Unilever

Website: Unilever
Index: FTSE 100
EPIC: ULVR
Supersector: Personal and Household Goods
Sector: Personal Goods
Subsector: Personal Products
Market Cap: £94.04B
Payout Frequency: Quarterly

Next Unilever Dividend

Unilever next goes ex-dividend on 14/05/2026. This will be the Q1 dividend for 2026.

The dividend per share amount is 40.4600p (GBP) and the payment date is 26/06/2026.

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.

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 (4274.5p) = 1.89%

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

Number of Shares:

Payment	Paid	Amount
Next	–	–
Previous	–	–

Unilever Dividend Growth

Dividend Growth (1Y)	3.54%
Dividend CAGR (5Y)	0.69%
Years of Growth	1
Payout Ratio	47.03%
Buyback Yield	-10.55%
Shareholder Yield	-6.6%

P/E Ratio (TTM)	19.08
Forward P/E	15.31
P/FCF	15.56
Earnings Yield	8.78%
FCF Yield	6.43%
ROE	30.96%
ROCE	20.75%
Profit Margin	18.75%
Operating Margin	20.05%
Gross Margin	46.95%