Unilever (UNVR) Beats Estimates — Is It Time to Buy?
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JAKARTA, Investortrust.id — PT Unilever Indonesia Tbk, or UNVR, has exceeded analysts’ expectations in the third quarter of 2025, with its earnings rebound gaining further momentum, according to BRI Danareksa Sekuritas. The company reported strong sales and profitability improvements following efficiency measures and a sharper product focus.
Unilever booked Rp 9.4 trillion in revenue for the third quarter, up 12.4% year-on-year and 7.7% quarter-on-quarter, bringing total sales in the first nine months of 2025 to Rp 27.6 trillion, an increase of 0.7% from a year earlier.
“The figure surpassed both consensus and our projections, reaching 79% of the consensus target and 80% of BRI Danareksa’s forecast,” wrote analysts Christy Halim and Sabela Amalina in a market commentary published Friday, Oct. 24, 2025.
By segment, Home & Personal Care (HPC) grew 14.6% year-on-year and 8.9% quarter-on-quarter, while Foods & Refreshment (FNR) rose 8.5% and 5.4%, respectively. Unilever Beauty & Wellbeing (UVG) climbed 10.1%, and Unilever Personal Goods (UPG) advanced 2.4% from a year earlier.
Profit margins also strengthened notably. Gross profit margin (GPM) improved to 49.2% in the third quarter, up from 48.0% in the previous quarter and 45.5% a year earlier, driven by lower production costs and a 4.7% year-on-year reduction in operating expenses during the first nine months. The operating expense-to-sales ratio fell to 32.3% from 34.2%.
Unilever management said the planned separation of the ice cream business will temporarily affect performance but is expected to enhance long-term profitability. As of the third quarter, the ice cream segment contributed 10.3% of sales and 8.1% of net profit.
Cumulatively, Unilever posted Rp 3.3 trillion in net profit for January–September 2025, up 10.8% from the same period last year, equal to 77% of consensus estimates and 82% of BRI Danareksa’s projection. “This performance indicates results above expectations,” the brokerage noted.
Given the sustained recovery signs and effective cost management, BRI Danareksa Sekuritas maintained its hold recommendation on UNVR shares with a target price of Rp 1,750 apiece.