TMICC delivers solid operational performance in 2025 Sales of €7.9 billion, organic sales growth of 4.2%, and volume growth of 1.5%
Amsterdam, 12 February 2026
FY 2025 revenue of €7.9 billion (FY 2024: €7.9 billion), +4.2% organic sales growth (OSG) year-on-year, with volume growth +1.5% and price growth +2.6%. Reported revenue -0.5% due to forex
Operating Profit of €599 million (FY 2024: €764 million) reflecting planned net increase of €118 million in separation and restructuring costs in 2025 vs 2024 and forex translation effect
FY 2025 Adjusted EBITDA margin 15.9% (FY 2024: 16.9%), impacted by forex translation effect (-50bps) and previously allocated depreciation costs, which are charged as a cash cost from H2 2025 due to Transitional Service Agreements (TSAs) (-50bps)
FY 2025 Adjusted EBIT margin 11.6% (FY 2024: 12.1%), with forex translation effect (-50bps)
Productivity programme on track, with €180 million savings delivered in 2025 (FY 2024: €70 million)
Successful and significantly oversubscribed debut €3 billion bond issued, securing long-term funding
Demerger completed, with listings in Amsterdam, London and New York
Highlights
In €, percentage (unaudited)
FY 2025
FY 2024
Revenue (in € billions)
7.9
7.9
Reported revenue growth
-0.5%
4.3%
Organic Sales Growth
4.2%
2.8%
Organic Volume Growth
1.5%
1.1%
Organic Price Growth
2.6%
1.7%
Operating profit (in € millions)
599
764
Adjusted EBITDA (in € millions)
1,255
1,340
Adjusted EBIT (in € millions)
917
964
Operating profit margin (% revenue)
7.6%
9.6%
Adjusted EBITDA margin (% revenue)
15.9%
16.9%
Adjusted EBIT margin (% revenue)
11.6%
12.1%
Free Cash Flow (FCF, in € millions)
38
803
Diluted Earnings Per Share (€)
0.48
Adjusted Earnings Per Share (€)
0.93
Peter Ter Kulve, CEO: "We delivered a solid operational performance in 2025, with broad-based organic sales growth of 4.2%, outperforming the growing global ice cream market and consolidating our leading position whilst we delivered a complex company separation. I am particularly pleased with our 1.5% volume growth, reflecting the continued momentum behind our well-loved brands. Our four leading brands, Magnum, Ben & Jerry's, Cornetto and the Heartbrand, were the driving force behind our performance, with 150 new launches, including Magnum Utopia and Cornetto Max.
Every region contributed to growth, with market share gains across most key markets, including the US, our largest market. Growth was supported by improved availability and operational rigour with our front-line first model. Through disciplined execution of our productivity programme, and select pricing actions, we mitigated the impact of elevated commodity inflation and continued to grow volume. Whilst FX movements and TSA-related cash costs affected our Adjusted EBITDA margin, the fundamentals of the business are sound, giving us a strong foundation to deliver stakeholder value. I'd like to thank all my colleagues in TMICC for their hard work and commitment.
Looking ahead, we are focused on executing our growth strategy and driving the productivity programme to deliver profitable growth. In 2026, we expect 3% to 5% organic sales growth along with underlying margin improvement."
TMICC Group performance review
In 2025, Group revenue was €7.9 billion (FY 2024: €7.9 billion). Organic sales growth for the year was 4.2%, reflecting a healthy balance of volume growth of 1.5% and price growth 2.6%. All three regions grew market share and contributed positively to organic sales growth, with growth in Europe & ANZ of 3.3%, Americas grew 0.8%, whilst AMEA delivered a double-digit increase of 10.9%.
Reported revenue growth was broadly in line with the previous year at -0.5%, as forex translation effects had a negative impact of -4.3% in 2025. These related mainly to the strengthening of the Euro against key currencies, particularly the Turkish lira and US dollar.
Our four leading brands, Magnum, Ben & Jerry's, Cornetto, and The Heartbrand, continued to be powerful growth drivers for the Group in 2025.
Magnum delivered high single-digit organic sales growth driven by the global launch of Magnum Utopia across all regions and the further rollout of Magnum Bonbons in multiple markets including the Nordics, Spain and Poland.
Ben & Jerry's delivered over 3% organic sales growth, driven by the introduction of 25 new flavour and format combinations across pints, mini cups, sharing tubs, scooping and snackable bites.
Cornetto delivered high single-digit organic sales growth, supported by the launch of the next generation MAX cone featuring a layered texture and premium ingredients in the EU and Türkiye.
