Summary of Q2/H124 results Q2 LFL sales growth at +3.9% was c.30bp below co. cons and driven by +2.9% volume (co. cons: +2.6%) and +1.0% pricing (co. cons: +1.6%). The story was however more about the bottom-line. The H1 EBIT margin at +250bp YOY was c.200bp above consensus, driven by +420bp GM expansion. This helped to deliver a c.12% EBIT / EPS beat vs. co. consensus. Also noteworthy was a c.3% increase in the dividend (the first since Q420). News We highlight that the Unilever CEO believes that there is still a lot to do and while there are some green shoots in competitiveness, it will take time. Earnings We revise our FY24/25/26e EPS by c+5% (primarily reflecting a higher EBIT margin assumption). Investment thesis We believe that Unilever is on a journey towards becoming a structurally faster growth, largely pure play HPC business. Rating / target price We maintain our Outperform rating. Our TP moves from GBP49 to GBP53 (reflecting our EPS revisions and the 6-month roll-forward of our target earnings base). 15 questions for management If over a 19% margin was too high, how should we think about the margin beyond FY24?