MICC

- Interested in The Magnum Ice Cream Company N.V.? Here are five stocks we like better. - Strong Q3 performance: Revenue rose 12.1% to €2.5 billion, driven by 9.6% organic growth and 7.3% volume growth. Growth was broad-based across regions, with Asia/AMEA up 17.6% and Europe and Australia/New Zealand up 8.9%. - Raised sales outlook: Magnum Ice Cream increased its full-year organic sales growth forecast to approximately 5.5%, from 3% to 5%, while maintaining its adjusted EBITDA margin improvement targets despite energy-cost pressures. - Innovation and distribution remain growth drivers: New products contributed more than 10% of year-to-date revenue, while the company expanded its global freezer-cabinet network by 4%. Management cited strong demand and some out-of-stocks, but expects fourth-quarter sales to be roughly flat year over year due to seasonal factors. Magnum Ice Cream (NYSE:MICC) reported third-quarter revenue growth of 12.1% to €2.5 billion, driven by organic sales growth of 9.6% and volume growth of 7.3%, as the company gained market share across its regions and benefited from strong demand during the summer season. CEO Peter ter Kulve said all regions delivered growth, while an extended European summer added an estimated 2% to 3% to global sales during the quarter. The company raised its full-year organic sales growth outlook to approximately 5.5%, from a prior range of 3% to 5%, while maintaining its margin outlook. → Apple's Foldable iPhone Sold Out in Minutes, But Wall Street Has Questions Reported revenue growth included a 2.6% contribution from acquisitions. Organic growth was supported by 7.3% volume growth and 2.2% pricing, according to ter Kulve. Europe and Australia/New Zealand posted 8.9% growth, helped by product launches, market-share gains and favorable weather. France and the U.K. and Ireland recorded double-digit growth, while Magnum and Ben & Jerry's also grew at double-digit rates in the region. The company said European pricing was lower, largely because of channel mix and the timing of promotional spending. → Coca-Cola Stock Is Everything AI Isn't—And That's Its Biggest Strength Sales in the Americas rose 3.9%, including 2.3% volume growth. Ter Kulve said the company focused on handheld and premium offerings, with Yasso, Ben & Jerry's and Popsicle contributing to growth. Yasso grew 30% in the quarter, he said, after several years of expansion. Asia/AMEA sales increased 17.6%, supported by freezer-cabinet expansion, innovation and execution in markets including Pakistan, India and Turkey. China remained affected by unfavorable weather and shifting retail channels, however. → Off-Price, High-Yield: Why Ross Stores Is Defying the Retail Slump "Our first summer season as a standalone company shows the impact our strategy is having on performance," ter Kulve said, citing share gains across all regions and volume growth ahead of the broader ice cream category. More than 10% of year-to-date revenue came from new products, the company said. Its innovation strategy includes upgrades to core products, new flavors, formats for additional consumption occasions and products positioned around new benefits. Ter Kulve highlighted Magnum La Pistache as the top ice cream innovation in Europe, saying it exceeded the company's expectations. Ben & Jerry's new stick products ranked among the top 10 innovations in the U.S., while the brand's sandwiches ranked within the top five innovations in Europe, according to the CEO. The company is also expanding formats across premium brands, including Magnum Cones, Solero Bonbons and Yasso pints. Ter Kulve said Yasso has surpassed €500 million in sales and cited the brand's protein-focused positioning as an example of changing consumer demand. Magnum Ice Cream operates roughly 3 million freezer cabinets globally and expanded its fleet by 4% this year. The company said its cabinets generate average annual revenue of €1,200 to €1,300 each, and that the 4% expansion contributes around 1% to growth. Investment has been concentrated in higher-growth AMEA markets. Ter Kulve said the company had experienced out-of-stocks in certain markets and customer accounts during the third quarter amid strong demand and heat waves. Management is working with retailers on measures including increased store deliveries, additional backroom capacity and refrigerated containers in high-demand locations. The company maintained its expectation for comparable-perimeter adjusted EBITDA margin improvement of 40 to 60 basis points for the full year. Reported adjusted EBITDA margin is expected to improve by zero to 20 basis points, primarily reflecting the impact of an acquisition in India. CFO Abhijit Bhattacharya said oil and energy costs represented roughly a 70-basis-point headwind for the full year. He said productivity gains, some commodity tailwinds and operating leverage are expected to offset those pressures. For the second half, the company expects approximately 70 basis points of margin improvement despite an estimated 100-basis-point impact from oil costs. Ter Kulve added that Magnum Ice Cream continues to invest in brands and customer support. Looking ahead, management expects approximately 6% cost-of-goods inflation next year, or about €180 million, split evenly between developing and developed markets. Bhattacharya said energy costs, as well as dairy, chocolate and other inputs, are included in retailer pricing discussions. In Turkey, ter Kulve said the company met its growth targets after adapting to measures imposed by the Turkish Competition Authority. The company expanded into new sales channels, developed a 3,500-unit scooping business, increased hard-discount distribution and added out-of-home outlets. He said premium innovation also supported margins in the market. In China, management said its established convenience-store and hypermarket channels have faced pressure as snack-focused stores have expanded rapidly. Ter Kulve said the company is adapting its trade structure, investment and innovation to serve that channel, particularly in lower-tier cities. He said there were no inventory overstock issues in China. In India, Magnum Ice Cream is transitioning much of its portfolio toward dairy ice cream, adjusting prices to target popular price points and changing distribution toward a cabinet-based model. Ter Kulve said most of the portfolio is expected to be dairy-based by next year. The company also plans to begin implementing a new IT system in the U.K., Hungary and Romania on Nov. 1. Bhattacharya said it expects to complete further rollouts next year and exit transition service agreements before the end of 2027. Pre-buying connected with the technology rollout represented less than 50 basis points of impact in the third quarter, he said. For the fourth quarter, management expects sales to be roughly flat compared with last year, reflecting the company's seasonal sales pattern and a smaller quarter concentrated in developed markets. Magnum Ice Cream N.V. is a global ice cream company formed through the separation of Unilever's ice cream business. The company develops, manufactures and markets packaged ice cream products across multiple categories, including indulgent treats, family ice cream and everyday refreshment products. Its portfolio includes well-known brands such as Magnum, Wall's, Ben & Jerry's, Cornetto, Carte d'Or, Solero and Breyers, although brand availability varies by market. Products are sold through retail, convenience, food-service and other distribution channels in markets around the world. Magnum Ice Cream is headquartered in Amsterdam, the Netherlands. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "What Magnum Ice Cream (MICC) Said on Its Q3 Earnings Call" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Image source: The Motley Fool. Thursday, July 30, 2026 at 5:00 a.m. ET Head of Investor Relations - Lloyd Midwinter Chief Executive Officer - Peter Ter Kulve Chief Financial Officer - Abhijit Bhattacharya Operator: Good morning, and welcome to the Magnum Ice Cream Company Webcast for First Half 2026 Results. My name is Rosea, and I will be your operator for today's call. Before we begin, please note that today's presentation is being recorded. [Operator Instructions]. With that, I'm pleased to turn the call over to Lloyd Midwinter, Head of Investor Relations. Lloyd, please go ahead. Lloyd Midwinter: Hello, and welcome to the webcast for the H1 2026 results of the Magnum Ice Cream Company. My name is Lloyd Midwinter, Head of Investor Relations. And I'm here with our CEO, Peter Ter Kulve; and our CFO, Abhijit Bhattacharya. Our press release and this presentation are published on our Investor Relations website where a replay and transcript of this webcast will also be made available. Before we start, I would like to draw your attention to the cautionary statement regarding forward-looking statements and assumptions. This applies to the presentation and webcast, including the Q&A session. In a moment, Peter will share some key highlights on our business performance, showing how we are executing on our strategy. Abhijit will then run through our financial results and outlook. We will then be happy to address your questions. So Peter, over to you. Peter Kulve: Good morning, everyone, and thank you for joining. Lloyd. It's nice to have you with us. Welcome to TMICC. Let's start with the headline first. We delivered a solid first half. The ice cream category keeps growing, and we outperformed it by achieving growth of 4.7%. Growth was balanced across volume and value every region and each of our global brands. Importantly, our performance was driven by innovation and operational rigor. And this rigor meant we got off to a strong start for the summer season. Disciplined execution of our productivity program delivered EUR 90 million savings during the first half, helping us deliver underlying margin improvement and providing fuel for growth. Adjusted EBITDA increased to EUR 880 million, 18.7% margin and adjusted EBIT margin was 15.3%, 50 basis points. Transformation remains on track for end of '27. Looking ahead, while we are clear-eyed on the wider external challenges, we are committed to our strategy, confident in our ability to execute and reaffirm our full year outlook. Before diving into the results of the first half, I want to take a step back and remind you of our vision and strategy. It's been almost a year since we presented this at our Capital Markets Day, and we're in the middle of our most important period of execution when you can see impact in action. Our vision for The Magnum Ice Cream Company is simple. We want to make the most loved ice cream in the world to grow the market and build a highly competitive snacking business for our shareholders and customers. And we will do that by delivering our strategy to grow the ice cream market as category leader. We are executing against that strategy, and today's results show that it is starting to work. I really do believe that life tastes better with ice cream. We have a simple but powerful value creation model that underpins our performance. Strong brands and innovation that create desire and demand, execution rigor that converts demand into results and the culture and structure that empowers our colleagues to act like owners. So on innovation, we will generate demand through building and activating our brands like the best in the beauty industry because like beauty, ice cream is a marketing and innovation-led category, and we will leverage our unique capabilities and scale to create unmatched desire for our products. Secondly, execution. Execution matters, especially in ice cream. We aim to have the rigor of our bottling and soft drinks peers, getting the right product to the right place at the right price every time at a thumb's length of desire. And lastly, an ownership culture. None of this is possible without the right culture. It is the hardest thing for people outside the company to see, but it is the most powerful change we have made in the past 24 months. We are creating a culture with clear accountability, a simple structure and aligned incentives that empower, enables every colleague. Everyone at The Magnum Ice Cream Company is an owner and everyone is here to sell ice cream. This model will enable us to deliver against our medium-term targets for growth and returns. We're off to a solid start. Now turning to our business performance during the first half. In the first half, we delivered EUR 4.7 billion revenue, achieving organic sales growth of 4.7%. We balanced volume and value to outperform the global ice cream category with 2.5% volume and price up 2.2%. It's important to remember that this performance is against strong comparisons from the previous years. In the first half of 2025, we delivered organic sales growth of 5.8%. I'm proud of the team for delivering such a strong result. It shows our strategy is beginning to work. All 3 of our regions contributed to growth with Europe and ANZ at 4.1%; Americas 3.2% and AMEA growing 7.6%. Our focus on operational rigor meant the key summer selling season got off to a strong start. We gained share in all regions, including the U.S., our biggest market, with $1.1 billion revenue for the first half. France and the U.K. were key growth drivers for Europe. EMEA was driven by double-digit growth for Turkiye and Pakistan as well as India included from Q2. However, we also have some markets not yet achieving their full potential, which we see as future opportunity, and we are working with the local teams to get it right into the detail of the challenges and fix the issues. For example, in Italy, we are making progress with our sales and share stabilizing after taking action to address declines. We have also renewed our team in Brazil and are making structural changes to be ready for the next peak season. This deep market focus work will take time to show in our results, but we are focused on setting ourselves up for long-term success in those countries rather than quick fixes. Our 4 leading brands, Magnum, Ben & Jerry's, Cornetto and the Heartbrand continue to drive organic sales growth. 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 as well as La Peche, Bonbons in Europe and ANZ as well as cones in multiple markets of Europe, ANZ and AMEA. Ben & Jerry's gained further momentum and grew mid-single digits across the period with performance accelerating to 9.2% in the second quarter for both the Americas and Europe ANZ with the new sticks in the U.S. and sandwich format, bringing new consumers to the brand. Stick and sandwich formats of Ben & Jerry are as popular as our other brands, maybe even more so. But it is an innovation for Ben & Jerry's, which customers are loving. It's allowing consumers on-the-go snacking with one of their favorite brands with their favorite flavors. And they are in sizes that resonate with consumers on GLP-1s. Ben & Jerry's social reach and engagements continue to grow, and our annual Free Cone Day was the most successful yet, with more than 1 million scoops shared with consumers. I also handed out scoops. Cornetto delivered low single-digit growth following high single-digit growth last year, supported by the launch of Pistachio MAX in Europe and Turkiye and an improved windmill structure for its famous topping as well as an on-trend fruit sorbet variants in Europe, China and selected Southeast Asian markets. The Heartbrand delivered mid-single-digit growth driven by strong performance of Solero within the core range and newly introduced Solero Bonbons, as well as continued momentum of Volcanix in Europe and Turkiye. Our core portfolio superiority was enhanced with the success of new range additions. New pint flavors for Ben & Jerry's included strawberry doughnut-tee and churrifically churros-y are within the top 10 of new ice cream products in the U.K., Netherlands and Germany. We're also taking our premium brands increasingly multi-format, expanding occasions. Magnum sandwiches and ball cones launched strongly in Turkiye. Ben & Jerry's sticks made up 4 of the top 10 super premium novelties in the U.S. And Ben & Jerry's sandwiches were the #1 new impulse ice cream product in the U.K. I have spent a significant part of my career in ice cream, and I cannot remember a time when this much innovation was successfully delivered into the market for Magnum and Ben & Jerry's. We also continue to create our perfect portfolio with a clear offer across all price points. This included new launches for Popsicle in partnership with Hello Kitty and Bluey in the U.S. and reinventing Kwality Wall's to lead with a new improved dairy recipe in India. This is really important in India, the biggest dairy market in the world. Our category expanding innovation continued with the launch of Yasso pints in the U.S., delivering 6 quarters of double-digit growth and Ice Balls in Asia or Hydro:ICE, off to a good start in Iberia and the Benelux. Our increased speed and rhythm in innovation is delivering results. We can do more than just flavor renovations. Our frontline-first model and ownership culture is driving growth in all channels. The at-home channel grew mid-single-digit, supported by improved service levels, which enhanced availability. Growth was further supported by stronger in-store execution, driven by more frequent visits from our dedicated sales force and a greater focus on merchandising. In the U.S., we continue to rebuild our business in the value and club segments. The away-from-home channel delivered mid-single-digit growth, supported by continued expansion of our cabinet fleet in key markets, including India, Pakistan, China and Mexico, sets us up for a better key summer season. Digital commerce maintained double-digit growth, driven by solid execution and supported by strong collaboration with key partners as well as improved digital assets. Across regions, we see dCom driving category growth, and we are positioning ourselves as the category partner of choice for leading players in the space as we partner on marketing initiatives. It is one of the biggest long-term opportunities we see with dCom changing consumption patterns in a way that can be structurally supportive to the ice cream category. I'm pleased with the disciplined execution driving our productivity program, which delivered EUR 90 million of savings in the first half and remains on track to deliver the planned savings of EUR 0.5 billion in the medium term. Savings in the first half included EUR 70 million in the supply chain and EUR 20 million from overheads. We continue to reduce waste, improve factory utilization and debottleneck