The Heartbrand delivered low single-digit organic sales growth, driven by the Asian roll out of the Chinese multi-layer sticks innovation. The successful Brazilian bites formats were rolled out to Asia and the rest of Latam.
2025 was the first year where our fully dedicated sales force significantly improved execution, driving growth across all channels. Digital commerce remained TMICC's fastest-growing channel, delivering double-digit growth with positive share gains. The At-Home channel grew mid-single digit and growth was accelerated through improved service, well-executed customer growth plans and competitive pricing. In the US, growth was led by the rebuilding of our business in the value and club channels. Increasing our freezer fleet in key markets supported mid-single digit growth in the Away-from-Home channels.
Operating profit was €599 million in 2025 (FY 2024: €764 million), mainly impacted by adjusting items related to separation and restructuring and forex translation effect.
In 2025, Adjusted EBITDA was €1,255 million (FY 2024: €1,340 million). Adjusted EBITDA margin was 15.9% (FY 2024: 16.9%), impacted by 50bps forex translation effect and a further 50bps due to a higher cash cost resulting from the TSAs in H2. While operating under Unilever as a business group, the ice cream business was allocated depreciation costs of certain shared assets which did not transfer to TMICC at separation. From H2 2025, these depreciation costs are included in the TSA charge from Unilever, reflecting the usage of those assets by TMICC. Operationally, we saw commodity and other supply chain cost inflation of 380bps during this period, which was offset through our productivity programme and select pricing actions. On a regional basis, Europe & ANZ delivered an Adjusted EBITDA margin of 13.1%, Americas delivered 14.1%, while AMEA delivered 22.9%.
Adjusted EBIT in 2025 was €917 million (FY 2024: €964 million) with Adjusted EBIT margin of 11.6% (FY 2024: 12.1%), with -50bps forex translation effect.
Free Cash Flow for FY2025 was €38 million, compared to €803 million in FY2024. This was largely due to the significant cash outflows related to the demerger, implementation of the interim operating model, interest costs on new loans, and TSAs with Unilever.
Demerger related cash outflows amounted to €564 million, comprising of acquisition and disposal related outflows of €238 million, separation related cash outflows of €146 million and interim operating model linked cash outflow of €180 million.
From 1 July 2025, the Group incurred €143 million of additional cash costs on interest and the operation of the TSA. Interest on loans from Unilever and external debt increased interest payments by €105 million versus FY 2024, when interest was incurred only in entities that operated as a standalone ice cream entity. In addition, depreciation previously allocated by Unilever was replaced by TSA cash charges, increasing cash outflows by €38 million.
The remaining €58 million year-on-year movement reflected increased capex driven by capacity and cabinet fleet expansion (€31 million), and foreign exchange translation impacts (€27 million).
Net profit in 2025 was €307 million (FY 2024: €595 million). The decrease compared to the prior year was driven by a net increase of €118 million in higher separation and restructuring costs, higher net finance costs (€104 million), higher net monetary loss from hyperinflation in Türkiye (€31 million), and FX impact on operating, slightly offset by a lower tax charge.
Full year 2026 Outlook
Looking ahead, the external environment remains uncertain. The ice cream market is resilient and has good momentum and is anticipated to grow between 3% and 4% in 2026. We expect organic sales growth for 2026 to be between 3% to 5% and expect an Adjusted EBITDA margin improvement of 40 to 60bps, on a comparable perimeter basis with 2025. The reported improvement in Adjusted EBITDA margin is expected to be 0 to 20bps, primarily due to the impact of the anticipated acquisition of the India business in H1 2026. We expect the improvements in the year to be weighted more in the second half of 2026 due to the phasing of TSAs and commodity prices.
TMICC Group strategy
As a global leader in ice cream, we grow by expanding the market and we continue to do this through our growth strategy outlined at the Capital Markets Day in September 2025:
1. Accelerating competitive growth by expanding consumption occasions with market-making innovations, winning across the full price pyramid, and ensuring broader availability across channels.
2. Unlocking productivity through a €500 million savings programme that resets our supply chain, reduces structural overhead, and embeds technology-enabled efficiency.
3. Reinvesting behind brands through increased demand creation and distribution, best-in-class digitised execution, capabilities and stronger market leadership through disruptive innovations, and increased demand creation.
