Summary of Q2/H123 results A strong set of results from Unilever. Q2 LFL sales growth at +7.9% was 1.5% ahead of co. cons, with volumes at -0.3% coming 90bp ahead. The volume beat was principally driven by North America and Latin America. As to pricing, Europe with Q2 pricing at +15.5% was the stand-out (in part reflecting incremental actions in Nutrition and Ice-Cream). Turning to margins, H1 margins expanded by 10bp YOY (vs. co. cons. at -80bp) with gross margins expanding by +30bp. H1 FD EPS at EUR1.39 was c.7.8% ahead of co. cons. and the quarterly DPS at EUR0.4268 remained flat sequentially. News We highlight that the new CEO will give more detail on his plans with the Q3 update in late October. Earnings We revise our FY23e/FY24e/FY25e EPS by +3%, +2% and +2% respectively. Investment thesis We view a new CEO, an effective margin rebase, substantial portfolio/organisation change and the possibility for more radical change (a split) as being an attractive combination. Rating / target price We maintain our Outperform rating. Our TP moves from GBP51 to GBP50. 15 questions for management As things stand, there will likely be little to no pricing to be had in the industry in FY24. Given this, do you believe that you will be able to perform at the upper end of the +3-5% mid-term growth range that you target?