Unilever PLC Stock in December 2025: Magnum Spin‑Off, Graze Sale, Share Cancellation and What Analysts Expect Next

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Unilever PLC stock (LSE: ULVR, NYSE: UL) enters December 2025 amid the Magnum Ice Cream spin‑off, the sale of Graze, a fresh share cancellation and renewed scrutiny of its sustainability claims. Here’s how these moves, plus analyst forecasts and dividend policy, are shaping the outlook for Unilever shares.

Where Unilever’s share price stands on 4 December 2025

Unilever remains one of Europe’s consumer‑staples heavyweights, but its share price performance in 2025 has been more “slow grind” than “sugar rush”.

In London, Unilever PLC (ULVR) is trading in the mid‑4,400p range. Recent data from Hargreaves Lansdown and other market sources show ULVR around 4,425p–4,450p, versus a 52‑week range of roughly 4,311p to 4,910p, implying the stock is only a few percent above its year low and still well below its April peak. ^[1]
On the NYSE, the Unilever ADR (UL) is quoted around $59.4 as of 4 December 2025. ^[2]

That leaves Unilever on a trailing P/E in the low‑20s (roughly 22–23x earnings for both ULVR and UL), with a dividend yield around 3–3.5% depending on market and FX. ^[3]

In other words, Unilever is not distressed, but nor is it priced like a hyper‑growth story: investors are being asked to pay a quality multiple for mid‑single‑digit growth, a solid dividend and a big restructuring bet.

Magnum Ice Cream spin‑off: the biggest near‑term catalyst

The demerger of The Magnum Ice Cream Company N.V. (TMICC) is the defining event for Unilever shareholders in late 2025.

Key mechanics and timetable

According to Unilever’s shareholder circular, Q3 2025 results documentation and London Stock Exchange notices: ^[4]

Ratio: Qualifying shareholders will receive one TMICC share for every five Unilever shares they own at the demerger record time. The same 1‑for‑5 ratio applies to Unilever ADS holders. ^[5]
Completion: Following a delay caused by the U.S. federal government shutdown, Unilever now expects the demerger to complete on 6 December 2025, with TMICC shares admitted to trading on 8 December 2025 in Amsterdam and London, and U.S. listing to follow. ^[6]
Listings: TMICC will have a primary listing on Euronext Amsterdam and secondary listings in London and New York, making it the world’s largest pure‑play ice‑cream company. ^[7]
Share consolidation: To offset the demerger mechanically, Unilever will consolidate its remaining PLC shares shortly after completion (currently expected on 9 December), so that the post‑spin Unilever share price is broadly comparable to pre‑spin levels, adjusted for the value of the Magnum stake. ^[8]

For existing investors, this is effectively a forced “sum‑of‑the‑parts” unlock: you end up with a more focused Unilever plus a stake in a stand‑alone ice‑cream giant.

What Magnum looks like as a stand‑alone business

Press materials and the new company’s prospectus outline a sizeable, cash‑generative business: ^[9]

TMICC will house brands such as Magnum, Ben & Jerry’s, Cornetto and Wall’s, with over 20% share of the global ice‑cream market, estimated at around $87 billion.
Magnum is guiding for free cash flow of €800 million to €1 billion by 2028–29, targeting a leverage ratio of 2.0–2.5x adjusted core profit.

For Unilever shareholders, that raises two questions:

Will TMICC attract a higher multiple than ice cream did inside Unilever? A focused indulgence platform with strong cash flow could appeal to investors who want a more cyclical, consumer‑discretionary profile.
What happens to Unilever’s own multiple once ice cream is gone? The leftover company is more firmly in the “everyday essentials” camp—Beauty & Wellbeing, Personal Care, Home Care and Foods—potentially deserving a steadier but slightly lower growth profile, balanced by higher margins and simpler execution. ^[10]

Ben & Jerry’s governance issues: a wrinkle in the story

TMICC also inherits Ben & Jerry’s, including its U.S.‑based charitable foundation. In early December, a Unilever‑backed audit found deficiencies in the foundation’s financial controls, governance and conflict‑of‑interest policies, although it did not allege outright wrongdoing. ^[11]

Magnum has said it will continue funding the foundation—currently around €5 million a year—only if governance reforms are implemented, including a formal code of ethics, stricter conflict‑of‑interest rules and term limits for trustees. ^[12]

For investors, this is more than gossip: Ben & Jerry’s accounts for roughly 14% of TMICC’s revenue but less than 2% of Unilever’s historic turnover, meaning reputational issues that were once a side‑show for Unilever become much more material for the spin‑off. ^[13]

Portfolio reshaping: Graze sale and potential Marmite disposal

Beyond ice cream, Unilever is aggressively pruning its portfolio.