2025 Group business highlights
As a standalone company, we accelerated our release of market-making innovations:
Tapping into cultural and foodie trends with the successful introduction of Magnum Dubai Chocolate in Türkiye, from idea to launch inside 6 months
Creating a bespoke red and black Amsterdam Raketje as a proud partner of Amsterdam 750 to mark the 750th anniversary of the founding of the city, home to our global HQ
Introducing market-moving format innovations with Ben & Jerry's launching 25 new flavour and format combinations across pints, mini cups, large tubs, scooping and snackable bites to address broader occasions
We strategically expanded our range and drove innovation of ‘better for you' options by:
Accelerating the roll-out of portion-control choices such as Magnum Bonbons and Ben & Jerry's Peaces
Expanding Yasso's high protein, low fat Greek yoghurt offering from sticks into pints in the US
Taking the first steps to pioneer a new adult functional refreshment category with the introduction of Hydro:ICE, a refreshing glow-in-the-dark citrus water ice with vitamins and electrolytes, in Spain and the Netherlands
Launch of Ice balls in Thailand, achieving over 200bps of market share in the first year
We are establishing a lean, empowered organisation with a frontline first culture and a team that believes in our future potential.
Productivity programme
Our productivity programme started in 2024 and is planned to deliver savings of €500 million across all regions. In 2025, our supply chain delivered €140 million savings, while overhead savings were €40 million. Combined, the productivity programme resulted in €180 million in savings in 2025, with cumulative savings at the end of 2025 of €250 million, part of which will be re-invested in future growth.
TMICC Group perimeter and TSA progress
The transfer of the ice cream business in Indonesia was completed on 8 December 2025 and the results relating to Indonesia for the full year were included in the Group financials as well as in the comparatives.
The acquisition of Portugal and India are on track for completion in H1 2026.
The separation from Unilever was successfully completed, with the demerger and listing delivered on time and within budget. All planned December 2025 TSA exits were concluded on time and we remain on course towards finalisation of the remaining TSA exits by 2027.
FY 2025 Restrictions
We became an independently listed company on 8 December 2025. Due to regulatory restrictions that were in place prior to that date, we have not provided detailed management commentary or outlook relating to FY2025.
Any public estimates, assumptions or interpretations reflected in analyst models and public consensus data may be derived from historical disclosures, public statements, or reporting made prior to the listing, including information relating to the business when it formed part of a larger group, and therefore may not fully reflect our current perimeter or reporting framework as a standalone listed entity. Going forward, we will compile and publish a company consensus on a half-year and full-year basis.
-ENDS-
Conference call and audio webcast
Peter ter Kulve, CEO, and Abhijit Bhattacharya, CFO, will host a conference for investors and analysts at 11:00 am CET today, to discuss the FY 2025 results. A live webcast of the conference call will be available on the Magnum Ice Cream Company website and can be accessed here.
Enquiries
Media Relations[email protected]
Investor Relations[email protected]
This announcement has been submitted to the FCA National Storage Mechanism and is available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
About The Magnum Ice Cream Company
We are the world's largest ice cream company, headquartered in Amsterdam, The Netherlands and listed on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange. Home to four of the world's five largest ice cream brands, with a global team of 16,500 employees, operating thirty factories, twelve R&D centres and a fleet of three million freezer cabinets, we generated €7.9 billion in revenue in 2025. From Magnum and Ben & Jerry's to Cornetto and the Heartbrand, our ice cream portfolio delights consumers in eighty markets around the world. TMICC's legal entity identifier is 25490052LLF3XH6G9847. For more information, visit www.corporate.magnumicecream.com.
Other information
Segment performance (unaudited)
EUROPE & ANZ
In €, percentage
2025
2024
Revenue (in € billions)
3.2
3.1
Reported revenue growth
2.7%
3.0%
Organic Sales Growth
3.3%
2.6%
Organic Volume Growth
1.2%
1.7%
Organic Price Growth
2.1%
0.9%
Adjusted EBITDA margin
13.1%
14.6%
Adjusted EBIT margin
9.2%
10.2%
We delivered a strong performance in Europe & ANZ, posting 3.3% OSG and market share gains for the region for the second year running. Growth was driven by particularly strong performance in the UK, France and Spain. Our performance in Italy was below par, and we are resetting the business with a clear plan in place.
In particular, Magnum, Ben & Jerry's and Cornetto performed strongly, delivering high single digit growth, supported by market-making format innovations such as the pan-European launch of Magnum Bonbons. Innovation in the premium price segment continued with the successful launch of the Cornetto Max range and Magnum Disc Cones in France. Across the broader portfolio, we introduced the new Solero XL pack and launched exciting new concepts including a Minecraft stick, demonstrating the depth of the Heartbrand portfolio. Top-line growth in the region was enabled by improved physical availability and on-shelf execution, with key wins including new discounter listings.
The Adjusted EBIT margin in the region declined operationally by 70bps and an additional 30bps from lower royalties. Operational profitability in the region was impacted primarily due to raw material price increases, mainly cocoa. In addition to these factors, previously allocated depreciation costs, which are charged as a cash cost from H2 2025 due to Transitional Service Agreements (TSAs), impacted the Adjusted EBITDA margin by 50bps.
