London, Jan 16, 2026, 09:15 GMT — Regular session
- Unilever shares dipped in early London trading, tracking a softer FTSE after Thursday’s record close
- Company has published historical financials excluding its spun-off ice cream business ahead of full-year results
- Next focus: UK inflation data on Jan. 21 and Unilever’s Q4 and full-year report on Feb. 12
Unilever shares edged down 0.1% to 4,775 pence by 0915 GMT, after dipping to 4,761 earlier in the session. (Google)
The modest move comes as investors reset their baseline for the consumer goods group after the separation of its ice cream business, with Unilever due to report Q4 and full-year 2025 results on Feb. 12. (Unilever)
In a release dated Jan. 15, Unilever laid out historical financial performance excluding ice cream to help “comparability and transparency” for investors, presenting prior periods as if the unit had already been separated. It said ice cream will be reported as a discontinued operation — meaning it will sit outside continuing results — while Unilever retains a minority interest of less than 20% in the new Magnum Ice Cream Company, which will be measured at fair value with changes booked to other comprehensive income, rather than consolidated. (Unilever)
The timing matters because the first full-year print after the carve-out is approaching, and investors are trying to work out what “core Unilever” looks like on the new perimeter. The restated pack runs through topline trends, profit and margin lines, earnings per share, return on invested capital and free cash flow, giving analysts one set of numbers to argue over.
Broader markets were also in play. The FTSE 100 closed at a record high on Thursday after data showed the UK economy grew 0.3% in November, its fastest pace since June, helped by Jaguar Land Rover’s return to full production after a cyberattack, Reuters reported. “Today’s upside surprise in UK GDP is … a potential catalyst for inflows,” Axel Rudolph, a senior financial analyst at IG, said. (Reuters)
Sterling has been choppy around the same data and rate-cut expectations, another moving part for multinationals with overseas earnings. “The big picture remains that the UK economy has lost momentum since the summer,” Andrew Wishart, an economist at Berenberg, said in a Reuters report on Thursday, with traders still pricing about 40 basis points of Bank of England cuts by September. (Reuters)
For Unilever, the new reporting line also changes some of the noise investors are used to. Other comprehensive income is a section of equity outside net profit; fair-value swings in the retained Magnum stake can still move reported totals even if they don’t run through operating earnings.
Traders will also focus on how much of Unilever’s growth is coming from volume versus price, and whether margins hold up as shoppers turn more selective. The company’s restated history includes “underlying” measures — non-GAAP metrics companies use to strip out some one-offs — but the arguments tend to come back to the same thing: are people buying more stuff, or just paying more for it.
But the clean-up does not remove the risks. Disentangling the portfolio can throw up one-off costs, and any stumble in demand would show up quickly in volumes and promotions. The minority stake in Magnum adds another variable that can move with the market, not with soap or shampoo sales.
Unilever investors now have two near-term dates circled: UK CPI inflation on Jan. 21, which can shift rate expectations and currencies, and Unilever’s Feb. 12 results, where guidance and margins — on the new post-ice-cream basis — are likely to set the tone for the next leg in the stock.
