The Magnum Ice Cream Company
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The Magnum Ice Cream Company (MICC) investor relations material

The Magnum Ice Cream Company H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary30 Jul, 2026

Executive summary

  • Delivered 4.7% organic sales growth in H1 2026, with balanced contributions from volume (+2.5%) and price (+2.2%), outperforming the global ice cream category across all regions and brands.

  • Revenue reached €4.7 billion, up from €4.5 billion in H1 2025, with Q2 revenue at €2.9 billion (+4.9% OSG year-over-year).

  • Achieved €90 million in productivity savings, driven by disciplined execution and operational rigor.

  • Transformation program remains on track for completion by end of 2027, with successful integration of acquisitions in India and Portugal.

  • Innovation and strong global brands powered growth, with premium and multi-format offerings expanding market reach.

Financial highlights

  • Adjusted EBITDA reached €880 million (18.7% margin), and adjusted EBIT rose to €716 million (15.3% margin), both up year-over-year.

  • Free cash flow increased to €273 million (H1 2025: €138 million), driven by favorable working capital and higher EBIT.

  • Reported revenue growth was 4.2%, with 2.3% positive impact from acquisitions and 2.7% negative impact from FX.

  • Net debt rose to €3,264 million (FY 2025: €2,967 million), reflecting acquisition funding and standalone operations.

  • Operating profit was €587 million (H1 2025: €569 million); net profit declined to €349 million (H1 2025: €464 million) due to higher finance costs, hyperinflation loss in Türkiye, restructuring, and higher taxes.

Outlook and guidance

  • Full-year 2026 outlook reaffirmed: organic sales growth expected between 3% and 5%, with adjusted EBITDA margin improvement of 40–60bps on a comparable perimeter.

  • Adjusted effective tax rate expected around 27%, and net finance cost estimated at €160 million.

  • Reported adjusted EBITDA margin improvement expected at 0–20bps due to India acquisition impact.

  • India and Portugal included in perimeter from Q2 2026.

  • Guidance reflects continued investment in growth and productivity, with margin improvement expected in H2.

Impact of TCA cabinet measures on AMEA growth
TSA charges effect on Adjusted EBITDA margins
Unilever model impact on H1 working capital
Impact of TCA freezer measures on Turkey margins
Profitability outlook for the India business
China channel pivot to snacking and lower tiers
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Q3 2026 TU29 Oct, 2026
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