Unilever
Website:
Unilever
Index:
FTSE 100
EPIC: ULVR
Supersector:
Personal and Household Goods
Sector:
Personal Goods
Subsector:
Personal Products
Market Cap:
£105.45B
Payout Frequency: Quarterly
Unilever Dividend Analysis and Summary
Key Dividend Details
- Dividend type: Quarterly interim (Q3 2025)
- Amount: €0.4528 per ordinary share; £0.3928 per UK share; US$0.5258 per ADR
- Ex-dividend date (Ordinary Shares): 06/11/2025
- Record date: 07/11/2025
- Payment date: 05/12/2025
- DRIP election deadline: 14/11/2025
- Change vs prior year: +3.0% vs Q3 2024; unchanged vs Q2 2025
- Notes: Amounts shown are pre the planned share consolidation associated with the Ice Cream demerger; exchange rates fixed at WM/Reuters 21 Oct 2025
- ADR timetable: Ex-div date 07/11/2025; record date 07/11/2025
Dividend Sustainability and Growth
- Growth trajectory: The quarterly DPS is up 3% year-on-year and held flat sequentially, indicating steady, inflation-like dividend growth without overreach.
- Earnings support: Q3 underlying sales growth 3.9% (volume +1.5%, price +2.4%); Power Brands up 4.4%. FY25 outlook reconfirmed for USG 3–5% and H2 underlying operating margin of at least 18.5% (or 19.5% ex-Ice Cream), supportive of ongoing cash generation for the dividend.
- Cost discipline: Productivity programme ahead of plan with ~€650m savings expected by end-2025; restructuring costs trimmed to ~1.2% of turnover for FY25—net supportive for free cash flow.
- Capital allocation: Portfolio focus continues (acquisition of Dr. Squatch; sale of The Vegetarian Butcher). Management explicitly states it anticipates paying the Q4 2025 dividend in full despite the demerger, signalling commitment to continuity.
- FX considerations: Reported turnover impacted by currency (-6.1%); sterling and USD dividend amounts will vary with FX, though the base declaration is in euros.
Structural Changes and Policy Signals
- Ice Cream demerger (TMICC) expected to complete in Q4 2025; Ice Cream to be reported as a discontinued operation from Q4. Unilever will retain ~19.9% stake, to be sold down over up to five years to fund separation costs and reduce net debt.
- Share capital consolidation will occur after demerger completion (ratio not yet fixed), intended to maintain comparability of share price, EPS and DPS. Post-consolidation per-share dividend amounts may change mechanically, but economic value is intended to be unchanged.
- Policy continuity: Explicit guidance that the Q4 2025 dividend will be paid in full despite the separation supports near-term dividend stability during the transition.
Risks and Flags to Dividend Stability
- Execution risk around the demerger and consolidation (including timetable revisions tied to the US government shutdown) and related one-off separation/restructuring costs could temporarily weigh on free cash flow.
- FX headwinds remain material and can distort reported results and GBP/USD dividend translations.
- Regional softness: Latin America decline (Q3 USG -2.5%, volumes -7.3%) and ongoing pricing resets in Brazil laundry could pressure margins near term.
- Post-demerger cash profile: Ice Cream’s removal changes mix; while management targets a higher-margin Unilever ex-Ice Cream, investors should watch for any post-separation update to dividend policy and new DPS baseline after consolidation.
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Unilever Annual Dividend Yield - 3.2%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 27/02/2025 |
28/03/2025 |
Q4 |
37.75p |
GBX |
| 15/05/2025 |
13/06/2025 |
Q1 |
38.87p |
GBX |
| 14/08/2025 |
12/09/2025 |
Q2 |
39.16p |
GBX |
