London, April 25, 2026, 17:06 BST
Unilever PLC approaches its April 30 first-quarter update backed by new numbers out of Nigeria: its local arm delivered a 26% jump in revenue and matched that with a 26% gain in net profit for the quarter, thanks mainly to strong performance in foods and increased volumes.
Timing is critical here. Investors are probing whether Chief Executive Fernando Fernandez can sustain Unilever’s momentum, especially after February’s caution that 2026 underlying sales growth might only scrape the lower edge of its 4% to 6% multi-year target, thanks to weaker U.S. and European demand. The Q1 2026 trading statement arrives Thursday.
London-listed Unilever shares pushed higher ahead of the weekend. At 16:36 on April 24, Barclays’ share data put the sell price at 4,280.00 pence, with the buy price just above at 4,281.50 pence—up 48.50 pence, or 1.15%.
Nigeria’s latest filing put revenue at 59.17 billion naira for the quarter ending March 31, up from 46.98 billion naira the previous year. Operating profit climbed to 11.48 billion naira, compared with 8.27 billion a year ago. Profit before tax came in at 13.42 billion naira, and earnings per share moved up to 1.22 naira from 0.97 naira.
Foods led the pack, generating 37.69 billion naira in first-quarter revenue. Personal care followed, bringing in 15.84 billion naira, while beauty and wellbeing delivered 5.64 billion naira. Nigeria accounted for nearly all sales—domestic revenue hit 58.13 billion naira, exports just 1.04 billion naira.
Unilever Nigeria’s managing director Tobi Adeniyi called it “a strong start to the year,” crediting the company’s numbers to volume, innovation, and sharper execution in the marketplace. Punch Newspapers
It’s a limited window for Unilever PLC. As of March 31, Unilever Overseas Holdings BV owned 75.96% of Unilever Nigeria. The Lagos-listed arm files its own results in naira and doesn’t fully reflect the bigger group.
Even so, it’s emerging markets carrying most of the weight. Unilever’s fourth-quarter numbers got a boost from India, Indonesia, and China, Reuters noted back in February. Meanwhile, North America growth came in at 2.8%, with Europe barely inching higher at 0.1%.
Consumer-goods companies are facing a tough environment. Procter & Gamble, a major name in home and personal care, on Friday flagged an expected hit to post-tax profit of about $1 billion in fiscal 2027, blaming rising oil prices. Nestle has also cited increased costs, according to Reuters, while Beiersdorf is weighing price hikes.
Unilever is deep into a sweeping overhaul of its portfolio. Back on March 31, the company struck a deal with McCormick to fold its foods division into a new entity using a Reverse Morris Trust—a U.S. structure favored for its tax perks on spin-offs and mergers. Unilever and its shareholders will walk away with 65% of the merged company’s equity, plus a $15.7 billion cash payout for Unilever.
Fernandez described the transaction as “sharpening our portfolio.” Once it closes, Unilever plans to zero in on beauty, wellbeing, personal care, and home care. McCormick, for its part, would end up with Knorr and Hellmann’s joining its lineup next to McCormick, Cholula, and Frank’s. Unilever
The analyst debate isn’t over yet. James Edwardes Jones at RBC Capital Markets spots “signs of progress” at Unilever, though he cautions “it will take time.” Chris Beckett at Quilter Cheviot points to cost-of-living pressure, describing developed-market shoppers as “far from firing on all cylinders.” Reuters
The McCormick deal isn’t locked in yet. McCormick shareholders still need to sign off, and regulatory hurdles remain. Unilever has flagged risks: integration glitches, unexpected expenses, slower synergy gains, or shifting too far into consumer-discretionary sectors—all of which could drag on value post-close.
Thursday’s update isn’t your average sales print. Investors want to see if volume growth in places like Nigeria is enough to counter sluggish developed markets, commodity headwinds, and the potential fallout from one of Unilever’s biggest restructurings in years.
