Unilever
Website:
Unilever
Index:
FTSE 100
EPIC: ULVR
Supersector:
Personal and Household Goods
Sector:
Personal Goods
Subsector:
Personal Products
Market Cap:
£90.67B
Payout Frequency: Quarterly
Unilever Dividend Analysis and Summary
Key Dividend Details (Q1 2026)
- Dividend per share: €0.4664 per Unilever PLC ordinary share (LSE); £0.4046 per share in sterling; US$0.5449 per ADR
- Ex-dividend date (Ordinary shares): 14/05/2026
- Record date: 15/05/2026
- Payment date: 26/06/2026
- DRIP election deadline: 05/06/2026
- ADR ex-dividend date: 15/05/2026; ADR record date 15/05/2026
- Change vs prior year: Up 3.0% vs Q1 2025; flat vs Q4 2025
- Currency note: GBP and USD amounts set using WM/Reuters rates on 28/04/2026
- Indicative annualised DPS (if maintained): ~€1.866
Analysis: Sustainability and Growth
- Dividend growth: The +3% YoY uplift signals a cautious, steady growth trajectory consistent with Unilever’s long-standing commitment to progressive dividends.
- Earnings/FCF support: Q1 showed USG 3.8% led by 2.9% volume and modest price. Management guides to a modest improvement in underlying operating margin in 2026 (vs 20.0% in 2025) and continues to deliver on the productivity programme (€750m of the targeted €800m savings by end-2026). These factors should support cash generation and dividend cover.
- Capital returns mix: The active €1.5bn buyback (to complete by 06/07/2026) and an indicated €6bn of buybacks 2026–2029 funded by Foods transaction proceeds underline balance sheet capacity for shareholder returns alongside the dividend.
- FX/translation: Reported turnover fell (3.3)% on a (7.7)% currency headwind despite positive USG. While the dividend is declared in euros, GBP/USD receipts vary with FX; translation does not appear to threaten dividend safety but can affect sterling and dollar payouts.
Structural and Capital Allocation Considerations
- Foods combination with McCormick (announced March 2026): Separation of Unilever Foods to combine with McCormick, targeting completion by mid-2027. Management expects ~$600m annual run-rate cost synergies (net of reinvestment) plus ~$100m additional cost/revenue synergies to be reinvested. They expect no operational dis-synergies for remaining HPC operations.
- Stranded costs and restructuring: Post-separation stranded costs of €400–500m to be offset via savings during 2027–2029, with one-off restructuring costs of ~€500m over that period. Near-term cash outflows could modestly weigh on headroom but are planned within the programme.
- Portfolio reshape: December 2025 demerger of TMICC (Magnum Ice Cream); 2026 disposals (e.g., Graze, Indonesia Tea, select LatAm Home Care, partial ice cream stakes) and acquisition of Grüns (VMS; pending close). Strategy is to become a pure-play HPC company with higher structural growth, which could support dividend growth over time.
- Capital allocation policy: Remains unchanged—prioritise organic investment and productivity, pursue bolt-on M&A/disposals, maintain an “attractive dividend,” and deploy surplus cash to buybacks.
Risks and Flags to Dividend Stability
- Execution risk on Foods/McCormick transaction: Regulatory/shareholder approvals, delivery of synergy targets, and management bandwidth through separation; stranded costs and restructuring cash outflows concentrated in 2027–2029.
- Macro and FX: Continued currency headwinds impacted reported turnover; emerging market exposure and commodity volatility (notably in Home Care) could affect pricing power and margins.
- Regional softness: Europe remains subdued (USG -0.9%); sustained weakness could limit mix/margin support.
- Commodity costs: Management expects elevated commodity costs to drive pricing in Home Care for the rest of 2026—supportive for revenue but a risk to volumes/mix if consumer elasticity rises.
Read more
Unilever Annual Dividend Yield - 1.89%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 26/02/2026 |
10/04/2026 |
Q4 |
40.5200p |
GBX |
| 14/05/2026 |
26/06/2026 |
Q1 |
40.4600p |
GBX |
Total (Annual Dividends Per Share):
80.98p
Dividend Yield =
Annual Dividends Per Share (80.98p)
÷ Share Price (4284.5p)
= 1.89%
Unilever Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 14/05/2026 |
26/06/2026 |
Q1 |
40.4600p |
GBX |
| 26/02/2026 |
10/04/2026 |
Q4 |
40.5200p |
GBX |
| 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) |
0.14%
|
| Dividend CAGR (5Y) |
0.17%
|
| Years of Growth |
1
|
| Payout Ratio |
47.03%
|
| Buyback Yield |
-10.55%
|
| Shareholder Yield |
-6.43%
|
| P/E Ratio (TTM) | 18.54 |
|---|
| Forward P/E | 14.91 |
|---|
| P/FCF | 14.99 |
|---|
| Earnings Yield | 9.11% |
|---|
| FCF Yield | 6.67% |
|---|
| ROE | 30.96% |
|---|
| ROCE | 20.75% |
|---|
| Profit Margin | 18.75% |
|---|
| Operating Margin | 20.05% |
|---|
| Gross Margin | 46.95% |
|---|