Today, Unilever released its Q3 of 2025. It reported underlying sales growth of 3.9% for the third quarter of 2025, with 1.5% from volume and 2.4% from price. Excluding the Ice Cream division, which is set to be demerged by year-end, underlying sales growth stood at 4.0%, reflecting 1.7% volume growth. The company’s Power Brands, accounting for 78% of turnover, delivered 4.4% growth, underpinned by strong performance across all Business Groups.
Total turnover was €14.7 billion, down 3.5% year-on-year, including -6.1% from currency and -1.0% from net disposals in Q3. Despite the headline decline, Unilever achieved broad-based growth, with developed markets growing 3.7% and emerging markets improving to 4.1%, led by a strong recovery in Indonesia (+12.7%) and early signs of renewed momentum in China.
In Beauty & Wellbeing (22% of Q3 turnover), underlying sales grew 5.1%, with balanced contributions from volume and price. In Beauty & Wellbeing, Unilever focus on three key priorities: premiumising our core Hair and Skin Care portfolios by emphasising brand superiority; fuelling the growth of our Prestige Beauty and Wellbeing portfolios with selective international expansion; and, continuing to strengthen our competitiveness through innovation and a social-first approach to consumer engagement. Growth accelerated versus the first half, led by double-digit growth in Dove hair, Vaseline, Liquid I.V., Nutrafol, Hourglass, and K18.
Hair Care was flat, with performance varying across brands. Dove grew double-digit with balanced volume and price supported by the successful rollout of its new fibre repair technology range. Tresemme grew low-single digit as strong momentum in styling and treatments was partially offset by a volume decline in the US as we took corrective pricing actions. Market softness in Brazil and China continued to impact Sunsilk and Clear, resulting in declines for both brands.
Core Skin Care grew mid-single digit with balanced volume and price. Vaseline grew double-digit, driven by volume. This growth was supported by premium innovations, including its new Cloud Soft Light Moisturiser in India.
Prestige Beauty grew mid-single digit led by volume as the prestige beauty market showed gradual improvement. Growth is varied with brands including Hourglass and K18 continuing to deliver double-digit growth, while Paula’s Choice and Dermalogica returned to low-single digit growth after declining in the first half.
The Personal Care segment (also 22% of turnover) achieved 4.1% growth. In this segment, Unilever focus on winning with science-led brands that deliver unmissable superiority to our consumers across Deodorants, Skin Cleansing, and Oral Care. Our priorities include developing superior technology and multiyear innovation platforms, leveraging partnerships with our customers, and expanding into premium areas and digital channels.
Strong performance in North America and Asia Pacific Africa was partially offset by a decline in Latin America. Dove grew mid-single digit driven by the continued success of its premium innovations.
Deodorants grew low-single digit with positive price and flat volume. North America remained strong led by Dove, which was supported by the ongoing development of its whole-body range. This growth was partially offset by a decline in Latin America, where we continue to gain share despite a decline in category volume.
Skin Cleansing grew low-single digit driven by price. Dove grew mid-single digit led by continued success from its premium innovations and the launch of unique, limited-edition seasonal body wash ranges. Lifebuoy grew low-single digit as volumes remained subdued following commodity-driven price increases.
Oral Care grew high-single digit, led by Pepsodent and CloseUp. Growth was supported by continued success in premium innovation including whitening and naturals ranges.
Developed markets (44% of group turnover) underlying sales growth was 3.7%, with 2.7% from volume and 1.0% from price. This was led by a strong performance in North America, with volume-led underlying sales growth of 5.5% driven by Personal Care and Beauty & Wellbeing. In Europe, underlying sales growth was 1.1% against a strong comparator in the prior year.
Emerging markets (56% of group turnover) underlying sales growth stepped up sequentially to 4.1%, 0.6% from volume and 3.5% from price. In India underlying sales growth was 2%, reflecting a transitory negative impact on sales growth from Goods and Services Tax reforms. The reforms are anticipated to support long-term demand improvement across key categories, with trading conditions expected to normalise from November.
China delivered low-single digit underlying sales growth. We are seeing early success from our more focused and tailored go-to-market approach and the premiumisation of our portfolio. Indonesia returned to growth, driven by our extensive reset of the business and against a softer comparator, with underlying sales growth of 12.7%. Latin America declined -2.5%, against a backdrop of challenging economic conditions, and we expect to see improvement during 2026.
Commenting on the results, CEO Fernando Fernandez stated:
“We continued to outperform in developed markets in the third quarter, led by our strong innovation programme, and stepped up our emerging markets performance with a return to growth in Indonesia and China. Growth was broad based across all Business Groups and driven by our Power Brands. We’re shaping a brand portfolio built for the future—anchored in Beauty, Wellbeing, and Personal Care, prioritising premium segments and digital commerce.”
