London, January 20, 2026, 08:47 GMT — Regular session
- Unilever (ULVR.L) slipped roughly 0.7% early in London, trading near 4,733p
- Berenberg sticks with its Buy rating on Unilever, maintaining a 5,600p target price
- Investors are eyeing the Feb. 12 results for clues on volume and margins following the ice cream demerger
Unilever (ULVR.L) shares edged down 0.7% to 4,732.5 pence in early London trade Tuesday. The stock hovered in a tight range, between 4,727p and 4,753p, with about 97,000 shares changing hands. Year to date, the shares are down roughly 2.6%. 1
European stocks slipped once more, pressured by trade tensions after U.S. President Donald Trump renewed tariff threats against several European nations. By 0803 GMT, the pan-European STOXX 600 had dropped 0.7%, Reuters noted. 2
Unilever had no clear new driver during the session. The shares moved as usual—anchored as a major defensive consumer stock that tends to follow broader market swings when risk appetite fades.
A broker note brought a company-specific angle. On Monday, Berenberg analyst Fulvio Cazzol reaffirmed a Buy rating, maintaining a target price of 5,600 pence and describing the stock as “attractive.” 3
Investors are eyeing the calendar closely. Unilever is set to release its fourth-quarter and full-year 2025 results on Feb. 12, with a scheduled appearance at the CAGNY Conference on Feb. 17, according to its investor site. 4
In a pre-close note dated Jan. 8, Unilever projected 2025 underlying sales growth—excluding currency and M&A effects—between 3% and 5%. The company expects second-half underlying operating margin to hit at least 19.5%. Fourth-quarter underlying volume growth should match or exceed the third quarter’s 1.7%. It also said tariff impacts on profitability were limited and already factored into margin forecasts. 5
February’s report will be the first to show a full year of figures excluding ice cream, now classified as discontinued following the split. Unilever announced in December that its ice cream division, renamed The Magnum Ice Cream Company, was spun off on Dec. 6. New shares began trading Dec. 8, with a share consolidation happening the next day. 6
Investors are now digging deeper into the remaining mix, searching for signs that volume can keep climbing even as price gains slow. They’re also looking for evidence that margins stay strong while the group invests in brands and drives productivity savings. Cash flow and any hints on capital returns will draw just as much scrutiny.
February’s numbers will be a clear turning point. Falling short on volumes, weaker margin guidance, or currency headwinds could swiftly change the outlook—even for a company primarily recognized for soap, deodorant, and pantry staples.
For now, macro factors will likely keep dominating the tape. Traders are focused on whether tariff threats turn into actual policy starting Feb. 1 and how that impacts overall risk sentiment. Unilever’s key upcoming events are its Feb. 12 earnings and the CAGNY presentation on Feb. 17.
