To meet growing consumer demand for Ben & Jerry's in Europe, The Magnum Ice Cream Company, the world’s leading ice cream business, has commissioned a new production line at its Heppenheim factory in Germany as part of the site's ongoing €30 million expansion programme. This investment strengthens the company's European manufacturing footprint, brings additional capacity closer to consumers and supports the next chapter of Ben & Jerry's growth as an integral part of the TMICC portfolio. The new pint line which produces iconic favorites including Cookie Dough and Chocolate Fudge Brownie reflects a growing demand for the brand in Europe and will see the site, working alongside other existing European sites that produce Ben & Jerry’s ice creams including Hellendoorn, NL and Gloucester, UK.  

The largest TMICC ice cream factory in Europe 

Heppenheim is the largest factory in The Magnum Ice Cream Company's European network. Spanning 100,000 square metres in the heart of Germany, the site serves as a key manufacturing and distribution hub for domestic and neighbouring European markets. Alongside the new Ben & Jerry's line, other ongoing local investments include  logistics, cold warehousing and energy infrastructure upgrades all designed to support future growth and the German food manufacturing sector.  

“Our team in Heppenheim has been making ice cream for 66 years. This expertise, combined with the site's central location in Europe, made Heppenheim the natural choice for expanding Ben & Jerry’s production for the European market. Producing premium pints with large chunks and swirls is technically demanding and building this capability at Heppenheim strengthens our ability to bring innovative products to consumers across Europe in the years ahead,” Nikolaus Huber, GM DACH, The Magnum Ice Cream Company.  

“The Magnum Ice Cream Company is deeply woven into the fabric of Heppenheim. As a longstanding manufacturer and employer, it has helped shape our local economy and provided opportunities for generations of families. This investment is a strong vote of confidence in our city, and we are proud to welcome Ben & Jerry's production to Heppenheim as the site continues to grow and invest in its future." Rainer Burelbach, Mayor of Heppenheim.  

A platform for Ben & Jerry’s growth in Europe 

Founded in Vermont, USA in 1978, Ben & Jerry's is built on the idea of Linked Prosperity: that business success should benefit everyone connected to it. The brand's three-part mission combines exceptional ice cream, a sustainable business model and a commitment to advancing its progressive values. Known for its premium ice cream and iconic chunks and swirls. Ben & Jerry's continues to grow through new flavours, formats and consumption occasions, with circa 40% of sales in Germany occurring through the winter months, demonstrating its evolution from a seasonal treat into a year-round indulgence brand.  

The Magnum Ice Cream Company (TMICC), the world's largest ice cream company, today inaugurated its new 67,000 sq. ft. Global Capability Centre (GCC) in Pune, in the presence of the Hon'ble Chief Minister of Maharashtra, Shri Devendra Fadnavis, as Chief Guest. The event was also attended by Dr. P. Anbalagan, Principal Secretary, Industries, Investment & Services, Government of Maharashtra, and Mr. Kaustubh Dhavse, Investment & Policy Adviser to the Chief Minister.

The new hub follows a Memorandum of Understanding signed with the Government of Maharashtra in April 2025, and is now TMICC's most advanced Global Business Solutions (GBS) location worldwide. Maharashtra is TMICC's first-choice base in India: the company's headquarters is in Mumbai, its Kwality Wall's manufacturing facility is in Nashik, and Pune is now home to what the company describes as its most innovative GCC. The state accounts for two-thirds of TMICC's total India workforce.

Abhijit Bhattacharya, Chief Financial Officer of The Magnum Ice Cream Company, said: “Today’s inauguration of this state-of-the-art office marks an important milestone in delivering on our commitment to Maharashtra. This is about much more than opening a new office - it represents an important step in TMICC’s long-term growth strategy. Our highly skilled teams here power TMICC operations around the world and drive innovation in AI, analytics, automation, and digital transformation. Today’s inauguration is not the completion of a project. It is the beginning of the next chapter - Phase One of a long-term commitment to Maharashtra on growth, innovation, job creation, and collaboration.”

Speaking at the event, Chief Minister Devendra Fadnavis welcomed TMICC's continued investment in the state, noting that the company's confidence in Pune reflects Maharashtra's growing strength as a preferred destination for global capability centres, built on the state's talent pipeline, ease of doing business, and infrastructure. Dr. Anbalagan and Mr. Dhavse also addressed the gathering, welcoming TMICC's investment and reaffirming the state government's continued partnership with global companies investing in Maharashtra.

The team will also be driving innovation in the fields of AI, automation and analytics in order to bring TMICC into the future. The Pune GCC will support TMICC's global operations across finance, procurement, supply chain, marketing and Master Data and forms part of the company's broader commitment to talent, diversity, and long-term investment in India - driving collaborations such as the Caring Dairy Project.

From 2 to 29 September, for every purchase of participating Golden Gaytime, Magnum or Paddle Pop multipacks made at Coles supermarkets, Streets will donate 10 cents to the Australian Red Cross Emergency Fund, up to a total donation of $75,000. As climate-driven emergencies continue to increase in frequency and severity, the funds will help Australian Red Cross support communities prepare for, respond to and recover from disasters.

The activation coincides with EmergencyRedi Week (14-20 September), the annual Australian Red Cross campaign that encourages people to take simple steps to be better prepared for emergencies. It’s part of Australian Red Cross’s goal to empower 3 million families to be emergency ready by 2030.

Scott Mingl, General Manager at The Magnum Ice Cream Company ANZ, said:

“For over 100 years, both Streets and Australian Red Cross have been part of everyday Australian life. While Australian Red Cross helps communities navigate life’s hardest moments, Streets aims to make life taste better through the magic of ice cream. Together, we want to help bring comfort, optimism, and connection to communities preparing for or rebuilding after disaster. We’re really proud to see this activation in its second year, helping people across the country get access to much needed information and resources on how to get emergency ready.”

Nichola Krey, Director, Victoria, Resilience & Recovery at Australian Red Cross, said:

"Disasters and emergencies can happen anywhere, at any time, and being prepared can make a significant difference to how people cope and recover. Support from partners like Streets and Coles helps us reach more people with practical preparedness information and resources, helping people take simple steps today that could make a real difference tomorrow."

As part of this year's campaign, Australian Red Cross will also host two community EmergencyRedi BBQs to bring preparedness conversations directly to local communities. The events will take place at Coles Lara on 12 September and Coles Bairnsdale on 19 September, providing practical preparedness information, community connection and family-friendly activities, as well as free Streets ice creams.

Coles will also amplify EmergencyRedi Week in-store and online, encouraging customers to complete a RediPlan, download the Get Prepared app, and build their own EmergencyRedi Kit.

Clive Mathieson, Coles Group Corporate Affairs Officer, said:

"Coles is proud to once again support Australian Red Cross and Streets to help more people in Australia feel prepared and supported during an emergency. We know natural disasters can have a devastating impact on communities and taking simple steps to prepare can make a meaningful difference when it matters most.

“Through EmergencyRedi Week, we’re helping communities across Australia access practical information to prepare for emergencies, while giving our customers a simple way to contribute to vital disaster relief efforts through their everyday shop.”

Whether it's a bushfire, flood, storm or personal emergency, being EmergencyRedi can make all the difference. Australians are encouraged to take four simple steps:

1. Get in the Know

2. Get Connected

3. Get Organised

4. Get Packing

This September, the simple act of buying your favourite Streets ice creams at Coles can help support Australian communities while encouraging more Australians to become EmergencyRedi. This activation is an extension of TMICC and Coles involvement in the Australian Red Cross Collective, an alliance of major organisations collaborating to deliver coordinated and impactful community resilience initiatives across the country. For more information about TMICCs partnership with Australian Red Cross, visit here.

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
  
  

(a) India and Portugal were not in the perimeter and paid royalty for the use of TMICC brands prior to acquisitions completed on 30 March 2026 and 1 April 2026 respectively. The underlying growth of The Magnum Ice Cream Company N.V. (the ‘Company’ or ‘TMICC’) excluding these royalties would be Organic Sales Growth (OSG) 4.8% and Organic Price Growth (OPG) 2.3%.

Peter ter Kulve, CEO: “We delivered another solid performance for the first half, achieving growth of 4.7%, balancing volume and value to outperform the growing global ice cream category.

Growth in the first half continued to be powered by market-making innovation and our occasion-led demand creation model. Each of our four leading brands – Magnum, Ben & Jerry’s, Cornetto, and the Heartbrand – grew, with innovation across flavours and formats, exciting consumers and customers. Ben & Jerry’s grew mid-single-digit and had an outstanding second quarter with 9.2% growth. Yasso, our high-protein, low-calorie offering, continued to grow double-digit after its successful expansion from sticks to pints.

Our key summer selling season got off to a strong start. We grew and gained share in all regions, including the US – our biggest market – supported by improved operational rigour. Our productivity programme remains on track, helping us deliver underlying margin improvement and providing fuel for growth. This demonstrates the strength of our frontline-first model and ownership culture, which is driving better end-to-end execution. Looking ahead, while we’re clear-eyed on the wider external challenges, we are committed to our strategy, confident in our ability to execute, and reaffirm our full-year outlook.”

Revenue was €4.7 billion (H1 2025: €4.5 billion) with Organic Sales Growth (OSG) for the first half +4.7%. Volume was +2.5% higher and price was up +2.2%. All three regions contributed to growth, with Europe & ANZ +4.1%, Americas +3.2%, and AMEA +7.6%.

Reported revenue was +4.2% higher than last year, including +2.3% impact from the acquisitions in India and Portugal and -2.7% foreign currency translation effects (forex). Forex translation effects related mainly to the strengthening of the euro against key currencies, particularly the Turkish Lira and US Dollar.

Adjusted EBIT was €716 million (H1 2025: €666 million) and Adjusted EBIT margin was 15.3% (H1 2025: 14.8%), driven by improved gross margin, resulting from productivity savings and pricing, partly offset by cost inflation. Operating profit €587 million (H1 2025: €569 million), was impacted by adjusting items related to establishment costs.

Adjusted EBITDA was €880 million (H1 2025: €853 million), with Adjusted EBITDA margin at 18.7% (H1 2025: 19.0%), primarily impacted by -70bps from TSAs, as previously allocated depreciation was charged as cash costs, and -30bps from the India acquisition. Operationally, savings from our productivity programme and select pricing actions more than offset commodity and other supply chain cost inflation. Net profit was €349 million (H1 2025: €464 million), with €50 million higher Adjusted EBIT more than offset by €62 million higher net finance costs, €40 million net monetary loss from hyperinflation in Türkiye, €32 million additional establishment and restructuring costs, and €31 million higher taxes.

Free Cash Flow was €273 million (H1 2025: €138 million), with the year-on-year increase primarily driven by a favourable working capital movement of €173 million and higher cash from EBIT, partly offset by an increase in interest payments reflecting our standalone financing and operating structure. The favourable working capital movement was largely driven by the interim operating model with Unilever PLC (Unilever). Accordingly, the usual seasonal inventory build-up during the first half did not result in a corresponding cash outflow.

Brands
Our four leading brands – Magnum, Ben & Jerry’s, Cornetto, and the Heartbrand – continued to drive organic sales growth:

• Magnum delivered mid-single-digit growth driven by the successful launch of Magnum Signature La Pistache – ranked as the top ice cream innovation in Europe – and La Peche, Bonbons in Europe & ANZ, and cones in multiple markets of Europe & ANZ as well as AMEA.
• Ben & Jerry’s gained further momentum and grew mid-single-digit across the period, with performance accelerating in the second quarter – for both the Americas and Europe & ANZ – with new stick and sandwich formats bringing new consumers to the brand. Social reach and engagement continued to grow, and our annual Free Cone Day was the most successful yet, with more than one million scoops shared with consumers.
• Cornetto delivered low-single-digit growth, supported by the launch of Pistachio MAX in Europe and Türkiye and an improved 'windmill' structure for its famous topping as well as an on-trend fruit sorbet variant in Europe, China, and selected Southeast Asia markets.
• The Heartbrand delivered mid-single-digit growth, driven by the strong performance of Solero within the core range and newly introduced Bonbons, as well as the continued momentum of Volcanix in Europe and Türkiye.

Innovation
Growth continued to be powered by market-making innovation:

Our core portfolio superiority was enhanced with the success of new range additions, such as Magnum Signature La Pistache and La Peche in Europe. New pint flavours for Ben & Jerry’s, including strawberry doughnut-ee and churrifically churros-y, are among the top 10 new ice cream products in the UK, Netherlands, and Germany.

We continued to create the “perfect portfolio” with a clear offer across all price points, including new launches for Popsicle in partnership with Hello Kitty and Bluey in the US, and reinventing Kwality Wall's in India to lead with a new, improved, dairy recipe.

We are taking our premium brands increasingly multi-format. Magnum sandwiches and ball cones launched strongly in Türkiye, and Ben & Jerry's sticks make up four of the top 10 super premium novelty innovations in the US, with Ben & Jerry's sandwiches the number one impulse ice cream new product in the UK.

Our category expanding innovation continued with the launch of Yasso pints in the US, tapping growing demand for healthier scoopable frozen desserts, and Ice Balls in Asia.

Channels

Our frontline-first model and ownership culture drove growth in all channels. The At-Home channel grew mid-single-digit, supported by improved service levels, which enhanced availability. Growth was further supported by stronger in-store execution, driven by more frequent visits from our dedicated sales force and a greater focus on merchandising. In the US, we continued to rebuild our business in the value and club segments. The Away-from-Home channel delivered mid-single-digit growth, supported by the continued expansion of our cabinet fleet in key markets – including India, Pakistan, China, and Mexico – setting us up better for the key summer season. Digital commerce maintained double-digit growth, driven by solid execution and supported by strong collaboration with key partners as well as improved digital assets.

Productivity
Our productivity programme started in 2024 and is on track to deliver planned savings of €500 million in the medium term. During the first half, we delivered €90 million in savings, including €70 million in supply chain and €20 million from overheads. We have continued to reduce waste, improve factory utilisation, and debottleneck our supply chain.

Perimeter and TSA progress
Our acquisitions in India and Portugal were completed on 30 March 2026 and 1 April 2026 respectively. Consistent with the definition of OSG, which includes changes in sales of acquired businesses from the date of business combination, the growth of India and Portugal has been reflected in reported OSG, Organic Volume Growth (OVG), and Organic Price growth (OPG) from the second quarter onwards. We have appointed six strategic partners that will form the backbone of our future technology stack, and we are now entering a key phase of transformation, building our systems, processes and capabilities. All TSA exits planned for the first half of 2026 were concluded on time, and we continue working to exit remaining TSAs by the end of 2027.

Turkish Competition Authority Investigation Update
The Turkish Competition Authority (TCA) has opened an investigation into our subsidiary in Türkiye focused on the use of cabinets in small retail outlets. While they do this, they have announced an interim measure that, at retail points with closed net sales areas of 100 square metres or less, where no other freezer cabinet directly accessible to consumers is present, 30% of the total cabinet capacity of each TMICC-owned freezer cabinet shall be allocated to competing products or left empty. The Company has until 15 August 2026 to implement the interim measure, and we will continue to cooperate with the TCA throughout the process.

Whilst we are mindful of continued uncertainty in the global environment, particularly in the Middle East and the associated knock-on effects to inputs costs, our direct regional exposure remains limited, and we are taking mitigating actions. Our focus is on executing our growth strategy and productivity programme, and we are reaffirming our full year outlook.

We expect Organic Sales Growth for 2026 to be between 3% to 5% and an Adjusted EBITDA margin improvement of 40 to 60bps, on a comparable perimeter basis with 2025. The reported improvement in Adjusted EBITDA margin is expected to be 0 to 20bps, primarily due to the impact of the acquisition of the India business.

-ENDS-

Conference call and audio webcast

Peter ter Kulve, CEO, and Abhijit Bhattacharya, CFO, will host a conference call for investors and analysts at 11:00 CEST, to discuss the H1 2026 results. A live webcast of the conference call will be available on the Magnum Ice Cream Company website and can be accessed here.

This announcement has been submitted to the FCA National Storage Mechanism and is available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

About The Magnum Ice Cream Company

The Magnum Ice Cream Company N.V. EURONEXT: MICC / NYSE: MICC / LSE: MICC is the world's leading ice cream business. Home to four of the world's five largest ice cream brands: Magnum, Ben & Jerry's, Cornetto and the Heartbrand, our portfolio delights consumers in 80 markets around the world. Headquartered in Amsterdam, The Netherlands, we have a global team of 19,000 employees, a network of 32 factories, 13 R&D centres, and a fleet of three million freezer cabinets. For more information, visit www.corporate.magnumicecream.com. TMICC's legal entity identifier is 25490052LLF3XH6G9847.

