.
Advertising and promotion spend includes costs incurred for the purpose of building and maintaining
brand equity and awareness. Overheads include sta\ufb00 costs associated with sales activities and
central functions, and research and development costs which are sta\ufb00 costs, material costs,
depreciation and other costs directly attributable to research and development activities.
(iii) Restructuring costs
Restructuring costs are costs that are directly attributable to a restructuring project. Management
de\ufb01nes a restructuring project as a strategic, major initiative that delivers cost savings and materially
change either the scope of the business or the manner in which business is conducted.
(iv) Acquisition and disposal-related costs
Acquisition and disposal-related costs are costs that are directly attributable to a business
acquisition or disposal project.
(v) Impairment of assets
Impairment of assets including goodwill, intangible assets and property, plant and equipment.
(vi) Gains or losses from the disposal of group companies
Gains or losses from the disposal of group companies which arise from business disposal projects.
(vii) Others
Other approved one-o\ufb00 items are those additional matters considered by management to be
signi\ufb01cant and outside the course of normal operations.The Group operates both de\ufb01ned contribution plans and de\ufb01ned bene\ufb01t plans.
For de\ufb01ned contribution plans, the charges to the income statement are the Group contributions
payable, as the Group\u2019s obligation is limited to the contributions paid into the plans. The assets and
liabilities of such plans are not included in the balance sheet of the Group.
For de\ufb01ned bene\ufb01t plans, operating and \ufb01nance costs are recognised separately in the income
statement. The amount charged to operating cost in the income statement is the cost of accruing
bene\ufb01ts promised to employees over the year. In addition, there are also plan administration
costs and costs and/or credits arising from one-o\ufb00 events such as past service bene\ufb01t changes,
settlements and curtailments. These one-o\ufb00 events are fully recognised as they occur in the
income statement. The net amount charged or credited to \ufb01nance costs is calculated by applying
the discount rate of the de\ufb01ned bene\ufb01t obligation to net pension asset or liability at the prior year
end as\u00a0recognised in the balance sheet.The net pension asset or liability recognised in the balance
sheets in respect of de\ufb01ned bene\ufb01t plans is the fair value of the plan assets less the present value of
the de\ufb01ned bene\ufb01t obligation at the balance sheet date. The de\ufb01ned bene\ufb01t obligation is calculated
annually by quali\ufb01ed actuaries using the projected unit credit method for our plans with a liability over
\u20ac10 million. For other plans with a liability below \u20ac 10 million but over \u20ac 1 million, it is calculated once
every three years. De\ufb01ned bene\ufb01ts plan below \u20ac1 million are accounted as de\ufb01ned contributions
plans. Recognised assets are limited to the present value of any reductions in future contributions
or any future refunds. The net pension liability is presented as a long-term provision; no distinction is
made for the short-term portion.
To make actuarial calculations for the valuation of de\ufb01ned bene\ufb01t obligations, assumptions are
needed for discount rates, healthcare cost increases, future salary increases, future pension
increases, life expectancy and employee turnover rates. The actuarial calculations are made by
external actuaries based on inputs from observable market data, such as corporate bond returns
and yield curves to determine the discount rates, mortality tables to determine life expectancy,
and\u00a0in\ufb02ation rates to determine future salary increases and future pension increases.
Remeasurements of the net de\ufb01ned bene\ufb01t asset or liability comprise actuarial gains and losses,
the\u00a0return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (excluding interest).
The Group recognises all remeasurements in other comprehensive income and in other reserves.
The Group\u2019s net obligation with respect to other long-term employee bene\ufb01ts is the amount of future
bene\ufb01t that employees have earned in return for their service in the current and prior periods, such as
jubilee entitlements. That bene\ufb01t is discounted to determine its present value. Remeasurements are
recognised in the consolidated statements of income in the period in which they arise. The fair value of awards at grant date is calculated using observable market price. This value is
expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed
and adjusted to re\ufb02ect changes to the level of awards expected to vest, except where this arises from
a failure to meet a market condition. Any cancellations are recognised immediately in the income
statement. Where the terms of an award are modi\ufb01ed, the incremental fair value arising from the
modi\ufb01cation is recognised over the remaining vesting period. Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.Income tax on the pro\ufb01t for the year comprises current and deferred tax. Income tax is recognised
in the income statement except to the extent that it relates to items recognised directly in equity or
Invested Capital. See Note 1 for further detail on the estimation of the tax charge for the purposes of
the comparatives.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted
or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of
previous years.
Total tax in the consolidated income statement will di\ufb00er from the income tax paid in the consolidated
cash \ufb02ow statement primarily because of deferred tax arising on temporary di\ufb00erences and payment
dates for income tax occurring after the balance sheet date.
The Group is subject to taxation in the many countries in which it operates. The tax legislation of
these countries di\ufb00ers, is often complex and is subject to interpretation by management and the
government authorities. These matters of judgement give rise to the need to create provisions for tax
payments that may arise in future years with respect to transactions already undertaken. Provisions
take into account the circumstances of each case, including the strength of technical arguments,
recent case law decisions or rulings on similar issues and relevant external advice. Provisions are
estimated based on one of two methods, the expected value method (the sum of the probability
weighted amounts in a range of possible outcomes) or the single most likely amount method,
depending on which is expected to better predict the resolution of the uncertainty.Deferred tax is recognised using the liability method on taxable temporary di\ufb00erences between
the tax base and the accounting base of items included in the balance sheet of the Group. Certain
temporary di\ufb00erences are not provided for as follows:
\u2022
goodwill not deductible for tax purposes;
\u2022
the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t;
\u2022
di\ufb00erences relating to investments in subsidiaries to the extent that it is probable that they will not
reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the
year end.
The Group has applied the exemption to not recognise or disclose any deferred tax related to Pillar II
income taxes.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will
be available against which the asset can be utilised. Deferred tax assets are reduced to the extent
that it is no longer probable that the related tax bene\ufb01t will be realised.
Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current
tax assets against current tax liabilities and when the deferred income taxes relate to the same \ufb01scal
authority. Income tax is recognised in other comprehensive income for items recognised directly in Shareholders\u2019 Equity.The earnings per share calculations are based on the weighted average number of ordinary shares of
TMICC in issue from the date of the Demerger, being 8 December 2025, less the weighted average
number of shares held as treasury shares. As no changes to the number of shares in issue occurred
following the Demerger, the weighted average number of shares for the period is equal to the number
of shares issued on that date.
In calculating diluted earnings per share, the weighted average number of shares is adjusted to
re\ufb02ect the dilutive e\ufb00ect of potential ordinary shares, principally arising from employee and executive
share-based payment arrangements.Goodwill
Goodwill is initially recognised based on the accounting policy for business combinations (see
Note 20). Goodwill arising from a business combination is allocated to the Group\u2019s cash-generating
units\u00a0(\u201cCGUs\u201d) or groups of CGUs that are expected to bene\ufb01t from the synergies of the combination.
Where the acquired business does not constitute a separate CGU, goodwill is allocated to the
existing CGUs of the Group in accordance with the organisational structure described below.
The\u00a0CGUs to which goodwill is allocated may not necessarily be the same CGUs to which the
identi\ufb01able assets and liabilities of the acquired business are assigned.
Intangible assets
Separately purchased intangible assets are initially measured at cost, being the purchase price at
the date of acquisition. Intangible assets acquired as part of a business combination are recognised
separately from goodwill where they meet the de\ufb01nition of an identi\ufb01able intangible asset and are
initially measured at fair value at the acquisition date.
Expenditure on internally generated intangible assets, including development expenditure, is
recognised in pro\ufb01t or loss as incurred.
Inde\ufb01nite-life intangible assets mainly comprise acquired brands, for which there is no foreseeable
limit to the period over which they are expected to generate net cash in\ufb02ows. These assets are
assessed as having an inde\ufb01nite useful life due to the strength and durability of the brands and the
level of ongoing marketing support. Inde\ufb01nite-life intangible assets are not amortised but are tested
for impairment annually, or more frequently if events or changes in circumstances indicate that they
may be impaired. Any impairment losses are recognised in the income statement as they arise.
Finite-life intangible assets mainly comprise software, trademarks, licences and technology. These
assets are amortised on a straight-line basis over their estimated useful lives, or over the period of
legal rights if shorter. Finite-life intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
Cash generating units
The Group\u2019s assets are grouped into CGUs, which represent the smallest identi\ufb01able groups of
assets that generate largely independent cash in\ufb02ows. These CGUs are aligned with the Group\u2019s
organisational structure of regions and sub-regions.
Impairment review
Impairment testing is performed by comparing the carrying amount of each CGU or group of CGUs
with its recoverable amount. The recoverable amount is determined as the higher of value in use
and fair value less costs of disposal, with value in use being the primary basis of measurement. Any
impairment losses identi\ufb01ed are recognised in the income statement as they arise.The Group\u2019s property, plant and equipment is comprised of owned assets (note 9A) and leased
assets (note 9B). Property, plant and equipment is measured at cost less depreciation and
accumulated impairment losses.
Property, plant and equipment is subject to review for impairment if triggering events or circum-
stances indicate that this is necessary. If an indication of impairment exists, the asset\u2019s recoverable
amount is estimated, and any impairment loss is charged to the income statement as it arises.
Owned assets
Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line
basis over the expected average useful lives of the assets. Residual values and useful lives are
reviewed at least annually. The review of residual values and useful lives has taken into consideration
the impacts of climate change and the actions the Group undertakes to mitigate and adapt against
these climate-related risks and there is no material impact on the income statement for\u00a0this year.
Estimated useful lives by major class of assets are as follows:
\u2022
Leasehold land and buildings
40 years (or life of lease if less)
\u2022
Plant and equipment
2-20 years
\u2022
Freehold buildings (no depreciation on freehold land)
40 years
Leased assets
The cost of a leased asset is measured as the lease liability at inception of the lease contract
and other direct costs less any incentives granted by the lessor. The Group has not capitalised
leases which are less than 12 months or leases with low value assets. These mainly relate to IT
equipment, o\ufb03ce equipment, furniture and \ufb01ttings and other peripheral items. When a lease liability
is\u00a0remeasured, the related lease asset is adjusted by the same amount.
Depreciation is provided on a straight-line basis from the commencement date of the lease to the
end\u00a0of the lease term.Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises
direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable
value is the estimated selling price less the estimated costs necessary to make the sale.Trade and other current receivables are initially recognised at fair value plus any directly attributable
transaction costs. Subsequently, these assets are held at amortised cost, using the e\ufb00ective interest
method and net of any impairment losses. Discounts payable to customers are shown as a reduction
in trade receivables when there are a legal right and intent to settle them on a net basis.Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs.
Trade payables are subsequently measured at amortised cost, using the e\ufb00ective interest method.
Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs.
Subsequent measurement depends on the type of liability:
\u2022
Accruals are subsequently measured at amortised cost, using the e\ufb00ective interest method.
\u2022
Social security and sundry taxes are subsequently measured at amortised cost, using the
e\ufb00ective interest method.
\u2022
Others are subsequently measured either at amortised cost, using the e\ufb00ective interest method
or at\u00a0fair value, with changes being recognised in the income statement.Ordinary shares
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of
ordinary shares are recognised as a deduction from equity, net of any tax e\ufb00ects.
Other reserves
Other reserves include the foreign currency translation reserve and the cash \ufb02ow hedge reserve.
It also includes the di\ufb00erence between the fair value of the shares issued in 2025 and the net book
value of the business transferred to the Group under common control business combination.
Share-based compensation
The Group operates a number of share-based compensation plans involving awards of ordinary
shares of TMICC N.V.
Derivative \ufb01nancial instruments
The Group\u2019s use of, and accounting for, derivative instruments is explained in Note 15.
Financial liabilities
Financial liabilities are initially recognised at fair value, less any directly related transaction costs.
When bonds are designated as being part of a fair value hedge relationship, in those cases bonds
are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in
value shown in the income statement. Put options are initially recognised at the present value of the
expected gross obligation, with changes in value being recognised in \ufb01nance costs.
Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not yet paid at
the start of the lease term. This is discounted using an appropriate borrowing rate determined by the
Group, where none is readily available in the lease contract. The lease liability is subsequently reduced
by cash payments and increased by interest costs. The lease liability is remeasured when the Group
assesses that there will be a change in the amount expected to be paid during the lease term.Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred.
The\u00a0treatment of changes in the value of derivatives depends on their use as explained below.
Cash \ufb02ow hedges
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash
\ufb02ows. Such derivatives are classi\ufb01ed as being part of cash \ufb02ow hedge relationships. For an e\ufb00ective
hedge, gains and losses from changes in the fair value of derivatives are recognised in equity.
Cost of hedging, where material and opted for, is recorded within equity. Any ine\ufb00ective elements
of the hedge are recognised in \ufb01nance costs. Ine\ufb00ectiveness may occur if there are changes to the
expected timing of the hedged transaction. If the hedged cash \ufb02ow relates to a non-\ufb01nancial asset,
the amount accumulated in equity is subsequently included within the carrying value of that asset.
For other cash \ufb02ow hedges, amounts deferred in equity are taken to \ufb01nance costs at the same time
as the related cash \ufb02ow.
When a derivative no longer quali\ufb01es for hedge accounting, any cumulative gain or loss remains in
equity until the related cash \ufb02ow occurs. When the cash \ufb02ow takes place, the cumulative gain or loss
is taken to \ufb01nance costs. If the hedged cash \ufb02ow is no longer expected to occur, the cumulative gain
or loss is taken to \ufb01nance costs immediately.
Derivatives for which hedge accounting is not applied
Derivatives not classi\ufb01ed as hedges are held in order to hedge certain balance sheet items and
commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair
value with changes being recognised in \ufb01nance costs. Cash and cash equivalents
Cash and cash equivalents in the consolidated balance sheet include deposits and short-term
deposits. To be classi\ufb01ed as cash and cash equivalents, an asset must:
\u2022
be readily convertible into cash;
\u2022
have an insigni\ufb01cant risk of changes in value; and
\u2022
have a maturity period of three months or less at acquisition.
Cash and cash equivalents in the cash \ufb02ow statement also include bank overdrafts and are recorded
at\u00a0amortised cost. Provisions are recognised where a legal or constructive obligation exists at the balance sheet date,
as a result of a past event, where the amount of the obligation can be reliably estimated and where the
out\ufb02ow of economic bene\ufb01t is probable.Lease commitments are the future cash out \ufb02ows from the lease contracts which are not recorded in
the measurement of lease liabilities. These include potential future payments related to leases of low
value assets, leases which are less than twelve months, variable leases, extension and termination
options and leases not yet commenced but which the Group has committed to. Contingent liabilities are either possible obligations that will probably not require a transfer of
economic bene\ufb01ts, or present obligations that may, but probably will not, require a transfer of
economic bene\ufb01ts. It is not appropriate to make provisions for contingent liabilities, but there is a
chance that they will result in an obligation in the future. Assessing the amount of liabilities that are
not probable is highly judgemental, so contingent liabilities are disclosed on the basis of the known
maximum exposure.Business combinations are accounted for using the acquisition accounting method as at the
acquisition date, which is the date at which control is transferred to the Group.
Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-
controlling interests and the fair value of any previously held equity interests less the net recognised
amount (which is generally fair value) of the identi\ufb01able assets and liabilities assumed. Goodwill is
subject to an annual review for impairment (or more frequently if necessary) in accordance with the
accounting policies of the Group. Any impairment is charged to the income statement as it arises.
Detailed information relating to goodwill is provided in Note 8.
Transaction costs are expensed as incurred. A related party is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the in\ufb02uence or control of the Group.Where events occurring after the balance sheet date provide evidence of conditions that existed
at\u00a0the end of the reporting period, the impact of these events is adjusted within the consolidated
\ufb01nancial statements. Otherwise, events after the balance sheet date of a material size or nature are
disclosed\u00a0below.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00579": { "value": "Accounting policies
The 2025 consolidated \ufb01nancial statements present the Group\u2019s results, assets, liabilities, and
cash \ufb02ows in accordance with IFRS 10, eliminating intercompany transactions through standard
consolidation procedures. In the period prior to the Demerger, IFRS 10 was applied as-if the Ice Cream
business was a standalone business. The previously issued \ufb01nancial statements were prepared and
issued on a combined, carve out basis as the Ice Cream business did not form part of a consolidated
group.
Material accounting policies are included in the relevant Notes to the consolidated \ufb01nancial statements
and presented as text highlighted in grey on pages 97 to 140. These accounting policies have been
applied consistently throughout the periods presented in the consolidated \ufb01nancial statements.Hyperin\ufb02ationary economies
The T\u00fcrkiye economy was designated as hyperin\ufb02ationary from 1 July 2022. As a result, application of
IAS 29 \u2018Financial Reporting in Hyperin\ufb02ationary Economies\u2019 has been applied to all Group units whose
functional currency is the Turkish lira. The application of IAS 29 includes:
\u2022
adjustment of historical cost non-monetary assets and liabilities for the change in purchasing
power caused by in\ufb02ation from the date of initial recognition to the balance sheet date;
\u2022
adjustment of the income statement for in\ufb02ation during the reporting period;
\u2022
translation of income statement at the period-end foreign exchange rate instead of an average rate;
\u2022
adjustment of the income statement to re\ufb02ect the impact of in\ufb02ation and exchange rate movement
on holding monetary assets and liabilities in local currency. Operating costs
Operating costs include cost of sales, selling, general and administrative expenses and other items
including gains and losses on business disposals, acquisition and disposal-related costs,
restructuring costs, impairments and other items within operating pro\ufb01t recognised separately due to
their nature and/or frequency. Depreciation and amortisation are included mainly within Cost of Sales
and Selling, general and administrative expenses. For further details in relation to the Transitional
Period refer to Note 21.
(i) Cost of sales
Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost
of inventories are raw and packaging materials and related production costs. Distribution costs are
charged to the income statement as incurred.
(ii) Selling, general and administrative expenses
Selling, general and administrative expenses comprise advertising and promotion and overheads.
Advertising and promotion spend includes costs incurred for the purpose of building and maintaining
brand equity and awareness. Overheads include sta\ufb00 costs associated with sales activities and
central functions, and research and development costs which are sta\ufb00 costs, material costs,
depreciation and other costs directly attributable to research and development activities.
(iii) Restructuring costs
Restructuring costs are costs that are directly attributable to a restructuring project. Management
de\ufb01nes a restructuring project as a strategic, major initiative that delivers cost savings and materially
change either the scope of the business or the manner in which business is conducted.
(iv) Acquisition and disposal-related costs
Acquisition and disposal-related costs are costs that are directly attributable to a business
acquisition or disposal project.
(v) Impairment of assets
Impairment of assets including goodwill, intangible assets and property, plant and equipment.
(vi) Gains or losses from the disposal of group companies
Gains or losses from the disposal of group companies which arise from business disposal projects.
(vii) Others
Other approved one-o\ufb00 items are those additional matters considered by management to be
signi\ufb01cant and outside the course of normal operations.The Group operates both de\ufb01ned contribution plans and de\ufb01ned bene\ufb01t plans.
For de\ufb01ned contribution plans, the charges to the income statement are the Group contributions
payable, as the Group\u2019s obligation is limited to the contributions paid into the plans. The assets and
liabilities of such plans are not included in the balance sheet of the Group.
For de\ufb01ned bene\ufb01t plans, operating and \ufb01nance costs are recognised separately in the income
statement. The amount charged to operating cost in the income statement is the cost of accruing
bene\ufb01ts promised to employees over the year. In addition, there are also plan administration
costs and costs and/or credits arising from one-o\ufb00 events such as past service bene\ufb01t changes,
settlements and curtailments. These one-o\ufb00 events are fully recognised as they occur in the
income statement. The net amount charged or credited to \ufb01nance costs is calculated by applying
the discount rate of the de\ufb01ned bene\ufb01t obligation to net pension asset or liability at the prior year
end as\u00a0recognised in the balance sheet.The net pension asset or liability recognised in the balance
sheets in respect of de\ufb01ned bene\ufb01t plans is the fair value of the plan assets less the present value of
the de\ufb01ned bene\ufb01t obligation at the balance sheet date. The de\ufb01ned bene\ufb01t obligation is calculated
annually by quali\ufb01ed actuaries using the projected unit credit method for our plans with a liability over
\u20ac10 million. For other plans with a liability below \u20ac 10 million but over \u20ac 1 million, it is calculated once
every three years. De\ufb01ned bene\ufb01ts plan below \u20ac1 million are accounted as de\ufb01ned contributions
plans. Recognised assets are limited to the present value of any reductions in future contributions
or any future refunds. The net pension liability is presented as a long-term provision; no distinction is
made for the short-term portion.
To make actuarial calculations for the valuation of de\ufb01ned bene\ufb01t obligations, assumptions are
needed for discount rates, healthcare cost increases, future salary increases, future pension
increases, life expectancy and employee turnover rates. The actuarial calculations are made by
external actuaries based on inputs from observable market data, such as corporate bond returns
and yield curves to determine the discount rates, mortality tables to determine life expectancy,
and\u00a0in\ufb02ation rates to determine future salary increases and future pension increases.
Remeasurements of the net de\ufb01ned bene\ufb01t asset or liability comprise actuarial gains and losses,
the\u00a0return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (excluding interest).
The Group recognises all remeasurements in other comprehensive income and in other reserves.
The Group\u2019s net obligation with respect to other long-term employee bene\ufb01ts is the amount of future
bene\ufb01t that employees have earned in return for their service in the current and prior periods, such as
jubilee entitlements. That bene\ufb01t is discounted to determine its present value. Remeasurements are
recognised in the consolidated statements of income in the period in which they arise. The fair value of awards at grant date is calculated using observable market price. This value is
expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed
and adjusted to re\ufb02ect changes to the level of awards expected to vest, except where this arises from
a failure to meet a market condition. Any cancellations are recognised immediately in the income
statement. Where the terms of an award are modi\ufb01ed, the incremental fair value arising from the
modi\ufb01cation is recognised over the remaining vesting period. Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.Income tax on the pro\ufb01t for the year comprises current and deferred tax. Income tax is recognised
in the income statement except to the extent that it relates to items recognised directly in equity or
Invested Capital. See Note 1 for further detail on the estimation of the tax charge for the purposes of
the comparatives.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted
or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of
previous years.
Total tax in the consolidated income statement will di\ufb00er from the income tax paid in the consolidated
cash \ufb02ow statement primarily because of deferred tax arising on temporary di\ufb00erences and payment
dates for income tax occurring after the balance sheet date.
The Group is subject to taxation in the many countries in which it operates. The tax legislation of
these countries di\ufb00ers, is often complex and is subject to interpretation by management and the
government authorities. These matters of judgement give rise to the need to create provisions for tax
payments that may arise in future years with respect to transactions already undertaken. Provisions
take into account the circumstances of each case, including the strength of technical arguments,
recent case law decisions or rulings on similar issues and relevant external advice. Provisions are
estimated based on one of two methods, the expected value method (the sum of the probability
weighted amounts in a range of possible outcomes) or the single most likely amount method,
depending on which is expected to better predict the resolution of the uncertainty.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "The 2025 consolidated \ufb01nancial statements present the Group\u2019s results, assets, liabilities, and
cash \ufb02ows in accordance with IFRS 10, eliminating intercompany transactions through standard
consolidation procedures. In the period prior to the Demerger, IFRS 10 was applied as-if the Ice Cream
business was a standalone business. The previously issued \ufb01nancial statements were prepared and
issued on a combined, carve out basis as the Ice Cream business did not form part of a consolidated
group.
Material accounting policies are included in the relevant Notes to the consolidated \ufb01nancial statements
and presented as text highlighted in grey on pages 97 to 140. These accounting policies have been
applied consistently throughout the periods presented in the consolidated \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "Foreign currencies
The consolidated \ufb01nancial statements are presented in Euros (\u20ac) which is the Group\u2019s presentation
currency.
Items included in the consolidated \ufb01nancial statements of individual Group companies or operations
are recorded in their respective functional currency, which is the currency of the primary economic
environment in which each entity operates.
Foreign currency transactions in individual Group companies or operations are translated into
functional currency using exchange rates at the date of the transaction. Foreign exchange gains and
losses from settlement of these transactions, and from translation of monetary assets and liabilities at
year-end exchange rates, are recognised in the income statement.
Following the Separation on 1 July 2025, the Group entered into contracts to hedge foreign currency
exposures, see Note 15 for further information.
In preparing these consolidated \ufb01nancial statements the balances in individual Group companies or
operations are translated from their functional currency into Euros. Apart from the \ufb01nancial statements
of Group companies in hyperin\ufb02ationary economies (see below), the income statement, the cash \ufb02ow
statement and all other movements in assets and liabilities are translated at average rates of exchange
as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and
liabilities are translated at year-end exchange rates.
The \ufb01nancial statements of Group companies whose functional currency is the currency of a
hyperin\ufb02ationary economy are adjusted for in\ufb02ation and then translated into Euros using the balance
sheet exchange rate. To determine the existence of hyperin\ufb02ation, the Group assesses the qualitative
and quantitative characteristics of the economic environment of the country, such as the cumulative
in\ufb02ation rate over the previous three years.
The e\ufb00ect of exchange rate changes during the year on the net assets of foreign operations is
recorded in the consolidated statement of comprehensive income.
Hyperin\ufb02ationary economies
The T\u00fcrkiye economy was designated as hyperin\ufb02ationary from 1 July 2022. As a result, application of
IAS 29 \u2018Financial Reporting in Hyperin\ufb02ationary Economies\u2019 has been applied to all Group units whose
functional currency is the Turkish lira. The application of IAS 29 includes:
\u2022
adjustment of historical cost non-monetary assets and liabilities for the change in purchasing
power caused by in\ufb02ation from the date of initial recognition to the balance sheet date;
\u2022
adjustment of the income statement for in\ufb02ation during the reporting period;
\u2022
translation of income statement at the period-end foreign exchange rate instead of an average rate;
\u2022
adjustment of the income statement to re\ufb02ect the impact of in\ufb02ation and exchange rate movement
on holding monetary assets and liabilities in local currency.
The main e\ufb00ects on the consolidated \ufb01nancial statements for T\u00fcrkiye are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Total assets increase/(reduction)
(7)
42
8
Revenue increase/(reduction)
(1)
79
20
Operating pro\ufb01t increase/(reduction)
(14)
7
1
Net monetary gain / (loss)
(31)
-
(10)
\nExchange gains and losses within operating costs in 2025 are \u20ac0.6 million loss (2024: \u20ac3 million gain, 2023: \u20ac13 million loss).\n\n \u00a0 \u00a0
In millions of \u20ac
Note
2025
2024
2023
Finance expenses
(a)
(139)
(13)
(10)
- Interest expense
14C
(117)
(6)
(3)
- Net Foreign Exchange gain or loss
(13)
-
-
- Interest on lease liabilities
(9)
(7)
(7)
Pensions and similar obligations
(9)
(12)
(11)
Finance income
27
8
1
-Gain/(loss) on remeasurement of put option
14B
12
6
-
-Other \ufb01nance income
15
2
1
Net Finance Costs
(121)
(17)
(20)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00587": { "value": "Foreign currencies
The consolidated \ufb01nancial statements are presented in Euros (\u20ac) which is the Group\u2019s presentation
currency.
Items included in the consolidated \ufb01nancial statements of individual Group companies or operations
are recorded in their respective functional currency, which is the currency of the primary economic
environment in which each entity operates.
Foreign currency transactions in individual Group companies or operations are translated into
functional currency using exchange rates at the date of the transaction. Foreign exchange gains and
losses from settlement of these transactions, and from translation of monetary assets and liabilities at
year-end exchange rates, are recognised in the income statement.
Following the Separation on 1 July 2025, the Group entered into contracts to hedge foreign currency
exposures, see Note 15 for further information.
In preparing these consolidated \ufb01nancial statements the balances in individual Group companies or
operations are translated from their functional currency into Euros. Apart from the \ufb01nancial statements
of Group companies in hyperin\ufb02ationary economies (see below), the income statement, the cash \ufb02ow
statement and all other movements in assets and liabilities are translated at average rates of exchange
as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and
liabilities are translated at year-end exchange rates.
The \ufb01nancial statements of Group companies whose functional currency is the currency of a
hyperin\ufb02ationary economy are adjusted for in\ufb02ation and then translated into Euros using the balance
sheet exchange rate. To determine the existence of hyperin\ufb02ation, the Group assesses the qualitative
and quantitative characteristics of the economic environment of the country, such as the cumulative
in\ufb02ation rate over the previous three years.
The e\ufb00ect of exchange rate changes during the year on the net assets of foreign operations is
recorded in the consolidated statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "Hyperin\ufb02ationary economies
The T\u00fcrkiye economy was designated as hyperin\ufb02ationary from 1 July 2022. As a result, application of
IAS 29 \u2018Financial Reporting in Hyperin\ufb02ationary Economies\u2019 has been applied to all Group units whose
functional currency is the Turkish lira. The application of IAS 29 includes:
\u2022
adjustment of historical cost non-monetary assets and liabilities for the change in purchasing
power caused by in\ufb02ation from the date of initial recognition to the balance sheet date;
\u2022
adjustment of the income statement for in\ufb02ation during the reporting period;
\u2022
translation of income statement at the period-end foreign exchange rate instead of an average rate;
\u2022
adjustment of the income statement to re\ufb02ect the impact of in\ufb02ation and exchange rate movement
on holding monetary assets and liabilities in local currency.
The main e\ufb00ects on the consolidated \ufb01nancial statements for T\u00fcrkiye are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Total assets increase/(reduction)
(7)
42
8
Revenue increase/(reduction)
(1)
79
20
Operating pro\ufb01t increase/(reduction)
(14)
7
1
Net monetary gain / (loss)
(31)
-
(10)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "Critical accounting estimates and judgements
The preparation of consolidated \ufb01nancial statements requires management to make estimates and
judgements in the application of accounting policies that a\ufb00ect the reported amounts of assets,
liabilities, income and expenses. Actual results may di\ufb00er from these estimates. Estimates and
judgements are continuously evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in any future period
a\ufb00ected.
Management are required to make certain estimates to achieve a reasonable allocation to the Ice
Cream Business of costs incurred centrally by Unilever, as described in the Basis of Preparation above.
The following estimates are those that management believe have the most signi\ufb01cant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
De\ufb01ned Bene\ufb01t Obligations -
Valuation depends on key actuarial assumptions including discount rates,
Measurement
in\ufb02ation and life expectancy of scheme members. Referenced in Note 4B.
Customer discounts -
Customer discounts are estimated where settlement depends on future
Measurement of variable
events (e.g., volume based promotions) or where su\ufb03cient reliable data is
consideration
not yet available. Most settlements occur within 12 months, so uncertainties
\u00a0
typically do not span multiple reporting periods. Due to the volume and
\u00a0
diversity of agreements, preparing a meaningful sensitivity analysis is
\u00a0
impracticable. However, the income statement impact of subsequent
\u00a0
adjustments is not material year-on-year.
The following judgements are those that management believe have the most signi\ufb01cant e\ufb00ect on the
amounts recognised in the Group consolidated \ufb01nancial statements:
Predecessor accounting
The Separation was accounted for as a business combination under
common control using predecessor accounting. The Group recognised the
di\ufb00erence between the net book value of the ice cream business transferred
to the Group and the fair value of the shares issued directly in Equity (See
Note 14 A). This is a judgment as there is no speci\ufb01c requirements in IFRS on
how to account for such transactions.
Principal vs Agent assessment
(Revenue recognition)
Under the Transitional Services Agreements, Unilever transacts with
customers on the Group\u2019s behalf, however, the Group sets prices, is
responsible to ful\ufb01l customer orders, and bears inventory risk. Accordingly,
the Group is the principal and recognises revenue gross, with Unilever
acting\u00a0as agent.
Deferred tax assets -
The business operates in many countries and is subject to taxes in numerous
Recognition
jurisdictions and following the transaction has recorded material amounts
of Deferred Tax on Goodwill and Intangibles assets. Management uses
judgement to assess the recoverability of tax assets such as whether there
will be su\ufb03cient future taxable pro\ufb01ts to utilise losses - see Note 6B.
Contingent liabilities -
Events can occur where there is uncertainty over future obligations.
Likelihood of occurrence
Judgement is required to determine if an out\ufb02ow of economic resources
is probable, or possible but not probable. Where it is probable, a liability is
recognised, and further judgement is used to determine the level of the
provision. Where it is possible but not probable, further judgement is used
to determine if the likelihood is remote, in which case no disclosures are
provided; if the likelihood is not remote then judgement is used to determine
the contingent liability disclosed. The business does not have provisions and
contingent liabilities for the same matters. External advice is obtained for any
material cases. See Notes 18 and 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00560": { "value": "Principal vs Agent assessment
(Revenue recognition)
Under the Transitional Services Agreements, Unilever transacts with
customers on the Group\u2019s behalf, however, the Group sets prices, is
responsible to ful\ufb01l customer orders, and bears inventory risk. Accordingly,
the Group is the principal and recognises revenue gross, with Unilever
acting\u00a0as agent.Revenue
Revenue comprises sales of goods after the deduction of discounts, sales taxes and estimated
returns. It does not include intercompany sales. Discounts given by the Group include rebates, price
reductions and incentives given to customers, promotional couponing and trade communication
costs and are based on the contractual arrangements with each customer. Discounts can either be
immediately deducted from the sales value on the invoice or o\ufb00-invoice and settled later through
credit notes when the precise amounts are known. Amounts provided for discounts at the end of the
period require estimation; historical data and accumulated experience is used to assess the provision
using the most likely amount method and, in most instances, the discount can be recognised
using known facts. Any di\ufb00erences between actual amounts settled and the amounts provided
are recognised in the subsequent reporting period and the impact on the income statement is not
material year-on-year.
Customer contracts generally contain a single performance obligation and revenue is recognised
when control of products being sold has transferred to the Group\u2019s customer as there are no
longer any unful\ufb01lled obligations to the customer. This is generally on delivery to the customer but
depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal
customer acceptance. This is considered the appropriate point where the performance obligations
in the Group\u2019s contracts are satis\ufb01ed as the Group no longer has control over the inventory.
Customers have the contractual right to return goods only when authorised by the Group. If material,
an estimate has been made of goods that will be returned, and a liability has been recognised for
this amount. An asset is then recorded for the corresponding inventory that is estimated to return
to the Group using a best estimate based on accumulated experience. The Group\u2019s customers are
distributors who may be able to return unsold goods in consignment arrangements.
Revenue is recognised where the Group controls the goods prior to transfer to the customer and
bears the associated inventory risk. For more detail refers to Note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00559": { "value": "Principal vs Agent assessment
(Revenue recognition)
Under the Transitional Services Agreements, Unilever transacts with
customers on the Group\u2019s behalf, however, the Group sets prices, is
responsible to ful\ufb01l customer orders, and bears inventory risk. Accordingly,
the Group is the principal and recognises revenue gross, with Unilever
acting\u00a0as agent.Revenue
Revenue comprises sales of goods after the deduction of discounts, sales taxes and estimated
returns. It does not include intercompany sales. Discounts given by the Group include rebates, price
reductions and incentives given to customers, promotional couponing and trade communication
costs and are based on the contractual arrangements with each customer. Discounts can either be
immediately deducted from the sales value on the invoice or o\ufb00-invoice and settled later through
credit notes when the precise amounts are known. Amounts provided for discounts at the end of the
period require estimation; historical data and accumulated experience is used to assess the provision
using the most likely amount method and, in most instances, the discount can be recognised
using known facts. Any di\ufb00erences between actual amounts settled and the amounts provided
are recognised in the subsequent reporting period and the impact on the income statement is not
material year-on-year.
Customer contracts generally contain a single performance obligation and revenue is recognised
when control of products being sold has transferred to the Group\u2019s customer as there are no
longer any unful\ufb01lled obligations to the customer. This is generally on delivery to the customer but
depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal
customer acceptance. This is considered the appropriate point where the performance obligations
in the Group\u2019s contracts are satis\ufb01ed as the Group no longer has control over the inventory.
Customers have the contractual right to return goods only when authorised by the Group. If material,
an estimate has been made of goods that will be returned, and a liability has been recognised for
this amount. An asset is then recorded for the corresponding inventory that is estimated to return
to the Group using a best estimate based on accumulated experience. The Group\u2019s customers are
distributors who may be able to return unsold goods in consignment arrangements.
Revenue is recognised where the Group controls the goods prior to transfer to the customer and
bears the associated inventory risk. For more detail refers to Note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00601": { "value": "Principal vs Agent assessment
(Revenue recognition)
Under the Transitional Services Agreements, Unilever transacts with
customers on the Group\u2019s behalf, however, the Group sets prices, is
responsible to ful\ufb01l customer orders, and bears inventory risk. Accordingly,
the Group is the principal and recognises revenue gross, with Unilever
acting\u00a0as agent.Revenue
Revenue comprises sales of goods after the deduction of discounts, sales taxes and estimated
returns. It does not include intercompany sales. Discounts given by the Group include rebates, price
reductions and incentives given to customers, promotional couponing and trade communication
costs and are based on the contractual arrangements with each customer. Discounts can either be
immediately deducted from the sales value on the invoice or o\ufb00-invoice and settled later through
credit notes when the precise amounts are known. Amounts provided for discounts at the end of the
period require estimation; historical data and accumulated experience is used to assess the provision
using the most likely amount method and, in most instances, the discount can be recognised
using known facts. Any di\ufb00erences between actual amounts settled and the amounts provided
are recognised in the subsequent reporting period and the impact on the income statement is not
material year-on-year.
Customer contracts generally contain a single performance obligation and revenue is recognised
when control of products being sold has transferred to the Group\u2019s customer as there are no
longer any unful\ufb01lled obligations to the customer. This is generally on delivery to the customer but
depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal
customer acceptance. This is considered the appropriate point where the performance obligations
in the Group\u2019s contracts are satis\ufb01ed as the Group no longer has control over the inventory.
Customers have the contractual right to return goods only when authorised by the Group. If material,
an estimate has been made of goods that will be returned, and a liability has been recognised for
this amount. An asset is then recorded for the corresponding inventory that is estimated to return
to the Group using a best estimate based on accumulated experience. The Group\u2019s customers are
distributors who may be able to return unsold goods in consignment arrangements.
Revenue is recognised where the Group controls the goods prior to transfer to the customer and
bears the associated inventory risk. For more detail refers to Note 21.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "Recent accounting developments adopted by the Group
All standards or amendments to standards that have been issued by the IASB and that were e\ufb00ective by
1 January 2025 were not applicable or material to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "Recent accounting developments adopted by the Group
All standards or amendments to standards that have been issued by the IASB and that were e\ufb00ective by
1 January 2025 were not applicable or material to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "Recent accounting developments adopted by the Group
All standards or amendments to standards that have been issued by the IASB and that were e\ufb00ective by
1 January 2025 were not applicable or material to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00602": { "value": "2. Segment information
Segmental information
The Group is organised into three geographic regions (i) Europe and ANZ, (ii) Americas, and (iii)
AMEA.
\u2022
Europe and ANZ
: representing Europe, Australia\u00a0and New Zealand.
\u2022
Americas
: representing North America and South America.
\u2022
AMEA
: representing Africa, Asia and the Middle East (which includes T\u00fcrkiye).
Within the AMEA region, operations are further structured into two sub regions, each led by a
President. As a result, the Group has four operating segments. However, the two AMEA sub-regions
are aggregated into a single reportable segment due to their similar economic characteristics
and the nature of their products, services and regulatory environments of the predominant
markets. Consequently, the Group reports three reportable segments, with results presented after
intercompany eliminations. The segment information is based on the geographical location of our
legal entities.
Revenue
Revenue comprises sales of goods after the deduction of discounts, sales taxes and estimated
returns. It does not include intercompany sales. Discounts given by the Group include rebates, price
reductions and incentives given to customers, promotional couponing and trade communication
costs and are based on the contractual arrangements with each customer. Discounts can either be
immediately deducted from the sales value on the invoice or o\ufb00-invoice and settled later through
credit notes when the precise amounts are known. Amounts provided for discounts at the end of the
period require estimation; historical data and accumulated experience is used to assess the provision
using the most likely amount method and, in most instances, the discount can be recognised
using known facts. Any di\ufb00erences between actual amounts settled and the amounts provided
are recognised in the subsequent reporting period and the impact on the income statement is not
material year-on-year.
Customer contracts generally contain a single performance obligation and revenue is recognised
when control of products being sold has transferred to the Group\u2019s customer as there are no
longer any unful\ufb01lled obligations to the customer. This is generally on delivery to the customer but
depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal
customer acceptance. This is considered the appropriate point where the performance obligations
in the Group\u2019s contracts are satis\ufb01ed as the Group no longer has control over the inventory.
Customers have the contractual right to return goods only when authorised by the Group. If material,
an estimate has been made of goods that will be returned, and a liability has been recognised for
this amount. An asset is then recorded for the corresponding inventory that is estimated to return
to the Group using a best estimate based on accumulated experience. The Group\u2019s customers are
distributors who may be able to return unsold goods in consignment arrangements.
Revenue is recognised where the Group controls the goods prior to transfer to the customer and
bears the associated inventory risk. For more detail refers to Note 21.
Adjusted EBIT and Adjusted EBITDA
Adjusted EBIT refers to operating pro\ufb01t before adjusting items within operating pro\ufb01t. Adjusted
EBITDA is de\ufb01ned as Adjusted EBIT before the impact of depreciation, amortisation. They represent
the Group\u2019s measures for the performance of each segment pro\ufb01t or loss. Adjusting items within
operating pro\ufb01t include impairment, restructuring costs, acquisition and disposal related costs and
other one-o\ufb00 items classi\ufb01ed separately due to their nature and/or frequency of occurrence (See
Note 3).
Adjusted EBIT margin and Adjusted EBITDA margin are calculated as the respective adjusted
measure divided by revenue for the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "2. Segment information
Segmental information
The Group is organised into three geographic regions (i) Europe and ANZ, (ii) Americas, and (iii)
AMEA.
\u2022
Europe and ANZ
: representing Europe, Australia\u00a0and New Zealand.
\u2022
Americas
: representing North America and South America.
\u2022
AMEA
: representing Africa, Asia and the Middle East (which includes T\u00fcrkiye).
Within the AMEA region, operations are further structured into two sub regions, each led by a
President. As a result, the Group has four operating segments. However, the two AMEA sub-regions
are aggregated into a single reportable segment due to their similar economic characteristics
and the nature of their products, services and regulatory environments of the predominant
markets. Consequently, the Group reports three reportable segments, with results presented after
intercompany eliminations. The segment information is based on the geographical location of our
legal entities.
