Unilever shares dropped Wednesday, trailing the FTSE 350, as traders pointed to buyback calculations ahead of July results. LONDON, July 3, 2026, 15:07 BST
- Unilever shares in London slipped 0.72% to 4,602.5p in late action, trailing the almost unchanged FTSE 100.
- Unilever finished a €1.5 billion buyback, taking in 30.7 million shares, or around 1.4% of the current voting base.
- FTSE Russell data on July 2 has Unilever off 4.6% for the year, trailing the FTSE 350 by 11.5 points.
- Unilever is set to report Q2 and half-year numbers on July 28. Watch Europe volumes and the Foods split for the next clear markers.
Unilever PLC (LON:ULVR) shares dropped in London on Friday after the company wrapped up a buyback, taking some stock out of voting. But most investors shrugged off Friday’s drop. The main issue is the buyback isn’t big compared to the nearly £100 billion equity value. Unilever shares are still lagging the broader UK market ahead of July results.
London had the better read on price. Unilever lists its ordinary shares in both London and Amsterdam. The New York ADR NYSE:UL tracks one ordinary share. NYSE schedules July 3 as the Independence Day holiday in 2026.
| Measure | Latest reading | Investor read |
|---|---|---|
| Unilever London quote | 4,602.5p/4,603.5p, down 0.72% | Stock lagged as FTSE 100 was little changed |
| Open / high | 4,630p / 4,635p | Shares gave up early moves |
| Market value | £99.14 bln | Buyback is small next to market cap |
| 52-week range | 4,068p to 5,526p | Trading 16.7% under the year high |
| Buyback completed | 30.7 mln shares, €1.50 bln | Roughly 1.43% of shares with voting rights |
| Voting-rights base | 2.154 bln shares | Fresh denominator for disclosure rules |
Unilever’s shareholder return is straightforward. The company picked up 30,703,780 ordinary shares for €1,499,999,891. It finished June with 30,703,780 treasury shares on the books, leaving 2,154,262,326 shares holding voting rights. Per-share metrics tick up with that buyback, but that move alone hasn’t fixed the stock’s underperformance.
FTSE Russell’s London Stock Exchange tear sheet showed a cleaner read on Unilever’s performance gap. As of July 2, Unilever traded 7.4% over its 50-day moving average, yet sat 1.5% under the 200-day. Shares were down 4.6% for the year and trailed the FTSE 350 by 22.8 points over 52 weeks.
| FTSE Russell measure, July 2 | Unilever | Difference vs FTSE 350 |
|---|---|---|
| 1-day price move | up 1.63% | up 0.10 percentage point |
| 1-week price move | gained 1.23% | 0.07 point higher |
| 4-week price move | rose 13.68% | beat by 11.11 points |
| 52-week price move | down 3.57% | trailed by 22.76 points |
| Year-to-date price move | off 4.60% | 11.52 points behind |
Unilever’s April trading update pointed to why the July 28 Q2 and half-year results take priority over the buyback headlines. The company posted a 3.8% increase in first-quarter underlying sales, with a 2.9% rise in volumes and 0.9% higher prices. Emerging markets sales jumped 5.7%, developed markets were up 1.0%, and Europe slipped 0.9%.
| Q1 2026 area | Underlying sales growth | Volume | Price |
|---|---|---|---|
| Group | 3.8% | 2.9% | 0.9% |
| Emerging markets | 5.7% | 4.2% | 1.5% |
| Developed markets | 1.0% | 0.9% | 0.1% |
| Europe | -0.9% | -1.2% | 0.3% |
| Home Care | 6.1% | 6.2% | -0.1% |
| Foods | 2.2% | 2.4% | -0.2% |
Unilever CEO Fernando Fernandez said in April the company saw “volume-led growth” to start the year, with India staying strong. Unilever stuck with its 2026 forecast, pointing to underlying sales growth at the lower end of the 4% to 6% target, volume up at least 2%, and a slight margin increase over 2025’s 20.0%. Investegate
The Foods deal is still an overhang. Unilever and McCormick & Company NYSE:MKC reached a deal in March to merge Unilever’s Foods business with McCormick, targeting completion by mid-2027 at the latest. Unilever expects about $600 million in annual run-rate cost synergies from the deal. Stranded costs from the separation are seen at €400 million to €500 million, which the company plans to offset with savings between 2027 and 2029.
Hargreaves Lansdown’s Aarin Chiekrie said after the Q1 update that the cash-and-stock Foods deal might mean some short-term pressure on new McCormick shares while investors decide if they want to keep their U.S.-listed stock. He also pointed to emerging markets as “the real growth lever” for Unilever. Hl
Some investors are sticking with the simplification story. David Samra at Artisan Partners told Reuters a more focused company means “increased focus”. Barclays analyst Warren Ackerman said the pure-play home and personal care spinoff will be “worth it in the end”. Will Nott, portfolio manager at Ninety One, told Reuters the stock might not be re-rated right away. Reuters
Unilever’s July 28 release is set to show if it can stick with the volume gains from Q1 and address some lagging areas. Europe volumes dropped 1.2% in Q1, while North America was up 2.1%. Home Care posted a 6.2% jump in volume with barely any help from pricing.