Segment performance (unaudited)

Europe & ANZ delivered a solid performance, with +4.1% OSG and market share gains in key markets. Growth was volume-driven, supported by favourable weather towards the end of the period. France and the UK were the main growth drivers in the region, with France delivering double-digit growth and the UK posting mid-single-digit growth. In Italy, we continued to execute our turnaround plan, stabilising sales and market share, following a prolonged period of decline.

Magnum and Ben & Jerry’s performed strongly, delivering high single-digit and mid-single digit growth respectively, supported by new format innovations and new flavours. Growth was enabled by improved availability and on-shelf execution, with key wins including new listings.

Adjusted EBIT margin improved +100bps despite -50bps headwind due to lower royalties from India. Strong gross margin delivery was partially offset by previously allocated depreciation charged as cash costs, which adversely impacted Adjusted EBITDA margin by -90bps.

The Americas delivered +3.2% OSG and continued to gain market share in both the US and Mexico, while continuing to execute our turnaround plan in Brazil, where the business remained in decline. Reported revenue was -1.1% versus last year, due to -4.1% impact from forex translation.

In North America, growth was driven by our leading US brands, with Yasso and Popsicle continuing double-digit growth and Ben & Jerry’s outperforming the broader market, resulting in market share gains.

Innovation continues to revitalise our US portfolio. Strategic partnerships – including with Hershey and Disney – supported growth across key brands, while Popsicle benefitted from successful collaborations with Hello Kitty and Bluey. Ben & Jerry’s delivered strong growth, especially during the second quarter, supported by the launch of stick and sandwich formats.
Growth was further supported by increased availability across the value and club segments for the At-Home channel, as well as through digital commerce. Continued expansion of our cabinet fleet in Latin America strengthened our presence in the Away-from-Home channel.

Adjusted EBIT margin improved +140bps due to carry-over pricing effect from H2 2025 and savings from our productivity programme, which more than offset increased distribution costs. Adjusted EBITDA improved +50bps, due to higher EBIT partially offset by previously allocated depreciation charged as cash costs.

AMEA continued to grow with +7.6% OSG. Türkiye performed strongly with double-digit growth despite being impacted by the measures imposed by the Turkish Competition Authority (TCA). Pakistan continued double-digit momentum, while Indonesia achieved mid-single-digit growth and significant share gains. India, which was included in the perimeter from the second quarter onwards, also delivered double-digit growth. OSG was moderated by China, which was impacted by unfavourable weather towards the end of the period.

Reported revenue increased +9.0%, including +6.8% acquisition impact from India and -5.2% forex translation effects. Growth was driven by innovations from our global brands, such as the Magnum sandwich in Türkiye, and market-specific launches including Cornetto multi-layer sticks as well as further premiumisation of the core Cornetto range, including a new windmill structure and a fruit sorbet variant. This was achieved by driving consumption occasions and expanding market penetration through festive activations, as well as joint business plans with retail partners, resulting in greater product availability and consumer reach.

Adjusted EBIT margin declined -190bps due to significant external headwinds, including material cost inflation, hyperinflation and measures imposed by the TCA, as well as our acquisition in India. These impacts were partly mitigated by selective pricing actions and disciplined execution of our cost management programme. Adjusted EBITDA margin decreased by -270bps, also reflecting previously allocated depreciation charged as cash costs.

Historical half-yearly organic sales, price, and volume growth and Q2 growth per regions

Additional commentary on the unaudited condensed financial statements (H1 2026)

Finance costs
Net finance costs totalled €72 million (H1 2025: €10 million), primarily driven by interest cost on credit facilities and bonds. During H1 2025, finance costs did not include any allocation of interest incurred by Unilever or interest bearing fundings.

Taxation
Adjusted effective tax rate for the first half was 30.2% (H1 2025: 21.5%), due to factors including higher unrecognised losses, non-deductible interest costs, together with a one-off benefit arising from tax settlements in the prior year. The effective tax rate was 30.4% (H1 2025: 20.7%). For the full year 2026, the adjusted effective tax rate excluding the impact of prior year tax settlements is expected to be around 27%, at the upper end of our medium-term plan.

Net monetary loss
Net monetary loss arising from hyperinflation adjustments for Türkiye was €13 million (H1 2025: gain of €27 million). The first-half loss compared to a gain for last year is related to a higher net monetary asset position, driven by indirect tax receivables recognised on asset transfers.

Net debt
Net debt was €3,264 million (FY 2025: €2,967 million; H1 2025: €300 million). The increase compared with year-end 2025 primarily reflects additional funding raised to support our strategic growth initiatives, including acquisitions completed during the period, and to meet working capital requirements as the Company increasingly operates as a standalone business. This was partially offset by a higher cash balance at period end.

Compared with the same period last year, net debt increased primarily as a result of debt financing raised in November 2025 to fund the settlement of amounts payable to Unilever arising from the separation.

Finance and liquidity
During the first half no bonds matured, were repaid, nor issued. On 30 June 2026, the Company had undrawn facilities and revolving credit facilities aggregating to €1.1 billion.

Principal Risks

The principal risks and uncertainties faced by TMICC and its subsidiaries are set out on pages 36 to 39 of the 2025 Annual Report and in the ‘Cautionary Statement’. The nature and potential impact of these risks remain substantially unchanged for the remaining six months of 2026.

Cautionary statement

This document may contain forward-looking statements, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995, concerning the financial condition, results of operations and businesses of The Magnum Ice Cream Company N.V. (the ‘Company’). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’, ‘vision’, ‘ambition’, ‘target’, ‘goal’, ‘plan’, ‘potential’, ‘work towards’, ‘may’, ‘milestone’, ‘objectives’, ‘outlook’, ‘probably’, ‘project’, ‘risk’, ‘seek’, ‘continue’, ‘projected’, ‘estimate’, ‘achieve’ or the negative of these terms, and other similar expressions of future performance or results and their negatives, are intended to identify such forward-looking statements.

Forward-looking statements also include, but are not limited to, statements and information regarding the Company’s strategy, plans and expected trends, financial results and results of operations, including trends in the global ice cream market, the Company’s outlook and expected modelled or potential financial results including, sales growth and Adjusted EBITDA margin improvement, expectations with respect to the Company’s productivity programme, the anticipated growth of the global ice cream market, expectations with respect to Company’s strategic partners, statements with respect to external environment, statements relating to costs and anticipated benefits from pricing such as increase in supply chain costs, plans and ambitions of the Company to maintain a leadership position in the global ice cream market, statements with respect to the Turkish Competition Authority investigation, statements regarding the Company’s exposure to the Middle East and impact of geopolitical events and hostilities, including those in the Middle East as well as consequences of mitigating actions, statements on the Company’s financial results and result of operations, the Company’s expected financial and operational position, finalisation of exits from remaining TSAs by the end of 2027. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Company (including during management presentations) in connection with this document. These forward-looking statements are based upon current expectations, assumptions, plans and projections regarding anticipated developments and other factors affecting the Company. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements.

Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Company’s control, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially from those expressed in the forward-looking statements included in this document are: the Company’s global brands not meeting consumer preferences; the Company’s ability to innovate and remain competitive; the Company’s investment choices in its portfolio management; the effect of climate change on the Company’s business; the Company’s ability to find sustainable solutions to its packaging; significant changes or deterioration in customer relationships; the Company’s reliance on Unilever; the recruitment and retention of talented employees; disruptions in the Company’s supply chain and distribution; increases or volatility in the cost of raw materials and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; execution of acquisitions, divestitures and business transformation projects; economic, social and political risks and natural disasters; financial risks; failure to meet high ethical standards; and managing regulatory, tax and legal matters and practices with regard to the interpretation and application thereof and emerging and developing ESG reporting standards including differences in implementation of climate and sustainability policies in the regions where the Company operates. The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report for the year 2025 and filed by the Company on Form 20-F with the U.S. Securities and Exchange Commission (the ‘SEC’) on 18 March 2026, the Company’s other documents on file, and filed from time to time, by the Company with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements.

The forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Market and Industry Information

All references to market share, market data, industry statistics and industry forecasts in this document consist of estimates compiled by industry professionals, competitors, organisations or analysts, of publicly available information or of the Group’s own assessment of its sales and markets. Rankings are based on sales unless otherwise stated. None of the Company or its affiliates, representatives, partners, members, directors, officers, employees, advisers or agents. make any representation or warranty with respect to the accuracy of such information, and each expressly disclaim any responsibility or liability for any damages or losses in connection with the use of such information herein.

Comparability

Prior to 1 July 2025, TMICC did not operate as a standalone Group. Whilst a part of Unilever, TMICC has historically been reported as an operating segment under IFRS 8 in Unilever’s annual report and HY condensed financial reporting ('Ice Cream'). The basis of preparation of the financial information utilised in this announcement is in Appendix A and differs from the Ice Cream segment as presented historically in Unilever’s financial reporting. As a result, while the two sets of financial information are similar, there are certain differences in accounting and disclosure under IFRS. These differences primarily include:

• Removal of countries (Russia, India, Portugal) which are not in the carve-out perimeter, but historically reported within ‘Ice Cream’

• Other minor adjustments

Non-IFRS Financial Measures Definitions

The information in this announcement contains certain measures not defined by, or calculated in accordance with, IFRS, including Organic Sales Growth (OSG), Organic Price Growth (OPG), Organic Volume Growth (OVG), Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Earnings per Share, Free Cash Flow, Net Debt and Adjusted Effective Tax Rate. The non-IFRS financial measures presented in this announcement may not be comparable to other similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as a substitute for, financial information presented in compliance with IFRS. The definition and reconciliation with IFRS measures are presented in Appendix B.

Appendix A Condensed financial statements as of and for the first half ended 30 June 2026 (unaudited)

Condensed consolidated income statement (unaudited)

Condensed consolidated statement of comprehensive income (unaudited)

Condensed consolidated statement of changes in equity (unaudited)

(a) Includes a hyperinflation adjustment in relation to Türkiye.
(b) In H1 2025, the share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of Unilever share options and awards allocated to the Ice Cream Business. It includes the fair value of Unilever share awards allocated to the Group which is presented in Invested Capital. Following the Demerger and during H1 2026, the Group granted its own share awards to employees, and the related non-cash charge in operating profit for these awards is presented in Retained Earnings.

(c) In H1 2025, other transactions with Unilever reflect the fact that the Ice Cream Business does not retain cash generated from operating activities and represent the cash outflow associated with repatriating such cash to Unilever, net of any movements in working capital, financing and investing activities.

(d) In H1 2025, Profit for the period is presented within Invested Capital.

(e) In the 2025 condensed combined carve-out financial statements this referenced as Net Parent Investment.

Condensed consolidated balance sheet (unaudited)

(a) In the H1 2025 condensed combined carve-out financial statements this is referenced as Net Parent Investment

Condensed consolidated statement of cash flows (unaudited)

^(a) In H1 2025, depreciation, amortisation and impairment (direct and allocated) reflects amortisation and depreciation charges relating to intangible assets, property, plant and equipment, and leased assets and liabilities included in the condensed consolidated balance sheet and an allocation of amortisation and depreciation charges for those software and land and buildings used by the Ice Cream Business but which were not transferred to the Group. In H1 2026, these depreciation and amortisation costs are included within the TSA charge from Unilever, reflecting the Group’s continued use of those assets during the Transitional Period.
^(b) In H1 2025, Unilever used a centralised approach to cash management and financing its operations, transactions between Unilever and the Ice Cream Business were accounted for through Invested Capital. Accordingly, none of the cash, cash equivalents, debtor related interest income and expense at the corporate level were assigned to the Ice Cream Business. Cash that was held in newly incorporated holding companies for the sole purpose of the restructuring prior to demerger has also been excluded. Only cash, debt and related interest held by entities that only contain Ice Cream related trading activities was assigned in H1 2025. The other transactions with Unilever and non-controlling interests reflected the fact that the Ice Cream Business did not retain cash generated from operating activities and represented the cash outflow associated with repatriating such cash to Unilever, net of any movements in working capital, financing and investing activities. This balance represents Group transactions and cash pooling activities between Unilever and the combined Ice Cream Business.
^(c) Cash and cash equivalent at the end of the period in the statement of cash flow includes bank overdrafts of €3 million (H1 2025: €4 million), excluding those the cash and cash equivalents at H1 2026 is €577 million ( H1 2025: €49 million).

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The accompanying notes are an integral part of these condensed consolidated financial statements.

1. Basis of preparation, accounting policies, estimates and judgements

Reporting Entity

The Magnum Ice Cream Company N.V. (‘TMICC’) is a public limited liability company (naamloze vennootschap) domiciled in the Netherlands. TMICC is headquartered in Amsterdam and its registered address is Reguliersdwarsstraat 63, 1017BK Amsterdam, the Netherlands. The condensed consolidated financial statements of TMICC as at and for the six months ended 30 June 2026 comprise TMICC and its subsidiaries (together referred to as ‘TMICC’, the ‘Company’ or the ‘Group’). TMICC is the global leader in the ice cream industry, operating in 80 markets with an extensive portfolio of global and local brands.

TMICC derives from the demerger of the Ice Cream Business previously owned by Unilever PLC (Unilever Group) and is publicly listed with its shares admitted to trading on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange on 8 December 2025.

Basis of Preparation and Accounting policies

These condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board and as endorsed by the European Union. They have been prepared on a going concern basis using the same accounting policies, judgements and estimates as those applied in the Group’s consolidated financial statements for the year ended 31 December 2025. They do not include all disclosures required for annual financial statements and should be read together with the Group’s 2025 annual financial statements. Selected explanatory notes are included where relevant to explain events and transactions significant to an understanding of the changes in the Group’s financial position and performance since 31 December 2025.

Comparative information for the first half of 2025 represents combined carve-out financial information derived from Unilever’s consolidated accounting records prior to legal execution of the demerger. During that period, the results included allocations of certain centrally incurred and corporate costs from Unilever. Following the demerger, these were replaced by charges under TSAs.

These condensed consolidated financial statements were authorised for issue by the Board of Directors on 30 July 2026.

Standards and amendments effective from 1 January 2026 were not applicable or material to the Group. IFRS 18 Presentation and Disclosure in Financial Statements, effective from 1 January 2027, will replace IAS 1 and introduce new requirements for the presentation of the income statement, including defined categories and disclosures for management-defined performance measures. The Group is currently assessing the impact of IFRS 18. All other standards, amendments and interpretations issued but not yet effective are not expected to have a material impact on the Group.

Due to rounding, the figures presented in the condensed consolidated financial statements and notes may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Seasonality

The operations of the Ice Cream Business are subject to seasonal fluctuations that affect financial performance. Historically, revenue and adjusted EBITDA are higher in the first half of the financial year driven by strong activity in the most seasonally affected markets. No adjustments have been made to defer or anticipate revenues or costs that are seasonal, cyclical, or occasional in nature.

2. Segment information

The operating segment information for the Group is provided based on three geographical areas: Europe & ANZ, Americas and AMEA.

^(a) In the Condensed combined carve-out financial statements for H1 2025 this was referred to as Rest of World.

^(b) In H1 2025, Revenue and operating profit included royalties of €9 million primarily from Unilever’s ice cream business in India. In H1 2026, due to the acquisition of India no material royalties were recognised (H1 2026: €0.9 million).

^(c) Adjusting items include acquisition and disposal related costs of €110 million (H1 2025: €121m) and restructuring costs of €19 million (H1 2025: credit of €26 million). In the first half of 2025, a net release of €43 million was recognised in relation to restructuring provisions, partly offset by €17 million of charges for supply chain projects and other corporate initiatives. The release was mainly driven by higher redeployment of employees who had been expected to exit as at FY 2024. Adjusting items are classified separately due to their nature and/or frequency of occurrence. Net monetary gain/loss arising from hyperinflationary economies is also an adjusting item due to its nature and size, however, it is not included in operating profit therefore not included within adjusting items above.

Adjusted EBITDA is the primary measure by which we evaluate segment profit or loss and make resource-allocation and performance-assessment decisions.

3. Taxation

The tax charge for the first half of 2026 was determined using jurisdiction-specific effective tax rates and may not be representative of future periods. The effective tax rate for the first half is 30.4%, compared with 20.7% in 2025. The tax rate is calculated by dividing the tax charge by the pre-tax profit. The primary drivers for the increase compared to H1 2025 effective tax rate are higher unrecognised losses, non-deductible interest costs, together with the prior year inclusion of a one-off benefit arising from tax settlements. In addition, H1 2026 includes the impact of the non-deductible monetary loss related to Türkiye (2025: non-taxable monetary gain).

4. Financial Instruments

The Company aims to protect the value of financial investments, while maximising returns. The fair value of financial assets is the same as the carrying amount for H1 2026, FY 2025, and H1 2025. Cash resources are shown below.

Financial assets (unaudited) ^(a)

(a) Financial assets exclude 'trade and other current receivables' and 'other financial assets'. All financial assets are classified as current.

