Unilever PLC

Latest Results (25.04.2026):

Unilever PLC — Full Year 2025 results (including Fourth Quarter 2025): the company reported underlying sales growth (USG) of 3.5% for the year (4.2% in Q4), turnover of €50.5bn (down 3.8% reported) and continued margin expansion, while completing the Ice Cream demerger and announcing further shareholder returns.

Headline results

Underlying sales growth 3.5% in 2025 (Q4 USG 4.2%), turnover €50.5bn (reported decline of 3.8% driven by -5.9% currency and -1.2% disposals), and underlying operating profit €10.1bn (underlying operating margin 20.0%, +60bps).

Profitability & margins

Gross margin improved to 46.9% (+20bps); brand & marketing spend 16.1% of turnover (+10bps); underlying operating margin rose to 20.0% (up 60bps year‑on‑year).

Earnings per share

Underlying EPS (diluted) €3.08, up 0.7% (adverse currency -8.8%); diluted GAAP EPS €2.59, up 6.2%.

Cash flow & capital returns

Free cash flow €5.9bn with 100% cash conversion (down €0.4bn mainly due to Ice Cream demerger costs); returned €6.0bn to shareholders in 2025 and announced a new €1.5bn share buyback; Q4 dividend raised 3% to €0.4664 per share (payable March 2026).

Portfolio transformation & demerger

Completed demerger of the Ice Cream business (TMICC) on 6 Dec 2025, retaining ~19.9% stake; figures presented on continuing basis (ex‑Ice Cream); 10 transactions announced/completed since start of 2025 to refocus on Beauty & Wellbeing and Personal Care.

Productivity & cost action

Productivity programme delivered ~€670m cumulative savings by end‑2025 (ahead of plan), with total target of ~€800m and remaining ~€130m to be delivered in 2026; overheads improved 50bps.

Business group performance

Power Brands (78% of turnover) led growth (+4.3% USG). By group: Beauty & Wellbeing USG 4.3%, Personal Care 4.7%, Home Care 2.6%, Foods 2.5%; Personal Care and Beauty & Wellbeing were primary drivers.

Geographic trends

Emerging markets 59% of turnover grew 3.5% USG (Q4 5.8%); Developed markets grew 3.6% USG (Q4 1.7%); North America strong with 5.3% USG (3.8% volume) for the year.

Balance sheet & other items

Closing net debt €23.1bn (net debt/UEBITDA 2.0x); pension surplus €3.5bn; net finance costs €503m; restructuring and non‑underlying items highlighted but underlying results exclude these one‑offs.

Outlook

Guidance: expect 2026 underlying sales growth within the multi‑year range of 4–6% with at least 2% volume growth (2026 likely at the lower end) and a modest improvement in underlying operating margin versus 20.0% in 2025.