Unilever reported 4.2% underlying sales growth in Q4 with volume up 2.1%, exceeding expectations. Operating margin at 20% outperformed forecasts. The focus on power brands and core geographies has boosted sales. Anticipate 2% volume growth supported by marketing investments. Fair value estimate maintained at GBX 5,200/EUR 60/USD 70, view shares as fairly valued.

Beauty, well-being, and personal care drove volume growth in 2025. Home care performed well in Q4 with 4% volume growth. Pricing was positive across segments. Dove brand was a key driver with 9% organic sales and 7% volume growth. Business structure is leaner, allowing for improved performance and market share gains.

Read more at Morningstar: Unilever Earnings: Solid Volume Growth and Margin Expansion; Shares Fairly Valued