Financial liabilities (unaudited) ^(a)

^(a) Financial liabilities exclude trade payables and other liabilities.
^(b) Bank loans and overdrafts do not include any secured liabilities. This includes Commercial Papers of €200 million raised in June 2026.
^(c) Other financial liabilities consist of an option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM Corporation, the Philippines Joint Venture (the ‘Philippines Put Option’). The Group holds 50% plus one share in the joint venture. According to the shareholder agreement established in March 1999, RFM Corporation is entitled, each year within one month following 31 December year end, to require the Group to acquire all or a portion of RFM Corporation’s shares in the joint venture at a price determined by the agreement. RFM Corporation has executed a waiver stipulating that they waive their right to exercise the option until April 2028.

There have been no material changes in the classification of the fair value of financial assets and financial liabilities since FY 2025. Additionally, there have been no significant movements between the fair value hierarchy classifications during this period.

Calculation of fair values

The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used in FY 2025.

Assets and liabilities carried at fair value

Derivatives liabilities of €31 million (FY 2025: €28 million) and short-term deposits of €315 million (FY 2025: 39 million) are valued using valuation techniques with market observable inputs (Level 2). There are no derivatives assets and other cash equivalents valued at quoted prices for identical instruments (Level 1) or not based on observable market data (Level 3).

The Philippines Put Option is valued annually at the redemption value with subsequent changes in finance
costs (Level 3). The redemption value is derived from a formula defined in the shareholder agreement
which uses historical financial information, multipliers, and CPI adjustments. The impact in the income
statement for the first half of 2026 due to the Philippines Put Option is €nil (H1 2025: €nil).

Assets and liabilities carried at amortised cost

Bonds issued by the Group are measured at amortised cost. The fair value of these bonds using quoted prices in active markets (Level 1 of the fair value hierarchy) is €2,962 million (FY 2025: €2,998 million and H1 2025: €nil). The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodities.

Other financial assets and liabilities

Cash and short-term deposits, trade and other current receivables, overdrafts, trade payables and other current liabilities have fair values that approximate to their carrying amounts due to their short-term nature.

Lease liabilities and non-current receivables and payables have a fair value that approximate the carrying value based on the net present value of the anticipated future cash flows associated with these instruments using rates currently available for debt on similar terms, credit risk and remaining maturities.

5. Earnings per share (EPS)

The earnings per share calculations are based on the weighted average number of ordinary shares of TMICC in issue during the period less the weighted average number of shares held as treasury shares.

In calculating diluted earnings per share, the weighted average number of shares is adjusted to reflect the dilutive effect of potential ordinary shares, principally arising from employee and executive share-based payment arrangements.

Prior to 6 December 2025, the Company was under the control of Unilever and did not have any issued shares. Accordingly, EPS has not been calculated for H1 2025.

EPS for total operations for the six months is calculated as follows:

The number of ordinary shares has not changed compared to 31 December 2025.

On 16 June 2026, the Group granted 10,952,635 share options under the Foundation Plan for Growth, a one-off equity-settled share-based payment arrangement for selected senior executives. The options vest in two equal tranches after three and four years. They are subject to continued employment and a relative Total Shareholder Return (TSR) market condition. They are measured at grant-date fair value using an option pricing model (Monte Carlo Simulation), with the related expense recognised over the vesting period with a corresponding entry in equity.

6. Acquisitions and Disposals

Acquisitions

Business combinations are accounted for using the acquisition accounting method as at the acquisition date, which is the date at which control is transferred to the Group.

The acquisitions are consistent with the Group’s strategy to establish a standalone global ice cream business following the separation from Unilever.

During the three months ended 30 June 2026, KWIL contributed €79 million revenue and €10 million operating profit, while ULICC contributed €44 million revenue and €10 million operating profit. Had both acquisitions occurred on 1 January 2026, management estimates that consolidated revenue and operating profit for the period would have been €4,749 million and €572 million, respectively.

The following table sets out the opening balance sheets which remain provisional pending finalisation of the purchase price allocation. This has not yet been completed as the transactions took place at the start of the second quarter.

For both acquisitions, the consideration transferred was measured at fair value at the acquisition date. The consideration was settled entirely in cash, with no contingent consideration or equity instruments issued.

Goodwill primarily reflects expected growth opportunities, operational efficiencies and synergies. Specifically, for KWIL and ULICC, this represents the customer and distribution growth, local market expertise as well as product innovation, and premiumisation opportunities. The amount of goodwill is not expected to be deductible for income tax purposes.

Disposal of Venezuelan Ice Cream Business
During H1 2025, the Company entered into an agreement to sell its Venezuela business, which was classified as held for sale at 30 June 2025, with the transaction completing on 3 July 2025 and resulting in a net loss on disposal of €4 million.

7. Events after Balance Sheet date

Subsequent to the reporting date, the Group repaid in full the outstanding balance of €190 million drawn under the term loan facility previously classified as non-current liabilities as well as €150 million to Unilever in respect of the working capital subsidy. Further commercial papers of €290 million were issued with repayments of €340 million leading to a decrease from €200 million to €150 million, which is in line with ongoing short-term liquidity management. These transactions do not have any impact on net debt as at the reporting date.

Appendix B Definitions and Reconciliation of non-IFRS Financial measures

The sections below provide reconciliations of the closest measures prepared in accordance with IFRS to the non-IFRS measures used by the Group.

Constant currency

The Group uses “constant rate” and “organic” measures primarily for internal performance analysis and targeting purposes. The Group presents certain items, percentages and movements, using constant exchange rates, which do not include the impact of fluctuations in foreign currency exchange rates. Constant currency values are calculated by translating both the current and the prior period local currency amounts using the prior year average exchange rates into euro, except for the local currency of entities that operate in hyperinflationary economies. These currencies are translated into euro using the prior year closing exchange rate before the application of IAS 29.

OSG, OVG, OPG

OSG refers to the increase in revenue for the period, excluding any change in revenue resulting from disposals, changes in currency and price growth in excess of 26%. in hyperinflationary economies. Inflation of 26% per year compounded over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. The impact of disposals is excluded from OSG for a period of 12 calendar months from the applicable closing date. OSG includes increases or decreases in sales of an acquired business immediately following the business combination, unless a reliable historical baseline is not available for the 12 months prior to the acquisition, in which case sales during the first 12 months of the acquisition are excluded from OSG. The Group believes this measure provides valuable additional information on the organic sales performance of the business and it is a key measure used internally.

OVG is part of OSG and means, for the applicable period, the increase in revenue in such period calculated as the sum of: (i) the increase in revenue attributable to the volume of products sold; and (ii) the increase in revenue attributable to the composition of products sold during such period. OVG therefore excludes any impact on OSG due to changes in prices.

OPG is part of OSG and means, for the applicable period, the increase in revenue attributable to changes in prices during the period. OPG therefore excludes the impact to OSG due to (i) the volume of products sold; and (ii) the composition of products sold during the period. In determining changes in price, the Group excludes the impact of price growth in excess of 26% per year in hyperinflationary economies as explained in OSG above.

The following table presents a reconciliation of changes in the IFRS measure of revenue to OSG for H1 2026 and H1 2025:

(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.

(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.

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:

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:

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:

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:

(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.

(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)

The future of Indian ice cream starts here

Located in Whitefield, Bengaluru—India’s technology hub—the centre brings together ice cream science, culinary craft, packaging expertise, and consumer technical insights under one roof, supported by the city’s strong food science, supplier, and start-up ecosystems.

Designed as a Creative Lab where science meets indulgence, the centre is established to accelerate consumer-led product and packaging innovation across Kwality Wall’s, Cornetto, Magnum, Carte D’Or, Feast, and Twister brands. Its capabilities span product and process development, packaging, consumer technical insights, and regulatory assessment, helping translate emerging consumer needs into products rooted in Indian tastes and occasions.

The centre includes ice cream-making, product and packaging assessment, sensory testing, and a digitally enabled pilot plant with state-of-the-art technologies. It enables faster experimentation across cups, sticks, cones, kulfi, and premium ice cream cakes, while cold-chain and climate testing, 3D packaging prototyping, and transport simulations help ensure innovations are designed for real-world Indian market conditions.

“Kwality Wall’s has been part of the Indian ice cream scene for more than seven decades, consistently delighting consumers with new flavours and familiar icons. As part of The Magnum Ice Cream Company, we now have access to world-class R&D capabilities, deeper product expertise and a sharper innovation ecosystem. The new Bengaluru ice cream centre will help us respond faster to evolving consumer preferences, create products that are relevant to Indian tastes and occasions, and continue building a future-ready ice cream business in India.” Chitrank Goel, Deputy Managing Director, Kwality Wall’s (India) Limited.

Global R&D capabilities, local insights, consumer-led innovation

The new Bengaluru RD&I Centre will work closely with TMICC’s Global Design Centre in Colworth, UK, and Regional Innovation hub in Istanbul, Turkey, to bring to life new products inspired by local consumer insight and deep market understanding. This combination of global capability and local relevance will help strengthen the innovation pipeline, improve product quality, accelerate speed to market, and bring relevant global dairy platforms to life for the Indian market.

“India is one of the world’s most exciting ice cream markets, with fast-evolving tastes, occasions and expectations. The new Bengaluru RD&I Centre brings together our global science, technology and culinary expertise with deep local consumer insight, helping us to move faster from idea to market-ready innovation. From product and packaging development to sensory assessment and cold-chain validation, this new centre will play an important role in creating products that are more relevant, more distinctive and more exciting for consumers in India.” Zbigniew Lewicki, Chief Research, Development & Innovation Officer, The Magnum Ice Cream Company.

The inauguration reinforces TMICC’s focus on building a strong, fit-for-the-future ice cream business in India through innovation, premiumisation, quality and local execution. As India’s ice cream category continues to grow, the Bengaluru RD&I Centre will play a critical role in supporting KWIL’s innovation pipeline and creating world-class products for Indian consumers.

The Magnum Ice Cream Company (TMICC) has invested HUF 4 billion (approx. €10 million) to modernize its manufacturing facility in Veszprém, Hungary. Featuring a brand-new production line, this upgrade marks a major milestone for both the local community and TMICC’s global supply chain transformation, reinforcing Hungary's role as a strategically important European production hub.

Veszprém: a strategically important production hub in Europe

Located in western Hungary, the Veszprém factory is a strategically important production site within TMICC’s European manufacturing network. Producing 230 million ice cream units annually, it supplies the Hungarian and European markets with global brands including Magnum, Cornetto and Carte d’Or. Originally founded in 1955, today the site is home to more than 500 colleagues, as a major industrial employer in the region and an important contributor to Hungary’s food manufacturing sector.

Péter Konecsni, General Manager East Europe and General Manager Hungary, The Magnum Ice Cream Company, said “The ice cream category is increasingly shaped by innovation in formats and consumption occasions, making ice-cream a year-round snacking choice. Investments like this allow us to translate category‑defining ideas into scalable solutions that support long‑term growth across European markets. By strengthening our production capabilities, we ensure that innovation reaches consumers reliably and at the scale required by today’s dynamic retail and snacking landscape”.

Upgraded capabilities supporting innovation at scale

With this investment, the local team welcomes the production of Magnum Bonbons, a premium, bite-sized ice cream format created to meet growing consumer demand for smaller portions, shareable indulgence, an alternative to other everyday snacking options that fit various moments of consumption – from coffee breaks to shared dessert occasion. By producing this format locally, TMICC enhances its ability to bring global innovation to life through reliable, high-quality production for multiple markets.

József Török, Veszprém Factory Director, The Magnum Ice Cream Company, said “Operationally, this investment strengthens our ability to execute complex formats with consistency, precision and reliability. It builds on the expertise of our people and ensures we can deliver consistently high quality across multiple products and markets every day”.

Manufacturing excellence supporting TMICC’s growth strategy

Headquartered in Amsterdam, TMICC generated €7.9 billion in revenue in 2025 and operates a network of 32 factories, 13 R&D centres, and a fleet of three million freezer cabinets serving consumers in 80 markets around the world.

The Veszprém factory plays an important role in translating the company’s global innovation strategy into scalable production, enabling the efficient delivery of new ice-cream formats across multiple European markets. It reinforces Hungary’s role within TMICC’s European manufacturing network and supports the company’s broader strategy to grow the ice cream category through innovation, new formats and expanded consumption occasions.

At the same time, the site’s ability to handle a wide portfolio of formats for both domestic and export markets enables TMICC to bring new products to market efficiently and consistently.

This operational strength supports the company’s broader ambition to combine global brand development with reliable local execution, ensuring that innovations reached customers and consumers across Europe at scale.

Innovation shaping the Hungarian market

The local production of new formats in Veszprém illustrates how TMICC brings its growth strategy to life through a combination of strong brands, disciplined innovation and reliable execution. By aligning global portfolio development with dependable local manufacturing, the company strengthens its ability to adapt its portfolio to evolving consumer preferences across markets.

The roadmap is focused on putting in place practical, ready-for-the-future digital foundations across areas including supply chain, sales, finance, procurement and other collaboration functions. As part of this work, the company has reviewed processes across the business to help select simpler, more intuitive systems that can support better visibility, collaboration and execution over time.

TMICC Technology Roadmap

• Establishment of simpler systems and capabilities to support key supply chain planning processes, including AI-assisted forecasting and weather-based demand insights.
• The selective use of AI where it can add practical value over time, helping teams make more informed decisions and simplify processes, including in areas such as forecasting, demand planning, security and cabinet management.
• Supporting smarter and more consistent ways of working through more connected systems, with the aim of improving productivity and helping teams respond more effectively to changing business needs.

"Establishing our own technology stack is a significant milestone, and we have chosen partners with the scale and capability to support us over the long-term. As we move forward as an independent business, this roadmap will enable better visibility, planning and decision-making for our teams. This is about more than moving existing processes onto new systems, it is about creating the right digital backbone our people need to make, move and serve ice cream for our customers and consumers around the world." Sandeep Desai, Chief Supply Chain & Operations Officer, The Magnum Ice Cream Company

TMICC Technology Stack Partners

As part of this transition, TMICC has entered into long-term partnerships with a group of six technology providers to build and support its future operating model. The TMICC Technology Stack is built around four core SaaS technologies - Kinaxis, Microsoft, SAP and Salesforce - brought to life by two deployment partners, Accenture and HCLTech, selected based global scale, capability and long-term fit. These platforms will be introduced in waves across the company over the coming 18 months, with a focus on change support, business continuity and disciplined delivery as TMICC works towards the planned end-2027 TSA timeline.

• Accenture responsible for the deployment of core enterprise, AI, data and cybersecurity solutions as part of the phased transition.
• HCLTech responsible for the infrastructure rollout and management of end-user services to help provide secure and resilient foundations across the business.
• Kinaxis as supply chain and sales and operations planning hub, helping TMICC improve forecasting, manage supply and respond more effectively to changes in demand over time.
• Microsoft as the cloud infrastructure and collaboration heart that underpins TMICC’s digital workplace.
• Salesforce as the in-home and out-of-home global CRM bringing all market tools and processes onto one standardised and connected environment.
• SAP as the global ERP backbone across finance, supply chain and operations. The consolidation of multiple ERP instances onto a single global RISE with SAP S/4HANA Cloud, private edition will support more consistent planning and reporting for the company.

Solid start to the year, executing on strategy; FY guidance reaffirmed

Amsterdam, 30 April 2026

• Solid Q1 2026, with revenue of €1.770bn (Q1 2025 €1.792bn), +4.5% organic sales growth (OSG) year-on-year
• Healthy contributions from volume growth +2.9% and price growth +1.6% 
• Reported revenue growth down 1.2% year on year, due to foreign exchange translation impact of -5.5%
• Good progress for the productivity programme during the quarter and on track for the full year
• Acquisitions of India and Portugal completed on 30 March 2026 and 1 April 2026
  
   

(a) India and Portugal were not in the perimeter during the quarter and paid royalty for the use of TMICC brands. This was recognised in Revenue, OSG and OPG. The underlying growth of The Magnum Ice Cream Company excluding these royalties for Q1 2026 was OSG 4.7% and OPG 1.8%.

Peter Ter Kulve, CEO: "We have had an encouraging start to 2026 and the ice cream category continues to grow. In Q1 organic sales grew across both volume and price, which is a testament to the breadth of our portfolio and our competitive execution.

Every region contributed to positive growth, with strength in the US and Europe and continued gains in AMEA. Our 'Frontline First' model is delivering across both At-Home and Away-from-Home; and Digital Commerce maintained double-digit growth. Our innovations are bringing excitement to consumers and helping to drive overall category growth.

The productivity programme is on track for the full year, the acquisitions of India and Portugal were completed as planned, and we remain on course to finalise our TSA exits by end of 2027.

We are mindful of the heightened uncertainty in the global environment, particularly in the Middle East, albeit our direct regional exposure remains limited, and we are taking mitigating actions. More broadly, we are well set up for the summer season, and our focus remains on executing our growth strategy and productivity programme. We are reaffirming our full-year outlook: organic sales growth of 3-5% with underlying margin improvement."

