Unilever 3Q-2025 Earnings

We see if Nicolas is on track to deliver the GAP Plan

Please read disclaimer at bottom of writeup - this report is not investment advice

Introduction

Underlying sales grew 3.9% (4.0% ex-Ice Cream) in Q3, with volume +1.5% and price +2.4%[1]. All business groups delivered >3% USG, and Power Brands (78% of sales) drove growth of 4.4% (vol +1.7%, price +2.6%). Reported turnover was €14.7 bn, down 3.5% YoY (–6.1% FX, –1.0% disposals). Unilever raised its Q3 interim dividend 3% to €0.4528. The planned Ice Cream demerger remains on track for completion by Q4 2025. Management reaffirmed 2025 guidance – underlying sales growth of 3–5% and further margin improvement (H2 margin ≥18.5%, or ≥19.5% excluding Ice Cream).