our supply chain with a proportion of the savings being reinvested in growth. I was very pleased to see that we were able to increase market share during the last week in June when there was a heat wave, only when you get operationally the thing really tight, you gain market share in heat waves. Our acquisitions in India and Portugal were completed on 30th of March 2026 and 1st of April, respectively, and they are successfully integrated into our results. We have appointed 6 strategic partners as the backbone of our future technology stack, and we're building our systems, processes and capabilities. We are now in the heavy lifting phase, and the team are doing a fantastic job. All TSA exits planned for the first half of '26 were concluded on time, and we continue working to exit remaining TSAs by the end of '27. We'll now share more details on financial results, and I will hand over to Abhijit, our CFO, to take you through the numbers. Abhijit Bhattacharya: Thanks, Peter, and hello to everyone on the call. I'm pleased to share we delivered solid financial results for the first half of 2026, driven by organic sales growth of 4.7%, balanced between volume and price. Adjusted EBIT margin was 50 basis points higher than the same period last year, and adjusted EBITDA increased from EUR 853 million to EUR 880 million, although adjusted EBITDA margin was impacted by TSAs and our acquisition in India. Free cash flow was EUR 273 million, driven by working capital movements and higher EBIT. Based on this solid performance and looking ahead, we've reaffirmed our outlook for the full year. Revenue was EUR 4.7 billion for the first half, up from EUR 4.5 billion last year, with organic sales growth across all regions. This was achieved through a competitive balance of 2.5% volume growth and 2.2% price growth, building on a solid comparator of 5.8% from the first half of 2025. Reported revenue growth was 4.2%, including 2.3% favorable impact from acquisitions and 2.7% adverse foreign currency translation effects. Forex translation effects related mainly to the strengthening of the euro against key currencies, particularly the Turkish lira and the U.S. dollar. Adjusted EBIT was EUR 716 million, up from EUR 666 million last year, and adjusted EBIT margin of 15.3% was 50 basis points higher than the first half of 2025, driven by improved gross margin resulting from productivity savings, pricing, which was partly offset by cost inflation. Adjusted EBITDA was also up at EUR 880 million compared to EUR 853 million in H1 2025. Adjusted EBITDA margin was 18.7% versus 19% last year, primarily impacted by TSAs of 70 basis points due to previously allocated depreciation charges, which are now charged as cash costs and minus 30 bps due to the acquisition in India. We offset most of the headwinds, thanks to our productivity program and selective pricing actions. Now turning to our regions. Europe and ANZ delivered a solid performance with 4.1% organic sales growth and share gains in key markets. Growth was volume-driven, supported by innovation, better execution and favorable weather towards the end of the period. France and the U.K. were the main growth drivers in the region with France delivering double-digit growth and the U.K. posting mid-single-digit growth. In Italy, we continue to execute our turnaround plan, stabilizing share and market share following a prolonged period of decline. Magnum and Ben & Jerry's performed strongly, delivering high single-digit and mid-single-digit growth, respectively, supported by new formats and flavors. According to Nielsen, our Magnum and Ben & Jerry's innovations together with Volcanix, made up 6 of the top 10 ice cream innovations in Europe for the first half of the year. Growth was also enabled by improved availability and on-shelf execution with key wins, including new listings. Adjusted EBIT margin improved by 100 basis points despite the 50 basis points headwind due to lower royalties from India. Strong gross margin delivery was partially offset by previously allocated depreciation charged as cash costs according to the TSAs, which adversely impacted adjusted EBITDA margin by 90 basis points. The Americas delivered organic sales growth of 3.2% and continued to gain market share in both the U.S. and Mexico, while executing our turnaround plan in Brazil, where the business remained in decline. Reported revenue was 1.1% lower than last year due to 4.1% adverse impact from forex translation. In North America, growth was driven by our leading U.S. brands with Yasso and Popsicle continuing double-digit growth and Ben & Jerry's outperforming the broader market, resulting in market share gains. Innovations continued to revitalize our U.S. portfolio. Strategic partnerships, including with Hershey and Disney supported growth across key brands, while Popsicle benefited from successful collaborations with Hello Kitty and Bluey. Ben & Jerry's delivered strong growth, especially during the second quarter, supported by the launch of stick and sandwich formats. These launches plus Yasso pints represented 6 of the top 10 ice cream innovations during the first half according to Nielsen. Adjusted EBIT margin improved 140 basis points due to carryover pricing effect from the second half of 2025 and savings from our productivity program, which more than offset increased distribution costs. Adjusted EBITDA margin improved 50 basis points, driven by higher EBIT, partially offset by previously allocated depreciation now charged as cash costs. AMEA continued to deliver strong growth with sales 7.6% higher. Turkiye performed strongly with double-digit growth despite being impacted by measures imposed by the Turkish Competition Authority or TCA. These interim measures are focused on the use of cabinets in small retail outlets where no other freezer cabinet is directly accessible to consumers. 30% of our freezers need to be allocated to competing products or left empty. We are cooperating with the TCA to comply with the measures imposed. Elsewhere in the region, Pakistan continued double-digit momentum, while Indonesia achieved mid-single-digit growth and significant share gains. India, which is included in the perimeter from the second quarter onwards, also delivered double-digit growth. Growth was moderated by China, which was impacted by unfavorable weather towards the end of the period. Reported revenue increased 9%, including 6.8% favorable impact from our acquisition in India and 5.2% adverse forex translation effects. Growth was driven by innovations from our global brands such as the Magnum sandwich in Turkiye and market-specific launches, including the Cornetto multilayer sticks. This was underpinned by driving consumption occasions and expanding market penetration through festive activations as well as joint business plans with retail partners, resulting in greater product availability and consumer reach. Adjusted EBIT margin declined by 190 basis points due to significant external headwinds, including material cost inflation and measures imposed by the TCA as well as our acquisition in India. Material cost inflation had a more significant impact in AMEA during the first half when compared to other regions due to the more lengthy supply chain, which means that cocoa consumption in the first half was done from purchases made at higher prices. These impacts were partly mitigated by selective pricing actions and disciplined execution of our cost management program. Adjusted EBITDA margin decreased by 270 basis points, also reflecting previously allocated depreciation charged as cash costs. I'll now take you through the key margin developments compared to last year. Adjusted EBITDA margin increased 70 bps for the first half, excluding the impact of 70 bps related to TSAs with previously allocated depreciation now charged as cash costs and 30 bps from our acquisition in India. Operationally, 190 basis points savings from our productivity program and 160 basis points from select pricing actions more than offset 200 basis points commodity and other supply chain cost inflation with 80 basis points in reinvestment and other costs, including advertising and promotion, TSA markup and double run costs. Moving to cash flow. It's important to remember the company was a division of Unilever during the first half of 2025, and we are now a stand-alone company. Free cash flow was EUR 273 million for the first half of 2026, up from EUR 138 million last year, with a year-on-year increase primarily driven by favorable working capital movement and EBIT. Interest cost was EUR 80 million higher and tax charges EUR 38 million lower, reflecting our stand-alone financing and operating structure for H1 2026 compared to operating as a division of Unilever with limited interest cost and allocated tax charges. Also, as already mentioned, previously allocated depreciation is now charged as cash costs, resulting in EUR 24 million lower depreciation and amortization. Excluding the factors related to the separation from Unilever, comparable free cash flow for H1 2026 would have been EUR 99 million, up from EUR 72 million last year. This was driven by higher EBIT, partly reinvested as additional CapEx with around 40% of CapEx for the first half related to freezer cabinets. The working capital movements were mainly related to the interim operating model with Unilever. Our net debt to adjusted EBITDA ratio was 2.5x at the end of H1, in line with our capital allocation policy. We are mindful of continued uncertainty in the global environment, and we are taking mitigating actions. Our focus is on executing our growth strategy and productivity program, and we are reaffirming our full year outlook. We expect organic sales growth to be between 3% and 5% and adjusted EBITDA margin to improve by 40 to 60 basis points on a comparable perimeter basis with 2025. Reported improvement in adjusted EBITDA margin is expected to be between 0 and 20 basis points, primarily due to the impact of our acquisition in India. For the full year, we expect adjusted items to be in line with previous estimates and the adjusted effective tax rate to be around 27%, excluding the impact of prior year tax settlements, which is at the upper end of our midterm plan. While net finance cost is estimated to be around EUR 160 million compared to the EUR 180 million previously communicated. One housekeeping point. In Q3 2026, expected customer season-end returns will be accounted for in the same quarter as related sales rather than when the returns occurred. This mainly relates to Turkiye and shifts a portion of revenue between the quarters, reducing Q3 and increasing Q4 by equal amounts. This has no impact on half year or full year reported results. We have published comparable growth rates in the Appendix B of our press release to help with your modeling. And our capital allocation policy is unchanged. We will focus on delivering organic growth, productivity and cash. I'll now hand back to Peter for a short summary before the Q&A session. Peter Kulve: Thanks, Abhijit. Our solid performance for the first half of '26 was driven by innovation and operational rigor. We delivered 4.7% organic sales growth balancing volume and value and EUR 90 million productivity savings resulting in underlying margin improvement. Looking ahead, we are committed to our strategy confident in our ability to execute and reaffirm our full year outlook. Our key summer selling season got off to a strong start, and we look forward to sharing future updates. We'd now be happy to answer your questions. Please ask no more than two questions at one time so others can participate. And if you have further questions, please feel free to contact me in the Investor Relations team. The operator will now provide instructions and coordinate the Q&A session. Operator: [Operator Instructions] And the questions come from the line of Warren Ackerman from Barclays. Warren Ackerman: So two for me. First one is just on the trading on the top line. Obviously, very strong in the quarter, but you do actually have a tougher comp in the third quarter on a 2-year stack. I was just wondering how much of that volume we should move across to the third quarter. Maybe you can talk about the exit rate in July, given the heat wave, I assume, has been very strong. And maybe any kind of update to kind of market share, how you're seeing market share data, what is happening on the 12-week data versus 52-week data? Just to really understand that piece would be helpful. The second one actually is a little bit around kind of emerging markets. So on this Turkiye thing with the TCA, is there any risk that your super normal margins in Turkiye actually need to come down now because you have to open up freezers to some of the competitors? And how do you feel about the kind of margin dynamic between very high Turkiye margins and very low margins in India and Brazil and the investment that you need to make? Are we kind of -- should we be expecting kind of like a bit of a step-down in Rest of World margins. And obviously, that's going to be offset by Europe and other places. But just, is there an issue on Turkiye? And how do you feel about that versus India and Brazil? Peter Kulve: The ice cream market is going from strength to strength. We always expected that increased penetration and new occasions and increased distribution would drive emerging markets. We were not sure, but the trend towards portion control and calorie control is driving developed markets as well, most notable in the U.S. And all the hard work stepping up execution and innovation is starting to pay off. We had share gains 9 out of 10 quarters over -- since we started, and we're innovation leader in the U.S. and Europe. Last year, we had a massive, massive share tick-up, as you will remember. This year, we started a little bit weaker in a number of European countries, but we gained share in the U.S. We gained share in Europe overall, massive step-ups in some countries. And China, still we are a little bit weak, but we gained share. We gained massive shares in China. So all in all, we feel good about shares. But as expected, it's a competitive market. It's hard work and it takes the best of us. When you look at the second question, one second. Warren Ackerman: It was just on Turkiye and the margins and then what's going on. Peter Kulve: Yes. Good. A couple of years ago, we had an investigation by the antitrust authorities, and we complied with all this investigation, but our shares kept on growing. We believe that one of the core strengths of the Turkish business is actually its innovation rates and the way they develop new brands and expand their portfolio. We now had to open up our cabinets in the small outlets. We fully comply with that. But we gained a little bit of share in hard discounters and e-commerce. Yes, our Turkish business is extremely healthy. We believe it will go back over the full year to both volume growth and continues at high value growth level. So we're in good space. Margins in Turkiye indeed are very healthy. There is no reason why they should not stay healthy. We are very committed to our investments in India. Whilst we are building the business, the profitability will improve, but that's actually not the main thing. We need to build a stronger business. We need to grow very fast. In Brazil, we're in the middle of a turnaround. Yes, it's going a little bit slower than I had hoped to, but these are all structural changes that will take -- it's fine. Brazil is also not our largest country. Do that sort of answer? Warren Ackerman: Yes, it does. It does. I mean on Brazil, are you able to tell us, Peter, how it did in the quarter just sequentially, just to understand that part as well? Peter Kulve: Yes, Brazil was still flattish, slightly down, but we're now making structural changes to the portfolio pack price channel. Hopefully, next season, the results will come through. Okay. Next question, please. Operator: So we are now going to proceed with our next question. And the question comes from the line of Celine Pannuti from JPMorgan. Celine Pannuti: My first question is on the guidance. Obviously, right now on top line, H1, you came at the top end of your range. H2, as you said, you face slower -- easier comp versus last year. And you mentioned that you're off to a strong start in the summer, and we can clearly see that the summer has been good so far in Europe. So first of all, am I right to expect you to be at the top end of the range? And why you don't want to quantify that in your outlook? And then my second question probably is related. On the margin front, margin came better. I presume that better top line should translate as well in better operational profitability. And so it looks to me that it's quite conservative now the margin guidance of 0 to 20 basis points. Could you take me through what are the incremental negative versus the beat in H1 and the potential upside from the operational benefit? Peter Kulve: Thanks, Celine. We have made good progress in H1. It's encouraging, but we still have half a year to go. Today, we affirmed our outlook to achieve 3% to 5%. We were in outlook -- in guidance in the first half. And we have said that we will improve EBITDA in line with guidance. We're committed to our strategy, and we're confident in our ability to execute. Yes, as we previously communicated, we expect improvement in H2. We still do. And yes, we basically stay within the guidance. Abhijit Bhattacharya: Maybe, Celine, just to add a bit on your question about the margin in the second half. It's important to know that we are 30 basis points behind in the -- at the end of the first half. So we have to actually -- to improve for the full year, we have to have a margin improvement in the second half. So that's why we still hold to our outlook for the year. Operator: We are now going to proceed with our next question. And the question comes from Guillaume Delmas from UBS. Guillaume Gerard Delmas: Two questions from me as well. The first one is on your commodity cost outlook. I mean, to what extent it has changed since you last updated us at the end of April since we've seen energy prices coming down. And looking at the back half, do you expect a net benefit, thanks to cocoa or still like some headwinds? And if so, how will it compare to the 200 basis points adverse effect we saw in the first half? So that's my first question. And then the second one, a question on your Cornetto brand. Out of your 4 leading brands, Cornetto is the one reporting a more muted organic sales growth in that first half. Wondering what has been weighing on the