Revenue
Revenue comprises sales of goods after the deduction of discounts, sales taxes and estimated
returns. It does not include intercompany sales. Discounts given by the Group include rebates, price
reductions and incentives given to customers, promotional couponing and trade communication
costs and are based on the contractual arrangements with each customer. Discounts can either be
immediately deducted from the sales value on the invoice or o\ufb00-invoice and settled later through
credit notes when the precise amounts are known. Amounts provided for discounts at the end of the
period require estimation; historical data and accumulated experience is used to assess the provision
using the most likely amount method and, in most instances, the discount can be recognised
using known facts. Any di\ufb00erences between actual amounts settled and the amounts provided
are recognised in the subsequent reporting period and the impact on the income statement is not
material year-on-year.
Customer contracts generally contain a single performance obligation and revenue is recognised
when control of products being sold has transferred to the Group\u2019s customer as there are no
longer any unful\ufb01lled obligations to the customer. This is generally on delivery to the customer but
depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal
customer acceptance. This is considered the appropriate point where the performance obligations
in the Group\u2019s contracts are satis\ufb01ed as the Group no longer has control over the inventory.
Customers have the contractual right to return goods only when authorised by the Group. If material,
an estimate has been made of goods that will be returned, and a liability has been recognised for
this amount. An asset is then recorded for the corresponding inventory that is estimated to return
to the Group using a best estimate based on accumulated experience. The Group\u2019s customers are
distributors who may be able to return unsold goods in consignment arrangements.
Revenue is recognised where the Group controls the goods prior to transfer to the customer and
bears the associated inventory risk. For more detail refers to Note 21.
Adjusted EBIT and Adjusted EBITDA
Adjusted EBIT refers to operating pro\ufb01t before adjusting items within operating pro\ufb01t. Adjusted
EBITDA is de\ufb01ned as Adjusted EBIT before the impact of depreciation, amortisation. They represent
the Group\u2019s measures for the performance of each segment pro\ufb01t or loss. Adjusting items within
operating pro\ufb01t include impairment, restructuring costs, acquisition and disposal related costs and
other one-o\ufb00 items classi\ufb01ed separately due to their nature and/or frequency of occurrence (See
Note 3).
Adjusted EBIT margin and Adjusted EBITDA margin are calculated as the respective adjusted
measure divided by revenue for the period.
\n \n
Europe
In millions of \u20ac
Notes
and ANZ
Americas
AMEA
(e)
Total
2025
Revenue
(a)
3,192
2,757
1,961
7,910
Operating pro\ufb01t
(a)
3
168
169
262
599
Adjusting items
(b)
126
117
75
318
Adjusted EBIT
294
286
337
917
Adjusted EBIT margin
9.2%
10.4%
17.2%
11.6%
Depreciation and amortisation
125
102
111
338
Adjusted EBITDA
419
388
448
1,255
Adjusted EBITDA margin
13.1%
14.1%
22.9%
15.9%
Signi\ufb01cant non-cash charges:
Within adjusted EBITDA:
- Share-based compensation and other non-cash
charges
(c)
27
11
11
49
Within adjusting items:
- Restructuring provisions and other non-cash charges
(d)
6
8
(4)
10
2024
Revenue
(a)
3,109
2,887
1,951
7,947
Operating pro\ufb01t
(a)
3
228
228
308
764
Adjusting items
(b)
89
68
43
200
Adjusted EBIT
317
296
351
964
Adjusted EBIT margin
10.2%
10.3%
18.0%
12.1%
Depreciation and amortisation
137
129
110
376
Adjusted EBITDA
454
425
461
1,340
Adjusted EBITDA margin
14.6%
14.7%
23.6%
16.9%
Signi\ufb01cant non-cash charges:
Within Adjusted EBITDA:
- Share-based compensation and other non-cash
charges
(c)
21
20
2
43
Within adjusting items:
- Restructuring provisions and other non-cash charges
(d)
59
12
4
75
\n\n \n
Europe
In millions of \u20ac
Notes
and ANZ
Americas
AMEA
(e)
Total
2023
Revenue
(a)
3,019
2,750
1,849
7,618
Operating pro\ufb01t
(a)
3
278
165
299
742
Adjusting items
(b)
19
79
14
112
Adjusted EBIT
297
244
313
854
Adjusted EBIT margin
9.8%
8.9%
16.9%
11.2%
Depreciation and amortisation
134
124
99
357
Adjusted EBITDA
431
368
412
1,211
Adjusted EBITDA margin
14.3%
13.4%
22.3%
15.9%
Signi\ufb01cant non-cash charges:
Within Adjusted EBITDA:
- Share-based compensation and
other non-cash charges
(c)
14
28
2
44
Within adjusting items:
- Restructuring provisions and other non-cash charges
(d)
(1)
1
1
1
\n
(a) Revenue and operating pro\ufb01t include royalties primarily from Unilever\u2019s ice cream businesses in India (for the years 2023, 2024 and 2025)
\n
and Russia (for the years 2023 and 2024). In 2025, royalties recognised in operating pro\ufb01t amounted to \u20ac11 million (FY 2024: \u20ac22 million;
\n
FY\u00a02023: \u20ac22 million).
\n
(b) Adjusting items include impairment, restructuring costs, acquisition and disposal-related costs and other one-o\ufb00 items classi\ufb01ed separately due
\n
to their nature and/or frequency of occurrence. Refer to Note 3. Net Monetary gain/(loss) arising from hyperin\ufb02ationary economies is also an
\n
adjusting item due to its nature and size, however it is not included in operating pro\ufb01t therefore not included within adjusting items above.
\n
(c) Other non-cash charges within Adjusted EBITDA include movements in provisions, excluding movements arising from adjusting activities.
\n
(d) Other non-cash charges within adjusting items mainly include movements in restructuring provisions.
\n
(e) In the Combined Carve-out Financial Statements this was referred to as Rest of World.
The Group is not reliant on revenue from transactions with any single customer and does not receive
10% or more of its revenue from transactions with any single customer.
Segment assets and liabilities are not provided because they are not reported to or reviewed by the
Group\u2019s chief operating decision-maker, which is the Executive Leadership Team.
Revenue and non-current assets for the country of domicile and the United States (being the largest
country outside the home country) and for all other countries are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
United States
\u00a0 \u00a0
In millions of \u20ac
Netherlands
of America
Other
Total
2025
\u00a0 \u00a0 \u00a0 \u00a0
Revenue
(a)
243
2,073
5,594
7,910
Non-current assets
(b)
351
1,387
1,995
3,733
2024
\u00a0 \u00a0 \u00a0 \u00a0
Revenue
159
2,119
5,669
7,947
Non-current assets
(b)
51
1,732
1,979
3,762
2023
\u00a0 \u00a0 \u00a0 \u00a0
Revenue
154
1,951
5,513
7,618
Non-current assets
(b)
60
1,662
1,887
3,609
\n
(a)
In 2025, the Netherlands legal entity recognised \u20ac35 million of revenue from sales in European distributor markets where the Group had not
established a local legal entity.
(b) For the purpose of this table, non-current assets include goodwill, intangible assets, property, plant and equipment and other non-current assets
as shown on the consolidated balance sheet. Goodwill is attributed to countries where acquired businesses operated at the time of acquisition;
all other assets are attributed to the countries where they were acquired.
No other country had revenue or non-current assets (as shown above) greater than 10% of the
Group\u00a0total.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00576": { "value": "2. Segment informationRevenue
Revenue comprises sales of goods after the deduction of discounts, sales taxes and estimated
returns. It does not include intercompany sales. Discounts given by the Group include rebates, price
reductions and incentives given to customers, promotional couponing and trade communication
costs and are based on the contractual arrangements with each customer. Discounts can either be
immediately deducted from the sales value on the invoice or o\ufb00-invoice and settled later through
credit notes when the precise amounts are known. Amounts provided for discounts at the end of the
period require estimation; historical data and accumulated experience is used to assess the provision
using the most likely amount method and, in most instances, the discount can be recognised
using known facts. Any di\ufb00erences between actual amounts settled and the amounts provided
are recognised in the subsequent reporting period and the impact on the income statement is not
material year-on-year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00557": { "value": "3. Operating costs(ii) Selling, general and administrative expenses
Selling, general and administrative expenses comprise advertising and promotion and overheads.
Advertising and promotion spend includes costs incurred for the purpose of building and maintaining
brand equity and awareness. Overheads include sta\ufb00 costs associated with sales activities and
central functions, and research and development costs which are sta\ufb00 costs, material costs,
depreciation and other costs directly attributable to research and development activities. \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Revenue
7,910
7,947
7,618
Cost of sales
(5,171)
(5,173)
(5,022)
of which:
\u00a0\u00a0\u00a0
- Distribution costs
(755)
(784)
(796)
- Production costs
(958)
(986)
(972)
- Raw and packaging materials and goods
\u00a0\u00a0\u00a0
purchased for resale
(3,205)
(3,127)
(2,977)
- Other
(253)
(276)
(277)
Gross pro\ufb01t
2,739
2,774
2,596
Selling, general and administrative expenses
(1,822)
(1,810)
(1,742)
of which:
\u00a0\u00a0\u00a0
- Research and development
(88)
(92)
(92)
Acquisition and disposal-related costs
(a)
(302)
(64)
(50)
Restructuring costs
(b)
(10)
(137)
(74)
Pro\ufb01t/loss on disposal
(4)
-
-
Impairment
(2)
-
-
Other
-
1
12
Operating pro\ufb01t
599
764
742
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00553": { "value": "3. Operating costs
Operating costs
Operating costs include cost of sales, selling, general and administrative expenses and other items
including gains and losses on business disposals, acquisition and disposal-related costs,
restructuring costs, impairments and other items within operating pro\ufb01t recognised separately due to
their nature and/or frequency. Depreciation and amortisation are included mainly within Cost of Sales
and Selling, general and administrative expenses. For further details in relation to the Transitional
Period refer to Note 21.
(i) Cost of sales
Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost
of inventories are raw and packaging materials and related production costs. Distribution costs are
charged to the income statement as incurred.
(ii) Selling, general and administrative expenses
Selling, general and administrative expenses comprise advertising and promotion and overheads.
Advertising and promotion spend includes costs incurred for the purpose of building and maintaining
brand equity and awareness. Overheads include sta\ufb00 costs associated with sales activities and
central functions, and research and development costs which are sta\ufb00 costs, material costs,
depreciation and other costs directly attributable to research and development activities.
(iii) Restructuring costs
Restructuring costs are costs that are directly attributable to a restructuring project. Management
de\ufb01nes a restructuring project as a strategic, major initiative that delivers cost savings and materially
change either the scope of the business or the manner in which business is conducted.
(iv) Acquisition and disposal-related costs
Acquisition and disposal-related costs are costs that are directly attributable to a business
acquisition or disposal project.
(v) Impairment of assets
Impairment of assets including goodwill, intangible assets and property, plant and equipment.
(vi) Gains or losses from the disposal of group companies
Gains or losses from the disposal of group companies which arise from business disposal projects.
(vii) Others
Other approved one-o\ufb00 items are those additional matters considered by management to be
signi\ufb01cant and outside the course of normal operations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Revenue
7,910
7,947
7,618
Cost of sales
(5,171)
(5,173)
(5,022)
of which:
\u00a0\u00a0\u00a0
- Distribution costs
(755)
(784)
(796)
- Production costs
(958)
(986)
(972)
- Raw and packaging materials and goods
\u00a0\u00a0\u00a0
purchased for resale
(3,205)
(3,127)
(2,977)
- Other
(253)
(276)
(277)
Gross pro\ufb01t
2,739
2,774
2,596
Selling, general and administrative expenses
(1,822)
(1,810)
(1,742)
of which:
\u00a0\u00a0\u00a0
- Research and development
(88)
(92)
(92)
Acquisition and disposal-related costs
(a)
(302)
(64)
(50)
Restructuring costs
(b)
(10)
(137)
(74)
Pro\ufb01t/loss on disposal
(4)
-
-
Impairment
(2)
-
-
Other
-
1
12
Operating pro\ufb01t
599
764
742
\n
(a) 2025 and 2024 comprises the charge relating to the Separation. 2023 included a charge of \u20ac38 million related to the revaluation of the earnout
liability of Yasso.
(b) In 2025, the result includes a net release of \u20ac40 million related to restructuring provisions and \u20ac50 million of costs associated with supply
chain optimisation projects. The year-on-year movement primarily re\ufb02ects higher restructuring releases, driven by a signi\ufb01cantly greater
redeployment of employees in 2025 who had previously been expected to exit at the end of 2024. In addition, prior year included allocated
restructuring costs from Unilever central projects.
Exchange gains and losses within operating costs in 2025 are \u20ac0.6 million loss (2024: \u20ac3 million gain,
2023: \u20ac13 million loss).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00550": { "value": "3. Operating costs
Operating costs
Operating costs include cost of sales, selling, general and administrative expenses and other items
including gains and losses on business disposals, acquisition and disposal-related costs,
restructuring costs, impairments and other items within operating pro\ufb01t recognised separately due to
their nature and/or frequency. Depreciation and amortisation are included mainly within Cost of Sales
and Selling, general and administrative expenses. For further details in relation to the Transitional
Period refer to Note 21.
(i) Cost of sales
Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost
of inventories are raw and packaging materials and related production costs. Distribution costs are
charged to the income statement as incurred.
(ii) Selling, general and administrative expenses
Selling, general and administrative expenses comprise advertising and promotion and overheads.
Advertising and promotion spend includes costs incurred for the purpose of building and maintaining
brand equity and awareness. Overheads include sta\ufb00 costs associated with sales activities and
central functions, and research and development costs which are sta\ufb00 costs, material costs,
depreciation and other costs directly attributable to research and development activities.
(iii) Restructuring costs
Restructuring costs are costs that are directly attributable to a restructuring project. Management
de\ufb01nes a restructuring project as a strategic, major initiative that delivers cost savings and materially
change either the scope of the business or the manner in which business is conducted.
(iv) Acquisition and disposal-related costs
Acquisition and disposal-related costs are costs that are directly attributable to a business
acquisition or disposal project.
(v) Impairment of assets
Impairment of assets including goodwill, intangible assets and property, plant and equipment.
(vi) Gains or losses from the disposal of group companies
Gains or losses from the disposal of group companies which arise from business disposal projects.
(vii) Others
Other approved one-o\ufb00 items are those additional matters considered by management to be
signi\ufb01cant and outside the course of normal operations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Revenue
7,910
7,947
7,618
Cost of sales
(5,171)
(5,173)
(5,022)
of which:
\u00a0\u00a0\u00a0
- Distribution costs
(755)
(784)
(796)
- Production costs
(958)
(986)
(972)
- Raw and packaging materials and goods
\u00a0\u00a0\u00a0
purchased for resale
(3,205)
(3,127)
(2,977)
- Other
(253)
(276)
(277)
Gross pro\ufb01t
2,739
2,774
2,596
Selling, general and administrative expenses
(1,822)
(1,810)
(1,742)
of which:
\u00a0\u00a0\u00a0
- Research and development
(88)
(92)
(92)
Acquisition and disposal-related costs
(a)
(302)
(64)
(50)
Restructuring costs
(b)
(10)
(137)
(74)
Pro\ufb01t/loss on disposal
(4)
-
-
Impairment
(2)
-
-
Other
-
1
12
Operating pro\ufb01t
599
764
742
\n
(a) 2025 and 2024 comprises the charge relating to the Separation. 2023 included a charge of \u20ac38 million related to the revaluation of the earnout
liability of Yasso.
(b) In 2025, the result includes a net release of \u20ac40 million related to restructuring provisions and \u20ac50 million of costs associated with supply
chain optimisation projects. The year-on-year movement primarily re\ufb02ects higher restructuring releases, driven by a signi\ufb01cantly greater
redeployment of employees in 2025 who had previously been expected to exit at the end of 2024. In addition, prior year included allocated
restructuring costs from Unilever central projects.
Exchange gains and losses within operating costs in 2025 are \u20ac0.6 million loss (2024: \u20ac3 million gain,
2023: \u20ac13 million loss).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "3. Operating costs(ii) Selling, general and administrative expenses
Selling, general and administrative expenses comprise advertising and promotion and overheads.
Advertising and promotion spend includes costs incurred for the purpose of building and maintaining
brand equity and awareness. Overheads include sta\ufb00 costs associated with sales activities and
central functions, and research and development costs which are sta\ufb00 costs, material costs,
depreciation and other costs directly attributable to research and development activities. \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Revenue
7,910
7,947
7,618
Cost of sales
(5,171)
(5,173)
(5,022)
of which:
\u00a0\u00a0\u00a0
- Distribution costs
(755)
(784)
(796)
- Production costs
(958)
(986)
(972)
- Raw and packaging materials and goods
\u00a0\u00a0\u00a0
purchased for resale
(3,205)
(3,127)
(2,977)
- Other
(253)
(276)
(277)
Gross pro\ufb01t
2,739
2,774
2,596
Selling, general and administrative expenses
(1,822)
(1,810)
(1,742)
of which:
\u00a0\u00a0\u00a0
- Research and development
(88)
(92)
(92)
Acquisition and disposal-related costs
(a)
(302)
(64)
(50)
Restructuring costs
(b)
(10)
(137)
(74)
Pro\ufb01t/loss on disposal
(4)
-
-
Impairment
(2)
-
-
Other
-
1
12
Operating pro\ufb01t
599
764
742
\n
(a) 2025 and 2024 comprises the charge relating to the Separation. 2023 included a charge of \u20ac38 million related to the revaluation of the earnout
liability of Yasso.
(b) In 2025, the result includes a net release of \u20ac40 million related to restructuring provisions and \u20ac50 million of costs associated with supply
chain optimisation projects. The year-on-year movement primarily re\ufb02ects higher restructuring releases, driven by a signi\ufb01cantly greater
redeployment of employees in 2025 who had previously been expected to exit at the end of 2024. In addition, prior year included allocated
restructuring costs from Unilever central projects.
Exchange gains and losses within operating costs in 2025 are \u20ac0.6 million loss (2024: \u20ac3 million gain,
2023: \u20ac13 million loss).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "3. Operating costs
Operating costs
Operating costs include cost of sales, selling, general and administrative expenses and other items
including gains and losses on business disposals, acquisition and disposal-related costs,
restructuring costs, impairments and other items within operating pro\ufb01t recognised separately due to
their nature and/or frequency. Depreciation and amortisation are included mainly within Cost of Sales
and Selling, general and administrative expenses. For further details in relation to the Transitional
Period refer to Note 21.
(i) Cost of sales
Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost
of inventories are raw and packaging materials and related production costs. Distribution costs are
charged to the income statement as incurred.
(ii) Selling, general and administrative expenses
Selling, general and administrative expenses comprise advertising and promotion and overheads.
Advertising and promotion spend includes costs incurred for the purpose of building and maintaining
brand equity and awareness. Overheads include sta\ufb00 costs associated with sales activities and
central functions, and research and development costs which are sta\ufb00 costs, material costs,
depreciation and other costs directly attributable to research and development activities.
(iii) Restructuring costs
Restructuring costs are costs that are directly attributable to a restructuring project. Management
de\ufb01nes a restructuring project as a strategic, major initiative that delivers cost savings and materially
change either the scope of the business or the manner in which business is conducted.
(iv) Acquisition and disposal-related costs
Acquisition and disposal-related costs are costs that are directly attributable to a business
acquisition or disposal project.
(v) Impairment of assets
Impairment of assets including goodwill, intangible assets and property, plant and equipment.
(vi) Gains or losses from the disposal of group companies
Gains or losses from the disposal of group companies which arise from business disposal projects.
(vii) Others
Other approved one-o\ufb00 items are those additional matters considered by management to be
signi\ufb01cant and outside the course of normal operations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Revenue
7,910
7,947
7,618
Cost of sales
(5,171)
(5,173)
(5,022)
of which:
\u00a0\u00a0\u00a0
- Distribution costs
(755)
(784)
(796)
- Production costs
(958)
(986)
(972)
- Raw and packaging materials and goods
\u00a0\u00a0\u00a0
purchased for resale
(3,205)
(3,127)
(2,977)
- Other
(253)
(276)
(277)
Gross pro\ufb01t
2,739
2,774
2,596
Selling, general and administrative expenses
(1,822)
(1,810)
(1,742)
of which:
\u00a0\u00a0\u00a0
- Research and development
(88)
(92)
(92)
Acquisition and disposal-related costs
(a)
(302)
(64)
(50)
Restructuring costs
(b)
(10)
(137)
(74)
Pro\ufb01t/loss on disposal
(4)
-
-
Impairment
(2)
-
-
Other
-
1
12
Operating pro\ufb01t
599
764
742
\n
(a) 2025 and 2024 comprises the charge relating to the Separation. 2023 included a charge of \u20ac38 million related to the revaluation of the earnout
liability of Yasso.
(b) In 2025, the result includes a net release of \u20ac40 million related to restructuring provisions and \u20ac50 million of costs associated with supply
chain optimisation projects. The year-on-year movement primarily re\ufb02ects higher restructuring releases, driven by a signi\ufb01cantly greater
redeployment of employees in 2025 who had previously been expected to exit at the end of 2024. In addition, prior year included allocated
restructuring costs from Unilever central projects.
Exchange gains and losses within operating costs in 2025 are \u20ac0.6 million loss (2024: \u20ac3 million gain,
2023: \u20ac13 million loss).
4. Employees
4A. Sta\ufb00 and management costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
Notes
2025
(a)
2024
2023
Sta\ufb00 costs
\u00a0\u00a0\u00a0\u00a0
Wages and salaries
\u00a0
887
638
655
Social security costs
\u00a0
105
77
80
Other pension costs
4B
47
42
44
Share-based compensation costs
4C
35
32
20
Total
\u00a0
1,074
789
799
\n
(a) Excludes the cost of ice cream employees in Mexico due to the delayed transfer.
Sta\ufb00 cost disclosures for 2024 and 2023 were prepared using a carve-out methodology based
on estimations and allocations of employees and their payroll costs. For the 2025 disclosure,
following the legal transfer of employees a more granular attribution approach was implemen-
ted to compile this disclosure. Had this approach been applied in prior years, the sta\ufb00 cost
\ufb01gures for 2024 and 2023 would have been broadly comparable to the current year\u2019s numbers.
The carve-out assumptions used for these disclosures di\ufb00er from those applied in preparing
the Group\u2019s consolidated income statement; accordingly, these changes have no impact on the
Group\u2019s consolidated results as those costs were included in the operating costs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Average number of employees during the year
2025
2024
2023
The Americas
4,427
5,031
5,019
Europe and ANZ
(a)
6,925
4,758
4,614
AMEA
4,475
4,093
4,050
Dedicated Ice Cream Employees
(b)
15,827
13,882
13,683
Allocated FTEs from Unilever
(c)
2,100
4,700
4,300
Total
17,927
18,582
17,983
\n
(a) Includes 597 employees in the Netherlands.
(b) The increase in the average number of dedicated Ice Cream employees in 2025 re\ufb02ects the net impact of employees added during the year,
partially o\ufb00set by the delayed transfer of employees in Mexico.
(c) In addition to the dedicated Ice Cream employees, FTEs were allocated to Ice Cream from Unilever. Following the separation on 1 July, these
roles were replaced by a combination of GTSA services provided by Unilever and new hires within the Group.
Key management are de\ufb01ned as the members of the Executive Leadership Team.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Key management compensation
(a)
\u00a0\u00a0\u00a0
Salaries and short-term employee bene\ufb01ts
15
16
9
Share-based bene\ufb01ts
6
4
1
Total
21
20
10
\n
(a) Details regarding the remuneration of the Executive Directors (CEO and CFO) can be found in the Directors\u2019 Remuneration section of the
Management Report on page 75.
The Non-Executive Directors appointed in 2025 received \u20ac0.5 million as fees for the year.
4B. Pensions and similar obligations
The Group operates both de\ufb01ned contribution plans and de\ufb01ned bene\ufb01t plans.
For de\ufb01ned contribution plans, the charges to the income statement are the Group contributions
payable, as the Group\u2019s obligation is limited to the contributions paid into the plans. The assets and
liabilities of such plans are not included in the balance sheet of the Group.
For de\ufb01ned bene\ufb01t plans, operating and \ufb01nance costs are recognised separately in the income
statement. The amount charged to operating cost in the income statement is the cost of accruing
bene\ufb01ts promised to employees over the year. In addition, there are also plan administration
costs and costs and/or credits arising from one-o\ufb00 events such as past service bene\ufb01t changes,
settlements and curtailments. These one-o\ufb00 events are fully recognised as they occur in the
income statement. The net amount charged or credited to \ufb01nance costs is calculated by applying
the discount rate of the de\ufb01ned bene\ufb01t obligation to net pension asset or liability at the prior year
end as\u00a0recognised in the balance sheet.The net pension asset or liability recognised in the balance
sheets in respect of de\ufb01ned bene\ufb01t plans is the fair value of the plan assets less the present value of
the de\ufb01ned bene\ufb01t obligation at the balance sheet date. The de\ufb01ned bene\ufb01t obligation is calculated
annually by quali\ufb01ed actuaries using the projected unit credit method for our plans with a liability over
\u20ac10 million. For other plans with a liability below \u20ac 10 million but over \u20ac 1 million, it is calculated once
every three years. De\ufb01ned bene\ufb01ts plan below \u20ac1 million are accounted as de\ufb01ned contributions
plans. Recognised assets are limited to the present value of any reductions in future contributions
or any future refunds. The net pension liability is presented as a long-term provision; no distinction is
made for the short-term portion.
To make actuarial calculations for the valuation of de\ufb01ned bene\ufb01t obligations, assumptions are
needed for discount rates, healthcare cost increases, future salary increases, future pension
increases, life expectancy and employee turnover rates. The actuarial calculations are made by
external actuaries based on inputs from observable market data, such as corporate bond returns
and yield curves to determine the discount rates, mortality tables to determine life expectancy,
and\u00a0in\ufb02ation rates to determine future salary increases and future pension increases.
Remeasurements of the net de\ufb01ned bene\ufb01t asset or liability comprise actuarial gains and losses,
the\u00a0return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (excluding interest).
The Group recognises all remeasurements in other comprehensive income and in other reserves.
The Group\u2019s net obligation with respect to other long-term employee bene\ufb01ts is the amount of future
bene\ufb01t that employees have earned in return for their service in the current and prior periods, such as
jubilee entitlements. That bene\ufb01t is discounted to determine its present value. Remeasurements are
recognised in the consolidated statements of income in the period in which they arise.
General description of plans including governance and investment strategy
The Group operates post-employment bene\ufb01t plans in many countries in accordance with the legal
requirements, customs and the local practice in the countries involved. The larger part of post-
employment bene\ufb01ts are Group pension plans, of which some are funded, and some are unfunded.
All funded post-employment bene\ufb01t plans are considered to be related parties.
Most employees who take part in a Group pension plan are covered by de\ufb01ned contribution pension
plans. The main de\ufb01ned contribution plans are in The Netherlands and the United States. The\u00a0Group
also sponsors several de\ufb01ned bene\ufb01t pension plans. The bene\ufb01ts provided by these plans are based
on employees\u2019 years of service and compensation levels. The de\ufb01ned bene\ufb01t plans in Germany make
up most of the de\ufb01ned bene\ufb01t obligations. The Group also has de\ufb01ned bene\ufb01t plans in the rest of
the world; however, these are individually not signi\ufb01cant to the Group and do not have a signi\ufb01cantly
di\ufb00erent risk pro\ufb01le that would warrant separate disclosure.
The assets of the larger funded de\ufb01ned bene\ufb01t and de\ufb01ned contribution plans are primarily held in
external pension trusts or pensions funds, and do not impact the Group\u2019s balance sheet. These trusts
or funds are governed by independent trustees, who have a legal obligation to protect the interests
of\u00a0all plan members and operate under the relevant local regulatory framework.
The consolidated \ufb01nancial statements have been prepared based on the post-employment bene\ufb01t
plans that were transferred from Unilever to the Group based on the mutually agreed separation
agreement and employees transferred.
Plans in Germany
\n
The Group operates several de\ufb01ned bene\ufb01t plans for active employees and retired members in
\n
Germany. These obligations are funded through a legally separate pension trust, ensuring that plan
\n
assets are segregated from the company\u2019s general assets. In addition, employees participate in
\n
Pensionskasse Berolina VVaG, which is classi\ufb01ed and accounted for as a de\ufb01ned contribution plan as
\n
from 31 December 2025. Under this classi\ufb01cation, the company\u2019s obligation is limited to the payment of
\n
contributions, and no further actuarial liability is recognised for these bene\ufb01ts in future years.
\n
Assumptions
\n
The following table shows the assumptions, weighted by liabilities, used to value the de\ufb01ned bene\ufb01t
\n
pension liabilities and other post-employment bene\ufb01t liabilities.
\n\n \n
Germany
Other countries
Total
In %
2025
2024
2025
2024
2025
2024
Discount rate
4.0%
3.4%
7.4%
10.6%
4.7%
4.2%
In\ufb02ation rate
2.0%
2.0%
5.6%
9.3%
2.5%
2.7%
Salary increase
2.8%
2.8%
3.8%
10.0%
3.5%
3.6%
Pension (in payment) increase
2.0%
2.0%
13.5%
18.1%
2.5%
2.7%
\n
Demographic assumptions, such as mortality rates, are set in respect to the latest trends in life
\n
expectancy (including expectations of future improvements), plan experience and other relevant data.
\n
These assumptions are reviewed and updated as necessary as part of the periodic actuarial valuation
\n
of the pension plans. The mortality table used for Germany is the periodical table Berolina 2021, which
\n
is the prospective table for the participants of the Berolina Pensionskasse VVaG. This Berolina 2021
\n
table is derived from the Heubeck 2018 generational tables and adapted to the special conditions of
\n
the participants. It is reviewed with the local regulator BaFin.
\n
For the Group\u2019s major plans, a full discount rate curve of high-quality corporate bonds is used to
\n
determine the de\ufb01ned bene\ufb01t obligation, where available. The curves are based on the Rate:Link
\n
methodology of Willis Towers Watson, which uses data of corporate bonds rated AA or equivalent.
\n
For the other plans, a single point on the Rate:Link curve corresponding to the average maturity of the
\n
de\ufb01ned bene\ufb01t obligation. For plans in countries without a deep corporate bond market, the discount
\n
rate is based on government bonds.
\n
Income statement
\n
The adjacent table contains the total of current and past service costs, administration costs and
\n
settlement results as included in income from operations and the interest cost as included in \ufb01nancial
\n
expense.
\n
Income statement for post-employment bene\ufb01t plans
\n\n \n
Total
In millions of \u20ac
2025
2024
2023
Charged to operating pro\ufb01t:
- Cost / (credit) of de\ufb01ned bene\ufb01t plans
8
9
8
- Cost of de\ufb01ned contribution plans
39
33
36
Total charged to operating pro\ufb01t
47
42
44
- Finance cost / (income)
9
12
11
Total charge/(credit) recognised in income statement
56
54
55
Statement of comprehensive income
Amounts recognised in the statement of comprehensive income on the re-measurement of
the net pension liability relating to de\ufb01ned bene\ufb01ts plans for which the Group has a liability.
Other comprehensive income for de\ufb01ned bene\ufb01ts plans
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
In millions of \u20ac
2025
2024
2023
Return on plan assets greater / (less) than interest income
33
52
44
Actuarial gains / (losses) from demographic assumptions
-
3
-
Actuarial gains / (losses) from \ufb01nancial assumptions
66
23
(8)
Actuarial gains / (losses) from experience adjustments
(38)
(30)
(30)
Actuarial gains / (losses) from change in value of irrecoverable surplus
2
(1)
(1)
Total credit / (charge) recognised in other comprehensive income
63
47
5
\nCash \ufb02ows and pension costs in 2026
Cash out\ufb02ows in relation to post-employment bene\ufb01ts are estimated to amount to \u20ac89 million in 2026,
consisting of:
\u2022
\u20ac 28 million employer contributions to funded de\ufb01ned bene\ufb01ts plans;
\u2022
\u20ac 9 million directly paid bene\ufb01ts by the Group to plan participants;
\u2022
\u20ac 52 million employer contributions to de\ufb01ned contribution plans.
The service cost and administration cost for 2026 is expected to amount to \u20ac 5 million for de\ufb01ned
bene\ufb01t plans. The service costs for 2026 are expected to be approximately \u20ac3 million lower. This
re\ufb02ects the application of de\ufb01ned contribution accounting for the pension liabilities covered by the
Pensionskasse Berolina in Germany, resulting in a shift from de\ufb01ned bene\ufb01t related service costs to
de\ufb01ned contribution pension expenses. The net interest cost for 2026 for the de\ufb01ned bene\ufb01t plans is
expected to amount to \u20ac 2 million. The expected cost for de\ufb01ned contribution plans in 2026 is equal to
the expected de\ufb01ned contribution cash \ufb02ow.
4C. Share-based compensation plans
The fair value of awards at grant date is calculated using observable market price. This value is
expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed
and adjusted to re\ufb02ect changes to the level of awards expected to vest, except where this arises from
a failure to meet a market condition. Any cancellations are recognised immediately in the income
statement. Where the terms of an award are modi\ufb01ed, the incremental fair value arising from the
modi\ufb01cation is recognised over the remaining vesting period.
Legacy Unilever PLC share plans and Replacement Awards
Unilever employed various share-based compensation incentive plans in the form of performance
shares and other share awards to restricted shares in which employees of the Group participated.
These plans typically covered a three-year vesting period. For the period up to demerger, costs
related to participating employees were allocated to the Group. In addition, the Group also received
an\u00a0allocation of share-based compensation charges with respect to corporate employees of Unilever.
Unvested legacy Unilever PLC share plans prorated to the time of the demerger will remain with
Unilever. Unilever will satisfy those shares directly to TMICC employees when they vest in 2026, 2027
and 2028. The remaining unvested share awards were replaced with TMICC shares under three main
plans: the \u2018Replacement Performance Share Plan (PSP)\u2019, the \u2018Replacement Annual Share Plan (ASP)\u2019
and Retention Awards. These replacement awards cover the remainder of the original vesting period
of the legacy Unilever awards and are governed by the TMICC Long Term Incentive Plan 2025. The
value of the replacement awards is equivalent to the value of the legacy Unilever awards that lapsed as
a result of the demerger:
\u2022
Replacement Performance Share Plan (PSP) awards:
Selected participants, including Executive
Directors, were granted conditional awards which normally vest after three years, subject to
continued employment and to the extent performance conditions are achieved. Upon vesting,
Executive Directors will have an additional two-year holding period after vesting (during which the
shares cannot be sold) to ensure there is a \ufb01ve-year duration between the grant of the award and
the release of the shares.
\u2022
Replacement Annual Share Plan (ASP) awards:
Selected participants were granted conditional
awards, subject to continued employment.
\u2022
Retention Awards:
Legacy individual awards granted by Unilever to selected individuals for
retention and performance purposes. They were converted into equivalent awards
in shares of TMICC after the demerger was completed.
Celebration Award
On 9 December 2025, the Group granted a one-time share-based award of \u20ac300 to eligible
employees following the demerger with a 12-month vesting period. Awards vest in full after the vesting
period, subject to continued employment. This represents 358,639 shares as at 31 December 2025.
All Plans are equity-settled.
The total cost between each of the relevant schemes is shown below:
Charge for the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In mllions of \u20ac
2025
Legacy Unilever Plans
\u00a0
- Performance Share Plan
15
- Annual Share Plan
13
TMICC Plans
\u00a0
- Replacement Performance Share Plan
1
- Replacement Annual Share Plan
1
- Retention Awards
5
- Celebration Award
0
Total
35
Number of Share Awards
\u00a0
\u00a0
2025
Replacement Performance Share Plan
810,902
Replacement Annual Share Plan
1,754,773
Retention Awards
450,808
Celebration Award
358,639
Total
3,375,122
\n
Fair Value of Awards
The fair value of TMICC awards was determined based on the average trading price of TMICC N.V.
shares between 8 and 18 December, which amounted to \u20ac13.4 per share.
5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.
Net \ufb01nance costs
\n\n \u00a0 \u00a0
In millions of \u20ac
Note
2025
2024
2023
Finance expenses
(a)
(139)
(13)
(10)
- Interest expense
14C
(117)
(6)
(3)
- Net Foreign Exchange gain or loss
(13)
-
-
- Interest on lease liabilities
(9)
(7)
(7)
Pensions and similar obligations
(9)
(12)
(11)
Finance income
27
8
1
-Gain/(loss) on remeasurement of put option
14B
12
6
-
-Other \ufb01nance income
15
2
1
Net Finance Costs
(121)
(17)
(20)
\n
(a) Includes \u20ac71 million on loans from Unilever to fund the Separation from 1 July 2025 until the Demerger and \u20ac16 million of bond interest and fees
(see Note 14C).
6. Taxation
6A. Income tax
Income tax on the pro\ufb01t for the year comprises current and deferred tax. Income tax is recognised
in the income statement except to the extent that it relates to items recognised directly in equity or
Invested Capital. See Note 1 for further detail on the estimation of the tax charge for the purposes of
the comparatives.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted
or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of
previous years.
Total tax in the consolidated income statement will di\ufb00er from the income tax paid in the consolidated
cash \ufb02ow statement primarily because of deferred tax arising on temporary di\ufb00erences and payment
dates for income tax occurring after the balance sheet date.
The Group is subject to taxation in the many countries in which it operates. The tax legislation of
these countries di\ufb00ers, is often complex and is subject to interpretation by management and the
government authorities. These matters of judgement give rise to the need to create provisions for tax
payments that may arise in future years with respect to transactions already undertaken. Provisions
take into account the circumstances of each case, including the strength of technical arguments,
recent case law decisions or rulings on similar issues and relevant external advice. Provisions are
estimated based on one of two methods, the expected value method (the sum of the probability
weighted amounts in a range of possible outcomes) or the single most likely amount method,
depending on which is expected to better predict the resolution of the uncertainty.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts recognised in pro\ufb01t or loss
\u00a0 \u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Current tax
\u00a0 \u00a0 \u00a0
Current year
197
168
220
(Over)/under provided in prior years
(21)
(31)
22
\u00a0
176
137
242
Deferred tax
\u00a0 \u00a0 \u00a0
Origination and reversal of temporary di\ufb00erences
(39)
15
(38)
Changes in tax rates
3
-
(1)
Movement on unrecognised deferred tax
-
-
-
\u00a0
(36)
15
(39)
Total
140
152
203
\n
The reconciliation between the computed weighted average rate of income tax expense, which is
generally applicable to Group companies, and the actual rate of taxation charged is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Reconciliation of e\ufb00ective tax rate (%)
2025
2024
2023
Computed rate of tax
(a)
25.2%
25.1%
25.2%
Di\ufb00erences between computed rate of tax and
\u00a0\u00a0\u00a0
e\ufb00ective tax\u00a0rate due to:
\u00a0\u00a0\u00a0
- Incentive tax credits
-2.9%
-2.3%
-2.7%
- Expenses not deductible for tax purposes
6.6%
0.8%
2.1%
- Impact of withholding tax
0.9%
1.2%
1.0%
- Income tax reserve adjustments - current and prior year
0.3%
-
1.6%
- Transfer to / (from) unrecognised deferred tax assets
2.5%
-
-
- Other
(b)
-1.3%
-4.5%
1.2%
E\ufb00ective tax rate
31.3%
20.3%
28.4%
\n
(a)
The computed tax rate used is the average of the standard rate of tax applicable in the countries in which the Group operates, weighted by
the\u00a0amount of pro\ufb01t before taxation generated in each of those countries. For this reason, the rate may vary from year to year according to
the\u00a0mix of pro\ufb01t and related tax rates.
(b)
Other includes the impact of audit settlements and prior year true ups, as well as the impact of hyperin\ufb02ation related to T\u00fcrkiye.
The Group\u2019s tax rate is reduced by incentive tax credits that have been legislated by the countries
and provinces concerned in order to promote economic development and investment. The tax rate
is increased by business expenses which are not deductible for tax, such as irrecoverable VAT on
separation and some interest costs.
The Group\u2019s future tax charge and e\ufb00ective tax rate could be a\ufb00ected by several factors, including
changes in tax laws and their interpretation and still to be determined tax reform proposals in the EU
and the continuing OECD international tax reform work, as well as the impact of acquisitions, disposals
and the future legal structure of the Group.
Pillar II legislation applies to the Group for 2025. No Pillar II top-up tax has been accrued because
the\u00a0amount is not material.
6B. Deferred tax
Deferred tax is recognised using the liability method on taxable temporary di\ufb00erences between
the tax base and the accounting base of items included in the balance sheet of the Group. Certain
temporary di\ufb00erences are not provided for as follows:
\u2022
goodwill not deductible for tax purposes;
\u2022
the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t;
\u2022
di\ufb00erences relating to investments in subsidiaries to the extent that it is probable that they will not
reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the
year end.
The Group has applied the exemption to not recognise or disclose any deferred tax related to Pillar II
income taxes.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will
be available against which the asset can be utilised. Deferred tax assets are reduced to the extent
that it is no longer probable that the related tax bene\ufb01t will be realised.
Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current
tax assets against current tax liabilities and when the deferred income taxes relate to the same \ufb01scal
authority.
The table below summarises the deferred tax position determined after appropriate jurisdictional
o\ufb00setting as is presented in the consolidated balance sheet at each balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Deferred tax
\u00a0 \u00a0
In millions of \u20ac
31 Dec 2025
31 Dec 2024
Deferred tax asset
520
130
Deferred tax liability
(206)
(298)
Net deferred tax asset / (liability)
314
(168)
\n
2025 deferred tax assets and liabilities have been calculated with jurisdictional netting applied to
individual deferred tax assets and deferred tax liabilities within jurisdictions.
The movements in the deferred tax position are analysed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Movements in 2025
As at
Income
\u00a0
As at
In millions of \u20ac
1 January
statement
Other
(a)
31 December
Pensions and similar obligations
58
11
(111)
(42)
Provisions
32
16
(30)
18
Goodwill and intangible assets
(191)
(54)
452
207
Accelerated tax depreciation
(111)
(21)
64
(68)
Tax losses
52
79
(5)
126
Other
(10)
0
68
58
Lease liability
37
(2)
(34)
1
Right of use asset
(35)
5
33
3
Fair value gains
-
-
9
9
Share-based payments
-
2
-
2
Total
(168)
36
446
314
\n
(a)
Other includes the movements of assets and liabilities recognised in equity and OCI, including any foreign currency translation di\ufb00erences,
acquisitions and disposals
\n \n
Movements in 2024
As at
Income
As at
In millions of \u20ac
1 January
statement
Other
(a)
31 December
Pensions and similar obligations
66
(2)
(6)
58
Provisions
33
-
(1)
32
Goodwill and intangible assets
(175)
(8)
(8)
(191)
Accelerated tax depreciation
(120)
14
(5)
(111)
Tax losses
79
(18)
(9)
52
Other
8
(1)
(17)
(10)
Lease liability
42
(5)
-
37
Right of use asset
(39)
5
(1)
(35)
Fair value gains
-
-
-
-
Share-based payments
-
-
-
-
Total
(106)
(15)
(47)
(168)
\n
(a)
Other includes the movements of assets and liabilities recognised in equity and OCI, including any foreign currency translation di\ufb00erences,
\n
acquisitions and disposals.
