TMICC H1 2026 results
Solid performance, driven by innovation and operational rigour
H1 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
| Financial Highlights | ||||
| In €, percentage (unaudited) | H1 2026 | H1 2025 | Q2 2026 | Q2 2025 |
| Revenue (in € billions) | 4.691 | 4.503 | 2.921 | 2.711 |
| Reported revenue growth | 4.2% | 2.5% | 7.8% | 1.4% |
| Organic Sales Growth(a) | 4.7% | 5.8% | 4.9% | 7.0% |
| Organic Volume Growth | 2.5% | 3.5% | 2.3% | 4.9% |
| Organic Price Growth(a) | 2.2% | 2.1% | 2.5% | 2.0% |
| Operating profit (in € millions) | 587 | 569 | ||
| Adjusted EBIT (in € millions) | 716 | 666 | ||
| Adjusted EBITDA (in € millions) | 880 | 853 | ||
| Operating profit margin (% revenue) | 12.5% | 12.6% | ||
| Adjusted EBIT margin (% revenue) | 15.3% | 14.8% | ||
| Adjusted EBITDA margin (% revenue) | 18.7% | 19.0% | ||
| Free Cash Flow (FCF, in € millions) | 273 | 138 | ||
| Diluted Earnings Per Share | 4.2 | 2.5 | ||
| Effect of acquisitions(b) | - | (0.1) | ||
| Effect of currency-related items(d) | 4.7 | 5.8 | ||
| Of which: | ||||
| OVG(f) | 2.5 | 3.5 | ||
| OPG(g) | 2.2 | 2.1 | ||
(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.
| In millions of € | H1 2026 | H1 2025 |
| Acquisition and disposal-related costs(a) | (110) | (121) |
| Restructuring costs(b) | (19) | 26 |
| Other | - | (2) |
| Total adjusting items within operating profit | (129) | (97) |
| Net monetary (loss)/gain | (13) | 27 |
| Total adjusting items not in operating profit | (13) | 27 |
| Total adjusting items | (142) | (70) |
(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.
| In millions of € | H1 2026 | H1 2025 |
| Revenue | 4,691 | 4,503 |
| Net profit | 349 | 464 |
| Net finance costs | 72 | 10 |
| Net monetary loss/(gain) arising from hyperinflationary economies | 13 | (27) |
| Taxation | 153 | 122 |
| Operating profit | 587 | 569 |
| Adjusting items within operating profit | 129 | 97 |
| Adjusted EBIT | 716 | 666 |
| Adjusted EBIT margin | 15.3% | 14.8% |
| Depreciation and amortisation | 164 | 187 |
| Adjusted EBITDA | 880 | 853 |
| Adjusted EBITDA margin | 18.7% | 19.0% |
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:
| In millions of € | H1 2026 |
| Net Profit | 349 |
| Non-controlling interests | 7 |
| Net profit attributable to shareholders' equity - used for basic and diluted earnings per share | 342 |
| Post-tax impact of adjusting items | 101 |
| Profit attributable to shareholders' equity net of adjusting items - used for Adjusted earnings per share | 442 |
| Diluted average number of shares (millions of share units) | 617 |
| Diluted EPS (€) | 0.55 |
| Adjusted EPS - diluted | 0.72 |
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:
| In millions of € | H1 2026 | H1 2025 |
| Net cash flow from operating activities | 539 | 276 |
| Net capital expenditure | (181) | (133) |
| Net interest paid | (85) | (5) |
| FCF | 273 | 138 |
| Net cash flow used in investing activities | (619) | (129) |
| Net cash flow from/(used in) financing activities | 208 | (164) |
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:
| In millions of € | H1 2026 | FY2025 | H1 2025 |
| Total financial liabilities | (3,845) | (3,416) | (349) |
| - Current | (372) | (105) | (89) |
| - Non-current | (3,473) | (3,311) | (260) |
| Cash and cash equivalents | 577 | 441 | 49 |
| Other current financial assets | 3 | 8 | - |
| Net debt | (3,264) | (2,967) | (300) |
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:
| in millions of € | H1 2026 | H1 2025 | |||
| Taxation | 153 | 122 | |||
| Tax impact of: | |||||
| Adjusting items within operating profit (a) | 33 | 24 | |||
| Adjusting items not in operating profit but within net profit (b) | 9 | (4) | |||
| Taxation before tax impact of adjusting items | 195 | 142 | |||
| Profit before taxation | 502 | 586 | |||
| Adjusting items within operating profit before tax (c) | 129 | 97 | |||
| Adjusting items not in operating profit but within net profit before tax (d) | 13 | (27) | |||
| Profit before tax excluding adjusting items before tax | 644 | 656 | |||
| Effective tax rate (%) | 30.4% | 20.7% | |||
| Adjusted effective tax rate (%) | 30.2% | 21.5% | |||
(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 statement
The 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.
| 2024 | 2025 | |||||||
| Q3 | Q4 | Q3 | Q4 | |||||
| Previously reported (1) | Re -presented | Previously reported (2) | Re - presented | Previously reported (1) | Re-presented | Previously reported (2) | Re-presented | |
| OSG | 9.4% | 9.1% | 4.3% | 5.2% | 3.7% | 3.3% | (0.7%) | 0.2% |
| OVG | 6.4% | 6.2% | 2.2% | 2.5% | 0.1% | (0.1%) | (3.0%) | (2.6%) |
| OPG | 2.8% | 2.7% | 2.0% | 2.6% | 3.6% | 3.4% | 2.3% | 2.9% |
(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)
