The Magnum Ice Cream Company: Off the call (2Q26)

Research evidence excerpt

The Magnum Ice Cream Company: Off the call (2Q26)

the US and Mexico. Yasso and Popsicle +DD, while Ben

& Jerry's outperformed the market (strong Q2). Innovations revitalising the portfolio,

supported by strategic partnerships with Hershey's and Disney. Adj. EBIT margin

+140bps due to carryover pricing and cost savings offsetting increased distro. costs.

US: Seeing structural changes to the ice cream market. Historically, vanilla ice cream

used in pies and floats (that is declining). Handheld ice cream seeing very strong growth.

Grew +3.6% in the US in Q2, driven by handheld, significant mix benefit.

Channels: Had pulled out of club and value under ULVR, so now MICC rebuilding

distribution, with some accounts back to historic levels. In Club, doing decently in Sam's,

would like a broader portfolio in Costco. Should improve over the coming years.

Brazil: Flattish to slightly down in Q2. Renewed team in Brazil, making structural

changes to be ready for the next peak season. Turnaround taking a bit longer than

expected.

Europe & ANZ: Summer season off to a good start. Italy - executing turnaround,

making progress with sales and share stabilising. Share gains in key markets, with

growth driven by volumes. FR grew +DD, UK +MSD. Magnum +HSD and Ben & Jerry's

+MSD, innovations making up 6 of the top 10 innovations in Europe. Improved

availability and on-shelf execution, supported by new listings. Strong gross margin

delivery led to adj. EBIT margin +50bps despite India headwind.

Europe pricing: Volume-led business, so focused on getting pricing right. Last year saw

volume growth, even in chocolate.

Emerging market margins: India profitability will improve over time, but focus right

now is investing behind the business.

First Read: The Magnum Ice Cream Company 30 July 2026 ab 2