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Magnum Ice Cream tops earnings forecast as cost cuts kick in

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July 30, 2026 2:33 AM EDT

An employee works on the Twister ice cream production line at Unilever Wall's factory in Gloucester, Britain, November 21, 2025. REUTERS/Isabel Infantes

July 30 (Reuters) - 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% 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 Cornetto ⁠cones and Ben & Jerry's 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.

Cost reductions in Magnum's supply chain and corporate functions drove ​earnings growth in the first half of ‌2026, it said. Its productivity programme, aimed at saving €500 million ($573 million) a year in the medium term, delivered €90 million in ⁠savings between January and June.

Magnum saw growth in both sales and market share in every region, as its organic sales grew 4.7% in the first half, well above ⁠the 3.4% expected by analysts polled by the company.

"This beat was driven by both higher ​volumes as well as by better-than-expected pricing and mix," Berenberg analysts wrote in a note. However, they called into question Magnum's guidance reiteration after "such a strong" first half.

Magnum shares, ‌which have gained nearly 25% since their December listing, were flat at 0842 GMT.

Jefferies also said the company's decision not ‌to raise guidance suggested "limited visibility beyond the summer period".

Magnum's adjusted half-year earnings before interest, ⁠taxes, depreciation and amortisation grew ‌3.2% organically to €880 million, ​beating a consensus of €843 million provided by the company.

($1 = 0.8725 euros)

(Reporting by Dimitri Rhodes in Gdansk, editing by Milla Nissi-Prussak and ‌Matt Scuffham)


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