The Magnum Ice Cream Company has unveiled its vision for growth after its official split from Unilever in November 2025.
The new independent, €7.9bn-turnover Magnum has projected 3%-5% annual growth from 2026, thanks to a significantly simplified company structure and “clear strategy” for driving sales.
“Young, old, rich, poor, everybody loves ice cream,” said Magnum CEO Peter ter Kulve at a presentation to investors ahead of the IPO.
“The market is large, growing consistently, it’s resilient, and has attractive returns. We are the largest ice cream company in the world, with over 160 years of expertise and heritage.”
The standalone entity, which separated from Unilever internally on 1 July, is led by Unilever lifer Peter ter Kulve as CEO, a veteran of 35 years at the company, including 10 in its ice cream business.
Abhijit Bhattacharya has taken up the role of chief financial officer, and Ronald Schellekens of chief human resources officer.
Reaching Magnum’s full potential
Under Unilever, Magnum was not operating to its full potential, ter Kulve said, with global market share stagnant during 2016-2023. Profitability was also near-flat, growing from €1.1bn in 2016 to €1.2bn in 2023.
Under a transformation programme started in 2024, and designed to take Magnum through to independence, the company has gained 90 basis points of global market share in a year, and has pushed profit to €1.3bn.
“We have a clear strategy to unlock growth, and especially a really detailed plan to unlock productivity,” said ter Kulve.
The company is aiming to save €500m in the medium-term, largely through supply chain optimisation. But Magnum will also go in for significant internal changes. A new, de-layered and “frontline-focused” organisational structure will be built with a “very small” corporate centre supported by “super lean” regional organisations.
The new company now has 23 P&L units, each with a full management team, and supported by marketing, sales, logistics, and manufacturing. These units have been tasked with growing sales on a “very simple yearly target construct” for their geography, supported by a 1,000-strong sales force.
To support its expansion plans, Magnum will ramp up capital expenditure from 4% to 5% in the medium term, and push marketing spend to 13% of revenue.
Magnum’s transformation has already delivered 3.5% organic volume growth between H1 2025 and H1 2024, while cutting inventory by four days.
“We are putting our money where our mouth is, and that is reflected in the performance of the company,” said Bhattacharya.
Third Bridge global sector lead Alex Smith said the separation should “unlock real value” for Magnum.
“As part of Unilever, Magnum often struggled to secure resources against more profitable categories. As an independent company, Magnum can focus on sharper innovation, stronger execution, and faster rollout of premium acquisitions such as Grom and Yasso.”
However, Smith warned Magnum was not the only giant eyeing up the category’s 3%-4% average annual growth and global appeal.
“Global confectionery giants like Ferrero, Mars, and Mondelez have expanded into ice cream, leveraging powerful brands such as Ferrero Rocher and Oreo,” he said.
“Products like Froneri’s Nuii have shown that challengers can take meaningful share, especially in the premium stick format where Magnum has traditionally led.”
The Ben & Jerry’s spat
Magnum’s day did not go entirely smoothly, however, as Ben & Jerry’s co-founders Ben Cohen and Jerry Greenfield published an open letter to investors and the Magnum board calling on Magnum to release the brand from its ownership.
Cohen and Greenfield claimed the brand’s social voice had been “silenced” by Unilever, and life under Magnum leadership would be the same.
The intervention followed a bitter legal spat over Unilever removing Ben & Jerry’s CEO Dave Stever, allegedly to clamp down on the company’s expression of progressive political views.
Cohen and Greenfield said: “We believe decisions made by Unilever which affected Ben & Jerry’s advocacy cannot be separated from Magnum – including on issues such as Gaza, indigenous rights, the Trump administration and DEI.
“We intend to campaign for an independent Ben & Jerry’s, owned by values-aligned investors, and plan to mobilise a group of concerned stakeholders and supporters to strongly encourage Magnum to rethink the inclusion of the brand in its future.”
A Magnum spokeswoman said: “Ben & Jerry’s is a proud part of The Magnum Ice Cream Company and is not for sale. We remain committed to Ben & Jerry’s unique three-part mission – product, economic and social – and look forward to building on its success as an iconic, much-loved business.”
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