Magnum Ice Cream reported half-year core earnings above market expectations on Thursday, driven by cost cuts following its December spin-off from Unilever, and said trading remained strong at the start of the key summer season.
Sales of Ben & Jerry's grew 9.2 per cent in the second quarter of 2026, outperforming the broader market in North America and gaining market share, Magnum said.
“Our key summer selling season got off to a strong start,” CEO Peter ter Kulve said in a press release. “We grew and gained share in all regions, including the U.S., our biggest market.”
Magnum's Amsterdam listing has been seen as a test of its ability to boost sales of its Cornetto cones and Ben & Jerry's ice creams at a time when GLP-1 weight-loss drugs reshape consumer tastes and as the Trump administration promotes a “Make America Healthy Again” campaign in the United States.
The group cited supply-chain and corporate-transformation cost reductions as drivers of first-half earnings growth.
Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to €880 million (£754m) from €853m a year ago. That beat analysts' consensus of €843m provided by the company.
The world's largest ice cream business posted first-half revenue of €4.69 billion, up from €4.50bn a year earlier, with organic sales growth (OSG) of 4.7 per cent, driven by a 2.5 per cent increase in volumes and 2.2 per cent price growth across all regions. Second-quarter revenue rose to €2.92bn, with organic sales growth of 4.9 per cent.
All four of the company's flagship brands – Magnum, Ben & Jerry's, Cornetto and the Heartbrand – delivered growth during the period.
Ben & Jerry's recorded mid-single-digit growth, with second-quarter sales accelerating by 9.2 per cent, supported by new stick and sandwich formats. Magnum benefited from innovations including Signature La Pistache and La Pêche, while Yasso, its high-protein, low-calorie brand, continued to deliver double-digit growth following its expansion into pint formats.
Across regions, Europe & ANZ delivered 4.1 per cent organic sales growth, with France posting double-digit growth and the UK recording mid-single-digit growth. The Americas grew 3.2 per cent, gaining market share in both the US and Mexico, while AMEA recorded 7.6 per cent organic growth, led by double-digit performances in Türkiye, Pakistan and India.
The company also highlighted progress in its transformation following its separation from Unilever, completing acquisitions of the India and Portugal businesses during the first half and delivering €90m of productivity savings as part of its medium-term €500m efficiency programme.
Magnum reaffirmed its guidance for 2026 organic sales growth of between 3 and 5 per cent and expects an adjusted EBITDA margin improvement of 40 to 60 basis points on a comparable basis, although reported margin improvement is expected to be lower due to the acquisition of the India business.