Unilever PLC

Latest Results (15.07.2026):

Unilever PLC — First Quarter 2026: Underlying sales growth (USG) was 3.8% in Q1 2026, driven by volume-led growth (underlying volume growth 2.9%, underlying price growth 0.9%). Reported turnover was €12.6bn, down (3.3)% versus 2025 as positive USG and M&A were more than offset by a (7.7)% currency headwind. The company reconfirmed its full‑year 2026 outlook and announced the Unilever Foods combination with McCormick alongside shareholder returns including a Q1 dividend increase and an active share buyback.

Key Q1 2026 numbers

USG 3.8%, UVG 2.9%, UPG 0.9%; turnover €12.6bn (‑3.3% year on year). Currency translation reduced turnover by 7.7%, acquisitions added 1.4% and disposals subtracted 0.5%.

Volume-led performance & Power Brands

Growth was volume‑led: volumes +2.9% overall. Power Brands outperformed with 5.0% USG and 4.0% volume growth, cited as a main driver of the quarter’s momentum.

Business group snapshots

Home Care strongest (USG 6.1%, volumes +6.2%). Beauty & Wellbeing USG 3.6% (volumes +1.9%), Personal Care USG 3.7% (volumes +1.1%), Foods USG 2.2% (volumes +2.4%). Notable brand drivers: Dove and Vaseline in Beauty, Hellmann’s in Foods, strong liquid laundry and Comfort in Home Care.

Regional performance

Emerging markets led growth: emerging markets USG 5.7% (volumes +4.2%); developed markets USG 1.0% (volumes +0.9%). India grew ~7% (volumes +6%), Latin America recovered with 6.2% USG and return to volume growth, while Europe was slightly down (USG ‑0.9%, volumes ‑1.2%).

Foods-McCormick combination

Unilever announced the planned combination of its Foods business with McCormick in March 2026 (excluded businesses listed in the release). Expected benefits: ~US$600m annual run‑rate cost synergies (net of reinvestment) plus US$100m incremental synergies to be reinvested. Anticipated stranded costs €400–500m and one‑off restructuring costs ~€500m (2027–2029). Target completion by mid‑2027, subject to approvals and conditions.

Capital allocation & shareholder returns

Quarterly interim dividend Q1 2026: €0.4664 per share (up 3% vs Q1 2025). €1.5bn share buyback commenced and expected to complete on or before 6 July 2026; company notes potential for up to €6bn of buybacks supported by Foods transaction proceeds between 2026–2029. Continued priority on reinvestment, bolt‑on M&A and selective disposals.

Productivity & outlook

Productivity programme: €750m of €800m target savings delivered by end Q1 2026. Full‑year 2026 outlook reconfirmed: underlying sales growth expected at the bottom end of the multi‑year 4–6% range, with at least 2% underlying volume growth and a modest improvement in underlying operating margin versus 20.0% in 2025.