Graze: a small but symbolic exit

On 1–3 December, Unilever confirmed it has agreed to sell its UK healthy‑snacking brand Graze to Katjes International, owner of the Candy Kittens sweets business. ^[14]

Financial terms were not officially disclosed in Unilever’s statement, but UK press reports suggest a deal size of about £36 million, far below the up‑to‑£150 million Unilever reportedly paid in 2019. ^[15]
Graze has struggled to meet expectations, posting an £8.7 million loss last year, and is now being repositioned under Candy Kittens as part of a focused “better snacking” group. ^[16]

The sale is small in financial terms but strategically important: it fits a clear pattern of Unilever divesting sub‑scale or underperforming food assets in order to concentrate capital and management attention on faster‑growing, higher‑margin Beauty & Wellbeing and Personal Care.

Marmite, Bovril, Colman’s next?

Reuters and industry media report that Unilever is considering selling heritage British brands including Marmite, Bovril and Colman’s, with combined annual revenue of roughly £200 million. ^[17]

These brands are profitable and emotionally significant in the UK market, but they sit awkwardly in a portfolio that Unilever increasingly frames around “Power Brands” and premium health & beauty platforms. ^[18]

Whether Unilever can obtain attractive multiples for these assets—without provoking a consumer or political backlash—will matter for both capital recycling and public image.

2025 trading so far: steady growth, margins improving

Unilever’s 2025 numbers are not spectacular, but they are solidly in line with the goals of its “Growth Action Plan 2030”.

Q1 and first half 2025

From Unilever’s Q1 and first‑half 2025 updates: ^[19]

Q1 2025:
- Turnover: €14.8 billion, down 0.9% due mainly to disposals and FX.
- Underlying sales growth (USG): low‑single‑digit, with a healthier balance between volume and price than in the high‑inflation years.
- Management reaffirmed its multi‑year USG target of 3–5%, and highlighted a productivity programme expected to deliver around €550 million of cumulative savings by end‑2025.
H1 2025:
- Turnover: around €30 billion, down low‑single‑digit as FX and disposals offset organic growth.
- USG of roughly 3.4%, split between about 1.5% volume growth and 1.9% pricing.
- Gross margin improved to the mid‑40s (around 45.7%), helped by easing input‑cost inflation and efficiencies.
- Brand and marketing investment ticked up as a percentage of sales, consistent with the plan to lean harder into a smaller set of power brands.

Q3 2025: “Broad‑based growth” and outlook intact

The Q3 2025 trading statement in October confirmed that Unilever remains on track for its full‑year guidance. ^[20]

Key points:

Underlying sales growth:3.9% in Q3, with 1.5% from volume and 2.4% from price.
Power Brands (around 75% of turnover) again outgrew the rest of the portfolio.
By business group:
- Beauty & Wellbeing: USG around 5.1%, with growth driven by brands such as Dove hair, Vaseline, Liquid I.V., Nutrafol, Hourglass and K18. ^[21]
- Personal Care: ~4% USG, with innovation‑led strength in premium deodorants and skin cleansing. ^[22]
- Home Care and Foods: more modest growth, but margin trends improved.

Management reiterated:

Full‑year USG in the 3–5% range.
A “modest” improvement in underlying operating margin versus 2024, on top of the progress already made as input inflation has normalised. ^[23]

From a stock perspective, these numbers support the idea that Unilever is executing a gradual, margin‑accretive tidy‑up, rather than a dramatic turnaround.

Dividends, buybacks and the latest share cancellation

Unilever’s attraction for many investors is straightforward: reliable cash returns.

