Unilever posts strongest volume growth in 15 years but remains a Hold amid macro risks.

Unilever PLC reported its strongest volume growth in over 15 years with Q2 underlying sales up 5.8% and margin improvements, driven by emerging markets. The company is streamlining its portfolio with potential divestitures and the McCormick deal, aiming to boost capital for future buybacks. Despite raising its sales growth guidance to 4–6% for the year, Unilever faces ongoing macroeconomic pressures and competition from private labels, which temper near-term optimism. The stock remains a Hold due to a balanced risk-reward profile and limited margin of safety.