In Q1 2026, Group revenue was €1.770bn (Q1 2025: €1.792bn). Organic sales growth for the quarter was 4.5%, reflecting a healthy contribution from both volume growth of 2.9% and price growth of 1.6%. All three regions contributed positively to organic sales growth.

Reported revenue growth was down 1.2% in the quarter vs the previous year, as foreign exchange translation effects had a negative impact of -5.5%. This was mainly driven by the strengthening of the Euro.

We maintained our focus on improving execution across all three channels – At-Home, Away-from-Home and Digital. As we prepare for summer, we have driven better customer engagement, outlet activation and innovation roll-out during the quarter; enabled by our ‘Front-line First’ model.

Our four leading brands – Magnum, Ben & Jerry’s, Cornetto and The Heartbrand – saw good progress in the quarter contributing to the solid delivery:

• Magnum delivered mid-single digit organic sales growth driven by the launch of Magnum Pistachio and Peach in the EU, China and Türkiye, and the further roll-out of the BonBons format across multiple EU markets.

• Ben & Jerry’s was flat overall in Q1 as Americas saw low single digit organic growth, while EU & ANZ declined on the back of double-digit growth in Q1 2025. The new Ben & Jerry’s sandwich and bar formats were well received.

• Cornetto delivered low single-digit organic sales growth, supported by the launch of Pistachio MAX in Europe and Türkiye.

• The Heartbrand delivered high single-digit organic sales growth, driven by the launch of Twister Freeze, the Minecraft stick, the Volcanix five-layered stick and Solero BonBons across several European markets, as well as the rollout of Grape Ice Balls across Southeast Asia, following their success in Thailand.

• Major new innovations, like the high protein, low fat Yasso pints, highlighted the extensions possible through format, flavour, packaging, and partnerships across our portfolio.
  
   

Total distribution points continue to improve, as we expand through the value channel in the US, drive partnerships in Quick Service Restaurants in Europe, and enhance freezer deployment in high growth markets. We continued to make progress on our productivity programme, delivering savings across supply chain and organisational simplification.

We expect the increase in the cost of energy across the supply chain including raw materials, energy, packaging and freight to be offset by tailwinds from commodities, our mitigating actions and productivity programme.

Whilst we are mindful of the heightened uncertainty in the global environment, particularly in the Middle East and the associated knock-on effects to inputs costs, our direct regional exposure remains limited, and we are taking mitigating actions. Our focus is on executing our growth strategy and productivity programme, and we are reaffirming our full year outlook.

We expect organic sales growth for 2026 to be between 3% to 5% and an Adjusted EBITDA margin improvement of 40 to 60bps, on a comparable perimeter basis with 2025. The reported improvement in Adjusted EBITDA margin is expected to be 0 to 20bps, primarily due to the impact of the acquisition of the India business. As communicated earlier, we expect the improvements in the year to be weighted more in the second half of 2026 due to the phasing of TSAs and the benefits of cocoa pricing.  

The acquisitions of India, and Portugal’s marketing and sales entity, were completed on 30 March 2026 and 1 April 2026 respectively. The acquisition of the Portugal sourcing unit will complete separately, following receipt of additional regulatory and operational approvals. Given the timing of completion, and the immaterial impact on Q1 2026, the results of both businesses will be reflected in the Group’s reported results from Q2 2026 onwards.

All planned 2026 Q1 TSA exits were concluded on time, and we remain on course towards finalising the remaining TSA exits by the end of 2027.

-ENDS-

Conference call and audio webcast

Peter ter Kulve, CEO, and Abhijit Bhattacharya, CFO, will host a conference for investors and analysts at 11:00 am CET today, to discuss the Q1 2026 results. A live webcast of the conference call will be available on the Magnum Ice Cream Company website and can be accessed The Magnum Ice Cream Company Q1 2026 Trading Update .

This announcement has been submitted to the FCA National Storage Mechanism and is available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

About The Magnum Ice Cream Company

The Magnum Ice Cream Company N.V. [EURONEXT: MICC / NYSE: MICC / LSE: MICC) is the world's leading ice cream business. Home to four of the world's five largest ice cream brands: Magnum, Ben & Jerry's, Cornetto and the Heartbrand, our portfolio delights consumers in 80 markets around the world. Headquartered in Amsterdam, The Netherlands, we have a global team of 18,000 employees, a network of 32 factories, 13 R&D centres, and a fleet of three million freezer cabinets. For more information, visit www.corporate.magnumicecream.com. TMICC's legal entity identifier is 25490052LLF3XH6G9847.

Segment performance (unaudited)

        (a)  India and Portugal were not in the perimeter during the quarter and paid royalty for the use of TMICC brands. This was recognised in Revenue, OSG and OPG. To reflect the underlying performance of the region, OSG and OPG have been presented by excluding these royalties.

 

In Europe & ANZ we posted 4.0% OSG driven by volume growth of 4.3%, supported by strong innovation and slightly offset by negative price growth of 0.3% in the quarter. The earlier timing of Easter provided a marginal benefit. Germany and the UK delivered high single-digit growth, offsetting slower growth in Italy where we are improving distribution and execution at the point of sale.

Magnum and the Heartbrand delivered high single-digit growth, supported by format innovations. These included the launch of Magnum Cones in France, the successful rollout of Volcanix across markets, and the ongoing rollout of Solero BonBons across France, Germany, Ireland, the UK, The Netherlands and Switzerland.

The Americas delivered 2.6% OSG, driven by price growth of 2.6%, with flat volumes. Revenue declined by -5.2% versus Q1 25. Foreign exchange translation effects had a negative impact of -7.6% on Q1 26 revenue growth driven by weakening US dollar.

In the US, our biggest market, we delivered positive volume growth at 1.8%. Momentum in the US continued to be driven by our top US brands, led by Yasso and Popsicle, which delivered double-digit OSG in the quarter; and Ben & Jerry’s, which posted low single-digit growth. Innovation underpinned performance, with partnerships with Bluey and Hello Kitty revitalising Popsicle, and format innovation supporting Yasso and Ben & Jerry’s; taking Yasso from sticks to pints and Ben & Jerry’s from pints to sticks. Additionally, we continued to drive physical availability across the value, club and digital commerce channels.

Revenue in Brazil declined in the quarter. We continue to execute our performance turnaround plan, with the introduction of new innovations, including the Harry Potter range (licensing partnership), and more targeted promotional activities.

AMEA growth continued in Q1, delivering 7.9% OSG driven by both volume and price. Reported revenue fell by -1.6% versus Q1 25 as foreign exchange translation effects had a negative impact of -8.8% on revenue growth.

Türkiye and Pakistan delivered double-digit growth with positive contribution both from price and volumes, and China posted high single-digit OSG in the quarter.

Innovation underpinned growth across the region. In Türkiye, the launch of the Magnum Sandwich and Algida Spoonful tubs supported good volume growth. In Pakistan, Cornetto Strawberry & Cream and Cornetto Hazelnut, introduced as part of the accessible premiumisation initiative, enabled double digit organic sales growth. China’s strong seasonal opening was driven by innovation-led growth, including the new pistachio and blue mint Magnum stick, and the addition of new Cornetto flavours, such as Sorbet Shine Muscat Grape & Yogurt, and Sorbet Amalfi Lemon with Light Cheese.

Cautionary statement

This document may contain forward-looking statements, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995, concerning the financial condition, results of operations and businesses of The Magnum Ice Cream Company N.V. (the ‘Company’). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’, ‘vision’, ‘ambition’, ‘target’, ‘goal’, ‘plan’, ‘potential’, ‘work towards’, ‘may’, ‘milestone’, ‘objectives’, ‘outlook’, ‘probably’, ‘project’, ‘risk’, ‘seek’, ‘continue’, ‘projected’, ‘estimate’, ‘achieve’ or the negative of these terms, and other similar expressions of future performance or results and their negatives, are intended to identify such forward-looking statements.

Forward-looking statements also include, but are not limited to, statements and information regarding the Company’s strategy, plans and expected trends, financial results and results of operations, including trends in the global ice cream market, the Company’s outlook and expected modelled or potential financial results including, sales growth and Adjusted EBITDA margin improvement, expectations with respect to the Company’s productivity programme, the anticipated growth of the global ice cream market, statements relating to costs and anticipated benefits from pricing such as tailwinds from cocoa and increase in energy and supply chain costs, plans and ambitions of the Company to maintain a leadership position in the global ice cream market, statements relating to the Company’s exposure to the Middle East and impact of geopolitical events and hostilities, including those in the Middle East, on the Company’s financial results and result of operations, the Company’s expected financial and operational position, finalisation of remaining TSAs by 2027. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Company (including during management presentations) in connection with this document. These forward-looking statements are based upon current expectations, assumptions, plans and projections regarding anticipated developments and other factors affecting the Company. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements.

Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Company’s control, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially from those expressed in the forward-looking statements included in this document are: the Company’s global brands not meeting consumer preferences; the Company’s ability to innovate and remain competitive; the Company’s investment choices in its portfolio management; the effect of climate change on the Company’s business; the Company’s ability to find sustainable solutions to its packaging; significant changes or deterioration in customer relationships; the Company’s reliance on Unilever; the recruitment and retention of talented employees; disruptions in the Company’s supply chain and distribution; increases or volatility in the cost of raw materials and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; execution of acquisitions, divestitures and business transformation projects; economic, social and political risks and natural disasters; financial risks; failure to meet high ethical standards; and managing regulatory, tax and legal matters and practices with regard to the interpretation and application thereof and emerging and developing ESG reporting standards including differences in implementation of climate and sustainability policies in the regions where the Company operates. The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report for the year 2025 and filed by the Company on Form 20-F with the U.S. Securities and Exchange Commission (the ‘SEC’) on March 18, 2026, the Company’s other annual reports on Form 20-F and other documents on file, and filed from time to time, by the Company with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements.

The forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Market and Industry Information

All references to market share, market data, industry statistics and industry forecasts in this document consist of estimates compiled by industry professionals, competitors, organisations or analysts, of publicly available information or of the Group’s own assessment of its sales and markets. Rankings are based on sales unless otherwise stated. None of the Company or its affiliates, representatives, partners, members, directors, officers, employees, advisers or agents. make any representation or warranty with respect to the accuracy of such information, and each expressly disclaim any responsibility or liability for any damages or losses in connection with the use of such information herein.

Comparability

Prior to the Demerger, the Group did not operate as a standalone entity and was reported as part of Unilever’s Ice Cream operating segment. The financial information presented in this announcement has been prepared on a standalone basis, as per definitions set out in Appendix A, and differs from the Ice Cream segment previously reported by Unilever. The differences arise primarily due to the exclusion of entities outside the carve out perimeter (including Russia, India and Portugal) and other minor scope and presentation differences.

Non-IFRS Financial Measures Definitions

The information in this announcement contains certain measures not defined by, or calculated in accordance with, IFRS, including Organic Sales Growth (OSG), Organic Price Growth (OPG), Organic Volume Growth (OVG) and Adjusted EBITDA and Adjusted EBITDA margin. The non-IFRS financial measures presented in this announcement may not be comparable to other similarly titled measures used by other companies and have limitations as analytical tools. Accordingly, they should not be considered in isolation, or as a substitute for, financial information prepared in compliance with IFRS. Reconciliations to IFRS measures are presented wherever appropriate and practical.

Appendix A Definitions and Reconciliation of non-IFRS Financial measures

The sections below provide reconciliations of the closest measures prepared in accordance with IFRS to the non-IFRS measures used by the Group. 

Constant currency 

The Group uses “constant rate” and “organic” measures primarily for internal performance analysis and targeting purposes. The Group presents certain items, percentages and movements, using constant exchange rates, which do not include the impact of fluctuations in foreign currency exchange rates. Constant currency values are calculated by translating both the current and the prior period local currency amounts using the prior year average exchange rates into euro, except for the local currency of entities that operate in hyperinflationary economies. These currencies are translated into euros using the prior year closing exchange rate before the application of IAS 29.

OSG, OVG, OPG 

OSG refers to the increase in revenue for the period, excluding any change in revenue resulting from disposals, changes in currency and price growth in excess of 26%. in hyperinflationary economies. Inflation of 26%. per year compounded over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. The impact of disposals is excluded from OSG for a period of 12 calendar months from the applicable closing date. OSG includes increases or decreases in sales of an acquired business immediately following the business combination, unless a reliable historical baseline is not available for the 12 months prior to the acquisition, in which case sales during the first 12 months of the acquisition are excluded from OSG. The Group believes this measure provides valuable additional information on the organic sales performance of the business and it is a key measure used internally. 

OVG is part of OSG and means, for the applicable period, the increase in revenue in such period calculated as the sum of: (i) the increase in revenue attributable to the volume of products sold; and (ii) the increase in revenue attributable to the composition of products sold during such period. OVG therefore excludes any impact on OSG due to changes in prices.  

OPG is part of OSG and means, for the applicable period, the increase in revenue attributable to changes in prices during the period. OPG therefore excludes the impact to OSG due to: (i) the volume of products sold; and (ii) the composition of products sold during the period. In determining changes in price, the Group excludes the impact of price growth in excess of 26%.per year in hyperinflationary economies as explained in OSG above. 

The following table presents a reconciliation of changes in the IFRS measure of revenue to OSG for Q1 2026 and Q1 2025: 

(a) Revenue growth is calculated as current year revenue minus prior year revenue divided by prior year 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.  

Adjusted EBITDA, Adjusted EBITDA margin

Adjusted EBITDA is defined as operating profit before the impact of adjusting items within operating profit and before the impact of depreciation and amortisation. Adjusted EBITDA margin is calculated as Adjusted EBITDA 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 Magnum Ice Cream Company (TMICC), the world’s largest ice cream company, today announced that it has completed the acquisition of 61.9% of the equity shares of Kwality Wall’s (India) Limited (KWIL) under the terms of the Share Purchase Agreement with Unilever dated June 25, 2025.

KWIL will continue to trade on BSE and NSE, the Indian stock exchanges, as a majority-owned subsidiary of the TMICC Group.

Abhijit Bhattacharya, CFO of The Magnum Ice Cream Company: “This transaction strengthens TMICC’s presence in one of the world’s fastest-growing, under-penetrated ice cream markets. It combines TMICC’s global brand strength, and innovation capabilities, with KWIL’s strong local heritage, manufacturing footprint, and extensive distribution network across India. With TMICC’s global expertise and the strong local management team in India, we are confident of accelerating category growth and building a future-ready business that continues to create value for consumers and shareholders.”

A mandatory tender offer, made in accordance with applicable Indian laws, is currently underway and it is expected to conclude within the next 4–6 months. If, pursuant to the tender offer, TMICC’s shareholding in KWIL exceeds 75%, TMICC will be required to reduce its shareholding to not more than 75% within one year, in order to comply with the minimum public shareholding requirements.

The Magnum Ice Cream Company (TMICC) and The Rijksmuseum are entering into a three‑year strategic partnership. Through this collaboration, TMICC will contribute to the preservation and care of the Rijksmuseum’s collection and support the further development of its programming for young adults – a strategically important audience for TMICC.  

The Rijksmuseum is the national museum of the Netherlands, home to world‑renowned masterpieces by artists such as Rembrandt, Vermeer, Frans Hals and Judith Leyster. As an international company with its global headquarters in Amsterdam and a portfolio of iconic brands including Magnum, Ben & Jerry’s, Cornetto and Ola, TMICC feels strongly connected to the city and its cultural landscape. 

The aim of the partnership is to make art, craft and culture accessible to a broad audience. Over the coming years, TMICC and the Rijksmuseum will work together to create inspiring experiences for young adults, with innovation and creative craftsmanship at their core. In addition, TMICC will develop brand and public-facing activities tailored to this strategic audience. 

For centuries, the Rijksmuseum has showcased the excellence of Dutch art and craftsmanship, while TMICC’s mission is to make life taste better with ice cream and turning everyday moments into lasting memories.  

Peter ter Kulve, CEO, The Magnum Ice Cream Company:  

“At The Magnum Ice Cream Company, everything we do is about creating moments of pleasure and connection that last – just like a visit to The Rijksmuseum with its world-famous masterpieces. With this partnership, we are proud to contribute to the preservation of world‑class cultural heritage and to a programme that makes art and history accessible to everyone.”  

Janneke van der Wijk, Director of Audiences, Rijksmuseum: 

“Thanks to the support of The Magnum Ice Cream Company, we can continue to invest in making the collection accessible to a broad audience. This partnership helps us strengthen our mission and inspire new generations with art and history”.  

