The Magnum Ice Cream Company CEO Peter ter Kulve has praised a “solid operational performance” in the company’s first year end outside Unilever, as it delivered 4.2% organic sales growth in the year to 31 December 2025.
“Outperforming the growing global ice cream market and consolidating [its] leading position”, Magnum navigated the separation from Unilever to win 1.5% volume growth in the year, up from 1.1% in FY2024.
Ter Kulve said he was “particularly pleased” with the volume growth, which “reflected the continued momentum behind [Magnum’s] well-loved brands”.
Foreign exchange headwinds, however, saw the company’s growth wiped from the top line, as revenue stayed static at €7.9bn.
And operating profits fell €165m to €599m, as margin shrank from 9.6% of revenues to 7.6%. Adjusted EBITDA fell 6.3% to €1.3bn.
“Every region contributed to growth, with market share gains across most key markets, including the US, our largest market,” said ter Kulve.
“Growth was supported by improved availability and operational rigour with our frontline first model. Through disciplined execution of our productivity programme, and select pricing actions, we mitigated the impact of elevated commodity inflation and continued to grow volume.
“Whilst financial exchange movements and transitional service agreements-related cash costs affected our adjusted EBITDA margin, the fundamentals of the business are sound, giving us a strong foundation to deliver stakeholder value. I’d like to thank all my colleagues in TMICC for their hard work and commitment.”
The separation has also cut severely into Magnum’s cashflow: free cash flow fell from €803m in 2024 to just €38m in 2025. Demerger related cash outflows alone amounted to €564m, and the company now also has to pay cash charges to replace depreciation previously allocated by Unilever – hitting underlying profits.
Magnum’s productivity programme – expected to realise savings of €500m – has so far cut €180m in costs since 2024.
Magnum has kept to its prediction of 3%-5% growth from 2026, ahead of expected market growth of 3%-4%, though it warned of an “uncertain” external environment.
The group’s performance was led by high-single-digit organic sales growth in both its Magnum brand, thanks to its Magnum Utopia and Bonbons product rollouts, and Cornetto.
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