Unilever PLC stock is heading into year-end with a rare combination of “boring-staples” defensive qualities and very non-boring corporate action. The company has now completed the demerger of its ice cream business into The Magnum Ice Cream Company (TMICC) and executed a share consolidation (reverse split) designed to keep per-share metrics comparable post-spin. At the same time, management is pitching a sharper growth story—more beauty and wellbeing, more premium innovation, and a bigger U.S. deal pipeline—while analysts debate whether the “new Unilever” can finally deliver stronger, more reliable volume growth.
Here’s what matters for Unilever PLC stock as of December 23, 2025, including the latest corporate updates, key forecasts, and the themes driving analyst models.
Unilever stock today: where shares stand on Dec. 23, 2025
Unilever’s London-listed shares (ULVR) recently pulled back after touching a fresh 52-week high late last week. On Monday, Dec. 22, Unilever closed at £48.41, down 1.01% on the day, and still notably below its £55.42 52-week high reached on Dec. 19 (according to MarketWatch market data). [1]
In the U.S., Unilever’s ADR (NYSE: UL) was around $64.96 in the latest available pricing for Dec. 23 (UTC timestamp).
The key point for readers scanning price moves this month: a portion of the “jump” you may have seen in December trading was mechanical, reflecting the share consolidation that followed the TMICC demerger—not a sudden, same-day leap in the company’s underlying value.
The big structural change: Magnum Ice Cream demerger + Unilever share consolidation
1) The demerger is complete—and Unilever is structurally “simpler”
Unilever has completed the separation of its ice cream business into The Magnum Ice Cream Company, which began trading in Amsterdam in early December. Reuters described the move as creating the world’s biggest standalone ice cream company, with Unilever retaining a 19.9% stake. [2]
Unilever has been explicit that the logic is operational and financial: ice cream requires a cold-chain-heavy supply chain and comes with stronger seasonality—very different physics than deodorant, skincare, laundry, or condiments. [3]
2) The share consolidation (reverse split) is now “live” and Dec. 23 matters operationally
Following confirmation that the demerger was completed, Unilever implemented a share consolidation effective Dec. 9, 2025, applying a ratio of 8 new Unilever shares for every 9 existing shares. [4]
This corporate action also came with technical plumbing investors should know:
- New Unilever shares trade under ISIN GB00BVZK7T90. [5]
- Unilever disclosed its post-consolidation share capital and voting-rights denominator for UK disclosure purposes. [6]
- For ADR holders, the share-to-ADR ratio remains 1:1, but ADS holders received 8 new ADSs for every 9 existing ADSs, with a new CUSIP (904767 803). [7]
And here’s the reason Dec. 23, 2025 is explicitly on investors’ radar: Unilever’s regulatory announcement said share certificates for the new shares and cash payments for aggregated fractional entitlements are expected to be dispatched “by Tuesday 23 December 2025.” [8]
In plain English: if you held physical certificates (or you’re due fractional cash from the rounding down effect of the consolidation), today is part of the expected timetable when those administrative outcomes land.
Outlook and guidance: what Unilever itself is forecasting
The most recent official operating snapshot remains Unilever’s Q3 2025 trading statement (Oct. 23, 2025), which reaffirmed full-year guidance and highlighted improving volumes outside Ice Cream:
- Underlying sales growth:3.9% (or 4.0% excluding Ice Cream)
- Volume growth:1.5% (or 1.7% excluding Ice Cream)
- Full-year 2025 guidance reaffirmed:3%–5% underlying sales growth
- Margin outlook: improvement expected, with second-half underlying operating margin at least 18.5% (or at least 19.5% excluding Ice Cream) [9]
That margin bridge matters because it’s one of the cleanest “before/after” metrics investors can track: removing ice cream should lift the group’s structural margin profile, but the market is going to demand proof that the post-spin Unilever can sustain that uplift while still growing volumes.
What analysts are forecasting for Unilever: consensus growth and price targets
Unilever’s own published sell-side consensus (growth)
Unilever publishes a consolidated sell-side snapshot (with heavy disclaimers that it is not endorsed by the company). The latest consensus compilation shown on Unilever’s site was collected from a panel of analysts between Sept. 29 and Oct. 13, 2025 and includes:
- FY 2025 underlying sales growth consensus:3.7%
- Q4 2025 underlying sales growth consensus:4.4% [10]
That’s useful context because Q3 came in at 3.9%, modestly ahead of the 3.7% consensus estimate published for the quarter. [11]
UK listing (ULVR): “Hold” consensus, but wide dispersion
One of the cleanest summaries of how split the Street remains: MarketBeat’s December consensus snapshot lists Unilever with a “Hold” average view and an average 12‑month target around 4,690p, while also noting meaningful disagreement—bullish targets (e.g., JPMorgan) versus bearish calls (e.g., UBS/Jefferies). [12]
The dispersion is the story: Unilever is no longer being judged as just a defensive staple; it’s being judged as a transformation story with execution risk.
U.S. ADR (NYSE: UL): mid-$70s targets, with recent trims
For the ADR, MarketBeat’s consensus compilation shows an average target around $71.11, with targets ranging roughly $60.10 to $82.13. [13]
A notable near-term update came from TD Cowen (reported by Investing.com): TD Cowen trimmed its price target to $70 while maintaining a Buy rating, and revised its forward growth assumptions, explicitly modeling Unilever excluding the Ice Cream division. TD Cowen’s analysis also referenced the reverse-split-driven share count reduction and adjusted EPS expectations accordingly. [14]
The strategic “why”: premiumisation, beauty & wellbeing, and a louder U.S. plan
Unilever’s messaging since the CEO transition earlier in 2025 has been consistent: tighter focus, better execution, and more premium innovation.