Left: Janneke van der Wijk, Director of Audiences at Rijksmuseum. Right: Peter ter Kulve, CEO at The Magnum Ice Cream Company 

The Magnum Ice Cream Company en het Rijksmuseum gaan driejarige samenwerking aan

Amsterdam,  23 Maart  2026

The Magnum Ice Cream Company (TMICC) en Het Rijksmuseum starten een driejarig strategisch partnership. Met deze samenwerking draagt TMICC bij aan het beheer en behoud van de collectie van het Rijksmuseum en ondersteunt het de verdere ontwikkeling van de programmering voor jongvolwassenen, een voor TMICC strategische belangrijke doelgroep.

 Het Rijksmuseum is hét museum van Nederland met wereldwijd bekende meesterwerken van kunstenaars als Rembrandt, Vermeer, Frans Hals en Judith Leyster. Als internationaal bedrijf met hoofdkantoor in Amsterdam en een portfolio aan iconische merken zoals Magnum, Ben & Jerry’s, Cornetto en Ola voelt TMICC  zich sterk verbonden met de stad en haar culturele landschap.

Het doel van de samenwerking is om kunst, ambacht en cultuur voor een breed publiek toegankelijk te maken. TMICC en het Rijksmuseum zullen de komende jaren werken aan inspirerende ervaringen met de focus op jongvolwassenen waarin innovatie en creatief vakmanschap centraal staan. Daarnaast zal TMICC merk- en publieksactiviteiten ontwikkelen gericht op deze strategische doelgroep.

Het Rijksmuseum toont al eeuwen de kracht van Nederlandse kunst en vakmanschap, terwijl TMICC als missie heeft het leven lekkerder te maken met ijs en alledaagse momenten om te zetten in blijvende herinneringen.

Peter ter Kulve, CEO, The Magnum Ice Cream Company: 
"Bij The Magnum Ice Cream Company draait alles om het creëren van momenten van plezier en verbinding die bijblijven - net zoals een bezoek aan het Rijksmuseum met zijn wereldberoemde meesterwerken dat doet. Met dit partnership dragen we graag bij aan het behoud van cultureel erfgoed van wereldniveau én aan een programma dat kunst en geschiedenis toegankelijk maakt voor iedereen."

Janneke van der Wijk, Directeur Publiek, Rijksmuseum:
"Dankzij de steun van The Magnum Ice Cream Company kunnen wij blijven investeren in het toegankelijk maken van de collectie voor een breed publiek. Deze samenwerking helpt ons onze missie te versterken en nieuwe generaties te inspireren met kunst en geschiedenis.."

TMICC delivers solid operational performance in 2025 
Sales of €7.9 billion, organic sales growth of 4.2%, and volume growth of 1.5%

Amsterdam, 12 February 2026, 08:00 CET

• FY 2025 revenue of €7.9 billion (FY 2024: €7.9 billion), +4.2% organic sales growth (OSG) year-on-year, with volume growth +1.5% and price growth +2.6%. Reported revenue -0.5% due to forex
• Operating Profit of €599 million (FY 2024: €764 million) reflecting planned net increase of €118 million in separation and restructuring costs in 2025 vs 2024 and forex translation effect
• FY 2025 Adjusted EBITDA margin 15.9% (FY 2024: 16.9%), impacted by forex translation effect (-50bps) and previously allocated depreciation costs, which are charged as a cash cost from H2 2025 due to Transitional Service Agreements (TSAs) (-50bps)
• FY 2025 Adjusted EBIT margin 11.6% (FY 2024: 12.1%), with forex translation effect (-50bps)
• Productivity programme on track, with €180 million savings delivered in 2025 (FY 2024: €70 million)
• Successful and significantly oversubscribed debut €3 billion bond issued, securing long-term funding
• Demerger completed, with listings in Amsterdam, London and New York
  
   

Peter Ter Kulve, CEO: “We delivered a solid operational performance in 2025, with broad-based organic sales growth of 4.2%, outperforming the growing global ice cream market and consolidating our leading position whilst we delivered a complex company separation. I am particularly pleased with our 1.5% volume growth, reflecting the continued momentum behind our well-loved brands. Our four leading brands, Magnum, Ben & Jerry’s, Cornetto and the Heartbrand, were the driving force behind our performance, with 150 new launches, including Magnum Utopia and Cornetto Max.

Every region contributed to growth, with market share gains across most key markets, including the US, our largest market. Growth was supported by improved availability and operational rigour with our front-line 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 FX movements and TSA-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.

Looking ahead, we are focused on executing our growth strategy and driving the productivity programme to deliver profitable growth. In 2026, we expect 3% to 5% organic sales growth along with underlying margin improvement.”

In 2025, Group revenue was €7.9 billion (FY 2024: €7.9 billion). Organic sales growth for the year was 4.2%, reflecting a healthy balance of volume growth of 1.5% and price growth 2.6%. All three regions grew market share and contributed positively to organic sales growth, with growth in Europe & ANZ of 3.3%, Americas grew 0.8%, whilst AMEA delivered a double-digit increase of 10.9%.

Reported revenue growth was broadly in line with the previous year at -0.5%, as forex translation effects had a negative impact of -4.3% in 2025. These related mainly to the strengthening of the Euro against key currencies, particularly the Turkish lira and US dollar.

Our four leading brands – Magnum, Ben & Jerry’s, Cornetto, and The Heartbrand – continued to be powerful growth drivers for the Group in 2025.

• Magnum delivered high single-digit organic sales growth driven by the global launch of Magnum Utopia across all regions and the further rollout of Magnum Bonbons in multiple markets including the Nordics, Spain and Poland.

• Ben & Jerry’s delivered over 3% organic sales growth, driven by the introduction of 25 new flavour and format combinations across pints, mini cups, sharing tubs, scooping and snackable bites.

• Cornetto delivered high single-digit organic sales growth, supported by the launch of the next generation MAX cone featuring a layered texture and premium ingredients in the EU and Türkiye.

• The Heartbrand delivered low single-digit organic sales growth, driven by the Asian roll out of the Chinese multi-layer sticks innovation. The successful Brazilian bites formats were rolled out to Asia and the rest of Latam.

2025 was the first year where our fully dedicated sales force significantly improved execution, driving growth across all channels. Digital commerce remained TMICC’s fastest-growing channel, delivering double-digit growth with positive share gains. The At-Home channel grew mid-single digit and growth was accelerated through improved service, well-executed customer growth plans and competitive pricing. In the US, growth was led by the rebuilding of our business in the value and club channels. Increasing our freezer fleet in key markets supported mid-single digit growth in the Away-from-Home channels.

Operating profit was €599 million in 2025 (FY 2024: €764 million), mainly impacted by adjusting items related to separation and restructuring and forex translation effect.

In 2025, Adjusted EBITDA was €1,255 million (FY 2024: €1,340 million). Adjusted EBITDA margin was 15.9% (FY 2024: 16.9%), impacted by 50bps forex translation effect and a further 50bps due to a higher cash cost resulting from the TSAs in H2. While operating under Unilever as a business group, the ice cream business was allocated depreciation costs of certain shared assets which did not transfer to TMICC at separation. From H2 2025, these depreciation costs are included in the TSA charge from Unilever, reflecting the usage of those assets by TMICC.  Operationally, we saw commodity and other supply chain cost inflation of 380bps during this period, which was offset through our productivity programme and select pricing actions. On a regional basis, Europe & ANZ delivered an Adjusted EBITDA margin of 13.1%, Americas delivered 14.1%, while AMEA delivered 22.9%.

Adjusted EBIT in 2025 was €917 million (FY 2024: €964 million) with Adjusted EBIT margin of 11.6% (FY 2024: 12.1%), with   -50bps forex translation effect.

Free Cash Flow for FY2025 was €38 million, compared to €803 million in FY2024. This was largely due to the significant cash outflows related to the demerger, implementation of the interim operating model, interest costs on new loans, and TSAs with Unilever.

Demerger related cash outflows amounted to €564 million, comprising of acquisition and disposal related outflows of €238 million, separation related cash outflows of €146 million and interim operating model linked cash outflow of €180  million.

From 1 July 2025, the Group incurred €143 million of additional cash costs on interest and the operation of the TSA. Interest on loans from Unilever and external debt increased interest payments by €105 million versus FY 2024, when interest was incurred only in entities that operated as a standalone ice cream entity. In addition, depreciation previously allocated by Unilever was replaced by TSA cash charges, increasing cash outflows by €38 million.

The remaining €58 million year-on-year movement reflected increased capex driven by capacity and cabinet fleet expansion (€31 million), and foreign exchange translation impacts (€27 million).

Net profit in 2025 was €307 million (FY 2024: €595 million).  The decrease compared to the prior year was driven by a net increase of €118 million in higher separation and restructuring costs, higher net finance costs (€104 million), higher net monetary loss from hyperinflation in Türkiye (€31 million), and FX impact on operating, slightly offset by a lower tax charge.

Looking ahead, the external environment remains uncertain. The ice cream market is resilient and has good momentum and is anticipated to grow between 3% and 4% in 2026. We expect organic sales growth for 2026 to be between 3% to 5% and expect an Adjusted EBITDA margin improvement of 40 to 60bps, on a comparable perimeter basis with 2025. The reported improvement in Adjusted EBITDA margin is expected to be 0 to 20bps, primarily due to the impact of the anticipated acquisition of the India business in H1 2026. We expect the improvements in the year to be weighted more in the second half of 2026 due to the phasing of TSAs and commodity prices.

As a global leader in ice cream, we grow by expanding the market and we continue to do this through our growth strategy outlined at the Capital Markets Day in September 2025:

1. Accelerating competitive growth by expanding consumption occasions with market-making innovations, winning across the full price pyramid, and ensuring broader availability across channels.

2. Unlocking productivity through a €500 million savings programme that resets our supply chain, reduces structural overhead, and embeds technology-enabled efficiency.

3. Reinvesting behind brands through increased demand creation and distribution, best-in-class digitised execution, capabilities and stronger market leadership through disruptive innovations, and increased demand creation.

• As a standalone company, we accelerated our release of market-making innovations:

  • Tapping into cultural and foodie trends with the successful introduction of Magnum Dubai Chocolate in Türkiye, from idea to launch inside 6 months

  • Creating a bespoke red and black Amsterdam Raketje as a proud partner of Amsterdam 750 to mark the 750^th anniversary of the founding of the city, home to our global HQ

  • Introducing market-moving format innovations with Ben & Jerry’s launching 25 new flavour and format combinations across pints, mini cups, large tubs, scooping and snackable bites to address broader occasions

• We strategically expanded our range and drove innovation of ‘better for you’ options by: 

  • Accelerating the roll-out of portion-control choices such as Magnum Bonbons and Ben & Jerry’s Peaces

  • Expanding Yasso’s high protein, low fat Greek yoghurt offering from sticks into pints in the US

  • Taking the first steps to pioneer a new adult functional refreshment category with the introduction of Hydro:ICE, a refreshing glow-in-the-dark citrus water ice with vitamins and electrolytes, in Spain and the Netherlands 

  • Launch of Ice balls in Thailand, achieving over 200bps of market share in the first year

• We are establishing a lean, empowered organisation with a frontline first culture and a team that believes in our future potential.

Our productivity programme started in 2024 and is planned to deliver savings of €500 million across all regions. In 2025, our supply chain delivered €140 million savings, while overhead savings were €40 million. Combined, the productivity programme resulted in €180 million in savings in 2025, with cumulative savings at the end of 2025 of €250 million, part of which will be re-invested in future growth.

The transfer of the ice cream business in Indonesia was completed on 8 December 2025 and the results relating to Indonesia for the full year were included in the Group financials as well as in the comparatives.

The acquisition of Portugal and India are on track for completion in H1 2026.

The separation from Unilever was successfully completed, with the demerger and listing delivered on time and within budget. All planned December 2025 TSA exits were concluded on time and we remain on course towards finalisation of the remaining TSA exits by 2027.

We became an independently listed company on 8 December 2025.  Due to regulatory restrictions that were in place prior to that date, we have not provided detailed management commentary or outlook relating to FY2025.

Any public estimates, assumptions or interpretations reflected in analyst models and public consensus data may be derived from historical disclosures, public statements, or reporting made prior to the listing, including information relating to the business when it formed part of a larger group, and therefore may not fully reflect our current perimeter or reporting framework as a standalone listed entity.  Going forward, we will compile and publish a company consensus on a half-year and full-year basis.

-ENDS-

Conference call and audio webcast

Peter ter Kulve, CEO, and Abhijit Bhattacharya, CFO, will host a conference for investors and analysts at 11:00 am CET today, to discuss the FY 2025 results. A live webcast of the conference call will be available on the Magnum Ice Cream Company website and can be accessed here.

This announcement has been submitted to the FCA National Storage Mechanism and is available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

About The Magnum Ice Cream Company

We are the world’s largest ice cream company, headquartered in Amsterdam, The Netherlands and listed on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange. Home to four of the world’s five largest ice cream brands, with a global team of 16,500 employees, operating thirty factories, twelve R&D centres and a fleet of three million freezer cabinets, we generated €7.9 billion in revenue in 2025. From Magnum and Ben & Jerry’s to Cornetto and the Heartbrand, our ice cream portfolio delights consumers in eighty markets around the world. TMICC’s legal entity identifier is 25490052LLF3XH6G9847. For more information, visit www.corporate.magnumicecream.com.
 

Segment performance (unaudited)

We delivered a strong performance in Europe & ANZ, posting 3.3% OSG and market share gains for the region for the second year running. Growth was driven by particularly strong performance in the UK, France and Spain. Our performance in Italy was below par, and we are resetting the business with a clear plan in place.

In particular, Magnum, Ben & Jerry’s and Cornetto performed strongly, delivering high single digit growth, supported by market-making format innovations such as the pan-European launch of Magnum Bonbons. Innovation in the premium price segment continued with the successful launch of the Cornetto Max range and Magnum Disc Cones in France. Across the broader portfolio, we introduced the new Solero XL pack and launched exciting new concepts including a Minecraft stick, demonstrating the depth of the Heartbrand portfolio. Top-line growth in the region was enabled by improved physical availability and on-shelf execution, with key wins including new discounter listings.

The Adjusted EBIT margin in the region declined operationally by 70bps and an additional 30bps from lower royalties. Operational profitability in the region was impacted primarily due to raw material price increases, mainly cocoa.  In addition to these factors, previously allocated depreciation costs, which are charged as a cash cost from H2 2025 due to Transitional Service Agreements (TSAs), impacted the Adjusted EBITDA margin by 50bps.  

The supply chain productivity programme delivered efficiency gains through investments in major manufacturing facilities in Heppenheim (Germany), Gloucester (UK) and Minto (Australia). We have strengthened demand forecasting and seasonal planning in the region, using advanced weather forecasting models which are integrated into our planning systems.

The Americas delivered 0.8% OSG, despite weak overall market growth in key countries. We gained share in the US for the second consecutive year. In Mexico we gained share in a slower overall market. Performance in Brazil was weak, and we have reset teams and strategy.

Reported revenue declined by -4.5% versus 2024 as forex translation effects had a negative impact of -5.2% on 2025 revenue growth.

Momentum in North America was driven by top US brands, with Yasso maintaining double-digit OSG, and Ben & Jerry’s outperforming the broader market, driving share gains in the US.

Portfolio innovation continues to revitalize our US brand portfolio, with key partnerships such as Hershey and Disney. The successful relaunch of Popsicle rebuilding the ‘yellow door’ delivered mid-single-digit OSG. Our focus on market-making format innovation continued, with the launch of the Breyers S’mores range across tubs, sticks and sandwiches as well as the introduction of Ben & Jerry’s Scoop-apalooza, a party-sized format.

Growth was further bolstered by expanded physical availability across the value, club and digital commerce channels as well as in Away-from-Home in Latin America where we started expanding our cabinet fleet after years of decline.

The Adjusted EBIT margin in the region improved by 10bps as the productivity programme more than offset the inflationary impact of raw material prices.  On an Adjusted EBITDA level, the reduction of 60 basis points was primarily due to the impact of depreciation becoming a cash charge due to the start of the Transitional Service Agreements in the second half of the year.

The US end-to-end supply chain reset increased our competitiveness for our brands across the US. Investments in debottlenecking our production lines enabled us to unlock capacity to drive volume growth. Yasso transitioned to in-house production, lowering costs and providing improved service levels. Across the portfolio, efficiencies and cost savings were realised in the supply chain through factory modernization, distribution optimization and our comprehensive procurement overhaul.

AMEA continued to drive significant growth for the Group, delivering 10.9% OSG. Türkiye and Pakistan continued to perform strongly, delivering double digit OSG, with a step-up in performance in China and Indonesia delivering high single digit growth. Our turnaround plans in Thailand are starting to show results, as we gained market share in 2025. Performance in the Philippines was impacted by unusually severe weather.

Reported revenue increased by 0.5% versus 2024 as forex translation effects had a negative impact of -9.3% on 2025 revenue growth.

Strong performance was delivered by a dual focus on growing consumer demand occasions and operational rigour by increasing market penetration through leveraging festive activations and joint business plans with retail partners to increase product availability and consumer reach.

