Unilever H1 sales rise 4.8% on strong volume growth

Unilever

28/07/2026 07:12

Overview
UK consumer goods maker's H1 underlying sales grew 4.8%, led by 4.2% volume growth
Turnover rose 0.5% to €25.6 bln, as currency headwinds offset operational gains
Company completed €1.5 bln share buyback and €800 mln productivity programme ahead of plan

Outlook
Unilever now expects full-year 2026 underlying sales growth of 4% to 6%
Company forecasts second-half underlying sales growth of 4% to 5%, led by pricing
Unilever anticipates a modest improvement in full-year underlying operating margin versus 2025

Result Drivers
VOLUME-LED GROWTH - Co said H1 underlying sales growth was driven mainly by 4.2% volume gains, with all business groups contributing and Power Brands delivering 6.0% USG and 5.4% volume growth
EMERGING MARKETS MOMENTUM - Emerging markets delivered 7.0% underlying sales growth, led by India, Indonesia and Latin America, with double-digit gains in key categories
PRODUCTIVITY AND COST DISCIPLINE - Underlying operating margin rose to 20.3% as productivity programme and cost discipline offset commodity inflation and higher marketing spend

Company press release: ID:nRSb0624Oa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Sales
 
EUR 25.6 bln
 
H1 Adjusted Sales Growth
 
4.8%
 
H1 Underlying Operating Margin
 
20.3%
 
H1 Underlying Operating Profit
 
EUR 5.2 bln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 7 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the personal products peer group is "buy"
Wall Street's median 12-month price target for Unilever PLC is GBp5,160.00, about 11.5% above its July 27 closing price of GBp4,627.00
The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 15 three months ago

Reuters Recommended Reads
July 28 - Unilever India profit falls as higher commodity costs squeeze margins; shares slip
July 27 - India's Tata Consumer Products rises after co signals further prices hikes
July 27 - France's Dior H1 revenue falls amid Middle East conflict 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)