Unilever reported 3.9% underlying sales growth in Q3, with volumes up 1.5% and a 6% currency impact. North America outperformed with 5.4% volume growth, while Latin America and Europe saw declines. Shares were flat. Unilever remains below its 2% volume growth target. Ice cream demerger delayed due to US government shutdown.

Unilever’s full-year guidance maintained as volume growth accelerated to 1.7%, excluding ice cream business. Shares trade 6% below fair value at GBX 4,940/EUR 59/$66. Operational improvements offset by consumer environment. Ice cream demerger postponed to 2025 due to US government shutdown. Management confident in completion.

Read more at Morningstar: Unilever: Modest Volume Growth, but North America Outperformance Continues