brand's growth? And what are your ambitions for Cornetto going forward? So I would assume some nice acceleration. Peter Kulve: Yes. Thanks for the question. As we have also indicated at the beginning of the year, in the first half, we were basically still running with relatively high chocolate prices. they will be easing off in the second half of the year. We had TSAs in the first half of the year, which will reverse back in the second half of the year. Energy has gone up and down and then up again. Overall, we, therefore, stick with guidance and will deliver a modest profitability step-up in the second half year. Cornetto is very interesting. Cornetto is the leading cone brand in the world, whilst we not even sell cones in the U.S. The last 2 months in China were relatively weak. Weather was poor. Shares were good, but that weighted on the Cornetto growth figures. We actually have a really interesting innovation funneling cones. We have premium cones, which we now do via Magnum, which is a massive 50% price up versus normal Cornetto cones. So we have now a good, better, best portfolio. We also branched out Cornetto into sandwiches and sticks, which helps drive the brand. It's all about creamy and crunchy. So, yes, it is a very successful global brand, but it's skewed towards Europe and Asia. Cornetto, by the way, is on fire in India, which is very good to see. Operator: We are going to proceed with our next question and the questions come from the line of Jeff Stent from BNP Paribas. Jeff Stent: Just a quick accounting question. Could you just elaborate on what this change is to the treatment of customer returns and also, that seems to impact pricing, which I can't quite get my mind around. If you could just help us understand that, that would be great. Peter Kulve: Abhijit, can you take that? Abhijit Bhattacharya: Yes. So typically, what happens in Turkiye is what we sell in -- partly in Q3 and in Q4, what remains unsold, we take back at the end of the year when we also redo our cabinets. Now in the past, those returns were all accounted for in Q4. And what we are doing now is we change that to account for it in Q3 partly and in Q4, so that the returns are accounted for matching with when the revenue is booked. So -- and then, of course, when you do that, it has a bit of effect on volume and a bit of effect on price. But for the half, it has no impact at all. So it's just more to help you in modeling Q3 and Q4. Peter Kulve: It's also the correct accounting treatment for this. Abhijit Bhattacharya: Exactly. Jeff Stent: But how did you book a return when it's not been returned? Abhijit Bhattacharya: Sorry, I can't hear you, Jeff. Jeff Stent: Well, I'm saying how do you book a return when the product hasn't been returned? Are you making estimates of the returns in Q3? Peter Kulve: It's a provision. Abhijit Bhattacharya: Yes, exactly. Peter Kulve: It's a provision. Operator: And the question comes from the line of Robert Jan Vos from ABN AMRO, ODDO BHF. Robert Jan Vos: Yes. I have two questions as well. Volumes were about flat in the second quarter, same as Q1. Can you provide some color on that? For example, in Q1, you said that volume growth was 1.8% in the U.S. I understand that Brazil is down still, but may be elaborate on how volumes developed in the U.S. in the second quarter? And my second question is on AMEA and then particularly on China. You posted high single-digit organic sales growth in China in Q1, according to what you said at Q1. What was it in Q2? And was the drag purely weather or did you also see some other impacts that held back growth in China? Those are my questions. Peter Kulve: Okay. Thank you very much. Two interesting questions. In the U.S., we see structural changes to the ice cream market. Historically, there's a lot of vanilla ice cream that is used as a topping on apple pie, they put it in soft drinks, they call it a float. That market is declining, and there is very strong growth in handhelds, calorie control, portion control, and that is driving the American market. As you can imagine, this is really good for us because that is where we have the core strength of our portfolio. And our 3.6% growth in the U.S. is driven on the growth of handheld ice cream in America. So that is -- so you don't get a lot of volume, but you get a lot of pieces and price because handheld is more premium than buckets of ice cream. So the second question on China. I spent 2 weeks in China this year. And let me talk a little bit about what happened this year and the structural changes in China. We had a very good first quarter. And then the weather in May and June, especially in the East, where we are strong, was not very good, and that impacted sales. But structurally, you see something very interesting that the growth in the convenience channel is leveling up, and there is a new channel called the snacking channel, which is growing like gangbusters, number of stores opened, growth of the channel. And we are pivoting our portfolio and sales approach to these channels. What you also see, which is very interesting, that the growth in Tier 1 and Tier 2 cities, the Chongqings, the Beijings, the Xi'ans is more muted and the growth in Tier 4, 5 cities is very strong, and we are pivoting our machine more to lower-tier cities. And that's why we're still very confident and bullish on the potential of the Chinese market. Operator: We are now going to proceed with our question. And the questions come from the line of Maxime Stranart from ING Bank. Maxime Stranart: Hope you can hear me well. Actually, one question on my side. So if we look at the improvement in adjusted EBITDA margin in H1, actually on a like-for-like basis, way above what you expect on the medium term. So could you elaborate on what actually went well in H1? And what do you believe are the challenges going forward? Secondly, maybe moving on TSAs. Could you maybe a bit elaborate on what has been done so far? And what are the main building blocks that's still to be achieved? That would be all for me. Abhijit Bhattacharya: Yes. If you look at the margin improvement in the first half, it's in line with what we had expected, primarily driven by the productivity program that is running, a little bit from pricing, of course. So those are the 2 big drivers. It's not -- we had some impact on energy prices, which were also in the first half. So it's not way above the midterm expectation. It's in line with what we had planned. I think if you look at the TSAs, what we have exited so far has been most of the service TSAs, which Unilever was providing us. What is left to be done is to move out of the IT-related TSAs. So as we kind of roll out our new IT stack from November and December onwards, we will then on a country-by-country basis, start exiting from those TSAs as well, which will run till the end of next year. Operator: We are now going to proceed with our next question. And the questions come from the line of Bingqing Zhu from Rothschild & Redburn. Bingqing Zhu: I have 2. So the first one is about India. So you posted double-digit growth in India in Q2. So that's the first period in the perimeter. Can you unpack what drove that? I think in the last quarter, you mentioned some cabinet expansion, quite a lot of cabinet expansion in the market, shift to dairy ice cream price reset. How sustainable is that pace? And at what point do you think India will become a meaningful contribution to the group growth? That's my first question. And the second question, I want to ask about the U.S. distribution. I think in the press release, you flagged rebuilding the value in the club segment and also growing digital commerce. Can you give us an update on the progress in these channels? And again, when we might see a meaningful contribution from these channel kind of channels -- underrepresented channels in the U.S. So 2 questions there. Peter Kulve: Thank you, Bingqing. Yes, on India, we basically did the following thing: a, we built a new team. All the people now running the business are new, a new structure. We put more resources in it. So lots of work on organization. Then we changed pricing, and we brought pricing more in line with core snacking price points. Our ice cream was a little bit overpriced. Then we moved from vegetable fat to dairy, which is very meaningful in an Indian context. We then doubled down on our premium brands, Cornetto, Magnum, and the Indian market is responding very well on that. And last but not least, we rebuilt our sales system. Historically, ice cream business was selling in industry cabinets at retailers, and we are turning in a more Turkiye-like cabinet-driven model where we place cabinets, last year 50,000, this year, 50,000. And we rebuilt our distributor base, put the sales reps in. So wholesale change of the Indian system, and it seems to be working. It's obviously also still a big investment. It's therefore a loss-making business. But that will improve as we get more scale and as we are building out our new factories in India. What is the limit in India? I've said at earlier occasions, we now have approximately 250,000 cabinets. I can imagine we have 1 million because ultimately, India will be the largest ice cream market in the world. In the U.S., yes, in Unilever, the business had pulled out largely out of club and the value channel. We are building value channel. We are building distribution. In certain accounts, we are back to our historic levels. Other accounts, we still have a little bit to go. In clubs, we do a pretty decent job in Sam's. I would still like a broader portfolio in Costco, and we are working that with our account teams. Good progress, but we're not there yet. And over the coming years, that still is a good growth opportunity for us. Operator: We are now going to proceed with our next question. And the questions come from the line of Tom Sykes from Deutsche Bank. Tom Sykes: I just had a couple of questions on pricing. So when do you start the pricing negotiations with major retailers for next year's sell-in, please? And then on out-of-home, what's the difference in pricing power that you see in out-of-home versus large retailers? And do you see -- I guess, if cocoa falls, do you tend to hold on to that a little bit more in the product you sell to out-of-home versus the product that you sell to larger retailers? And I know it's early, but when we think about that sell-in for next year, I mean, are you expecting next year's growth to be a bit more volume-led than pricing led given what is likely at the moment to have happened to raw materials? Peter Kulve: Thanks, Tom. Yes, basically, we start discussing our full portfolio plans and marketing plans with retailers in September. So that is where we evaluate the season before, take the learnings. And these are also learnings on stocks and out-of-stocks portfolio, what worked and not worked. And we mostly concluded at the beginning of the year after. I expect that it will be this year the same as it was last year. The pricing strategies in out-of-home and in-home are a little bit differently. In out-of-home, you mainly price versus broader snacking price points. So you want to be in line with the bottle of Coke, the bag of chips, the bar of chocolate. And that sort of drives out-of-home pricing. Obviously, a very fragmented channel where we have 3 million cabinets, the pricing power of the individual retailers is a little bit lower, but you still want to be in bands of consumer acceptance. And as you know, this business is volume-driven. We now have 8 quarters of volume growth. This is also what we like because it drives the economics of the business. But that is the sort of out-of-home pricing. In-home pricing, we have strategic pricing brands versus competitive products versus retailer-owned brands, and we stay very disciplined to that. Operator: We now have time for one final question. And the questions come from the line of Jeremy Kincaid from VLK. Jeremy Kincaid: I'll make it quick. Just with your organic growth, it was positive on the volume side and the price side for all of your regions, except for organic price growth within Europe, which was negative. I was just hoping if you could talk to that a little bit more. And then my second question was on your innovation rates. It's clearly very high at the moment. I'm just wondering if you have any measure of how much growth those new products contributed to your bottom line or even your organic growth this quarter? And do you think this rate of innovation is required going forward? Peter Kulve: Yes. Clearly, innovation is one of our core growth drivers. We said that there is one -- the most important thing is that your core products are better than the same likewise products of the competition. So there's always a lot of renovation to keep quality lead. Then we expand. We look country by country, what are the formats, what are the price points, do we have a good portfolio fill in? Then we have this strategy of taking the core brands in different formats to address different occasions. And last but not least, we address new benefits. We believe this is sort of 40% of our growth of the business is driven by innovation. So clearly, very important. And we have created an engine that we can deliver this year-on-year. Hopefully, every year a little bit better, but time will tell. On pricing in Europe, we are a volume-led growth business. So we are very focused on getting our pricing right. It's a little bit up, it's a little bit down. It's dynamic. As you know, we were very proud that also last year, we grow volume even in the chocolate segment. And for me, it's a sign that we are quick on the wheel dealing with pricing issues to keep the volume growing, we'll continue to do that. Lloyd Midwinter: Okay. So that's it for the questions. Thank you very much to everyone for joining the call. If you do have follow-up questions, please get in touch with Investor Relations, and we'll be happy to help. Operator: This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you, and have a good rest of your day. Before you buy stock in Magnum Ice Cream, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Magnum Ice Cream wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $396,758!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,300,820!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 5, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Magnum Ice Cream. The Motley Fool has a disclosure policy. Magnum (MICC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Magnum Ice Cream stock has delivered a 20.8% gain year to date, yet the valuation checks still suggest the shares look expensive rather than a clear bargain. The 20.8% year to date return suggests sentiment has been positive and expectations are higher than they were at the start of 2026. Stronger recent sales, helped by hotter weather and new product formats, may support investor optimism, while an ongoing antitrust review in Turkey may limit how much investors are willing to pay for the stock. With a low value score of 2 out of 6 checks, Magnum Ice Cream does not currently screen as a clear bargain on broader valuation measures. The key question now is whether the recent share price strength leaves enough value on the table for investors considering Magnum Ice Cream at current levels. Magnum Ice Cream delivered 0.0% returns over the last year. See how this stacks up to the rest of the Food industry. The P/E ratio is a useful yardstick for Magnum Ice Cream because earnings sit at the centre of how investors are currently judging the stock. Magnum Ice Cream trades on a P/E of 54.3x, which is well above the Food industry average of 15.4x and also above the peer group average of 19.0x. That is a sizeable premium for a consumer staples business, and it suggests that the market is already pricing in strong earnings quality or resilience. The Fair P/E Ratio for Magnum Ice Cream is 33.0x, which is the multiple you might expect given its mix of growth prospects, margins, scale and risk profile. The current 54.3x level sits far above that fair ratio, which is a wide gap for a large, established stock. Despite the recent uplift in sentiment after the strong first half of 2026, the P/E still indicates that investors are paying a high price for each euro of current earnings. On this P/E yardstick, Magnum Ice Cream stock appears clearly overvalued at today’s price. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Magnum Ice Cream pick up where the valuation puzzle leaves you. They set out the specific earnings, margin and growth paths that would need to hold for Magnum Ice Cream's stock to be worth materially more or less than today's price, and they live on the company’s Community page. Where a single ratio or model produces one number, Narratives unpack the future that number relies on so you can watch how closely reality tracks it. You can be one of the first voices in the Simply Wall St community to set out a clear, number driven Narrative on Magnum Ice Cream's stock and your view on whether the recent heatwave driven sales surge and antitrust review support today's valuation. Share a Narrative to connect your expectations on growth, margins and execution to the data available today, then track how that thesis holds up as new results and updates on Magnum Ice Cream's business arrive. Do you think there's more to the story for Magnum Ice Cream? Head over to our Community to see what others are saying! Magnum Ice Cream screens as overvalued on current market multiples, with the share price already implying a generous earnings outlook compared with its peers. The low broader valuation checks underline that there is little clear margin of safety baked into today’s valuation. The key consideration from here is whether Magnum Ice Cream can sustain the earnings quality and growth that the current P/E implies, especially given the regulatory overhang and the recent boost from weather related demand. