Half Year 2026 Magnum Ice Cream Company NV Earnings Call Transcript
Key Points
- The Magnum Ice Cream Co NV (MICC) delivered solid organic sales growth of 4.7% in H1 2026, balanced between volume (2.5%) and price (2.2%), outperforming the global ice cream category.
- The company achieved EUR90 million in productivity savings during the first half, contributing to underlying margin improvement and providing fuel for growth.
- Innovation was a key driver, with successful launches like Magnum's Signature La Pistache and Ben & Jerry's stick and sandwich formats gaining strong market traction and consumer adoption.
- All three regions contributed to growth, with Europe and ANZ up 4.1%, Americas up 3.2%, and EMEA up 7.6%, and market share gains were reported in all regions including the US.
- The company reaffirmed its full-year outlook for organic sales growth of 3% to 5% and adjusted EBITDA margin improvement, supported by a strong start to the key summer selling season.
- Adjusted EBITDA margin declined to 18.7% from 19% in H1 2025, impacted by 70 basis points from transition service agreements (TSAs) and 30 basis points from the acquisition in India.
- The Americas region saw only 3.2% organic sales growth, with Brazil remaining in decline and volumes in the US flat in Q2 due to structural market shifts away from traditional vanilla ice cream.
- EMEA's adjusted EBIT margin fell by 190 basis points due to significant external headwinds, including material cost inflation and interim measures imposed by the Turkish Competition Authority (TCA).
- China experienced muted growth in Q2 due to unfavorable weather in May and June, which weighed on overall performance in the region.
- The company faces ongoing challenges in certain markets like Italy and Brazil, where sales and share are stabilizing but have not yet returned to growth, requiring structural changes that take time to show results.
Good morning and welcome to the Magnum Ice Cream Company webcast for first-half 2026 results. My name is Rezia, and I will be your operator for today's call. Before we begin, please note that today's presentation is being recorded. (Operator Instructions)
With that, I'm pleased to turn the call over to Lloyd Midwinter, Head of Investor Relations. Lloyd, please go ahead.
Hello, and welcome to the webcast for the H1 2026 results of the Magnum Ice Green Company. My name is Lloyd Midwinter, Head of Investor Relations. And I'm here with our CEO, Peter ter Kulve; and our CFO, Abhijit Bhattacharya. Our press release and this presentation are published on our Investor Relations website, where a replay and transcript to this webcast will also be made available.
Before we start, I would like to draw your attention to the cautionary statement regarding forward-looking statements and assumptions. This applies to the presentation and webcast, including the Q&A session.
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