\n
Following the Separation, the Group recognised a net deferred tax asset of \u20ac398 million arising on
\n
transfers of assets and liabilities which includes a deferred tax asset of \u20ac432 million on goodwill and
\n
intangible assets as a result of local tax base adjustments and is subject to completion of the purchase
\n
price allocation exercise in certain jurisdictions, which will take place during 2026. The\u00a0deferred tax
\n
asset on goodwill and intangible assets is expected to reverse over the next 5 to 15\u00a0years depending
\n
on the jurisdiction.
\n
At the balance sheet date, the Group had unused tax losses of \u20ac476 million (2024: \u20ac156 million)
\n
available for o\ufb00set against future taxable pro\ufb01ts. Losses increased due to amortisation of tax
\n
deductible goodwill and establishment costs incurred in 2025. Of these losses, \u20ac1 million expire within
\n
one year, \u20ac4 million expire in 1 to 3 years, \u20ac78 million expire in 4 to 5 years, \u20ac9 million expire in more than
\n
5\u00a0years, and \u20ac384 million (2024:\u20ac156 million) have no expiry date. Deferred tax assets have not been
\n
recognised in respect of unused tax losses of \u20ac39 million, as it is not probable that there will be future
\n
taxable pro\ufb01ts in those entities against which the tax losses may be utilised.
\n
Where deferred tax assets have been recognised in respect of losses, the evidence considered
\n
includes the reason for the loss, and the availability of future taxable pro\ufb01ts against which the loss may
\n
be utilised. Pro\ufb01t forecasts used are consistent with those used in other areas of the business.
\n
At the balance sheet date, the aggregate amount of temporary di\ufb00erences associated with
\n
undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised was
\n
\u20ac37 million. No liability has been recognised in respect of these because the Group is in a position to
\n
control the timing of reversal of the temporary di\ufb00erences, and it is probable that such di\ufb00erences will
\n
not reverse in the foreseeable future.
\n
Prior to the Separation, the Group was not a separate legal group and has not previously prepared
\n
standalone \ufb01nancial statements. It was not possible to prepare or disclose an analysis of deferred
\n
tax attributable to various components of Invested Capital. The net liabilities of the Group were
\n
represented by the cumulative investment of Unilever in the Group and disclosed as Invested Capital.
\n
Therefore, there were no deferred tax liabilities recognised in respect of the aggregate amount of
\n
temporary di\ufb00erences associated with undistributed Group earnings in 2024.
The following amounts, determined after appropriate o\ufb00setting, are shown in the consolidated
\n
balance sheet:
\n\n \n
Deferred tax assets and liabilities
In millions of \u20ac
Assets
Liabilities
Total
After jurisdictional netting
2025
2025
2025
Pensions and similar obligations
(43)
1
(42)
Provisions
14
4
18
Goodwill and Intangible assets
350
(143)
207
Accelerated tax depreciation
10
(78)
(68)
Tax losses
126
-
126
Other
51
7
58
Lease liability
1
-
1
Right use of asset
-
3
3
Fair value gains
9
-
9
Share-based payments
2
-
2
Total
520
(206)
314
Of which deferred tax to be recovered/(settled)
after more than 12 months
459
(205)
254
\n
2025 deferred tax assets and liabilities have been calculated with jurisdictional netting applied to
\n
individual deferred tax assets and deferred tax liabilities within jurisdictions.
\n\n \n
Deferred tax assets and liabilities
In millions of \u20ac
Assets
Liabilities
Total
Before jurisdictional netting
2024
2024
2024
Pensions and similar obligations
59
(1)
58
Provisions
32
-
32
Goodwill and Intangible assets
8
(199)
(191)
Accelerated tax depreciation
11
(122)
(111)
Tax losses
52
-
52
Other
10
(20)
(10)
Lease liability
37
-
37
Right use of asset
-
(35)
(35)
Fair value gains
-
-
-
Share-based payments
Total
209
(377)
(168)
E\ufb00ect of jurisdictional netting
(79)
79
-
Total after jurisdictional netting
130
(298)
(168)
Of which deferred tax to be recovered/(settled) after more
than 12 months
79
(276)
(197)
\n
2024 deferred tax assets and liabilities were calculated before applying jurisdictional netting,
\n
with netting being applied to total deferred tax assets and deferred tax liabilities at a jurisdiction level.
6C. Tax on other comprehensive income
Income tax is recognised in other comprehensive income for items recognised directly in
Shareholders\u2019 Equity.
Tax e\ufb00ects directly recognised in other comprehensive income were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Tax
\u00a0 \u00a0
Tax
\u00a0
\u00a0
Before
(charge)/
After
Before
(charge)/
After
In millions of \u20ac
tax
credit
tax
tax
credit
tax
Cash \ufb02ow hedges
(104)
23
(81)
106
(18)
88
Remeasurements of de\ufb01ned bene\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pension plans
63
(17)
46
45
(7)
38
Currency retranslation gains/(losses)
(238)
-
(238)
137
-
137
Total
(279)
6
(273)
288
(25)
263
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "3. Operating costs(i) Cost of sales
Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost
of inventories are raw and packaging materials and related production costs. Distribution costs are
charged to the income statement as incurred.\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Revenue
7,910
7,947
7,618
Cost of sales
(5,171)
(5,173)
(5,022)
of which:
\u00a0\u00a0\u00a0
- Distribution costs
(755)
(784)
(796)
- Production costs
(958)
(986)
(972)
- Raw and packaging materials and goods
\u00a0\u00a0\u00a0
purchased for resale
(3,205)
(3,127)
(2,977)
- Other
(253)
(276)
(277)
Gross pro\ufb01t
2,739
2,774
2,596
Selling, general and administrative expenses
(1,822)
(1,810)
(1,742)
of which:
\u00a0\u00a0\u00a0
- Research and development
(88)
(92)
(92)
Acquisition and disposal-related costs
(a)
(302)
(64)
(50)
Restructuring costs
(b)
(10)
(137)
(74)
Pro\ufb01t/loss on disposal
(4)
-
-
Impairment
(2)
-
-
Other
-
1
12
Operating pro\ufb01t
599
764
742
\n
(a) 2025 and 2024 comprises the charge relating to the Separation. 2023 included a charge of \u20ac38 million related to the revaluation of the earnout
liability of Yasso.
(b) In 2025, the result includes a net release of \u20ac40 million related to restructuring provisions and \u20ac50 million of costs associated with supply
chain optimisation projects. The year-on-year movement primarily re\ufb02ects higher restructuring releases, driven by a signi\ufb01cantly greater
redeployment of employees in 2025 who had previously been expected to exit at the end of 2024. In addition, prior year included allocated
restructuring costs from Unilever central projects.
Exchange gains and losses within operating costs in 2025 are \u20ac0.6 million loss (2024: \u20ac3 million gain,
2023: \u20ac13 million loss).", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Revenue
7,910
7,947
7,618
Cost of sales
(5,171)
(5,173)
(5,022)
of which:
\u00a0\u00a0\u00a0
- Distribution costs
(755)
(784)
(796)
- Production costs
(958)
(986)
(972)
- Raw and packaging materials and goods
\u00a0\u00a0\u00a0
purchased for resale
(3,205)
(3,127)
(2,977)
- Other
(253)
(276)
(277)
Gross pro\ufb01t
2,739
2,774
2,596
Selling, general and administrative expenses
(1,822)
(1,810)
(1,742)
of which:
\u00a0\u00a0\u00a0
- Research and development
(88)
(92)
(92)
Acquisition and disposal-related costs
(a)
(302)
(64)
(50)
Restructuring costs
(b)
(10)
(137)
(74)
Pro\ufb01t/loss on disposal
(4)
-
-
Impairment
(2)
-
-
Other
-
1
12
Operating pro\ufb01t
599
764
742
\n8. Goodwill and intangible assetsImpairment review
Impairment testing is performed by comparing the carrying amount of each CGU or group of CGUs
with its recoverable amount. The recoverable amount is determined as the higher of value in use
and fair value less costs of disposal, with value in use being the primary basis of measurement. Any
impairment losses identi\ufb01ed are recognised in the income statement as they arise.In performing the annual impairment testing, the recoverable amount of each CGU has been calculated
based on its value in use, estimated as the present value of projected future cash \ufb02ows.
Projected cash \ufb02ows include speci\ufb01c estimates for a period of \ufb01ve years. The growth rates and
operating margins used to estimate cash \ufb02ows for the \ufb01ve years are based on past performance and
on the Group\u2019s three-year strategic plan, de-risked to ensure reasonability and extended to years four
and \ufb01ve. The growth rates used in this exercise for signi\ufb01cant CGUs are set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Signi\ufb01cant CGUs
Europe and ANZ
Americas
Longer-term sustainable growth rates
0.9%
1.6%
Average near-term nominal growth rates
2.5%
1.0%
Discount rate
10.1%
10.1%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
Signi\ufb01cant CGUs
Europe and ANZ
Americas
Longer-term sustainable growth rates
1.3%
2.0%
Average near-term nominal growth rates
2.5%
3.0%
Discount rate
9.6%
9.8%
\n
The estimated cash \ufb02ows after year \ufb01ve are extrapolated using a longer-term sustainable growth
rate, which is determined as the lower of the Group\u2019s own three-year average growth projection and
external forecasts for the relevant market.
In 2025, the projected cash \ufb02ows are discounted using pre-tax discount rates. The discount rates are
speci\ufb01c to each CGU and are determined based on the weighted average cost of capital, including a
market and country risk premium. There are no reasonably possible changes in key assumptions that
would cause the carrying amount of any CGU to exceed its recoverable amount.11. Inventories\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Provision for inventories
\u00a0 \u00a0
In millions of \u20ac
2025
2024
1 January
48
56
Charge to income statement
6
16
Reduction / releases
(8)
(23)
Currency retranslation
(4)
(1)
31 December
42
48
\n
Inventories with a value of \u20ac15 million are carried at net realisable value lower than cost (2024:
\u20ac28\u00a0million). During\u00a02025 \u20ac 39 million (2024: \u20ac32 million) was charged to the income statement
for
\u00a0damaged and\u00a0lost inventories. Concentrations of credit risk with respect to trade receivables, are limited due to the Group\u2019s customer
base being large and diverse. The Group\u2019s historical experience of collecting receivables supported
by the level of default, is that credit risk is low across territories and therefore trade receivables are a
single class of \ufb01nancial assets.
Impairment of trade receivables is assessed in accordance with the Group\u2019s expected credit loss
policy and is determined for speci\ufb01c receivables with known or anticipated recovery issues, as well
as for balances that are past due using probabilities of default derived from historical experience and
relevant forward-looking information. Where Unilever collects cash from customers on the Group\u2019s
behalf, any customer credit losses that arise are charged by Unilever to the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ageing of trade receivables
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Not overdue
546
355
Past due less than three months
55
30
Past due more than three months but less than six months
28
11
Past due more than six months but less than one year
2
3
Past due more than one year
5
16
Total trade receivables
636
415
Impairment provision for trade receivables
(5)
(24)
\u00a0
631
391
\n
The total impairment provision includes \u20ac5 million (2024: \u20ac24 million) for current trade receivables
(other than receivables from Unilever). In 2025, receivables were predominantly due from Unilever
and the Group assessed Unilever\u2019s credit risk to be very low. Hence, no impairment provision was
recognised for receivables from Unilever.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Impairment provision for trade and other receivables
\u00a0 \u00a0
In millions of \u20ac
2025
2024
1 January
27
36
Charge to income statement
-
5
Reductions / releases
(a)
(21)
(11)
Currency retranslations
(1)
(3)
31 December
5
27
\n
(a) On Separation, trade receivables were not transferred to the Group, accordingly the associated impairment provision was released through
Invested Capital.
In 2024, the total impairment provision includes \u20ac24 million for current trade receivables and \u20ac3 million
for other receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "4. Employees
4A. Sta\ufb00 and management costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
Notes
2025
(a)
2024
2023
Sta\ufb00 costs
\u00a0\u00a0\u00a0\u00a0
Wages and salaries
\u00a0
887
638
655
Social security costs
\u00a0
105
77
80
Other pension costs
4B
47
42
44
Share-based compensation costs
4C
35
32
20
Total
\u00a0
1,074
789
799
\n
(a) Excludes the cost of ice cream employees in Mexico due to the delayed transfer.
Sta\ufb00 cost disclosures for 2024 and 2023 were prepared using a carve-out methodology based
on estimations and allocations of employees and their payroll costs. For the 2025 disclosure,
following the legal transfer of employees a more granular attribution approach was implemen-
ted to compile this disclosure. Had this approach been applied in prior years, the sta\ufb00 cost
\ufb01gures for 2024 and 2023 would have been broadly comparable to the current year\u2019s numbers.
The carve-out assumptions used for these disclosures di\ufb00er from those applied in preparing
the Group\u2019s consolidated income statement; accordingly, these changes have no impact on the
Group\u2019s consolidated results as those costs were included in the operating costs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Average number of employees during the year
2025
2024
2023
The Americas
4,427
5,031
5,019
Europe and ANZ
(a)
6,925
4,758
4,614
AMEA
4,475
4,093
4,050
Dedicated Ice Cream Employees
(b)
15,827
13,882
13,683
Allocated FTEs from Unilever
(c)
2,100
4,700
4,300
Total
17,927
18,582
17,983
\n
(a) Includes 597 employees in the Netherlands.
(b) The increase in the average number of dedicated Ice Cream employees in 2025 re\ufb02ects the net impact of employees added during the year,
partially o\ufb00set by the delayed transfer of employees in Mexico.
(c) In addition to the dedicated Ice Cream employees, FTEs were allocated to Ice Cream from Unilever. Following the separation on 1 July, these
roles were replaced by a combination of GTSA services provided by Unilever and new hires within the Group.
Key management are de\ufb01ned as the members of the Executive Leadership Team.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Key management compensation
(a)
\u00a0\u00a0\u00a0
Salaries and short-term employee bene\ufb01ts
15
16
9
Share-based bene\ufb01ts
6
4
1
Total
21
20
10
\n
(a) Details regarding the remuneration of the Executive Directors (CEO and CFO) can be found in the Directors\u2019 Remuneration section of the
Management Report on page 75.
The Non-Executive Directors appointed in 2025 received \u20ac0.5 million as fees for the year.
4B. Pensions and similar obligations
The Group operates both de\ufb01ned contribution plans and de\ufb01ned bene\ufb01t plans.
For de\ufb01ned contribution plans, the charges to the income statement are the Group contributions
payable, as the Group\u2019s obligation is limited to the contributions paid into the plans. The assets and
liabilities of such plans are not included in the balance sheet of the Group.
For de\ufb01ned bene\ufb01t plans, operating and \ufb01nance costs are recognised separately in the income
statement. The amount charged to operating cost in the income statement is the cost of accruing
bene\ufb01ts promised to employees over the year. In addition, there are also plan administration
costs and costs and/or credits arising from one-o\ufb00 events such as past service bene\ufb01t changes,
settlements and curtailments. These one-o\ufb00 events are fully recognised as they occur in the
income statement. The net amount charged or credited to \ufb01nance costs is calculated by applying
the discount rate of the de\ufb01ned bene\ufb01t obligation to net pension asset or liability at the prior year
end as\u00a0recognised in the balance sheet.The net pension asset or liability recognised in the balance
sheets in respect of de\ufb01ned bene\ufb01t plans is the fair value of the plan assets less the present value of
the de\ufb01ned bene\ufb01t obligation at the balance sheet date. The de\ufb01ned bene\ufb01t obligation is calculated
annually by quali\ufb01ed actuaries using the projected unit credit method for our plans with a liability over
\u20ac10 million. For other plans with a liability below \u20ac 10 million but over \u20ac 1 million, it is calculated once
every three years. De\ufb01ned bene\ufb01ts plan below \u20ac1 million are accounted as de\ufb01ned contributions
plans. Recognised assets are limited to the present value of any reductions in future contributions
or any future refunds. The net pension liability is presented as a long-term provision; no distinction is
made for the short-term portion.
To make actuarial calculations for the valuation of de\ufb01ned bene\ufb01t obligations, assumptions are
needed for discount rates, healthcare cost increases, future salary increases, future pension
increases, life expectancy and employee turnover rates. The actuarial calculations are made by
external actuaries based on inputs from observable market data, such as corporate bond returns
and yield curves to determine the discount rates, mortality tables to determine life expectancy,
and\u00a0in\ufb02ation rates to determine future salary increases and future pension increases.
Remeasurements of the net de\ufb01ned bene\ufb01t asset or liability comprise actuarial gains and losses,
the\u00a0return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (excluding interest).
The Group recognises all remeasurements in other comprehensive income and in other reserves.
The Group\u2019s net obligation with respect to other long-term employee bene\ufb01ts is the amount of future
bene\ufb01t that employees have earned in return for their service in the current and prior periods, such as
jubilee entitlements. That bene\ufb01t is discounted to determine its present value. Remeasurements are
recognised in the consolidated statements of income in the period in which they arise.
General description of plans including governance and investment strategy
The Group operates post-employment bene\ufb01t plans in many countries in accordance with the legal
requirements, customs and the local practice in the countries involved. The larger part of post-
employment bene\ufb01ts are Group pension plans, of which some are funded, and some are unfunded.
All funded post-employment bene\ufb01t plans are considered to be related parties.
Most employees who take part in a Group pension plan are covered by de\ufb01ned contribution pension
plans. The main de\ufb01ned contribution plans are in The Netherlands and the United States. The\u00a0Group
also sponsors several de\ufb01ned bene\ufb01t pension plans. The bene\ufb01ts provided by these plans are based
on employees\u2019 years of service and compensation levels. The de\ufb01ned bene\ufb01t plans in Germany make
up most of the de\ufb01ned bene\ufb01t obligations. The Group also has de\ufb01ned bene\ufb01t plans in the rest of
the world; however, these are individually not signi\ufb01cant to the Group and do not have a signi\ufb01cantly
di\ufb00erent risk pro\ufb01le that would warrant separate disclosure.
The assets of the larger funded de\ufb01ned bene\ufb01t and de\ufb01ned contribution plans are primarily held in
external pension trusts or pensions funds, and do not impact the Group\u2019s balance sheet. These trusts
or funds are governed by independent trustees, who have a legal obligation to protect the interests
of\u00a0all plan members and operate under the relevant local regulatory framework.
The consolidated \ufb01nancial statements have been prepared based on the post-employment bene\ufb01t
plans that were transferred from Unilever to the Group based on the mutually agreed separation
agreement and employees transferred.
\n
Plans in Germany
\n
The Group operates several de\ufb01ned bene\ufb01t plans for active employees and retired members in
\n
Germany. These obligations are funded through a legally separate pension trust, ensuring that plan
\n
assets are segregated from the company\u2019s general assets. In addition, employees participate in
\n
Pensionskasse Berolina VVaG, which is classi\ufb01ed and accounted for as a de\ufb01ned contribution plan as
\n
from 31 December 2025. Under this classi\ufb01cation, the company\u2019s obligation is limited to the payment of
\n
contributions, and no further actuarial liability is recognised for these bene\ufb01ts in future years.
\n
Assumptions
\n
The following table shows the assumptions, weighted by liabilities, used to value the de\ufb01ned bene\ufb01t
\n
pension liabilities and other post-employment bene\ufb01t liabilities.
\n\n \n
Germany
Other countries
Total
In %
2025
2024
2025
2024
2025
2024
Discount rate
4.0%
3.4%
7.4%
10.6%
4.7%
4.2%
In\ufb02ation rate
2.0%
2.0%
5.6%
9.3%
2.5%
2.7%
Salary increase
2.8%
2.8%
3.8%
10.0%
3.5%
3.6%
Pension (in payment) increase
2.0%
2.0%
13.5%
18.1%
2.5%
2.7%
\n
Demographic assumptions, such as mortality rates, are set in respect to the latest trends in life
\n
expectancy (including expectations of future improvements), plan experience and other relevant data.
\n
These assumptions are reviewed and updated as necessary as part of the periodic actuarial valuation
\n
of the pension plans. The mortality table used for Germany is the periodical table Berolina 2021, which
\n
is the prospective table for the participants of the Berolina Pensionskasse VVaG. This Berolina 2021
\n
table is derived from the Heubeck 2018 generational tables and adapted to the special conditions of
\n
the participants. It is reviewed with the local regulator BaFin.
\n
For the Group\u2019s major plans, a full discount rate curve of high-quality corporate bonds is used to
\n
determine the de\ufb01ned bene\ufb01t obligation, where available. The curves are based on the Rate:Link
\n
methodology of Willis Towers Watson, which uses data of corporate bonds rated AA or equivalent.
\n
For the other plans, a single point on the Rate:Link curve corresponding to the average maturity of the
\n
de\ufb01ned bene\ufb01t obligation. For plans in countries without a deep corporate bond market, the discount
\n
rate is based on government bonds.
\n
Income statement
\n
The adjacent table contains the total of current and past service costs, administration costs and
\n
settlement results as included in income from operations and the interest cost as included in \ufb01nancial
\n
expense.
\n
Income statement for post-employment bene\ufb01t plans
\n\n \n
Total
In millions of \u20ac
2025
2024
2023
Charged to operating pro\ufb01t:
- Cost / (credit) of de\ufb01ned bene\ufb01t plans
8
9
8
- Cost of de\ufb01ned contribution plans
39
33
36
Total charged to operating pro\ufb01t
47
42
44
- Finance cost / (income)
9
12
11
Total charge/(credit) recognised in income statement
56
54
55
Statement of comprehensive income
Amounts recognised in the statement of comprehensive income on the re-measurement of
the net pension liability relating to de\ufb01ned bene\ufb01ts plans for which the Group has a liability.
Other comprehensive income for de\ufb01ned bene\ufb01ts plans
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
In millions of \u20ac
2025
2024
2023
Return on plan assets greater / (less) than interest income
33
52
44
Actuarial gains / (losses) from demographic assumptions
-
3
-
Actuarial gains / (losses) from \ufb01nancial assumptions
66
23
(8)
Actuarial gains / (losses) from experience adjustments
(38)
(30)
(30)
Actuarial gains / (losses) from change in value of irrecoverable surplus
2
(1)
(1)
Total credit / (charge) recognised in other comprehensive income
63
47
5
\n
Balance sheet
The adjacent table provides a breakdown of the present value of the funded and unfunded de\ufb01ned
bene\ufb01t obligation (DBO), the fair value of plan assets and the net position in Germany and in other
countries. The table also provides the value of any asset ceiling.
Total net balance sheet position of de\ufb01ned bene\ufb01ts plans
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Germany
Other countries
Total
In millions of \u20ac
2025
2024
2025
2024
2025
2024
Present value of funded DBO
(a)
(346)
(716)
(14)
(12)
(360)
(728)
Present value of unfunded DBO
(1)
(1)
(74)
(91)
(75)
(92)
Total present value of DBO
(347)
(717)
(88)
(103)
(435)
(820)
Fair value of plan assets
(a)
423
711
15
14
438
725
Fair value of irrecoverable (surplus)
-
-
(1)
(3)
(1)
(3)
Net position
76
(6)
(74)
(92)
2
(98)
\n
(a) Changes to the de\ufb01ned bene\ufb01t obligation and fair value of the plan assets primarily result from the application of de\ufb01ned contribution
accounting for the pension liabilities and assets covered by the PensionsKasse Berolina in Germany.
Net total assets and net total liability of de\ufb01ned bene\ufb01ts plans
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Germany
Other countries
Total
In millions of \u20ac
2025
2024
2025
2024
2025
2024
Total assets for plans in surplus
77
-
1
-
78
-
Total liability for plans in de\ufb01cit
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and unfunded plans
(1)
(6)
(75)
(92)
(76)
(98)
Net position
76
(6)
(74)
(92)
2
(98)
Summary of the reconciliations for the de\ufb01ned bene\ufb01t obligation and plan assets
\n
The adjacent tables contain the reconciliations for the de\ufb01ned bene\ufb01t obligation and plan assets over
\n
the year.
\n
Movements in obligation of de\ufb01ned bene\ufb01ts plans
\n\n \n
Germany
Other countries
Total
In millions of \u20ac
2025
2024
2025
2024
2025
2024
Balance as of January 1
(717)
(722)
(103)
(100)
(820)
(822)
Service cost including
(3)
(4)
(5)
(5)
(8)
(9)
administration expenses
Interest cost
(23)
(27)
(9)
(11)
(32)
(38)
Past service cost
-
-
-
-
-
-
Employee contributions
(1)
(1)
-
-
(1)
(1)
Bene\ufb01ts paid from plan asset
41
41
-
-
41
41
Bene\ufb01ts paid directly by employer
3
-
3
10
6
10
Actuarial gains / (losses)
- demographic assumptions
-
-
-
3
-
3
- \ufb01nancial assumptions
64
14
2
9
66
23
- experience adjustment
(45)
(18)
7
(12)
(38)
(30)
Settlements paid directly
by employer
-
-
-
-
-
-
Translation di\ufb00erences and other
(a)
334
-
17
3
351
3
Balance as of December 31
(347)
(717)
(88)
(103)
(435)
(820)
\n
(a) Other changes to the de\ufb01ned bene\ufb01t obligation primarily includes the derecognition of the prior de\ufb01ned bene\ufb01t obligation, resulting from the
\n
application of de\ufb01ned contribution accounting for the pension liabilities covered by the Pensionskasse Berolina in Germany.
\n
Movements in plan assets of funded de\ufb01ned bene\ufb01ts plans
\n\n \n
Germany
Other countries
Total
In millions of \u20ac
2025
2024
2025
2024
2025
2024
Balance as of January 1
711
646
14
9
725
655
Interest income
23
26
-
-
23
26
Admin expenses paid
-
-
-
-
-
-
Employee contributions
1
1
-
-
1
1
Employer contributions
35
32
-
-
35
32
Bene\ufb01ts paid from plan assets
(41)
(41)
-
-
(41)
(41)
Actuarial gains / (losses):
-
-
-
-
-
-
- return on plan assets excluding
interest income
33
47
-
5
33
52
Settlements paid from plan
-
-
-
-
-
-
Translation di\ufb00erences and other
(a)
(339)
-
1
-
(338)
-
Balance as of December 31
423
711
15
14
438
725
\n
(a) Other changes to the plan assets primarily includes the derecognition of the prior plan assets, resulting from the application of de\ufb01ned
\n
contribution accounting for the pension liabilities covered by the Pensionskasse Berolina in Germany.
\n
Movements in irrecoverable surplus of funded de\ufb01ned bene\ufb01ts plans
\n\n \n
Total
In millions of \u20ac
2025
2024
Balance as of January 1
(3)
(2)
Interest cost
-
-
Actuarial gains/(losses) from change in value of irrecoverable surplus
2
(1)
Translation di\ufb00erences and other
-
-
Balance as of December 31
(1)
(3)
Cash \ufb02ow
The Group\u2019s cash \ufb02ow in respect of post-employment bene\ufb01t plans comprise of contributions paid
into funded plans, bene\ufb01ts paid in respect of unfunded plans and employer contributions to de\ufb01ned
contribution plans. The Group\u2019s funding policy is to periodically review the contributions made to the
plans while taking account of local legislation. The table below sets out the cash \ufb02ow impact.
Cash \ufb02ow from operations for post-employment bene\ufb01t plans
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
In millions of \u20ac
2025
2024
2023
Cash payments for
de\ufb01ned bene\ufb01ts
plans:
\u00a0 \u00a0 \u00a0
- Employer contributions to funded plans
35
32
31
- Bene\ufb01ts and settlements paid directly by employer
6
10
8
Employer contributions to de\ufb01ned contribution plans
39
33
36
Total cash payments recognised in cash \ufb02ow from operations
80
75
75
\n
Sensitivities
The following table illustrates the approximate impact on the de\ufb01ned bene\ufb01t obligation from movements
in key assumptions. The de\ufb01ned bene\ufb01t obligation was recalculated using a change in the assumptions
of 0.5%, which overall is considered a reasonably possible change. The impact on the DBO because
of\u00a0changes in discount rate is normally accompanied by partly o\ufb00setting movements in plan assets.
Change in de\ufb01ned bene\ufb01t obligation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Other
\u00a0 \u00a0
\u00a0 \u00a0
Germany
countries
Total
In millions of \u20ac
\u00a0
2025
2024
2025
2024
2025
2024
Discount rate
Increase of 0.5%
29
34
4
3
33
37
Pension (in payment) increase
Increase of 0.5%
(26)
(32)
(1)
(3)
(27)
(35)
Life expectancy
Increase 1 year
(24)
(31)
2
(3)
(22)
(34)
\n
The sensitivity analyses above have been determined based on reasonably possible changes of the
respective assumptions occurring at the end of the reporting period and may not be representative
of\u00a0the actual change. It is based on a change in the key assumption while holding all other assumptions
constant. When calculating the sensitivity to the assumption, the same method used to calculate the
liability recognised in the balance sheet has been applied.
Plan asset allocation
The asset allocation in the Group\u2019s plan assets was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
In millions of \u20ac
2025
2024
Assets quoted in active markets
\u00a0\u00a0
- Debt securities
308
419
- Equity securities
121
178
- Other
(a)
1
-
Assets not quoted in active markets
\u00a0\u00a0
- Debt securities
-
-
- Equity securities
-
7
- Other
(a)
8
107
Plan assets other plans
-
14
Total plan assets
438
725
\n
(a)
Other assets are primarily composed of cash and cash equivalents, real estate, investment funds, and assets managed by insurance companies.
The plan assets in 2025 contain 2% (2024: 16%) unquoted plan assets. Plan assets in 2025 do not
include property occupied by or \ufb01nancial instruments issued by the Group.
Cash \ufb02ows and pension costs in 2026
Cash out\ufb02ows in relation to post-employment bene\ufb01ts are estimated to amount to \u20ac89 million in 2026,
consisting of:
\u2022
\u20ac 28 million employer contributions to funded de\ufb01ned bene\ufb01ts plans;
\u2022
\u20ac 9 million directly paid bene\ufb01ts by the Group to plan participants;
\u2022
\u20ac 52 million employer contributions to de\ufb01ned contribution plans.
The service cost and administration cost for 2026 is expected to amount to \u20ac 5 million for de\ufb01ned
bene\ufb01t plans. The service costs for 2026 are expected to be approximately \u20ac3 million lower. This
re\ufb02ects the application of de\ufb01ned contribution accounting for the pension liabilities covered by the
Pensionskasse Berolina in Germany, resulting in a shift from de\ufb01ned bene\ufb01t related service costs to
de\ufb01ned contribution pension expenses. The net interest cost for 2026 for the de\ufb01ned bene\ufb01t plans is
expected to amount to \u20ac 2 million. The expected cost for de\ufb01ned contribution plans in 2026 is equal to
the expected de\ufb01ned contribution cash \ufb02ow.
4C. Share-based compensation plans
The fair value of awards at grant date is calculated using observable market price. This value is
expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed
and adjusted to re\ufb02ect changes to the level of awards expected to vest, except where this arises from
a failure to meet a market condition. Any cancellations are recognised immediately in the income
statement. Where the terms of an award are modi\ufb01ed, the incremental fair value arising from the
modi\ufb01cation is recognised over the remaining vesting period.
Legacy Unilever PLC share plans and Replacement Awards
Unilever employed various share-based compensation incentive plans in the form of performance
shares and other share awards to restricted shares in which employees of the Group participated.
These plans typically covered a three-year vesting period. For the period up to demerger, costs
related to participating employees were allocated to the Group. In addition, the Group also received
an\u00a0allocation of share-based compensation charges with respect to corporate employees of Unilever.
Unvested legacy Unilever PLC share plans prorated to the time of the demerger will remain with
Unilever. Unilever will satisfy those shares directly to TMICC employees when they vest in 2026, 2027
and 2028. The remaining unvested share awards were replaced with TMICC shares under three main
plans: the \u2018Replacement Performance Share Plan (PSP)\u2019, the \u2018Replacement Annual Share Plan (ASP)\u2019
and Retention Awards. These replacement awards cover the remainder of the original vesting period
of the legacy Unilever awards and are governed by the TMICC Long Term Incentive Plan 2025. The
value of the replacement awards is equivalent to the value of the legacy Unilever awards that lapsed as
a result of the demerger:
\u2022
Replacement Performance Share Plan (PSP) awards:
Selected participants, including Executive
Directors, were granted conditional awards which normally vest after three years, subject to
continued employment and to the extent performance conditions are achieved. Upon vesting,
Executive Directors will have an additional two-year holding period after vesting (during which the
shares cannot be sold) to ensure there is a \ufb01ve-year duration between the grant of the award and
the release of the shares.
\u2022
Replacement Annual Share Plan (ASP) awards:
Selected participants were granted conditional
awards, subject to continued employment.
\u2022
Retention Awards:
Legacy individual awards granted by Unilever to selected individuals for
retention and performance purposes. They were converted into equivalent awards
in shares of TMICC after the demerger was completed.
Celebration Award
On 9 December 2025, the Group granted a one-time share-based award of \u20ac300 to eligible
employees following the demerger with a 12-month vesting period. Awards vest in full after the vesting
period, subject to continued employment. This represents 358,639 shares as at 31 December 2025.
All Plans are equity-settled.
The total cost between each of the relevant schemes is shown below:
Charge for the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In mllions of \u20ac
2025
Legacy Unilever Plans
\u00a0
- Performance Share Plan
15
- Annual Share Plan
13
TMICC Plans
\u00a0
- Replacement Performance Share Plan
1
- Replacement Annual Share Plan
1
- Retention Awards
5
- Celebration Award
0
Total
35
Number of Share Awards
\u00a0
\u00a0
2025
Replacement Performance Share Plan
810,902
Replacement Annual Share Plan
1,754,773
Retention Awards
450,808
Celebration Award
358,639
Total
3,375,122
\n
Fair Value of Awards
The fair value of TMICC awards was determined based on the average trading price of TMICC N.V.
shares between 8 and 18 December, which amounted to \u20ac13.4 per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Average number of employees during the year
2025
2024
2023
The Americas
4,427
5,031
5,019
Europe and ANZ
(a)
6,925
4,758
4,614
AMEA
4,475
4,093
4,050
Dedicated Ice Cream Employees
(b)
15,827
13,882
13,683
Allocated FTEs from Unilever
(c)
2,100
4,700
4,300
Total
17,927
18,582
17,983
\n
(a) Includes 597 employees in the Netherlands.
(b) The increase in the average number of dedicated Ice Cream employees in 2025 re\ufb02ects the net impact of employees added during the year,
partially o\ufb00set by the delayed transfer of employees in Mexico.
(c) In addition to the dedicated Ice Cream employees, FTEs were allocated to Ice Cream from Unilever. Following the separation on 1 July, these
roles were replaced by a combination of GTSA services provided by Unilever and new hires within the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "value": "Key management are de\ufb01ned as the members of the Executive Leadership Team. \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Key management compensation
(a)
\u00a0\u00a0\u00a0
Salaries and short-term employee bene\ufb01ts
15
16
9
Share-based bene\ufb01ts
6
4
1
Total
21
20
10
\n
(a) Details regarding the remuneration of the Executive Directors (CEO and CFO) can be found in the Directors\u2019 Remuneration section of the
Management Report on page 75.
The Non-Executive Directors appointed in 2025 received \u20ac0.5 million as fees for the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00578": { "value": "4B. Pensions and similar obligations
The Group operates both de\ufb01ned contribution plans and de\ufb01ned bene\ufb01t plans.
For de\ufb01ned contribution plans, the charges to the income statement are the Group contributions
payable, as the Group\u2019s obligation is limited to the contributions paid into the plans. The assets and
liabilities of such plans are not included in the balance sheet of the Group.
For de\ufb01ned bene\ufb01t plans, operating and \ufb01nance costs are recognised separately in the income
statement. The amount charged to operating cost in the income statement is the cost of accruing
bene\ufb01ts promised to employees over the year. In addition, there are also plan administration
costs and costs and/or credits arising from one-o\ufb00 events such as past service bene\ufb01t changes,
settlements and curtailments. These one-o\ufb00 events are fully recognised as they occur in the
income statement. The net amount charged or credited to \ufb01nance costs is calculated by applying
the discount rate of the de\ufb01ned bene\ufb01t obligation to net pension asset or liability at the prior year
end as\u00a0recognised in the balance sheet.The net pension asset or liability recognised in the balance
sheets in respect of de\ufb01ned bene\ufb01t plans is the fair value of the plan assets less the present value of
the de\ufb01ned bene\ufb01t obligation at the balance sheet date. The de\ufb01ned bene\ufb01t obligation is calculated
annually by quali\ufb01ed actuaries using the projected unit credit method for our plans with a liability over
\u20ac10 million. For other plans with a liability below \u20ac 10 million but over \u20ac 1 million, it is calculated once
every three years. De\ufb01ned bene\ufb01ts plan below \u20ac1 million are accounted as de\ufb01ned contributions
plans. Recognised assets are limited to the present value of any reductions in future contributions
or any future refunds. The net pension liability is presented as a long-term provision; no distinction is
made for the short-term portion.
To make actuarial calculations for the valuation of de\ufb01ned bene\ufb01t obligations, assumptions are
needed for discount rates, healthcare cost increases, future salary increases, future pension
increases, life expectancy and employee turnover rates. The actuarial calculations are made by
external actuaries based on inputs from observable market data, such as corporate bond returns
and yield curves to determine the discount rates, mortality tables to determine life expectancy,
and\u00a0in\ufb02ation rates to determine future salary increases and future pension increases.
Remeasurements of the net de\ufb01ned bene\ufb01t asset or liability comprise actuarial gains and losses,
the\u00a0return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (excluding interest).
The Group recognises all remeasurements in other comprehensive income and in other reserves.
The Group\u2019s net obligation with respect to other long-term employee bene\ufb01ts is the amount of future
bene\ufb01t that employees have earned in return for their service in the current and prior periods, such as
jubilee entitlements. That bene\ufb01t is discounted to determine its present value. Remeasurements are
recognised in the consolidated statements of income in the period in which they arise. 4C. Share-based compensation plans
The fair value of awards at grant date is calculated using observable market price. This value is
expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed
and adjusted to re\ufb02ect changes to the level of awards expected to vest, except where this arises from
a failure to meet a market condition. Any cancellations are recognised immediately in the income
statement. Where the terms of an award are modi\ufb01ed, the incremental fair value arising from the
modi\ufb01cation is recognised over the remaining vesting period. 14. Capital and fundingShare-based compensation
The Group operates a number of share-based compensation plans involving awards of ordinary
shares of TMICC N.V.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00562": { "value": "4C. Share-based compensation plans
The fair value of awards at grant date is calculated using observable market price. This value is
expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed
and adjusted to re\ufb02ect changes to the level of awards expected to vest, except where this arises from
a failure to meet a market condition. Any cancellations are recognised immediately in the income
statement. Where the terms of an award are modi\ufb01ed, the incremental fair value arising from the
modi\ufb01cation is recognised over the remaining vesting period.
Legacy Unilever PLC share plans and Replacement Awards
Unilever employed various share-based compensation incentive plans in the form of performance
shares and other share awards to restricted shares in which employees of the Group participated.
These plans typically covered a three-year vesting period. For the period up to demerger, costs
related to participating employees were allocated to the Group. In addition, the Group also received
an\u00a0allocation of share-based compensation charges with respect to corporate employees of Unilever.
Unvested legacy Unilever PLC share plans prorated to the time of the demerger will remain with
Unilever. Unilever will satisfy those shares directly to TMICC employees when they vest in 2026, 2027
and 2028. The remaining unvested share awards were replaced with TMICC shares under three main
plans: the \u2018Replacement Performance Share Plan (PSP)\u2019, the \u2018Replacement Annual Share Plan (ASP)\u2019
and Retention Awards. These replacement awards cover the remainder of the original vesting period
of the legacy Unilever awards and are governed by the TMICC Long Term Incentive Plan 2025. The
value of the replacement awards is equivalent to the value of the legacy Unilever awards that lapsed as
a result of the demerger:
\u2022
Replacement Performance Share Plan (PSP) awards:
Selected participants, including Executive
Directors, were granted conditional awards which normally vest after three years, subject to
continued employment and to the extent performance conditions are achieved. Upon vesting,
Executive Directors will have an additional two-year holding period after vesting (during which the
shares cannot be sold) to ensure there is a \ufb01ve-year duration between the grant of the award and
the release of the shares.
\u2022
Replacement Annual Share Plan (ASP) awards:
Selected participants were granted conditional
awards, subject to continued employment.
\u2022
Retention Awards:
Legacy individual awards granted by Unilever to selected individuals for
retention and performance purposes. They were converted into equivalent awards
in shares of TMICC after the demerger was completed.
Celebration Award
On 9 December 2025, the Group granted a one-time share-based award of \u20ac300 to eligible
employees following the demerger with a 12-month vesting period. Awards vest in full after the vesting
period, subject to continued employment. This represents 358,639 shares as at 31 December 2025.
All Plans are equity-settled.
The total cost between each of the relevant schemes is shown below:
Charge for the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In mllions of \u20ac
2025
Legacy Unilever Plans
\u00a0
- Performance Share Plan
15
- Annual Share Plan
13
TMICC Plans
\u00a0
- Replacement Performance Share Plan
1
- Replacement Annual Share Plan
1
- Retention Awards
5
- Celebration Award
0
Total
35
Number of Share Awards
\u00a0
\u00a0
2025
Replacement Performance Share Plan
810,902
Replacement Annual Share Plan
1,754,773
Retention Awards
450,808
Celebration Award
358,639
Total
3,375,122
\n
Fair Value of Awards
The fair value of TMICC awards was determined based on the average trading price of TMICC N.V.
shares between 8 and 18 December, which amounted to \u20ac13.4 per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00603": { "value": "4C. Share-based compensation plans
The fair value of awards at grant date is calculated using observable market price. This value is
expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed
and adjusted to re\ufb02ect changes to the level of awards expected to vest, except where this arises from
a failure to meet a market condition. Any cancellations are recognised immediately in the income
statement. Where the terms of an award are modi\ufb01ed, the incremental fair value arising from the
modi\ufb01cation is recognised over the remaining vesting period. 14. Capital and fundingShare-based compensation
The Group operates a number of share-based compensation plans involving awards of ordinary
shares of TMICC N.V.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.