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MICC.AS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Magnum Ice Cream (ENXTAM:MICC) is back in focus after its H1 2026 earnings call on 30 July as investors weigh higher reported sales of €4,691 million against net income of €342 million. See our latest analysis for Magnum Ice Cream. Since the start of the year Magnum Ice Cream’s stock has shown building momentum, with a 90 day share price return of 30.19% and a year to date share price return of 21.81% from the current €16.196 level. This suggests investors are reassessing growth prospects and risk after the H1 2026 earnings update. If Magnum Ice Cream’s recent move has you looking for what else is gaining attention, this could be a good moment to check out 107 top founder-led companies Magnum Ice Cream now trades well above the average analyst target, yet still screens at a large intrinsic discount. After the post earnings jump, is the market being too cautious or already too generous on valuation? Magnum Ice Cream currently carries a P/E of 54.8x, which is high relative to both peers and estimated fair value benchmarks given the last close at €16.196. The P/E multiple compares the current share price to earnings per share and is a quick way to see how much investors are paying for each euro of profit. For Magnum Ice Cream, a 54.8x P/E suggests the market is putting a rich price on current earnings, especially when set against the company’s recent earnings decline and thinner profit margins of 2.2% compared with 7.2% a year ago. That premium stands out even more when lined up against the European Food industry average P/E of 16.1x and an estimated fair P/E of 30.4x for Magnum Ice Cream. The stock is trading on a multiple that is materially higher than both the sector and this fair ratio level. This is a valuation level the market could move towards if expectations cool. Explore the SWS fair ratio for Magnum Ice Cream Result: Price-to-Earnings of 54.8x (OVERVALUED) However, this richer P/E comes with risks if Magnum Ice Cream’s 2.2% profit margin stays compressed or if the stock’s recent 30.19% 90 day run cools. Find out about the key risks to this Magnum Ice Cream narrative. The earlier P/E discussion paints Magnum Ice Cream as expensive, yet our DCF model points in a very different direction. On that measure, the stock trades around €16.2 compared with an estimated future cash flow value of €36.2, which suggests it is deeply undervalued. This gap shows how sharply opinions can differ when you switch from earnings based multiples to cash flow based estimates. It raises a simple question for investors: Which signal deserves more weight when short term margins, one off items and fast changing expectations are all in the mix? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Magnum Ice Cream for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 254 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. With Magnum Ice Cream pulling in both concern and optimism, this is a good time to review the full picture yourself and weigh the trade off between risks and rewards. To help with that, start with the 2 key rewards and 3 important warning signs. If Magnum Ice Cream has sharpened your focus on valuation and quality, do not stop here. Use the screener to hunt for other opportunities before they move. Target strong long term value potential by scanning a curated set of 254 high quality undervalued stocks that combine attractive pricing with solid fundamentals. Strengthen your income stream by reviewing companies in the 435 dividend fortresses that offer higher yields with a focus on resilience. Stay on the front foot with companies highlighted in the 306 resilient stocks with low risk scores that score better on balance sheet strength and risk factors. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MICC.AS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved 4.7% organic sales growth by balancing volume and value across all regions and global brands, outperforming the broader ice cream category. Attributed performance to a 'beauty industry' marketing approach, focusing on creating brand desire through high-impact innovation and premiumization. Implemented a 'frontline-first' ownership culture with aligned incentives, which management credits as the most powerful internal driver of execution over the last 24 months. Leveraged operational rigor to capture market share during peak weather events, specifically citing share gains in Europe during the late-June heatwave. Successfully integrated acquisitions in India and Portugal while executing a productivity program that delivered EUR 90 million in first-half savings. Addressed underperforming markets like Italy and Brazil through structural changes and team renewals rather than seeking short-term fixes. Expanded premium brands into multi-format occasions, such as Magnum sandwiches and Ben & Jerry’s sticks, to capture on-the-go snacking demand. Reaffirmed full-year organic sales growth guidance of 3% to 5%, assuming continued momentum from a strong summer start. Expects adjusted EBITDA margin to improve by 40 to 60 basis points on a comparable perimeter basis, driven by H2 productivity gains and easing chocolate prices. Anticipates a shift in Q3 and Q4 revenue reporting due to a change in accounting for customer returns in Turkiye, though full-year results remain unaffected. Plans to exit remaining IT-related Transitional Service Agreements (TSAs) by the end of 2027 as the new technology stack rolls out starting in late 2026. Targets long-term expansion in India, with a vision to grow from 250,000 to approximately 1 million freezer cabinets to capture the world's largest dairy market. Reported a 70 basis point headwind to adjusted EBITDA margin due to TSAs, where previously allocated depreciation is now charged as cash costs. Complying with Turkish Competition Authority (TCA) interim measures requiring 30% of freezer capacity in small outlets to be opened to competitors or left empty. Noted significant material cost inflation in the AMEA region due to a lengthy supply chain that delayed the benefit of lower-priced cocoa purchases. Acknowledged that the India business is currently loss-making due to heavy investment in infrastructure and a shift to a cabinet-driven sales model. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated that despite opening cabinets to competitors, the Turkish business remains extremely healthy due to high innovation rates and growth in e-commerce. Confirmed that margins in Turkiye are expected to stay healthy and will not see a structural step-down. Identified a decline in traditional 'topping' ice cream (buckets) in favor of handheld, calorie-controlled, and portion-controlled formats. Noted that while volume growth is lower in buckets, the shift to premium handhelds drives higher price-per-unit and better economics. Attributed recent weakness to poor weather in Eastern China but highlighted a strategic pivot toward the rapidly growing 'snacking channel'. Shifting focus from Tier 1 and 2 cities to Tier 4 and 5 cities where growth remains more robust. Out-of-home pricing is benchmarked against broader snacking price points like soft drinks and chocolate bars to maintain consumer acceptance. In-home pricing remains disciplined against competitive brands and retailer-owned labels, with negotiations for the next season beginning in September.

Interested in The Magnum Ice Cream Company N.V.? Here are five stocks we like better. First-half organic sales grew 4.7% to EUR 4.7 billion, driven by balanced volume and pricing gains across regions and major brands. Adjusted EBIT rose 7.5% to EUR 716 million, while the margin improved to 15.3%. Free cash flow nearly doubled to EUR 273 million, and the company delivered EUR 90 million in productivity savings. Net debt remained at 2.5 times adjusted EBITDA, in line with its capital-allocation policy. Management reaffirmed its full-year outlook for 3%–5% organic sales growth and 40–60 basis points of comparable adjusted EBITDA margin improvement, while expecting lower cocoa costs and improved finance costs in the second half. Magnum Ice Cream (NYSE:MICC) reported first-half 2026 organic sales growth of 4.7%, supported by balanced gains in volume and pricing, innovation across its major brands and productivity savings. Revenue totaled EUR 4.7 billion, compared with EUR 4.5 billion a year earlier. Organic sales growth included 2.5% volume growth and 2.2% pricing growth, building on a 5.8% organic sales growth comparison in the first half of 2025. Reported revenue growth was 4.2%, as acquisitions added 2.3 percentage points while foreign exchange translation reduced growth by 2.7 percentage points. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now “The ice cream category keeps growing, and we outperformed it by achieving growth of 4.7%,” CEO Peter ter Kulve said. He said growth was delivered across regions and the company’s global brands, while the key summer selling period had begun strongly. Adjusted EBIT rose to EUR 716 million from EUR 666 million in the prior-year period, while adjusted EBIT margin improved 50 basis points to 15.3%. Adjusted EBITDA increased to EUR 880 million from EUR 853 million, although adjusted EBITDA margin declined to 18.7% from 19.0%. → 3 Value ETFs to Consider as Growth Stocks Lag Behind CFO Abhijit Bhattacharya said the EBITDA margin was affected by transition service agreements, or TSAs, and the company’s acquisition in India. TSAs reduced margin by 70 basis points because depreciation costs that had previously been allocated are now recorded as cash costs. The India acquisition reduced margin by another 30 basis points. The company generated EUR 273 million in free cash flow, up from EUR 138 million a year earlier, driven principally by working-capital movements and higher EBIT. On a comparable basis excluding factors related to the separation from Unilever, free cash flow was EUR 99 million, compared with EUR 72 million a year earlier. About 40% of first-half capital expenditures related to freezer cabinets. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? Net debt stood at 2.5 times adjusted EBITDA at the end of the first half, in line with the company’s capital-allocation policy. Europe and Australia/New Zealand posted 4.1% organic sales growth, led by France and the U.K. France recorded double-digit growth and the U.K. delivered mid-single-digit growth. The company said it stabilized share in Italy after a prolonged decline, where it is continuing a turnaround plan. Europe and ANZ adjusted EBIT margin improved by 100 basis points. The Americas grew 3.2% organically, with market-share gains in the U.S. and Mexico, while Brazil remained in decline. Reported revenue in the region fell 1.1% because of a 4.1% foreign-exchange headwind. Ter Kulve said U.S. growth was being driven by handheld, portion-controlled and calorie-controlled products, while traditional bulk vanilla ice cream consumption has been declining. AMEA, which includes Asia, the Middle East and Africa, grew 7.6% organically. Turkey, Pakistan and India delivered double-digit growth, while Indonesia grew at a mid-single-digit rate. China’s growth was moderated by unfavorable weather late in the period. AMEA adjusted EBIT margin declined 190 basis points, reflecting material-cost inflation, measures imposed by the Turkish Competition Authority and the acquisition in India. The Turkish authority’s interim measures require 30% of the company’s freezer cabinets in certain small retail outlets to be allocated to competing products or left empty. Ter Kulve said the company is complying with the requirements and does not expect its healthy Turkish margins to deteriorate as a result. The company said its four leading brands—Magnum, Ben & Jerry’s, Cornetto and Heartbrand—each contributed to growth. Magnum delivered mid-single-digit growth, supported by the Magnum Signature La Pistache launch. Ben & Jerry’s grew at a mid-single-digit rate and accelerated to 9.2% growth in the second quarter across its Americas and European business, aided by new stick and sandwich formats. Cornetto delivered low-single-digit growth, affected by weaker conditions in China during the final two months of the period. Ter Kulve said the company is expanding Cornetto into premium cones, sandwiches and sticks. Heartbrand grew at a mid-single-digit rate, supported by Solero and Volcanix products. Yasso pints in the U.S. delivered six consecutive quarters of double-digit growth. Ben & Jerry’s sticks represented four of the top 10 super-premium novelties in the U.S., according to the company. Ben & Jerry’s sandwiches were the No. 1 new impulse ice cream product in the U.K., management said. Digital commerce maintained double-digit growth, while at-home and away-from-home channels each grew at a mid-single-digit rate. Magnum Ice Cream delivered EUR 90 million in first-half productivity savings, including EUR 70 million from supply-chain initiatives and EUR 20 million from overhead. Management said savings came from waste reduction, better factory utilization and supply-chain debottlenecking. The company remains on track to deliver EUR 500 million in medium-term savings. In India, management said it has rebuilt the organization and sales system, adjusted pricing, moved products from vegetable fat toward dairy recipes and expanded its freezer cabinet network. The company placed 50,000 cabinets last year and expects to place another 50,000 this year. Ter Kulve said India remains loss-making while the business is being built, but profitability should improve with scale and additional factories. The company reaffirmed its full-year outlook, including: Organic sales growth of 3% to 5%. Adjusted EBITDA margin improvement of 40 to 60 basis points on a comparable 2025 perimeter. Reported adjusted EBITDA margin improvement of zero to 20 basis points, primarily reflecting the India acquisition. An adjusted effective tax rate of about 27%, excluding prior-year tax settlements. Net finance costs of about EUR 160 million, improved from prior guidance of EUR 180 million. Bhattacharya said cocoa costs should ease during the second half as the company moves beyond higher-priced purchases used in the first half, while management continues to expect a modest improvement in profitability for the year. The Magnum Ice Cream Company N.V. engages in ice cream business. The Magnum Ice Cream Company N.V. is based in Amsterdam, Noord-Holland, Netherlands. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Magnum Ice Cream H1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

TMICC H1 2026 results Solid performance, driven by innovation and operational rigourH1 organic sales growth +4.7%; Full-year outlook reaffirmed Amsterdam, 30 July 2026 H1 2026 revenue €4.7 billion (H1 2025: €4.5 billion), +4.7% organic sales growth (OSG) balanced between volume +2.5% and price +2.2%, and across all regions Q2 2026 revenue €2.9 billion (Q2 2025: €2.7 billion), +4.9% OSG Operating Profit €587 million (H1 2025: €569 million), reflects improved Adjusted EBIT partially offset by an increase in adjusting items H1 2026 Adjusted EBIT €716 million (H1 2025: €666 million), H1 2026 Adjusted EBIT margin 15.3% (H1 2025: 14.8%), +50bps versus H1 2025 H1 2026 Adjusted EBITDA €880 million (H1 2025: €853 million), H1 2026 Adjusted EBITDA margin 18.7% (H1 2025: 19.0%), impacted -70bps by Transitional Service Agreements (TSAs), with previously allocated depreciation charged as cash costs, and -30bps due to the acquisition in India Productivity programme remains on track, with €90 million of savings delivered in H1 2026 Successfully integrated India and Portugal acquisitions (a) India and Portugal were not in the perimeter and paid royalty for the use of TMICC brands prior to acquisitions completed on 30 March 2026 and 1 April 2026 respectively. The underlying growth of The Magnum Ice Cream Company N.V. (the ‘Company’ or ‘TMICC’) excluding these royalties would be Organic Sales Growth (OSG) 4.8% and Organic Price Growth (OPG) 2.3%. Peter ter Kulve, CEO: “We delivered another solid performance for the first half, achieving growth of 4.7%, balancing volume and value to outperform the growing global ice cream category. Growth in the first half continued to be powered by market-making innovation and our occasion-led demand creation model. Each of our four leading brands – Magnum, Ben & Jerry’s, Cornetto, and the Heartbrand – grew, with innovation across flavours and formats, exciting consumers and customers. Ben & Jerry’s grew mid-single-digit and had an outstanding second quarter with 9.2% growth. Yasso, our high-protein, low-calorie offering, continued to grow double-digit after its successful expansion from sticks to pints. Our key summer selling season got off to a strong start. We grew and gained share in all regions, including the US – our biggest market – supported by improved operational rigour. Our productivity programme remains on track, helping us deliver underlying margin improvement and providing fuel for growth. This demonstrates the strength of our frontline-first model and ownership culture, which is driving better end-to-end execution. Looking ahead, while we’re clear-eyed on the wider external challenges, we are committed to our strategy, confident in our ability to execute, and reaffirm our full-year outlook.” Revenue was €4.7 billion (H1 2025: €4.5 billion) with Organic Sales Growth (OSG) for the first half +4.7%. Volume was +2.5% higher and price was up +2.2%. All three regions contributed to growth, with Europe & ANZ +4.1%, Americas +3.2%, and AMEA +7.6%. 