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Unilever Issues MT Guidance, Cost-Cutting Details And Ice Cream Spin Off

CONSUMER STAPLES
  • EUR spreads streaming muted and mixed.
  • Unilever spinning off Ice Cream into a separate entity by end-2025, focusing on core businesses for growth and following in the footsteps of rival Nestle. Ice Cream has EUR 7.9bn turnover at FY23 (~13% of group).
  • Post-separation, Unilever is aiming for mid-single digit underlying sdales growth and modest margin improvement for the group (for context, the FY23 report had noted a “multi-year 3-5% growth range”).
  • Productivity program expected to save €800 million over three years, targeting mid-single digit sales growth and slight margin improvements after separation. Restructuring costs to be 1.2% of group turnover over the there years (up from the 1% previously communicated).
  • https://www.londonstockexchange.com/news-article/ULVR/unilever-to-accelerate-growth-action-plan/16383358
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