The Magnum Ice Cream Company, the maker of Magnum, Ben & Jerry's, Cornetto and Heartbrand ice cream spun out of Unilever, reported first-half revenue of €4.7 billion, up from €4.5 billion a year earlier.
Organic sales growth reached 4.7%, split between a 2.5% rise in volume and 2.2% from pricing, with all three regions contributing.
Adjusted EBIT rose to €716 million from €666 million, lifting the adjusted EBIT margin to 15.3% from 14.8%, helped by productivity savings and pricing that offset cost inflation. Margin slipped to 18.7% from 19.0%, hit by a 70-basis-point drag from transitional service agreements with Unilever and a further 30 basis points from the recently acquired India business.
Net profit fell to €349 million from €464 million, as higher finance costs, a hyperinflation-related monetary loss in Türkiye and increased restructuring costs offset the improved operating performance. Free cash flow more than doubled to €273 million from €138 million, aided by favourable working capital movements tied to the interim operating arrangement with Unilever.
Net debt rose to €3,264 million from €2,967 million at the end of 2025, reflecting funding for the India and Portugal acquisitions and standalone working capital needs.
"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," said chief executive Peter ter Kulve.
The company reaffirmed full-year guidance for organic sales growth of 3% to 5% and an adjusted EBITDA margin improvement of 40 to 60 basis points on a comparable basis with 2025.
News Intelligence what this means for the company
Magnum Ice Cream delivered H1 organic growth of 4.7% (2.5% volume, 2.2% pricing) and expanded adjusted EBIT margin by 50 basis points to 15.3%, driven by productivity and pricing offsetting cost inflation. The company reaffirmed full-year guidance, but net profit fell 25% to €349m due to higher finance costs, a Türkiye hyperinflation loss, and restructuring charges that masked the operating improvement.
Operating momentum is real—margin expansion and balanced volume-price growth show pricing power and cost discipline—but the 25% net profit decline and rising net debt (€3.3bn, up from €3.0bn) signal that financial leverage and one-time costs are offsetting operational gains. Reaffirmed guidance suggests management confidence, but execution risk on the 40–60bp EBITDA margin target remains, given headwinds from Unilever service agreements and the newly acquired India business.
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