Dividend: small, steady increases

Unilever pays a quarterly dividend in euros, translated for local listings. The Q3 2025 dividend has been set at €0.4528 per share, the same as Q1 and Q2 2025 but 3.0% higher than Q3 2024. ^[24]

For UK shareholders, this equates to roughly 39–39.5p per share at current exchange rates, while the ADR pays about $0.5258 per quarter, implying a yield of roughly 3.0–3.5% at current prices. ^[25]

Unilever has guided that the Q4 2025 dividend will still be paid in full, even though the Magnum demerger will have completed by then. ^[26]

€1.5 billion buyback completed earlier in 2025

Alongside dividends, Unilever has been returning capital via buybacks:

A €1.5 billion share buyback was announced with the full‑year 2024 results on 13 February 2025, with completion targeted for June. ^[27]
By 30 May 2025, Unilever confirmed the programme was complete, having repurchased about 27.8 million shares in the market, at an aggregate cost just under €1.5 billion. ^[28]

This buyback, together with ongoing dividend growth, underpins the “shareholder returns” leg of the Growth Action Plan.

New treasury‑share cancellation: a fresh EPS nudge

On 3 December 2025, Unilever announced it had cancelled 13,288,138 ordinary shares previously held in treasury, in line with UK Companies Act provisions. ^[29]

After this move:

Unilever now has 2,511,709,200 ordinary shares in issue.
It still holds 58,078,298 shares in treasury, which can be used for future employee plans or further cancellations. ^[30]

The direct economic impact per share is modest, but it slightly increases each remaining share’s claim on earnings and dividends and signals that Unilever is still prepared to adjust its capital structure even after a large buyback.

Leadership and strategy under Fernando Fernández

The strategic pivot driving all these moves is tied to a leadership shake‑up earlier this year.

On 25 February 2025, Unilever announced that Hein Schumacher would step down as CEO after only 18 months, to be replaced by then‑CFO Fernando Fernández, previously head of the Beauty & Wellbeing division. ^[31]

The board, which includes activist investor Nelson Peltz, signalled impatience with the pace of change and tasked Fernández with accelerating the Growth Action Plan, which focuses on: ^[32]

Concentrating investment on 30 “Power Brands” that already drive about three‑quarters of turnover.
Increasing exposure to higher‑growth segments like dermatological skincare, premium haircare and wellness. ^[33]
Simplifying the portfolio via disposals (Elida Beauty, Dollar Shave Club, Suave North America, now Graze and potentially Marmite/Bovril/Colman’s). ^[34]

This is slowly reshaping Unilever from a sprawling food‑and‑soap conglomerate into something closer to a global beauty, personal care and home‑care platform with a slimmed‑down foods arm.

How analysts see Unilever PLC and UL stock now

LSE: ULVR – “Hold” with modest upside

On the London line (ULVR):

MarketBeat data for ULVR shows a consensus “Hold” rating from six analysts, split 3 Sell and 3 Buy—a notably polarised view. ^[35]
The average 12‑month price target is around 4,690p, with estimates ranging roughly from 3,800p to 5,700p. That implies mid‑single‑digit upside from current levels in the mid‑4,400s. ^[36]

Some analysts argue that ULVR is fairly priced given its defensive profile and only mid‑single‑digit organic growth, while others see scope for re‑rating once the Magnum spin‑off and further disposals clarify the story.

NYSE: UL – “Moderate Buy” and higher upside

The ADR (UL) is viewed more favourably:

MarketBeat reports a “Moderate Buy” consensus from around 10–11 Wall Street analysts, with a mix of 2 Sell, 2 Hold, 4 Buy and 2 Strong Buy ratings. ^[37]
The average 12‑month price target is about $73, implying roughly 20–23% upside from the current price around $59–60. ^[38]
TipRanks, focusing on two recent analyst calls, shows an average target of $72.50 and also labels the stock a “Moderate Buy”. ^[39]

The valuation backdrop:

Trailing P/E for UL is around 22–23x, with a forward P/E near the mid‑teens (~15x), implying that analysts expect earnings growth to close some of the gap. ^[40]

Overall, the analyst community seems to agree that:

Execution has improved enough to justify a premium to some slower‑moving staples,
but not enough (yet) to command the rich multiples enjoyed by pure‑play beauty or high‑growth wellness companies.