Net \ufb01nance costs
\n\n \u00a0 \u00a0
In millions of \u20ac
Note
2025
2024
2023
Finance expenses
(a)
(139)
(13)
(10)
- Interest expense
14C
(117)
(6)
(3)
- Net Foreign Exchange gain or loss
(13)
-
-
- Interest on lease liabilities
(9)
(7)
(7)
Pensions and similar obligations
(9)
(12)
(11)
Finance income
27
8
1
-Gain/(loss) on remeasurement of put option
14B
12
6
-
-Other \ufb01nance income
15
2
1
Net Finance Costs
(121)
(17)
(20)
\n
(a) Includes \u20ac71 million on loans from Unilever to fund the Separation from 1 July 2025 until the Demerger and \u20ac16 million of bond interest and fees
(see Note 14C). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.
Net \ufb01nance costs
\n\n \u00a0 \u00a0
In millions of \u20ac
Note
2025
2024
2023
Finance expenses
(a)
(139)
(13)
(10)
- Interest expense
14C
(117)
(6)
(3)
- Net Foreign Exchange gain or loss
(13)
-
-
- Interest on lease liabilities
(9)
(7)
(7)
Pensions and similar obligations
(9)
(12)
(11)
Finance income
27
8
1
-Gain/(loss) on remeasurement of put option
14B
12
6
-
-Other \ufb01nance income
15
2
1
Net Finance Costs
(121)
(17)
(20)
\n
(a) Includes \u20ac71 million on loans from Unilever to fund the Separation from 1 July 2025 until the Demerger and \u20ac16 million of bond interest and fees
(see Note 14C). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.
Net \ufb01nance costs
\n\n \u00a0 \u00a0
In millions of \u20ac
Note
2025
2024
2023
Finance expenses
(a)
(139)
(13)
(10)
- Interest expense
14C
(117)
(6)
(3)
- Net Foreign Exchange gain or loss
(13)
-
-
- Interest on lease liabilities
(9)
(7)
(7)
Pensions and similar obligations
(9)
(12)
(11)
Finance income
27
8
1
-Gain/(loss) on remeasurement of put option
14B
12
6
-
-Other \ufb01nance income
15
2
1
Net Finance Costs
(121)
(17)
(20)
\n
(a) Includes \u20ac71 million on loans from Unilever to fund the Separation from 1 July 2025 until the Demerger and \u20ac16 million of bond interest and fees
(see Note 14C). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.
Net \ufb01nance costs
\n\n \u00a0 \u00a0
In millions of \u20ac
Note
2025
2024
2023
Finance expenses
(a)
(139)
(13)
(10)
- Interest expense
14C
(117)
(6)
(3)
- Net Foreign Exchange gain or loss
(13)
-
-
- Interest on lease liabilities
(9)
(7)
(7)
Pensions and similar obligations
(9)
(12)
(11)
Finance income
27
8
1
-Gain/(loss) on remeasurement of put option
14B
12
6
-
-Other \ufb01nance income
15
2
1
Net Finance Costs
(121)
(17)
(20)
\n
(a) Includes \u20ac71 million on loans from Unilever to fund the Separation from 1 July 2025 until the Demerger and \u20ac16 million of bond interest and fees
(see Note 14C). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.
Net \ufb01nance costs
\n\n \u00a0 \u00a0
In millions of \u20ac
Note
2025
2024
2023
Finance expenses
(a)
(139)
(13)
(10)
- Interest expense
14C
(117)
(6)
(3)
- Net Foreign Exchange gain or loss
(13)
-
-
- Interest on lease liabilities
(9)
(7)
(7)
Pensions and similar obligations
(9)
(12)
(11)
Finance income
27
8
1
-Gain/(loss) on remeasurement of put option
14B
12
6
-
-Other \ufb01nance income
15
2
1
Net Finance Costs
(121)
(17)
(20)
\n
(a) Includes \u20ac71 million on loans from Unilever to fund the Separation from 1 July 2025 until the Demerger and \u20ac16 million of bond interest and fees
(see Note 14C). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.
Net \ufb01nance costs
\n\n \u00a0 \u00a0
In millions of \u20ac
Note
2025
2024
2023
Finance expenses
(a)
(139)
(13)
(10)
- Interest expense
14C
(117)
(6)
(3)
- Net Foreign Exchange gain or loss
(13)
-
-
- Interest on lease liabilities
(9)
(7)
(7)
Pensions and similar obligations
(9)
(12)
(11)
Finance income
27
8
1
-Gain/(loss) on remeasurement of put option
14B
12
6
-
-Other \ufb01nance income
15
2
1
Net Finance Costs
(121)
(17)
(20)
\n
(a) Includes \u20ac71 million on loans from Unilever to fund the Separation from 1 July 2025 until the Demerger and \u20ac16 million of bond interest and fees
(see Note 14C). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00534": { "value": "5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.
Net \ufb01nance costs
\n\n \u00a0 \u00a0
In millions of \u20ac
Note
2025
2024
2023
Finance expenses
(a)
(139)
(13)
(10)
- Interest expense
14C
(117)
(6)
(3)
- Net Foreign Exchange gain or loss
(13)
-
-
- Interest on lease liabilities
(9)
(7)
(7)
Pensions and similar obligations
(9)
(12)
(11)
Finance income
27
8
1
-Gain/(loss) on remeasurement of put option
14B
12
6
-
-Other \ufb01nance income
15
2
1
Net Finance Costs
(121)
(17)
(20)
\n
(a) Includes \u20ac71 million on loans from Unilever to fund the Separation from 1 July 2025 until the Demerger and \u20ac16 million of bond interest and fees
(see Note 14C). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00566": { "value": "5. Net \ufb01nance costsBorrowing costs are recognised based on the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00581": { "value": "5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00582": { "value": "5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00595": { "value": "5. Net \ufb01nance costs
Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00567": { "value": "Net \ufb01nance costs are comprised of \ufb01nance costs and \ufb01nance income, including net \ufb01nance costs in
relation to pensions and similar obligations.
Finance income includes income on cash and cash equivalents and income on other \ufb01nancial assets.
Finance costs include interest costs in relation to \ufb01nancial liabilities and ine\ufb00ectiveness on hedges
recognised in the income statement. This includes interest on lease liabilities which represents the
unwind of the discount rate applied to lease liabilities.
Borrowing costs are recognised based on the e\ufb00ective interest method.Financial liabilities
Financial liabilities are initially recognised at fair value, less any directly related transaction costs.
When bonds are designated as being part of a fair value hedge relationship, in those cases bonds
are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in
value shown in the income statement. Put options are initially recognised at the present value of the
expected gross obligation, with changes in value being recognised in \ufb01nance costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "6. Taxation
6A. Income tax
Income tax on the pro\ufb01t for the year comprises current and deferred tax. Income tax is recognised
in the income statement except to the extent that it relates to items recognised directly in equity or
Invested Capital. See Note 1 for further detail on the estimation of the tax charge for the purposes of
the comparatives.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted
or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of
previous years.
Total tax in the consolidated income statement will di\ufb00er from the income tax paid in the consolidated
cash \ufb02ow statement primarily because of deferred tax arising on temporary di\ufb00erences and payment
dates for income tax occurring after the balance sheet date.
The Group is subject to taxation in the many countries in which it operates. The tax legislation of
these countries di\ufb00ers, is often complex and is subject to interpretation by management and the
government authorities. These matters of judgement give rise to the need to create provisions for tax
payments that may arise in future years with respect to transactions already undertaken. Provisions
take into account the circumstances of each case, including the strength of technical arguments,
recent case law decisions or rulings on similar issues and relevant external advice. Provisions are
estimated based on one of two methods, the expected value method (the sum of the probability
weighted amounts in a range of possible outcomes) or the single most likely amount method,
depending on which is expected to better predict the resolution of the uncertainty.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts recognised in pro\ufb01t or loss
\u00a0 \u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Current tax
\u00a0 \u00a0 \u00a0
Current year
197
168
220
(Over)/under provided in prior years
(21)
(31)
22
\u00a0
176
137
242
Deferred tax
\u00a0 \u00a0 \u00a0
Origination and reversal of temporary di\ufb00erences
(39)
15
(38)
Changes in tax rates
3
-
(1)
Movement on unrecognised deferred tax
-
-
-
\u00a0
(36)
15
(39)
Total
140
152
203
\n
The reconciliation between the computed weighted average rate of income tax expense, which is
generally applicable to Group companies, and the actual rate of taxation charged is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Reconciliation of e\ufb00ective tax rate (%)
2025
2024
2023
Computed rate of tax
(a)
25.2%
25.1%
25.2%
Di\ufb00erences between computed rate of tax and
\u00a0\u00a0\u00a0
e\ufb00ective tax\u00a0rate due to:
\u00a0\u00a0\u00a0
- Incentive tax credits
-2.9%
-2.3%
-2.7%
- Expenses not deductible for tax purposes
6.6%
0.8%
2.1%
- Impact of withholding tax
0.9%
1.2%
1.0%
- Income tax reserve adjustments - current and prior year
0.3%
-
1.6%
- Transfer to / (from) unrecognised deferred tax assets
2.5%
-
-
- Other
(b)
-1.3%
-4.5%
1.2%
E\ufb00ective tax rate
31.3%
20.3%
28.4%
\n
(a)
The computed tax rate used is the average of the standard rate of tax applicable in the countries in which the Group operates, weighted by
the\u00a0amount of pro\ufb01t before taxation generated in each of those countries. For this reason, the rate may vary from year to year according to
the\u00a0mix of pro\ufb01t and related tax rates.
(b)
Other includes the impact of audit settlements and prior year true ups, as well as the impact of hyperin\ufb02ation related to T\u00fcrkiye.
The Group\u2019s tax rate is reduced by incentive tax credits that have been legislated by the countries
and provinces concerned in order to promote economic development and investment. The tax rate
is increased by business expenses which are not deductible for tax, such as irrecoverable VAT on
separation and some interest costs.
The Group\u2019s future tax charge and e\ufb00ective tax rate could be a\ufb00ected by several factors, including
changes in tax laws and their interpretation and still to be determined tax reform proposals in the EU
and the continuing OECD international tax reform work, as well as the impact of acquisitions, disposals
and the future legal structure of the Group.
Pillar II legislation applies to the Group for 2025. No Pillar II top-up tax has been accrued because
the\u00a0amount is not material.
6B. Deferred tax
Deferred tax is recognised using the liability method on taxable temporary di\ufb00erences between
the tax base and the accounting base of items included in the balance sheet of the Group. Certain
temporary di\ufb00erences are not provided for as follows:
\u2022
goodwill not deductible for tax purposes;
\u2022
the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t;
\u2022
di\ufb00erences relating to investments in subsidiaries to the extent that it is probable that they will not
reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the
year end.
The Group has applied the exemption to not recognise or disclose any deferred tax related to Pillar II
income taxes.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will
be available against which the asset can be utilised. Deferred tax assets are reduced to the extent
that it is no longer probable that the related tax bene\ufb01t will be realised.
Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current
tax assets against current tax liabilities and when the deferred income taxes relate to the same \ufb01scal
authority.
The table below summarises the deferred tax position determined after appropriate jurisdictional
o\ufb00setting as is presented in the consolidated balance sheet at each balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Deferred tax
\u00a0 \u00a0
In millions of \u20ac
31 Dec 2025
31 Dec 2024
Deferred tax asset
520
130
Deferred tax liability
(206)
(298)
Net deferred tax asset / (liability)
314
(168)
\n
2025 deferred tax assets and liabilities have been calculated with jurisdictional netting applied to
individual deferred tax assets and deferred tax liabilities within jurisdictions.
The movements in the deferred tax position are analysed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Movements in 2025
As at
Income
\u00a0
As at
In millions of \u20ac
1 January
statement
Other
(a)
31 December
Pensions and similar obligations
58
11
(111)
(42)
Provisions
32
16
(30)
18
Goodwill and intangible assets
(191)
(54)
452
207
Accelerated tax depreciation
(111)
(21)
64
(68)
Tax losses
52
79
(5)
126
Other
(10)
0
68
58
Lease liability
37
(2)
(34)
1
Right of use asset
(35)
5
33
3
Fair value gains
-
-
9
9
Share-based payments
-
2
-
2
Total
(168)
36
446
314
\n
(a)
Other includes the movements of assets and liabilities recognised in equity and OCI, including any foreign currency translation di\ufb00erences,
acquisitions and disposals
\n\n \n
Movements in 2024
As at
Income
As at
In millions of \u20ac
1 January
statement
Other
(a)
31 December
Pensions and similar obligations
66
(2)
(6)
58
Provisions
33
-
(1)
32
Goodwill and intangible assets
(175)
(8)
(8)
(191)
Accelerated tax depreciation
(120)
14
(5)
(111)
Tax losses
79
(18)
(9)
52
Other
8
(1)
(17)
(10)
Lease liability
42
(5)
-
37
Right of use asset
(39)
5
(1)
(35)
Fair value gains
-
-
-
-
Share-based payments
-
-
-
-
Total
(106)
(15)
(47)
(168)
\n
(a)
Other includes the movements of assets and liabilities recognised in equity and OCI, including any foreign currency translation di\ufb00erences,
\n
acquisitions and disposals.
\n
Following the Separation, the Group recognised a net deferred tax asset of \u20ac398 million arising on
\n
transfers of assets and liabilities which includes a deferred tax asset of \u20ac432 million on goodwill and
\n
intangible assets as a result of local tax base adjustments and is subject to completion of the purchase
\n
price allocation exercise in certain jurisdictions, which will take place during 2026. The\u00a0deferred tax
\n
asset on goodwill and intangible assets is expected to reverse over the next 5 to 15\u00a0years depending
\n
on the jurisdiction.
\n
At the balance sheet date, the Group had unused tax losses of \u20ac476 million (2024: \u20ac156 million)
\n
available for o\ufb00set against future taxable pro\ufb01ts. Losses increased due to amortisation of tax
\n
deductible goodwill and establishment costs incurred in 2025. Of these losses, \u20ac1 million expire within
\n
one year, \u20ac4 million expire in 1 to 3 years, \u20ac78 million expire in 4 to 5 years, \u20ac9 million expire in more than
\n
5\u00a0years, and \u20ac384 million (2024:\u20ac156 million) have no expiry date. Deferred tax assets have not been
\n
recognised in respect of unused tax losses of \u20ac39 million, as it is not probable that there will be future
\n
taxable pro\ufb01ts in those entities against which the tax losses may be utilised.
\n
Where deferred tax assets have been recognised in respect of losses, the evidence considered
\n
includes the reason for the loss, and the availability of future taxable pro\ufb01ts against which the loss may
\n
be utilised. Pro\ufb01t forecasts used are consistent with those used in other areas of the business.
\n
At the balance sheet date, the aggregate amount of temporary di\ufb00erences associated with
\n
undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised was
\n
\u20ac37 million. No liability has been recognised in respect of these because the Group is in a position to
\n
control the timing of reversal of the temporary di\ufb00erences, and it is probable that such di\ufb00erences will
\n
not reverse in the foreseeable future.
\n
Prior to the Separation, the Group was not a separate legal group and has not previously prepared
\n
standalone \ufb01nancial statements. It was not possible to prepare or disclose an analysis of deferred
\n
tax attributable to various components of Invested Capital. The net liabilities of the Group were
\n
represented by the cumulative investment of Unilever in the Group and disclosed as Invested Capital.
\n
Therefore, there were no deferred tax liabilities recognised in respect of the aggregate amount of
\n
temporary di\ufb00erences associated with undistributed Group earnings in 2024.
\n
The following amounts, determined after appropriate o\ufb00setting, are shown in the consolidated
\n
balance sheet:
\n\n \n
Deferred tax assets and liabilities
In millions of \u20ac
Assets
Liabilities
Total
After jurisdictional netting
2025
2025
2025
Pensions and similar obligations
(43)
1
(42)
Provisions
14
4
18
Goodwill and Intangible assets
350
(143)
207
Accelerated tax depreciation
10
(78)
(68)
Tax losses
126
-
126
Other
51
7
58
Lease liability
1
-
1
Right use of asset
-
3
3
Fair value gains
9
-
9
Share-based payments
2
-
2
Total
520
(206)
314
Of which deferred tax to be recovered/(settled)
after more than 12 months
459
(205)
254
\n
2025 deferred tax assets and liabilities have been calculated with jurisdictional netting applied to
\n
individual deferred tax assets and deferred tax liabilities within jurisdictions.
\n\n \n
Deferred tax assets and liabilities
In millions of \u20ac
Assets
Liabilities
Total
Before jurisdictional netting
2024
2024
2024
Pensions and similar obligations
59
(1)
58
Provisions
32
-
32
Goodwill and Intangible assets
8
(199)
(191)
Accelerated tax depreciation
11
(122)
(111)
Tax losses
52
-
52
Other
10
(20)
(10)
Lease liability
37
-
37
Right use of asset
-
(35)
(35)
Fair value gains
-
-
-
Share-based payments
Total
209
(377)
(168)
E\ufb00ect of jurisdictional netting
(79)
79
-
Total after jurisdictional netting
130
(298)
(168)
Of which deferred tax to be recovered/(settled) after more
than 12 months
79
(276)
(197)
\n
2024 deferred tax assets and liabilities were calculated before applying jurisdictional netting,
\n
with netting being applied to total deferred tax assets and deferred tax liabilities at a jurisdiction level.
6C. Tax on other comprehensive income
Income tax is recognised in other comprehensive income for items recognised directly in
Shareholders\u2019 Equity.
Tax e\ufb00ects directly recognised in other comprehensive income were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Tax
\u00a0 \u00a0
Tax
\u00a0
\u00a0
Before
(charge)/
After
Before
(charge)/
After
In millions of \u20ac
tax
credit
tax
tax
credit
tax
Cash \ufb02ow hedges
(104)
23
(81)
106
(18)
88
Remeasurements of de\ufb01ned bene\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pension plans
63
(17)
46
45
(7)
38
Currency retranslation gains/(losses)
(238)
-
(238)
137
-
137
Total
(279)
6
(273)
288
(25)
263
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00592": { "value": "6A. Income tax
Income tax on the pro\ufb01t for the year comprises current and deferred tax. Income tax is recognised
in the income statement except to the extent that it relates to items recognised directly in equity or
Invested Capital. See Note 1 for further detail on the estimation of the tax charge for the purposes of
the comparatives.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted
or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of
previous years.
Total tax in the consolidated income statement will di\ufb00er from the income tax paid in the consolidated
cash \ufb02ow statement primarily because of deferred tax arising on temporary di\ufb00erences and payment
dates for income tax occurring after the balance sheet date.
The Group is subject to taxation in the many countries in which it operates. The tax legislation of
these countries di\ufb00ers, is often complex and is subject to interpretation by management and the
government authorities. These matters of judgement give rise to the need to create provisions for tax
payments that may arise in future years with respect to transactions already undertaken. Provisions
take into account the circumstances of each case, including the strength of technical arguments,
recent case law decisions or rulings on similar issues and relevant external advice. Provisions are
estimated based on one of two methods, the expected value method (the sum of the probability
weighted amounts in a range of possible outcomes) or the single most likely amount method,
depending on which is expected to better predict the resolution of the uncertainty.6B. Deferred tax
Deferred tax is recognised using the liability method on taxable temporary di\ufb00erences between
the tax base and the accounting base of items included in the balance sheet of the Group. Certain
temporary di\ufb00erences are not provided for as follows:
\u2022
goodwill not deductible for tax purposes;
\u2022
the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t;
\u2022
di\ufb00erences relating to investments in subsidiaries to the extent that it is probable that they will not
reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the
year end.
The Group has applied the exemption to not recognise or disclose any deferred tax related to Pillar II
income taxes.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will
be available against which the asset can be utilised. Deferred tax assets are reduced to the extent
that it is no longer probable that the related tax bene\ufb01t will be realised.
Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current
tax assets against current tax liabilities and when the deferred income taxes relate to the same \ufb01scal
authority. 6C. Tax on other comprehensive income
Income tax is recognised in other comprehensive income for items recognised directly in
Shareholders\u2019 Equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00571": { "value": "6B. Deferred tax
Deferred tax is recognised using the liability method on taxable temporary di\ufb00erences between
the tax base and the accounting base of items included in the balance sheet of the Group. Certain
temporary di\ufb00erences are not provided for as follows:
\u2022
goodwill not deductible for tax purposes;
\u2022
the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t;
\u2022
di\ufb00erences relating to investments in subsidiaries to the extent that it is probable that they will not
reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the
year end.
The Group has applied the exemption to not recognise or disclose any deferred tax related to Pillar II
income taxes.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will
be available against which the asset can be utilised. Deferred tax assets are reduced to the extent
that it is no longer probable that the related tax bene\ufb01t will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "6B. Deferred tax
Deferred tax is recognised using the liability method on taxable temporary di\ufb00erences between
the tax base and the accounting base of items included in the balance sheet of the Group. Certain
temporary di\ufb00erences are not provided for as follows:
\u2022
goodwill not deductible for tax purposes;
\u2022
the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t;
\u2022
di\ufb00erences relating to investments in subsidiaries to the extent that it is probable that they will not
reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the
year end.
The Group has applied the exemption to not recognise or disclose any deferred tax related to Pillar II
income taxes.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will
be available against which the asset can be utilised. Deferred tax assets are reduced to the extent
that it is no longer probable that the related tax bene\ufb01t will be realised.
Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current
tax assets against current tax liabilities and when the deferred income taxes relate to the same \ufb01scal
authority.
The table below summarises the deferred tax position determined after appropriate jurisdictional
o\ufb00setting as is presented in the consolidated balance sheet at each balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Deferred tax
\u00a0 \u00a0
In millions of \u20ac
31 Dec 2025
31 Dec 2024
Deferred tax asset
520
130
Deferred tax liability
(206)
(298)
Net deferred tax asset / (liability)
314
(168)
\n
2025 deferred tax assets and liabilities have been calculated with jurisdictional netting applied to
individual deferred tax assets and deferred tax liabilities within jurisdictions.
The movements in the deferred tax position are analysed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Movements in 2025
As at
Income
\u00a0
As at
In millions of \u20ac
1 January
statement
Other
(a)
31 December
Pensions and similar obligations
58
11
(111)
(42)
Provisions
32
16
(30)
18
Goodwill and intangible assets
(191)
(54)
452
207
Accelerated tax depreciation
(111)
(21)
64
(68)
Tax losses
52
79
(5)
126
Other
(10)
0
68
58
Lease liability
37
(2)
(34)
1
Right of use asset
(35)
5
33
3
Fair value gains
-
-
9
9
Share-based payments
-
2
-
2
Total
(168)
36
446
314
\n
(a)
Other includes the movements of assets and liabilities recognised in equity and OCI, including any foreign currency translation di\ufb00erences,
acquisitions and disposals
\n\n \n
Movements in 2024
As at
Income
As at
In millions of \u20ac
1 January
statement
Other
(a)
31 December
Pensions and similar obligations
66
(2)
(6)
58
Provisions
33
-
(1)
32
Goodwill and intangible assets
(175)
(8)
(8)
(191)
Accelerated tax depreciation
(120)
14
(5)
(111)
Tax losses
79
(18)
(9)
52
Other
8
(1)
(17)
(10)
Lease liability
42
(5)
-
37
Right of use asset
(39)
5
(1)
(35)
Fair value gains
-
-
-
-
Share-based payments
-
-
-
-
Total
(106)
(15)
(47)
(168)
\n
(a)
Other includes the movements of assets and liabilities recognised in equity and OCI, including any foreign currency translation di\ufb00erences,
\n
acquisitions and disposals.
\n
Following the Separation, the Group recognised a net deferred tax asset of \u20ac398 million arising on
\n
transfers of assets and liabilities which includes a deferred tax asset of \u20ac432 million on goodwill and
\n
intangible assets as a result of local tax base adjustments and is subject to completion of the purchase
\n
price allocation exercise in certain jurisdictions, which will take place during 2026. The\u00a0deferred tax
\n
asset on goodwill and intangible assets is expected to reverse over the next 5 to 15\u00a0years depending
\n
on the jurisdiction.
\n
At the balance sheet date, the Group had unused tax losses of \u20ac476 million (2024: \u20ac156 million)
\n
available for o\ufb00set against future taxable pro\ufb01ts. Losses increased due to amortisation of tax
\n
deductible goodwill and establishment costs incurred in 2025. Of these losses, \u20ac1 million expire within
\n
one year, \u20ac4 million expire in 1 to 3 years, \u20ac78 million expire in 4 to 5 years, \u20ac9 million expire in more than
\n
5\u00a0years, and \u20ac384 million (2024:\u20ac156 million) have no expiry date. Deferred tax assets have not been
\n
recognised in respect of unused tax losses of \u20ac39 million, as it is not probable that there will be future
\n
taxable pro\ufb01ts in those entities against which the tax losses may be utilised.
\n
Where deferred tax assets have been recognised in respect of losses, the evidence considered
\n
includes the reason for the loss, and the availability of future taxable pro\ufb01ts against which the loss may
\n
be utilised. Pro\ufb01t forecasts used are consistent with those used in other areas of the business.
\n
At the balance sheet date, the aggregate amount of temporary di\ufb00erences associated with
\n
undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised was
\n
\u20ac37 million. No liability has been recognised in respect of these because the Group is in a position to
\n
control the timing of reversal of the temporary di\ufb00erences, and it is probable that such di\ufb00erences will
\n
not reverse in the foreseeable future.
\n
Prior to the Separation, the Group was not a separate legal group and has not previously prepared
\n
standalone \ufb01nancial statements. It was not possible to prepare or disclose an analysis of deferred
\n
tax attributable to various components of Invested Capital. The net liabilities of the Group were
\n
represented by the cumulative investment of Unilever in the Group and disclosed as Invested Capital.
\n
Therefore, there were no deferred tax liabilities recognised in respect of the aggregate amount of
\n
temporary di\ufb00erences associated with undistributed Group earnings in 2024.
\n
The following amounts, determined after appropriate o\ufb00setting, are shown in the consolidated
\n
balance sheet:
\n\n \n
Deferred tax assets and liabilities
In millions of \u20ac
Assets
Liabilities
Total
After jurisdictional netting
2025
2025
2025
Pensions and similar obligations
(43)
1
(42)
Provisions
14
4
18
Goodwill and Intangible assets
350
(143)
207
Accelerated tax depreciation
10
(78)
(68)
Tax losses
126
-
126
Other
51
7
58
Lease liability
1
-
1
Right use of asset
-
3
3
Fair value gains
9
-
9
Share-based payments
2
-
2
Total
520
(206)
314
Of which deferred tax to be recovered/(settled)
after more than 12 months
459
(205)
254
\n
2025 deferred tax assets and liabilities have been calculated with jurisdictional netting applied to
\n
individual deferred tax assets and deferred tax liabilities within jurisdictions.
\n\n \n
Deferred tax assets and liabilities
In millions of \u20ac
Assets
Liabilities
Total
Before jurisdictional netting
2024
2024
2024
Pensions and similar obligations
59
(1)
58
Provisions
32
-
32
Goodwill and Intangible assets
8
(199)
(191)
Accelerated tax depreciation
11
(122)
(111)
Tax losses
52
-
52
Other
10
(20)
(10)
Lease liability
37
-
37
Right use of asset
-
(35)
(35)
Fair value gains
-
-
-
Share-based payments
Total
209
(377)
(168)
E\ufb00ect of jurisdictional netting
(79)
79
-
Total after jurisdictional netting
130
(298)
(168)
Of which deferred tax to be recovered/(settled) after more
than 12 months
79
(276)
(197)
\n
2024 deferred tax assets and liabilities were calculated before applying jurisdictional netting,
\n
with netting being applied to total deferred tax assets and deferred tax liabilities at a jurisdiction level.
6C. Tax on other comprehensive income
Income tax is recognised in other comprehensive income for items recognised directly in
Shareholders\u2019 Equity.
Tax e\ufb00ects directly recognised in other comprehensive income were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Tax
\u00a0 \u00a0
Tax
\u00a0
\u00a0
Before
(charge)/
After
Before
(charge)/
After
In millions of \u20ac
tax
credit
tax
tax
credit
tax
Cash \ufb02ow hedges
(104)
23
(81)
106
(18)
88
Remeasurements of de\ufb01ned bene\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pension plans
63
(17)
46
45
(7)
38
Currency retranslation gains/(losses)
(238)
-
(238)
137
-
137
Total
(279)
6
(273)
288
(25)
263
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00577": { "value": "7. Earnings per share
The earnings per share calculations are based on the weighted average number of ordinary shares of
TMICC in issue from the date of the Demerger, being 8 December 2025, less the weighted average
number of shares held as treasury shares. As no changes to the number of shares in issue occurred
following the Demerger, the weighted average number of shares for the period is equal to the number
of shares issued on that date.
In calculating diluted earnings per share, the weighted average number of shares is adjusted to
re\ufb02ect the dilutive e\ufb00ect of potential ordinary shares, principally arising from employee and executive
share-based payment arrangements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "7. Earnings per share
The earnings per share calculations are based on the weighted average number of ordinary shares of
TMICC in issue from the date of the Demerger, being 8 December 2025, less the weighted average
number of shares held as treasury shares. As no changes to the number of shares in issue occurred
following the Demerger, the weighted average number of shares for the period is equal to the number
of shares issued on that date.
In calculating diluted earnings per share, the weighted average number of shares is adjusted to
re\ufb02ect the dilutive e\ufb00ect of potential ordinary shares, principally arising from employee and executive
share-based payment arrangements.
Earnings per share for total operations for the 12 months were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In \u20ac
2025
Basic earnings per share
0.48
Diluted earnings per share
0.48
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Calculation of average number of share units
\u00a0
In millions
2025
Average number of shares
612.3
Less: treasury shares held by employee share trusts and companies
-
Average number of shares - used for basic earnings per share
612.3
Add: dilutive e\ufb00ect of share-based compensation plans
3.3
Diluted average number of shares - used for diluted earnings per share
615.6
\n
(a) The average number of shares for 2025 is the number of shares outstanding as at 31 December 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Calculation of earnings per share
\u00a0
In millions of \u20ac
2025
Net pro\ufb01t
307
Non-controlling interests
14
Net pro\ufb01t attributable to shareholders\u2019 equity used for basic and diluted
293
earnings per share
\u00a0
\n
Prior to 6 December 2025, the Group was under the control of Unilever and did not have any issued
shares. Accordingly, EPS has not been calculated for prior years.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00594": { "value": "8. Goodwill and intangible assetsIntangible assets
Separately purchased intangible assets are initially measured at cost, being the purchase price at
the date of acquisition. Intangible assets acquired as part of a business combination are recognised
separately from goodwill where they meet the de\ufb01nition of an identi\ufb01able intangible asset and are
initially measured at fair value at the acquisition date.
Expenditure on internally generated intangible assets, including development expenditure, is
recognised in pro\ufb01t or loss as incurred.
Inde\ufb01nite-life intangible assets mainly comprise acquired brands, for which there is no foreseeable
limit to the period over which they are expected to generate net cash in\ufb02ows. These assets are
assessed as having an inde\ufb01nite useful life due to the strength and durability of the brands and the
level of ongoing marketing support. Inde\ufb01nite-life intangible assets are not amortised but are tested
for impairment annually, or more frequently if events or changes in circumstances indicate that they
may be impaired. Any impairment losses are recognised in the income statement as they arise.
Finite-life intangible assets mainly comprise software, trademarks, licences and technology. These
assets are amortised on a straight-line basis over their estimated useful lives, or over the period of
legal rights if shorter. Finite-life intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
Cash generating units
The Group\u2019s assets are grouped into CGUs, which represent the smallest identi\ufb01able groups of
assets that generate largely independent cash in\ufb02ows. These CGUs are aligned with the Group\u2019s
organisational structure of regions and sub-regions.
Impairment review
Impairment testing is performed by comparing the carrying amount of each CGU or group of CGUs
with its recoverable amount. The recoverable amount is determined as the higher of value in use
and fair value less costs of disposal, with value in use being the primary basis of measurement. Any
impairment losses identi\ufb01ed are recognised in the income statement as they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00593": { "value": "8. Goodwill and intangible assets
Goodwill
Goodwill is initially recognised based on the accounting policy for business combinations (see
Note 20). Goodwill arising from a business combination is allocated to the Group\u2019s cash-generating
units\u00a0(\u201cCGUs\u201d) or groups of CGUs that are expected to bene\ufb01t from the synergies of the combination.
Where the acquired business does not constitute a separate CGU, goodwill is allocated to the
existing CGUs of the Group in accordance with the organisational structure described below.
The\u00a0CGUs to which goodwill is allocated may not necessarily be the same CGUs to which the
identi\ufb01able assets and liabilities of the acquired business are assigned.
Intangible assets
Separately purchased intangible assets are initially measured at cost, being the purchase price at
the date of acquisition. Intangible assets acquired as part of a business combination are recognised
separately from goodwill where they meet the de\ufb01nition of an identi\ufb01able intangible asset and are
initially measured at fair value at the acquisition date.
Expenditure on internally generated intangible assets, including development expenditure, is
recognised in pro\ufb01t or loss as incurred.
Inde\ufb01nite-life intangible assets mainly comprise acquired brands, for which there is no foreseeable
limit to the period over which they are expected to generate net cash in\ufb02ows. These assets are
assessed as having an inde\ufb01nite useful life due to the strength and durability of the brands and the
level of ongoing marketing support. Inde\ufb01nite-life intangible assets are not amortised but are tested
for impairment annually, or more frequently if events or changes in circumstances indicate that they
may be impaired. Any impairment losses are recognised in the income statement as they arise.
Finite-life intangible assets mainly comprise software, trademarks, licences and technology. These
assets are amortised on a straight-line basis over their estimated useful lives, or over the period of
legal rights if shorter. Finite-life intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
Cash generating units
The Group\u2019s assets are grouped into CGUs, which represent the smallest identi\ufb01able groups of
assets that generate largely independent cash in\ufb02ows. These CGUs are aligned with the Group\u2019s
organisational structure of regions and sub-regions.
Impairment review
Impairment testing is performed by comparing the carrying amount of each CGU or group of CGUs
with its recoverable amount. The recoverable amount is determined as the higher of value in use
and fair value less costs of disposal, with value in use being the primary basis of measurement. Any
impairment losses identi\ufb01ed are recognised in the income statement as they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00591": { "value": "8. Goodwill and intangible assetsGoodwill
Goodwill is initially recognised based on the accounting policy for business combinations (see
Note 20). Goodwill arising from a business combination is allocated to the Group\u2019s cash-generating
units\u00a0(\u201cCGUs\u201d) or groups of CGUs that are expected to bene\ufb01t from the synergies of the combination.
Where the acquired business does not constitute a separate CGU, goodwill is allocated to the
existing CGUs of the Group in accordance with the organisational structure described below.
The\u00a0CGUs to which goodwill is allocated may not necessarily be the same CGUs to which the
identi\ufb01able assets and liabilities of the acquired business are assigned.
Intangible assets
Separately purchased intangible assets are initially measured at cost, being the purchase price at
the date of acquisition. Intangible assets acquired as part of a business combination are recognised
separately from goodwill where they meet the de\ufb01nition of an identi\ufb01able intangible asset and are
initially measured at fair value at the acquisition date.
Expenditure on internally generated intangible assets, including development expenditure, is
recognised in pro\ufb01t or loss as incurred.
Inde\ufb01nite-life intangible assets mainly comprise acquired brands, for which there is no foreseeable
limit to the period over which they are expected to generate net cash in\ufb02ows. These assets are
assessed as having an inde\ufb01nite useful life due to the strength and durability of the brands and the
level of ongoing marketing support. Inde\ufb01nite-life intangible assets are not amortised but are tested
for impairment annually, or more frequently if events or changes in circumstances indicate that they
may be impaired. Any impairment losses are recognised in the income statement as they arise.
Finite-life intangible assets mainly comprise software, trademarks, licences and technology. These
assets are amortised on a straight-line basis over their estimated useful lives, or over the period of
legal rights if shorter. Finite-life intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
Cash generating units
The Group\u2019s assets are grouped into CGUs, which represent the smallest identi\ufb01able groups of
assets that generate largely independent cash in\ufb02ows. These CGUs are aligned with the Group\u2019s
organisational structure of regions and sub-regions.
Impairment review
Impairment testing is performed by comparing the carrying amount of each CGU or group of CGUs
with its recoverable amount. The recoverable amount is determined as the higher of value in use
and fair value less costs of disposal, with value in use being the primary basis of measurement. Any
impairment losses identi\ufb01ed are recognised in the income statement as they arise.9. Property, plant and equipmentProperty, plant and equipment is subject to review for impairment if triggering events or circum-
stances indicate that this is necessary. If an indication of impairment exists, the asset\u2019s recoverable
amount is estimated, and any impairment loss is charged to the income statement as it arises.11. Inventories
Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises
direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable
value is the estimated selling price less the estimated costs necessary to make the sale.20. Acquisitions and disposalsGoodwill is
subject to an annual review for impairment (or more frequently if necessary) in accordance with the
accounting policies of the Group. Any impairment is charged to the income statement as it arises.
Detailed information relating to goodwill is provided in Note 8.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00589": { "value": "8. Goodwill and intangible assetsImpairment review
Impairment testing is performed by comparing the carrying amount of each CGU or group of CGUs
with its recoverable amount. The recoverable amount is determined as the higher of value in use
and fair value less costs of disposal, with value in use being the primary basis of measurement. Any
impairment losses identi\ufb01ed are recognised in the income statement as they arise.9. Property, plant and equipmentProperty, plant and equipment is subject to review for impairment if triggering events or circum-
stances indicate that this is necessary. If an indication of impairment exists, the asset\u2019s recoverable
amount is estimated, and any impairment loss is charged to the income statement as it arises.11. Inventories
Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises
direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable
value is the estimated selling price less the estimated costs necessary to make the sale.12. Trade and other current receivablesImpairment of trade receivables is assessed in accordance with the Group\u2019s expected credit loss
policy and is determined for speci\ufb01c receivables with known or anticipated recovery issues, as well
as for balances that are past due using probabilities of default derived from historical experience and
relevant forward-looking information. Where Unilever collects cash from customers on the Group\u2019s
behalf, any customer credit losses that arise are charged by Unilever to the Group. 20. Acquisitions and disposalsGoodwill is
subject to an annual review for impairment (or more frequently if necessary) in accordance with the
accounting policies of the Group. Any impairment is charged to the income statement as it arises.
Detailed information relating to goodwill is provided in Note 8.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00569": { "value": "8. Goodwill and intangible assetsGoodwill
Goodwill is initially recognised based on the accounting policy for business combinations (see
Note 20). Goodwill arising from a business combination is allocated to the Group\u2019s cash-generating
units\u00a0(\u201cCGUs\u201d) or groups of CGUs that are expected to bene\ufb01t from the synergies of the combination.
Where the acquired business does not constitute a separate CGU, goodwill is allocated to the
existing CGUs of the Group in accordance with the organisational structure described below.
The\u00a0CGUs to which goodwill is allocated may not necessarily be the same CGUs to which the
identi\ufb01able assets and liabilities of the acquired business are assigned.20. Acquisitions and disposalsBusiness combinations are accounted for using the acquisition accounting method as at the
acquisition date, which is the date at which control is transferred to the Group.
Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-
controlling interests and the fair value of any previously held equity interests less the net recognised
amount (which is generally fair value) of the identi\ufb01able assets and liabilities assumed. Goodwill is
subject to an annual review for impairment (or more frequently if necessary) in accordance with the
accounting policies of the Group. Any impairment is charged to the income statement as it arises.
Detailed information relating to goodwill is provided in Note 8.
Transaction costs are expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "8. Goodwill and intangible assets
Goodwill
Goodwill is initially recognised based on the accounting policy for business combinations (see
Note 20). Goodwill arising from a business combination is allocated to the Group\u2019s cash-generating
units\u00a0(\u201cCGUs\u201d) or groups of CGUs that are expected to bene\ufb01t from the synergies of the combination.
Where the acquired business does not constitute a separate CGU, goodwill is allocated to the
existing CGUs of the Group in accordance with the organisational structure described below.
The\u00a0CGUs to which goodwill is allocated may not necessarily be the same CGUs to which the
identi\ufb01able assets and liabilities of the acquired business are assigned.
Intangible assets
Separately purchased intangible assets are initially measured at cost, being the purchase price at
the date of acquisition. Intangible assets acquired as part of a business combination are recognised
separately from goodwill where they meet the de\ufb01nition of an identi\ufb01able intangible asset and are
initially measured at fair value at the acquisition date.
Expenditure on internally generated intangible assets, including development expenditure, is
recognised in pro\ufb01t or loss as incurred.
Inde\ufb01nite-life intangible assets mainly comprise acquired brands, for which there is no foreseeable
limit to the period over which they are expected to generate net cash in\ufb02ows. These assets are
assessed as having an inde\ufb01nite useful life due to the strength and durability of the brands and the
level of ongoing marketing support. Inde\ufb01nite-life intangible assets are not amortised but are tested
for impairment annually, or more frequently if events or changes in circumstances indicate that they
may be impaired. Any impairment losses are recognised in the income statement as they arise.
Finite-life intangible assets mainly comprise software, trademarks, licences and technology. These
assets are amortised on a straight-line basis over their estimated useful lives, or over the period of
legal rights if shorter. Finite-life intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
Cash generating units
The Group\u2019s assets are grouped into CGUs, which represent the smallest identi\ufb01able groups of
assets that generate largely independent cash in\ufb02ows. These CGUs are aligned with the Group\u2019s
organisational structure of regions and sub-regions.
Impairment review
Impairment testing is performed by comparing the carrying amount of each CGU or group of CGUs
with its recoverable amount. The recoverable amount is determined as the higher of value in use
and fair value less costs of disposal, with value in use being the primary basis of measurement. Any
impairment losses identi\ufb01ed are recognised in the income statement as they arise.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Finite-life intangible
\u00a0\u00a0
Inde\ufb01nite-
\u00a0\u00a0\u00a0
Movements during 2025
\u00a0
life
\u00a0\u00a0\u00a0
In millions of \u20ac
Goodwill
intangibles
Software
Other
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
1 January 2025
585
784
14
19
1,402
Additions
-
3
-
-
3
Disposals
-
-
-
-
-
Currency translation
(53)
(73)
-
-
(126)
Other movements
(a)
(22)
2
29
14
23
31 December 2025
510
716
43
33
1,302
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
1 January 2025
-
-
(14)
(10)
(24)
Amortisation/impairment for the year
-
-
(2)
(2)
(4)
Currency retranslation
-
-
-
-
-
Other movements
(a)
-
-
(19)
(14)
(33)
31 December 2025
-
-
(35)
(26)
(61)
Net book value 31 December 2025
510
716
8
7
1,241
\n
(a) Other movements primarily re\ufb02ect di\ufb00erences between amounts of prior period allocated as per carve out and the actual assets and liabilities
transferred on Separation.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Finite-life intangible
\u00a0 \u00a0
Inde\ufb01nite-
\u00a0 \u00a0 \u00a0
Movements during 2024
\u00a0
life
\u00a0 \u00a0 \u00a0
In millions of \u20ac
Goodwill
intangibles
Software
Other
Total
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 January 2024
558
743
14
19
1,334
Currency retranslation
27
41
-
-
68
31 December 2024
585
784
14
19
1,402
Accumulated amortisation and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 January 2024
-
-
(14)
(8)
(22)
Amortisation/impairment for the year
-
-
-
(2)
(2)
Currency retranslation
-
-
-
-
-
31 December 2024
-
-
(14)
(10)
(24)
Net book value 31 December 2024
585
784
-
9
1,378
\n
Within inde\ufb01nite-life intangible assets there are three existing brands that have a signi\ufb01cant carrying
value: Yasso \u20ac362 million (2024: \u20ac408 million), Talenti \u20ac132 million (2024: \u20ac144 million) and Ben &
Jerry\u2019s \u20ac111 million (2024: \u20ac125 million).