Growth was supported across the region by premium innovations across our leading brands, including the successful launch of Magnum cones and Cornetto and Wall’s multi-layer sticks.

Market-specific innovations also contributed to strong growth:

• Türkiye: successful launch of Magnum Dubai, Volcano, Plombir and Carte d’Or Chunkies

• Pakistan: focused on category relevance via seasonal packs (Chaunsa Mango) and accessible snacking formats (Cornetto Popcone)

The Adjusted EBIT margin in the region declined by 80bps. Rigorous cost management, selective pricing actions, and disciplined execution of the productivity programme, partially offset significant external headwinds from material cost inflation and hyperinflation in Türkiye. Adjusted EBITDA margin declined by 70bps.

Historical half-yearly organic sales, price, volume growth for years 2024 and 2025

The final quarter of the year is our smallest quarter, representing around 15% of full year sales. Many of our typically faster growing Away-from-Home emerging market businesses such as Türkiye and China have a limited contribution in this period. A large part of our cabinets are returned to central warehouse for next years’ replacement. As a result, in Q4 the Americas drive over half of the quarter’s revenue compared to around a third for the full year and this year, disruption in food stamps in the US and a late start to the Brazilian season impacted the quarter. While we continued to outpace the category both in the Americas and globally, it was a more challenging quarter which led to a small decline in OSG of less than 1%.

Finance costs

Net finance costs totalled €121 million (2024: €17 million). Finance costs were €139 million, including €117 million of interest expense of which a significant part relates to loans with Unilever to fund the separation and bond interest, €13 million of foreign exchange losses, and €9 million interest on lease liabilities. Interest cost on pension and other obligations was €9 million. Finance income was €27 million, driven by interest earned on deposits and gain from revaluation of a put option.

In 2024, finance costs did not include any allocation of interest incurred by Unilever or interest bearing fundings.

Taxation

The Adjusted Effective Tax Rate in 2025 was 26.0% (2024: 21.9%). The increase versus prior year reflects the adverse impact of non-deductible interest and losses upon which no deferred tax asset has been recognised. The effective tax rate for 2025 was 31.3% due to the tax impact of hyperinflation adjustment in Türkiye of 3.4% and irrecoverable VAT arising from asset transfers as direct result of the separation of 1.5%.

Net Monetary Loss

The net monetary loss arising from hyperinflation adjustments for Türkiye is €31 million (2024: nil). The increase in FY2025 versus prior year is due to the higher net monetary asset position, driven by indirect tax receivables recognised on asset transfers.

Earnings Per Share (EPS)

Prior to 6 December 2025, the Group was under the control of Unilever and did not have any issued shares. Accordingly, EPS has not been calculated for prior years. The current year EPS is based on the total shares issued as at 31 December 2025.

Net debt

Net debt was €2,967 million (FY2024: €263 million). The increase consists primarily of €2,977 million raised following the bond issuance in November 2025, which financed the settlement of the Unilever payable arising from the asset transfers upon separation. A €100 million drawdown from the term loan facility was offset by a €373 million increase in cash and cash equivalents. In 2024, cash and cash equivalents only included the balance from ice cream dedicated entities.

Non-current assets and liabilities

Pension

The pension position moved from a net liability of €98 million in FY2024 to a net asset of €2 million in FY2025. During the year, pension assets for funded schemes increased from nil to €78 million and pension liabilities for funded and unfunded schemes decreased from €98 million to €76 million. This €100 million improvement was driven primarily by German funded pension plans moving from a net liability of €5 million to a net asset of €77 million, reflecting higher discount rates, which reduced liabilities and increased asset returns.

Deferred tax

The net deferred tax position moved from a net deferred tax liability of €168 million to a €314 million net deferred tax asset. The increase of €482 million is mainly driven by the separation where a net deferred tax asset was recognised from the transfers of assets and liabilities and is subject to the completion of the purchase price allocation exercise in certain jurisdictions, which will take place in 2026.

Other non-current assets

Other non-current assets increased to €186 million (2024: €29 million), primarily reflecting the non-current portion of indirect taxes paid to the local authorities as the result of the transfer of assets and liabilities under the separation, amounting to €120 million. A sizeable portion of these indirect tax payments was funded by Unilever prior to the demerger. The amount owed to Unilever will be repaid as and when it is recovered from the local tax authorities; accordingly a corresponding liability was recognised in payables.

Other non-current assets also include a €54 million prepayment to Unilever related to the deferred transfer of the Mexico sourcing unit assets.

Current assets and liabilities

Trade receivables and trade payables

Trade receivables and trade payables increased year on year, primarily reflecting the Transitional Period working capital arrangements following the demerger:

• Upon the demerger, in many territories, legal title to inventory has not passed from Unilever to the Group. Accordingly, an accrual of €818 million was recognised as a payable to Unilever. This reflects the fact that, during the Transitional Period, the Group does not have legal title to all inventory and will need to acquire that inventory at the end of the Transitional Period.

• During 2025, the Group made a payment (‘Inventory Subsidy’) of €905 million to Unilever. The Inventory Subsidy is a cash flow mechanism that allows Unilever to be compensated for its investment for inventory which it retains legal title. The subsidy is a one-time payment that will be repaid at the end of the Transitional Period. The Inventory Subsidy was funded by Unilever by way of a related party loan that was subsequently capitalised.

While the balances differ in amount and cannot be offset under IFRS due to being held with different Unilever legal entities, they are expected to be economically settled at the same time at the end of the Transitional Period.

Indirect taxes paid on transfer of net assets and separation costs as well as changes to the operating model also resulted in higher receivables compared with the prior year.

Provisions

Provisions decreased by €63 million mainly driven by the release of restructuring provisions due to higher than anticipated employee redeployment within the new organisation, and the derecognition of certain provisions previously allocated to TMICC, which were retained by Unilever as the legal liability did not transfer.

Finance and liquidity

In 2025, the Group strengthened its financing structure following the demerger from Unilever.

• In August 2025, the Group entered into term loan facilities totalling €4.0 billion, comprising a €3.0 billion bridge facility, which was cancelled in November 2025 without any amounts drawn, a €700 million working capital facility, of which €100 million was drawn on 29 December 2025, and a €300 million facility for the acquisition of the Indian Ice Cream business in 2026 (to be drawn in 2026).

• The Group also has access to a €1.0 billion multicurrency revolving credit facility, including euro and US dollar swingline facilities. No amounts were drawn.

• In November 2025, the Group completed a €3.0 billion debut bond issuance across four tranches (2029, 2031, 2034 and 2037) under its Euro Medium Term Note programme with interest rate ranging 2.75% to 4.00%. Proceeds were used for general corporate purposes, including facilitating the demerger. 
  
   

Following these financings, financial liabilities increased to €3,416 million (2024: €333 million), with an average debt maturity of 7.5 years.

The information contained in this announcement speaks only as at the date of this announcement, and subject to applicable law or regulation neither The Magnum Ice Cream Company N.V. nor any member of its Group (together, the “Group”) has, or accepts, any responsibility or duty to update any such information, document or announcement and reserves the right to add to, remove or amend any information reproduced in this announcement at any time.

This announcement contains statements that are forward-looking, including within the meaning of the United States Private Securities Litigation Reform Act of 1995, and including statements concerning the financial condition, results of operations and businesses of the Group. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as “will”, “aim”, “expects”, “anticipates”, “intends”, “looks”, “believes”, “vision”, “ambition”, “target”, “goal”, “plan”, “potential”, “work towards”, “may”, “milestone”, “objectives”, “outlook”, “probably”, “project”, “risk”, “seek”, “continue”, “projected”, “estimate”, “achieve” or the negative of these terms, and other similar expressions of future performance or results and their negatives, are intended to identify such forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding the Group’s future financial performance, the Group’s supply chain transformation programme, the Group’s strategy, plans and expected trends including trends in the global ice cream market, the Group’s outlook and expected modelled or potential financial results including sales growth, price growth, and margin improvement, statements with respect to dividends, productivity programme, and plans and ambitions to maintain a leadership position in the global ice cream market, the Group’s investment plans with respect to savings, finalisation of remaining TSA exists by 2027, and potential acquisitions in Portugal and India.

These forward-looking statements are based upon current expectations, estimates, assumptions, plans and projections regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this announcement. Readers should not place undue reliance on forward-looking statements.

Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Group’s control, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks and uncertainties include, without limitation, the Group’s leading brands not meeting consumer preferences, the Group’s ability to innovate and remain competitive, the Group’s investment choices in its portfolio management, significant changes or deterioration of customer relationships, the recruitment and retention of talented employees, disruptions in the Group’s supply chain and distribution, Group’s reliance on Unilever, increases or volatile in the cost of raw materials and commodities, the Group’s ability to maintain secure and reliable IT infrastructure, economic, social and political risks and natural disasters, financial risks and the Group’s management of regulatory, tax and legal matters. As a consequence, these forward-looking statements should be considered in light of various important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements.

The forward-looking statements are based on the Group’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Group. Forward-looking statements are not predictions of future events. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known to the Group. If a change occurs, the Group’s business, financial condition, liquidity and results of operations may vary materially from those expressed in the Group’s forward-looking statements.

The forward-looking statements speak only as of the date that they are made. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over time, and it is not possible for the Group to predict those events or how they may affect it. In addition, the Group cannot assess the impact of each factor on its business or the extent to which any factors or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. When evaluating forward looking statements, you should carefully consider the foregoing factors and other uncertainties and events.

Market and Industry Information

All references to market share, market data, industry statistics and industry forecasts in this document consist of estimates compiled by industry professionals, competitors, organisations or analysts, of publicly available information or of the Group’s own assessment of its sales and markets. Rankings are based on sales unless otherwise stated.

Comparability

Prior to 1 July 2025, the Group did not operate as a standalone Group. Whilst a part of Unilever, the Group has historically been reported as an operating segment under IFRS 8 in Unilever’s annual report and interim financial reporting ('Ice Cream'). The basis of preparation of the financial information utilised in this announcement is in Appendix A and differs from the Ice Cream segment as presented historically in Unilever’s financial reporting. As a result, while the two sets of financial information are similar, there are certain differences in accounting and disclosure under IFRS. These differences primarily include:

• Removal of countries (Russia, India, Portugal) which are not in the carve-out perimeter, but historically reported within ‘Ice Cream’

• Other minor adjustments

Non-IFRS Financial Measures Definitions

The information in this announcement contains certain measures not defined by, or calculated in accordance with, IFRS, including Organic Sales Growth (OSG), Organic Price Growth (OPG), Organic Volume Growth (OVG), Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Earnings per Share, Free Cash Flow, Net Debt and Adjusted Effective Tax Rate. The non-IFRS financial measures presented in this announcement may not be comparable to other similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as a substitute for, financial information presented in compliance with IFRS. The definition and reconciliation with IFRS measures are presented in Appendix B.

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulations.

The selection of financial information includes consolidated preliminary financial statements of TMICC as at 31 December 2025 which comprise TMICC and its subsidiaries (the Group). This does not constitute full IFRS financial statements which will be included in our Annual Report.

Basis of preparation for the selected financial information

The Group results from the demerger of the Ice Cream Business previously owned by Unilever PLC and is publicly listed with its shares admitted to trading on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange on 8 December 2025 (the Admission).

In preparation for the planned demerger, the Ice Cream business was separated within Unilever into a distinct legal structure. This separation was substantially completed on, or with effect from, 1 July 2025, following which the Group entered into a number of transitional arrangements with Unilever to support business continuity during the “Transitional Period”. The Transitional Period is the period of 30 months following 1 July 2025. These arrangements included local operating model arrangements (OMAs) and a Global Transitional Services Agreement (GTSA).

The separation was executed as one single economic event yet sequenced via legal proceedings and activities on 1 July 2025, 6 October 2025, 31 October 2025, and 8 December 2025. Unilever had control over the Ice Cream business throughout this separation, and therefore the combination was done under common control. The combination was accounted for using the predecessor accounting method. Consequently, the carrying amounts as at the date of the transfers were used.

For the comparative period and for transactions up to the completion of the separation, the consolidated financial statements have been prepared as if the ice-cream business previously owned by Unilever had been part of the Group for all such periods, and as if the Group existed as a separate group.

All other accounting policies and methods of computation applied in these consolidated preliminary financial statements are consistent with those used for the year ended 31 December 2024 as disclosed in the 2024 Combined Carve‑Out Financial Statements as approved by and filed with the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, the AFM), and separately approved by the UK Financial Conduct Authority (the “FCA”), as well as included in the registration statement filed with the United States Securities and Exchange Commission (SEC).

The measurement principles of the consolidated preliminary financial statements are:

• in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union.

• presented in euros (the functional and presentation currency of the Group), and

• on a going‑concern basis

• at current exchange rates with the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated cash flow statement translated at average exchange rates for each period (or at the transaction rate when more appropriate) and the consolidated balance sheet translated at period‑end exchange rates.

No new standards or amendments issued by the IASB and effective from 1 January 2025 were applicable or material to the Group. All other new standards or amendments issued but not yet effective have not been early adopted by the Group and are not expected to have a material impact on the consolidated financial statements.

Due to rounding, amounts may not add up to totals presented. All reported data are unaudited.

(a) Net of overdrafts of €5 million in 2025 and €3 million in 2024.

There are no material post balance sheet events other than those mentioned elsewhere in this report.

The sections below provide reconciliations of the closest measures prepared in accordance with IFRS to the non-IFRS measures used by the Group. 

Constant currency 

The Group uses “constant rate” and “organic” measures primarily for internal performance analysis and targeting purposes. The Group presents certain items, percentages and movements, using constant exchange rates, which do not include the impact of fluctuations in foreign currency exchange rates. Constant currency values are calculated by translating both the current and the prior period local currency amounts using the prior year average exchange rates into euro, except for the local currency of entities that operate in hyperinflationary economies. These currencies are translated into euros using the prior year closing exchange rate before the application of IAS 29.

OSG, OVG, OPG 

OSG refers to the increase in revenue for the period, excluding any change in revenue resulting from disposals, changes in currency and price growth in excess of 26%. in hyperinflationary economies. Inflation of 26%. per year compounded over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. The impact of disposals is excluded from OSG for a period of 12 calendar months from the applicable closing date. OSG includes increases or decreases in sales of an acquired business immediately following the business combination, unless a reliable historical baseline is not available for the 12 months prior to the acquisition, in which case sales during the first 12 months of the acquisition are excluded from OSG. The Group believes this measure provides valuable additional information on the organic sales performance of the business and it is a key measure used internally. 

OVG is part of OSG and means, for the applicable period, the increase in revenue in such period calculated as the sum of: (i) the increase in revenue attributable to the volume of products sold; and (ii) the increase in revenue attributable to the composition of products sold during such period. OVG therefore excludes any impact on OSG due to changes in prices.  

OPG is part of OSG and means, for the applicable period, the increase in revenue attributable to changes in prices during the period. OPG therefore excludes the impact to OSG due to: (i) the volume of products sold; and (ii) the composition of products sold during the period. In determining changes in price, the Group excludes the impact of price growth in excess of 26%.per year in hyperinflationary economies as explained in OSG above. 

The following table presents a reconciliation of changes in the IFRS measure of revenue to OSG for FY2025 and FY2024: 

(a) Revenue growth is calculated as current year revenue minus prior year revenue divided by prior year 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 believe 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 FY2025 and FY2024.

(a) FY2025 and FY2024 comprises the charge relating to the separation and establishment. 

(b) FY2025 comprises a net release of €40 million related to the restructuring provision, which was offset by charges of €50 million related to supply chain projects and other corporate initiatives. The release was driven by a significantly higher redeployment of employees in 2025 that were due to exit at the end of 2024. FY2024 includes restructuring costs of €54 million relating to the separation, and a cost of €16 million for supply chain transformation projects. 

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 FY2025 and FY2024 as well as Revenue to Adjusted EBIT margin and Adjusted EBIDA margin. 

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: 

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 FY2025 and FY 2024:

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 FY2025 and FY2024: 

Adjusted Effective Tax Rate (Adjusted ETR) 

The 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:

(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

(c)   See Note “Adjusting items”

(d)   Net monetary loss

We explore the positive impact of Vanilla for Change (Fandriaka) in Madagascar and share five key learnings from the programme on empowering farming communities and driving sustainable change. 

1. Resilience is built through income diversification  

In the first three years of the Fandriaka programme in Madagascar, nearly 3,000 farmers were trained in improved farming techniques, leading to a 20% increase in their production. But the programme also showed that it’s essential to help smallholders move beyond single-crop dependency to build resilience to climate variability and poor harvests. To this end, Fandriaka has trained 11,700 farmers in skills such as bee keeping and poultry rearing, and in good agricultural practices including crop diversification. During a four-year period from 2020-2024 the programme saw farmers’ non-vanilla incomes increase by 48%. 