| 06/11/2025 |
05/12/2025 |
Q3 |
39.2800p |
GBX |
Total (Annual Dividends Per Share):
155.06p
Dividend Yield =
Annual Dividends Per Share (155.06p)
÷ Share Price (4845p)
= 3.2%
Unilever Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 06/11/2025 |
05/12/2025 |
Q3 |
39.2800p |
GBX |
| 14/08/2025 |
12/09/2025 |
Q2 |
39.16p |
GBX |
| 15/05/2025 |
13/06/2025 |
Q1 |
38.87p |
GBX |
| 27/02/2025 |
28/03/2025 |
Q4 |
37.75p |
GBX |
| 07/11/2024 |
06/12/2024 |
Q3 |
36.63p |
GBX |
| 08/08/2024 |
06/09/2024 |
Q2 |
36.96p |
GBX |
| 16/05/2024 |
07/06/2024 |
Q1 |
36.74p |
GBX |
| 22/02/2024 |
22/03/2024 |
Q4 |
36.47p |
GBX |
| 16/11/2023 |
08/12/2023 |
Q3 |
37.15p |
GBX |
| 03/08/2023 |
31/08/2023 |
Q2 |
37.00p |
GBX |
| 18/05/2023 |
15/06/2023 |
Q1 |
37.83p |
GBX |
| 23/02/2023 |
21/03/2023 |
Q4 |
38.12p |
GBX |
| 17/11/2022 |
09/12/2022 |
Q3 |
37.22p |
GBX |
| 04/08/2022 |
01/09/2022 |
Q2 |
36.33p |
GBX |
| 19/05/2022 |
16/06/2022 |
Q1 |
35.90p |
GBX |
| 24/02/2022 |
22/03/2022 |
Q4 |
36.02p |
GBX |
| 04/11/2021 |
01/12/2021 |
Q3 |
35.98p |
GBX |
| 05/08/2021 |
08/09/2021 |
Q2 |
36.93p |
GBX |
| 20/05/2021 |
10/06/2021 |
Q1 |
37.10p |
GBX |
| 25/02/2021 |
17/03/2021 |
Q4 |
37.60p |
GBX |
| 29/10/2020 |
20/11/2020 |
Q3 |
37.46p |
GBX |
| 06/08/2020 |
09/09/2020 |
Q2 |
36.98p |
GBX |
| 14/05/2020 |
04/06/2020 |
Q1 |
36.14p |
GBX |
| 20/02/2020 |
18/03/2020 |
Q4 |
34.72p |
GBX |
| 31/10/2019 |
04/12/2019 |
Q3 |
35.76p |
GBX |
| 08/08/2019 |
11/09/2019 |
Q2 |
36.82p |
GBX |
| 02/05/2019 |
05/06/2019 |
Q1 |
35.46p |
GBX |
| 14/02/2019 |
20/03/2019 |
Q4 |
33.61p |
GBX |
| 01/11/2018 |
05/12/2018 |
Q3 |
33.93p |
GBX |
| 02/08/2018 |
05/09/2018 |
Q2 |
34.35p |
GBX |
| 03/05/2018 |
06/06/2018 |
Q1 |
33.41p |
GBX |
| 15/02/2018 |
21/03/2018 |
Q4 |
31.55p |
GBX |
| 02/11/2017 |
13/12/2017 |
Q3 |
31.99p |
GBX |
| 03/08/2017 |
06/09/2017 |
Q2 |
31.83p |
GBX |
| 04/05/2017 |
07/06/2017 |
Q1 |
30.21p |
GBX |
| 09/02/2017 |
15/03/2017 |
Q4 |
27.68p |
GBX |
| 27/10/2016 |
07/12/2016 |
Q3 |
28.90p |
GBX |
| 04/08/2016 |
07/09/2016 |
Q2 |
26.89p |
GBX |
| 28/04/2016 |
01/06/2016 |
Q1 |
25.56p |
GBX |
| 04/02/2016 |
09/03/2016 |
Q4 |
23.00p |
GBX |
| 29/10/2015 |
09/12/2015 |
Q3 |
22.59p |
GBX |
| 06/08/2015 |
09/09/2015 |
Q2 |
21.10p |
GBX |
| 23/04/2015 |
03/06/2015 |
Q1 |
21.80p |
GBX |
| 05/02/2015 |
11/03/2015 |
Q4 |
21.77p |
GBX |
| 06/11/2014 |
10/12/2014 |
Q3 |
22.52p |
GBX |
| 06/08/2014 |
10/09/2014 |
Q2 |
22.53p |
GBX |
| 07/05/2014 |
11/06/2014 |
Q1 |
23.38p |
GBX |
| 05/02/2014 |
12/03/2014 |
Q4 |
22.22p |
GBX |
| 06/11/2013 |
11/12/2013 |
Q3 |
22.80p |
GBX |
| 07/08/2013 |
11/09/2013 |
Q2 |
23.12p |
GBX |
| 08/05/2013 |
12/06/2013 |
Q1 |
22.91p |
GBX |
| Year |
Currency |
Total |
Change |
| 2024 |
GBX |
146.800 |
-2.190 |
| 2023 |
GBX |
150.100 |
3.180 |
| 2022 |
GBX |
145.470 |
-1.440 |
| 2021 |
GBX |
147.610 |
1.580 |
| 2020 |
GBX |
145.300 |
2.570 |
| 2019 |
GBX |
141.650 |
6.310 |
| 2018 |
GBX |
133.240 |
9.470 |
| 2017 |
GBX |
121.710 |
16.630 |
| 2016 |
GBX |
104.350 |
19.580 |
| 2015 |
GBX |
87.260 |
-3.730 |
| 2014 |
GBX |
90.650 |
31.700 |
| 2013 |
GBX |
68.830 |
|
Unilever Dividend Calculator
Unilever Dividend Growth
| Dividend Growth (1Y) |
5.63%
|
| Dividend CAGR (5Y) |
0.91%
|
| Years of Growth |
–
|
| Payout Ratio |
79.51%
|
| Buyback Yield |
1.24%
|
| Shareholder Yield |
5.12%
|
| P/E Ratio (TTM) | 19.94 |
|---|
| Forward P/E | 16.71 |
|---|
| P/FCF | 18.86 |
|---|
| Earnings Yield | 4.45% |
|---|
| FCF Yield | 5.3% |
|---|
| ROE | 28.7% |
|---|
| ROCE | 21.2% |
|---|
| Profit Margin | 9.29% |
|---|
| Operating Margin | 18.05% |
|---|
| Gross Margin | 44.14% |
|---|