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 €716 million (H1 2025: €666 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 €587 million (H1 2025: €569 million), was impacted by adjusting items related to establishment costs. Adjusted EBITDA was €880 million (H1 2025: €853 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 €349 million (H1 2025: €464 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 €273 million (H1 2025: €138 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. BrandsOur four leading brands – Magnum, Ben & Jerry’s, Cornetto, and the Heartbrand – continued to drive organic sales growth: 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. InnovationGrowth continued to be powered by market-making innovation: Our core portfolio superiority was enhanced with the success of new range additions, such as Magnum Signature La Pistache and La Peche in Europe. New pint flavours for Ben & Jerry’s, including strawberry doughnut-ee and churrifically churros-y, are among the top 10 new ice cream products in the UK, Netherlands, and Germany. We continued to create the “perfect portfolio” with a clear offer across all price points, including new launches for Popsicle in partnership with Hello Kitty and Bluey in the US, and reinventing Kwality Wall's in India to lead with a new, improved, dairy recipe. We are taking our premium brands increasingly multi-format. Magnum sandwiches and ball cones launched strongly in Türkiye, and Ben & Jerry's sticks make up four of the top 10 super premium novelty innovations in the US, with Ben & Jerry's sandwiches the number one impulse ice cream new product in the UK. Our category expanding innovation continued with the launch of Yasso pints in the US, tapping growing demand for healthier scoopable frozen desserts, and Ice Balls in Asia. Channels Our frontline-first model and ownership culture drove growth in all channels. The At-Home channel grew mid-single-digit, supported by improved service levels, which enhanced availability. Growth was further supported by stronger in-store execution, driven by more frequent visits from our dedicated sales force and a greater focus on merchandising. In the US, we continued to rebuild our business in the value and club segments. The Away-from-Home channel delivered mid-single-digit growth, supported by the continued expansion of our cabinet fleet in key markets – including India, Pakistan, China, and Mexico – setting us up better for the key summer season. Digital commerce maintained double-digit growth, driven by solid execution and supported by strong collaboration with key partners as well as improved digital assets. Productivity Our productivity programme started in 2024 and is on track to deliver planned savings of €500 million in the medium term. During the first half, we delivered €90 million in savings, including €70 million in supply chain and €20 million from overheads. We have continued to reduce waste, improve factory utilisation, and debottleneck our supply chain. Perimeter and TSA progressOur acquisitions in India and Portugal were completed on 30 March 2026 and 1 April 2026 respectively. Consistent with the definition of OSG, which includes changes in sales of acquired businesses from the date of business combination, the growth of India and Portugal has been reflected in reported OSG, Organic Volume Growth (OVG), and Organic Price growth (OPG) from the second quarter onwards. We have appointed six strategic partners that will form the backbone of our future technology stack, and we are now entering a key phase of transformation, building our systems, processes and capabilities. All TSA exits planned for the first half of 2026 were concluded on time, and we continue working to exit remaining TSAs by the end of 2027. Turkish Competition Authority Investigation UpdateThe Turkish Competition Authority (TCA) has opened an investigation into our subsidiary in Türkiye focused on the use of cabinets in small retail outlets. While they do this, they have announced an interim measure that, at retail points with closed net sales areas of 100 square metres or less, where no other freezer cabinet directly accessible to consumers is present, 30% of the total cabinet capacity of each TMICC-owned freezer cabinet shall be allocated to competing products or left empty. The Company has until 15 August 2026 to implement the interim measure, and we will continue to cooperate with the TCA throughout the process. Whilst we are mindful of continued uncertainty in the global environment, particularly in the Middle East and the associated knock-on effects to inputs costs, our direct regional exposure remains limited, and we are taking mitigating actions. Our focus is on executing our growth strategy and productivity programme, and we are reaffirming our full year outlook. We expect Organic Sales Growth for 2026 to be between 3% to 5% and an Adjusted EBITDA margin improvement of 40 to 60bps, on a comparable perimeter basis with 2025. The reported improvement in Adjusted EBITDA margin is expected to be 0 to 20bps, primarily due to the impact of the acquisition of the India business. -ENDS- Conference call and audio webcast Peter ter Kulve, CEO, and Abhijit Bhattacharya, CFO, will host a conference call for investors and analysts at 11:00 CEST, to discuss the H1 2026 results. A live webcast of the conference call will be available on the Magnum Ice Cream Company website and can be accessed here. This announcement has been submitted to the FCA National Storage Mechanism and is available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. About The Magnum Ice Cream Company The Magnum Ice Cream Company N.V. EURONEXT: MICC / NYSE: MICC / LSE: MICC is the world's leading ice cream business. Home to four of the world's five largest ice cream brands: Magnum, Ben & Jerry's, Cornetto and the Heartbrand, our portfolio delights consumers in 80 markets around the world. Headquartered in Amsterdam, The Netherlands, we have a global team of 19,000 employees, a network of 32 factories, 13 R&D centres, and a fleet of three million freezer cabinets. For more information, visit www.corporate.magnumicecream.com. TMICC's legal entity identifier is 25490052LLF3XH6G9847. Segment performance (unaudited) Europe & ANZ delivered a solid performance, with +4.1% OSG and market share gains in key markets. Growth was volume-driven, supported by favourable weather towards the end of the period. France and the UK were the main growth drivers in the region, with France delivering double-digit growth and the UK posting mid-single-digit growth. In Italy, we continued to execute our turnaround plan, stabilising sales and market share, following a prolonged period of decline. Magnum and Ben & Jerry’s performed strongly, delivering high single-digit and mid-single digit growth respectively, supported by new format innovations and new flavours. Growth was enabled by improved availability and on-shelf execution, with key wins including new listings. Adjusted EBIT margin improved +100bps despite -50bps headwind due to lower royalties from India. Strong gross margin delivery was partially offset by previously allocated depreciation charged as cash costs, which adversely impacted Adjusted EBITDA margin by -90bps. The Americas delivered +3.2% OSG and continued to gain market share in both the US and Mexico, while continuing to execute our turnaround plan in Brazil, where the business remained in decline. Reported revenue was -1.1% versus last year, due to -4.1% impact from forex translation. In North America, growth was driven by our leading US brands, with Yasso and Popsicle continuing double-digit growth and Ben & Jerry’s outperforming the broader market, resulting in market share gains. Innovation continues to revitalise our US portfolio. Strategic partnerships – including with Hershey and Disney – supported growth across key brands, while Popsicle benefitted from successful collaborations with Hello Kitty and Bluey. Ben & Jerry’s delivered strong growth, especially during the second quarter, supported by the launch of stick and sandwich formats.Growth was further supported by increased availability across the value and club segments for the At-Home channel, as well as through digital commerce. Continued expansion of our cabinet fleet in Latin America strengthened our presence in the Away-from-Home channel. Adjusted EBIT margin improved +140bps due to carry-over pricing effect from H2 2025 and savings from our productivity programme, which more than offset increased distribution costs. Adjusted EBITDA improved +50bps, due to higher EBIT partially offset by previously allocated depreciation charged as cash costs. AMEA continued to grow with +7.6% OSG. Türkiye performed strongly with double-digit growth despite being impacted by the measures imposed by the Turkish Competition Authority (TCA). Pakistan continued double-digit momentum, while Indonesia achieved mid-single-digit growth and significant share gains. India, which was included in the perimeter from the second quarter onwards, also delivered double-digit growth. OSG was moderated by China, which was impacted by unfavourable weather towards the end of the period. Reported revenue increased +9.0%, including +6.8% acquisition impact from India and -5.2% forex translation effects. Growth was driven by innovations from our global brands, such as the Magnum sandwich in Türkiye, and market-specific launches including Cornetto multi-layer sticks as well as further premiumisation of the core Cornetto range, including a new windmill structure and a fruit sorbet variant. This was achieved by driving consumption occasions and expanding market penetration through festive activations, as well as joint business plans with retail partners, resulting in greater product availability and consumer reach. Adjusted EBIT margin declined -190bps due to significant external headwinds, including material cost inflation, hyperinflation and measures imposed by the TCA, as well as our acquisition in India. These impacts were partly mitigated by selective pricing actions and disciplined execution of our cost management programme. Adjusted EBITDA margin decreased by -270bps, also reflecting previously allocated depreciation charged as cash costs. Historical half-yearly organic sales, price, and volume growth and Q2 growth per regions Additional commentary on the unaudited condensed financial statements (H1 2026) Finance costsNet finance costs totalled €72 million (H1 2025: €10 million), primarily driven by interest cost on credit facilities and bonds. During H1 2025, finance costs did not include any allocation of interest incurred by Unilever or interest bearing fundings. Taxation Adjusted effective tax rate for the first half was 30.2% (H1 2025: 21.5%), due to factors including higher unrecognised losses, non-deductible interest costs, together with a one-off benefit arising from tax settlements in the prior year. The effective tax rate was 30.4% (H1 2025: 20.7%). For the full year 2026, the adjusted effective tax rate excluding the impact of prior year tax settlements is expected to be around 27%, at the upper end of our medium-term plan. Net monetary loss Net monetary loss arising from hyperinflation adjustments for Türkiye was €13 million (H1 2025: gain of €27 million). The first-half loss compared to a gain for last year is related to a higher net monetary asset position, driven by indirect tax receivables recognised on asset transfers. Net debt Net debt was €3,264 million (FY 2025: €2,967 million; H1 2025: €300 million). The increase compared with year-end 2025 primarily reflects additional funding raised to support our strategic growth initiatives, including acquisitions completed during the period, and to meet working capital requirements as the Company increasingly operates as a standalone business. This was partially offset by a higher cash balance at period end. Compared with the same period last year, net debt increased primarily as a result of debt financing raised in November 2025 to fund the settlement of amounts payable to Unilever arising from the separation. Finance and liquidity During the first half no bonds matured, were repaid, nor issued. On 30 June 2026, the Company had undrawn facilities and revolving credit facilities aggregating to €1.1 billion. Principal Risks The principal risks and uncertainties faced by TMICC and its subsidiaries are set out on pages 36 to 39 of the 2025 Annual Report and in the ‘Cautionary Statement’. The nature and potential impact of these risks remain substantially unchanged for the remaining six months of 2026. Cautionary statement This document may contain forward-looking statements, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995, concerning the financial condition, results of operations and businesses of The Magnum Ice Cream Company N.V. (the ‘Company’). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’, ‘vision’, ‘ambition’, ‘target’, ‘goal’, ‘plan’, ‘potential’, ‘work towards’, ‘may’, ‘milestone’, ‘objectives’, ‘outlook’, ‘probably’, ‘project’, ‘risk’, ‘seek’, ‘continue’, ‘projected’, ‘estimate’, ‘achieve’ or the negative of these terms, and other similar expressions of future performance or results and their negatives, are intended to identify such forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding the Company’s strategy, plans and expected trends, financial results and results of operations, including trends in the global ice cream market, the Company’s outlook and expected modelled or potential financial results including, sales growth and Adjusted EBITDA margin improvement, expectations with respect to the Company’s productivity programme, the anticipated growth of the global ice cream market, expectations with respect to Company’s strategic partners, statements with respect to external environment, statements relating to costs and anticipated benefits from pricing such as increase in supply chain costs, plans and ambitions of the Company to maintain a leadership position in the global ice cream market, statements with respect to the Turkish Competition Authority investigation, statements regarding the Company’s exposure to the Middle East and impact of geopolitical events and hostilities, including those in the Middle East as well as consequences of mitigating actions, statements on the Company’s financial results and result of operations, the Company’s expected financial and operational position, finalisation of exits from remaining TSAs by the end of 2027. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Company (including during management presentations) in connection with this document. These forward-looking statements are based upon current expectations, assumptions, plans and projections regarding anticipated developments and other factors affecting the Company. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Company’s control, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially from those expressed in the forward-looking statements included in this document are: the Company’s global brands not meeting consumer preferences; the Company’s ability to innovate and remain competitive; the Company’s investment choices in its portfolio management; the effect of climate change on the Company’s business; the Company’s ability to find sustainable solutions to its packaging; significant changes or deterioration in customer relationships; the Company’s reliance on Unilever; the recruitment and retention of talented employees; disruptions in the Company’s supply chain and distribution; increases or volatility in the cost of raw materials and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; execution of acquisitions, divestitures and business transformation projects; economic, social and political risks and natural disasters; financial risks; failure to meet high ethical standards; and managing regulatory, tax and legal matters and practices with regard to the interpretation and application thereof and emerging and developing ESG reporting standards including differences in implementation of climate and sustainability policies in the regions where the Company operates. The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report for the year 2025 and filed by the Company on Form 20-F with the U.S. Securities and Exchange Commission (the ‘SEC’) on 18 March 2026, the Company’s other documents on file, and filed from time to time, by the Company with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. The forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Market and Industry Information All references to market share, market data, industry statistics and industry forecasts in this document consist of estimates compiled by industry professionals, competitors, organisations or analysts, of publicly available information or of the Group’s own assessment of its sales and markets. Rankings are based on sales unless otherwise stated. None of the Company or its affiliates, representatives, partners, members, directors, officers, employees, advisers or agents. make any representation or warranty with respect to the accuracy of such information, and each expressly disclaim any responsibility or liability for any damages or losses in connection with the use of such information herein. Comparability Prior to 1 July 2025, TMICC did not operate as a standalone Group. Whilst a part of Unilever, TMICC has historically been reported as an operating segment under IFRS 8 in Unilever’s annual report and HY condensed financial reporting ('Ice Cream'). The basis of preparation of the financial information utilised in this announcement is in Appendix A and differs from the Ice Cream segment as presented historically in Unilever’s financial reporting. As a result, while the two sets of financial information are similar, there are certain differences in accounting and disclosure under IFRS. These differences primarily include: Removal of countries (Russia, India, Portugal) which are not in the carve-out perimeter, but historically reported within ‘Ice Cream’ Other minor adjustments Non-IFRS Financial Measures Definitions The information in this announcement contains certain measures not defined by, or calculated in accordance with, IFRS, including Organic Sales Growth (OSG), Organic Price Growth (OPG), Organic Volume Growth (OVG), Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Earnings per Share, Free Cash Flow, Net Debt and Adjusted Effective Tax Rate. The non-IFRS financial measures presented in this announcement may not be comparable to other similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as a substitute for, financial information presented in compliance with IFRS. The definition and reconciliation with IFRS measures are presented in Appendix B. Appendix A Condensed financial statements as of and for the first half ended 30 June 2026 (unaudited) Condensed consolidated income statement (unaudited) Condensed consolidated statement of comprehensive income (unaudited) Condensed consolidated statement of changes in equity (unaudited) (a)   Includes a hyperinflation adjustment in relation to Türkiye.