MICC · The Magnum Ice Cream Company N.V.

The Magnum Ice Cream Company N.V. delivered a solid Q1 2026 with €1.770 billion in revenue, reflecting 4.5% organic sales growth driven by 2.9% volume increases and 1.6% price realization across all regions, despite a 1.2% reported decline from adverse 5.5% foreign exchange effects, primarily Euro strengthening. Europe & ANZ led with 4.0% OSG on 4.3% volumes, Americas achieved 2.6% OSG via pricing amid flat volumes and US dollar weakness, while AMEA posted strongest 7.9% OSG with robust volume and price contributions in Türkiye, Pakistan, and China. Brand performances were encouraging, with Magnum achieving mid-single-digit OSG via Pistachio/Peach launches and BonBons rollout, Heartbrand high single-digit growth from Twister Freeze and regional innovations, Cornetto low single-digit OSG, and Ben & Jerry’s flat after prior-year strength. CEO Peter Ter Kulve highlighted portfolio breadth, 'Frontline First' execution across At-Home, Away-from-Home, and Digital channels with double-digit digital growth, and innovation driving category expansion. Productivity initiatives progressed with supply chain savings and organizational simplification, offsetting expected energy and input cost rises. Acquisitions of India and Portugal closed timely post-quarter, with minimal Q1 impact and full consolidation from Q2; TSA exits on schedule for 2027 completion. Amid Middle East uncertainties with limited exposure, management reaffirmed FY 2026 guidance of 3-5% OSG and 40-60bps Adjusted EBITDA margin expansion on comparable basis, with H2 weighting from TSA phasing and cocoa benefits, underscoring strategic execution confidence.