2. Financial inclusion enables farmers to better manage risk  

Community-based savings and credit groups known as Village Savings and Loan Associations (VSLAs) serve as an entry point for financial inclusion.  VSLAs enable farmers to save collectively. These funds can be used to support their primary needs such as paying for their children’s education. VSLAs can also provide access to small loans that can be used to purchase additional crops such as rice interest-free to improve their food security during a bad vanilla season. Madagascar now has almost 500 groups with 11,500 members, 75% of whom are women. This growing network strengthens women’s participation in community life and supports their access to financial training and opportunities.  

3. Financial and digital skills empower women and encourage entrepreneurship  

To extend the work done by VSLAs, the programme also worked with women farmers to equip them with digital and financial skills. As well as helping them budget to provide a buffer for households during price drops, it also offers information on how to use savings to invest in new ways to grow their business or incomes. 

 4. Linking income, environment and community wellbeing delivers more resilient and equitable outcomes 

Smallholder livelihoods improve when interventions also address environmental stewardship and wider social inclusion. Collaborating with our partners and local stakeholders we’ve supported almost 30,000 young people through youth support groups to develop their life skills and future career prospects by strengthening their numeracy, literacy, communication and rural skills. Fandriaka’s extensive training of over 11,000 farmers in Madagascar to Rainforest Alliance standards helps them to prevent deforestation and protect biodiversity. Villages have also taken part in environmental projects, with communities across the project reforesting around 157 hectares of land and protecting over 100 hectares of existing forest.  

 5. Long-term, locally rooted partnerships are key to sustained impact 

Deep partnerships are essential to designing and sustaining smallholder programmes that deliver meaningful, long-term livelihoods impact. By building on multi-year, multi-stakeholder collaborations, programme partnerships have enabled tailored, community-led interventions that go beyond compliance to deliver real change. Beyond improving livelihoods, Fandriaka has empowered 60,000 people through initiatives delivering education, healthcare and environmental resilience. Vanilla is a key ingredient for TMICC. Through Fandriaka, we are able to deliver lasting social impact while building strong partnerships that secure our vanilla supply. TMICC will continue to support this programme into the future.  

The AEX Index comprises the 30 largest and most actively traded companies listed on Euronext Amsterdam and is the main index of the Dutch stock market.

“As the global ice cream leader, headquartered in Amsterdam, The Netherlands – we are proud to be included alongside leading Dutch and international businesses as part of the AEX – Euronext Amsterdam’s premier index. As we begin life as a listed company, we look forward to engaging with investors and expanding the Ice Cream category with our exciting new innovations.” - Abhijit Bhattacharya, CFO, The Magnum Ice Cream Company

TMICC listed on Euronext Amsterdam on 8 December 2025, with secondary listings on the London Stock Exchange and the New York Stock Exchange. As the global leader in ice cream, TMICC operates a portfolio of iconic brands including the heart brand, Magnum, Cornetto and Ben & Jerry’s, with a presence in over 80 countries and a strategy focused on driving sustainable growth through innovation, productivity, and disciplined investment.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM CANADA, SWITZERLAND OR INDIA OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE UNLAWFUL.

Amsterdam, The Netherlands

8 December 2025 at 08:00 CET 

The Magnum Ice Cream Company announces admission to trading on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange

The Magnum Ice Cream Company N.V. (“TMICC”) is pleased to announce that its ordinary shares will today (Monday 8 December 2025) be admitted to:

• listing and trading on Euronext Amsterdam at 9:00 a.m. (Amsterdam time) (ticker “AMS:MICC“) (the “Amsterdam Admission”);

• listing on the Equity Shares (Commercial Companies) category of the Official List of the UK Financial Conduct Authority and to trading on the London Stock Exchange’s main market for listed securities at 8:00 a.m. (London time) (ticker “LSE:MICC“) (the “London Admission”); and

• listing and trading on the New York Stock Exchange at 9:30 a.m. (New York time) (ticker “NYSE:MICC“), (together, “Admission”).

Admission follows the publication of TMICC’s registration statement filed on Form 20-F (the “Registration Statement”) on 4 November 2025 and prospectus (the “Prospectus”) on 3 December 2025. The Registration Statement is available on the SEC’s EDGAR page at www.sec.gov and the Prospectus is available on TMICC’s website at https://corporate.magnumicecream.com/en/prospectus.html.

DTC, CREST and Euroclear Nederland accounts will be credited with interests in TMICC ordinary shares as soon as possible after 8.00 a.m. (New York time) today (Monday 8 December 2025). It is expected that TMICC shareholders with holdings in certificated form will be sent statements evidencing their interests in TMICC ordinary shares by 23 December 2025.

On Admission, TMICC’s issued and outstanding ordinary share capital will be 612,259,739 ordinary shares. The ordinary shares have a nominal value of EUR 3.50 each and carry voting rights of one vote per share. There are no ordinary shares held in treasury. Accordingly, as at 8 December 2025, there were 612,259,739 ordinary shares with voting rights.

The figure of 612,259,739 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in TMICC under the Dutch Financial Supervision Act (Wet op het financieel toezicht) and the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Peter ter Kulve, TMICC CEO, commented: “Today is a proud milestone for everyone associated with TMICC. We became the global leader in ice cream as part of the Unilever family. Now, as an independent listed company, we will be more agile, more focused, and more ambitious than ever.

We have a clear strategy to deliver growth, improve productivity and reinvest in TMICC in line with the medium-term targets we set out at our recent Capital Markets Day. With our iconic brands, world-class capabilities, expert people and the trust of millions of ice cream lovers globally, we aim to lead the frozen snacking revolution, shaping new occasions, innovating new products and fresh ways to delight people around the world, improving the service to our customers and creating value for our shareholders and wider stakeholders. Because life tastes better with ice cream.”

Further information on key dates in relation to Admission is set out at the end of this announcement ("Expected Timetable of Principal Events") and can also be found in the Prospectus.

Expected Timetable of Principal Events

The times and dates set out in the timetable below and throughout this announcement are indicative only and based on TMICC’s current expectations and may be subject to change without further notice.

Home Member State Declaration

Pursuant to applicable Dutch law, TMICC hereby declares that the Netherlands is its “home member state” for the purposes of the disclosure obligations under Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC.

03.12.2025 at 12:18 GMT - The Magnum Ice Cream Company N.V. (“TMICC”) confirms that its prospectus in relation to the admission of TMICC’s ordinary shares to: (i) listing and trading on Euronext Amsterdam (the “Amsterdam Admission”); and (ii) listing on the Equity Shares (Commercial Companies) category of the Official List of the UK Financial Conduct Authority (“FCA”) and trading on the London Stock Exchange’s main market for listed securities (the “London Admission” and together with the Amsterdam Admission, “Admission”) (the “Prospectus”), has today been approved by the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) and the FCA.

The Prospectus has been published by TMICC and is available on the TMICC website at https://corporate.magnumicecream.com/en/prospectus.html.

A copy of the Prospectus will be uploaded to the UK National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The publication of the Prospectus follows TMICC’s public filing on 4 November 2025 of its registration statement on Form 20-F (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the listing of TMICC ordinary shares for trading on the New York Stock Exchange. The Registration Statement will become effective on 4 December 2025.

Admission is proposed to take place following the planned demerger of TMICC from Unilever PLC (“Unilever”) (the “Demerger”). Subject to the satisfaction of certain conditions, the Demerger is expected to complete on 6 December 2025. Admission and the commencement of dealings in TMICC’s ordinary shares are anticipated to take place on 8 December 2025. Further information on the key dates in relation to Admission is set out below and can also be found in the Prospectus.

Expected Timetable of Principal Events

The times and dates set out in the timetable below and throughout this announcement are indicative only and based on TMICC’s current expectations and may be subject to change without further notice.

(1) The latest recommended time for shareholders to transfer their Unilever shares into the CREST settlement system in order for those transfers to be registered by 6:00 p.m. (London time) on 5 December 2025 and the shareholders to therefore hold Unilever shares in CREST as at the Demerger Record Time and to receive TMICC ordinary shares in CREST is expected to be 3:00 p.m. (London time) on 5 December 2025.

The latest recommended time for shareholders to transfer their Unilever shares into the Euroclear Nederland settlement system in order for those transfers to be registered by 6:00 p.m. (London time) on 5 December 2025 and the shareholders to therefore hold Unilever shares in Euroclear Nederland as at the Demerger Record Time and to receive TMICC ordinary shares in Euroclear Nederland is expected to be 5:00 p.m. (Amsterdam time) on 5 December 2025.

Commenting on the successful issuance, Abhijit Bhattacharya, CFO, The Magnum Ice Cream Company noted “Issuing our inaugural public bond is an important milestone for The Magnum Ice Cream Company as we embark on our journey as a standalone ice cream company. The level of interest shown by the market was fantastic, with the order book being oversubscribed by over seven times. This clearly indicates that our strategy and story as the world’s leading ice cream company resonates with investors.”

The debut issuance was completed under the newly established €8 billion Euro Medium Term Note programme of Magnum ICC Finance B.V. guaranteed by The Magnum Ice Cream Company B.V. and The Magnum Ice Cream Company HoldCo Netherlands B.V. (the “EMTN Programme”). The issuance comprises (i) €750 million 2.750 per cent. fixed rate senior unsecured notes due February 2029; (ii) €750 million 3.250 per cent. fixed rate senior unsecured notes due November 2031; (iii) €750 million 3.750 per cent. fixed rate senior unsecured notes due November 2034; and (iv) €750 million 4.000 per cent. fixed rate senior unsecured notes due November 2037 (together, the “Notes”).

The net proceeds of the issue of the Notes will be used for the general corporate purposes of the TMICC Group including to facilitate the demerger of the TMICC Group from the Unilever Group.

The Notes have been rated “BBB” by S&P and “Baa2” by Moody’s and application has been made to the London Stock Exchange for the Notes to be admitted to trading on the London Stock Exchange’s International Securities Market with effect on or around 26^th November 2025.

Pricing Supplements in connection with the Notes dated 24^th November 2025 and the Base Admission Particulars dated 13^th November 2025 in connection with the EMTN Programme are available on the IR section of the company website.

 This upgrade will significantly increase production capacity, modernise infrastructure and enhance operational efficiency at the Gloucester site – home to the UK production of iconic ice cream products including Viennetta, Twister, Solero and Magnum. The upgrade includes a complete rebuild of the factory’s mix plant, installation of advanced blending systems and the commission of new high-speed production lines for classic products such as Twister and Solero – Contributing to a targeted 50% increase in output by 2027 (versus 2023 baseline).  

Gloucester – The home of British Ice Cream 

Founded in 1959, the Gloucester site is the second largest ice cream factory in Europe (behind Heppenheim, Germany) and currently produces over 600 million ice creams every year, with over 80% of this serving the UK ice cream market. Every week, Gloucester produces nearly 3 million Calippos and 2 million Viennettas, in addition to 1 million Ben & Jerry’s tubs. Never shy of a challenge, the site team holds the record for the world’s longest Viennetta, measuring an incredible 22.7 metres made during a community challenge in 2007. 

 A proud part of the local community, today, the Gloucester site directly employs nearly 500 people and supports hundreds more through local contractor and suppliers’ programmes. The investment will also support upskilling programmes for engineering and operations teams, reinforcing the company’s commitment to local employment and skills development. 

Peter ter Kulve, CEO, The Magnum Ice Cream Company "This £50m investment in our Gloucester facility is a key milestone in our global supply chain transformation programme and a bold step forward for our business. Our investment is a clear signal of our long-term commitment to the UK and will not only boost productivity and support growth but also ensure the site remains a centre of excellence for innovation, quality and sustainability as we enter our next chapter."  

 Jamie Farrell, Head of Country UK&I, The Magnum Ice Cream Company "As we prepare to launch the Magnum Ice Cream Company as a standalone business, this investment reflects our ambition to grow, innovate and continue delighting consumers in the UK and beyond through our much-loved brands. Gloucester will play a central role in that journey and we are proud to be investing in its future. The investment in new state-of-the-art lines for family favourites like Twister and Solero, along with sustainability upgrades including a 5% energy efficiency gain and a 20% reduction in food waste, demonstrates our renewed commitment to innovation and responsible growth." 

 Jason Stockwood, Minister of State for UK Investment "Today's announcement will not only modernise and significantly increase production at a key manufacturing facility here in Gloucester – but secure the future of the site for decades to come – showcasing Magnum's commitment to the UK and securing it as a top investment destination. Our modern Industrial Strategy is supporting the manufacturing sector by providing businesses the stability they need to invest not just for the next year, but for the next 10 years and beyond." 

Investing in the future of ice cream 

Supply chain transformation, productivity optimisation and a digital-first approach are core drivers of TMICC’s standalone growth strategy. With cutting-edge equipment and processes, this factory is set to drive a step-change in manufacturing productivity – improving capacity utilisation, delivering better service and lowering costs. These innovations will also enable TMICC to action its sustainability strategy, positioning Gloucester at the forefront of its commitment to responsible operation. The Gloucester site investment is a key milestone in TMICC’s journey to continue meeting rapidly evolving consumer tastes and turning more everyday moments into lasting memories. 

Enquiries 

Media Relations

media.relations-tmicc@magnumicecream.com

Investor Relations

investor.relations-tmicc@magnumicecream.com 

Notes to editors 

• For more information on the TMICC Supply Chain - download fact sheet
• UK enquiries: benedict.surtees@magnumicecream.com  Angela.Seddon@magnumicecream.com

In addition to the New York Admission, TMICC is seeking admission of its shares to: (i) listing and trading on Euronext Amsterdam; and (ii) listing on the Equity Shares (Commercial Companies) category of the Official List of the UK Financial Conduct Authority and trading on the London Stock Exchange’s main market for listed securities. Admission of TMICC’s shares to all three exchanges is proposed to take place following the demerger of TMICC from Unilever PLC (the “Demerger”). 

The Demerger is currently expected to complete on 6 December 2025, with admission and the commencement of dealings in TMICC’s shares anticipated to take place on 8 December 2025. View the full Unilever demerger timeline here. 

If any of the expected dates change, the revised dates will be notified by Unilever via an announcement through a Regulatory Information Service and on Unilever’s website.

Related links
TMICC 20F filing
Unilever Demerger timeline 

TMICC will be governed by a one-tier Board structure, comprising both Executive and Non-Executive Directors. The new Board brings together global leadership, deep industry expertise and a shared passion for creating extraordinary ice cream experiences that bring joy to people around the world. 

As previously announced:

• Jean-François van Boxmeer will serve as Chair of The Magnum Ice Cream Company Board, bringing broad international experience from senior executive and non-executive roles at Vodafone, Heineken, Henkel and the European Round Table for Industry. He will also chair the Nomination & Governance Committee.
• Peter ter Kulve is the Chief Executive Officer (CEO) and will be an Executive Director of The Magnum Ice Cream Company, having originally joined Unilever Ice Cream in 1988 and having held various senior management roles within Unilever across Asia and Europe.
• Abhijit Bhattacharya is the Chief Financial Officer (CFO) and will be an Executive Director of The Magnum Ice Cream Company. Before joining Unilever Ice Cream in 2024, he had a career spanning 38 years at Koninklijke Philips, including time as Group CFO, CFO Healthcare and Head of Investor Relations.

Working alongside these three leaders, the company will have a strong and diverse Board, including seven Non-Executive Directors:

• Stacey Cartwright is the Chair of Savills plc and a Non-Executive Director of AerCap Holdings N.V. and Gymshark. She is a qualified chartered accountant and brings deep expertise in the global retail industry, including time as EVP and CFO at Burberry plc and Deputy Chair and CEO at Harvey Nichols Group. Stacey will be the Senior Independent Director (SID) and Vice-Chair of the TMICC Board and will be a member of the Audit & Risk Committee and the Nomination & Governance Committee.
• René Hooft Graafland is the Chair of Lucas Bols N.V and a member of the Chinko Conservation Area Board having previously served on the Supervisory Boards of Koninklijke Ahold Delhaize NV, FrieslandCampina NV, Wolters Kluwer NV. He brings extensive international financial leadership experience including 13 years as CFO Heineken N.V. Rene will Chair the Audit & Risk Committee and will be a member of the Nomination & Governance Committee.
• Melissa Bethell is a Non-Executive Director of Diageo plc, Exor NV and Tesco plc (where she Chairs the Remuneration Committee) and a Senior Advisor to Atairos (a private investment fund). She brings a wealth of experience across retail, finance, telco industries including 18 years at Bain Capital. Melissa will Chair the Remuneration Committee and will be a member of the Audit & Risk Committee.
• Stefan Bomhard is the Chief Executive Officer of Imperial Brands plc and a Non-Executive Director of Compass Group plc. He brings diverse executive experience gained at leading FMCG companies such as Burger King, Mondelez, Unilever, Bacardi-Martini and Procter & Gamble. Stefan will be a member of the Audit & Risk Committee and the Remuneration Committee.
• Anja Mutsaers is an experienced Supervisory Board member and frequent lecturer on leadership and law. In 2010, Anja was appointed De Brauw Blackstone Westbroek’s first female Corporate/M&A partner, where she specialised in Mergers & Acquisitions, Corporate Governance and Commercial Contracts, serving in that role until early 2025. Anja will be a member of the Remuneration Committee and the Nomination & Governance Committee.
• Reginaldo Ecclissato is the president of 1 Unilever Markets with responsibility for all 1 Unilever Markets globally, serving consumers with a sharp portfolio of power brands that is drawn from across Unilever Business Groups. Since joining Unilever in 1991, he has worked across multiple markets and categories including time as EVP Mexico and North Latin America overseeing 11 markets and 12 product categories and Chief Business Operations and Supply Chain Officer. Reginaldo will be a member of the Nomination & Governance Committee.
• Josh Frank is a Non-Executive Director of Janus Henderson Group plc and a partner at Trian Fund Management, L.P. since 2011. He previously served as a director of Sysco Corporation from 2015 to 2021. Josh's appointment will take effect on or before 1 March 2026, when he will also become a member of the Remuneration Committee.

