The Magnum Ice Cream Company has upgraded its growth outlook for 2026 after a scorching summer saw consumers reach for Magnum and Cornetto to cool down.
Organic sales at the Unilever spin-off grew 9.6% to €2.5bn (£2.1bn) in the third quarter. Volumes increased ahead of the wider ice cream category at 7.3%, with a 2.2% uplift from higher prices.
The group registered growth in all three of its global regions, with the Americas up 3.9% and Africa, the Middle East & Asia up 17.6%. European sales rose by 8.9% in the quarter, with the long, hot summer boosting that figure by an estimated 2-3%.
Magnum delivered strong double-digit growth in Q3, driven by Türkiye, France, the UK, and Mexico, and underpinned by continued momentum from innovation to extend the brand across flavours, formats and occasions.
Ben & Jerry’s grew more than 9% as new flavours attracted new consumers to the brand, while Cornetto contributed high-single-digit growth, supported by NPD, including a pistachio flavour in Europe and fruit sorbet variants in Asia. A “reinvigorated” Solero also achieved “exceptional” growth in Europe.
Magnum Ice Cream Co raised its growth expectations for the year on the back of the Q3 performance. It is now guiding to sales being 5.5% year on year, up from a range of 3% to 5% previously. However, underlying profit margin forecasts are unchanged given the continued geopolitical uncertainty across the world.
“We delivered strong performance in Q3, with volume-led growth ahead of the growing ice cream category,” CEO Peter ter Kulve said. “This performance extends our track record of share gains; reflecting the strength of our brands, the impact of our innovation and continued improvements in execution.”
He added: “Our productivity programme remains firmly on track, helping offset inflationary cost pressures and creating capacity to reinvest behind our brands, capabilities, and future growth.
“Looking ahead, whilst the external environment remains uncertain, the fundamentals of our business are strong. Our leading brands are gaining momentum, and we continue to be laser focused on executing our growth strategy and productivity programme.”
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