Unilever(UK)(US:UL) 美股IPO·2026-02-12 13:39Core Viewpoint - Unilever's Q4 2025 sales performance exceeded market expectations, driven by strong demand for premium beauty and home care products in key markets like the US and India [1][4]. Financial Performance - Unilever's Q4 sales amounted to €12.6 billion, a year-on-year decline of 2.7%, but the underlying sales growth was 4.2%, surpassing analyst expectations of 4% [1][4]. - The full year 2025 turnover reached €50.5 billion, with an underlying sales growth (USG) of 3.5% [3]. Segment Performance - Beauty & Wellbeing segment sales were €3.2 billion, with underlying sales growth of 4.7%, volume growth of 2.8%, and price growth of 1.8% [3]. - Personal Care segment sales reached €3.3 billion, with underlying sales growth of 5.1%, volume growth of 0.6%, and price growth of 4.5% [3]. - Home Care segment sales were €2.8 billion, with underlying sales growth of 4.7%, volume growth of 4.0%, and price growth of 0.6% [3]. - Foods segment sales totaled €3.3 billion, with underlying sales growth of 2.3%, volume growth of 1.3%, and price growth of 1.0% [3]. Strategic Developments - This report follows Unilever's divestiture of its ice cream business, including Ben & Jerry's, and coincides with CEO Fernando Fernandez's nearly one-year tenure [4]. - Fernandez continues the transformation plan initiated by his predecessor, focusing on streamlining the company by divesting non-scalable brands and promoting the growth of its most successful products [4]. - Unilever announced a €1.5 billion (approximately $1.8 billion) share buyback program starting in Q2 2026 [4]. Future Outlook - Unilever expects its underlying sales growth for 2026 to be at the lower end of its long-term target range of 4% to 6%, aligning with analyst expectations [4]. - Analysts have mixed opinions on Unilever's ability to maintain its current momentum, with some highlighting potential growth in emerging markets, while others express concerns about limited future growth compared to peers [4].