Biographies and committee memberships can be found on the TMICC website.

Jean-François van Boxmeer, Chair of The Magnum Ice Cream Company, commented: 'It will be a privilege to serve as Chair as The Magnum Ice Cream Company enters an exciting new chapter. With the support of a talented and diverse Board of Directors, alongside our dedicated team and global partners, I look forward to shaping our long-term vision, building on our legacy and defining the future of ice cream together.'

Peter ter Kulve, CEO of The Magnum Ice Cream Company, added: 'I began my career in ice cream almost 30 years ago and it has always been the category that excites me the most in FMCG. The opportunity to take a business that is already #1 in the sector and establish it as a pure-play independent company and deliver on its growth potential is a unique privilege. I am proud to serve alongside such a talented and diverse group of leaders and team members around the world. TMICC will be more agile, customer-centric and ambitious than ever before. By driving sustainable growth, innovation and performance, we will do what we do best, bring moments of indulgence and delight to more people globally every day.'

The upgraded Minto ice cream facility marks a significant milestone for the company and the local Campbelltown community. It will support innovation and growth, strengthening Australia’s food manufacturing sector and boosting productivity at the site, as part of the company's global supply chain transformation program.

The transformation includes new automation and advanced manufacturing technology which is already improving overall production output, safety and operational efficiency. The factory’s support office has also been completely refurbished, with state-of-the-art amenities and a design inspired by classic Streets ice cream parlours. 

The Minto facility has been producing ice creams Australians know and love for over 20 years. Today, it makes nearly three million ice cream servings every day, responsible for approximately 63% of all ice creams sold by The Magnum Ice Cream Company across Australia and New Zealand each year.

Reflecting on the role the investments have had in helping the team achieve record results, Waqas Zaheer, Head of Manufacturing ANZ at The Magnum Ice Cream Company, said 'This is a proud moment for everyone here in Minto. We’ve worked hard to streamline this site which is now recognised as a top performer in our category for supply chain and customer service. In the past two and a half years we have doubled the factories efficiency while also maintaining zero waste to landfill and reducing overall waste by around 72 per cent since 2022.' 

Scott Mingl, General Manager ANZ at The Magnum Ice Cream Company, said the investment reflects the company’s long-term commitment to local manufacturing and innovation. 'This is a major step forward for our business. We’re proud to be backed by a local factory, a passionate R&D team and an agile end-to-end supply chain. This investment positions us to disrupt the ice cream market and deliver new innovations at speed. Our focus is to grow the business to become the best ice cream company in Australia and New Zealand and a key manufacturer of ice creams loved across the country.'

The Magnum Ice Cream Company employs more than 400 people across the Minto factory, office and broader operations. More than half of raw materials used in the factory are locally sourced.

In 2024, The Magnum Ice Cream Company launched ten new ice creams into the Australian market, made possible by the team of ice cream wizards and local production capability in Minto. This year, the business continues to be a leader of ice cream innovation and at the forefront of emerging consumer trends with new releases such as Magnum Boysenberry and Golden Gaytime Lamington. 

The $35 million investment signals a strong future for the Minto facility and for Australian food manufacturing, with the goal of spreading joy across Australia through delicious and iconic ice creams.

Amsterdam, 9th September 2025 - The Magnum Ice Cream Company (TMICC), the largest ice cream company in the world, will today host its first Capital Markets Day (CMD) for investors and analysts in London. During this event, TMICC management will present its business, strategy and financial framework ahead of the planned demerger from Unilever PLC (Unilever) and standalone listing, both of which are expected to complete by mid-November. Following the demerger, shares of TMICC will start trading in Amsterdam, London and New York².

Jean-François van Boxmeer, Chair Designate, TMICC: 'This CMD marks an important step in the demerger process from Unilever. Since taking the role of Chair Designate earlier this year, I have been inspired by the expertise and commitment of the executive team and the wider group of employees the world over. As the clear global leader in a growing category, The Magnum Ice Cream Company has the scale, the expertise and, most importantly, the strategy to drive an already outstanding business towards further success for all stakeholders.'

Peter ter Kulve, Chief Executive Officer & Executive Director, TMICC: 'We are proud to share our strategy for The Magnum Ice Cream Company with the financial markets during our first CMD. Our global portfolio of iconic market-leading brands, world class distribution network and track record of industry-leading innovation, together with our passionate and expert people, position us perfectly to deliver unforgettable moments for the customers who love our products and value for our shareholders. Together, we will build on our heritage, drive sustainable growth and bring the joy of ice cream to even more people around the world.'

The full CMD presentation is available on the TMICC demerger section of the Unilever Investor Relations website ahead of the CMD, which can be followed online from 12:30BST today. A summary of the equity story and key financial highlights are provided below.

TMICC: A global leader in a large, growing and resilient market

TMICC will become the only pure-play listed company in ice cream. The global ice cream market is estimated at €75bn and is part of the €470bn global snacking market. The ice cream market has grown consistently at a CAGR of 3-4% per year on average over the past ten years, with attractive returns.

Largest ice cream company in the world

TMICC is the global market leader in the ice cream category with 160 years of expertise and heritage. In 2024, the company generated €7.9bn in revenue and €1.3bn of Adjusted EBITDA. TMICC owns 4 of the 5 biggest ice cream brands worldwide, operates a market-leading ~3 million freezer cabinets and has a global retail market share of approximately 21%.

TMICC has consistently led innovation in the ice cream category. TMICC’s brands have influenced when and how ice cream is consumed around the world today. TMICC’s innovation track-record started early in its history, with the introduction of the Popsicle brand as the first frozen, flavoured ice pop on a stick. In the 1980s and 1990s, Ben & Jerry’s drove growth in the market for premium ice cream offered in pint-sized and smaller containers, which have subsequently become a staple in supermarkets worldwide. The introduction of the Magnum brand launched an icon of indulgence, which continues to shape the market with new formats and occasions.

Portfolio well-positioned for growth

TMICC offers an extensive range of ice cream products across all channels, price points, snacking occasions and demand moments, with tastes and product formats tailored to regional consumer preferences. It has a balanced footprint across regions with a good mix of global power brands such as Magnum, Ben & Jerry’s, Cornetto and the Heart-brand, plus local heroes including Breyers, Klondike and Popsicle.

Clear strategy to deliver growth and improve productivity  

Growth: TMICC has a clear strategy to accelerate organic growth and improve productivity. The company expects to accelerate its organic sales growth through:

·        Growing the number of ice cream occasions with market-making innovations

·        Competitive TMICC pricing strategy across all snacking price points

·        International roll-out of premium brands

·        Dynamic, digital-led demand creation

·        Expansion of availability across channels

Productivity: The company has a productivity program which is expected to deliver cumulative gross savings of €500m in the medium term, fuelling growth and margin expansion, driven by:

·        Supply chain transformation: End-to-end network optimisation, driving a step-change in manufacturing productivity and increasing procurement efficiency, expected to deliver €350-380m in savings

·        Overheads reduction: Lower overheads expense as a standalone company than operating as a division through a de-layered front-line focused organisation with lean headquarters and end-to-end P&L accountability in markets is expected to result in €70-100m in savings

·        Tech-enabled productivity: An efficient and fit for purpose tech infrastructure, scaling and leveraging Global Business Solutions, expected to achieve €30-50m in savings

The program is well on track and the company has already delivered savings of €150m over the last 18 months.

Reinvestment: TMICC plans to step-up capex to drive growth and productivity, as well as enable re-investment in advertising and promotion to fuel sustainable growth. As such, it expects capex as a % of sales to increase to ~5% of revenues in the medium-term before stabilising between 4-5% over the long-term.

Balanced capital allocation policy

TMICC’s balanced capital allocation policy is focused on delivering organic growth, productivity and cash.  

The company has a stable dividend policy, with a pay-out ratio of 40-60% of net income after adjusting items, with the first dividend to be paid in 2027 for FY 2026³.

TMICC is expected to have an initial net debt / Adjusted EBITDA ratio of 2.4x⁴. TMICC plans a medium-term net debt / Adjusted EBITDA leverage ratio of 2.0 to 2.5x, while maintaining a solid investment-grade credit rating.

Summary of medium-term financial outlook:

·        Average annual Organic Sales Growth of 3-5% in the medium-term⁵ from 2026

·        Average annual Adjusted EBITDA margin improvement 40-60bps in the medium-term⁵ from 2026

·        Free Cash Flow of €0.8bn - €1bn in 2028 and 2029

Focused sustainability strategy

TMICC has a focused sustainability strategy that enables growth, strengthens resilience and delivers meaningful business impact and value. The strategy is anchored in a 2050 net zero ambition, advancing resilient supply chains to future-proof the supply of key commodities, responsible sourcing and packaging and driving innovation, product safety and wellbeing.

Revamped front-line first organization with a winning culture and incentives aligned to the medium-term plan

The 13 executive committee members of TMICC bring more than 325 years of experience, including more than 60 years specifically in the Ice Cream business.

TMICC has established a front-line first organisation to drive accountability and profitable growth in markets, with individual markets having P&L and cash accountability and responsibility for end-to-end success in their respective markets. Incentives are aligned to delivery of the medium-term plan as well as share appreciation.

Demerger process

The Magnum Ice Cream Company is already operating as a standalone company within the Unilever group from 1^st July 2025. The demerger of TMICC from Unilever to become a separate, listed company is on track to be completed in mid-November 2025.

Upon demerger, Unilever will retain a <20% stake in TMICC, subject to regulatory approvals, for a period of up to five years. Over time, the retained stake will be sold down by Unilever in an orderly and considered manner to pay its separation costs and for it to maintain capital flexibility through a reduction in net debt. The retained stake demonstrates Unilever’s support and belief in TMICC.

Applications will be made for ordinary shares in TMICC to be listed in Amsterdam, London and New York, on the same three exchanges on which Unilever’s ordinary shares and American Depositary Shares are currently traded. TMICC is incorporated and headquartered in the Netherlands.

Notes to editors:

- Webcast agenda (all times BST):

^{2 Subject to regulatory approvals.}

^{3 Subject to approval by the TMICC Board.} 

^{4 Net leverage includes dedicated acquisition financing facility for the acquisition of Kwality Walls India Limited, expected to complete in H1 2026.} 

^{5 Organic sales growth and Adjusted EBITDA margin improvement plan does not apply to any individual year, but is an average over the medium-term.}

The transition of the partnership to The Magnum Ice Cream Company, underscores the importance of societal connection and cultural heritage for the world’s leading ice cream company which recently opened its new global head office in Amsterdam ahead of a planned listing on the Amsterdam Stock Exchange, which is called Euronext, later this year.

The Magnum Ice Cream Company and the Royal Concertgebouw Orchestra share a rich history with a strong international character and common mission: creating extraordinary moments. While the orchestra does so through music and global performances, The Magnum Ice Cream Company seeks to turn ordinary everyday moments into lasting memories. Their partnership reflects the creativity, ambition, and international appeal of both organisations.

“As a leading global ice cream company with a strong presence in over 80 countries, we believe in the power of unique experiences that bring people together, just like music does,” commented Peter ter Kulve, CEO of The Magnum Ice Cream Company. “The International allure, nurturing of young talent, creation of meaningful moments, and a drive for innovation are all values we both share. We are proud to join the Royal Concertgebouw Orchestra as a new global partner and thank Unilever for creating a strong foundation over the past 14 years.”

 “We are delighted that The Magnum Ice Cream Company is joining us as a global partner. This collaboration not only marks a new chapter in a valuable partnership, but also reflects our shared ambition to inspire people around the world with extraordinary experiences. With mutual enthusiasm, we aim to showcase creative ideas that strengthen our brands and bring people together.” Dominik Winterling, Managing Director Royal Concertgebouw Orchestra.

The partnership will become visible to the public starting August 18, 2025, when the Concertgebouw Orchestra launches a new brand campaign. From that moment on, The Magnum Ice Cream Company’s logo will replace the Unilever logo across all of the orchestra’s communications with the official kick-off planned for the festive open-air Opening Night on September 12, 2025 at the Sloterpark in Amsterdam.

Abhijit Bhattacharya is appointed Chief Financial Officer, The Magnum Ice Cream Company, having previously served as CFO for Unilever Ice Cream since 2024. Prior to joining Unilever, Abhijit had a career spanning 38 years at Koninklijke Philips N.V serving in a range of senior leadership positions in Finance and Operations across Europe, Asia and the US including Chief Financial Officer and Member of the Board of Management and Executive Committee, Head of Investor Relations and Chief Financial Officer Philips Healthcare. He led the carve out of several large businesses during his tenure in Philips.

As previously announced, Jean-François van Boxmeer, will oversee the management of the company as Chair Designate, based in Amsterdam, The Netherlands. Jean-François brings a wealth of experience both as a nonexecutive director and as an executive director. He is currently the Chair of Vodafone Group Plc, a NonExecutive Director on the Board of Heineken Holding N.V, a member of the Shareholders’ Committee of Henkel AG & Co. KGaA and the Chair of the European Roundtable for Industry. Earlier in his career Jean-François spent 36 years at Heineken N.V., a global brewing company, serving in a variety of management positions, including Chief Executive for 15 years.

Chair Designate Jean-François van Boxmeer is in the process of appointing non-executive directors to The Magnum Ice Cream Company Board, the composition of which will be announced during Q3 2025. More information on The Magnum Ice Cream Company will be presented at the upcoming TMICC Capital Markets Day scheduled for 9th September in London, UK. 

The Magnum Ice Cream Company has announced the appointment of Jochanan Senf as the global CEO of Ben & Jerry’s, effective mid-July.

An Ice Cream veteran, Jochanan’s career has been deeply entwined with Ben & Jerry’s, having spent seven years with the Ben & Jerry’s business, including as Managing Director Europe. This experience allowed him to learn first-hand the importance and power of Ben & Jerry’s unique three-part mission – product, economic and social – and how this is instrumental to the success of the business and its impact on communities.

Jochanan deepened his ice cream expertise during his time as Vice President Refreshments Indonesia, where he was responsible for driving in-country performance across categories including ice cream, underpinned by his strong commercial acumen.

A seasoned general manager, Jochanan rejoins the ice cream business from his current role with Unilever’s Foods Business Group, where since 2022 he has been General Manager Foods for the DACH region with end-to-end responsibility for business performance, as well as Vice President for the Cooking Aids business across the whole of Europe.

Today, The Magnum Ice Cream Company announced its new brand identity in March 2025, building on the legacy of Unilever’s iconic ice cream portfolio, which is recognised globally.

As the world's largest Ice Cream company, The Magnum Ice Cream Company leads the industry with an €8.3 billion business, 19,000 expert Ice Cream employees and iconic brands, loved in 76 countries. When Thomas Wall declared 'We take pleasure seriously', in 1922, he set a standard that has defined the Ice Cream business for generations. Now, The Magnum Ice Cream Company continues to build on that promise, crafting extraordinary experiences that turn ordinary moments into lasting memories.

The name was 'unwrapped' in a special ceremony hosted by Jean-François van Boxmeer, Chairman-designate of the Ice Cream business, and Peter ter Kulve, President of the Ice Cream business, at the new company's new global headquarters in the city centre of Amsterdam.

“Our new company name clearly shows that turning ordinary moments into lasting memories is at the heart of what we do. The Magnum Ice Cream Company has an iconic and globally-recognised portfolio of brands including Magnum, Wall’s, Ben & Jerry’s and Cornetto. Magnum is an extremely successful and beloved brand. It will bring our full portfolio together, with our Wall’s heart icon beating right in the centre of our logo.” Peter ter Kulve, CEO, The Magnum Ice Cream Company

The separation of Unilever's Ice Cream business is on track to complete by the end of 2025.