The Magnum Ice Cream Company N.V. (MICC)

The Magnum Ice Cream Company reported third-quarter 2026 revenue of €2.5 billion on 29 October 2026, up 12.1 percent from €2.2 billion a year earlier 1. Organic sales growth, which leaves out acquisitions and currency swings, was 9.6 percent, made up of volume growth of 7.3 percent and price growth of 2.2 percent 1.

All three regions grew: Europe and ANZ by 8.9 percent, the Americas by 3.9 percent and AMEA (Asia, Middle East and Africa) by 17.6 percent 1. The company estimated that an extended summer in Europe added 2-3 percent to growth in the quarter 1.

The company upgraded its full-year organic growth outlook to approximately 5.5 percent, from a prior 3 to 5 percent 1. It kept its expected improvement in Adjusted EBITDA margin, profit before interest, tax and depreciation as a share of revenue, at 40 to 60 basis points on a comparable basis 1.

The company said productivity savings and operating leverage are anticipated to offset higher costs, mainly oil and energy prices 1. Its first technology deployment wave is scheduled to start in November 2026, covering the UK and Ireland, Hungary and Romania 1.

Its annual report dates Breyers to 1866, Wall's to 1922, Cornetto to 1959, Ben and Jerry's to 1978 and Magnum to 1989 3. Talenti was acquired in 2014 and Yasso in 2023 3.

These brands sat inside Unilever until the demerger, the split that made the ice cream business a company of its own 3. The annual report says the business was losing market share from 2013 to 2023 and that its profitability trailed its main global competitor 3.

The demerger from Unilever was completed on 6 December 2025, and the shares began trading on 8 December 2025 3. The company is listed on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange 3.

In 2025 the company generated €7.9 billion in revenue 3. Organic sales growth was 4.2 percent, from volume growth of 1.5 percent and price growth of 2.6 percent, while a stronger euro cut reported growth by 4.3 percent 3.

Net profit fell to €307 million in 2025 from €595 million in 2024 3. The company tied the fall to higher separation and restructuring costs, higher net finance costs and a net monetary loss from hyperinflation 3.

Free cash flow fell to €38 million from €803 million, mainly because of cash outflows tied to the demerger and interest on new loans 3.

In 2026 the acquisitions of the India and Portugal businesses were completed on 30 March 2026 and 1 April 2026 2. In the first half of 2026 revenue was €4.7 billion, organic sales growth 4.7 percent, and net profit €349 million against €464 million 2.

The brands

The company describes itself as the world's largest ice cream company, with 16,500 colleagues, 30 factories, 12 research centres and a fleet of three million freezer cabinets 3. It sells in 80 markets 3.

Its four leading brands are Magnum, Ben and Jerry's, Cornetto and the Heartbrand 3. In the third quarter Magnum and the Heartbrand grew double digits, Ben and Jerry's grew more than 9 percent and Cornetto grew high single digits 1.

Yasso, a low-calorie, high-protein frozen Greek yogurt sold in the US, grew more than 30 percent in the third quarter 1. Magnum La Pistache was the season's top ice cream innovation, according to the company 1.

The three regions

In the latest full year Europe and ANZ (Australia and New Zealand) posted 3.3 percent organic sales growth, with Italy below par 3. The Americas grew 0.8 percent, with the US up 1.7 percent and Brazil and Canada weaker 3.

AMEA grew 10.9 percent in the latest full year with an Adjusted EBITDA margin of 22.9 percent, against 13.1 percent in Europe and ANZ and 14.1 in the Americas 3.

People, plants and current problems

Peter ter Kulve is chief executive and Abhijit Bhattacharya is chief financial officer 1. The company invested in major factories at Heppenheim in Germany, Gloucester in the UK and Minto in Australia 3.

Gross profit margin slipped from 34.9 percent to 34.6 percent in the latest full year because of severe commodity inflation 3. The company still relies on Unilever for transitional services and plans to exit the remaining agreements by the end of 2027 1.

The umbrella, in words

The portfolio includes Breyers, Popsicle and Ben and Jerry's in the Americas 3. The annual report also lists Wall's, Talenti and Yasso among its heritage brands 3.

Exhibit 8.1 lists the wholly owned subsidiaries, such as Magnum ICC Australia Pty Ltd and Wall's (China) Co., Ltd., across many countries 4. It says the entities are 100 percent owned by the group and consolidated 4.

The company owns the ice cream business in India, completed on 30 March 2026, and the Portuguese business, completed on 1 April 2026 2. For Kwality Wall's India it announced an offer for up to 26.0 percent of the shares held by public shareholders 3.

The annual report states that there are no controlling shareholders 3. Unilever PLC has a 19.85 percent shareholding and is party to a transitional services agreement, a tax matters agreement and a demerger agreement with the company 3.

For 2026 the company upgraded its organic sales growth outlook to approximately 5.5 percent, from 3 to 5 percent, on 29 October 2026 1. It expects Adjusted EBITDA margin improvement of 40 to 60 basis points on a comparable basis, and 0 to 20 basis points as reported 1.

The board's medium-term objectives are average annual organic sales growth of 3 to 5 percent, 40 to 60 basis points of margin expansion and €0.8 to 1.0 billion of free cash flow from 2028 3. The dividend policy targets a payout ratio of 40 to 60 percent of net income after adjusting items 3.

The productivity programme, started in 2024, is on track to deliver planned cumulative savings of €500 million by 2028, the company said 1. It reported €90 million of savings delivered in the first half of 2026 2.

The company said its first technology deployment wave begins in November 2026 1. It also expects to leave the remaining transitional service agreements with Unilever by the end of 2027 1.