Unilever PLC

Latest Results (04.06.2026):

Unilever PLC — First Quarter 2026: Unilever reported volume-led underlying sales growth of 3.8% in Q1 2026 (underlying volume growth 2.9%, underlying price growth 0.9%), with turnover of €12.6bn, down 3.3% vs Q1 2025 largely due to a negative currency impact of (7.7)%. Growth was broad-based (Power Brands +5.0% USG) and led by emerging markets (5.7% USG, India +7%). The company reconfirmed its full‑year 2026 outlook and announced the Foods combination with McCormick, alongside ongoing productivity delivery and shareholder returns.

Headline numbers

Q1 2026 USG 3.8% (UVG 2.9%, UPG 0.9%); turnover €12.6bn (−3.3% YoY). Currency headwind (−7.7)% materially offset positive underlying growth.

Business group performance

Power Brands led performance: Beauty & Wellbeing USG 3.6%, Personal Care 3.7%, Home Care strongest at 6.1% (volume 6.2%), Foods 2.2% (volume 2.4%). Home Care and Dove/Vaseline among notable drivers.

Regional split

Emerging markets: 5.7% USG with 4.2% volume contribution (India +7%, China mid-single digit). Developed markets: 1.0% USG (Europe slightly negative at −0.9%; North America +2.1%).

Foods-McCormick transaction

Announced March 2026: intends to combine Unilever Foods with McCormick to create a global flavour business. Expected ~$600m annual run‑rate cost synergies plus $100m incremental synergies; stranded costs €400–500m and one‑off restructuring ~€500m; target close by mid‑2027 subject to approvals.

Productivity & capital allocation

Productivity programme on track: €750m savings delivered to date vs €800m target by end‑2026. Capital priorities remain: invest in growth, bolt‑ons/disposals, dividend and buybacks.

Shareholder returns

Q1 interim dividend €0.4664 per share (up 3% vs Q1 2025). €1.5bn share buyback commenced, expected to complete on or before 6 July 2026; Unilever expects cash receipts to support up to €6bn of buybacks between 2026–2029 related to Foods transaction.

Outlook

Full‑year 2026 outlook reconfirmed: expect underlying sales growth at the bottom end of the 4–6% multi‑year guidance and at least 2% underlying volume growth for the year, and a modest improvement in underlying operating margin versus 20.0% in 2025.