The goodwill and inde\ufb01nite-life assets held in the CGUs shown below are considered signi\ufb01cant within
the total carrying amounts of goodwill and inde\ufb01nite-life intangible:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Goodwill
\u00a0\u00a0
In millions of \u20ac
2025
2024
Europe and ANZ
124
136
Americas
386
449
Total CGUs
510
585
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Inde\ufb01nite life intangible assets
\u00a0\u00a0
In millions of \u20ac
2025
2024
Europe and ANZ
238
147
Americas
476
631
Others
(a)
2
6
Total CGUs
716
784
\n
(a) Included within Others are individually insigni\ufb01cant amounts of inde\ufb01nite-life intangible assets.
Key assumptions
In performing the annual impairment testing, the recoverable amount of each CGU has been calculated
based on its value in use, estimated as the present value of projected future cash \ufb02ows.
Projected cash \ufb02ows include speci\ufb01c estimates for a period of \ufb01ve years. The growth rates and
operating margins used to estimate cash \ufb02ows for the \ufb01ve years are based on past performance and
on the Group\u2019s three-year strategic plan, de-risked to ensure reasonability and extended to years four
and \ufb01ve. The growth rates used in this exercise for signi\ufb01cant CGUs are set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Signi\ufb01cant CGUs
Europe and ANZ
Americas
Longer-term sustainable growth rates
0.9%
1.6%
Average near-term nominal growth rates
2.5%
1.0%
Discount rate
10.1%
10.1%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
Signi\ufb01cant CGUs
Europe and ANZ
Americas
Longer-term sustainable growth rates
1.3%
2.0%
Average near-term nominal growth rates
2.5%
3.0%
Discount rate
9.6%
9.8%
\n
The estimated cash \ufb02ows after year \ufb01ve are extrapolated using a longer-term sustainable growth
rate, which is determined as the lower of the Group\u2019s own three-year average growth projection and
external forecasts for the relevant market.
In 2025, the projected cash \ufb02ows are discounted using pre-tax discount rates. The discount rates are
speci\ufb01c to each CGU and are determined based on the weighted average cost of capital, including a
market and country risk premium. There are no reasonably possible changes in key assumptions that
would cause the carrying amount of any CGU to exceed its recoverable amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "8. Goodwill and intangible assets
Goodwill
Goodwill is initially recognised based on the accounting policy for business combinations (see
Note 20). Goodwill arising from a business combination is allocated to the Group\u2019s cash-generating
units\u00a0(\u201cCGUs\u201d) or groups of CGUs that are expected to bene\ufb01t from the synergies of the combination.
Where the acquired business does not constitute a separate CGU, goodwill is allocated to the
existing CGUs of the Group in accordance with the organisational structure described below.
The\u00a0CGUs to which goodwill is allocated may not necessarily be the same CGUs to which the
identi\ufb01able assets and liabilities of the acquired business are assigned.Impairment review
Impairment testing is performed by comparing the carrying amount of each CGU or group of CGUs
with its recoverable amount. The recoverable amount is determined as the higher of value in use
and fair value less costs of disposal, with value in use being the primary basis of measurement. Any
impairment losses identi\ufb01ed are recognised in the income statement as they arise.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Finite-life intangible
\u00a0\u00a0
Inde\ufb01nite-
\u00a0\u00a0\u00a0
Movements during 2025
\u00a0
life
\u00a0\u00a0\u00a0
In millions of \u20ac
Goodwill
intangibles
Software
Other
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
1 January 2025
585
784
14
19
1,402
Additions
-
3
-
-
3
Disposals
-
-
-
-
-
Currency translation
(53)
(73)
-
-
(126)
Other movements
(a)
(22)
2
29
14
23
31 December 2025
510
716
43
33
1,302
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
1 January 2025
-
-
(14)
(10)
(24)
Amortisation/impairment for the year
-
-
(2)
(2)
(4)
Currency retranslation
-
-
-
-
-
Other movements
(a)
-
-
(19)
(14)
(33)
31 December 2025
-
-
(35)
(26)
(61)
Net book value 31 December 2025
510
716
8
7
1,241
\n
(a) Other movements primarily re\ufb02ect di\ufb00erences between amounts of prior period allocated as per carve out and the actual assets and liabilities
transferred on Separation.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Finite-life intangible
\u00a0 \u00a0
Inde\ufb01nite-
\u00a0 \u00a0 \u00a0
Movements during 2024
\u00a0
life
\u00a0 \u00a0 \u00a0
In millions of \u20ac
Goodwill
intangibles
Software
Other
Total
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 January 2024
558
743
14
19
1,334
Currency retranslation
27
41
-
-
68
31 December 2024
585
784
14
19
1,402
Accumulated amortisation and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 January 2024
-
-
(14)
(8)
(22)
Amortisation/impairment for the year
-
-
-
(2)
(2)
Currency retranslation
-
-
-
-
-
31 December 2024
-
-
(14)
(10)
(24)
Net book value 31 December 2024
585
784
-
9
1,378
\nThe goodwill and inde\ufb01nite-life assets held in the CGUs shown below are considered signi\ufb01cant within
the total carrying amounts of goodwill and inde\ufb01nite-life intangible:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Goodwill
\u00a0\u00a0
In millions of \u20ac
2025
2024
Europe and ANZ
124
136
Americas
386
449
Total CGUs
510
585
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Inde\ufb01nite life intangible assets
\u00a0\u00a0
In millions of \u20ac
2025
2024
Europe and ANZ
238
147
Americas
476
631
Others
(a)
2
6
Total CGUs
716
784
\n
(a) Included within Others are individually insigni\ufb01cant amounts of inde\ufb01nite-life intangible assets.
Key assumptions
In performing the annual impairment testing, the recoverable amount of each CGU has been calculated
based on its value in use, estimated as the present value of projected future cash \ufb02ows.
Projected cash \ufb02ows include speci\ufb01c estimates for a period of \ufb01ve years. The growth rates and
operating margins used to estimate cash \ufb02ows for the \ufb01ve years are based on past performance and
on the Group\u2019s three-year strategic plan, de-risked to ensure reasonability and extended to years four
and \ufb01ve. The growth rates used in this exercise for signi\ufb01cant CGUs are set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Signi\ufb01cant CGUs
Europe and ANZ
Americas
Longer-term sustainable growth rates
0.9%
1.6%
Average near-term nominal growth rates
2.5%
1.0%
Discount rate
10.1%
10.1%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
Signi\ufb01cant CGUs
Europe and ANZ
Americas
Longer-term sustainable growth rates
1.3%
2.0%
Average near-term nominal growth rates
2.5%
3.0%
Discount rate
9.6%
9.8%
\n
The estimated cash \ufb02ows after year \ufb01ve are extrapolated using a longer-term sustainable growth
rate, which is determined as the lower of the Group\u2019s own three-year average growth projection and
external forecasts for the relevant market.
In 2025, the projected cash \ufb02ows are discounted using pre-tax discount rates. The discount rates are
speci\ufb01c to each CGU and are determined based on the weighted average cost of capital, including a
market and country risk premium. There are no reasonably possible changes in key assumptions that
would cause the carrying amount of any CGU to exceed its recoverable amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00599": { "value": "9. Property, plant and equipment
The Group\u2019s property, plant and equipment is comprised of owned assets (note 9A) and leased
assets (note 9B). Property, plant and equipment is measured at cost less depreciation and
accumulated impairment losses.
Property, plant and equipment is subject to review for impairment if triggering events or circum-
stances indicate that this is necessary. If an indication of impairment exists, the asset\u2019s recoverable
amount is estimated, and any impairment loss is charged to the income statement as it arises.
Owned assets
Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line
basis over the expected average useful lives of the assets. Residual values and useful lives are
reviewed at least annually. The review of residual values and useful lives has taken into consideration
the impacts of climate change and the actions the Group undertakes to mitigate and adapt against
these climate-related risks and there is no material impact on the income statement for\u00a0this year.
Estimated useful lives by major class of assets are as follows:
\u2022
Leasehold land and buildings
40 years (or life of lease if less)
\u2022
Plant and equipment
2-20 years
\u2022
Freehold buildings (no depreciation on freehold land)
40 years
Leased assets
The cost of a leased asset is measured as the lease liability at inception of the lease contract
and other direct costs less any incentives granted by the lessor. The Group has not capitalised
leases which are less than 12 months or leases with low value assets. These mainly relate to IT
equipment, o\ufb03ce equipment, furniture and \ufb01ttings and other peripheral items. When a lease liability
is\u00a0remeasured, the related lease asset is adjusted by the same amount.
Depreciation is provided on a straight-line basis from the commencement date of the lease to the
end\u00a0of the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00597": { "value": "9. Property, plant and equipment
The Group\u2019s property, plant and equipment is comprised of owned assets (note 9A) and leased
assets (note 9B). Property, plant and equipment is measured at cost less depreciation and
accumulated impairment losses.
Property, plant and equipment is subject to review for impairment if triggering events or circum-
stances indicate that this is necessary. If an indication of impairment exists, the asset\u2019s recoverable
amount is estimated, and any impairment loss is charged to the income statement as it arises.Leased assets
The cost of a leased asset is measured as the lease liability at inception of the lease contract
and other direct costs less any incentives granted by the lessor. The Group has not capitalised
leases which are less than 12 months or leases with low value assets. These mainly relate to IT
equipment, o\ufb03ce equipment, furniture and \ufb01ttings and other peripheral items. When a lease liability
is\u00a0remeasured, the related lease asset is adjusted by the same amount.
Depreciation is provided on a straight-line basis from the commencement date of the lease to the
end\u00a0of the lease term.14. Capital and fundingLease liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not yet paid at
the start of the lease term. This is discounted using an appropriate borrowing rate determined by the
Group, where none is readily available in the lease contract. The lease liability is subsequently reduced
by cash payments and increased by interest costs. The lease liability is remeasured when the Group
assesses that there will be a change in the amount expected to be paid during the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00554": { "value": "9. Property, plant and equipment
The Group\u2019s property, plant and equipment is comprised of owned assets (note 9A) and leased
assets (note 9B). Property, plant and equipment is measured at cost less depreciation and
accumulated impairment losses.
Property, plant and equipment is subject to review for impairment if triggering events or circum-
stances indicate that this is necessary. If an indication of impairment exists, the asset\u2019s recoverable
amount is estimated, and any impairment loss is charged to the income statement as it arises.
Owned assets
Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line
basis over the expected average useful lives of the assets. Residual values and useful lives are
reviewed at least annually. The review of residual values and useful lives has taken into consideration
the impacts of climate change and the actions the Group undertakes to mitigate and adapt against
these climate-related risks and there is no material impact on the income statement for\u00a0this year.
Estimated useful lives by major class of assets are as follows:
\u2022
Leasehold land and buildings
40 years (or life of lease if less)
\u2022
Plant and equipment
2-20 years
\u2022
Freehold buildings (no depreciation on freehold land)
40 years
Leased assets
The cost of a leased asset is measured as the lease liability at inception of the lease contract
and other direct costs less any incentives granted by the lessor. The Group has not capitalised
leases which are less than 12 months or leases with low value assets. These mainly relate to IT
equipment, o\ufb03ce equipment, furniture and \ufb01ttings and other peripheral items. When a lease liability
is\u00a0remeasured, the related lease asset is adjusted by the same amount.
Depreciation is provided on a straight-line basis from the commencement date of the lease to the
end\u00a0of the lease term.
Property, plant and equipment
\u00a0 \u00a0 \u00a0
In millions of \u20ac
Note
2025
2024
Owned assets
9A
2,176
2,223
Leased assets
9B
130
132
Total
\u00a0
2,306
2,355
\n
9A. Owned assets
Movements during 2025
Land and
Plant and
\u00a0
In millions of \u20ac
buildings
equipment
Total
Cost
\u00a0\u00a0\u00a0
1 January 2025
1,024
4,097
5,121
Additions
49
308
357
Disposals
(3)
(119)
(122)
Hyperin\ufb02ationary adjustment
30
(17)
13
Currency retranslation
(62)
(214)
(276)
Other movements
(a)
(2)
12
10
31 December 2025
1,036
4,067
5,103
Accumulated depreciation
\u00a0\u00a0\u00a0
1 January 2025
(417)
(2,481)
(2,898)
Depreciation charge for the year
(28)
(222)
(250)
Disposals
2
95
97
Hyperin\ufb02ationary adjustment
(6)
(1)
(7)
Currency retranslation
22
119
141
Other movements
(a)
-
(10)
(10)
31 December 2025
(427)
(2,500)
(2,927)
Net book value 31 December 2025
(b)
609
1,567
2,176
Includes capital expenditures for assets under construction
25
243
268
\n
(a) Other movements primarily re\ufb02ect di\ufb00erences between amounts of prior period allocated as per carve out and the actual assets transferred
on Separation
(b) Includes \u20ac38 million (2024: \u20ac32 million) of freehold land.
.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Movements during 2024
Land and
Plant and
\u00a0
In millions of \u20ac
buildings
equipment
Total
Cost
\u00a0\u00a0\u00a0
1 January 2024
982
3,840
4,822
Additions
24
297
321
Disposals and other movements
(6)
(201)
(207)
Hyperin\ufb02ationary adjustment
5
123
128
Currency retranslation
19
38
57
31 December 2024
1,024
4,097
5,121
Accumulated depreciation
\u00a0\u00a0\u00a0
1 January 2024
(384)
(2,351)
(2,735)
Depreciation charge for the year
(22)
(242)
(264)
Disposal and other movements
3
188
191
Hyperin\ufb02ationary adjustment
(6)
(52)
(58)
Currency retranslation
(8)
(24)
(32)
31 December 2024
(417)
(2,481)
(2,898)
Net book value 31 December 2024
(b)
607
1,616
2,223
Includes capital expenditures for assets under construction
10
26
36
\n
The Group has commitments to purchase property, plant and equipment of \u20ac68 million (2024: \u20ac43 million).
9B. Leased assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Movements during 2025
Land and
Plant and
\u00a0
In millions of \u20ac
buildings
equipment
Total
Cost
\u00a0\u00a0\u00a0
1 January 2025
315
49
364
Additions
63
21
84
Disposals
(66)
(8)
(74)
Other movements
(a)
(20)
(7)
(27)
Currency retranslation
(16)
(3)
(19)
31 December 2025
276
52
328
Accumulated depreciation
\u00a0\u00a0\u00a0
1 January 2025
(207)
(25)
(232)
Depreciation charge for the year
(43)
(12)
(55)
Disposals
53
7
60
Other movements
(a)
17
0
17
Currency retranslation
11
1
12
31 December 2025
(169)
(29)
(198)
Net book value 31 December 2025
107
23
130
\n
(a) Other movements primarily re\ufb02ect di\ufb00erences between amounts of prior period allocated as per carve out and the actual assets transferred on
Separation.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Movements during 2024
Land and
Plant and
\u00a0
In millions of \u20ac
buildings
equipment
Total
Cost
\u00a0 \u00a0 \u00a0
1 January 2024
317
60
377
Additions
23
17
40
Disposals and other movements
(30)
(24)
(54)
Hyperin\ufb02ationary adjustment
-
(1)
(1)
Currency retranslation
5
(3)
2
31 December 2024
315
49
364
Accumulated depreciation
\u00a0 \u00a0 \u00a0
1 January 2024
(195)
(35)
(230)
Depreciation charge for the year
(34)
(13)
(47)
Disposal and other movements
25
23
48
Currency retranslation
(3)
-
(3)
31 December 2024
(207)
(25)
(232)
Net book value 31 December 2024
108
24
132
\n
The Group\u2019s leases mainly comprise land and buildings and plant and equipment. The Group leases
land and buildings for manufacturing, warehouse facilities and o\ufb03ce space and also subleases some
of the properties under operating leases. The Group has leases for vehicles and equipment.
The Group has recognised in the income statement an expense of \u20ac10 million (2024: \u20ac9 million) for
short term leases.
During the year, the Group has not recognised any income from sublet properties (2024: nil).
The total cash out\ufb02ows for leases were \u20ac65 million (2024: \u20ac46 million) comprising of capital elements
payments for \u20ac56 million (2024: \u20ac39 million) and interest on lease liabilities for \u20ac9 million
(2024: 7 million).
Lease liabilities are shown in Note 14C.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "9. Property, plant and equipmentLeased assets
The cost of a leased asset is measured as the lease liability at inception of the lease contract
and other direct costs less any incentives granted by the lessor. The Group has not capitalised
leases which are less than 12 months or leases with low value assets. These mainly relate to IT
equipment, o\ufb03ce equipment, furniture and \ufb01ttings and other peripheral items. When a lease liability
is\u00a0remeasured, the related lease asset is adjusted by the same amount.
Depreciation is provided on a straight-line basis from the commencement date of the lease to the
end\u00a0of the lease term.9B. Leased assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Movements during 2025
Land and
Plant and
\u00a0
In millions of \u20ac
buildings
equipment
Total
Cost
\u00a0\u00a0\u00a0
1 January 2025
315
49
364
Additions
63
21
84
Disposals
(66)
(8)
(74)
Other movements
(a)
(20)
(7)
(27)
Currency retranslation
(16)
(3)
(19)
31 December 2025
276
52
328
Accumulated depreciation
\u00a0\u00a0\u00a0
1 January 2025
(207)
(25)
(232)
Depreciation charge for the year
(43)
(12)
(55)
Disposals
53
7
60
Other movements
(a)
17
0
17
Currency retranslation
11
1
12
31 December 2025
(169)
(29)
(198)
Net book value 31 December 2025
107
23
130
\n
(a) Other movements primarily re\ufb02ect di\ufb00erences between amounts of prior period allocated as per carve out and the actual assets transferred on
Separation.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Movements during 2024
Land and
Plant and
\u00a0
In millions of \u20ac
buildings
equipment
Total
Cost
\u00a0 \u00a0 \u00a0
1 January 2024
317
60
377
Additions
23
17
40
Disposals and other movements
(30)
(24)
(54)
Hyperin\ufb02ationary adjustment
-
(1)
(1)
Currency retranslation
5
(3)
2
31 December 2024
315
49
364
Accumulated depreciation
\u00a0 \u00a0 \u00a0
1 January 2024
(195)
(35)
(230)
Depreciation charge for the year
(34)
(13)
(47)
Disposal and other movements
25
23
48
Currency retranslation
(3)
-
(3)
31 December 2024
(207)
(25)
(232)
Net book value 31 December 2024
108
24
132
\n
The Group\u2019s leases mainly comprise land and buildings and plant and equipment. The Group leases
land and buildings for manufacturing, warehouse facilities and o\ufb03ce space and also subleases some
of the properties under operating leases. The Group has leases for vehicles and equipment.
The Group has recognised in the income statement an expense of \u20ac10 million (2024: \u20ac9 million) for
short term leases.
During the year, the Group has not recognised any income from sublet properties (2024: nil).
The total cash out\ufb02ows for leases were \u20ac65 million (2024: \u20ac46 million) comprising of capital elements
payments for \u20ac56 million (2024: \u20ac39 million) and interest on lease liabilities for \u20ac9 million
(2024: 7 million).
Lease liabilities are shown in Note 14C.Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not yet paid at
the start of the lease term. This is discounted using an appropriate borrowing rate determined by the
Group, where none is readily available in the lease contract. The lease liability is subsequently reduced
by cash payments and increased by interest costs. The lease liability is remeasured when the Group
assesses that there will be a change in the amount expected to be paid during the lease term.14C. Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Financial liabilities
(a)
\u00a0
Non-
\u00a0 \u00a0
Non-
\u00a0
In millions of \u20ac
Current
current
Total
Current
current
Total
Bank loans and overdrafts
(b)
34
1
35
35
-
35
Bonds and other loans
(c)
-
3,077
3,077
-
-
-
Lease liabilities
43
100
143
41
103
144
Loan with Unilever
(d)
-
-
-
9
-
9
Derivatives
28
-
28
-
-
-
Other \ufb01nancial liabilities
(e)
-
133
133
-
145
145
Total
105
3,311
3,416
85
248
333
\n
(a) Financial liabilities exclude trade payable and other liabilities which are covered in Note 13.
(b) Bank loans and overdrafts do not include any secured liabilities.
(c) Bonds and other loans under the facility agreements (refer to Note 15A).
(d) Unilever granted intercompany facility of up to \u20ac11 billion to Group on 1 July 2025, of which the Group drew down \u20ac10,615 million to facilitate the
Demerger. Of this amount, \u20ac3,162 million was repaid to Unilever in cash and the balance was capitalised before the Demerger.
(e) Other \ufb01nancial liabilities consist of an option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM Corporation, the joint
venture partner. The Group holds 50% plus one share in the joint venture. According to the shareholder agreement established in March 1999,
RFM Corporation is entitled, each year within one month following 31 December year end, to require the Group to acquire all or a portion of RFM
Corporation\u2019s shares in the joint venture at a price determined by the agreement. RFM Corporation has executed a waiver stipulating that they
waive their right to exercise the option until April 2028.
\n\n \n
Reconciliation of liabilities arising from \ufb01nancing activities:
Non-cash movement
Movements in 2025
Opening balance
Other non-cash
Foreign exchange
Closing balance
In millions of \u20ac
as at 1 January
Cash movement
Fair value changes
movements
changes
at 31\u00a0December
Bank loans and overdrafts
(a)
(35)
(6)
-
-
6
(35)
Bonds and other loans
(a) (b)
-
(3,077)
-
-
-
(3,077)
Lease liabilities
(c)
(144)
56
-
(64)
9
(143)
Loans with Unilever
(d)
(9)
-
-
9
-
-
Derivatives
-
-
(28)
-
-
(28)
Total
(e)
(188)
(3,027)
(28)
(55)
15
(3,283)
\n\n \n
Non-cash movement
Movements in 2024
Opening balance
Other non-cash
Foreign exchange
Closing balance
In millions of \u20ac
as at 1 January
Cash movement
Fair value changes
movements
changes
at 31\u00a0December
Bank loans and overdrafts
(a)
(32)
(3)
-
-
-
(35)
Lease liabilities
(c)
(156)
39
-
(26)
(1)
(144)
Loans with Unilever
(9)
-
-
-
-
(9)
Total
(e)
(197)
36
-
(26)
(1)
(188)
\n
(a) These cash movements include additional \ufb01nancial liabilities and repayment of \ufb01nancial liabilities. The di\ufb00erence of \u20ac5 million (2024: \u20ac3\u00a0million)
\n
represents cash movements in overdrafts that are not included in \ufb01nancing cash \ufb02ows.
\n
(b) Bond and other loans include \u20ac 3 billion debt bond issued on 26 November 2025.
\n
(c) Lease liabilities cash movement is included within capital element of lease payments in the consolidated cash \ufb02ow statement.
\n
(d) In 2025, Unilever provided the Group a loan to facilitate the Separation. The loan was settled as part of the Demerger through a cash repayment
\n
of \u20ac3,162 million, with the remaining balance settled on a non-cash basis through Equity and recognised within Invested capital / Merger
\n
Reserve.
\n
(e) The reconciliation of liabilities arising from \ufb01nancing activities excludes the put option of \u20ac133 million in 2025 (2024: \u20ac145 million) as this arises
\n
from an\u00a0option to acquire non-controlling interests (as detailed above) which if exercised would classify as arising from investing activity.
On 26 November 2025, the Group successfully issued a \u20ac3 billion debut bond by Magnum ICC
Finance B.V. across four tranches.
The debut issuance was completed under the newly established \u20ac8 billion Euro Medium Term Note
(the \u201cNotes\u201d) programme of Magnum ICC Finance B.V. guaranteed by The Magnum Ice Cream
Company N.V. and The Magnum Ice Cream Company HoldCo Netherlands B.V.
To facilitate the demerger, Magnum ICC Finance B.V. was granted an intercompany facility of up to
\u20ac11\u00a0billion by Unilever, upon which the Group incurred interest expense of \u20ac71 million (see Note 5).
The proceeds of the Notes were used to repay part of the facility prior to the Separation, with the
remainder being capitalised with the proceed of the Notes.
The Notes have been rated \u201cBBB\u201d by S&P and \u201cBaa2\u201d by Moody\u2019s and were admitted to trading
on the London Stock Exchange\u2019s International Securities Market with e\ufb00ect on 26 November 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2.75% Notes 2029
750
-
3.25% Notes 2031
750
-
3.75% Notes 2034
750
-
4.00% Notes 2037
750
-
\n
Following the issuances, net debt increased to \u20ac3 billion (2024: nil), with the average debt maturity
of\u00a07.5 years.19. Commitments and contingent liabilities
Commitments
Lease commitments are the future cash out \ufb02ows from the lease contracts which are not recorded in
the measurement of lease liabilities. These include potential future payments related to leases of low
value assets, leases which are less than twelve months, variable leases, extension and termination
options and leases not yet commenced but which the Group has committed to.
Other commitments principally comprise commitments under contracts to purchase materials and
services. They do not include commitments to purchase property, plant and equipment, which are
reported in Note 9.
Lease Commitments and other Commitments fall due as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Other
\u00a0
Other
In millions of \u20ac
Leases
commitments
Leases
commitments
Within 1 year
8
31
7
13
Later than 1 year but not later than 5 years
21
66
15
5
Later than 5 years
4
6
1
2
Total
33
103
23
20
\n
Lease commitments increased due to new lease contracts entered during 2025. Other commitments
mainly comprise contractual obligations for materials and services, including \u20ac62 million for
technology implementation.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00572": { "value": "Owned assets
Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line
basis over the expected average useful lives of the assets. Residual values and useful lives are
reviewed at least annually. The review of residual values and useful lives has taken into consideration
the impacts of climate change and the actions the Group undertakes to mitigate and adapt against
these climate-related risks and there is no material impact on the income statement for\u00a0this year.
Estimated useful lives by major class of assets are as follows:
\u2022
Leasehold land and buildings
40 years (or life of lease if less)
\u2022
Plant and equipment
2-20 years
\u2022
Freehold buildings (no depreciation on freehold land)
40 years
Leased assetsDepreciation is provided on a straight-line basis from the commencement date of the lease to the end\u00a0of the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "10. Other non-current assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Long-term trade and other receivables
(a)
182
26
Other non-current assets
4
3
Total
186
29
\n
(a) Includes indirect tax receivable of \u20ac120 million on business transfers where the Group does not have the contractual right to receive payment
within 12 months and a \u20ac54 million prepayment to Unilever for the future transfer of the Mexico factory due to legal restrictions. 12. Trade and other current receivables
Trade and other current receivables are initially recognised at fair value plus any directly attributable
transaction costs. Subsequently, these assets are held at amortised cost, using the e\ufb00ective interest
method and net of any impairment losses. Discounts payable to customers are shown as a reduction
in trade receivables when there are a legal right and intent to settle them on a net basis.
The Group does not consider the fair values of trade and other receivables to be signi\ufb01cantly di\ufb00erent
from their carrying values.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Trade and other current receivables
\u00a0\u00a0
In millions of \u20ac
2025
2024
Due within one year
\u00a0\u00a0
Trade receivables - Third party customers
(a)
53
391
Trade receivables - Unilever
(b)
579
-
Prepayments and accrued income
30
22
Other receivables - Due from third parties
(c)
232
222
Other receivables - Due from Unilever
(d)
896
-
Total
1,790
635
\n
(a) In 2025, this comprises receivables from customers that are invoiced directly from the Group\u2019s legal entities and includes discounts due
to\u00a0customers of \u20ac42 million. In 2024, this comprises amounts from customers attributed to the Group (Note 1) and included discounts
due to customers of \u20ac360 million.
(b) In 2025, the Group entered into various interim operating model agreements with Unilever (see Note 21). Under these arrangements, Unilever
collects cash from customers on behalf of the Group; accordingly, the related receivables are due from Unilever. As per the arrangements,
the\u00a0Group collects those receivables from Unilever on a net basis.
(c) Includes recoverable indirect taxes \u20ac203 million (2024: \u20ac95 million) and \ufb01nancial assets \u20ac29 million (2024: \u20ac127 million). Financial assets
include derivatives, royalty receivables, and employee advances.
(d) During 2025, the Group paid an inventory subsidy of \u20ac905 million to Unilever (see Note 21). \u20ac9 million relating to Indonesia was o\ufb00set against
payable accruals, resulting in a closing balance of \u20ac896 million.
Concentrations of credit risk with respect to trade receivables, are limited due to the Group\u2019s customer
base being large and diverse. The Group\u2019s historical experience of collecting receivables supported
by the level of default, is that credit risk is low across territories and therefore trade receivables are a
single class of \ufb01nancial assets.
Impairment of trade receivables is assessed in accordance with the Group\u2019s expected credit loss
policy and is determined for speci\ufb01c receivables with known or anticipated recovery issues, as well
as for balances that are past due using probabilities of default derived from historical experience and
relevant forward-looking information. Where Unilever collects cash from customers on the Group\u2019s
behalf, any customer credit losses that arise are charged by Unilever to the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ageing of trade receivables
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Not overdue
546
355
Past due less than three months
55
30
Past due more than three months but less than six months
28
11
Past due more than six months but less than one year
2
3
Past due more than one year
5
16
Total trade receivables
636
415
Impairment provision for trade receivables
(5)
(24)
\u00a0
631
391
\n
The total impairment provision includes \u20ac5 million (2024: \u20ac24 million) for current trade receivables
(other than receivables from Unilever). In 2025, receivables were predominantly due from Unilever
and the Group assessed Unilever\u2019s credit risk to be very low. Hence, no impairment provision was
recognised for receivables from Unilever.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Impairment provision for trade and other receivables
\u00a0 \u00a0
In millions of \u20ac
2025
2024
1 January
27
36
Charge to income statement
-
5
Reductions / releases
(a)
(21)
(11)
Currency retranslations
(1)
(3)
31 December
5
27
\n
(a) On Separation, trade receivables were not transferred to the Group, accordingly the associated impairment provision was released through
Invested Capital.
In 2024, the total impairment provision includes \u20ac24 million for current trade receivables and \u20ac3 million
for other receivables.
13. Trade payables and other liabilities
Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs.
Trade payables are subsequently measured at amortised cost, using the e\ufb00ective interest method.
Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs.
Subsequent measurement depends on the type of liability:
\u2022
Accruals are subsequently measured at amortised cost, using the e\ufb00ective interest method.
\u2022
Social security and sundry taxes are subsequently measured at amortised cost, using the
e\ufb00ective interest method.
\u2022
Others are subsequently measured either at amortised cost, using the e\ufb00ective interest method
or at\u00a0fair value, with changes being recognised in the income statement.
The Group does not consider the fair values of trade payables and other liabilities to be signi\ufb01cantly
di\ufb00erent from their carrying values.
Trade payables and other liabilities
\u00a0\u00a0
In millions of \u20ac
2025
2024
Current: due within one year
\u00a0\u00a0
Trade payables - third party suppliers
(a)
388
1,182
Trade payables - Unilever
(b)
1,671
-
Accruals
(c)
285
471
Social security and sundry taxes
37
43
Other
91
124
Other payable balances due to Unilever
(d)
449
(2)
\u00a0
2,921
1,818
Non-current: due after more than one year
\u00a0\u00a0
Accruals
3
3
Other
41
5
Other payable balances due to Unilever
(d)
80
-
\u00a0
124
8
Total trade payables and other liabilities
3,045
1,826
\n
(a) 2025 comprise payables from suppliers that are invoiced directly to the Group\u2019s legal entities and discounts due to the customers of \u20ac29 million
(2024: \u20ac319 million).
(b) In 2025, the Group entered into various interim operating model agreements with Unilever (see Note 21). Under these arrangements, Unilever
pays suppliers on behalf of the Group; accordingly, the related payables are due to Unilever. The balance also includes an accrual of \u20ac818 million
payable in relation to the transfer of inventory, as upon the Demerger, in many territories legal title to the inventory has not passed from Unilever
to the Group and the Group will acquire such inventory at the end of the Transitional Period.
(c) Accruals consist of liabilities for various expenditures, including insurance, and audit costs and property, plant and equipment purchases. Others
mainly consist of payables related to payroll, consultancy and legal expenditures.
(d) Includes \u20ac300 million working capital subsidy received from Unilever pre-Demerger (See Note 21) and \u20ac229 million payable to Unilever for
indirect taxes arose on transfer of net assets.
14. Capital and fundingDerivative \ufb01nancial instruments
The Group\u2019s use of, and accounting for, derivative instruments is explained in Note 15.
Financial liabilities
Financial liabilities are initially recognised at fair value, less any directly related transaction costs.
When bonds are designated as being part of a fair value hedge relationship, in those cases bonds
are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in
value shown in the income statement. Put options are initially recognised at the present value of the
expected gross obligation, with changes in value being recognised in \ufb01nance costs. 14C. Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Financial liabilities
(a)
\u00a0
Non-
\u00a0 \u00a0
Non-
\u00a0
In millions of \u20ac
Current
current
Total
Current
current
Total
Bank loans and overdrafts
(b)
34
1
35
35
-
35
Bonds and other loans
(c)
-
3,077
3,077
-
-
-
Lease liabilities
43
100
143
41
103
144
Loan with Unilever
(d)
-
-
-
9
-
9
Derivatives
28
-
28
-
-
-
Other \ufb01nancial liabilities
(e)
-
133
133
-
145
145
Total
105
3,311
3,416
85
248
333
\n
(a) Financial liabilities exclude trade payable and other liabilities which are covered in Note 13.
(b) Bank loans and overdrafts do not include any secured liabilities.
(c) Bonds and other loans under the facility agreements (refer to Note 15A).
(d) Unilever granted intercompany facility of up to \u20ac11 billion to Group on 1 July 2025, of which the Group drew down \u20ac10,615 million to facilitate the
Demerger. Of this amount, \u20ac3,162 million was repaid to Unilever in cash and the balance was capitalised before the Demerger.
(e) Other \ufb01nancial liabilities consist of an option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM Corporation, the joint
venture partner. The Group holds 50% plus one share in the joint venture. According to the shareholder agreement established in March 1999,
RFM Corporation is entitled, each year within one month following 31 December year end, to require the Group to acquire all or a portion of RFM
Corporation\u2019s shares in the joint venture at a price determined by the agreement. RFM Corporation has executed a waiver stipulating that they
waive their right to exercise the option until April 2028.
\n \n
Reconciliation of liabilities arising from \ufb01nancing activities:
Non-cash movement
Movements in 2025
Opening balance
Other non-cash
Foreign exchange
Closing balance
In millions of \u20ac
as at 1 January
Cash movement
Fair value changes
movements
changes
at 31\u00a0December
Bank loans and overdrafts
(a)
(35)
(6)
-
-
6
(35)
Bonds and other loans
(a) (b)
-
(3,077)
-
-
-
(3,077)
Lease liabilities
(c)
(144)
56
-
(64)
9
(143)
Loans with Unilever
(d)
(9)
-
-
9
-
-
Derivatives
-
-
(28)
-
-
(28)
Total
(e)
(188)
(3,027)
(28)
(55)
15
(3,283)
\n\n \n
Non-cash movement
Movements in 2024
Opening balance
Other non-cash
Foreign exchange
Closing balance
In millions of \u20ac
as at 1 January
Cash movement
Fair value changes
movements
changes
at 31\u00a0December
Bank loans and overdrafts
(a)
(32)
(3)
-
-
-
(35)
Lease liabilities
(c)
(156)
39
-
(26)
(1)
(144)
Loans with Unilever
(9)
-
-
-
-
(9)
Total
(e)
(197)
36
-
(26)
(1)
(188)
\n
(a) These cash movements include additional \ufb01nancial liabilities and repayment of \ufb01nancial liabilities. The di\ufb00erence of \u20ac5 million (2024: \u20ac3\u00a0million)
\n
represents cash movements in overdrafts that are not included in \ufb01nancing cash \ufb02ows.
\n
(b) Bond and other loans include \u20ac 3 billion debt bond issued on 26 November 2025.
\n
(c) Lease liabilities cash movement is included within capital element of lease payments in the consolidated cash \ufb02ow statement.
\n
(d) In 2025, Unilever provided the Group a loan to facilitate the Separation. The loan was settled as part of the Demerger through a cash repayment
\n
of \u20ac3,162 million, with the remaining balance settled on a non-cash basis through Equity and recognised within Invested capital / Merger
\n
Reserve.
\n
(e) The reconciliation of liabilities arising from \ufb01nancing activities excludes the put option of \u20ac133 million in 2025 (2024: \u20ac145 million) as this arises
\n
from an\u00a0option to acquire non-controlling interests (as detailed above) which if exercised would classify as arising from investing activity.
On 26 November 2025, the Group successfully issued a \u20ac3 billion debut bond by Magnum ICC
Finance B.V. across four tranches.
The debut issuance was completed under the newly established \u20ac8 billion Euro Medium Term Note
(the \u201cNotes\u201d) programme of Magnum ICC Finance B.V. guaranteed by The Magnum Ice Cream
Company N.V. and The Magnum Ice Cream Company HoldCo Netherlands B.V.
To facilitate the demerger, Magnum ICC Finance B.V. was granted an intercompany facility of up to
\u20ac11\u00a0billion by Unilever, upon which the Group incurred interest expense of \u20ac71 million (see Note 5).
The proceeds of the Notes were used to repay part of the facility prior to the Separation, with the
remainder being capitalised with the proceed of the Notes.
The Notes have been rated \u201cBBB\u201d by S&P and \u201cBaa2\u201d by Moody\u2019s and were admitted to trading
on the London Stock Exchange\u2019s International Securities Market with e\ufb00ect on 26 November 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2.75% Notes 2029
750
-
3.25% Notes 2031
750
-
3.75% Notes 2034
750
-
4.00% Notes 2037
750
-
\n
Following the issuances, net debt increased to \u20ac3 billion (2024: nil), with the average debt maturity
of\u00a07.5 years.
15. Treasury Risk Management
Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred.
The\u00a0treatment of changes in the value of derivatives depends on their use as explained below.
Cash \ufb02ow hedges
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash
\ufb02ows. Such derivatives are classi\ufb01ed as being part of cash \ufb02ow hedge relationships. For an e\ufb00ective
hedge, gains and losses from changes in the fair value of derivatives are recognised in equity.
Cost of hedging, where material and opted for, is recorded within equity. Any ine\ufb00ective elements
of the hedge are recognised in \ufb01nance costs. Ine\ufb00ectiveness may occur if there are changes to the
expected timing of the hedged transaction. If the hedged cash \ufb02ow relates to a non-\ufb01nancial asset,
the amount accumulated in equity is subsequently included within the carrying value of that asset.
For other cash \ufb02ow hedges, amounts deferred in equity are taken to \ufb01nance costs at the same time
as the related cash \ufb02ow.
When a derivative no longer quali\ufb01es for hedge accounting, any cumulative gain or loss remains in
equity until the related cash \ufb02ow occurs. When the cash \ufb02ow takes place, the cumulative gain or loss
is taken to \ufb01nance costs. If the hedged cash \ufb02ow is no longer expected to occur, the cumulative gain
or loss is taken to \ufb01nance costs immediately.
Derivatives for which hedge accounting is not applied
Derivatives not classi\ufb01ed as hedges are held in order to hedge certain balance sheet items and
commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair
value with changes being recognised in \ufb01nance costs.
Applying hedge accounting has not led to material ine\ufb00ectiveness being recognised in the income
statement for 2025, 2024 and 2023.
The Group\u2019s Treasury department provides central funding and foreign exchange management
services for the Group. The department is governed by standards and processes which are in line
with the Treasury Policies. In addition to guidelines and exposure limits, a system of authorities and
extensive independent reporting covers all major areas of activity.
Treasury activities in relation to the Group are designed to:
\u2022
protect the Group\u2019s \ufb01nancial results and position from the \ufb01nancial risks mentioned below;
\u2022
maintain market risks within acceptable parameters, while optimising returns (see Note 15B);
\u2022
provide adequate and su\ufb03cient funding to the Group.
The Group\u2019s Treasury department maintains a list of approved \ufb01nancial instruments. The use of any
new instrument must be approved by the Treasury Committee. The use of leveraged instruments is
not\u00a0permitted.
The Group\u2019s central Commodity Risk Management (CRM) team monitor commodity exposures for the
whole Group and provide commodity risk services for the Group\u2019s operations. The primary objective
of the CRM policy is to delay the (gross) margin impact of commodity market volatility and allow time
to\u00a0take corrective pricing action.
The Group\u2019s capital requirements are centrally managed by the Group\u2019s Treasury department, who
provides funding to safeguard the Group\u2019s ability to continue as a going concern and to optimize
returns. The Group is not subject to \ufb01nancial covenants in any of its signi\ufb01cant \ufb01nancing agreements.
The Group is exposed to the following \ufb01nancial risks that arise from its use of \ufb01nancial instruments,
the\u00a0management of which is described in the following sections:
\u2022
liquidity risk (see Note 15A);
\u2022
market risk (see Note 15B);
\u2022
credit risk (see Note 16B).
15A. Management of liquidity risk
Liquidity risk is the risk that the Group will face in meeting its obligations associated with its \ufb01nancial
liabilities. The Group\u2019s approach to managing liquidity is to ensure that it will have su\ufb03cient funds
to meet its liabilities when due without incurring unacceptable losses. In doing this, management
considers both normal and stressed conditions. A material and sustained shortfall in our cash \ufb02ow
could undermine the Group\u2019s credit rating, impair investor con\ufb01dence and also restrict the Group\u2019s
ability to raise funds.
The Group\u2019s funding strategy was supported by cash delivery from the business, coupled with the
proceeds from the bond issuance. Surplus cash balances have been invested conservatively with
low-risk counterparties at maturities of primarily less than six months. In its liquidity assessment,
the\u00a0Group does not consider any supplier \ufb01nancing arrangements as these arrangements are non-
recourse to Unilever and supplier payment dates and terms for Unilever and our payment terms with
Unilever do not vary based on whether the supplier chooses to use such \ufb01nancing arrangements.
Cash \ufb02ow from operating activities provides the funds to service the \ufb01nancing of \ufb01nancial liabilities
on\u00a0a day-to-day basis. The Group seeks to manage its liquidity requirements by the newly established
\u20ac8\u00a0billion Euro Medium Term Note programme. In addition, the Group has committed credit facilities
for\u00a0general corporate use as described in Note 14 C.
