Summary of Q2/H122 results Q2 LFL sales at +8.8% were c.1.8% ahead of co. consensus with volumes at -2.1% coming c.30bp below consensus and pricing at +11.2% coming +2.2% above. We note Unilever commented that China volumes (lockdowns) declined by -10.5% (which we estimate equates to around -70bp at the group level). As to profits, H1 margins at 17.0% (-180bp YOY) were materially above co. consensus (16.4%) with the quality being better than we anticipated (GM -210bp YOY). This margin beat was the principal factor behind H1 EBIT and EPS coming c.6% ahead of company consensus. News We highlight that Unilever changed its mid-term margin guidance from restoring margins over 2023 and 2024 to increasing margins over 2023 and 2024. Earnings We revise our FY22e EPS by c.+2% (primarily higher revenues), but leave our FY23e and FY24e EPS unchanged (some tempering of margin expectations offsetting higher revenues). Investment thesis We see attraction in Unilever as a value play that offers potential change optionality. Rating / target price We maintain our Outperform rating. Our target price moves from GBP44 to GBP46 reflecting the 6-month roll-forward of our target earnings base. 15 questions for management Can you please shed some colour on the dynamics of your last Board meeting?