(b)   In H1 2025, the share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of Unilever share options and awards allocated to the Ice Cream Business. It includes the fair value of Unilever share awards allocated to the Group which is presented in Invested Capital. Following the Demerger and during H1 2026, the Group granted its own share awards to employees, and the related non-cash charge in operating profit for these awards is presented in Retained Earnings. (c)   In H1 2025, other transactions with Unilever reflect the fact that the Ice Cream Business does not retain cash generated from operating activities and represent the cash outflow associated with repatriating such cash to Unilever, net of any movements in working capital, financing and investing activities. (d)   In H1 2025, Profit for the period is presented within Invested Capital. (e)   In the 2025 condensed combined carve-out financial statements this referenced as Net Parent Investment. Condensed consolidated balance sheet (unaudited) (a) In the H1 2025 condensed combined carve-out financial statements this is referenced as Net Parent Investment Condensed consolidated statement of cash flows (unaudited) (a) In H1 2025, depreciation, amortisation and impairment (direct and allocated) reflects amortisation and depreciation charges relating to intangible assets, property, plant and equipment, and leased assets and liabilities included in the condensed consolidated balance sheet and an allocation of amortisation and depreciation charges for those software and land and buildings used by the Ice Cream Business but which were not transferred to the Group. In H1 2026, these depreciation and amortisation costs are included within the TSA charge from Unilever, reflecting the Group’s continued use of those assets during the Transitional Period. (b) In H1 2025, Unilever used a centralised approach to cash management and financing its operations, transactions between Unilever and the Ice Cream Business were accounted for through Invested Capital. Accordingly, none of the cash, cash equivalents, debtor related interest income and expense at the corporate level were assigned to the Ice Cream Business. Cash that was held in newly incorporated holding companies for the sole purpose of the restructuring prior to demerger has also been excluded. Only cash, debt and related interest held by entities that only contain Ice Cream related trading activities was assigned in H1 2025. The other transactions with Unilever and non-controlling interests reflected the fact that the Ice Cream Business did not retain cash generated from operating activities and represented the cash outflow associated with repatriating such cash to Unilever, net of any movements in working capital, financing and investing activities. This balance represents Group transactions and cash pooling activities between Unilever and the combined Ice Cream Business.(c)   Cash and cash equivalent at the end of the period in the statement of cash flow includes bank overdrafts of €3 million (H1 2025: €4 million), excluding those the cash and cash equivalents at H1 2026 is €577 million ( H1 2025: €49 million). NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The accompanying notes are an integral part of these condensed consolidated financial statements. 1.      Basis of preparation, accounting policies, estimates and judgements Reporting Entity The Magnum Ice Cream Company N.V. (‘TMICC’) is a public limited liability company (naamloze vennootschap) domiciled in the Netherlands. TMICC is headquartered in Amsterdam and its registered address is Reguliersdwarsstraat 63, 1017BK Amsterdam, the Netherlands. The condensed consolidated financial statements of TMICC as at and for the six months ended 30 June 2026 comprise TMICC and its subsidiaries (together referred to as ‘TMICC’, the ‘Company’ or the ‘Group’). TMICC is the global leader in the ice cream industry, operating in 80 markets with an extensive portfolio of global and local brands. TMICC derives from the demerger of the Ice Cream Business previously owned by Unilever PLC (Unilever Group) and is publicly listed with its shares admitted to trading on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange on 8 December 2025. Basis of Preparation and Accounting policies These condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board and as endorsed by the European Union. They have been prepared on a going concern basis using the same accounting policies, judgements and estimates as those applied in the Group’s consolidated financial statements for the year ended 31 December 2025. They do not include all disclosures required for annual financial statements and should be read together with the Group’s 2025 annual financial statements. Selected explanatory notes are included where relevant to explain events and transactions significant to an understanding of the changes in the Group’s financial position and performance since 31 December 2025. Comparative information for the first half of 2025 represents combined carve-out financial information derived from Unilever’s consolidated accounting records prior to legal execution of the demerger. During that period, the results included allocations of certain centrally incurred and corporate costs from Unilever. Following the demerger, these were replaced by charges under TSAs. These condensed consolidated financial statements were authorised for issue by the Board of Directors on 30 July 2026. Standards and amendments effective from 1 January 2026 were not applicable or material to the Group. IFRS 18 Presentation and Disclosure in Financial Statements, effective from 1 January 2027, will replace IAS 1 and introduce new requirements for the presentation of the income statement, including defined categories and disclosures for management-defined performance measures. The Group is currently assessing the impact of IFRS 18. All other standards, amendments and interpretations issued but not yet effective are not expected to have a material impact on the Group. Due to rounding, the figures presented in the condensed consolidated financial statements and notes may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Seasonality The operations of the Ice Cream Business are subject to seasonal fluctuations that affect financial performance. Historically, revenue and adjusted EBITDA are higher in the first half of the financial year driven by strong activity in the most seasonally affected markets. No adjustments have been made to defer or anticipate revenues or costs that are seasonal, cyclical, or occasional in nature. 2.      Segment information The operating segment information for the Group is provided based on three geographical areas: Europe & ANZ, Americas and AMEA. (a) In the Condensed combined carve-out financial statements for H1 2025 this was referred to as Rest of World. (b) In H1 2025, Revenue and operating profit included royalties of €9 million primarily from Unilever’s ice cream business in India. In H1 2026, due to the acquisition of India no material royalties were recognised (H1 2026: €0.9 million). (c) Adjusting items include acquisition and disposal related costs of €110 million (H1 2025: €121m) and restructuring costs of €19 million (H1 2025: credit of €26 million). In the first half of 2025, a net release of €43 million was recognised in relation to restructuring provisions, partly offset by €17 million of charges for supply chain projects and other corporate initiatives. The release was mainly driven by higher redeployment of employees who had been expected to exit as at FY 2024. Adjusting items are classified separately due to their nature and/or frequency of occurrence. Net monetary gain/loss arising from hyperinflationary economies is also an adjusting item due to its nature and size, however, it is not included in operating profit therefore not included within adjusting items above. Adjusted EBITDA is the primary measure by which we evaluate segment profit or loss and make resource-allocation and performance-assessment decisions. 3.      Taxation The tax charge for the first half of 2026 was determined using jurisdiction-specific effective tax rates and may not be representative of future periods. The effective tax rate for the first half is 30.4%, compared with 20.7% in 2025. The tax rate is calculated by dividing the tax charge by the pre-tax profit. The primary drivers for the increase compared to H1 2025 effective tax rate are higher unrecognised losses, non-deductible interest costs, together with the prior year inclusion of a one-off benefit arising from tax settlements. In addition, H1 2026 includes the impact of the non-deductible monetary loss related to Türkiye (2025: non-taxable monetary gain). 4.      Financial Instruments The Company aims to protect the value of financial investments, while maximising returns. The fair value of financial assets is the same as the carrying amount for H1 2026, FY 2025, and H1 2025. Cash resources are shown below. Financial assets (unaudited) (a) (a) Financial assets exclude 'trade and other current receivables' and 'other financial assets'. All financial assets are classified as current. Financial liabilities (unaudited) (a) (a) Financial liabilities exclude trade payables and other liabilities. (b) Bank loans and overdrafts do not include any secured liabilities. This includes Commercial Papers of €200 million raised in June 2026.(c) Other financial liabilities consist of an option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM Corporation, the Philippines Joint Venture (the ‘Philippines Put Option’). The Group holds 50% plus one share in the joint venture. According to the shareholder agreement established in March 1999, RFM Corporation is entitled, each year within one month following 31 December year end, to require the Group to acquire all or a portion of RFM Corporation’s shares in the joint venture at a price determined by the agreement. RFM Corporation has executed a waiver stipulating that they waive their right to exercise the option until April 2028. There have been no material changes in the classification of the fair value of financial assets and financial liabilities since FY 2025. Additionally, there have been no significant movements between the fair value hierarchy classifications during this period. Calculation of fair values The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used in FY 2025. Assets and liabilities carried at fair value Derivatives liabilities of €31 million (FY 2025: €28 million) and short-term deposits of €315 million (FY 2025: 39 million) are valued using valuation techniques with market observable inputs (Level 2). There are no derivatives assets and other cash equivalents valued at quoted prices for identical instruments (Level 1) or not based on observable market data (Level 3). The Philippines Put Option is valued annually at the redemption value with subsequent changes in financecosts (Level 3). The redemption value is derived from a formula defined in the shareholder agreementwhich uses historical financial information, multipliers, and CPI adjustments. The impact in the incomestatement for the first half of 2026 due to the Philippines Put Option is €nil (H1 2025: €nil). Assets and liabilities carried at amortised cost Bonds issued by the Group are measured at amortised cost. The fair value of these bonds using quoted prices in active markets (Level 1 of the fair value hierarchy) is €2,962 million (FY 2025: €2,998 million and H1 2025: €nil). The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodities. Other financial assets and liabilities Cash and short-term deposits, trade and other current receivables, overdrafts, trade payables and other current liabilities have fair values that approximate to their carrying amounts due to their short-term nature. Lease liabilities and non-current receivables and payables have a fair value that approximate the carrying value based on the net present value of the anticipated future cash flows associated with these instruments using rates currently available for debt on similar terms, credit risk and remaining maturities. 5.      Earnings per share (EPS) The earnings per share calculations are based on the weighted average number of ordinary shares of TMICC in issue during the period less the weighted average number of shares held as treasury shares. In calculating diluted earnings per share, the weighted average number of shares is adjusted to reflect the dilutive effect of potential ordinary shares, principally arising from employee and executive share-based payment arrangements. Prior to 6 December 2025, the Company was under the control of Unilever and did not have any issued shares. Accordingly, EPS has not been calculated for H1 2025. EPS for total operations for the six months is calculated as follows: The number of ordinary shares has not changed compared to 31 December 2025. On 16 June 2026, the Group granted 10,952,635 share options under the Foundation Plan for Growth, a one-off equity-settled share-based payment arrangement for selected senior executives. The options vest in two equal tranches after three and four years. They are subject to continued employment and a relative Total Shareholder Return (TSR) market condition. They are measured at grant-date fair value using an option pricing model (Monte Carlo Simulation), with the related expense recognised over the vesting period with a corresponding entry in equity. 6.      Acquisitions and Disposals Acquisitions Business combinations are accounted for using the acquisition accounting method as at the acquisition date, which is the date at which control is transferred to the Group. The acquisitions are consistent with the Group’s strategy to establish a standalone global ice cream business following the separation from Unilever. During the three months ended 30 June 2026, KWIL contributed €79 million revenue and €10 million operating profit, while ULICC contributed €44 million revenue and €10 million operating profit. Had both acquisitions occurred on 1 January 2026, management estimates that consolidated revenue and operating profit for the period would have been €4,749 million and €572 million, respectively. The following table sets out the opening balance sheets which remain provisional pending finalisation of the purchase price allocation. This has not yet been completed as the transactions took place at the start of the second quarter. For both acquisitions, the consideration transferred was measured at fair value at the acquisition date. The consideration was settled entirely in cash, with no contingent consideration or equity instruments issued. Goodwill primarily reflects expected growth opportunities, operational efficiencies and synergies. Specifically, for KWIL and ULICC, this represents the customer and distribution growth, local market expertise as well as product innovation, and premiumisation opportunities. The amount of goodwill is not expected to be deductible for income tax purposes. Disposal of Venezuelan Ice Cream BusinessDuring H1 2025, the Company entered into an agreement to sell its Venezuela business, which was classified as held for sale at 30 June 2025, with the transaction completing on 3 July 2025 and resulting in a net loss on disposal of €4 million. 7.      Events after Balance Sheet date Subsequent to the reporting date, the Group repaid in full the outstanding balance of €190 million drawn under the term loan facility previously classified as non-current liabilities as well as €150 million to Unilever in respect of the working capital subsidy. Further commercial papers of €290 million were issued with repayments of €340 million leading to a decrease from €200 million to €150 million, which is in line with ongoing short-term liquidity management. These transactions do not have any impact on net debt as at the reporting date. Appendix B Definitions and Reconciliation of non-IFRS Financial measures The sections below provide reconciliations of the closest measures prepared in accordance with IFRS to the non-IFRS measures used by the Group. Constant currency The Group uses “constant rate” and “organic” measures primarily for internal performance analysis and targeting purposes. The Group presents certain items, percentages and movements, using constant exchange rates, which do not include the impact of fluctuations in foreign currency exchange rates. Constant currency values are calculated by translating both the current and the prior period local currency amounts using the prior year average exchange rates into euro, except for the local currency of entities that operate in hyperinflationary economies. These currencies are translated into euro using the prior year closing exchange rate before the application of IAS 29. OSG, OVG, OPG OSG refers to the increase in revenue for the period, excluding any change in revenue resulting from disposals, changes in currency and price growth in excess of 26%. in hyperinflationary economies. Inflation of 26% per year compounded over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. The impact of disposals is excluded from OSG for a period of 12 calendar months from the applicable closing date. OSG includes increases or decreases in sales of an acquired business immediately following the business combination, unless a reliable historical baseline is not available for the 12 months prior to the acquisition, in which case sales during the first 12 months of the acquisition are excluded from OSG. The Group believes this measure provides valuable additional information on the organic sales performance of the business and it is a key measure used internally. OVG is part of OSG and means, for the applicable period, the increase in revenue in such period calculated as the sum of: (i) the increase in revenue attributable to the volume of products sold; and (ii) the increase in revenue attributable to the composition of products sold during such period. OVG therefore excludes any impact on OSG due to changes in prices. OPG is part of OSG and means, for the applicable period, the increase in revenue attributable to changes in prices during the period. OPG therefore excludes the impact to OSG due to (i) the volume of products sold; and (ii) the composition of products sold during the period. In determining changes in price, the Group excludes the impact of price growth in excess of 26% per year in hyperinflationary economies as explained in OSG above. The following table presents a reconciliation of changes in the IFRS measure of revenue to OSG for H1 2026 and H1 2025: (a) Revenue growth is calculated as current period revenue minus prior year revenue divided by prior period revenue. (b) Effect of acquisitions is calculated using constant exchange rates and is the difference between revenue growth and what revenue growth would have been if the revenue associated with acquisitions was removed from the current year. This excludes the change in revenue of the acquisitions compared to their historical base, if this change has been included in the OSG. (c) Effect of disposals is calculated using constant exchange rates and is the difference between revenue growth and what revenue growth would have been if the revenue associated with disposals was removed from the prior year. (d) Effect of currency-related items is comprised of the effect of foreign currency exchange rate movements on revenue growth and price growth in excess of 26% per year in hyperinflationary economies which is excluded from OSG. The calculation of effect of currency-related items is as follows: Effect of currency-related items = [(1+Effect of exchange rate changes) multiplied by (1+ Effect of extreme price growth in hyperinflationary markets)] minus 1. There may be minor discrepancies between the number arrived at