LONDON, June 30, 2026, 13:17 BST
- Unilever PLC LON:ULVR was 0.36% lower at 4,563.50p as of 13:00 BST, with London markets still open.
- The stock underperformed as the FTSE 100 moved higher, with Reuters putting the blue-chip index up 0.5% at 0904 GMT.
- Unilever Q1 volume growth came in 1.1 points over company-compiled consensus, but price growth was 0.9 points under.
- Power Brands, which make up roughly 78% of turnover, outpaced the group’s growth in Q1.
Unilever PLC LON:ULVR dipped Tuesday even as the FTSE rose. The share move was minor but kept attention on a familiar question for shareholders: can Unilever get margin gains from higher volumes, or is it still too dependent on price increases?
The stock traded at 4,563.50p at 13:00 BST, down 0.36%, giving it a market cap of 98.37 billion pounds. According to Google Finance, shares sat 17.7% below the 52-week high and 25.2% above the 52-week low, roughly mid-range for the year.
| Unilever market snapshot | Latest |
|---|---|
| Shares last at | 4,563.50p |
| Move on the day | -0.36% |
| Market cap | £98.37 bln |
| 52-week top | 5,542.11p |
| Off 52-week high | -17.7% |
| 52-week low mark | 3,644.00p |
| Up from 52-week low | +25.2% |
FTSE 100 climbed 0.5% by 0904 GMT, Reuters reported, with banks and mining stocks providing support. The index looked set for a sixth consecutive quarterly rise. Unilever shares failed to rally in early afternoon London trading.
Unilever’s first-quarter sales growth only landed 0.2 points ahead of consensus, but the details had a twist. Most of the gains came from higher volumes rather than price increases, surprising analysts who expected the opposite.
| Q1 2026 growth measure | Reported | Company consensus | Difference |
|---|---|---|---|
| Underlying sales growth | 3.8% | 3.6% | up 0.2 pts |
| Volume growth | 2.9% | 1.8% | up 1.1 pts |
| Price growth | 0.9% | 1.8% | down 0.9 pts |
That’s an issue for Unilever, which is working to boost volumes after leaning on price hikes in recent years to drive sales. CFO Srinivas Phatak said in April that cost inflation would come in “350 to 500 million euros higher” than earlier forecasts. He added that price increases would happen “frequent[ly]” but in “small doses.” Reuters
Chief Executive Fernando Fernandez said the company “started the year well,” pointing to volume-led growth in Power Brands. Those brands saw 5.0% growth in Q1, with volume up 4.0%. That compares to total group growth of 3.8% and group volume growth of 2.9%.
| Q1 business group | Turnover | Underlying sales growth | Volume | Price |
|---|---|---|---|---|
| Beauty & Wellbeing | €3.1 bln | 3.6% | 1.9% | 1.6% |
| Personal Care | €3.3 bln | 3.7% | 1.1% | 2.5% |
| Home Care | €3.0 bln | 6.1% | 6.2% | -0.1% |
| Foods | €3.2 bln | 2.2% | 2.4% | -0.2% |
Home Care showed the biggest trade-off. Underlying sales grew 6.1%, driven mostly by volume as prices slipped a bit. Europe had the worst performance among regions—underlying sales fell 0.9% and volume dropped 1.2%.
Chris Beckett, a consumer staples analyst at Quilter Cheviot, which invests in Unilever, told Reuters Unilever can’t push prices much higher in developed markets. “There are limits to what they can do,” he said. “It’s not easy to take pricing.” Reuters
Valuation puts the spotlight on the mix. Unilever traded at 20.49 times earnings with a 3.71% yield, Google Finance showed. That’s versus Reckitt Benckiser Group PLC LON:RKT, which traded at 10.12 times earnings and a 4.36% yield. Unilever’s higher multiple means it can’t afford a disappointing second-quarter price or margin number.
| UK consumer staples | Price/move | P/E | Dividend yield |
|---|---|---|---|
| Unilever PLC LON:ULVR | 4,563.50p, slipped 0.36% | 20.49 | 3.71% |
| Reckitt Benckiser Group PLC LON:RKT | 4,948.00p, up 0.12% | 10.12 | 4.36% |
Capital returns have moved ahead for Unilever. The company finished its 2026 share buyback of up to 1.5 billion euros on June 5. Unilever’s investor calendar puts the Q1 2026 dividend payout on June 26. The next results are set for July 28, with Q2 and half-year earnings due.
