The Magnum Ice Cream Company (MICC) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue rose 12.1% to €2.511bn; organic sales growth (OSG) was 9.6%, led by volume, with growth and share gains across all regions.

• FY 2026 OSG guidance increased to ~5.5% from 3%–5% previously.

• Productivity savings remained on track, supporting the margin outlook despite higher oil and energy costs.

Financial highlights

• Q3 OSG of 9.6% comprised organic volume growth of 7.3% and organic price growth of 2.2%; reported revenue growth included 2.6% from acquisitions and a 0.3% adverse FX effect.

• Q3 YTD revenue was €7.202bn, up 6.8% reported and 6.4% organically; YTD OSG comprised 4.1% volume growth and 2.2% price growth.

• Innovation generated >10% of revenue year-to-date; 30% of products are new over a two- to three-year period.

Outlook and guidance

• FY 2026 Adjusted EBITDA improvement remains forecast at 40–60 bps on a comparable-perimeter basis; reported improvement is expected at 0–20 bps, mainly reflecting the India acquisition.

• Q4 sales are expected at a similar level to last year; H2 margin improvement is expected at ~70 bps after absorbing ~100 bps of additional oil and energy inflation.

• Next-year COGS inflation is expected at ~6%, or €180m, and is expected to be managed through normal business mix and pricing.

• FY 2026 adjusting items are forecast at €425–450m; adjusted effective tax rate is ~27%, excluding prior-year tax settlements, and net finance cost is -€160m.