Unilever: Revenue Up 6.7% in Third Quarter, Driven by Emerging Markets
Unilever's revenue reached €13.3 billion in the third quarter of 2026, up 6.7% year-on-year, according to the activity report published on October 28, 2026. The price contribution was raised to 2.3%, compared to 1.1% on a nine-month cumulative basis, in response to rising raw material costs.
This growth is driven by beauty, personal care and home care, as well as by emerging markets, which grew 9.5%. Food remained stable and developed markets declined 0.9%, a decline that the group attributes to more challenging comparison bases and less favorable market conditions.
Underlying Sales Growth of 5.2%, Including 2.9% Volume Growth
Third quarter revenue stands at €13,271 million, compared to €12,435 million a year earlier. The 6.7% increase combines underlying sales growth of 5.2%, a net contribution of 0.8% from acquisitions and disposals, and a positive currency effect of 0.6%.
Over nine months, sales reached €38.9 billion, up 2.7%, with underlying growth of 4.9%. The difference between these two rates reflects a negative currency effect of 2.9% over the cumulative period.
Volumes grew 3.8% cumulatively, compared to 2.9% in the third quarter alone. Over this latter period, price increases accelerated, as the group had anticipated, particularly in home care and personal care.
Home Care and Emerging Markets Leading, Food Stable
Home care (23% of quarterly sales) shows the highest growth, with underlying growth of 9.1%, comprising 5.4% volume growth and 3.6% price growth. Personal care advances 6.3% and beauty and wellness 5.7%.
Within this latter division, the Wellbeing activity (supplements) declined during the quarter, partly due to the timing of deliveries related to Amazon Prime Day, which had benefited the second quarter. It shows a decline of 1.0% since the beginning of the year.
Food, which also accounts for 23% of sales, is virtually stable: +0.1% for the quarter and +0.8% over nine months, with volumes down 1.1% in the recent period. The group cites less favorable market conditions in developed country distribution and increased competition in condiments in the United States.
Emerging markets (€8.0 billion in sales) grew 9.5%, with 6.0% volume growth, including 15% growth in India and 8.5% in Latin America. Developed markets declined 0.9% in the quarter, after +0.7% over nine months.
North America declined 0.7% in the quarter, while showing growth of 1.5% since the beginning of the year. Europe declined 1.7% over the same quarterly period.
At Least 3% Volume Growth Targeted for 2026, Dividend Up 3%
Unilever has raised its outlook: the group now targets underlying volume growth of at least 3% for the 2026 fiscal year and underlying sales growth of around 5% in the second half.
It maintains annual underlying growth within its multi-year range of 4% to 6%. It also expects a slight improvement in underlying operating margin compared to 20.0% in 2025.
The combination of the food division with McCormick, which was the subject of an agreement announced in March 2026, has not yet been finalized. Its completion remains subject to shareholder approval from McCormick, regulatory approvals and other customary conditions; the group indicates that regulatory filings have been submitted on schedule.
The interim dividend for the third quarter is set at €0.4664 per share, unchanged from the second quarter of 2026 and up 3.0% year-on-year. It will be paid on December 18, 2026, following an investor day scheduled for November 4, 2026 in New York.
Over the first nine months, underlying volume growth reached 3.8%, a level higher than the new annual floor of at least 3% set by the group.