What big investors are doing

Recent 13F and institutional‑holding disclosures highlight a tug‑of‑war in positioning rather than a one‑way rush for the exits:

Norges Bank has taken a new position in UL, signalling interest from long‑term sovereign capital. ^[41]
Russell Investments Group increased its stake by about 10.8% in Q2, to over 257,000 shares, citing Unilever as a core defensive holding. ^[42]
On the other hand, Beacon Pointe Advisors cut its position by roughly 60%, and River Road Asset Management also trimmed holdings modestly. ^[43]

Together, the data show institutional and hedge‑fund ownership around 9–10% of the free float, with continued rebalancing as portfolio managers decide whether Unilever’s restructuring will deliver enough upside relative to safer bond yields and other staples names. ^[44]

ESG and regulatory overhang: greenwashing and governance

Apart from Ben & Jerry’s governance issues, Unilever is facing ESG scrutiny on its broader marketing claims:

In mid‑2025, Dutch consumer association Consumentenbond accused Unilever of “large‑scale greenwashing”, finding that roughly half of 450 sampled products used misleading or vague sustainability claims and in‑house “eco” logos. ^[45]
Following a complaint to the Dutch Authority for Consumers and Markets (ACM), Unilever agreed in October to stop using unsubstantiated sustainability claims on packaging in the Netherlands and to adjust phrases like “sustainably sourced vegetables” or “sustainable packaging”. ^[46]

Regulatory pressure on green claims is tightening across Europe, so Unilever’s ability to align marketing with verifiable data will matter not just for reputation but potentially for legal and financial risk.

Key risks to watch

For investors tracking ULVR and UL through the Magnum spin‑off and beyond, several risks deserve attention:

Spin‑off and share‑consolidation execution risk
Timetable changes linked to the U.S. government shutdown already forced Unilever to delay the Magnum demerger and adjust ex‑dates. ^[47]
Any further slippage—or operational issues once TMICC is trading independently—could inject extra volatility into both ULVR and UL.
Portfolio‑sale pricing and brand equity
If assets like Marmite, Bovril and Colman’s are sold at low multiples, Unilever might be seen as destroying value to slim down. Conversely, if buyers under‑invest in these brands and quality suffers, Unilever could face a reputational backlash for abandoning national icons. ^[48]
ESG and regulatory scrutiny
Greenwashing allegations and Ben & Jerry’s governance issues highlight a broader theme: regulators and investors are increasingly intolerant of vague sustainability promises and weak oversight. That could affect both marketing freedom and cost of capital if not handled convincingly. ^[49]
Macro and consumer‑spending headwinds
While staples are relatively defensive, Unilever still faces pressure from inflation, GLP‑1 weight‑loss drug adoption (which could dent ice‑cream and snacking volumes), and fierce price competition from private‑label brands.

Bottom line: how the Unilever PLC stock story looks in early December 2025

As of 4 December 2025, Unilever PLC stock sits at the intersection of three narratives:

A maturing but still‑growing consumer‑staples business, delivering 3–4% underlying sales growth, incremental margin expansion and a 3%+ dividend yield. ^[50]
A major corporate re‑shaping, with the Magnum Ice Cream spin‑off, the completed €1.5 billion buyback and fresh treasury‑share cancellations all working to simplify the structure and support per‑share metrics. ^[51]
An ongoing credibility test, as regulators and activists push Unilever to match its sustainability and governance rhetoric with verifiable actions in areas like marketing, philanthropy and brand stewardship. ^[52]

Analysts are split but broadly see moderate upside—more on the ADR than on the London line—if Fernández’s team can hit their growth and margin targets while executing disposals and the Magnum separation without major mishaps. ^[53]

For investors, Unilever today is not a binary “turnaround or bust” story. It is a steady compounder, mid‑restructuring, where returns over the next few years are likely to be driven less by fireworks in revenue and more by portfolio mix, capital allocation and execution quality.

References

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London Stock Exchange Group (LSEG) Stock Today: OpenAI Deal, Board Changes and 2026 Forecasts – 4 December 2025

SSE PLC (LON:SSE) Stock on 4 December 2025: Ofgem Grid Ruling, Ex‑Dividend Drop and the £33bn Growth Plan

NatWest Group Plc Stock Today: Buybacks, BoE Stress Test Win and 2026 Outlook as Shares Trade Near Highs