On 28 August 2025, the Group entered into a term loan facilities agreement (the \u201cTerm Loan Facilities
Agreement\u201d) (the facilities to be provided thereunder being the \u201cTerm Loan Facilities\u201d).
The\u00a0Term Loan Facilities comprise:
\u2022
a bridge term loan facility (the \u201cBridge Facility\u201d) denominated in euro, with a commitment of \u20ac3
billion available for the repayment of \ufb01nancial indebtedness owed by Group Companies to the
Unilever Group, and for the payment of the consideration for the transfer of Unilever\u2019s Ice Cream
Business in Indonesia. This facility was cancelled on 26 November with a cancellation charge of \u20ac5
million as part of \ufb01nance cost. No amount was drawn against the facility.
\u2022
a working capital term loan facility (the \u201cWorking Capital Term Loan Facility\u201d) denominated in Euro,
with a commitment of \u20ac700 million available for general corporate purposes and with a maturity
date of three years from the date of the Term Loan Facilities Agreement. The facility is priced at
1 month Euribor + 90 basis points and does not carry any covenants. \u20ac100 million was drawn on\u00a029
December 2025.
\u2022
a term loan facility (the \u201cIndia Term Loan Facility\u201d) denominated in Euro, with a commitment of
\n
\u20ac300 million available for the payment of the consideration for the transfer of the Unilever Group\u2019s
\n
shares in Kwality Wall\u2019s India Ltd. This facility has not been drawn.
\n
The Group has also entered into a \u20ac1 billion syndicated revolving credit facility agreement
\n
(the \u201cRevolving Credit Facility Agreement\u201d, the revolving credit facility provided thereunder
\n
being the \u201cRevolving Credit Facility\u201d).
\n
\u2022
A multicurrency facility denominated in euro (with optional currencies of US dollars and Pounds
\n
Sterling) available for general corporate purposes with an initial maturity date of \ufb01ve years from the
\n
date of the Revolving Credit Facility Agreement, subject to two extension options of one year each
\n
which can be requested by the Company and which each lender can at its own discretion, agree to
\n
or not;
\n
\u2022
a \u20ac500 million Swingline Facility and a US$500 million Swingline Facility each operating as a
\n
sublimit within the Revolving Credit Facility with the purpose of re\ufb01nancing euro or US dollar
\n
commercial paper programs, respectively, that the Group plans to establish.
\n
The revolving facilities have not been drawn.
\n
The \ufb01nancial liabilities of the Group at the balance sheet date are mainly bonds, lease liabilities and
\n
other \ufb01nancial liabilities (Note 14), and trade payables (Note 13) which are mostly short term in nature.
\n
The \ufb01nancial assets of the Group at the balance sheet date are mainly trade receivables (Note 12) from
\n
Unilever and reputable customers which are short term in nature.
\n
The following table shows contractually based undiscounted cash \ufb02ows, including expected interest
\n
payments, which are payable under \ufb01nancial liabilities at the balance sheet date:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net carrying
Undiscounted cash \ufb02ows
\u00a0
Due between
Due between
Due between
Due between
\u00a0 \u00a0
amount as shown
In millions of \u20ac
Due within 1 year
1 and 2 years
2 and 3 years
3 and 4 years
4 and 5 years
Due after 5 years
Total
in balance sheet
Non-derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans and overdrafts
(34)
(1)
-
-
-
-
(35)
(35)
Bonds and other loans
\u00a0 \u00a0
(100)
(745)
-
(2,232)
(3,077)
(3,077)
Related party loans with Unilever
-
-
-
-
-
-
-
-
Lease liabilities
(49)
(30)
(21)
(16)
(12)
(36)
(164)
(143)
Other \ufb01nancial liabilities
-
-
(133)
-
-
-
(133)
(133)
Trade payables excluding social security
(2,884)
(124)
-
-
-
-
(3,008)
(3,008)
\u00a0
(2,967)
(155)
(254)
(761)
(12)
(2,268)
(6,417)
(6,396)
Derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative contracts - receipts
1
1
-
-
-
-
2
2
Total
(2,966)
(154)
(254)
(761)
(12)
(2,268)
(6,415)
(6,394)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net carrying
Undiscounted cash \ufb02ows
\u00a0
Due between
Due between
Due between
Due between
\u00a0 \u00a0
amount as shown
In millions of \u20ac
Due within 1 year
1 and 2 years
2 and 3 years
3 and 4 years
4 and 5 years
Due after 5 years
Total
in balance sheet
Non-derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans and overdrafts
(35)
-
-
-
-
-
(35)
(35)
Related party loans with Unilever
(9)
-
-
-
-
-
(9)
(9)
Lease liabilities
(57)
(35)
(26)
(18)
(34)
(32)
(202)
(144)
Other \ufb01nancial liabilities
-
(145)
-
-
-
-
(145)
(145)
Trade payables excluding social security and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
sundry taxes
(1,775)
(8)
-
-
-
-
(1,783)
(1,783)
\u00a0
(1,876)
(188)
(26)
(18)
(34)
(32)
(2,174)
(2,116)
Derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative contracts - receipts
105
-
-
-
-
-
105
105
Total
(1,771)
(188)
(26)
(18)
(34)
(32)
(2,069)
(2,011)
\n
15B. Management of market risk
The Group\u2019s size and operations result in it being exposed to the following market risks that arise from
its use of \ufb01nancial instruments:
\u2022
Currency risk
(see table below)
The Group is exposed to movements in the underlying currency of the Group\u2019s sales and purchases
as well as transacted commodity prices that are mainly denominated in USD and GBP.
\u2022
Commodity price risk
(see table below)
The key commodities used by the Group are cocoa, dairy and sugar. Management aims to minimise
the impact of commodity market volatility on (gross) margin and allow time to take corrective
pricing action (\u2018pricing horizons\u2019). Commodity hedging is undertaken based on 100% of the volume
exposure around the pricing horizon, although hedging can be undertaken up to 52 weeks with
approval and within limits.
\u2022
Interest rate risk
(see table below)
The above risks may a\ufb00ect the Group\u2019s income and expenses, or the value of its \ufb01nancial
instruments. The Group\u2019s objective in managing market risk is to maintain it within acceptable
parameters, while optimising returns.
The Group\u2019s exposure to, and management of, these risks is explained on the next page.
Management of market risk
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Potential impact of risk
Management policy and hedging strategy
Sensitivity to the risk
1. Commodity price risk
The Group uses commodity forwards, futures, swaps and option contracts to hedge
A 10% increase in commodity prices as at 31 December 2025 would have
The Group is exposed to the risk of changes in commodity prices in relation to its
against this risk. All commodities forward contracts hedge future purchases of raw
led to a \u20ac24 million gains on the commodity derivatives in Equity (2024: \u20ac42
purchase of certain raw materials.
materials and the contracts are settled either in cash or by physical delivery.
million). A decrease of 10% in commodity prices on a full-year basis would
\u00a0 \u00a0
have the equal but opposite e\ufb00ect.
At 31 December 2025, the Group had hedged its exposure to future commodity
The Group also hedges risk components of commodities where it is not possible to hedge
\u00a0
purchases with commodity derivatives valued at \u20ac262 million
the commodity in full. This is done with reference to the contract to purchase the hedged
\u00a0
(2024: \u20ac296\u00a0million).
commodity.
\u00a0
\u00a0
Commodity derivatives are generally designated as hedging instruments in cash \ufb02ow
\u00a0
\u00a0
hedge accounting relations. All commodity derivative contracts were done in line with
\u00a0
\u00a0
approvals from the Commodity Risk Committee.
\u00a0
2. Currency risk
The Group\u2019s treasury department manages currency exposures in the Group within
The foreign exchange risk impact on the Income Statement and Equity with
Because of the Group\u2019s global reach, it is subject to the risk that changes in
prescribed limits, mainly through the use of forward foreign currency exchange contracts.
respect to \ufb01nancial instruments is not signi\ufb01cant.
foreign currency rate impact the Group\u2019s sales and purchases. The Group is also
\u00a0 \u00a0
exposed to movements in the underlying currency of transacted commodity
Operating companies manage foreign exchange exposures within prescribed limits.
\u00a0
prices that are mainly denominated in USD and GBP.
\u00a0 \u00a0
\u00a0
The aim of the approach to management of currency risk is to leave the Group with
\u00a0
The exposure to the Group from companies holding \ufb01nancial assets and
no\u00a0material residual risk. This aim has been achieved in all years presented.
\u00a0
liabilities other than their functional currency is not signi\ufb01cant.
\u00a0 \u00a0
\u00a0
Forward contracts are used and executed by the Group\u2019s treasury department, however
\u00a0
\u00a0
foreign currency exposures that are under the TSA with Unilever do not have signi\ufb01cant
\u00a0
\u00a0
foreign exchange impact.
\u00a0
3. Interest rate risk
The Group\u2019s interest rate management approach aims for an optimal balance between
The interest rate risk impact on the income statement is not signi\ufb01cant.
The Group is exposed to market interest rate \ufb02uctuations on its debt. Increases
\ufb01xed and \ufb02oating-rate interest rate exposures on expected net debt. The objective of this
\u00a0
in benchmark interest rates could increase the interest cost of the \ufb02oating-rate
approach is to minimise annual interest costs after tax. No derivatives were used to hedge
\u00a0
debt and increase the cost of future borrowings. At 31 December 2025, interest
the interest rate on the debt of the Group.
\u00a0
rates were \ufb01xed on 96% of the expected \ufb01nancial liabilities (excluding lease
\u00a0 \u00a0
liabilities), 73% at December 2024.
\u00a0 \u00a0
\n
15C. Derivatives and hedging
The Group does not use derivative \ufb01nancial instruments for speculative purposes. The uses of
derivatives and the related values of derivatives are summarised in the following table.
Derivatives used\u00a0to hedge:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Trade
\u00a0
\u00a0
Trade
payables
\u00a0
\u00a0
and other
and other
\u00a0
In millions of \u20ac
receivables
liabilities
Total
31 December 2025
\u00a0\u00a0\u00a0
Commodity contracts
\u00a0\u00a0\u00a0
Cash \ufb02ow hedges
(a)
2
-
2
Total assets
2
-
2
31 December 2024
\u00a0\u00a0\u00a0
Commodity contracts
\u00a0\u00a0\u00a0
Cash \ufb02ow hedges
105
-
105
Total liabilities
105
-
105
\n
(a) The Group makes use of cocoa futures and options to hedge their forward physical purchases of cocoa and other chocolate products. At 31
December 2025, the Group had hedged its exposure to future cocoa purchases with notional amount at 43,093 metric tons and average con-
tracts price at \u20ac5,557per metric ton. Cash \ufb02ow hedge accounting is applied to these derivatives with the fair value gain/loss being recognised
in the hedge reserve and then being released in line with the underlying physical purchases. At 31 December 2024, the Group had a \u20ac115 million
gain in cash \ufb02ow hedge reserve, including a \u20ac10 million gain on settlement associated with the underlying physical purchases within 12 months.
16. Investment and return
Cash and cash equivalents
Cash and cash equivalents in the consolidated balance sheet include deposits and short-term
deposits. To be classi\ufb01ed as cash and cash equivalents, an asset must:
\u2022
be readily convertible into cash;
\u2022
have an insigni\ufb01cant risk of changes in value; and
\u2022
have a maturity period of three months or less at acquisition.
Cash and cash equivalents in the cash \ufb02ow statement also include bank overdrafts and are recorded
at\u00a0amortised cost.
16A. Financial assets
The Group aims to protect the value of \ufb01nancial investments while maximising returns. The fair value
of \ufb01nancial assets is the same as the carrying amount for 31 December 2025 and 31 December 2024.
The Group\u2019s cash resources are shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial assets
(a)
\u00a0\u00a0
In millions of \u20ac
2025
2024
Cash and cash equivalents
\u00a0\u00a0
Cash at bank and in hand
402
53
Short-term deposits with maturity of less than three months
39
17
\u00a0
441
70
\n
(a) Financial assets exclude trade and other current receivables which are covered in Note 12.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Cash and cash equivalents reconciliation to the cash \ufb02ow statement
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Cash and cash equivalents per balance sheet
441
70
Less: bank overdrafts
(5)
(3)
Cash and cash equivalents per cash \ufb02ow statement
436
67
\n
16B. Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty fails to meet its
contractual obligations. The Group\u2019s trade receivables are short term in nature and largely comprise
amounts receivable from Unilever and reputable customers. Additional information in relation to credit
risk on trade receivables is given in Note 12. Credit risk related to the use of treasury instruments is
managed on a total Group basis. This risk arises from transactions with \ufb01nancial institutions involving
cash and cash equivalents and deposits. The maximum exposure to credit risk at the reporting date
is the carrying value of each class of \ufb01nancial assets. To reduce this risk, the Group has concentrated
its main activities with a limited number of counterparties which have secure credit ratings. Individual
risk limits are set for each counterparty based on \ufb01nancial position, credit rating and past experience.
Credit limits and concentration of exposures are actively monitored by the Group\u2019s Treasury
department.
Further details in relation to the Group\u2019s exposure to credit risk are shown in Notes 12 and 16A.
17. Financial instruments fair value risk
Assets and liabilities carried at fair value
Derivatives and other cash equivalents are valued using valuation techniques with market observable
inputs (level 2). There are no derivatives and other cash equivalents valued at quoted prices for
identical instruments (level 1) or not based on observable market data (level 3). Bonds issued by the
Group are measured at amortised cost. The fair value of these bonds using quoted prices in active
markets (Level 1 of the fair value hierarchy) is \u20ac2,998 million. The models incorporate various inputs
including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate
curves and forward rate curves of the underlying commodities.
The put option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM
Corporation has been valued at the redemption value with subsequent changes in \ufb01nance costs (Level
3). The redemption value is derived from a formula de\ufb01ned in the shareholder agreement which uses
historical \ufb01nancial information, multipliers, and CPI adjustments. The impact in 2025 income statement
due to the put option is a gain of \u20ac12 million (2024: gain of \u20ac6 million, 2023: nil).
Other \ufb01nancial assets and liabilities
Cash and short-term deposits, trade and other current receivables, overdrafts, trade payables and
other current liabilities have fair values that approximate to their carrying amounts due to their short-
term nature.
Related party loans with Unilever, lease liabilities and non-current receivables and payables have a fair
value considered to be materially equal to the carrying value based on the net present value of the
anticipated future cash \ufb02ows associated with these instruments using rates currently available for debt
on similar terms, credit risk and remaining maturities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "10. Other non-current assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Long-term trade and other receivables
(a)
182
26
Other non-current assets
4
3
Total
186
29
\n
(a) Includes indirect tax receivable of \u20ac120 million on business transfers where the Group does not have the contractual right to receive payment
within 12 months and a \u20ac54 million prepayment to Unilever for the future transfer of the Mexico factory due to legal restrictions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00545": { "value": "10. Other non-current assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Long-term trade and other receivables
(a)
182
26
Other non-current assets
4
3
Total
186
29
\n
(a) Includes indirect tax receivable of \u20ac120 million on business transfers where the Group does not have the contractual right to receive payment
within 12 months and a \u20ac54 million prepayment to Unilever for the future transfer of the Mexico factory due to legal restrictions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00598": { "value": "11. Inventories
Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises
direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable
value is the estimated selling price less the estimated costs necessary to make the sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "11. Inventories
Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises
direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable
value is the estimated selling price less the estimated costs necessary to make the sale.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Inventories
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Raw materials and consumables
213
242
Finished goods and goods for resale
702
726
Total inventories
915
968
Provision for inventories
(42)
(48)
Net Inventories
873
920
Upon the Demerger, in many territories, the legal title for inventory has not passed from Unilever to the
Group. However, the Group retains the risks and rewards associated with this inventory and therefore
continues to recognise it on its balance sheet. The Group will need to acquire that inventory at the
respective TSA exits, hence a liability at equal amount is recognised within trade and other payables.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Provision for inventories
\u00a0 \u00a0
In millions of \u20ac
2025
2024
1 January
48
56
Charge to income statement
6
16
Reduction / releases
(8)
(23)
Currency retranslation
(4)
(1)
31 December
42
48
\n
Inventories with a value of \u20ac15 million are carried at net realisable value lower than cost (2024:
\u20ac28\u00a0million). During\u00a02025 \u20ac 39 million (2024: \u20ac32 million) was charged to the income statement
for
\u00a0damaged and\u00a0lost inventories. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00583": { "value": "12. Trade and other current receivables
Trade and other current receivables are initially recognised at fair value plus any directly attributable
transaction costs. Subsequently, these assets are held at amortised cost, using the e\ufb00ective interest
method and net of any impairment losses. Discounts payable to customers are shown as a reduction
in trade receivables when there are a legal right and intent to settle them on a net basis.14. Capital and fundingDerivative \ufb01nancial instruments The Group\u2019s use of, and accounting for, derivative instruments is explained in Note 15.15. Treasury Risk Management
Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred.
The\u00a0treatment of changes in the value of derivatives depends on their use as explained below.
Cash \ufb02ow hedges
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash
\ufb02ows. Such derivatives are classi\ufb01ed as being part of cash \ufb02ow hedge relationships. For an e\ufb00ective
hedge, gains and losses from changes in the fair value of derivatives are recognised in equity.
Cost of hedging, where material and opted for, is recorded within equity. Any ine\ufb00ective elements
of the hedge are recognised in \ufb01nance costs. Ine\ufb00ectiveness may occur if there are changes to the
expected timing of the hedged transaction. If the hedged cash \ufb02ow relates to a non-\ufb01nancial asset,
the amount accumulated in equity is subsequently included within the carrying value of that asset.
For other cash \ufb02ow hedges, amounts deferred in equity are taken to \ufb01nance costs at the same time
as the related cash \ufb02ow.
When a derivative no longer quali\ufb01es for hedge accounting, any cumulative gain or loss remains in
equity until the related cash \ufb02ow occurs. When the cash \ufb02ow takes place, the cumulative gain or loss
is taken to \ufb01nance costs. If the hedged cash \ufb02ow is no longer expected to occur, the cumulative gain
or loss is taken to \ufb01nance costs immediately.
Derivatives for which hedge accounting is not applied
Derivatives not classi\ufb01ed as hedges are held in order to hedge certain balance sheet items and
commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair
value with changes being recognised in \ufb01nance costs. 16. Investment and return
Cash and cash equivalents
Cash and cash equivalents in the consolidated balance sheet include deposits and short-term
deposits. To be classi\ufb01ed as cash and cash equivalents, an asset must:
\u2022
be readily convertible into cash;
\u2022
have an insigni\ufb01cant risk of changes in value; and
\u2022
have a maturity period of three months or less at acquisition.
Cash and cash equivalents in the cash \ufb02ow statement also include bank overdrafts and are recorded
at\u00a0amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00584": { "value": "12. Trade and other current receivables
Trade and other current receivables are initially recognised at fair value plus any directly attributable
transaction costs. Subsequently, these assets are held at amortised cost, using the e\ufb00ective interest
method and net of any impairment losses. Discounts payable to customers are shown as a reduction
in trade receivables when there are a legal right and intent to settle them on a net basis.13. Trade payables and other liabilities
Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs.
Trade payables are subsequently measured at amortised cost, using the e\ufb00ective interest method.
Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs.
Subsequent measurement depends on the type of liability:
\u2022
Accruals are subsequently measured at amortised cost, using the e\ufb00ective interest method.
\u2022
Social security and sundry taxes are subsequently measured at amortised cost, using the
e\ufb00ective interest method.
\u2022
Others are subsequently measured either at amortised cost, using the e\ufb00ective interest method
or at\u00a0fair value, with changes being recognised in the income statement.14. Capital and fundingDerivative \ufb01nancial instruments
The Group\u2019s use of, and accounting for, derivative instruments is explained in Note 15.
Financial liabilities
Financial liabilities are initially recognised at fair value, less any directly related transaction costs.
When bonds are designated as being part of a fair value hedge relationship, in those cases bonds
are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in
value shown in the income statement. Put options are initially recognised at the present value of the
expected gross obligation, with changes in value being recognised in \ufb01nance costs. 15. Treasury Risk Management
Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred.
The\u00a0treatment of changes in the value of derivatives depends on their use as explained below.
Cash \ufb02ow hedges
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash
\ufb02ows. Such derivatives are classi\ufb01ed as being part of cash \ufb02ow hedge relationships. For an e\ufb00ective
hedge, gains and losses from changes in the fair value of derivatives are recognised in equity.
Cost of hedging, where material and opted for, is recorded within equity. Any ine\ufb00ective elements
of the hedge are recognised in \ufb01nance costs. Ine\ufb00ectiveness may occur if there are changes to the
expected timing of the hedged transaction. If the hedged cash \ufb02ow relates to a non-\ufb01nancial asset,
the amount accumulated in equity is subsequently included within the carrying value of that asset.
For other cash \ufb02ow hedges, amounts deferred in equity are taken to \ufb01nance costs at the same time
as the related cash \ufb02ow.
When a derivative no longer quali\ufb01es for hedge accounting, any cumulative gain or loss remains in
equity until the related cash \ufb02ow occurs. When the cash \ufb02ow takes place, the cumulative gain or loss
is taken to \ufb01nance costs. If the hedged cash \ufb02ow is no longer expected to occur, the cumulative gain
or loss is taken to \ufb01nance costs immediately.
Derivatives for which hedge accounting is not applied
Derivatives not classi\ufb01ed as hedges are held in order to hedge certain balance sheet items and
commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair
value with changes being recognised in \ufb01nance costs. 16. Investment and return
Cash and cash equivalents
Cash and cash equivalents in the consolidated balance sheet include deposits and short-term
deposits. To be classi\ufb01ed as cash and cash equivalents, an asset must:
\u2022
be readily convertible into cash;
\u2022
have an insigni\ufb01cant risk of changes in value; and
\u2022
have a maturity period of three months or less at acquisition.
Cash and cash equivalents in the cash \ufb02ow statement also include bank overdrafts and are recorded
at\u00a0amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00631": { "value": "12. Trade and other current receivables
Trade and other current receivables are initially recognised at fair value plus any directly attributable
transaction costs. Subsequently, these assets are held at amortised cost, using the e\ufb00ective interest
method and net of any impairment losses. Discounts payable to customers are shown as a reduction
in trade receivables when there are a legal right and intent to settle them on a net basis.Impairment of trade receivables is assessed in accordance with the Group\u2019s expected credit loss
policy and is determined for speci\ufb01c receivables with known or anticipated recovery issues, as well
as for balances that are past due using probabilities of default derived from historical experience and
relevant forward-looking information. Where Unilever collects cash from customers on the Group\u2019s
behalf, any customer credit losses that arise are charged by Unilever to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00590": { "value": "12. Trade and other current receivablesImpairment of trade receivables is assessed in accordance with the Group\u2019s expected credit loss
policy and is determined for speci\ufb01c receivables with known or anticipated recovery issues, as well
as for balances that are past due using probabilities of default derived from historical experience and
relevant forward-looking information. Where Unilever collects cash from customers on the Group\u2019s
behalf, any customer credit losses that arise are charged by Unilever to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00565": { "value": "12. Trade and other current receivables
Trade and other current receivables are initially recognised at fair value plus any directly attributable
transaction costs. Subsequently, these assets are held at amortised cost, using the e\ufb00ective interest
method and net of any impairment losses. Discounts payable to customers are shown as a reduction
in trade receivables when there are a legal right and intent to settle them on a net basis.
The Group does not consider the fair values of trade and other receivables to be signi\ufb01cantly di\ufb00erent
from their carrying values.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Trade and other current receivables
\u00a0\u00a0
In millions of \u20ac
2025
2024
Due within one year
\u00a0\u00a0
Trade receivables - Third party customers
(a)
53
391
Trade receivables - Unilever
(b)
579
-
Prepayments and accrued income
30
22
Other receivables - Due from third parties
(c)
232
222
Other receivables - Due from Unilever
(d)
896
-
Total
1,790
635
\n
(a) In 2025, this comprises receivables from customers that are invoiced directly from the Group\u2019s legal entities and includes discounts due
to\u00a0customers of \u20ac42 million. In 2024, this comprises amounts from customers attributed to the Group (Note 1) and included discounts
due to customers of \u20ac360 million.
(b) In 2025, the Group entered into various interim operating model agreements with Unilever (see Note 21). Under these arrangements, Unilever
collects cash from customers on behalf of the Group; accordingly, the related receivables are due from Unilever. As per the arrangements,
the\u00a0Group collects those receivables from Unilever on a net basis.
(c) Includes recoverable indirect taxes \u20ac203 million (2024: \u20ac95 million) and \ufb01nancial assets \u20ac29 million (2024: \u20ac127 million). Financial assets
include derivatives, royalty receivables, and employee advances.
(d) During 2025, the Group paid an inventory subsidy of \u20ac905 million to Unilever (see Note 21). \u20ac9 million relating to Indonesia was o\ufb00set against
payable accruals, resulting in a closing balance of \u20ac896 million.
Concentrations of credit risk with respect to trade receivables, are limited due to the Group\u2019s customer
base being large and diverse. The Group\u2019s historical experience of collecting receivables supported
by the level of default, is that credit risk is low across territories and therefore trade receivables are a
single class of \ufb01nancial assets.
Impairment of trade receivables is assessed in accordance with the Group\u2019s expected credit loss
policy and is determined for speci\ufb01c receivables with known or anticipated recovery issues, as well
as for balances that are past due using probabilities of default derived from historical experience and
relevant forward-looking information. Where Unilever collects cash from customers on the Group\u2019s
behalf, any customer credit losses that arise are charged by Unilever to the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ageing of trade receivables
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Not overdue
546
355
Past due less than three months
55
30
Past due more than three months but less than six months
28
11
Past due more than six months but less than one year
2
3
Past due more than one year
5
16
Total trade receivables
636
415
Impairment provision for trade receivables
(5)
(24)
\u00a0
631
391
\n
The total impairment provision includes \u20ac5 million (2024: \u20ac24 million) for current trade receivables
(other than receivables from Unilever). In 2025, receivables were predominantly due from Unilever
and the Group assessed Unilever\u2019s credit risk to be very low. Hence, no impairment provision was
recognised for receivables from Unilever.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Impairment provision for trade and other receivables
\u00a0 \u00a0
In millions of \u20ac
2025
2024
1 January
27
36
Charge to income statement
-
5
Reductions / releases
(a)
(21)
(11)
Currency retranslations
(1)
(3)
31 December
5
27
\n
(a) On Separation, trade receivables were not transferred to the Group, accordingly the associated impairment provision was released through
Invested Capital.
In 2024, the total impairment provision includes \u20ac24 million for current trade receivables and \u20ac3 million
for other receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00552": { "value": "12. Trade and other current receivables\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Trade and other current receivables
\u00a0\u00a0
In millions of \u20ac
2025
2024
Due within one year
\u00a0\u00a0
Trade receivables - Third party customers
(a)
53
391
Trade receivables - Unilever
(b)
579
-
Prepayments and accrued income
30
22
Other receivables - Due from third parties
(c)
232
222
Other receivables - Due from Unilever
(d)
896
-
Total
1,790
635
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "12. Trade and other current receivables
Trade and other current receivables are initially recognised at fair value plus any directly attributable
transaction costs. Subsequently, these assets are held at amortised cost, using the e\ufb00ective interest
method and net of any impairment losses. Discounts payable to customers are shown as a reduction
in trade receivables when there are a legal right and intent to settle them on a net basis.Concentrations of credit risk with respect to trade receivables, are limited due to the Group\u2019s customer
base being large and diverse. The Group\u2019s historical experience of collecting receivables supported
by the level of default, is that credit risk is low across territories and therefore trade receivables are a
single class of \ufb01nancial assets.
Impairment of trade receivables is assessed in accordance with the Group\u2019s expected credit loss
policy and is determined for speci\ufb01c receivables with known or anticipated recovery issues, as well
as for balances that are past due using probabilities of default derived from historical experience and
relevant forward-looking information. Where Unilever collects cash from customers on the Group\u2019s
behalf, any customer credit losses that arise are charged by Unilever to the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ageing of trade receivables
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Not overdue
546
355
Past due less than three months
55
30
Past due more than three months but less than six months
28
11
Past due more than six months but less than one year
2
3
Past due more than one year
5
16
Total trade receivables
636
415
Impairment provision for trade receivables
(5)
(24)
\u00a0
631
391
\n
The total impairment provision includes \u20ac5 million (2024: \u20ac24 million) for current trade receivables
(other than receivables from Unilever). In 2025, receivables were predominantly due from Unilever
and the Group assessed Unilever\u2019s credit risk to be very low. Hence, no impairment provision was
recognised for receivables from Unilever.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Impairment provision for trade and other receivables
\u00a0 \u00a0
In millions of \u20ac
2025
2024
1 January
27
36
Charge to income statement
-
5
Reductions / releases
(a)
(21)
(11)
Currency retranslations
(1)
(3)
31 December
5
27
\n
(a) On Separation, trade receivables were not transferred to the Group, accordingly the associated impairment provision was released through
Invested Capital.
In 2024, the total impairment provision includes \u20ac24 million for current trade receivables and \u20ac3 million
for other receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "Concentrations of credit risk with respect to trade receivables, are limited due to the Group\u2019s customer
base being large and diverse. The Group\u2019s historical experience of collecting receivables supported
by the level of default, is that credit risk is low across territories and therefore trade receivables are a
single class of \ufb01nancial assets.
Impairment of trade receivables is assessed in accordance with the Group\u2019s expected credit loss
policy and is determined for speci\ufb01c receivables with known or anticipated recovery issues, as well
as for balances that are past due using probabilities of default derived from historical experience and
relevant forward-looking information. Where Unilever collects cash from customers on the Group\u2019s
behalf, any customer credit losses that arise are charged by Unilever to the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ageing of trade receivables
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Not overdue
546
355
Past due less than three months
55
30
Past due more than three months but less than six months
28
11
Past due more than six months but less than one year
2
3
Past due more than one year
5
16
Total trade receivables
636
415
Impairment provision for trade receivables
(5)
(24)
\u00a0
631
391
\n
The total impairment provision includes \u20ac5 million (2024: \u20ac24 million) for current trade receivables
(other than receivables from Unilever). In 2025, receivables were predominantly due from Unilever
and the Group assessed Unilever\u2019s credit risk to be very low. Hence, no impairment provision was
recognised for receivables from Unilever.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Impairment provision for trade and other receivables
\u00a0 \u00a0
In millions of \u20ac
2025
2024
1 January
27
36
Charge to income statement
-
5
Reductions / releases
(a)
(21)
(11)
Currency retranslations
(1)
(3)
31 December
5
27
\n
(a) On Separation, trade receivables were not transferred to the Group, accordingly the associated impairment provision was released through
Invested Capital.
In 2024, the total impairment provision includes \u20ac24 million for current trade receivables and \u20ac3 million
for other receivables.16B. Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty fails to meet its
contractual obligations. The Group\u2019s trade receivables are short term in nature and largely comprise
amounts receivable from Unilever and reputable customers. Additional information in relation to credit
risk on trade receivables is given in Note 12. Credit risk related to the use of treasury instruments is
managed on a total Group basis. This risk arises from transactions with \ufb01nancial institutions involving
cash and cash equivalents and deposits. The maximum exposure to credit risk at the reporting date
is the carrying value of each class of \ufb01nancial assets. To reduce this risk, the Group has concentrated
its main activities with a limited number of counterparties which have secure credit ratings. Individual
risk limits are set for each counterparty based on \ufb01nancial position, credit rating and past experience.
Credit limits and concentration of exposures are actively monitored by the Group\u2019s Treasury
department.
Further details in relation to the Group\u2019s exposure to credit risk are shown in Notes 12 and 16A.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00586": { "value": "13. Trade payables and other liabilities
Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs.
Trade payables are subsequently measured at amortised cost, using the e\ufb00ective interest method.
Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs.
Subsequent measurement depends on the type of liability:
\u2022
Accruals are subsequently measured at amortised cost, using the e\ufb00ective interest method.
\u2022
Social security and sundry taxes are subsequently measured at amortised cost, using the
e\ufb00ective interest method.
\u2022
Others are subsequently measured either at amortised cost, using the e\ufb00ective interest method
or at\u00a0fair value, with changes being recognised in the income statement.14. Capital and fundingDerivative \ufb01nancial instruments
The Group\u2019s use of, and accounting for, derivative instruments is explained in Note 15.
Financial liabilities
Financial liabilities are initially recognised at fair value, less any directly related transaction costs.
When bonds are designated as being part of a fair value hedge relationship, in those cases bonds
are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in
value shown in the income statement. Put options are initially recognised at the present value of the
expected gross obligation, with changes in value being recognised in \ufb01nance costs. 15. Treasury Risk Management
Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred.
The\u00a0treatment of changes in the value of derivatives depends on their use as explained below.
Cash \ufb02ow hedges
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash
\ufb02ows. Such derivatives are classi\ufb01ed as being part of cash \ufb02ow hedge relationships. For an e\ufb00ective
hedge, gains and losses from changes in the fair value of derivatives are recognised in equity.
Cost of hedging, where material and opted for, is recorded within equity. Any ine\ufb00ective elements
of the hedge are recognised in \ufb01nance costs. Ine\ufb00ectiveness may occur if there are changes to the
expected timing of the hedged transaction. If the hedged cash \ufb02ow relates to a non-\ufb01nancial asset,
the amount accumulated in equity is subsequently included within the carrying value of that asset.
For other cash \ufb02ow hedges, amounts deferred in equity are taken to \ufb01nance costs at the same time
as the related cash \ufb02ow.
When a derivative no longer quali\ufb01es for hedge accounting, any cumulative gain or loss remains in
equity until the related cash \ufb02ow occurs. When the cash \ufb02ow takes place, the cumulative gain or loss
is taken to \ufb01nance costs. If the hedged cash \ufb02ow is no longer expected to occur, the cumulative gain
or loss is taken to \ufb01nance costs immediately.
Derivatives for which hedge accounting is not applied
Derivatives not classi\ufb01ed as hedges are held in order to hedge certain balance sheet items and
commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair
value with changes being recognised in \ufb01nance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00630": { "value": "13. Trade payables and other liabilities
Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs.
Trade payables are subsequently measured at amortised cost, using the e\ufb00ective interest method.
Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs.
Subsequent measurement depends on the type of liability:
\u2022
Accruals are subsequently measured at amortised cost, using the e\ufb00ective interest method.
\u2022
Social security and sundry taxes are subsequently measured at amortised cost, using the
e\ufb00ective interest method.
\u2022
Others are subsequently measured either at amortised cost, using the e\ufb00ective interest method
or at\u00a0fair value, with changes being recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00564": { "value": "13. Trade payables and other liabilities
Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs.
Trade payables are subsequently measured at amortised cost, using the e\ufb00ective interest method.
Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs.
Subsequent measurement depends on the type of liability:
\u2022
Accruals are subsequently measured at amortised cost, using the e\ufb00ective interest method.
\u2022
Social security and sundry taxes are subsequently measured at amortised cost, using the
e\ufb00ective interest method.
\u2022
Others are subsequently measured either at amortised cost, using the e\ufb00ective interest method
or at\u00a0fair value, with changes being recognised in the income statement.
The Group does not consider the fair values of trade payables and other liabilities to be signi\ufb01cantly
di\ufb00erent from their carrying values.
Trade payables and other liabilities
\u00a0\u00a0
In millions of \u20ac
2025
2024
Current: due within one year
\u00a0\u00a0
Trade payables - third party suppliers
(a)
388
1,182
Trade payables - Unilever
(b)
1,671
-
Accruals
(c)
285
471
Social security and sundry taxes
37
43
Other
91
124
Other payable balances due to Unilever
(d)
449
(2)
\u00a0
2,921
1,818
Non-current: due after more than one year
\u00a0\u00a0
Accruals
3
3
Other
41
5
Other payable balances due to Unilever
(d)
80
-
\u00a0
124
8
Total trade payables and other liabilities
3,045
1,826
\n
(a) 2025 comprise payables from suppliers that are invoiced directly to the Group\u2019s legal entities and discounts due to the customers of \u20ac29 million
(2024: \u20ac319 million).
(b) In 2025, the Group entered into various interim operating model agreements with Unilever (see Note 21). Under these arrangements, Unilever
pays suppliers on behalf of the Group; accordingly, the related payables are due to Unilever. The balance also includes an accrual of \u20ac818 million
payable in relation to the transfer of inventory, as upon the Demerger, in many territories legal title to the inventory has not passed from Unilever
to the Group and the Group will acquire such inventory at the end of the Transitional Period.
(c) Accruals consist of liabilities for various expenditures, including insurance, and audit costs and property, plant and equipment purchases. Others
mainly consist of payables related to payroll, consultancy and legal expenditures.
(d) Includes \u20ac300 million working capital subsidy received from Unilever pre-Demerger (See Note 21) and \u20ac229 million payable to Unilever for
indirect taxes arose on transfer of net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00547": { "value": "13. Trade payables and other liabilities
Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs.
Trade payables are subsequently measured at amortised cost, using the e\ufb00ective interest method.
Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs.
Subsequent measurement depends on the type of liability:
\u2022
Accruals are subsequently measured at amortised cost, using the e\ufb00ective interest method.
\u2022
Social security and sundry taxes are subsequently measured at amortised cost, using the
e\ufb00ective interest method.
\u2022
Others are subsequently measured either at amortised cost, using the e\ufb00ective interest method
or at\u00a0fair value, with changes being recognised in the income statement.
The Group does not consider the fair values of trade payables and other liabilities to be signi\ufb01cantly
di\ufb00erent from their carrying values.
Trade payables and other liabilities
\u00a0\u00a0
In millions of \u20ac
2025
2024
Current: due within one year
\u00a0\u00a0
Trade payables - third party suppliers
(a)
388
1,182
Trade payables - Unilever
(b)
1,671
-
Accruals
(c)
285
471
Social security and sundry taxes
37
43
Other
91
124
Other payable balances due to Unilever
(d)
449
(2)
\u00a0
2,921
1,818
Non-current: due after more than one year
\u00a0\u00a0
Accruals
3
3
Other
41
5
Other payable balances due to Unilever
(d)
80
-
\u00a0
124
8
Total trade payables and other liabilities
3,045
1,826
\n
(a) 2025 comprise payables from suppliers that are invoiced directly to the Group\u2019s legal entities and discounts due to the customers of \u20ac29 million
(2024: \u20ac319 million).
(b) In 2025, the Group entered into various interim operating model agreements with Unilever (see Note 21). Under these arrangements, Unilever
pays suppliers on behalf of the Group; accordingly, the related payables are due to Unilever. The balance also includes an accrual of \u20ac818 million
payable in relation to the transfer of inventory, as upon the Demerger, in many territories legal title to the inventory has not passed from Unilever
to the Group and the Group will acquire such inventory at the end of the Transitional Period.
(c) Accruals consist of liabilities for various expenditures, including insurance, and audit costs and property, plant and equipment purchases. Others
mainly consist of payables related to payroll, consultancy and legal expenditures.
(d) Includes \u20ac300 million working capital subsidy received from Unilever pre-Demerger (See Note 21) and \u20ac229 million payable to Unilever for
indirect taxes arose on transfer of net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00546": { "value": "13. Trade payables and other liabilities
Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs.
Trade payables are subsequently measured at amortised cost, using the e\ufb00ective interest method.
Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs.
Subsequent measurement depends on the type of liability:
\u2022
Accruals are subsequently measured at amortised cost, using the e\ufb00ective interest method.
\u2022
Social security and sundry taxes are subsequently measured at amortised cost, using the
e\ufb00ective interest method.
\u2022
Others are subsequently measured either at amortised cost, using the e\ufb00ective interest method
or at\u00a0fair value, with changes being recognised in the income statement.
The Group does not consider the fair values of trade payables and other liabilities to be signi\ufb01cantly
di\ufb00erent from their carrying values.
Trade payables and other liabilities
\u00a0\u00a0
In millions of \u20ac
2025
2024
Current: due within one year
\u00a0\u00a0
Trade payables - third party suppliers
(a)
388
1,182
Trade payables - Unilever
(b)
1,671
-
Accruals
(c)
285
471
Social security and sundry taxes
37
43
Other
91
124
Other payable balances due to Unilever
(d)
449
(2)
\u00a0
2,921
1,818
Non-current: due after more than one year
\u00a0\u00a0
Accruals
3
3
Other
41
5
Other payable balances due to Unilever
(d)
80
-
\u00a0
124
8
Total trade payables and other liabilities
3,045
1,826
\n
(a) 2025 comprise payables from suppliers that are invoiced directly to the Group\u2019s legal entities and discounts due to the customers of \u20ac29 million
(2024: \u20ac319 million).
(b) In 2025, the Group entered into various interim operating model agreements with Unilever (see Note 21). Under these arrangements, Unilever
pays suppliers on behalf of the Group; accordingly, the related payables are due to Unilever. The balance also includes an accrual of \u20ac818 million
payable in relation to the transfer of inventory, as upon the Demerger, in many territories legal title to the inventory has not passed from Unilever
to the Group and the Group will acquire such inventory at the end of the Transitional Period.
(c) Accruals consist of liabilities for various expenditures, including insurance, and audit costs and property, plant and equipment purchases. Others
mainly consist of payables related to payroll, consultancy and legal expenditures.
(d) Includes \u20ac300 million working capital subsidy received from Unilever pre-Demerger (See Note 21) and \u20ac229 million payable to Unilever for
indirect taxes arose on transfer of net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "13. Trade payables and other liabilities
Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs.
Trade payables are subsequently measured at amortised cost, using the e\ufb00ective interest method.
Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs.
Subsequent measurement depends on the type of liability:
\u2022
Accruals are subsequently measured at amortised cost, using the e\ufb00ective interest method.
\u2022
Social security and sundry taxes are subsequently measured at amortised cost, using the
e\ufb00ective interest method.
\u2022
Others are subsequently measured either at amortised cost, using the e\ufb00ective interest method
or at\u00a0fair value, with changes being recognised in the income statement.
The Group does not consider the fair values of trade payables and other liabilities to be signi\ufb01cantly
di\ufb00erent from their carrying values.
Trade payables and other liabilities
\u00a0\u00a0
In millions of \u20ac
2025
2024
Current: due within one year
\u00a0\u00a0
Trade payables - third party suppliers
(a)
388
1,182
Trade payables - Unilever
(b)
1,671
-
Accruals
(c)
285
471
Social security and sundry taxes
37
43
Other
91
124
Other payable balances due to Unilever
(d)
449
(2)
\u00a0
2,921
1,818
Non-current: due after more than one year
\u00a0\u00a0
Accruals
3
3
Other
41
5
Other payable balances due to Unilever
(d)
80
-
\u00a0
124
8
Total trade payables and other liabilities
3,045
1,826
\n
(a) 2025 comprise payables from suppliers that are invoiced directly to the Group\u2019s legal entities and discounts due to the customers of \u20ac29 million
(2024: \u20ac319 million).
