London, Feb 13, 2026, 07:42 GMT — Premarket
Unilever shares are drawing attention again before Friday’s session in London. The Dove owner’s latest full-year update featured a cautious outlook for growth in 2026. Shares ended the last session at 5,355 pence. 1
Timing is key here. Unilever recently carved out its ice cream division, aiming to show that a more focused, brand-driven company can keep expanding—without pushing prices too aggressively.
Big consumer staples have become something of a safe haven for investors, yet the stocks take a hit at any whiff of weakening demand in the U.S. or Europe. Unilever finds itself at the mercy of both reactions—sometimes within just a single trading session.
Unilever reported underlying sales growth of 3.5% for 2025, with momentum picking up to 4.2% in the fourth quarter. The company guided for 2026 growth at the lower end of its 4%-6% range, targeting at least 2% underlying volume growth. Management pointed to a “modest” uptick in margins from the 20% underlying operating margin seen in 2025. Unilever also rolled out plans for a new share buyback—up to €1.5 billion, starting in the second quarter of 2026. It plans to gradually reduce its roughly 19.9% holding in The Magnum Ice Cream Company, aiming to cover demerger costs and keep balance sheet flexibility. “A simpler, sharper, and faster Unilever,” is how chief executive Fernando Fernandez described the company. 2
Shares slid as much as 3.6% early Thursday, then pared those losses after the company’s outlook called out tougher market conditions. “There are signs of progress … however we think it will take time,” wrote James Edwardes Jones at RBC Capital Markets. Over at Quilter Cheviot, Chris Beckett called developed-market consumers “okay-ish” given the ongoing cost-of-living squeeze. On the earnings call, Fernandez told analysts to expect prices to climb about 2% this year—a slower pace than the decade’s average. 3
On Friday, The Magnum Ice Cream Company could draw renewed focus. Unilever spun the company off in December, and now Magnum’s Amsterdam-listed stock is down over 14% after its debut earnings release as an independent firm. That selloff is stirring up fresh doubts about appetite for ice cream—and how vulnerable the sector might be to the rise of weight-loss drugs. 4
The buyback isn’t set to kick off until the second quarter, so the stock remains vulnerable if volumes take another hit or if developed markets slow down more sharply than anticipated. Should the U.S. or Europe falter further, the onus would shift even more onto emerging markets to keep growth going.
Traders are eyeing initial indicators on whether Unilever can push up volumes without letting margins slip, even with increased brand investment and the impact of more promotions. They’ll also be after specifics on how fast the Magnum stake is being reduced, plus any clarity on the timeline for demerger costs running off.
Coming up for shareholders: Unilever’s fourth-quarter interim dividend hits its ex-dividend date on Feb. 26, 2026. Payment lands a bit later, on April 10, 2026. 5
