Magnum Ice Cream Company reports US$5.4B revenue in H1 2026

NETHERLANDS – The Magnum Ice Cream Company has reported revenue of US$5.41 billion (€4.7 billion), with Organic Sales Growth +4.7%. Volume was +2.5% higher, and price was up +2.2% in H1 2026.

Reported revenue was +4.2% higher than last year, including +2.3% impact from the acquisitions in India and Portugal and -2.7% foreign currency translation effects (forex).

Forex translation effects related mainly to the strengthening of the euro against key currencies, particularly the Turkish Lira and US Dollar.

Adjusted EBIT was US$824 million (€716 million) and Adjusted EBIT margin was 15.3% (H1 2025: 14.8%), driven by improved gross margin, resulting from productivity savings and pricing, partly offset by cost inflation.

Operating profit was US$675 million (€587 million was impacted by adjusting items related to establishment costs.

Adjusted EBITDA was US$1.01 billion (€880 million) with Adjusted EBITDA margin at 18.7% (H1 2025: 19.0%), primarily impacted by -70bps from TSAs, as previously allocated depreciation was charged as cash costs, and -30bps from the India acquisition.

Operationally, savings from our productivity programme and select pricing actions more than offset commodity and other supply chain cost inflation.

Net profit was US$402 million (€349 million), with €50 million higher Adjusted EBIT more than offset by €62 million higher net finance costs, €40 million net monetary loss from hyperinflation in Türkiye, €32 million additional establishment and restructuring costs, and €31 million higher taxes.

Free Cash Flow was US$314 million (€273 million), with the year-on-year increase primarily driven by a favourable working capital movement of €173 million and higher cash from EBIT, partly offset by an increase in interest payments reflecting our standalone financing and operating structure.

The favourable working capital movement was largely driven by the interim operating model with Unilever PLC (Unilever). Accordingly, the usual seasonal inventory build-up during the first half did not result in a corresponding cash outflow.

Magnum delivered mid-single-digit growth driven by the successful launch of Magnum Signature La Pistache – ranked as the top ice cream innovation in Europe – and La Peche, Bonbons in Europe & ANZ, and cones in multiple markets of Europe & ANZ as well as AMEA.

Ben & Jerry’s gained further momentum and grew mid-single-digit across the period, with performance accelerating in the second quarter – for both the Americas and Europe & ANZ – with new stick and sandwich formats bringing new consumers to the brand.

Social reach and engagement continued to grow, and our annual Free Cone Day was the most successful yet, with more than one million scoops shared with consumers.

Cornetto delivered low-single-digit growth, supported by the launch of Pistachio MAX in Europe and Türkiye and an improved ‘windmill’ structure for its famous topping as well as an on-trend fruit sorbet variant in Europe, China, and selected Southeast Asia markets.

The Heartbrand delivered mid-single-digit growth, driven by the strong performance of Solero within the core range and newly introduced Bonbons, as well as the continued momentum of Volcanix in Europe and Türkiye.

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