May 22, 2026/CSL Research

Recent Q1 2026 earnings release by Unilever Nigeria Plc showed Revenue growth of 26.0% year-on-year (y/y) to ₦59.2 billion (bn), up from ₦47.0bn in Q1 2025. The solid top-line performance was driven by growth across all Revenue segments, reflecting the sustained positive impact of intensified brand marketing efforts over the past quarters. Unilever’s FY 2026 Revenue is projected to rise by 26.9% y/y to ₦271.9bn (FY 2025: ₦214.3bn), supported by its consistent marketing initiatives, and the gradual recovery in volume sales.

Operating Profit grew by 38.9% y/y to ₦11.5bn in Q1 2026 (Q1 2025: ₦8.3bn), driven primarily by strong Revenue growth and a slower rate of growth in Cost of Sales to ₦32.6bn (+15.8% y/y). Consequently, Profit After Tax rose to ₦7.0bn, compared to ₦5.6bn in Q1 2025. With cost pressures expected to remain contained, Gross Profit is forecast to grow to ₦117.9bn (FY 2025: ₦89.5bn). Consequently, Operating Profit is projected to reach ₦52.4bn (FY 2025: ₦42.2bn), while Profit Before Tax is expected to increase by 16.3% y/y to ₦60.1bn (FY 2025: ₦51.7bn).

At the current EV/EBITDA of 18.46x, Unilever trades at a significant premium to the Middle East and Africa (MEA) peer median of 11.43x and though we have revised our price target up to ₦142.18/share (previously: ₦93.92/share), we maintain our hold rating.

To read full report, click on the link below​​

​​​​​​​UNILEVER Q1 2026 Company Update.pdf