Unilever PLC

Latest Results (27.01.2026):

Unilever PLC — Third Quarter 2025: Underlying sales grew 3.9% in Q3 2025 (4.0% excluding Ice Cream) with turnover of €14.7bn, down (3.5)% year‑on‑year largely due to currency (‑6.1%) and net disposals (‑1.0%). Volumes rose 1.5%, price contributed 2.4%, the company reconfirmed its 2025 outlook and the Ice Cream demerger is expected to complete in Q4 2025; the quarterly dividend was raised 3% versus Q3 2024.

Top-line and turnover

Q3 turnover €14.7bn, a (3.5)% decline versus Q3 2024 driven by currency headwinds (‑6.1%) and disposals (‑1.0%). Underlying sales growth (USG) was 3.9% (4.0% excl. Ice Cream).

Volume vs price

Underlying volume growth (UVG) was 1.5% and underlying price growth (UPG) 2.4% in Q3, indicating the quarter’s growth was a mix of modest volume recovery and continued pricing.

Business group performance

All Business Groups delivered USG >3%: Beauty & Wellbeing +5.1% (volume +2.3%, price +2.7%), Personal Care +4.1% (vol +1.0%, price +3.1%), Home Care +3.1% (vol +2.5%), Foods +3.4% and Ice Cream +3.7% (price-driven, flat volume).

Power Brands and channels

Power Brands (78% of turnover) grew USG 4.4% with volumes +1.7% and price +2.6%, driving broad-based performance and strength in developed markets and North America.

Geography highlights

Asia Pacific & Africa led with USG 6.8% (vol +3.5%). North America was strong: USG 5.5% with volume +5.4%. Latin America declined (2.5)% with significant volume weakness (‑7.3%). Europe modest at +1.1%.

Ice Cream demerger and capital structure

Unilever expects the Ice Cream demerger (to create The Magnum Ice Cream Company) to complete in Q4 2025; qualifying shareholders receive 1 TMICC share per 5 Unilever shares, and Unilever will retain ~19.9% for up to five years. A share consolidation is planned after demerger to maintain per‑share comparability.

Dividends, M&A and productivity

Q3 interim dividend €0.4528 per Unilever PLC ordinary share (up 3% y/y). Completed acquisition of Dr. Squatch and sale of The Vegetarian Butcher. Productivity programme remains ahead of plan with ~€650m savings expected by end‑2025 (total target €800m) and lower restructuring costs (~1.2% of turnover) for 2025.

Outlook

Full‑year 2025 outlook reconfirmed: underlying sales growth expected 3–5% (applies including and excluding Ice Cream). Second‑half growth expected to be ahead of first half, with anticipated improvement in underlying operating margin and H2 margins at least 18.5% (19.5% excluding Ice Cream).