Unilever PLC

Latest Results (14.12.2025):

Unilever PLC — Third Quarter 2025: Unilever reported broad-based underlying sales growth of 3.9% in Q3 2025 (4.0% excluding Ice Cream) with volume up 1.5% and price up 2.4%, and turnover of €14.7bn (down 3.5% year‑on‑year, driven mainly by a c.6.1% adverse currency impact and c.1.0% net disposals). The company reconfirmed its full‑year 2025 outlook and expects the Ice Cream demerger to complete in Q4 2025.

Key financials

Underlying sales growth (USG) Q3 2025: 3.9% (1.5% UVG, 2.4% UPG). Turnover: €14.7bn, a (3.5)% reported decline reflecting (6.1)% currency headwinds and (1.0)% net disposals. Power Brands (78% of turnover) grew 4.4% USG (1.7% volume, 2.6% price).

Business group performance

Q3 2025 USG and turnover: Beauty & Wellbeing €3.2bn, USG 5.1%; Personal Care €3.3bn, USG 4.1%; Home Care €2.8bn, USG 3.1%; Foods €3.1bn, USG 3.4%; Ice Cream €2.3bn, USG 3.7% (price‑led, flat volume vs prior comparator).

Geographic highlights

Asia Pacific & Africa led growth with USG 6.8% (turnover €6.2bn). North America strong: USG 5.5% (turnover €3.3bn). Europe grew modestly: USG 1.1% (turnover €3.3bn). Latin America declined (2.5)% with significant negative volume trends.

Ice Cream demerger

Unilever expects the Ice Cream demerger to complete in Q4 2025, creating The Magnum Ice Cream Company (TMICC). Qualifying shareholders to receive 1 TMICC share per 5 Unilever shares; Unilever will retain ~19.9% stake for up to five years and expects to report Ice Cream as a discontinued operation from Q4.

Dividend, capital allocation & M&A

Q3 interim dividend: €0.4528 per Unilever PLC ordinary share (up 3% vs Q3 2024). Company continues targeted acquisitions (e.g., Dr. Squatch completed) and selective disposals (e.g., sale of The Vegetarian Butcher).

Productivity, costs and margins

Productivity programme: €800m target with ~€650m expected by end‑2025 and remaining €150m in 2026. Anticipated lower restructuring costs (~1.2% of turnover in 2025). Full‑year 2025 outlook reconfirmed: USG 3–5%; expected improvement in underlying operating margin, with H2 margins at least 18.5% (or ≥19.5% excluding Ice Cream).