(b) In 2025, the Group entered into various interim operating model agreements with Unilever (see Note 21). Under these arrangements, Unilever
pays suppliers on behalf of the Group; accordingly, the related payables are due to Unilever. The balance also includes an accrual of \u20ac818 million
payable in relation to the transfer of inventory, as upon the Demerger, in many territories legal title to the inventory has not passed from Unilever
to the Group and the Group will acquire such inventory at the end of the Transitional Period.
(c) Accruals consist of liabilities for various expenditures, including insurance, and audit costs and property, plant and equipment purchases. Others
mainly consist of payables related to payroll, consultancy and legal expenditures.
(d) Includes \u20ac300 million working capital subsidy received from Unilever pre-Demerger (See Note 21) and \u20ac229 million payable to Unilever for
indirect taxes arose on transfer of net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00549": { "value": "13. Trade payables and other liabilities
Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs.
Trade payables are subsequently measured at amortised cost, using the e\ufb00ective interest method.
Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs.
Subsequent measurement depends on the type of liability:
\u2022
Accruals are subsequently measured at amortised cost, using the e\ufb00ective interest method.
\u2022
Social security and sundry taxes are subsequently measured at amortised cost, using the
e\ufb00ective interest method.
\u2022
Others are subsequently measured either at amortised cost, using the e\ufb00ective interest method
or at\u00a0fair value, with changes being recognised in the income statement.
The Group does not consider the fair values of trade payables and other liabilities to be signi\ufb01cantly
di\ufb00erent from their carrying values.
Trade payables and other liabilities
\u00a0\u00a0
In millions of \u20ac
2025
2024
Current: due within one year
\u00a0\u00a0
Trade payables - third party suppliers
(a)
388
1,182
Trade payables - Unilever
(b)
1,671
-
Accruals
(c)
285
471
Social security and sundry taxes
37
43
Other
91
124
Other payable balances due to Unilever
(d)
449
(2)
\u00a0
2,921
1,818
Non-current: due after more than one year
\u00a0\u00a0
Accruals
3
3
Other
41
5
Other payable balances due to Unilever
(d)
80
-
\u00a0
124
8
Total trade payables and other liabilities
3,045
1,826
\n
(a) 2025 comprise payables from suppliers that are invoiced directly to the Group\u2019s legal entities and discounts due to the customers of \u20ac29 million
(2024: \u20ac319 million).
(b) In 2025, the Group entered into various interim operating model agreements with Unilever (see Note 21). Under these arrangements, Unilever
pays suppliers on behalf of the Group; accordingly, the related payables are due to Unilever. The balance also includes an accrual of \u20ac818 million
payable in relation to the transfer of inventory, as upon the Demerger, in many territories legal title to the inventory has not passed from Unilever
to the Group and the Group will acquire such inventory at the end of the Transitional Period.
(c) Accruals consist of liabilities for various expenditures, including insurance, and audit costs and property, plant and equipment purchases. Others
mainly consist of payables related to payroll, consultancy and legal expenditures.
(d) Includes \u20ac300 million working capital subsidy received from Unilever pre-Demerger (See Note 21) and \u20ac229 million payable to Unilever for
indirect taxes arose on transfer of net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00596": { "value": "14. Capital and funding
Ordinary shares
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of
ordinary shares are recognised as a deduction from equity, net of any tax e\ufb00ects.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00574": { "value": "14. Capital and fundingDerivative \ufb01nancial instruments The Group\u2019s use of, and accounting for, derivative instruments is explained in Note 15.15. Treasury Risk Management
Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred.
The\u00a0treatment of changes in the value of derivatives depends on their use as explained below.
Cash \ufb02ow hedges
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash
\ufb02ows. Such derivatives are classi\ufb01ed as being part of cash \ufb02ow hedge relationships. For an e\ufb00ective
hedge, gains and losses from changes in the fair value of derivatives are recognised in equity.
Cost of hedging, where material and opted for, is recorded within equity. Any ine\ufb00ective elements
of the hedge are recognised in \ufb01nance costs. Ine\ufb00ectiveness may occur if there are changes to the
expected timing of the hedged transaction. If the hedged cash \ufb02ow relates to a non-\ufb01nancial asset,
the amount accumulated in equity is subsequently included within the carrying value of that asset.
For other cash \ufb02ow hedges, amounts deferred in equity are taken to \ufb01nance costs at the same time
as the related cash \ufb02ow.
When a derivative no longer quali\ufb01es for hedge accounting, any cumulative gain or loss remains in
equity until the related cash \ufb02ow occurs. When the cash \ufb02ow takes place, the cumulative gain or loss
is taken to \ufb01nance costs. If the hedged cash \ufb02ow is no longer expected to occur, the cumulative gain
or loss is taken to \ufb01nance costs immediately.
Derivatives for which hedge accounting is not applied
Derivatives not classi\ufb01ed as hedges are held in order to hedge certain balance sheet items and
commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair
value with changes being recognised in \ufb01nance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00573": { "value": "14. Capital and fundingDerivative \ufb01nancial instruments The Group\u2019s use of, and accounting for, derivative instruments is explained in Note 15.15. Treasury Risk Management
Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred.
The\u00a0treatment of changes in the value of derivatives depends on their use as explained below.
Cash \ufb02ow hedges
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash
\ufb02ows. Such derivatives are classi\ufb01ed as being part of cash \ufb02ow hedge relationships. For an e\ufb00ective
hedge, gains and losses from changes in the fair value of derivatives are recognised in equity.
Cost of hedging, where material and opted for, is recorded within equity. Any ine\ufb00ective elements
of the hedge are recognised in \ufb01nance costs. Ine\ufb00ectiveness may occur if there are changes to the
expected timing of the hedged transaction. If the hedged cash \ufb02ow relates to a non-\ufb01nancial asset,
the amount accumulated in equity is subsequently included within the carrying value of that asset.
For other cash \ufb02ow hedges, amounts deferred in equity are taken to \ufb01nance costs at the same time
as the related cash \ufb02ow.
When a derivative no longer quali\ufb01es for hedge accounting, any cumulative gain or loss remains in
equity until the related cash \ufb02ow occurs. When the cash \ufb02ow takes place, the cumulative gain or loss
is taken to \ufb01nance costs. If the hedged cash \ufb02ow is no longer expected to occur, the cumulative gain
or loss is taken to \ufb01nance costs immediately.
Derivatives for which hedge accounting is not applied
Derivatives not classi\ufb01ed as hedges are held in order to hedge certain balance sheet items and
commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair
value with changes being recognised in \ufb01nance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00558": { "value": "14. Capital and fundingOther reserves
Other reserves include the foreign currency translation reserve and the cash \ufb02ow hedge reserve.
It also includes the di\ufb00erence between the fair value of the shares issued in 2025 and the net book
value of the business transferred to the Group under common control business combination.Share premium
On 6 and 7 December 2025, the Magnum Ice Cream Company N.V. issued 612,245,455 shares with
a nominal value per share of \u20ac3.5 per share. The total shares issued had an estimated value of \u20ac7,941
million (based on \ufb01rst day of trading). The di\ufb00erence between the estimated fair value of the shares
issued and the nominal value has been recognised as share premium (\u20ac5,798 million).Other reserves
Other reserves include the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2023
Cash \ufb02ow hedge reserve, net of tax
(31)
81
(7)
Remeasurement of de\ufb01ned bene\ufb01t pension plans,
\u00a0\u00a0\u00a0
net of tax
(a)
-
70
32
Currency retranslation reserve
7
242
106
Merger Reserve
(b)
(7,120)
-
-
Total
(7,144)
393
131
\n
(a) The pension reserve balance of \u20ac70 million as at 31 December 2024 is reclassi\ufb01ed from Other Reserves to Invested Capital which was then
reclassi\ufb01ed to Merger reserve.
(b) The Merger Reserve was created as the di\ufb00erence of the fair value of the business and the net invested capital position at the Demerger date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "14. Capital and funding
Ordinary shares
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of
ordinary shares are recognised as a deduction from equity, net of any tax e\ufb00ects.14A. Share capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
TMICC ordinary share of \u20ac3.50 each
2,143
\n
The Company has an authorised share capital of \u20ac2,143 million, divided into 612,259,739 ordinary
shares with a nominal value of \u20ac3.50 per share.
For information on the rights of shareholders of TMICC, see the Management Report - Corporate
Governance section on pages 80 and 81.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00543": { "value": "14B. EquityNon-controlling interests
The Group has subsidiaries in which non-controlling interests exist. The share of third parties\u2019
ownership interests in the Group consolidated balance sheet and consolidated income statement
for these subsidiaries has been recognised and separately presented. The most signi\ufb01cant non-
controlling interests are held in Philippines (Magnum RFM Ice Cream Inc). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00544": { "value": "14B. EquityCapital management
The Group manages its capital so as to safeguard its ability to continue as a going concern and to
optimise returns to our shareholders through an appropriate balance of debt and equity. The capital
structure of the Group is based on management\u2019s judgement of the appropriate balance of key
elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in
proportion to risk and manage the capital structure in light of changes in economic conditions and
the\u00a0risk characteristics of the underlying assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "14C. Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Financial liabilities
(a)
\u00a0
Non-
\u00a0 \u00a0
Non-
\u00a0
In millions of \u20ac
Current
current
Total
Current
current
Total
Bank loans and overdrafts
(b)
34
1
35
35
-
35
Bonds and other loans
(c)
-
3,077
3,077
-
-
-
Lease liabilities
43
100
143
41
103
144
Loan with Unilever
(d)
-
-
-
9
-
9
Derivatives
28
-
28
-
-
-
Other \ufb01nancial liabilities
(e)
-
133
133
-
145
145
Total
105
3,311
3,416
85
248
333
\n
(a) Financial liabilities exclude trade payable and other liabilities which are covered in Note 13.
(b) Bank loans and overdrafts do not include any secured liabilities.
(c) Bonds and other loans under the facility agreements (refer to Note 15A).
(d) Unilever granted intercompany facility of up to \u20ac11 billion to Group on 1 July 2025, of which the Group drew down \u20ac10,615 million to facilitate the
Demerger. Of this amount, \u20ac3,162 million was repaid to Unilever in cash and the balance was capitalised before the Demerger.
(e) Other \ufb01nancial liabilities consist of an option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM Corporation, the joint
venture partner. The Group holds 50% plus one share in the joint venture. According to the shareholder agreement established in March 1999,
RFM Corporation is entitled, each year within one month following 31 December year end, to require the Group to acquire all or a portion of RFM
Corporation\u2019s shares in the joint venture at a price determined by the agreement. RFM Corporation has executed a waiver stipulating that they
waive their right to exercise the option until April 2028.
\n\n \n
Reconciliation of liabilities arising from \ufb01nancing activities:
Non-cash movement
Movements in 2025
Opening balance
Other non-cash
Foreign exchange
Closing balance
In millions of \u20ac
as at 1 January
Cash movement
Fair value changes
movements
changes
at 31\u00a0December
Bank loans and overdrafts
(a)
(35)
(6)
-
-
6
(35)
Bonds and other loans
(a) (b)
-
(3,077)
-
-
-
(3,077)
Lease liabilities
(c)
(144)
56
-
(64)
9
(143)
Loans with Unilever
(d)
(9)
-
-
9
-
-
Derivatives
-
-
(28)
-
-
(28)
Total
(e)
(188)
(3,027)
(28)
(55)
15
(3,283)
\n\n \n
Non-cash movement
Movements in 2024
Opening balance
Other non-cash
Foreign exchange
Closing balance
In millions of \u20ac
as at 1 January
Cash movement
Fair value changes
movements
changes
at 31\u00a0December
Bank loans and overdrafts
(a)
(32)
(3)
-
-
-
(35)
Lease liabilities
(c)
(156)
39
-
(26)
(1)
(144)
Loans with Unilever
(9)
-
-
-
-
(9)
Total
(e)
(197)
36
-
(26)
(1)
(188)
\n
(a) These cash movements include additional \ufb01nancial liabilities and repayment of \ufb01nancial liabilities. The di\ufb00erence of \u20ac5 million (2024: \u20ac3\u00a0million)
\n
represents cash movements in overdrafts that are not included in \ufb01nancing cash \ufb02ows.
\n
(b) Bond and other loans include \u20ac 3 billion debt bond issued on 26 November 2025.
\n
(c) Lease liabilities cash movement is included within capital element of lease payments in the consolidated cash \ufb02ow statement.
\n
(d) In 2025, Unilever provided the Group a loan to facilitate the Separation. The loan was settled as part of the Demerger through a cash repayment
\n
of \u20ac3,162 million, with the remaining balance settled on a non-cash basis through Equity and recognised within Invested capital / Merger
\n
Reserve.
\n
(e) The reconciliation of liabilities arising from \ufb01nancing activities excludes the put option of \u20ac133 million in 2025 (2024: \u20ac145 million) as this arises
\n
from an\u00a0option to acquire non-controlling interests (as detailed above) which if exercised would classify as arising from investing activity.
On 26 November 2025, the Group successfully issued a \u20ac3 billion debut bond by Magnum ICC
Finance B.V. across four tranches.
The debut issuance was completed under the newly established \u20ac8 billion Euro Medium Term Note
(the \u201cNotes\u201d) programme of Magnum ICC Finance B.V. guaranteed by The Magnum Ice Cream
Company N.V. and The Magnum Ice Cream Company HoldCo Netherlands B.V.
To facilitate the demerger, Magnum ICC Finance B.V. was granted an intercompany facility of up to
\u20ac11\u00a0billion by Unilever, upon which the Group incurred interest expense of \u20ac71 million (see Note 5).
The proceeds of the Notes were used to repay part of the facility prior to the Separation, with the
remainder being capitalised with the proceed of the Notes.
The Notes have been rated \u201cBBB\u201d by S&P and \u201cBaa2\u201d by Moody\u2019s and were admitted to trading
on the London Stock Exchange\u2019s International Securities Market with e\ufb00ect on 26 November 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
In millions of \u20ac
2025
2024
2.75% Notes 2029
750
-
3.25% Notes 2031
750
-
3.75% Notes 2034
750
-
4.00% Notes 2037
750
-
\n
Following the issuances, net debt increased to \u20ac3 billion (2024: nil), with the average debt maturity
of\u00a07.5 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00588": { "value": "15. Treasury Risk Management
Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred.
The\u00a0treatment of changes in the value of derivatives depends on their use as explained below.
Cash \ufb02ow hedges
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash
\ufb02ows. Such derivatives are classi\ufb01ed as being part of cash \ufb02ow hedge relationships. For an e\ufb00ective
hedge, gains and losses from changes in the fair value of derivatives are recognised in equity.
Cost of hedging, where material and opted for, is recorded within equity. Any ine\ufb00ective elements
of the hedge are recognised in \ufb01nance costs. Ine\ufb00ectiveness may occur if there are changes to the
expected timing of the hedged transaction. If the hedged cash \ufb02ow relates to a non-\ufb01nancial asset,
the amount accumulated in equity is subsequently included within the carrying value of that asset.
For other cash \ufb02ow hedges, amounts deferred in equity are taken to \ufb01nance costs at the same time
as the related cash \ufb02ow.
When a derivative no longer quali\ufb01es for hedge accounting, any cumulative gain or loss remains in
equity until the related cash \ufb02ow occurs. When the cash \ufb02ow takes place, the cumulative gain or loss
is taken to \ufb01nance costs. If the hedged cash \ufb02ow is no longer expected to occur, the cumulative gain
or loss is taken to \ufb01nance costs immediately.
Derivatives for which hedge accounting is not applied
Derivatives not classi\ufb01ed as hedges are held in order to hedge certain balance sheet items and
commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair
value with changes being recognised in \ufb01nance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00585": { "value": "15. Treasury Risk ManagementDerivatives for which hedge accounting is not applied
Derivatives not classi\ufb01ed as hedges are held in order to hedge certain balance sheet items and
commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair
value with changes being recognised in \ufb01nance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "15. Treasury Risk Management
Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred.
The\u00a0treatment of changes in the value of derivatives depends on their use as explained below.
Cash \ufb02ow hedges
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash
\ufb02ows. Such derivatives are classi\ufb01ed as being part of cash \ufb02ow hedge relationships. For an e\ufb00ective
hedge, gains and losses from changes in the fair value of derivatives are recognised in equity.
Cost of hedging, where material and opted for, is recorded within equity. Any ine\ufb00ective elements
of the hedge are recognised in \ufb01nance costs. Ine\ufb00ectiveness may occur if there are changes to the
expected timing of the hedged transaction. If the hedged cash \ufb02ow relates to a non-\ufb01nancial asset,
the amount accumulated in equity is subsequently included within the carrying value of that asset.
For other cash \ufb02ow hedges, amounts deferred in equity are taken to \ufb01nance costs at the same time
as the related cash \ufb02ow.
When a derivative no longer quali\ufb01es for hedge accounting, any cumulative gain or loss remains in
equity until the related cash \ufb02ow occurs. When the cash \ufb02ow takes place, the cumulative gain or loss
is taken to \ufb01nance costs. If the hedged cash \ufb02ow is no longer expected to occur, the cumulative gain
or loss is taken to \ufb01nance costs immediately.
Derivatives for which hedge accounting is not applied
Derivatives not classi\ufb01ed as hedges are held in order to hedge certain balance sheet items and
commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair
value with changes being recognised in \ufb01nance costs.
Applying hedge accounting has not led to material ine\ufb00ectiveness being recognised in the income
statement for 2025, 2024 and 2023.
The Group\u2019s Treasury department provides central funding and foreign exchange management
services for the Group. The department is governed by standards and processes which are in line
with the Treasury Policies. In addition to guidelines and exposure limits, a system of authorities and
extensive independent reporting covers all major areas of activity.
Treasury activities in relation to the Group are designed to:
\u2022
protect the Group\u2019s \ufb01nancial results and position from the \ufb01nancial risks mentioned below;
\u2022
maintain market risks within acceptable parameters, while optimising returns (see Note 15B);
\u2022
provide adequate and su\ufb03cient funding to the Group.
The Group\u2019s Treasury department maintains a list of approved \ufb01nancial instruments. The use of any
new instrument must be approved by the Treasury Committee. The use of leveraged instruments is
not\u00a0permitted.
The Group\u2019s central Commodity Risk Management (CRM) team monitor commodity exposures for the
whole Group and provide commodity risk services for the Group\u2019s operations. The primary objective
of the CRM policy is to delay the (gross) margin impact of commodity market volatility and allow time
to\u00a0take corrective pricing action.
The Group\u2019s capital requirements are centrally managed by the Group\u2019s Treasury department, who
provides funding to safeguard the Group\u2019s ability to continue as a going concern and to optimize
returns. The Group is not subject to \ufb01nancial covenants in any of its signi\ufb01cant \ufb01nancing agreements.
The Group is exposed to the following \ufb01nancial risks that arise from its use of \ufb01nancial instruments,
the\u00a0management of which is described in the following sections:
\u2022
liquidity risk (see Note 15A);
\u2022
market risk (see Note 15B);
\u2022
credit risk (see Note 16B).
15A. Management of liquidity risk
Liquidity risk is the risk that the Group will face in meeting its obligations associated with its \ufb01nancial
liabilities. The Group\u2019s approach to managing liquidity is to ensure that it will have su\ufb03cient funds
to meet its liabilities when due without incurring unacceptable losses. In doing this, management
considers both normal and stressed conditions. A material and sustained shortfall in our cash \ufb02ow
could undermine the Group\u2019s credit rating, impair investor con\ufb01dence and also restrict the Group\u2019s
ability to raise funds.
The Group\u2019s funding strategy was supported by cash delivery from the business, coupled with the
proceeds from the bond issuance. Surplus cash balances have been invested conservatively with
low-risk counterparties at maturities of primarily less than six months. In its liquidity assessment,
the\u00a0Group does not consider any supplier \ufb01nancing arrangements as these arrangements are non-
recourse to Unilever and supplier payment dates and terms for Unilever and our payment terms with
Unilever do not vary based on whether the supplier chooses to use such \ufb01nancing arrangements.
Cash \ufb02ow from operating activities provides the funds to service the \ufb01nancing of \ufb01nancial liabilities
on\u00a0a day-to-day basis. The Group seeks to manage its liquidity requirements by the newly established
\u20ac8\u00a0billion Euro Medium Term Note programme. In addition, the Group has committed credit facilities
for\u00a0general corporate use as described in Note 14 C.
On 28 August 2025, the Group entered into a term loan facilities agreement (the \u201cTerm Loan Facilities
Agreement\u201d) (the facilities to be provided thereunder being the \u201cTerm Loan Facilities\u201d).
The\u00a0Term Loan Facilities comprise:
\u2022
a bridge term loan facility (the \u201cBridge Facility\u201d) denominated in euro, with a commitment of \u20ac3
billion available for the repayment of \ufb01nancial indebtedness owed by Group Companies to the
Unilever Group, and for the payment of the consideration for the transfer of Unilever\u2019s Ice Cream
Business in Indonesia. This facility was cancelled on 26 November with a cancellation charge of \u20ac5
million as part of \ufb01nance cost. No amount was drawn against the facility.
\u2022
a working capital term loan facility (the \u201cWorking Capital Term Loan Facility\u201d) denominated in Euro,
with a commitment of \u20ac700 million available for general corporate purposes and with a maturity
date of three years from the date of the Term Loan Facilities Agreement. The facility is priced at
1 month Euribor + 90 basis points and does not carry any covenants. \u20ac100 million was drawn on\u00a029
December 2025.
\n
\u2022
a term loan facility (the \u201cIndia Term Loan Facility\u201d) denominated in Euro, with a commitment of
\n
\u20ac300 million available for the payment of the consideration for the transfer of the Unilever Group\u2019s
\n
shares in Kwality Wall\u2019s India Ltd. This facility has not been drawn.
\n
The Group has also entered into a \u20ac1 billion syndicated revolving credit facility agreement
\n
(the \u201cRevolving Credit Facility Agreement\u201d, the revolving credit facility provided thereunder
\n
being the \u201cRevolving Credit Facility\u201d).
\n
\u2022
A multicurrency facility denominated in euro (with optional currencies of US dollars and Pounds
\n
Sterling) available for general corporate purposes with an initial maturity date of \ufb01ve years from the
\n
date of the Revolving Credit Facility Agreement, subject to two extension options of one year each
\n
which can be requested by the Company and which each lender can at its own discretion, agree to
\n
or not;
\n
\u2022
a \u20ac500 million Swingline Facility and a US$500 million Swingline Facility each operating as a
\n
sublimit within the Revolving Credit Facility with the purpose of re\ufb01nancing euro or US dollar
\n
commercial paper programs, respectively, that the Group plans to establish.
\n
The revolving facilities have not been drawn.
\n
The \ufb01nancial liabilities of the Group at the balance sheet date are mainly bonds, lease liabilities and
\n
other \ufb01nancial liabilities (Note 14), and trade payables (Note 13) which are mostly short term in nature.
\n
The \ufb01nancial assets of the Group at the balance sheet date are mainly trade receivables (Note 12) from
\n
Unilever and reputable customers which are short term in nature.
\n
The following table shows contractually based undiscounted cash \ufb02ows, including expected interest
\n
payments, which are payable under \ufb01nancial liabilities at the balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net carrying
Undiscounted cash \ufb02ows
\u00a0
Due between
Due between
Due between
Due between
\u00a0 \u00a0
amount as shown
In millions of \u20ac
Due within 1 year
1 and 2 years
2 and 3 years
3 and 4 years
4 and 5 years
Due after 5 years
Total
in balance sheet
Non-derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans and overdrafts
(34)
(1)
-
-
-
-
(35)
(35)
Bonds and other loans
\u00a0 \u00a0
(100)
(745)
-
(2,232)
(3,077)
(3,077)
Related party loans with Unilever
-
-
-
-
-
-
-
-
Lease liabilities
(49)
(30)
(21)
(16)
(12)
(36)
(164)
(143)
Other \ufb01nancial liabilities
-
-
(133)
-
-
-
(133)
(133)
Trade payables excluding social security
(2,884)
(124)
-
-
-
-
(3,008)
(3,008)
\u00a0
(2,967)
(155)
(254)
(761)
(12)
(2,268)
(6,417)
(6,396)
Derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative contracts - receipts
1
1
-
-
-
-
2
2
Total
(2,966)
(154)
(254)
(761)
(12)
(2,268)
(6,415)
(6,394)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net carrying
Undiscounted cash \ufb02ows
\u00a0
Due between
Due between
Due between
Due between
\u00a0 \u00a0
amount as shown
In millions of \u20ac
Due within 1 year
1 and 2 years
2 and 3 years
3 and 4 years
4 and 5 years
Due after 5 years
Total
in balance sheet
Non-derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans and overdrafts
(35)
-
-
-
-
-
(35)
(35)
Related party loans with Unilever
(9)
-
-
-
-
-
(9)
(9)
Lease liabilities
(57)
(35)
(26)
(18)
(34)
(32)
(202)
(144)
Other \ufb01nancial liabilities
-
(145)
-
-
-
-
(145)
(145)
Trade payables excluding social security and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
sundry taxes
(1,775)
(8)
-
-
-
-
(1,783)
(1,783)
\u00a0
(1,876)
(188)
(26)
(18)
(34)
(32)
(2,174)
(2,116)
Derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative contracts - receipts
105
-
-
-
-
-
105
105
Total
(1,771)
(188)
(26)
(18)
(34)
(32)
(2,069)
(2,011)
\n
15B. Management of market risk
The Group\u2019s size and operations result in it being exposed to the following market risks that arise from
its use of \ufb01nancial instruments:
\u2022
Currency risk
(see table below)
The Group is exposed to movements in the underlying currency of the Group\u2019s sales and purchases
as well as transacted commodity prices that are mainly denominated in USD and GBP.
\u2022
Commodity price risk
(see table below)
The key commodities used by the Group are cocoa, dairy and sugar. Management aims to minimise
the impact of commodity market volatility on (gross) margin and allow time to take corrective
pricing action (\u2018pricing horizons\u2019). Commodity hedging is undertaken based on 100% of the volume
exposure around the pricing horizon, although hedging can be undertaken up to 52 weeks with
approval and within limits.
\u2022
Interest rate risk
(see table below)
The above risks may a\ufb00ect the Group\u2019s income and expenses, or the value of its \ufb01nancial
instruments. The Group\u2019s objective in managing market risk is to maintain it within acceptable
parameters, while optimising returns.
The Group\u2019s exposure to, and management of, these risks is explained on the next page.
Management of market risk
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Potential impact of risk
Management policy and hedging strategy
Sensitivity to the risk
1. Commodity price risk
The Group uses commodity forwards, futures, swaps and option contracts to hedge
A 10% increase in commodity prices as at 31 December 2025 would have
The Group is exposed to the risk of changes in commodity prices in relation to its
against this risk. All commodities forward contracts hedge future purchases of raw
led to a \u20ac24 million gains on the commodity derivatives in Equity (2024: \u20ac42
purchase of certain raw materials.
materials and the contracts are settled either in cash or by physical delivery.
million). A decrease of 10% in commodity prices on a full-year basis would
\u00a0 \u00a0
have the equal but opposite e\ufb00ect.
At 31 December 2025, the Group had hedged its exposure to future commodity
The Group also hedges risk components of commodities where it is not possible to hedge
\u00a0
purchases with commodity derivatives valued at \u20ac262 million
the commodity in full. This is done with reference to the contract to purchase the hedged
\u00a0
(2024: \u20ac296\u00a0million).
commodity.
\u00a0
\u00a0
Commodity derivatives are generally designated as hedging instruments in cash \ufb02ow
\u00a0
\u00a0
hedge accounting relations. All commodity derivative contracts were done in line with
\u00a0
\u00a0
approvals from the Commodity Risk Committee.
\u00a0
2. Currency risk
The Group\u2019s treasury department manages currency exposures in the Group within
The foreign exchange risk impact on the Income Statement and Equity with
Because of the Group\u2019s global reach, it is subject to the risk that changes in
prescribed limits, mainly through the use of forward foreign currency exchange contracts.
respect to \ufb01nancial instruments is not signi\ufb01cant.
foreign currency rate impact the Group\u2019s sales and purchases. The Group is also
\u00a0 \u00a0
exposed to movements in the underlying currency of transacted commodity
Operating companies manage foreign exchange exposures within prescribed limits.
\u00a0
prices that are mainly denominated in USD and GBP.
\u00a0 \u00a0
\u00a0
The aim of the approach to management of currency risk is to leave the Group with
\u00a0
The exposure to the Group from companies holding \ufb01nancial assets and
no\u00a0material residual risk. This aim has been achieved in all years presented.
\u00a0
liabilities other than their functional currency is not signi\ufb01cant.
\u00a0 \u00a0
\u00a0
Forward contracts are used and executed by the Group\u2019s treasury department, however
\u00a0
\u00a0
foreign currency exposures that are under the TSA with Unilever do not have signi\ufb01cant
\u00a0
\u00a0
foreign exchange impact.
\u00a0
3. Interest rate risk
The Group\u2019s interest rate management approach aims for an optimal balance between
The interest rate risk impact on the income statement is not signi\ufb01cant.
The Group is exposed to market interest rate \ufb02uctuations on its debt. Increases
\ufb01xed and \ufb02oating-rate interest rate exposures on expected net debt. The objective of this
\u00a0
in benchmark interest rates could increase the interest cost of the \ufb02oating-rate
approach is to minimise annual interest costs after tax. No derivatives were used to hedge
\u00a0
debt and increase the cost of future borrowings. At 31 December 2025, interest
the interest rate on the debt of the Group.
\u00a0
rates were \ufb01xed on 96% of the expected \ufb01nancial liabilities (excluding lease
\u00a0 \u00a0
liabilities), 73% at December 2024.
\u00a0 \u00a0
\n
15C. Derivatives and hedging
The Group does not use derivative \ufb01nancial instruments for speculative purposes. The uses of
derivatives and the related values of derivatives are summarised in the following table.
Derivatives used\u00a0to hedge:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Trade
\u00a0
\u00a0
Trade
payables
\u00a0
\u00a0
and other
and other
\u00a0
In millions of \u20ac
receivables
liabilities
Total
31 December 2025
\u00a0\u00a0\u00a0
Commodity contracts
\u00a0\u00a0\u00a0
Cash \ufb02ow hedges
(a)
2
-
2
Total assets
2
-
2
31 December 2024
\u00a0\u00a0\u00a0
Commodity contracts
\u00a0\u00a0\u00a0
Cash \ufb02ow hedges
105
-
105
Total liabilities
105
-
105
\n
(a) The Group makes use of cocoa futures and options to hedge their forward physical purchases of cocoa and other chocolate products. At 31
December 2025, the Group had hedged its exposure to future cocoa purchases with notional amount at 43,093 metric tons and average con-
tracts price at \u20ac5,557per metric ton. Cash \ufb02ow hedge accounting is applied to these derivatives with the fair value gain/loss being recognised
in the hedge reserve and then being released in line with the underlying physical purchases. At 31 December 2024, the Group had a \u20ac115 million
gain in cash \ufb02ow hedge reserve, including a \u20ac10 million gain on settlement associated with the underlying physical purchases within 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "15A. Management of liquidity risk
Liquidity risk is the risk that the Group will face in meeting its obligations associated with its \ufb01nancial
liabilities. The Group\u2019s approach to managing liquidity is to ensure that it will have su\ufb03cient funds
to meet its liabilities when due without incurring unacceptable losses. In doing this, management
considers both normal and stressed conditions. A material and sustained shortfall in our cash \ufb02ow
could undermine the Group\u2019s credit rating, impair investor con\ufb01dence and also restrict the Group\u2019s
ability to raise funds.
The Group\u2019s funding strategy was supported by cash delivery from the business, coupled with the
proceeds from the bond issuance. Surplus cash balances have been invested conservatively with
low-risk counterparties at maturities of primarily less than six months. In its liquidity assessment,
the\u00a0Group does not consider any supplier \ufb01nancing arrangements as these arrangements are non-
recourse to Unilever and supplier payment dates and terms for Unilever and our payment terms with
Unilever do not vary based on whether the supplier chooses to use such \ufb01nancing arrangements.
Cash \ufb02ow from operating activities provides the funds to service the \ufb01nancing of \ufb01nancial liabilities
on\u00a0a day-to-day basis. The Group seeks to manage its liquidity requirements by the newly established
\u20ac8\u00a0billion Euro Medium Term Note programme. In addition, the Group has committed credit facilities
for\u00a0general corporate use as described in Note 14 C.
On 28 August 2025, the Group entered into a term loan facilities agreement (the \u201cTerm Loan Facilities
Agreement\u201d) (the facilities to be provided thereunder being the \u201cTerm Loan Facilities\u201d).
The\u00a0Term Loan Facilities comprise:
\u2022
a bridge term loan facility (the \u201cBridge Facility\u201d) denominated in euro, with a commitment of \u20ac3
billion available for the repayment of \ufb01nancial indebtedness owed by Group Companies to the
Unilever Group, and for the payment of the consideration for the transfer of Unilever\u2019s Ice Cream
Business in Indonesia. This facility was cancelled on 26 November with a cancellation charge of \u20ac5
million as part of \ufb01nance cost. No amount was drawn against the facility.
\u2022
a working capital term loan facility (the \u201cWorking Capital Term Loan Facility\u201d) denominated in Euro,
with a commitment of \u20ac700 million available for general corporate purposes and with a maturity
date of three years from the date of the Term Loan Facilities Agreement. The facility is priced at
1 month Euribor + 90 basis points and does not carry any covenants. \u20ac100 million was drawn on\u00a029
December 2025.
\n
\u2022
a term loan facility (the \u201cIndia Term Loan Facility\u201d) denominated in Euro, with a commitment of
\n
\u20ac300 million available for the payment of the consideration for the transfer of the Unilever Group\u2019s
\n
shares in Kwality Wall\u2019s India Ltd. This facility has not been drawn.
\n
The Group has also entered into a \u20ac1 billion syndicated revolving credit facility agreement
\n
(the \u201cRevolving Credit Facility Agreement\u201d, the revolving credit facility provided thereunder
\n
being the \u201cRevolving Credit Facility\u201d).
\n
\u2022
A multicurrency facility denominated in euro (with optional currencies of US dollars and Pounds
\n
Sterling) available for general corporate purposes with an initial maturity date of \ufb01ve years from the
\n
date of the Revolving Credit Facility Agreement, subject to two extension options of one year each
\n
which can be requested by the Company and which each lender can at its own discretion, agree to
\n
or not;
\n
\u2022
a \u20ac500 million Swingline Facility and a US$500 million Swingline Facility each operating as a
\n
sublimit within the Revolving Credit Facility with the purpose of re\ufb01nancing euro or US dollar
\n
commercial paper programs, respectively, that the Group plans to establish.
\n
The revolving facilities have not been drawn.
\n
The \ufb01nancial liabilities of the Group at the balance sheet date are mainly bonds, lease liabilities and
\n
other \ufb01nancial liabilities (Note 14), and trade payables (Note 13) which are mostly short term in nature.
\n
The \ufb01nancial assets of the Group at the balance sheet date are mainly trade receivables (Note 12) from
\n
Unilever and reputable customers which are short term in nature.
\n
The following table shows contractually based undiscounted cash \ufb02ows, including expected interest
\n
payments, which are payable under \ufb01nancial liabilities at the balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net carrying
Undiscounted cash \ufb02ows
\u00a0
Due between
Due between
Due between
Due between
\u00a0 \u00a0
amount as shown
In millions of \u20ac
Due within 1 year
1 and 2 years
2 and 3 years
3 and 4 years
4 and 5 years
Due after 5 years
Total
in balance sheet
Non-derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans and overdrafts
(34)
(1)
-
-
-
-
(35)
(35)
Bonds and other loans
\u00a0 \u00a0
(100)
(745)
-
(2,232)
(3,077)
(3,077)
Related party loans with Unilever
-
-
-
-
-
-
-
-
Lease liabilities
(49)
(30)
(21)
(16)
(12)
(36)
(164)
(143)
Other \ufb01nancial liabilities
-
-
(133)
-
-
-
(133)
(133)
Trade payables excluding social security
(2,884)
(124)
-
-
-
-
(3,008)
(3,008)
\u00a0
(2,967)
(155)
(254)
(761)
(12)
(2,268)
(6,417)
(6,396)
Derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative contracts - receipts
1
1
-
-
-
-
2
2
Total
(2,966)
(154)
(254)
(761)
(12)
(2,268)
(6,415)
(6,394)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net carrying
Undiscounted cash \ufb02ows
\u00a0
Due between
Due between
Due between
Due between
\u00a0 \u00a0
amount as shown
In millions of \u20ac
Due within 1 year
1 and 2 years
2 and 3 years
3 and 4 years
4 and 5 years
Due after 5 years
Total
in balance sheet
Non-derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans and overdrafts
(35)
-
-
-
-
-
(35)
(35)
Related party loans with Unilever
(9)
-
-
-
-
-
(9)
(9)
Lease liabilities
(57)
(35)
(26)
(18)
(34)
(32)
(202)
(144)
Other \ufb01nancial liabilities
-
(145)
-
-
-
-
(145)
(145)
Trade payables excluding social security and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
sundry taxes
(1,775)
(8)
-
-
-
-
(1,783)
(1,783)
\u00a0
(1,876)
(188)
(26)
(18)
(34)
(32)
(2,174)
(2,116)
Derivative Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative contracts - receipts
105
-
-
-
-
-
105
105
Total
(1,771)
(188)
(26)
(18)
(34)
(32)
(2,069)
(2,011)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "15B. Management of market risk
The Group\u2019s size and operations result in it being exposed to the following market risks that arise from
its use of \ufb01nancial instruments:
\u2022
Currency risk
(see table below)
The Group is exposed to movements in the underlying currency of the Group\u2019s sales and purchases
as well as transacted commodity prices that are mainly denominated in USD and GBP.
\u2022
Commodity price risk
(see table below)
The key commodities used by the Group are cocoa, dairy and sugar. Management aims to minimise
the impact of commodity market volatility on (gross) margin and allow time to take corrective
pricing action (\u2018pricing horizons\u2019). Commodity hedging is undertaken based on 100% of the volume
exposure around the pricing horizon, although hedging can be undertaken up to 52 weeks with
approval and within limits.
\u2022
Interest rate risk
(see table below)
The above risks may a\ufb00ect the Group\u2019s income and expenses, or the value of its \ufb01nancial
instruments. The Group\u2019s objective in managing market risk is to maintain it within acceptable
parameters, while optimising returns.
The Group\u2019s exposure to, and management of, these risks is explained on the next page.
Management of market risk
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Potential impact of risk
Management policy and hedging strategy
Sensitivity to the risk
1. Commodity price risk
The Group uses commodity forwards, futures, swaps and option contracts to hedge
A 10% increase in commodity prices as at 31 December 2025 would have
The Group is exposed to the risk of changes in commodity prices in relation to its
against this risk. All commodities forward contracts hedge future purchases of raw
led to a \u20ac24 million gains on the commodity derivatives in Equity (2024: \u20ac42
purchase of certain raw materials.
materials and the contracts are settled either in cash or by physical delivery.
million). A decrease of 10% in commodity prices on a full-year basis would
\u00a0 \u00a0
have the equal but opposite e\ufb00ect.
At 31 December 2025, the Group had hedged its exposure to future commodity
The Group also hedges risk components of commodities where it is not possible to hedge
\u00a0
purchases with commodity derivatives valued at \u20ac262 million
the commodity in full. This is done with reference to the contract to purchase the hedged
\u00a0
(2024: \u20ac296\u00a0million).
commodity.
\u00a0
\u00a0
Commodity derivatives are generally designated as hedging instruments in cash \ufb02ow
\u00a0
\u00a0
hedge accounting relations. All commodity derivative contracts were done in line with
\u00a0
\u00a0
approvals from the Commodity Risk Committee.
\u00a0
2. Currency risk
The Group\u2019s treasury department manages currency exposures in the Group within
The foreign exchange risk impact on the Income Statement and Equity with
Because of the Group\u2019s global reach, it is subject to the risk that changes in
prescribed limits, mainly through the use of forward foreign currency exchange contracts.
respect to \ufb01nancial instruments is not signi\ufb01cant.
foreign currency rate impact the Group\u2019s sales and purchases. The Group is also
\u00a0 \u00a0
exposed to movements in the underlying currency of transacted commodity
Operating companies manage foreign exchange exposures within prescribed limits.
\u00a0
prices that are mainly denominated in USD and GBP.
\u00a0 \u00a0
\u00a0
The aim of the approach to management of currency risk is to leave the Group with
\u00a0
The exposure to the Group from companies holding \ufb01nancial assets and
no\u00a0material residual risk. This aim has been achieved in all years presented.
\u00a0
liabilities other than their functional currency is not signi\ufb01cant.
\u00a0 \u00a0
\u00a0
Forward contracts are used and executed by the Group\u2019s treasury department, however
\u00a0
\u00a0
foreign currency exposures that are under the TSA with Unilever do not have signi\ufb01cant
\u00a0
\u00a0
foreign exchange impact.
\u00a0
3. Interest rate risk
The Group\u2019s interest rate management approach aims for an optimal balance between
The interest rate risk impact on the income statement is not signi\ufb01cant.
The Group is exposed to market interest rate \ufb02uctuations on its debt. Increases
\ufb01xed and \ufb02oating-rate interest rate exposures on expected net debt. The objective of this
\u00a0
in benchmark interest rates could increase the interest cost of the \ufb02oating-rate
approach is to minimise annual interest costs after tax. No derivatives were used to hedge
\u00a0
debt and increase the cost of future borrowings. At 31 December 2025, interest
the interest rate on the debt of the Group.
\u00a0
rates were \ufb01xed on 96% of the expected \ufb01nancial liabilities (excluding lease
\u00a0 \u00a0
liabilities), 73% at December 2024.
\u00a0 \u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00575": { "value": "16. Investment and return
Cash and cash equivalents
Cash and cash equivalents in the consolidated balance sheet include deposits and short-term
deposits. To be classi\ufb01ed as cash and cash equivalents, an asset must:
\u2022
be readily convertible into cash;
\u2022
have an insigni\ufb01cant risk of changes in value; and
\u2022
have a maturity period of three months or less at acquisition.
Cash and cash equivalents in the cash \ufb02ow statement also include bank overdrafts and are recorded
at\u00a0amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "16. Investment and return
Cash and cash equivalents
Cash and cash equivalents in the consolidated balance sheet include deposits and short-term
deposits. To be classi\ufb01ed as cash and cash equivalents, an asset must:
\u2022
be readily convertible into cash;
\u2022
have an insigni\ufb01cant risk of changes in value; and
\u2022
have a maturity period of three months or less at acquisition.
