London, March 12, 2026, 15:50 GMT
Unilever shares stuck close to 4,840 pence on Thursday, just a touch below the 4,846 pence finish from the previous session. The stock slipped 1.24% by the close on Wednesday as investors digested February guidance from the Dove and Hellmann’s owner, pointing to 2026 sales growth landing at the lower end of its target range.
The ice cream spinoff is finally complete—one less distraction for Unilever. With the Magnum Ice Cream Company demerged back in December, CEO Fernando Fernandez faces the task of showing that a more focused lineup—beauty, wellbeing, personal care—can actually deliver more consistent growth.
Unilever projected in February that underlying sales would grow at the lower bound of its 4% to 6% target through 2026, after stripping out currency and M&A effects. The company also announced plans for a 1.5 billion euro share buyback set to begin in the second quarter. RBC Capital Markets’ James Edwardes Jones noted “signs of progress,” though he cautioned that the reset remains a slow process. Reuters
The setting looked rough. Britain’s FTSE 100 slipped 0.4% as of 1057 GMT on Thursday, with oil prices pushing back above $100 a barrel and traders scaling down bets on Bank of England rate cuts. Danni Hewson at AJ Bell cautioned, “the longer the disruption goes on,” the deeper the ripple effect on energy prices, inflation, and expectations for interest rates. Reuters
Unilever finds itself in a trickier spot, having already warned about sluggish demand across wealthier regions. In the fourth quarter, North America posted sales growth of 2.8%. Europe barely budged—up just 0.1%. Analyst Chris Beckett at Quilter Cheviot summed up shopper sentiment as “okay-ish,” though, in his words, consumers still aren’t “firing on all cylinders.” Reuters
Some positives did show up. Sales for the fourth quarter grew 4.2%, topping what analysts had penciled in, thanks in large part to gains in India, Indonesia, and China. Finance chief Srinivas Phatak told analysts last month that both the speed and scale of changes expected in 2025 mark a new phase for Unilever.
Unilever isn’t alone under the gun. Last week, Reuters noted Reckitt shares dropped over 6% after the company offered only hazy outlooks on margins and profit. Nestle, for its part, has been debating a potential reduction in its ice cream business—another move hinting that major consumer staples players are still tweaking their lineups to chase stronger growth.
The risk on the downside is plain enough. Oil holds its ground, inflation expectations tick up, and suddenly U.S. and European consumers pull back. Central banks, squeezed by persistent price pressure, might hesitate to loosen policy. In that scenario, Unilever’s buyback could end up lifting spirits more than it moves the needle on real growth.
The stock is still trading far from last year’s peak. Shares wrapped up Wednesday 12.56% under the 52-week high of 55.42 pounds set on Dec. 19, and Thursday’s level—around 4,836.5 pence—barely budged from the day before. Management has pointed to the planned second-quarter buyback as one of the next key markers.
