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Company Research2 Apr 2024
The Consumer Goods Sector: Housing the World's Most Known Brands
Explore the giants of the consumer goods sector, where iconic brands familiar in daily life are predominantly owned by a few key industry players.
Unilever (ULVR) investor relations material
Unilever Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary23 Oct, 2025
Executive summary
Achieved 3.9% underlying sales growth in Q3 2025, with all business groups above 3% and strong performances in Beauty & Wellbeing and Personal Care, especially in developed markets like North America, while emerging markets improved.
Power Brands, representing over 75% of turnover, grew 4.4% in Q3, driven by both volume and price increases.
Ice Cream Demerger preparations are on track for completion in Q4 2025, with shareholder approval for share consolidation and timeline impacted by the U.S. government shutdown.
Developed markets, especially North America and Europe, delivered robust volume-led growth, while emerging markets saw improvement, notably in Indonesia and China.
Appointment of Srinivas Phatak as CFO and completion of Dr. Squatch acquisition, expanding premium male grooming in North America.
Financial highlights
Q3 turnover was €14.7 billion, down 3.5% year-on-year due to a negative 6.1% currency impact and 1% from net disposals.
Underlying sales growth of 3.9% comprised 2.4% from price and 1.5% from volume; Power Brands reached 4.4% USG with 1.7% volume growth.
Quarterly dividend increased by 3% year-over-year to €0.4528 per share.
Acquisitions contributed 0.5% to turnover, led by K18, Wild, and Dr. Squatch.
Currency headwinds significantly impacted reported turnover across all segments and regions.
Outlook and guidance
Full-year 2025 outlook unchanged: underlying sales growth expected within 3%-5% range, both including and excluding Ice Cream.
H2 growth anticipated to be ahead of H1, with Q4 volume growth at least in line with Q3.
Underlying operating margin for H2 expected at least 18.5% (or 19.5% excluding Ice Cream), with improved margins over H2 2024.
Capex to be above 3% of turnover, restructuring costs around 1.2% of turnover, and net finance costs less than 3% of average net debt.
Ice Cream to be reported as a discontinued operation from Q4 2025.
How will the retained TM1CC stake be utilized?
What is the plan to improve emerging markets volume?
How is premiumization impacting overall margins?
Latin America's specific recovery actions?
How is Unilever leveraging digital commerce?
Update on Ice Cream demerger timeline?
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Frequently asked questions
A Leader in Consumer Goods
Unilever is a British-Dutch multinational corporation, widely recognized as one of the leaders in the consumer goods industry. Founded in 1929 through a merger between British Lever Brothers and Dutch Margarine Unie, Unilever boasts a rich product portfolio with over 400 brands, including household names like Dove, Ben & Jerry's, and Lipton. Operating in more than 190 countries, Unilever serves a global market with offerings spanning Foods & Refreshments, Beauty & Personal Care, and Home Care categories.
A Dutch and British Enterprise
Unilever's headquarters are split between London and Rotterdam, reflecting its Anglo-Dutch roots. Over the decades, the company has managed to solidify its position on the global stage, reaching consumers all over the world. Unilever's vast portfolio of brands, including the brands mentioned previously, is a perfect example of its market reach and the diversity of its offerings. The company has continually expanded its product range and does its best to adapt to regional markets, contributing to its extensive global presence.
A global reach
Unilever operates on a truly global scale, covering a vast geographic span that incorporates both established and emerging markets. Its strategy of localization, paired with a strong lineup of universally popular products, allows Unilever to resonate with a wide consumer base. This international footprint is marked by strategic distribution and market understanding, as they vary their offerings based on the market in question. Whereas Ben & Jerry's might be sold in a majority of supermarkets around the world, a niche spice mix might only be available in certain countries.
Some notable competitors include names such as Nestlé, Procter & Gamble, and Colgate-Palmolive, as well as many others.
Acting on Sustainable Business Practices
Unilever, recognizing the changing landscape of consumer demands and the global market, has adopted an innovative and future-forward approach. Sustainability has become an essential aspect of their strategy, with the company taking strides in developing eco-friendly products and practices. It's not merely a marketing ploy as Unilever genuinely aims to reduce its environmental footprint. One example of this is the fact that the company is investing in plant-based food products and cruelty-free beauty brands, acknowledging emerging consumer trends and preferences.
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