UNILEVER (UL) Company Report

Analyst Coverage

Research analysts who have asked questions during UNILEVER earnings calls.

Celine Pannuti

JPMorgan Chase & Co.

5 questions for UL

Also covers: BUD, DEO, HLN

Jeremy Fialko

HSBC

5 questions for UL

Also covers: HLN, KVUE

Tom Sykes

Deutsche Bank

5 questions for UL

Also covers: HLN

Warren Ackerman

Barclays

5 questions for UL

Also covers: HLN

David Hayes

Jefferies

4 questions for UL

Also covers: HLN

Jean-Olivier Nicolai

Goldman Sachs Group Inc.

4 questions for UL

Also covers: BUD

Jeff Stent

BNP Paribas

4 questions for UL

Sarah Simon

Morgan Stanley

4 questions for UL

Also covers: BUD, HLN, PUBGY +1 more

Guillaume Gerard Delmas

UBS

3 questions for UL

Also covers: HLN

Guillaume Delmas

UBS Group AG

2 questions for UL

Also covers: HLN

Jeffrey Stent

BNP Paribas Exane

2 questions for UL

Olivier Nicolaï

Goldman Sachs

2 questions for UL

Also covers: BUD, HLN

Xin Ma

TD Securities

2 questions for UL

Also covers: TAP, TLRY

Bruno Monteyne

Sanford C. Bernstein & Co., LLC

1 question for UL

Also covers: HLN

Callum Elliott

Bernstein

1 question for UL

Also covers: HLN, MO, PM

Ed Lewis

Redburn Atlantic

1 question for UL

Edward Lewis

Redburn Atlantic

1 question for UL

Also covers: CL, CLX, HLN +2 more

Fulvio Cazzol

Berenberg

1 question for UL

Also covers: IFF

Guillaume

UBS

1 question for UL

James Jones

RBC Capital Markets

1 question for UL

Also covers: BUD

Tom

Deutsche Bank

1 question for UL

Also covers: MT, NEO

Victoria Petrova

Bank of America

1 question for UL

Latest news

Recent press releases and 8-K filings for UL.

Unilever outlines strategic transformation and financial performance at CAGNY 2026

Management Change

M&A

Share Buyback

Unilever has undergone a profound transformation under new leadership, including a refreshed Board, CEO Fernando Fernandez, and CFO Srinivas Phatak, with 8 out of 10 board members and 9 out of 11 leadership executives new since 2022. The company is simplifying its portfolio, completing the Magnum ice cream demerger in December, and focusing on volume-led growth, margin expansion, and returns on invested capital.
The company reported a 20% operating margin, over EUR 10 billion in underlying operating profit, and EUR 6 billion in cash delivered last year, with 100% cash conversion. Gross margin has expanded by 460 basis points, and return on invested capital is 19%.
Unilever has rotated 15% of its portfolio in the last year, shifting towards Beauty, Wellbeing, and Personal Care (currently 51% of the portfolio, aiming for two-thirds) and increasing premium positions to 42%. Approximately EUR 2 billion of revenue from brands are slated for disposal.
For the current year (2026), Unilever expects Underlying Sales Growth (USG) between 4%-6% (at the bottom of the long-range) and Underlying Volume Growth (UVG) at 2%+.
An additional EUR 1.5 billion share buyback will commence in the second quarter of 2026. Significant productivity measures include a 17% reduction in white-collar workforce and a 50 basis point improvement in overheads in the last year.