Cash and cash equivalents in the cash \ufb02ow statement also include bank overdrafts and are recorded
at\u00a0amortised cost.
16A. Financial assets
The Group aims to protect the value of \ufb01nancial investments while maximising returns. The fair value
of \ufb01nancial assets is the same as the carrying amount for 31 December 2025 and 31 December 2024.
The Group\u2019s cash resources are shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial assets
(a)
\u00a0\u00a0
In millions of \u20ac
2025
2024
Cash and cash equivalents
\u00a0\u00a0
Cash at bank and in hand
402
53
Short-term deposits with maturity of less than three months
39
17
\u00a0
441
70
\n
(a) Financial assets exclude trade and other current receivables which are covered in Note 12.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Cash and cash equivalents reconciliation to the cash \ufb02ow statement
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Cash and cash equivalents per balance sheet
441
70
Less: bank overdrafts
(5)
(3)
Cash and cash equivalents per cash \ufb02ow statement
436
67
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "17. Financial instruments fair value risk
Assets and liabilities carried at fair value
Derivatives and other cash equivalents are valued using valuation techniques with market observable
inputs (level 2). There are no derivatives and other cash equivalents valued at quoted prices for
identical instruments (level 1) or not based on observable market data (level 3). Bonds issued by the
Group are measured at amortised cost. The fair value of these bonds using quoted prices in active
markets (Level 1 of the fair value hierarchy) is \u20ac2,998 million. The models incorporate various inputs
including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate
curves and forward rate curves of the underlying commodities.
The put option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM
Corporation has been valued at the redemption value with subsequent changes in \ufb01nance costs (Level
3). The redemption value is derived from a formula de\ufb01ned in the shareholder agreement which uses
historical \ufb01nancial information, multipliers, and CPI adjustments. The impact in 2025 income statement
due to the put option is a gain of \u20ac12 million (2024: gain of \u20ac6 million, 2023: nil).
Other \ufb01nancial assets and liabilities
Cash and short-term deposits, trade and other current receivables, overdrafts, trade payables and
other current liabilities have fair values that approximate to their carrying amounts due to their short-
term nature.
Related party loans with Unilever, lease liabilities and non-current receivables and payables have a fair
value considered to be materially equal to the carrying value based on the net present value of the
anticipated future cash \ufb02ows associated with these instruments using rates currently available for debt
on similar terms, credit risk and remaining maturities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "17. Financial instruments fair value risk
Assets and liabilities carried at fair value
Derivatives and other cash equivalents are valued using valuation techniques with market observable
inputs (level 2). There are no derivatives and other cash equivalents valued at quoted prices for
identical instruments (level 1) or not based on observable market data (level 3). Bonds issued by the
Group are measured at amortised cost. The fair value of these bonds using quoted prices in active
markets (Level 1 of the fair value hierarchy) is \u20ac2,998 million. The models incorporate various inputs
including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate
curves and forward rate curves of the underlying commodities.
The put option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM
Corporation has been valued at the redemption value with subsequent changes in \ufb01nance costs (Level
3). The redemption value is derived from a formula de\ufb01ned in the shareholder agreement which uses
historical \ufb01nancial information, multipliers, and CPI adjustments. The impact in 2025 income statement
due to the put option is a gain of \u20ac12 million (2024: gain of \u20ac6 million, 2023: nil).
Other \ufb01nancial assets and liabilities
Cash and short-term deposits, trade and other current receivables, overdrafts, trade payables and
other current liabilities have fair values that approximate to their carrying amounts due to their short-
term nature.
Related party loans with Unilever, lease liabilities and non-current receivables and payables have a fair
value considered to be materially equal to the carrying value based on the net present value of the
anticipated future cash \ufb02ows associated with these instruments using rates currently available for debt
on similar terms, credit risk and remaining maturities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00580": { "value": "17. Financial instruments fair value risk
Assets and liabilities carried at fair value
Derivatives and other cash equivalents are valued using valuation techniques with market observable
inputs (level 2). There are no derivatives and other cash equivalents valued at quoted prices for
identical instruments (level 1) or not based on observable market data (level 3). Bonds issued by the
Group are measured at amortised cost. The fair value of these bonds using quoted prices in active
markets (Level 1 of the fair value hierarchy) is \u20ac2,998 million. The models incorporate various inputs
including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate
curves and forward rate curves of the underlying commodities.
The put option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM
Corporation has been valued at the redemption value with subsequent changes in \ufb01nance costs (Level
3). The redemption value is derived from a formula de\ufb01ned in the shareholder agreement which uses
historical \ufb01nancial information, multipliers, and CPI adjustments. The impact in 2025 income statement
due to the put option is a gain of \u20ac12 million (2024: gain of \u20ac6 million, 2023: nil).
Other \ufb01nancial assets and liabilities
Cash and short-term deposits, trade and other current receivables, overdrafts, trade payables and
other current liabilities have fair values that approximate to their carrying amounts due to their short-
term nature.
Related party loans with Unilever, lease liabilities and non-current receivables and payables have a fair
value considered to be materially equal to the carrying value based on the net present value of the
anticipated future cash \ufb02ows associated with these instruments using rates currently available for debt
on similar terms, credit risk and remaining maturities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "Assets and liabilities carried at fair value
Derivatives and other cash equivalents are valued using valuation techniques with market observable
inputs (level 2). There are no derivatives and other cash equivalents valued at quoted prices for
identical instruments (level 1) or not based on observable market data (level 3). Bonds issued by the
Group are measured at amortised cost. The fair value of these bonds using quoted prices in active
markets (Level 1 of the fair value hierarchy) is \u20ac2,998 million. The models incorporate various inputs
including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate
curves and forward rate curves of the underlying commodities.
The put option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM
Corporation has been valued at the redemption value with subsequent changes in \ufb01nance costs (Level
3). The redemption value is derived from a formula de\ufb01ned in the shareholder agreement which uses
historical \ufb01nancial information, multipliers, and CPI adjustments. The impact in 2025 income statement
due to the put option is a gain of \u20ac12 million (2024: gain of \u20ac6 million, 2023: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00600": { "value": "18. Provisions
Provisions are recognised where a legal or constructive obligation exists at the balance sheet date,
as a result of a past event, where the amount of the obligation can be reliably estimated and where the
out\ufb02ow of economic bene\ufb01t is probable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00555": { "value": "18. Provisions
Provisions are recognised where a legal or constructive obligation exists at the balance sheet date,
as a result of a past event, where the amount of the obligation can be reliably estimated and where the
out\ufb02ow of economic bene\ufb01t is probable.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Provisions
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Due within one year
39
102
Due after one year
31
39
Total provisions
70
141
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Brazil
\u00a0 \u00a0
Movements 2025
\u00a0 \u00a0
indirect
\u00a0 \u00a0
In millions of \u20ac
Restructuring
Legal
taxes
Other
Total
1 January 2025
85
26
6
24
141
Income Statement:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Charges
55
4
1
20
80
Releases
(45)
(5)
-
(2)
(52)
Utilisation
(68)
(4)
-
(5)
(77)
Provision retained by Unilever
(9)
(1)
-
(9)
(19)
Currency retranslation
(1)
(1)
-
(1)
(3)
31st December 2025
17
19
7
27
70
\n
Restructuring provisions primarily include people costs such as redundancy costs and the cost of
compensation where manufacturing, distribution, service or selling agreements are to be terminated.
The Group expects these provisions to be substantially utilised within the next few years.
The Group is involved from time to time in legal and arbitration proceedings arising in the ordinary
course of business. These proceedings and investigations are at various stages and concern a variety
of product markets. Where speci\ufb01c issues arise, provisions are made to the extent appropriate.
Due to the nature of the legal cases, the timing of utilisation of these provisions is\u00a0uncertain.
Provisions for Brazil indirect taxes are separate from the matters listed as contingent liabilities in
Note 19. The Group does not have provisions and contingent liabilities for the same matters.
Due to the nature of disputed indirect taxes, the timing of utilisation of these provisions is uncertain.
Other includes provisions for decommissioning costs as well as for indirect tax provisions for indirect
taxes in countries other than Brazil, interest on tax provisions and\u00a0provisions for various other matters.
The timing of utilisation of these provisions is uncertain.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Brazil
\u00a0\u00a0
Movements during 2024
\u00a0\u00a0
indirect
\u00a0\u00a0
In millions of \u20ac
Restructuring
Legal
taxes
Other
Total
1 January 2024
18
30
30
25
103
Income Statement
\u00a0\u00a0\u00a0\u00a0\u00a0
- Charges
75
7
2
10
94
- Releases
(1)
(4)
-
(4)
(9)
Utilisation
(9)
(6)
(22)
(7)
(44)
Currency retranslation
2
(1)
(4)
-
(3)
31 December 2024
85
26
6
24
141
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00551": { "value": "18. Provisions
Provisions are recognised where a legal or constructive obligation exists at the balance sheet date,
as a result of a past event, where the amount of the obligation can be reliably estimated and where the
out\ufb02ow of economic bene\ufb01t is probable.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Provisions
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Due within one year
39
102
Due after one year
31
39
Total provisions
70
141
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Brazil
\u00a0 \u00a0
Movements 2025
\u00a0 \u00a0
indirect
\u00a0 \u00a0
In millions of \u20ac
Restructuring
Legal
taxes
Other
Total
1 January 2025
85
26
6
24
141
Income Statement:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Charges
55
4
1
20
80
Releases
(45)
(5)
-
(2)
(52)
Utilisation
(68)
(4)
-
(5)
(77)
Provision retained by Unilever
(9)
(1)
-
(9)
(19)
Currency retranslation
(1)
(1)
-
(1)
(3)
31st December 2025
17
19
7
27
70
\n
Restructuring provisions primarily include people costs such as redundancy costs and the cost of
compensation where manufacturing, distribution, service or selling agreements are to be terminated.
The Group expects these provisions to be substantially utilised within the next few years.
The Group is involved from time to time in legal and arbitration proceedings arising in the ordinary
course of business. These proceedings and investigations are at various stages and concern a variety
of product markets. Where speci\ufb01c issues arise, provisions are made to the extent appropriate.
Due to the nature of the legal cases, the timing of utilisation of these provisions is\u00a0uncertain.
Provisions for Brazil indirect taxes are separate from the matters listed as contingent liabilities in
Note 19. The Group does not have provisions and contingent liabilities for the same matters.
Due to the nature of disputed indirect taxes, the timing of utilisation of these provisions is uncertain.
Other includes provisions for decommissioning costs as well as for indirect tax provisions for indirect
taxes in countries other than Brazil, interest on tax provisions and\u00a0provisions for various other matters.
The timing of utilisation of these provisions is uncertain.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Brazil
\u00a0\u00a0
Movements during 2024
\u00a0\u00a0
indirect
\u00a0\u00a0
In millions of \u20ac
Restructuring
Legal
taxes
Other
Total
1 January 2024
18
30
30
25
103
Income Statement
\u00a0\u00a0\u00a0\u00a0\u00a0
- Charges
75
7
2
10
94
- Releases
(1)
(4)
-
(4)
(9)
Utilisation
(9)
(6)
(22)
(7)
(44)
Currency retranslation
2
(1)
(4)
-
(3)
31 December 2024
85
26
6
24
141
\n
19. Commitments and contingent liabilities Contingent liabilities
Contingent liabilities are either possible obligations that will probably not require a transfer of
economic bene\ufb01ts, or present obligations that may, but probably will not, require a transfer of
economic bene\ufb01ts. It is not appropriate to make provisions for contingent liabilities, but there is a
chance that they will result in an obligation in the future. Assessing the amount of liabilities that are
not probable is highly judgemental, so contingent liabilities are disclosed on the basis of the known
maximum exposure.
Contingent liabilities arise in respect of litigations against group companies, investigations by
competition, regulatory and \ufb01scal authorities and obligations arising under environmental legislation.
In\u00a0many markets, there is a high degree of complexity involved in the local tax regimes.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Summary of contingent liabilities
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Brazil tax assessments
98
98
Other contingent liabilities
6
5
Total
104
103
\n
The majority of contingent liabilities are in respect of \ufb01scal matters in Brazil, with no other contingent
liability being individually material.
The Company is involved in processes for which management, based on the evaluation of its legal
advisors, both internal and external, judged the risk of loss as possible. The obligations arising from
these processes are considered contingent liabilities, as it is not more likely than not an out\ufb02ow of
resources embodying economic bene\ufb01ts will be required to settle the obligation.
Brazil Tax
The contingent liabilities reported for indirect taxes relating to disputes with the Brazilian authorities
are separate from the provisions listed in Note 18. The Group does not hold provisions and contingent
liabilities for the same matters.
The Group believes that the likelihood of the Brazilian tax authorities ultimately prevailing is low;
however there can be no guarantee of success in court. In each case we believe our position is strong,
so they have not been provided for and are considered to be contingent liabilities. Due to the \ufb01scal
environment in Brazil, there remains the possibility of material tax assessments related to the same
matters for periods not yet assessed. We expect that tax litigation cases related to this matter may
move from the Administrative to the Judicial Courts, although the exact timing is uncertain. In such
case, we will be required to make a judicial deposit or provide a guarantee in respect of the disputed
tax, interest and penalties. The judicial process in Brazil is likely to take a number of years to conclude. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00570": { "value": "19. Commitments and contingent liabilities Contingent liabilities
Contingent liabilities are either possible obligations that will probably not require a transfer of
economic bene\ufb01ts, or present obligations that may, but probably will not, require a transfer of
economic bene\ufb01ts. It is not appropriate to make provisions for contingent liabilities, but there is a
chance that they will result in an obligation in the future. Assessing the amount of liabilities that are
not probable is highly judgemental, so contingent liabilities are disclosed on the basis of the known
maximum exposure.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "19. Commitments and contingent liabilities Contingent liabilities
Contingent liabilities are either possible obligations that will probably not require a transfer of
economic bene\ufb01ts, or present obligations that may, but probably will not, require a transfer of
economic bene\ufb01ts. It is not appropriate to make provisions for contingent liabilities, but there is a
chance that they will result in an obligation in the future. Assessing the amount of liabilities that are
not probable is highly judgemental, so contingent liabilities are disclosed on the basis of the known
maximum exposure.
Contingent liabilities arise in respect of litigations against group companies, investigations by
competition, regulatory and \ufb01scal authorities and obligations arising under environmental legislation.
In\u00a0many markets, there is a high degree of complexity involved in the local tax regimes.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Summary of contingent liabilities
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Brazil tax assessments
98
98
Other contingent liabilities
6
5
Total
104
103
\n
The majority of contingent liabilities are in respect of \ufb01scal matters in Brazil, with no other contingent
liability being individually material.
The Company is involved in processes for which management, based on the evaluation of its legal
advisors, both internal and external, judged the risk of loss as possible. The obligations arising from
these processes are considered contingent liabilities, as it is not more likely than not an out\ufb02ow of
resources embodying economic bene\ufb01ts will be required to settle the obligation.
Brazil Tax
The contingent liabilities reported for indirect taxes relating to disputes with the Brazilian authorities
are separate from the provisions listed in Note 18. The Group does not hold provisions and contingent
liabilities for the same matters.
The Group believes that the likelihood of the Brazilian tax authorities ultimately prevailing is low;
however there can be no guarantee of success in court. In each case we believe our position is strong,
so they have not been provided for and are considered to be contingent liabilities. Due to the \ufb01scal
environment in Brazil, there remains the possibility of material tax assessments related to the same
matters for periods not yet assessed. We expect that tax litigation cases related to this matter may
move from the Administrative to the Judicial Courts, although the exact timing is uncertain. In such
case, we will be required to make a judicial deposit or provide a guarantee in respect of the disputed
tax, interest and penalties. The judicial process in Brazil is likely to take a number of years to conclude. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "19. Commitments and contingent liabilities
Commitments
Lease commitments are the future cash out \ufb02ows from the lease contracts which are not recorded in
the measurement of lease liabilities. These include potential future payments related to leases of low
value assets, leases which are less than twelve months, variable leases, extension and termination
options and leases not yet commenced but which the Group has committed to.
Other commitments principally comprise commitments under contracts to purchase materials and
services. They do not include commitments to purchase property, plant and equipment, which are
reported in Note 9.
Lease Commitments and other Commitments fall due as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Other
\u00a0
Other
In millions of \u20ac
Leases
commitments
Leases
commitments
Within 1 year
8
31
7
13
Later than 1 year but not later than 5 years
21
66
15
5
Later than 5 years
4
6
1
2
Total
33
103
23
20
\n
Lease commitments increased due to new lease contracts entered during 2025. Other commitments
mainly comprise contractual obligations for materials and services, including \u20ac62 million for
technology implementation.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "19. Commitments and contingent liabilities
Commitments
Lease commitments are the future cash out \ufb02ows from the lease contracts which are not recorded in
the measurement of lease liabilities. These include potential future payments related to leases of low
value assets, leases which are less than twelve months, variable leases, extension and termination
options and leases not yet commenced but which the Group has committed to.
Other commitments principally comprise commitments under contracts to purchase materials and
services. They do not include commitments to purchase property, plant and equipment, which are
reported in Note 9.
Lease Commitments and other Commitments fall due as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Other
\u00a0
Other
In millions of \u20ac
Leases
commitments
Leases
commitments
Within 1 year
8
31
7
13
Later than 1 year but not later than 5 years
21
66
15
5
Later than 5 years
4
6
1
2
Total
33
103
23
20
\n
Lease commitments increased due to new lease contracts entered during 2025. Other commitments
mainly comprise contractual obligations for materials and services, including \u20ac62 million for
technology implementation.
Contingent liabilities
Contingent liabilities are either possible obligations that will probably not require a transfer of
economic bene\ufb01ts, or present obligations that may, but probably will not, require a transfer of
economic bene\ufb01ts. It is not appropriate to make provisions for contingent liabilities, but there is a
chance that they will result in an obligation in the future. Assessing the amount of liabilities that are
not probable is highly judgemental, so contingent liabilities are disclosed on the basis of the known
maximum exposure.
Contingent liabilities arise in respect of litigations against group companies, investigations by
competition, regulatory and \ufb01scal authorities and obligations arising under environmental legislation.
In\u00a0many markets, there is a high degree of complexity involved in the local tax regimes.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Summary of contingent liabilities
\u00a0 \u00a0
In millions of \u20ac
2025
2024
Brazil tax assessments
98
98
Other contingent liabilities
6
5
Total
104
103
\n
The majority of contingent liabilities are in respect of \ufb01scal matters in Brazil, with no other contingent
liability being individually material.
The Company is involved in processes for which management, based on the evaluation of its legal
advisors, both internal and external, judged the risk of loss as possible. The obligations arising from
these processes are considered contingent liabilities, as it is not more likely than not an out\ufb02ow of
resources embodying economic bene\ufb01ts will be required to settle the obligation.
Brazil Tax
The contingent liabilities reported for indirect taxes relating to disputes with the Brazilian authorities
are separate from the provisions listed in Note 18. The Group does not hold provisions and contingent
liabilities for the same matters.
The Group believes that the likelihood of the Brazilian tax authorities ultimately prevailing is low;
however there can be no guarantee of success in court. In each case we believe our position is strong,
so they have not been provided for and are considered to be contingent liabilities. Due to the \ufb01scal
environment in Brazil, there remains the possibility of material tax assessments related to the same
matters for periods not yet assessed. We expect that tax litigation cases related to this matter may
move from the Administrative to the Judicial Courts, although the exact timing is uncertain. In such
case, we will be required to make a judicial deposit or provide a guarantee in respect of the disputed
tax, interest and penalties. The judicial process in Brazil is likely to take a number of years to conclude. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00568": { "value": "20. Acquisitions and disposalsBusiness combinations are accounted for using the acquisition accounting method as at the
acquisition date, which is the date at which control is transferred to the Group.
Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-
controlling interests and the fair value of any previously held equity interests less the net recognised
amount (which is generally fair value) of the identi\ufb01able assets and liabilities assumed. Goodwill is
subject to an annual review for impairment (or more frequently if necessary) in accordance with the
accounting policies of the Group. Any impairment is charged to the income statement as it arises.
Detailed information relating to goodwill is provided in Note 8.
Transaction costs are expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "20. Acquisitions and disposals
Business combinations are accounted for using the acquisition accounting method as at the
acquisition date, which is the date at which control is transferred to the Group.
Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-
controlling interests and the fair value of any previously held equity interests less the net recognised
amount (which is generally fair value) of the identi\ufb01able assets and liabilities assumed. Goodwill is
subject to an annual review for impairment (or more frequently if necessary) in accordance with the
accounting policies of the Group. Any impairment is charged to the income statement as it arises.
Detailed information relating to goodwill is provided in Note 8.
Transaction costs are expensed as incurred.
Acquisitions
There were no acquisitions completed in 2025 or in 2024, but two agreements were entered into
during the year ended 31 December 2025 for future purchases.
Acquisition of Unilever PLC\u2019s Indian Ice Cream Business
On 25 June 2025, the Group signed an agreement to buy Unilever PLC\u2019s Ice Cream Business in India,
Kwality Wall\u2019s India Ltd, on or after 1 April 2026. This acquisition will be for a price equal to Unilever
PLC\u2019s shareholding in that entity at the time of the sale (expected to be 61.9%) multiplied by the agreed
fair market value of that entity of \u20ac450 million. The sale will be funded by a term loan facility and is
subject to Hindustan Unilever Limited (HUL) completing the demerger of Kwality Wall\u2019s India Limited,
the subsequent listing of Kwality Wall\u2019s India Limited in India, the initiation of a mandatory tender o\ufb00er
to the minority shareholders of Kwality Wall\u2019s India Limited of up to 26% of its shares and the funding of
the associated escrow account by the Company.
On 1 December 2025, Kwality Wall\u2019s India Limited successfully demerged from HUL, and subsequently
its listing took place on 16 February 2026. On 16 February, we announced an o\ufb00er to acquire up to
26.0% of the Kwality Wall\u2019s India Limited shares from public shareholders at INR 21.33 per share, in
accordance with SEBI takeover regulations. India Ice Cream Business reported revenue of
\u20ac180 million and operating loss of \u20ac19 million for the 12-month period ended 31 December 2025.
Until the sale completes, its full results will continue to be reported within the Unilever Group.
Portugal
On 18 October 2025, the Group signed an agreement to acquire the Portugal ice cream business
from Unilever Fima Lda, structured as two separate transactions covering the marketing and sales
operations and the ice cream sourcing unit. The transactions are based on an aggregate enterprise
value of approximately \u20ac165 million, subject to customary completion adjustments.
On 2 March 2026, the marketing and sales entity was successfully demerged from Unilever.
Completion of its acquisition is expected on 1 April 2026. The sourcing unit acquisition will complete
separately, following receipt of additional regulatory and operational approvals.
Portugal ice cream business generated revenues of approximately \u20ac100 million and operating pro\ufb01t of
approximately \u20ac12 million for the 12-month period ended 31 December 2025.
Disposals
Venezuelan Ice Cream Business
The Group sold the Venezuelan Ice Cream Business on 3 July 2025, resulting in a recorded net loss
of \u20ac4 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00658": { "value": "21. Demerger
The Group results from the demerger of the Ice Cream Business previously owned by Unilever PLC
(Unilever Group) and is publicly listed with its shares admitted to trading on Euronext Amsterdam, the
London Stock Exchange, and the New York Stock Exchange on 8 December 2025 (the Admission).
Separation
In preparation for the planned demerger, the Ice Cream business was separated within Unilever into a
distinct legal structure.
This legal separation has been achieved through: (i) the incorporation and reorganisation of the Group
Companies to form a stand-alone group of companies within the wider Unilever Group; and (ii) the
transfer by the Unilever Group of those legal entities, assets (including intellectual property rights)
and liabilities that comprise the Ice Cream Business to the Group (as further described below). The
Separation was substantially completed on 1 July 2025 and members of the Unilever Group and the
Group entered into a number of transitional arrangements pursuant to which both corporate groups
will provide certain services to the other, including Local Operating Models Agreements (OMAs)
and\u00a0the Global Transitional Services Agreement (GTSA).
In certain territories it was necessary for the\u00a0relevant local separation to be deferred until after
1 July 2025.
The Separation was implemented through asset transfers in territories where Unilever entities also
operated non-Ice Cream businesses, and through share transfers in territories where the Ice Cream
Business was operated by dedicated or near-dedicated entities.
No Ice Cream Business in Russia was transferred to the Group pursuant to the Separation, Unilever
having disposed of its businesses in Russia in 2024.
The consideration payable by the relevant Group Companies to the relevant Unilever Group
Companies arising from the Separation transfers described above was generally calculated on
the\u00a0basis of a third-party valuation exercise. Unilever granted intercompany facility of up to \u20ac11 billion
to Group on 1 July 2025, of which the Group drew down \u20ac10,615 million to settle the consideration.
Of\u00a0this\u00a0amount, \u20ac3,162 million was repaid to Unilever in cash and the balance was capitalised before
the\u00a0Demerger.
TSAs and interim operating models
The Group and the Unilever Group have entered into certain transitional arrangements (including the
GTSA and OMAs). These arrangements have been entered into in order to ensure that the Group can
continue to operate its business while it develops the capacity to operate independently of the Unilever
Group.
Under the GTSA, Unilever provides certain services on a transitional basis, including, among others,
certain IT infrastructure and support services, \ufb01nancial services and support, operations management
services, distribution services, the use of o\ufb03ces and facilities, logistics and supply-chain management.
The Local OMAs include the following model and arrangements:
\u2022
Undisclosed agency model:
Unilever sells ice cream products in its own name but under the
instruction of the Group, temporarily holds legal title to goods, collects revenue on the Group\u2019s
behalf, and returns the proceeds after deducting commissions.
\u2022
Strategic management model:
The Group provides strategic oversight while Unilever executes
sales and operational activities; the Group recognises all revenue, and Unilever pays management
fees while receiving compensation for ancillary commercial tasks.
\u2022
Strategic consultancy agreements:
The Group oversees procurement operations, although
Unilever remains the contracting party with third party manufacturers.
\u2022
Manufacturing agreements:
Manufacturing continues through toll manufacturing agreements or
co-packing agreements in most countries, with Unilever producing on behalf of the Group.
Under the Transitional Services Agreements, Unilever transacts with customers on the Group\u2019s behalf,
however, the Group sets prices, is responsible to ful\ufb01l customer orders, and bears inventory risk.
Accordingly, the Group is the principal and recognises revenue gross, with Unilever acting as agent.
The Transition period is the period during which the Group will be under the GTSA and the OMAs. The
Group gradually exits these arrangements with full exit expected by end of 2027.
Subsidies
The Group paid an inventory subsidy of \u20ac905 million to Unilever to compensate Unilever for its
investment in inventory that it retains legal title for until the end of the GTSA period. Unilever is obligated
to repay the inventory subsidy at the end of the GTSA period when the inventory will be legally
transferred to the Group.
The Group also received a \u20ac300 million Non-Inventory Working Capital Subsidy from Unilever. The\u00a0Non-
Inventory Working Capital Subsidy is a cash \ufb02ow mechanism designed to maintain the Group\u00a0cash
\ufb02ow pro\ufb01le following the Separation for certain markets, as certain outstanding payables were retained
by\u00a0Unilever. The Non-Inventory Working Capital Subsidy is repayable at the respective TSA exit.
No interest is being charged or paid for both Subsidies. Subsequent cash \ufb02ows are presented in cash
from operating activities.
Intellectual property arrangements
Prior to the Separation, the intellectual property (\u201cIP\u201d) rights used in the Ice Cream Business were
owned by entities within the Unilever Group. As part of the Separation, IP rights were assigned to the
Group. As part of the Separation, the Unilever Group has granted the Group a number of licences to
use certain retained Unilever IP rights in relation to the Ice Cream Business, and the Group will grant
the Unilever Group a number of licences to use certain transferred IP rights in\u00a0relation to Unilever\u2019s
retained businesses.
The Demerger
The Demerger was e\ufb00ected by the Group and the Unilever Group through several steps in accordance
with the terms of the Demerger Agreement.
The Demerger was executed via an interim in specie dividend declared by the Unilever board of
directors (the \u201cDemerger Dividend\u201d). The Demerger Dividend was satis\ufb01ed by the transfer of the Group
by Unilever to the Company shortly prior to Admission. In consideration for this transfer, the Company
allotted and issued the relevant Shares to each Unilever Shareholder recorded on the Unilever share
register and each Unilever ADS Holder holding a Unilever ADS at the Record Time in the ratio of one
Share for every \ufb01ve Unilever Shares or Unilever ADSs then held. Upon these steps having taken place,
the Company became the parent company of the Group.
Shortly after completion of the Demerger, a series of corporate reorganisation steps (including the
allotment and issuance of Shares by the Company) were undertaken which resulted in 121,877,281
Shares being held by, or on behalf of, Unilever Group Companies. The number of Shares held by, or
on behalf of, Unilever Group Companies at Admission is 19.9 % of the total issued share capital of the
Company (the \u201cUnilever Retained Stake\u201d). In accordance with applicable US federal tax laws and
regulations, Unilever has indicated to the Company that it will exercise any votes attaching to the
Unilever Retained Stake in proportion to the votes cast by the Company\u2019s other Shareholders. ", "dimensions": { "concept": "mic:DisclosureOfAdditionalInformationExplanatoryTextBlock", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "The Demerger was executed via an interim in specie dividend declared by the Unilever board of
directors (the \u201cDemerger Dividend\u201d). The Demerger Dividend was satis\ufb01ed by the transfer of the Group
by Unilever to the Company shortly prior to Admission. In consideration for this transfer, the Company
allotted and issued the relevant Shares to each Unilever Shareholder recorded on the Unilever share
register and each Unilever ADS Holder holding a Unilever ADS at the Record Time in the ratio of one
Share for every \ufb01ve Unilever Shares or Unilever ADSs then held. Upon these steps having taken place,
the Company became the parent company of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00655": { "value": "22. Related party transactions
A related party is a person or entity that is related to the Group. These include both people and
entities that have, or are subject to, the in\ufb02uence or control of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00556": { "value": "22. Related party transactions
A related party is a person or entity that is related to the Group. These include both people and
entities that have, or are subject to, the in\ufb02uence or control of the Group.
Related Party transactions with Unilever:
Up to the Demerger, transactions and balances between the Group and Unilever represent related
party transactions. This included transactions with Unilever\u2019s Ice Cream business in Russia, India as
well as with its investments in associates and joint ventures that include Ice Cream activity (Unilever
FIMA LDA, Al Gurg Unilever (LLC), Thani Murshid Unilever LLC and Unilever Bahrain W.L.L.).
All signi\ufb01cant transactions with Unilever are presented throughout the consolidated \ufb01nancial
statements in the relevant Notes, except for the transactions presented below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Transactions with Unilever (pre-Demerger)
\u00a0\u00a0\u00a0
In millions of \u20ac
2025
2024
2023
TSA fees charged by Unilever
(a)
106
-
-
Ice Cream sales to Unilever\u2019s Joint Ventures
56
42
56
Ice Cream purchases from Unilever\u2019s Joint Ventures
28
27
24
Indirect and general corporate expense allocations from
\u00a0\u00a0\u00a0
Unilever
(a)
96
191
177
Allocated depreciation and amortisation
33
63
59
Royalty and service fees from Unilever
14
27
27
\n
(a) There were number of indirect central costs that have been allocated to periods prior to Demerger to re\ufb02ect the fact that the Ice Cream Busi-
ness operated as part of the wider Unilever Group. These costs related to general marketing and corporate expenses including \ufb01nance, legal,
information technology, human resources, communications, and audit. These expenses were allocated to the Ice Cream Business on the basis
of direct usage where identi\ufb01able, or by using allocation drivers based on the nature of the expense and are recorded in Cost of Sales and Sel-
ling & administrative expenses. Following the separation on 1 July 2025, these were replaced by a combination of TSA charges or recruitment of
new sta\ufb00, with certain TSA costs being subject to a 5% margin.
Following the Demerger, the Group assessed that Unilever no longer meets the de\ufb01nition of a related
party. Although Unilever retains a minority shareholding of approximately 19.9% in the Group and certain
transitional arrangements remain in place, Unilever does not have control, joint control or signi\ufb01cant
in\ufb02uence over the Group\u2019s \ufb01nancial and operating policies. Accordingly, the transactions presented
below relate to periods prior to the Demerger, when Unilever was a related party of the Group.
The following related party balances existed between the Ice Cream Business and Unilever Group in
prior period:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Period end balances with Unilever
\u00a0
In millions of \u20ac
2024
Loan balances payable to Unilever
9
Trading and other receivables balances due from Unilever\u2019s Joint Ventures
12
Trading and other payables balances due to Unilever\u2019s Joint Ventures
7
\n
Loan balances payable to Unilever as at 31 December 2024 consisted of loans between Ice Cream
legal entities and Unilever. These loans were unsecured, repayable within 2 years and were interest
bearing with rates as set out below.
\n\n \u00a0 \u00a0 \u00a0 \u00a0\n \n
Maturity
31 December 2024
Borrowing entity
Currency
date
Interest rate %
In millions of \u20ac
Unilever Ice Cream
EURIBOR 6M + 4.188%,
Bulgaria EOOD
BGN
09/05/25
\ufb02oored at 0%
9
\u00a0\n
Other Related Party of the group:
In 2025, Magnum RFM Ice-cream Inc, a subsidiary of the Group, paid \u20ac9 million of dividend to RFM
Corporation Inc, a non-controlling interest of the Group. RFM Corporation Inc. is a related party as it
has signi\ufb01cant in\ufb02uence over the subsidiary.
Compensation for Key Management is disclosed in Note 4A.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00563": { "value": "23. Legal entities
Interest in subsidiaries
The Group has a programme of action to rename and harmonise all legal entity names to re\ufb02ect The
Magnum Group. The former name of the legal entity is included in brackets. The list of name changes
has been updated to include all changes e\ufb00ected up to 12 February 2026. TMICC N.V. provided a
guarantee under section 2:403 of the Dutch Civil Code to the twelve legal entities in The Netherlands.
The Group comprises the following entities 100 % owned by the Group and are consolidated:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Country
Legal Entity Name
Australia
Ben & Jerry\u2019s Franchising Australia Limited
(#)
\u00a0
Magnum ICC Australia Pty Ltd
Austria
Delico Handels GmbH
(#)
\u00a0
Magnum ICC Austria GmbH
Belgium
Magnum ICC Belgium NV
Brazil
Magnum ICC Brasil Supply Ltda (formerly Unilever Brasil Gelados Ltda)
(#)
\u00a0
Magnum ICC Brasil Ltda
Bulgaria
Unilever Ice Cream Bulgaria EOOD
(#)
Canada
Magnum ICC CA Limited
China
Wall\u2019s (China) Co., Ltd.
(#)
\u00a0
Magnum Investment (Shanghai) Co., Ltd
Czech Republic
Magnum ICC \u010cR, spol. s r.o.
Denmark
Magnum ICC Denmark A/S
Ecuador
Magnum-ICC Ecuador S.A.S.
Finland
Magnum ICC Finland Oy
France
Cogesal-Miko SAS
(#)
\u00a0
Magnum ICC Retail Operations France SAS
(#)
\u00a0
(formerly Unilever Retail Operations France SAS (UROF))
\u00a0
Magnum ICC France SAS
Germany
Magnum ICC Germany GmbH (formerly BlitZ 24-179 GmbH)
\u00a0
Magnum ICC Germany Supply GmbH (formerly Blitz 24-180 GmbH)
Greece
ALGIDA ICC Single Member S.A.
Hungary
Magnum ICC Hungary Kft (formerly Magnum ICC Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g)
\u00a0
Magnum ICC Hungary Supply Kft
\u00a0
(formerly Magnum ICC Hungary supply Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g)
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Country
Legal Entity Name
India
Magnum ICC India Services Private Limited
Indonesia
PT The Magnum Ice Cream Indonesia
Ireland
Magnum ICC Ireland Limited
Israel
Glidat Strauss Limited
(#)
Italy
Gromart S.R.L
(#)
\u00a0
Magnum ICC Italy S.r.l.
\u00a0
Magnum ICC Italy Supply S.r.l.
Kazakhstan
Magnum ICC Kazakhstan Limited
Lithuania
UAB Magnum Lietuva gamyba (formerly UAB Unilever Lietuva ledu gamyba)
(#)
Malaysia
Magnum ICC MY SDN. BHD
Mexico
Magnum ICC M\u00e9xico, S. DE R.L. DE C.V.
Netherlands
Ben en Jerry's Hellendoorn B.V.
(#)
\u00a0
The Magnum Ice Cream Company HoldCo Netherlands B.V.
\u00a0
The Magnum Ice Cream Company HoldCo 1 Netherlands B.V
\u00a0
The Magnum Ice Cream Company HoldCo 2 Netherlands B.V.
\u00a0
The Magnum Ice Cream Company HoldCo 3 Netherlands B.V.
\u00a0
The Magnum Ice Cream Company HoldCo 4 Netherlands B.V.
\u00a0
The Magnum Ice Cream Company NewCo Netherlands B.V.
\u00a0
Magnum ICC Europe B.V.
\u00a0
Magnum ICC Finance B.V.
\u00a0
Magnum IP Holdings B.V.
\u00a0
Magnum ICC Global Services B.V.
\u00a0
Magnum ICC Netherlands B.V.
New Zealand
Ben & Jerry's Franchising New Zealand Limited
(#)
\u00a0
Magnum ICC NZ Limited
Poland
Magnum ICC Poland sp.z o.o. (formerly Nonia sp. Z o.o.)
\u00a0
Magnum ICC Poland Supply sp.z o.o. (formerly Nogaro sp. z o.o.)
Romania
Betty Ice SRL
(#)
\u00a0
Betty Ice Distributie SRL
(#)
\u00a0
Magnum ICC RO S.R.L.
Singapore
Magnum ICC SG Pte Ltd
Slovakia
Magnum ICC Slovakia s. r. o.
South Africa
Magnum ICC SA Propietary Limited (formerly Magnum Ice Cream Company South Africa)
Spain
Magnum ICC Spain S.L.
Sweden
Magnum ICC Sweden Supply AB (formerly Unilever Produktion AB)
(#)
\u00a0
Magnum ICC Sweden AB (formerly The Magnum Ice Cream Company Sweden AB)
Switzerland
The Magnum Ice Cream Company Switzerland AG
Thailand
Magnum ICC (Thailand) Co. Ltd
\u00a0
(formerly The Magnum Ice Cream (Thailand) Company Limited)
T\u00fcrkiye
Magnum Dondurma Anonim \u015eirketi
UAE
Magnum ICC General Trading L.L.C.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Country
Legal Entity Name
UK
Magnum ICC UK Limited (formerly The Magnum Ice Cream Company UK Trading Limited)
\u00a0
Magnum ICC UK Supply Limited
\u00a0
(formerly The Magnum Ice Cream Company Manufacturing UK Limited )
\u00a0
Magnum ICC UK R&D Limited
\u00a0
(formerly The Magnum Ice Cream Company R&D United Kingdom Limited)
United States of America
Ben & Jerry\u2019s Homemade Inc
(#)
\u00a0
Ben & Jerry\u2019s Franchising Inc
(#)
\u00a0
Ben & Jerry\u2019s Gift Card LLC
(#)
\u00a0
Yasso Holdings Inc
(#)
\u00a0
Yasso Inc
(#)
\u00a0
Magnum ICC US SpinCo, LLC
\u00a0
Magnum ICC US Holdco, LLC
\u00a0
Magnum ICC US, LLC
\u00a0
Ben & Jerry's Holdco, LLC
\n
And the following entities which are not 100% owned and are consolidated:
\n\n \u00a0 \u00a0\n \n
Country
Legal Entity Name
% Group Shareholding
Pakistan
The Magnum Ice Cream Company Pakistan Limited
99.35%
Philippines
Magnum RFM Ice Cream Inc
50%+1 share
(formerly Unilever RFM Ice Cream, Inc)
(#) (a)
\n(a) The Group controls Magnum RFM Ice Cream Inc as it has the majority of seats at the Board and voting rights.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "Interest in joint ventures and associates \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Country
Legal Entity Name
% Group Shareholding
Philippines
Selecta Wall\u2019s Land Corporation
(#)
50%
(b)
\u00a0
WS Holding, Inc.
(#)
40%
\n
(b) Direct 40% and indirect 10% through WS holding Inc.
The Group has signi\ufb01cant in\ufb02uence over the joint ventures and associates, however due to materiality
has accounted for those under non-current investment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "Interest in joint ventures and associates \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Country
Legal Entity Name
% Group Shareholding
Philippines
Selecta Wall\u2019s Land Corporation
(#)
50%
(b)
\u00a0
WS Holding, Inc.
(#)
40%
\n
(b) Direct 40% and indirect 10% through WS holding Inc.
The Group has signi\ufb01cant in\ufb02uence over the joint ventures and associates, however due to materiality
has accounted for those under non-current investment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "Interest in joint ventures and associates \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Country
Legal Entity Name
% Group Shareholding
Philippines
Selecta Wall\u2019s Land Corporation
(#)
50%
(b)
\u00a0
WS Holding, Inc.
(#)
40%
\n
(b) Direct 40% and indirect 10% through WS holding Inc.
The Group has signi\ufb01cant in\ufb02uence over the joint ventures and associates, however due to materiality
has accounted for those under non-current investment.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00657": { "value": "The Group has signi\ufb01cant in\ufb02uence over the joint ventures and associates, however due to materiality has accounted for those under non-current investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "24. Auditor fees
The following fees were charged by KPMG Accountants N.V. to the Company, its subsidiaries and
other consolidated companies, as referred to in Section 2:382a (1) and (2) of the Dutch Civil Code.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
KPMG
Other
\u00a0
2025
Accountants
KPMG
Total
In millions of \u20ac
N.V.
network
KPMG
Audit of the \ufb01nancial statements
6
4
10
Other audit engagements
0
-
0
Assurance engagements related to sustainability reporting
1
-
1
Tax-related advisory services
-
-
-
Other non-audit services
-
-
-
Total
7
4
11
\n
Fees for audit of the \ufb01nancial statements services include the audit of the \ufb01nancial statements of the
Company and its subsidiaries. Fees for assurance engagements related to sustainability reporting and
other audit services relate to sustainability audits and other assurance services in relation to required
certi\ufb01cations. Fees for audit services are included within Operating Costs (Note 3). These fees are
recognised when the service is provided.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "25. Events after the balance sheet date
Where events occurring after the balance sheet date provide evidence of conditions that existed
at\u00a0the end of the reporting period, the impact of these events is adjusted within the consolidated
\ufb01nancial statements. Otherwise, events after the balance sheet date of a material size or nature are
disclosed\u00a0below.
There are no events after the balance sheet date other than those disclosed in Note 20. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:25490052LLF3XH6G9847", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }