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30th June, 2026 Stock Code: BSE: 500696 NSE: HINDUNILVR ISIN: INE030A01027 BSE Limited, National Stock Exchange of India Ltd Corporate Relationship Department, Exchange Plaza, 5th Floor, 2nd Floor, New Trading Wing, Plot No. C/1, G Block, Rotunda Building, P.J. Towers, Bandra – Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Dear Sir/Madam, Sub: Chairman’s Speech at the 93rd Annual General Meeting of the Company We are enclosing herewith a copy of the Chairman’s Speech as delivered at the 93rd Annual General Meeting of the Company held today. You are requested to kindly take the above information on record. Yours faithfully, For Hindustan Unilever Limited Radhika Shah Company Secretary & Compliance Officer Membership No: A19308 Encl: As above Resilience to Reinvention was the subject of the speech delivered by Nitin Paranjpe, Chairman, Hindustan Unilever Limited, at the Annual General Meeting held on 30 June 2026. RESILIENCE TO REINVENTION AGM Speech 2026 I. Disruption is the New Normal Every generation believes it is living through extraordinary times. Every generation is right. From the Great Depression in the 1930s to the World War, rise of the internet and dotcom bubble to the more recent Covid 19 pandemic – societies and businesses have survived several disruptions over the last century. However, what we are experiencing now is qualitatively different. Today change is no longer episodic. While earlier eras of disruption were largely sequential, today, disruptions are simultaneous and compounding. Geopolitics, technology and climate change are all reshaping the operating environment at the same time. Consider what the world has experienced in recent times. Over the past twelve months, we have witnessed conflicts that have disrupted energy markets and global trade routes. Climate volatility—from heatwaves to erratic rainfall—has affected agriculture, water systems and livelihoods. Financial conditions have tightened as growth expectations have moderated. At the same time, consumer behaviour continues to evolve rapidly, driven by digital adoption, new channels, and rising expectations of value and responsibility. These are not isolated headlines. They are the texture of our operating reality. And they affect not just balance sheets and supply chains, but real lives—the farmer whose input costs rise overnight, the small retailer navigating a digital marketplace she did not design, the young professional wondering whether her skills will still be relevant in five years. The question is no longer whether disruption will come. The question is whether we can turn these challenges into opportunities. Whether the things we do today to navigate short-term pressures can also become the foundations of long-term strength. I believe that the best short-term responses are those that also build the future. Resilience and reinvention are not separate agendas. Businesses and nations that imbibe this thought will not just survive the next disruption, but they will shape what comes after it. II. India's Moment: Strong Long-Term Fundamentals Despite Near-Term Headwinds Like every major economy, India too is navigating a difficult external environment—volatile energy prices, disruptions in key shipping corridors, currency fluctuations, and the impact of a slowing global economy. Against this backdrop, growth expectations have moderated. Yet even at those moderated levels, India remains the fastest-growing major economy. The IMF's April 2026 World Economic Outlook places India at 6.5 per cent in calendar year 2026, the highest among major economies. These are not just numbers. They reflect something deeper— a degree of structural resilience that is exemplary. If India is to sustain high growth over a long period, it will require continued reform, investment, and execution. It rests, in my view, on three drivers. First, a young and growing population. India has a growing working-age population that is expected to peak between 2030-2040. By the time we reach the centenary of our independence in 2047, this demographic advantage, if harnessed well, will be a force multiplier for consumption, productivity, and innovation. But as recent research reminds us, this dividend is neither automatic nor permanent. Without sustained job creation, productivity gains, and greater participation of women in the workforce, a once-in-a- generation opportunity could narrow down faster than we expect. Second, digital penetration that is without parallel. India's digital public infrastructure is not just a technology story, it is a democratisation story. UPI now processes over 18 billion transactions every month, serves 491 million individuals, and connects 675 banks on a single platform. Digital payments represent 85 per cent of all digital transaction volume. India now accounts for nearly 50 per cent of global real-time digital payments surpassing Visa in daily transaction volume. This is infrastructure that no other large economy has built at this scale, and it creates the rails on which the next generation of commerce, credit, and inclusion will run. Third, a positive and proactive policy environment. India's policy environment today is proactive and growth-oriented, creating a powerful tailwind for businesses and consumers alike. For instance, Goods and Services Tax reforms have sparked a broad-based consumption revival. At the same time, the government is driving a massive infrastructure push to connect markets. Government capital outlay has quadrupled from ₹2.63 lakh crore in FY18 to ₹11.21 lakh crore in FY26 and eleven industrial corridors are being built across the nation. We are also witnessing a manufacturing renaissance through Make in India and PLI schemes. The results speak for themselves—electronics production increased nearly sixfold between 2014–15 and 2024–25, mobile phone exports rose from ₹1,500 crore to ₹2 lakh crore in the same period making India the second largest mobile phone manufacturer. India is no longer just assembling, it is designing, manufacturing, and exporting. This is proof that when policy, private enterprise, and skill come together, India can become a force to reckon with. However, governments can only lay the foundation through infrastructure, reform, and policy. They cannot build the edifice alone. India's private sector is already a principal engine of growth, investment, and innovation. India Inc must partner the nation's growth journey by stepping up investment in technology and infrastructure, driving innovation and R&D, deepening manufacturing capabilities, and leading the green transition. These are moats that will not only help businesses navigate the present, but also build enduring competitive advantage for the future. III. Building for the future: Short-Term Navigation to Create Long-Term Capability The operating environment for businesses today is markedly different. Businesses cannot afford to simply be efficient, they must be agile, anticipatory, and deeply connected to the ecosystems in which they operate. To play their part in India's next phase of growth, they will need to rethink what resilience means. Business resilience today, is about building better systems: supply chains that can shift when a route is disrupted; data that senses change before it appears in reported sales; factories that can switch faster; sourcing models that reduce dependence on any single material or geography; and organisations whose people can work alongside technology and adapt at speed. Let me elaborate on the five moats I believe will help businesses build this resilience. III.i. Embedding AI across the enterprise First, technology, and specifically Artificial Intelligence, deployed across the value chain will continue to be the key strength for future growth. Most companies today are using AI in pockets. However, only a few have embedded it across the enterprise. It is important because real value does not come from isol [Showing first 8,000 characters — download PDF for full document]