Q3 beat on both volumes AND price, raising outlook Unilever continues the theme of FMCG beats and raises in Q3. Q3 underlying sales are +10.6% (consensus +8.0%). Volumes of -1.6% (consensus -2.6%) are better than feared. Price of +12.5% (consensus +10.9%) is also better than expected. This well-balanced top-line delivery should please the market. Importantly, underlying volume growth improved in four of the five Business Groups during Q3 as compared to Q2, despite more pricing being taken, which suggests the strength of the businesses is improving following the re-organisation of the operations which completed over the summer. The FY outlook is raised to above 8% underlying sales growth (previously above 4.5-6.5%), with volume more negative than in the 9M (which was -1.6%). Consensus is currently at +7.7% sales growth for FY22, and expects -2.2% volumes, so we do not expect a significant upgrade. However, the Q3 delivery and FY outlook should reassure the sceptics. The company notes its pension funds are well-funded with no liquidity issues. Unilever hosts a conference call at 8:00am BST.