Feb 17, 2026, 6:00 PM

Transcript

Unilever Outlines Strategic Transformation and 2026 Outlook at CAGNY Conference

Guidance Update

Share Buyback

Management Change

Unilever has undergone a profound transformation since 2022, shifting to a category-led organization and rotating 15% of its portfolio in the last year, including the separation of ice cream. The company is focusing on beauty, well-being, and personal care, which now constitute 51% of its portfolio with a long-term target of two-thirds.
The company reported a 20% operating margin and over €10 billion in underlying operating profit, with €6 billion cash delivered in the last year. Gross margin has expanded by 460 basis points, with 16% of revenue now invested in brand marketing, and return on invested capital stands at 19%.
Operational improvements include a 17% reduction in white-collar workforce and a 50 basis point improvement in overheads last year. There have also been significant leadership changes, with 8 out of 10 board members and 9 out of 11 leadership executives being new since 2022.
The U.S. market, a key strategic focus, has delivered 4% volume growth over the last three years , with 77% of its business already in personal care, beauty, health, and wellness.
For 2026, Unilever expects Underlying Sales Growth (USG) between 4%-6% and Underlying Volume Growth (UBG) at 2%+. The company also announced a new €1.5 billion share buyback program to commence in the second quarter.

Feb 17, 2026, 6:00 PM

Transcript

Unilever outlines strategic transformation and growth drivers at CAGNY 2026

New Projects/Investments

M&A

Revenue Acceleration/Inflection

Unilever has undergone a significant transformation, moving to a category-led organization in 2022 and rotating 15% of its portfolio in the last year, including the separation of ice cream, to focus on higher-growth areas like beauty, well-being, and personal care.
The company reported a 20% operating margin and 19% return on invested capital, with EUR 6 billion in cash delivered last year and EUR 6 billion in capital returned to shareholders over the last two years. Unilever aims for mid-single-digit volume growth with modest margin improvement.
US and India are designated as primary growth anchors, currently comprising 33% of the business with a target of 45%. The US business has seen $15 billion in capital investment over five years and delivered 4% volume growth consistently for the last three years, while India has consistently delivered 4% volume growth over the last decade.
Operational changes include a 17% reduction in white-collar workforce and an increase in brand marketing investment to 16% of revenue, supported by a 460 basis point expansion in gross margin.
Unilever announced a strategic partnership with Google to accelerate innovation and marketing, alongside a "social first" demand model leveraging 300,000 content creators and accelerating digital commerce, which accounts for 17% of its global beauty and wellbeing business.

Feb 17, 2026, 6:00 PM

Transcript

Unilever PLC Reports Full Year 2025 Results, Completes Ice Cream Demerger, and Announces New Share Buyback

Earnings

M&A

Share Buyback

Unilever PLC reported full-year 2025 underlying sales growth of 3.5% and a turnover of €50.5 billion, with the underlying operating margin expanding to 20.0%.
The company completed the demerger of its Ice Cream business in December 2025 and executed 10 portfolio transactions since the start of 2025 to reshape its focus.
Unilever announced a new €1.5 billion share buyback program, expected to begin in Q2 2026, and increased its quarterly dividend by 3%.
For full-year 2026, the company anticipates underlying sales growth at the bottom end of its 4% to 6% guidance range, with at least 2% underlying volume growth.

Feb 12, 2026, 1:20 PM

6-K

Unilever Reports Solid 2025 Results with Strategic Portfolio Shifts and Margin Expansion

Earnings

M&A

Guidance Update

Unilever delivered a solid 2025, with underlying EPS rising to EUR 3.08 (up 0.7% year-on-year, or 9.5% on a constant currency basis) and EUR 5.9 billion in free cash flow.
The company rotated 15% of its portfolio in 2025 through the demerger of ice cream and 10 deals, while increasing brand and marketing investment to 16.1% of turnover.
Gross margin expanded for the third consecutive year to 46.9% in 2025, with expectations for higher expansion in 2026.
In 2025, Beauty and Wellbeing achieved 4.7% growth with a 19.2% operating margin, and Personal Care grew 4.7% with a 22.6% operating margin.
For 2026, Unilever anticipates challenging market conditions but is optimistic about emerging markets and continued outperformance in the U.S., targeting volume growth, positive mix, and gross margin expansion for earnings growth.