through the application of this calculation and the final figure set out above, which is as a result of rounding. (e) OSG is revenue growth adjusted to remove the impacts of acquisitions, disposals and the impact of currency-related items (being movements in exchange rates and extreme price growth in hyperinflationary markets). The calculation of OSG is as follows: (1 plus revenue growth) divided by [(1 plus effect of acquisitions) multiplied by (1 plus effect of disposals) multiplied by (1 plus effect of currency related items)] minus 1. There may be minor discrepancies between the number arrived at through the application of this calculation and the final figure set out above, which is as a result of rounding. The reconciliation of OSG to revenue is as set out in the table above. (f) OVG and OPG are multiplied on a compounded basis to arrive at OSG through application of the following formula: OSG equals (1 plus OVG) multiplied by (1 plus OPG) minus 1. (g) OPG in excess of 26% per year in hyperinflationary economies has been excluded when calculating the OSG in the tables above, and an equal and opposite amount is shown as extreme price growth in hyperinflationary markets. Adjusting items Several non-IFRS measures are Adjusted to exclude items defined as adjusting. Management considers adjusting items to be significant, or unusual or non-recurring in nature and so believes that separately identifying them helps in understanding the financial performance of the Group from period to period. Adjusting items within operating profit are: gains or losses on business disposals which arise from business disposal projects; restructuring costs which are costs that are directly attributable to a restructuring project. Management defines a restructuring project as a strategic, major initiative that delivers cost savings and materially changes either the scope of the business or the manner in which the business is conducted; impairments of assets which includes impairments of goodwill, intangible assets, and property, plant and equipment; and other approved items which are any additional matters considered by management to be significant and outside the course of normal operations; acquisition and disposal-related costs which are costs that are directly attributable to a business acquisition or disposal project. Adjusting items not in operating profit but within net profit are net monetary gain/(loss) arising from hyperinflationary economies and significant and unusual items in net finance cost and taxation. Several non-IFRS measures are adjusted to exclude items defined as adjusting. The following table sets out the calculation of adjusting items for H1 2026 and H1 2025. (a) H1 2026 and H1 2025 comprise costs relating to the separation and establishment. (b) H1 2026 mainly relates to supply chain projects and other corporate initiatives. H1 2025 comprises a net release of €26 million related to the restructuring provision. The release was driven by a significantly higher redeployment of employees in 2025 that were due to exit at the end of 2024. Adjusted EBIT, Adjusted EBITDA, Adjusted EBIT margin, Adjusted EBITDA margin Adjusted EBIT is defined as operating profit before the impact of adjusting items within operating profit.  Adjusted EBITDA is defined as Adjusted EBIT before the impact of depreciation, amortisation. Adjusted EBITDA margin and Adjusted EBIT margin is calculated as Adjusted EBITDA and Adjusted EBIT divided by revenue for the period. Those measures are used to evaluate the performance of the Group and its segments. Items are classified as adjusting due to their nature and/or frequency of occurrence. The Group’s management believes this measure provides useful information in understanding and evaluating the Group’s operating results. The following table sets out a reconciliation of net profit to Adjusted EBIT and Adjusted EBITDA for H1 2026 and H1 2025 as well as Revenue to Adjusted EBIT margin and Adjusted EBITDA margin. Adjusted Earnings per Share (Adjusted EPS) Adjusted earnings per share (Adjusted EPS) is calculated as profit attributable to shareholders’ equity net of adjusting items divided by the diluted average number of ordinary shares. In calculating profit attributable to shareholders’ equity net of adjusting items, net profit attributable to shareholders’ equity is Adjusted to eliminate the post-tax impact of adjusting items. This measure removes the impact of non-recurring, one-off items from earnings per share and provides better visibility of the underlying performance. The reconciliation of net profit attributable to shareholders’ equity to profit attributable to shareholders’ equity net of adjusting items is as follows: Prior to 6 December 2025, the Group was under the control of Unilever and did not have any issued shares. Accordingly, Adjusted EPS has not been calculated for H1 2025. Free Cash Flow (FCF) FCF is defined as net cash flow from operating activities, less net capital expenditure and net interest payments. It does not represent residual cash flows entirely available for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from FCF. FCF reflects an additional way of viewing the Group’s liquidity that management believes is useful to investors because it represents cash flows that could be used for distribution of dividends, repayment of debt or to fund the Group’s strategic initiatives, including acquisitions, if any. The following table sets out a reconciliation of net cash flow from operating activities to FCF for H1 2026 and H1 2025: Net Debt Net Debt is defined as the excess of total financial liabilities over cash and cash equivalents, other current financial assets and non-current financial asset derivatives that relate to financial liabilities. Management believes Net Debt provides valuable additional information on the summary presentation of the Group’s net financial liabilities and is a measure in common use elsewhere. The following table sets out a reconciliation of total financial liabilities to Net Debt for H1 2026, FY2025 and H1 2025: Adjusted Effective Tax Rate (Adjusted ETR) Adjusted effective tax rate is calculated by dividing taxation excluding the tax impact of adjusting items by profit before tax excluding the impact of adjusting items. This measure reflects the Adjusted effective tax rate in relation to profit before tax excluding adjusting items before tax. This is shown in the table below: (a) Tax impact of adjusting items within operating profit is the sum of the tax on each adjusting item, based on the applicable country tax rates and tax treatment (b) Deferred tax effect of hyperinflationary adjustments and of purchase price allocation adjustments on deferred tax arising on separation(c) See Note “Adjusting items”(d) Net monetary loss/ (gain) Appendix C Statement of the Board of Directors This report contains the semi-annual report of The Magnum Ice Cream Company N.V. (‘the Company’), a public limited liability company incorporated under Dutch law and headquartered in the Netherlands. The principal activities of the Company and its subsidiaries (together, ‘the Group’) are described in the Company’s 2025 Annual Report.The semi-annual report for the six-month period ended 30 June 2026 consists of the H1 2026 Results, the condensed consolidated financial statements (Appendix A), the Definitions and Reconciliation of non-IFRS Financial measures (Appendix B) and the responsibility statement by the Company’s Board of Directors (Appendix C). There have been no material changes to related parties since the 2025 Annual Report and no material related party transactions have taken place in the first six months of the year.No audit (controle) or review (beperkte beoordeling) has been performed by an auditor in respect of the information in this semi-annual report. Responsibility statementThe Board of Directors of the Company hereby declares that, to the best of its knowledge: the condensed consolidated financial statements for the six-month period ended 30 June 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB) and as endorsed by the European Union; the condensed consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and the ‘TMICC H1 2026 Results’ report gives a fair view of the information required pursuant to Disclosure Guidance and Transparency Rule (DTR) 4.2.7R and 4.2.8R issued by the UK Financial Conduct Authority article 5:25d paragraphs 8 and 9 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht). Details of all current Directors are available on our website https://corporate.magnumicecream.com. On behalf of the Board Peter ter Kulve, Chief Executive Officer Abhijit Bhattacharya, Chief Financial Officer Amsterdam, 30 July 2026 Appendix D – Comparatives re-presented to reflect customer returns For quarterly reporting from Q3 2026, expected customer season-end returns will be accounted in the same quarter as related sales, rather than when the returns occur. This mainly relates to Türkiye and shifts a portion of revenue between quarters, reducing Q3 and increasing Q4 by equal amounts. Quarterly comparatives have been re-presented in the table below. This has no impact on half-year or full year reported results. (1) The Magnum Ice Cream Company pre-close aide memoire, Q1 2026(2) 2025 Full year results, Additional commentary on the unaudited financial statements (full year 2025)

This article first appeared on GuruFocus. Revenue: EUR4.7 billion for the first half of 2026, with organic sales growth of 4.7%. Volume Growth: 2.5%. Price Growth: 2.2%. Adjusted EBITDA: EUR880 million, with an adjusted EBITDA margin of 18.7%. Adjusted EBIT: EUR716 million, with an adjusted EBIT margin of 15.3%, an increase of 50 basis points year-over-year. Productivity Savings: EUR90 million in the first half. Free Cash Flow: EUR273 million. Regional Organic Sales Growth: Europe and ANZ at 4.1%, Americas at 3.2%, and AMEA at 7.6%. US Revenue: EUR1.1 billion for the first half. Net Debt to Adjusted EBITDA Ratio: 2.5 times at the end of H1 2026. Warning! GuruFocus has detected 6 Warning Sign with MICC. Is MICC fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. The Magnum Ice Cream Co NV (NYSE:MICC) delivered solid organic sales growth of 4.7% in H1 2026, balanced between volume (2.5%) and price (2.2%), outperforming the global ice cream category. The company achieved EUR90 million in productivity savings during the first half, contributing to underlying margin improvement and providing fuel for growth. Innovation was a key driver, with successful launches like Magnum's Signature La Pistache and Ben & Jerry's stick and sandwich formats gaining strong market traction and consumer adoption. All three regions contributed to growth, with Europe and ANZ up 4.1%, Americas up 3.2%, and EMEA up 7.6%, and market share gains were reported in all regions including the US. The company reaffirmed its full-year outlook for organic sales growth of 3% to 5% and adjusted EBITDA margin improvement, supported by a strong start to the key summer selling season. Adjusted EBITDA margin declined to 18.7% from 19% in H1 2025, impacted by 70 basis points from transition service agreements (TSAs) and 30 basis points from the acquisition in India. The Americas region saw only 3.2% organic sales growth, with Brazil remaining in decline and volumes in the US flat in Q2 due to structural market shifts away from traditional vanilla ice cream. EMEA's adjusted EBIT margin fell by 190 basis points due to significant external headwinds, including material cost inflation and interim measures imposed by the Turkish Competition Authority (TCA). China experienced muted growth in Q2 due to unfavorable weather in May and June, which weighed on overall performance in the region. The company faces ongoing challenges in certain markets like Italy and Brazil, where sales and share are stabilizing but have not yet returned to growth, requiring structural changes that take time to show results. Q: On the trading on the top line, obviously very strong in the quarter, but you do actually have a tougher comp in the third quarter on a two-year stack. I'm just wondering how much of that volume be we should move across to the third quarter. Maybe you can talk about the exit rate in July, given the heat wave. I assume it's being very strong. And maybe any updated market share how you're seeing, it looks like market share data what's happening on the 12-week data versus 52-week data just to really understand that piece would be helpful. The second one actually is a little bit around emerging markets. So on this Turkey thing with the TCA, is there any risk that your super normal margins in Turkey actually need to come down now because you have to open up freezers to some of the competitors? And how do you feel about the margin dynamic between very high Turkey margins and very low margins in India and Brazil and the investment that you need to make?A: Peter ter Kulve (CEO): The ice cream market is growing from strengths to strengths. We always expected that increased penetration and new occasions and increased distribution would drive emerging markets. We were not sure, but the trend towards portion control and calorie control is driving developed markets as well, most notable in the US. And all the hard work, stepping up execution and innovation is starting to pay off. We had share gains, nine out of 10 quarters over -- since we started, and we're innovation leader in the US and Europe. Last year, we had a massive share tick-up, as you will remember. This year, we started a little bit weaker in a number of European countries, but we gained share in the US. We gained share in Europe overall, massive step-ups in some countries. And China still were a little bit weak, but we gained share. We gained massive shares in China. So all in all, we feel good about shares, but as expected, it's a competitive market, it's hard work, and it takes the best of us. On Turkey, a couple of years ago we had an investigation by the antitrust authorities, and we complied with all this investigation, but our shares kept on growing. We believe that one of the core strengths of the Turkish business is actually its innovation rates and the way they develop new brands and expand their portfolio. We now have to open up our cabinets in the small outlets. We fully comply with that, but we gained a little bit of share in hard discounters and e-commerce. Our Turkish business is extremely healthy. We believe it will go back over the full year to both volume and volume growth and continues at high value growth level. So we're in good space. Margins in Turkey indeed are very healthy. There is no reason why they should not stay healthy. We are very committed to our investments in India. Whilst we are building the business, the profitability will improve, but that's actually not the main thing. We need to build a stronger business. We need to grow very fast. In Brazil, we're in the middle of a turnaround. Yeah, it's going a little bit slower than I had hoped to, but these are all structural changes it will take. It's fine. Brazil is also not the largest country. Q: On the guidance. Obviously, right now on topline, H1 you came around the top end of your range. H2, as you said, you face slower, easier comp versus last year. And you mentioned that you are off to a strong start in the summer, and we can clearly see that the summer has been good so far in Europe. So first of all, am I right to expect you to be at the top end of the range? And why you don't want to qualify that in your outlook? And then my second question probably is related on the margin front, margin came better. I presume that better topline should translate as well in better operational profitability. And so, it looks to me that it's quite conservative now, the margin guidance of 0 basis point to 20 basis points. Could you take me through what are the incremental negative versus the [bips] in H1, and the potential upside from the operational benefit.A: Peter ter Kulve (CEO): We have made good progress in H1. It's encouraging, but we still have half a year to go. Today, we affirmed our outlook to achieve 3% to 5%. We were in outlook in guidance in the first half, and we have said that we will improve EBITDA in line with guidance. We're committed to our strategy, and we're confident in our ability to execute. Yeah, as we previously communicated, we expect improvement in H2. We still do. Yeah, we basically stay within the guidance. Abhijit Bhattacharya (CFO): And maybe, Celine, just to add a bit on your question about the margin in the second half, it's important to know that we are 30 basis points behind at the end of the first half. So we have to actually -- to improve for the full year, we have to have a margin improvement in the second half. So that's why we still hold to our outlook for the year. Q: The first one is on your commodity cost outlook. I mean, to what extent it has changed since you last updated us at the end of April, since you know we've seen energy prices coming down? And looking at the back half, I mean, do you expect a net benefit, I mean, thanks to cocoa, or still like some headwinds? And if so, how will it compare to the 200 basis points adverse effect we saw in the first half? So that's my first question. And then the second one, question on your Cornetto brand, out of the four leading brands, Cornetto is the one reporting a more muted organic sales question in that first half. Wondering what has been weighing on the brand's growth and what are your ambitions for Cornetto going forward? I would assume some nice acceleration.A: Peter ter Kulve (CEO): As we have always -- also indicated at the beginning of the year, in the first half, we were basically still running with relatively high chocolate prices. They will be easing off in the second half of the year. We have TSAs in the first half of the year, which will reverse back in the second half of the year. Energy has gone up and down and then up again. Overall, we therefore stick with guidance and will deliver a modest profitability step-up in the second-half year. Cornetto is very interesting. Cornetto is the leading cone brand in the world, whilst we not even sell cones in the US. The last two months in China were relatively weak. Weather was poor, shares were good, but that weighted all the Cornetto growth figures. We actually have a really interesting innovation funneling code. We have premium cones, which we now do via Magnum, which is a massive 50% price up versus normal Cornetto cones. So we have now For the complete transcript of the earnings call, please refer to the full earnings call transcript.

