Co-movers

daily closes · 500dMethod

Moved together

ULwithMRK

×0.36co-movement · MRK on UL · 500d

r 0.27scale to r 0.75

Shared co-movers1with ULwith MRK

NVSNovartis AGr 0.46r 0.51

UL, solidMRK, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

ULUnilever PLC

65.27+1.69%· post 65.45

Mkt cap$142.3BRevenue—Revenue—

MRKMerck & Co., Inc.

149.66+2.28%· post 149.47

ClosedOct 30 '26

Mkt cap$368.9BRevenue$16.6BQ2 FY26Revenue$65.0BFY25

vs

Compare

ClosedOct 30 '26

ULUnilever PLC

vs

MRKMerck & Co., Inc.

65.27+1.69%post 65.45

Price

149.66+2.28%post 149.47

$142.3B

Mkt cap

$368.9B

—

Revenue

$16.6BQ2 FY26

—

Revenue

$65.0BFY25

UL compared with MRK: revenue, margins and what each company keeps, and the suppliers and customers both name