In a Dec. 12, 2025 published recap of CEO Fernando Fernandez’s conversation with JPMorgan, Unilever highlighted a few strategy pillars investors will keep hearing:
- An operating mantra emphasizing volume growth, positive mix, gross margin expansion, and profit growth
- The “SASSY” framework (Science, Aesthetics, Sensorials, Said by others, Young‑spirited brands) and a push into social-first marketing, including a very large influencer network
- Ongoing “premiumisation” as consumers pay more for perceived performance and for self‑indulgent categories
- Continued enthusiasm about the U.S. footprint and the scale opportunity in India, which the CEO described as a major growth engine for the group [15]
That narrative aligns with Reuters’ reporting that Unilever is now explicitly budgeting about €1.5 billion (~$1.74 billion) per year for M&A, with a heavy focus on the United States—a sign the post-spin playbook is not “pause and harvest,” but “reshape and reinvest.” [16]
Portfolio moves investors are watching: Graze sale and ongoing reshaping
Unilever is still actively pruning and tuning its portfolio.
On Dec. 1, 2025, Unilever announced it signed an agreement to sell Graze to Katjes International, placing the brand in the Candy Kittens group in the UK (financial terms undisclosed). [17]
Reuters also framed the move as consistent with Unilever’s broader push to streamline and tilt toward faster-growing segments, with the transaction expected to close in the first half of 2026. [18]
These kinds of moves matter for valuation because they influence the long-term mix: a consumer staples company that is steadily shifting its center of gravity toward beauty, wellbeing, and premium personal care often trades on different expectations than a “broad grocery-and-household basket” giant.
The “Ben & Jerry’s problem” didn’t vanish—it mostly moved next door
One of the market’s lingering questions has been whether spinning off ice cream truly removes a headline risk overhang. Reuters’ December analysis argued that getting Ben & Jerry’s “noise” out of Unilever is viewed as a bonus by some analysts—because the controversy becomes a Magnum/TMICC issue rather than a day-to-day Unilever management distraction. [19]
But the story is still in the ecosystem:
- Reuters reported that Ben & Jerry’s independent board has warned that more directors could face removal, with a December 23 deadline referenced in court filings related to training/commitments and term limits. [20]
- Reuters also reported earlier in December on an Unilever-backed audit that found deficiencies in financial controls and governance at the Ben & Jerry’s Foundation. [21]
For Unilever shareholders, the practical takeaway is nuanced:
- Operationally, Unilever is now “cleaner” and more focused.
- Reputationally and financially, Unilever still retains a 19.9% stake in the spun entity (to be sold down over time), so extremely severe outcomes at Magnum/TMICC could still echo back—just more indirectly. [22]
India angle and BSE context: why Unilever’s India commentary matters
Even as Unilever PLC trades in London (ULVR) and via ADRs in New York (UL), India remains central to the growth narrative.
Unilever’s Q3 2025 release noted that India underlying sales growth was 2%, describing a transitory negative impact from GST reforms, with trading conditions expected to normalize from November. [23]
In the CEO’s JPMorgan interview recap, Unilever also emphasized India as a major long-term opportunity and cited India’s share of group revenue. [24]
For market participants tracking India day-to-day, the most direct listed proxy is Hindustan Unilever Ltd. (HUL), which trades in India and is part of the BSE benchmark ecosystem—one reason Unilever’s India growth commentary can ripple across both London/New York and India’s domestic tape. [25]
What to watch next: catalysts into early 2026
Unilever’s next big scheduled catalyst is its Q4 and Full‑Year 2025 Results on Feb. 12, 2026, followed closely by the CAGNY Conference (Feb. 17, 2026). [26]
Key questions going into those events:
- Volumes: Can Unilever sustain volume-led growth in developed markets—especially North America—without leaning too hard on price? [27]
- Margins post-spin: Does the group deliver the cleaner margin profile promised by excluding ice cream, and how much of that is structural versus cyclical? [28]
- Capital allocation: How quickly does the company deploy its stated M&A budget, and in what categories (beauty/wellbeing, premium personal care, functional nutrition, etc.)? [29]
- Portfolio discipline: Are there more disposals coming after Graze, and what does that mean for the Foods segment’s long-term role? [30]
Bottom line for Unilever PLC stock on Dec. 23, 2025
Unilever PLC stock is in a transition phase that’s unusually “eventful” for a consumer staples heavyweight:
- The Magnum/TMICC spin-off and share consolidation have now reset the corporate structure and per-share math. [31]
- Management is leaning into a clearer growth identity—premiumisation, beauty & wellbeing, stronger U.S. execution, and selective M&A. [32]
- Analysts are not in agreement, which is exactly why the stock’s next results cycle (and 2026 guidance) could matter more than usual for a “steady” name like Unilever. [33]
If Unilever can translate “simpler portfolio + higher margin mix” into reliable volume growth—not just pricing and cost programs—the bull case becomes easier to underwrite. If volumes wobble (or if emerging-market volatility returns), the stock risks drifting back into “defensive but uninspiring” territory, especially with targets already spread widely across the Street. [34]
References
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