Feb 12, 2026, 8:00 AM

Transcript

Unilever Reports Solid 2025 Results and Provides 2026 Outlook

Earnings

M&A

Guidance Update

Unilever delivered a solid performance in 2025, with underlying sales growth of 3.5% and volume growth of 1.5%, accelerating to 4.2% underlying sales growth and 2.1% volume growth in the fourth quarter.
The company completed a significant portfolio transformation in 2025, including the successful demerger of its ice cream business and 10 transactions (acquisitions and disposals), which rotated 15% of the total portfolio and resulted in a structurally higher gross margin of 46.9%.
Profitability improved, with the underlying operating margin expanding by 60 basis points to 20% and underlying EPS rising to EUR 3.08, representing a 0.7% increase year-over-year, or 9.5% on a constant currency basis.
For 2026, Unilever anticipates underlying sales growth at the bottom end of its 4%-6% multi-year range, with at least 2% underlying volume growth, and a further modest improvement in underlying operating margin. The company also announced a new EUR 1.5 billion share buyback.

Feb 12, 2026, 8:00 AM

Transcript

Unilever Reports Solid 2025 Results Amid Portfolio Transformation

Earnings

M&A

Guidance Update

Unilever reported a solid performance in 2025, with underlying sales growth of 3.5% and underlying EPS growth of 0.7% (or 9.5% on a constant currency basis) despite a 3.8% decline in turnover to EUR 50.5 billion primarily due to currency headwinds.
The company executed a significant portfolio transformation in 2025, including the successful demerger of its ice cream business and 10 strategic deals (acquisitions and disposals), which rotated 15% of the total portfolio and led to a structurally higher gross margin of 46.9%.
Financial health was strong, marked by an underlying operating margin expansion of 60 basis points to 20%, EUR 5.9 billion in free cash flow (or EUR 6.3 billion excluding demerger costs), and EUR 6 billion returned to shareholders through dividends and share buybacks.
Growth was supported by strong execution in developed markets (3.6% underlying sales growth), particularly North America, and improving emerging markets (3.5% underlying sales growth), which saw accelerated growth in the fourth quarter.
For 2026, Unilever anticipates continued challenging market conditions but expects to deliver at least 4% top-line growth and over 2% volume growth, aligning with the lower end of its 4%-6% midterm guidance.

Feb 12, 2026, 8:00 AM

Transcript

Unilever PLC Announces Share Consolidation Effectiveness and Details

Unilever PLC's Share Consolidation will become effective at 8:00 a.m. (London time) on Tuesday, December 9, 2025, applying a ratio of 8 New Unilever Shares for every 9 existing ordinary shares.
Following the consolidation, Unilever's share capital will consist of 2,232,630,400 ordinary shares as of December 9, 2025, with 2,180,690,335 shares having voting rights.
For American Depositary Share (ADS) holders, the consolidation means receiving 8 new Unilever ADSs for every 9 existing Unilever ADSs, with new Unilever ADSs commencing trading on the New York Stock Exchange at 9:30 a.m. (New York time) on December 9, 2025.

Dec 9, 2025, 1:50 PM

6-K

Unilever Completes Ice Cream Business Demerger and Announces Share Consolidation

M&A

Proxy Vote Outcomes

Unilever PLC completed the demerger of its ice cream business on December 6, 2025, with the new entity now known as The Magnum Ice Cream Company N.V. (TMICC).
Trading in TMICC shares (ticker "MICC") commenced on December 8, 2025, on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange.
A share consolidation for Unilever's ordinary shares, approved by shareholders on October 21, 2025, is expected to become effective on December 9, 2025, to maintain comparability of per-share metrics following the demerger.

Dec 9, 2025, 1:36 PM

6-K

Unilever Updates Demerger and Share Consolidation Timetable

M&A

Dividends

Delisting/Listing Issues

Unilever announced an update to the expected timetable for the demerger of The Magnum Ice Cream Company N.V. (TMICC) and the associated share consolidation, following a revision due to a US federal government shutdown.
The demerger is now expected to be completed on December 6, 2025, with TMICC shares commencing trading on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange on December 8, 2025.
The share consolidation is anticipated to be completed on December 9, 2025, with new Unilever Shares and ADSs beginning trading on their respective exchanges on the same day.
TMICC publicly filed a registration statement on Form 20-F with the U.S. Securities and Exchange Commission (SEC) on November 4, 2025, relating to the contemplated admission of TMICC shares to listing and trading on the New York Stock Exchange.