The Magnum Ice Cream Company (MICC) posted first-half core earnings above analyst expectations on July 30. Cost cuts since its 2025 spinoff from Unilever (UL) drove the beat, alongside a heatwave-driven summer surge for Ben & Jerry's. Revenue reached €4.7 billion, up from €4.5 billion a year earlier, with organic sales growth of 4.7% across every region. Adjusted EBIT climbed 7.5% to €716 million, though separation costs pulled net profit down to €349 million. Ben & Jerry's led the gains across the portfolio. Growth accelerated sharply once summer heat set in across Europe. New stick and sandwich formats pulled fresh buyers into the brand, both in the Americas and in Europe. Peter ter Kulve, the company's CEO, praised a frontline-first operating model in a statement tied to the results. Sustained heat across Europe has already lifted other heatwave-driven cooling stocks this summer, and that trend now extends to frozen treats. Magnum, Cornetto, and the Heartbrand also posted gains. All four core brands showed positive momentum, and Yasso, the company's high-protein pint line, kept growing at a double-digit pace. The pattern echoes the seasonal plays behind several US stocks to watch this July. A productivity programme launched in 2024 delivered €90 million in first-half savings, most of it from the supply chain. Waste reduction and better factory use both contributed. Meanwhile, a favorable working capital swing tied to the Unilever separation nearly doubled Free Cash Flow to €273 million. Standalone financing pushed net finance costs up to €72 million, compared with just €10 million a year earlier. That shift lines up with the broader high-rate backdrop highlighted by the Fed's July decision to hold rates steady, a move that rattled bond markets and pushed long-term borrowing costs to multi-year highs. The earnings beat nonetheless continues a summer pattern of firms topping Wall Street estimates. It follows Robinhood's earnings beat and Intel's surprise profit beat earlier this season, both delivered despite mixed investor reactions. Shares of Magnum Ice Cream (EURONEXT: MICC) were changing hands near €16.16 ahead of the print, up roughly 19% for the year and close to the all-time high of €16.74 hit on July 7. The stock has climbed steadily since bottoming near €11 in late April, and the chart shows that run largely intact heading into results day. Management reaffirmed full-year guidance of 3% to 5% organic sales growth. The company now enters peak summer demand with momentum intact. A pending antitrust review of its freezer-cabinet practices in Türkiye adds a regulatory wrinkle to watch. The next quarter should still show whether the heat and the cost discipline both hold. Read the Original story Heatwave Boosts Ice Cream Sales as Magnum Beats Earnings Forecasts by Phil Haunhorst at beincrypto.com

Magnum Ice Cream reported an encouraging Q1 with organic sales growth of 4.5% (2.9% volume, 1.6% price), while reported revenue was down ~1.2% YoY due to a ~5.5% foreign-exchange headwind, and management reaffirmed full-year guidance. Growth was broad-based and led by EMEA (+7.9% organic) and gains in the U.S. from Yasso and Popsicle; the company also completed acquisitions of its India and Portugal businesses — India volumes are strong (Magnum +50%) but profitability remains weak as the business is being scaled. CFO noted commodity tailwinds (cocoa, dairy, palm oil) partially offset energy/fuel headwinds and management plans to mitigate remaining pressure via revenue management and productivity; the company reiterated targets of 3–5% organic sales growth and 40–60 bps adjusted EBITDA margin improvement on a comparable perimeter (reported improvement 0–20 bps due to the India acquisition). Interested in The Magnum Ice Cream Company N.V.? Here are five stocks we like better. Magnum Ice Cream (NYSE:MICC) reported what CEO Peter ter Kulve called “an encouraging start to 2026,” delivering organic sales growth of 4.5% in the first quarter, with 2.9% from volume and 1.6% from price. Management reaffirmed full-year guidance despite what ter Kulve described as “heightened uncertainty in the global environment, particularly in the Middle East.” Revenue was “nearly EUR 1.8 billion,” down 1.2% year over year, which ter Kulve said was “entirely driven by foreign exchange,” citing a 5.5% translation headwind from a stronger euro. The company also noted that India and Portugal were not in the Q1 reporting perimeter and instead paid royalties for use of company brands, which were recognized in revenue and growth metrics. Excluding those royalties, ter Kulve said underlying organic sales growth was 4.7% and underlying price growth was 1.8%. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss Ter Kulve said growth was “broad-based,” with every region contributing. In Europe and ANZ, organic sales grew 4.6% excluding royalties, with volumes up 4.3% and price up 0.3% (excluding royalties). Germany and the U.K. posted high single-digit growth, while Italy remained “a work in progress,” as the company focuses on improving distribution and point-of-sale execution there. In the Americas, organic sales rose 2.6%. The U.S. grew 3.2% organically with 1.8% volume growth, which ter Kulve attributed to strong performances from Yasso and Popsicle, both of which delivered double-digit organic sales growth. Ben & Jerry’s grew low single-digit in the U.S. as new formats launched, while Brazil declined during the quarter as the company continued a turnaround plan focused on innovation, more targeted promotions and pricing actions, and increased distribution. → Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall? EMEA was the strongest-performing region at 7.9% organic sales growth, with both volume and price contributing. Ter Kulve highlighted double-digit growth in Turkey and Pakistan, and a strong seasonal opening in China driven by innovation. Ter Kulve credited innovation as a key driver of Q1 performance and said the company is increasingly focused on formats and occasions, not just flavor rotations. “When you really structurally want to drive growth, you need to make your brands relevant in different occasions,” he said, pointing to examples such as moving Ben & Jerry’s from pints into sandwich formats aimed at on-the-go consumption. → Verizon’s Signal Strength: The Turnaround Call Is Loud and Clear Brand-level commentary included: Magnum: mid-single-digit organic sales growth, supported by Magnum Pistachio and peach launches across the EU and Turkey, plus continued rollout of BonBons and cone formats in Europe. Ben & Jerry’s: flat overall in Q1. Ter Kulve said the new sandwich and bar formats have been “well received,” and noted that in the U.S., Ben & Jerry’s innovations ranked in the top 10 SKUs, including four of the top 10 in super premium. Cornetto: low single-digit growth, supported by Pistachio Max in Europe and Turkey and new flavors supporting a strong opening in China. Heartbrand: high single-digit growth, driven by products including Twister Freeze, Minecraft Stick, Volcanix, a five-layer chocolate stick, Solero Bonbons in multiple European markets, and Ice Ball Red Grape in Southeast Asia. Yasso: ter Kulve singled out Yasso Pints as an example of “format innovation that expands the category,” moving from sticks to pints and “unlocking new consumption occasions and new shelf space.” Ter Kulve said all scheduled Q1 TSA (transition services agreement) exits were completed on time, and the company remains on track to finalize remaining TSA exits by the end of 2027. He also provided an update on changes to the business perimeter: the company completed the acquisition of its India business on March 30 and acquired the Portugal business on April 1. Both will be reflected in consolidated results from Q2 onward. On India, ter Kulve described a significant overhaul implemented last year, including shifting from vegetable-fat “frozen dessert” products to dairy ice cream, changing pricing to align with “core snacking price points,” building a new team, and changing distribution by investing in cabinets and distributors with cold stores. He said volumes are picking up, though “profitability is still not very good” as the company invests behind growth and supply chain capacity. Ter Kulve added that with current growth rates, the business will need to expand from one factory to four over time, and said “Magnum is growing +50% at the moment” in India. In Brazil, ter Kulve said the company replaced management due to execution issues, but added that pricing and portfolio positioning are also problems. “Our pricing is not correct. We’re not in line with core snacking price points,” he said, adding that portfolio adjustments will take time. CFO Abhijit Bhattacharya told analysts the company has seen “a little bit of tailwind” from cocoa, dairy, and palm oil compared to the assumptions it started the year with, partially offsetting headwinds linked to fuel costs amid Middle East-related disruption. Responding to questions about why dairy and palm oil were tailwinds despite rising market indices, Bhattacharya said the company covered input costs early in the year at levels better than prior assumptions. Bhattacharya also described the company’s mitigation approach to oil-linked inflation and energy-related headwinds, outlining three broad levers: Revenue growth management, including discounts, expected to recover about one-quarter of headwinds Commodity tailwinds versus start-of-year assumptions, offsetting about one-quarter Acceleration of productivity measures to address the remaining half On advertising and promotion, Bhattacharya said the company would continue to spend what it needs to support brands and “not cut advertising to make the targets,” while noting a shift toward more digital content creation following an agency change. Management reaffirmed its full-year outlook, calling for organic sales growth of 3% to 5% and adjusted EBITDA margin improvement of 40 to 60 basis points on a comparable perimeter basis versus 2025. Ter Kulve said the reported adjusted EBITDA margin improvement is expected to be 0 to 20 basis points, “primarily due to the impact of the acquisition of the India business.” He also reiterated that improvements are expected to be more weighted to the second half of 2026 due to TSA phasing and cocoa pricing benefits. In Q&A, ter Kulve downplayed the impact of tourism risk in Turkey, saying about 5% of company sales in the country goes to tourists. He also said Easter timing was “marginal” for Q1 results, while highlighting the importance of festival activations such as Ramadan and Chinese New Year for seasonal demand creation. Ter Kulve repeatedly returned to execution as a central theme, saying improvements in the company’s “Frontline First” model are boosting availability across channels, increasing distribution points, and supporting freezer and cabinet deployments. He said the company believes growing its cabinet fleet and distribution can contribute roughly 0.5% to 1% of additional growth, and described cabinet deployment as operationally intensive, involving distributors, IT systems, replenishment, and maintenance. As one example, he said the company placed and activated 50,000 cabinets in India over a two-month period and reiterated prior comments that new cabinets typically pay back in two to three years. The Magnum Ice Cream Company N.V. engages in ice cream business. The Magnum Ice Cream Company N.V. is based in Amsterdam, Noord-Holland, Netherlands. The article "Magnum Ice Cream Q1 Earnings Call Highlights" was originally published by MarketBeat.