UNVR FEB2026

UNVR

Contact our analyst Eka

23% Upside, Buy
23rd February 2026
Price Rp 2240
Target price Rp 2760

Positive results from business reset

Following the 2025 results and the 2024 restatement related to the ice cream separation and the divestment of Sariwangi Tea, UNVR returned to growth. Total sales increased 4.3% YoY to IDR 31.9 trillion in 2025, with strong quarterly momentum as Q4-2025 sales rose 17.2% QoQ to IDR 7.67 trillion. Both Unit Price Growth (UPG) and Unit Volume Growth (UVG) turned positive, reflecting the impact of the company’s extensive reset program over the past year.
UPG improved to +2.8% YoY, reversing from –3.6% in 2024, supported by improved pricing stability.
UVG rose +1.2% YoY, compared to –5.2% in 2024, driven by demand recovery across key categories.
Domestic sales grew 4.0% YoY to IDR 31 trillion, while export sales increased 16.5% YoY to IDR 942 billion. Following the 2023 boycott and portfolio restructuring, market share has stabilized, with value share at 30.9% in 2H-2025 (vs. 32.4% in Dec-2023) and volume share at 26.1% (vs. 26.2% in Dec-2023).
Core profit from continuing operations increased 21.8% YoY to IDR 3.54 trillion in 2025. In Q4-2025, core profit surged 75.3% YoY to IDR 538 billion, although QoQ declined from IDR 1.1 trillion in Q3-2025 due to transformation costs of IDR 460 billion.
We expect continued improvement in both volume and pricing into 2026, particularly in Q1-2026, supported by seasonal demand from Eid timing.

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Segment Performance: Broad-Based Improvement

After the divestment of ice cream and Sariwangi Tea, both remaining segments showed improvement. Food & Refreshment (FR): Sales increased by +4.7% YoY to IDR 8.58 trillion driven by improved in UVG of 2.1% and price growth of 2.7% in 2025. GPM declined to 45% while OPM increased to 24%.
Home & Personal Care (HPC) sales increased 4.2% YoY to IDR 23.3 trillion, reflecting recovery in UVG (+0.9%) and UPG (+3.7%) after two years of contraction. Gross margin declined to 48% from 50%, while operating margin remained stable at 21%.

Discontinued Operations

The ice cream business separation was completed in 2025, and the Sariwangi Tea divestment is expected to be finalized by Q1-2026.
In FY-2025, discontinued operations contributed IDR 4.4 trillion, or 12.2% of total sales, with net profit of IDR 310 billion, equivalent to 8.0% of total net profit.
Management plans to distribute a 100% dividend payout ratio for FY-2025 and may add special dividends from the ice cream and Sariwangi divestments.

Valuation: BUY TP IDR 2,760 +23% Upside)

We expect continued long-term improvement from UNVR’s transformation strategy. Following visible turnaround momentum, we maintain our BUY rating with a revised target price of IDR 2,760, implying 23% upside and a forward 30x PE.

Previously

UNVR Oct2025