The Magnum Ice Cream Company (MICC) H1 2026 earnings summary

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.