Unilever's earnings call highlighted strong sales growth, particularly in developed markets and emerging markets like Asia Pacific and India. The company showed robust brand performance and is preparing for the Ice Cream division's demerger. However, challenges in Latin America and China, along with a decline in operating margin, were noted. Despite these challenges, the overall sentiment leans towards positive due to strong growth and strategic moves.

Company Guidance -

Q4 2025

During Unilever's second quarter trading statement for 2025, the company reported underlying sales growth of 3.8% in Q2, contributing to a 3.4% growth for the first half, with volumes increasing by 1.5% and price by 1.9%. The company's performance was bolstered by strong market share gains in developed regions, with North America achieving a growth of 5.4% and Europe 3.4%. Emerging markets showed improvement, particularly in Asia Pacific Africa, which saw a 3.5% growth in the first half, accelerating to over 5% in Q2. India also performed well with a 5% growth in Q2. However, Latin America faced challenges with a volume decline of 4.6%, impacted by pricing actions due to currency movements. Unilever's gross margin structural strengthening allowed brand marketing investment to remain competitive at 15.5% of turnover. The company's Power Brands, contributing 75% of turnover, grew by 3.8% in the first half, with notable performances from Vaseline, Liquid IV, Nutrafol, and Magnum. Despite some softness in the U.S. market affecting Prestige Beauty, the underlying operating margin was 19.3%, down 30 basis points due to increased brand investments. The company maintained a focus on portfolio transformation, with acquisitions like Wild and Dr. Squatch to enhance their presence in premium segments. The guidance for the full year anticipates a 3% to 5% underlying sales growth, with an operating margin improvement, particularly in the second half, driven by volume growth and productivity enhancements.

Strong Sales Growth

Unilever achieved underlying sales growth of 3.8% in Q2, leading to a 3.4% growth in the first half of 2025, with a balanced contribution from volume growth (1.5%) and price growth (1.9%).

Developed Markets Performance

North America delivered 5.4% underlying sales growth in the first half, with 3.7% from volume, while Europe grew 3.4%, with 2.8% from volume, showcasing strong performance in developed markets.

Emerging Markets Improvement

Asia Pacific Africa region showed strong growth with a 3.5% increase in the first half, accelerating to over 5% in Q2. India also saw a 5% USG in Q2, driven by volume growth.

Brand Performance

Power Brands, which account for over 75% of turnover, grew 3.8% in the first half. Vaseline, Liquid IV, Nutrafol, and Magnum delivered double-digit growth.

Ice Cream Division Preparation for Demerger

Ice Cream division grew 5.9%, with a strong performance from Magnum, and is on track for a demerger in November, with Unilever retaining a 20% stake.

Unilever (UL) Earnings, Revenues Date & History

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UL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 05, 2026	2025 (Q4)	1.62 / -	1.422	―	―	―
Jul 31, 2025	2025 (Q2)	1.86 / 1.84	1.596	15.48% (+0.25)
Feb 13, 2025	2024 (Q4)	1.37 / 1.42	0.64	122.19% (+0.78)
Jul 25, 2024	2024 (Q2)	1.53 / 1.60	1.54	3.64% (+0.06)
Feb 08, 2024	2023 (Q4)	1.35 / 0.64	1.324	-51.66% (-0.68)
Jul 25, 2023	2023 (Q2)	1.40 / 1.54	0.59	161.02% (+0.95)
Feb 09, 2023	2022 (Q4)	1.21 / 1.32	1.479	-10.48% (-0.16)
Jul 26, 2022	2022 (Q2)	1.37 / 0.59	1.568	-62.37% (-0.98)	―	―
Feb 10, 2022	2021 (Q4)	1.40 / 1.48	1.354	9.23% (+0.13)	―	―
Jul 22, 2021	2021 (Q2)	1.55 / 1.57	1.565	0.19% (<+0.01)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

UL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$59.01	$58.43	-0.98%
Feb 13, 2025	$58.17	$55.04	-5.38%
Jul 25, 2024	$54.75	$57.21	+4.49%
Feb 08, 2024	$46.54	$48.24	+3.65%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.