LONDON, Jan 5, 2026, 09:50 GMT — Regular session
- Unilever shares fell about 1% in early London trade, bucking a firmer FTSE 100.
- Investors are looking ahead to Unilever’s Feb. 12 full-year results after the Magnum ice cream spin-off.
- Traders are watching for volume traction, margin delivery and any signs of faster U.S.-led dealmaking.
Unilever (ULVR.L) shares slipped about 1% on Monday, trading at 4,775 pence, while the FTSE 100 rose 0.3% in early dealings. 1
The move matters because Unilever’s next update — fourth-quarter and full-year results on Feb. 12 — is the first major test of whether its reshaped portfolio can sustain growth as pricing power fades and volumes return to centre stage. Volume is the number of units sold. 2
Unilever has narrowed its focus after spinning off The Magnum Ice Cream Company in December, a carve-out that listed the ice-cream unit separately and left Unilever more exposed to beauty, personal care, home care and foods. The group also consolidated its shares 8-for-9 after the demerger — a mechanical change that lifts the quoted share price without changing the underlying value held by investors. 3
“For the underlying Unilever business, ice cream has been a drag on volumes,” Edward Lewis, an analyst at Rothschild & Co Redburn, told Reuters. 3
The broader tape was supportive. European stocks edged higher, with the STOXX 600 up 0.3% by 0810 GMT as defence and technology shares led gains after U.S. military strikes on Venezuela, Reuters reported. 4
Unilever traded between 4,762.50 and 4,824.50 pence on the day, after closing at 4,822.50 on Friday, Google Finance data showed. 1
Chart watchers note the shares remain below the 50-day and 200-day moving averages — simple trend gauges that smooth daily swings — in FTSE Russell data dated Jan. 2, when the stock’s relative strength index (RSI), a momentum indicator, stood at 47. An RSI above 70 is often seen as “overbought” and below 30 as “oversold”. 5
Management has pitched the post-ice-cream Unilever as a cleaner growth story with more room for bolt-on deals. Chief executive Fernando Fernandez said in December Unilever is allocating about 1.5 billion euros ($1.74 billion) a year for mergers and acquisitions, with a heavy focus on the United States, and expects second-half operating margin — operating profit as a share of sales — of at least 19.5% after the separation, up from 18.5% including ice cream. One basis point is 0.01 percentage point. 6
Unilever’s portfolio shift mirrors a broader consumer-goods push towards sharper brand line-ups, with peers such as Nestle and Reckitt also reviewing assets to lift growth and returns. 3
But the re-rating case hinges on execution. If pricing eases before volumes recover, or if input costs and foreign-exchange swings hit margins, investors may question how much of the promised uplift is structural rather than cyclical.
The next clear catalyst is Unilever’s Feb. 12 results and guidance, followed by the company’s appearance at the CAGNY Conference on Feb. 17, its events calendar shows. 2
