Company Reports

Unilever saw a marked improvement in performance in 2024 after the implementation of its Growth Action Plan—a strategic reset focused on restoring gross margins and laying the foundation for improved competitiveness and a return to volume-led growth. Fernando Fernandez, as CEO, is tasked with accelerating organic sales growth, sharpening market execution, and driving more differentiated innovations to enhance the appeal of Unilever’s brands in increasingly fragmented markets.

Unilever reported strong second-quarter results, with underlying sales growth of 5.8% and volume growth of 5.5%. It upgraded full-year guidance, expecting to land firmly within the 4% to 6% sales growth target, with a larger contribution from volume. Shares rose 6.5% in early trading on July 28.

Unilever delivered volume growth of 2.9% in the first quarter, driving underlying sales growth of 3.8%, ahead of company-compiled consensus. Shares rose around 1% at the market open on April 30.

Unilever saw a marked improvement in performance in 2024 after the implementation of its Growth Action Plan—a strategic reset focused on restoring gross margins and laying the foundation for improved competitiveness and a return to volume-led growth. Fernando Fernandez, as CEO, is tasked with accelerating organic sales growth, sharpening market execution, and driving more differentiated innovations to enhance the appeal of Unilever’s brands in increasingly fragmented markets.

Unilever agreed to sell its food business, which houses Hellmann’s and Knorr, to McCormick for $44.8 billion, comprising $15.7 billion in cash plus a 65% stake in the combined entity for Unilever and its shareholders. Unilever shares fell around 7% following the announcement on March 31.

Unilever reported fourth-quarter underlying sales growth of 4.2% with volume up 2.1%, accelerating from the previous quarter. For the full year, underlying operating margin was 20%. Guidance for 2026 is at the bottom of management's midterm targets.

Unilever saw a marked improvement in performance in 2024 following the implementation of the first phase of its Growth Action Plan — a strategic reset focused on restoring gross margins and laying the foundation for improved competitiveness and a return to volume-led growth. With the appointment of Fernando Fernandez as CEO in March 2025, the company is entering the next stage of its transformation. Tasked with accelerating organic sales growth, Fernandez’s agenda centers on sharpening market execution and driving larger, more differentiated innovations to enhance the appeal of Unilever’s brands in increasingly fragmented markets.

Unilever reported third-quarter underlying sales growth of 3.9%, with volumes up 1.5%, in line with the first half. A negative 6% currency impact weighed on reported sales, which were down 3.5%. The company maintained the full-year guidance, and shares were broadly flat in early trading on Oct. 23.

Unilever delivered first-half organic sales growth of 3.4% and an underlying operating margin of 19.3%, ahead of company-compiled consensus of 3.3% and 18.8%, respectively. Full-year guidance was reaffirmed.

We are transferring coverage of Unilever, a leading global player in home and personal care, and packaged foods, with significant exposure to emerging markets, accounting for 58% of revenue in 2024.

Unilever saw a marked improvement in performance in 2024 following the implementation of the first phase of its Growth Action Plan — a strategic reset focused on restoring gross margins and laying the foundation for improved competitiveness and a return to volume-led growth. With the appointment of Fernando Fernandez as CEO in March 2025, the company is entering the next stage of its transformation. Tasked with accelerating organic sales growth, Fernandez’s agenda centers on sharpening market execution and driving larger, more differentiated innovations to enhance the appeal of Unilever’s brands in increasingly fragmented markets.

Unilever reported first-quarter 2025 underlying sales growth of 3%, slightly ahead of company-compiled consensus' 2.8%, driven by pricing. The company confirmed full-year 2025 guidance. Shares were broadly flat at the market open on April 24.

Unilever announced CEO Hein Schumacher’s departure after less than two years with the company, appointing CFO Fernando Fernandez as his successor.

Unilever reported fourth-quarter underlying sales growth of 4.0%, slightly below company-compiled consensus of 4.1% due to worse-than-expected volume growth (2.7% versus 3% consensus). Shares were down 6% on the news and were also hit by management's cautious stance on first-half 2025.

Although Unilever exhibited strong top-line performance during the coronavirus, the primary factor behind this was pricing in response to inflationary pressures and low demand elasticity in key categories. While we anticipate pricing to remain a driver of top-line growth, its impact should diminish in subsequent years. As the company shifts its focus toward volume growth and mix, we expect organic growth to decelerate below 4% by the end of our explicit forecast period.

Unilever's investor day delivered a long-term update to the company's value-creation model. Through 2030, the group plans to substantially increase total shareholder returns by delivering consistent volume growth, gross margin improvement, and a step-up in marketing investment and execution.

Unilever's third-quarter results for 2024 reflected ongoing positive momentum with underlying sales growth of 4.5%, driven by a 3.6% increase in volume. This marks the fourth consecutive quarter of volume-led growth, reflecting broad-based improvements across categories. Beauty and well-being led the charge, growing 6.7%, largely due to 5.7% volume growth. Health and well-being and prestige beauty contributed double-digit growth, though prestige beauty was hit by softer US and Chinese markets. Personal care delivered 4.4% sales growth, propelled by solid volume increases from Dove, particularly in deodorants and skincare.

Although Unilever exhibited strong top-line performance during the coronavirus, the primary factor behind this was pricing in response to inflationary pressures and low demand elasticity in key categories. While we anticipate pricing to remain a driver of top-line growth in 2024 and beyond, its impact should diminish in subsequent years. As the company shifts focus toward volume growth and mix, we expect organic growth to decelerate below 4% by the end of our explicit forecast period.

Unilever's first-half results showed underlying sales growth of 4.1%, ahead of company-compiled consensus of 4.4%. Growth was driven by volumes, which were up 2.6%, driven in turn by beauty's strong outperformance, up 5.4%. More importantly, margins improved substantially in the first half, with underlying operating margin up by 250 basis points to 19.6%, similar to peak levels seen back in 2020. This impressive bottom-line performance was driven by gross margin expansion of 420 basis points partly offset by stepped-up marketing investments (up 180 basis points). From a volume perspective, volume growth accelerated for a third consecutive quarter to positive 2.9% in the second quarter, driven by beauty and wellbeing and more specifically prestige beauty (Hourglass) and supplements (Liquid IV, Nutrafol). The company announced a capital markets day in London on Nov. 22, 2024.

Unilever's first-quarter sales update showed underlying sales growth of 4.4%, ahead of company-compiled consensus of 3%. Growth was driven equally by volume and pricing, with the former up 2.2%, driven in turn by beauty's strong outperformance, up 7.4%.