The supply chain productivity programme delivered efficiency gains through investments in major manufacturing facilities in Heppenheim (Germany), Gloucester (UK) and Minto (Australia). We have strengthened demand forecasting and seasonal planning in the region, using advanced weather forecasting models which are integrated into our planning systems.
AMERICAS
In €, percentage
2025
2024
Revenue (in € billions)
2.8
2.9
Reported revenue growth
-4.5%
5.0%
Organic Sales Growth
0.8%
2.0%
Organic Volume Growth
0.0%
2.1%
Organic Price Growth
0.8%
-0.1%
Adjusted. EBITDA margin
14.1%
14.7%
Adjusted EBIT margin
10.4%
10.3%
The Americas delivered 0.8% OSG, despite weak overall market growth in key countries. We gained share in the US for the second consecutive year. In Mexico we gained share in a slower overall market. Performance in Brazil was weak, and we have reset teams and strategy.
Reported revenue declined by -4.5% versus 2024 as forex translation effects had a negative impact of -5.2% on 2025 revenue growth.
Momentum in North America was driven by top US brands, with Yasso maintaining double-digit OSG, and Ben & Jerry's outperforming the broader market, driving share gains in the US.
Portfolio innovation continues to revitalize our US brand portfolio, with key partnerships such as Hershey and Disney. The successful relaunch of Popsicle rebuilding the ‘yellow door' delivered mid-single-digit OSG. Our focus on market-making format innovation continued, with the launch of the Breyers S'mores range across tubs, sticks and sandwiches as well as the introduction of Ben & Jerry's Scoop-apalooza, a party-sized format.
Growth was further bolstered by expanded physical availability across the value, club and digital commerce channels as well as in Away-from-Home in Latin America where we started expanding our cabinet fleet after years of decline.
The Adjusted EBIT margin in the region improved by 10bps as the productivity programme more than offset the inflationary impact of raw material prices. On an Adjusted EBITDA level, the reduction of 60 basis points was primarily due to the impact of depreciation becoming a cash charge due to the start of the Transitional Service Agreements in the second half of the year.
The US end-to-end supply chain reset increased our competitiveness for our brands across the US. Investments in debottlenecking our production lines enabled us to unlock capacity to drive volume growth. Yasso transitioned to in-house production, lowering costs and providing improved service levels. Across the portfolio, efficiencies and cost savings were realised in the supply chain through factory modernization, distribution optimization and our comprehensive procurement overhaul.
AMEA
In €, percentage
2025
2024
Revenue (in € billions)
2.0
2.0
Reported revenue growth
0.5%
5.5%
Organic Sales Growth
10.9%
4.7%
Organic Volume Growth
4.5%
-1.6%
Organic Price Growth
6.1%
6.4%
Adjusted EBITDA margin
22.9%
23.6%
Adjusted EBIT margin
17.2%
18.0%
AMEA continued to drive significant growth for the Group, delivering 10.9% OSG. Türkiye and Pakistan continued to perform strongly, delivering double digit OSG, with a step-up in performance in China and Indonesia delivering high single digit growth. Our turnaround plans in Thailand are starting to show results, as we gained market share in 2025. Performance in the Philippines was impacted by unusually severe weather.
Reported revenue increased by 0.5% versus 2024 as forex translation effects had a negative impact of -9.3% on 2025 revenue growth.
Strong performance was delivered by a dual focus on growing consumer demand occasions and operational rigour by increasing market penetration through leveraging festive activations and joint business plans with retail partners to increase product availability and consumer reach.
Growth was supported across the region by premium innovations across our leading brands, including the successful launch of Magnum cones and Cornetto and Wall's multi-layer sticks.
Market-specific innovations also contributed to strong growth:
Türkiye: successful launch of Magnum Dubai, Volcano, Plombir and Carte d'Or Chunkies
Pakistan: focused on category relevance via seasonal packs (Chaunsa Mango) and accessible snacking formats (Cornetto Popcone)
The Adjusted EBIT margin in the region declined by 80bps. Rigorous cost management, selective pricing actions, and disciplined execution of the productivity programme, partially offset significant external headwinds from material cost inflation and hyperinflation in Türkiye. Adjusted EBITDA margin declined by 70bps.
Historical half-yearly organic sales, price, volume growth for years 2024 and 2025
TMICC Group
In percentage
H1 ‘24
H2 ‘24
H1 ‘25
H2 ‘25
Organic Sales Growth
-0.7%
7.6%
5.8%
2.2%
Organic Volume Growth
-1.7%
4.9%
3.5%
-1.0%
Organic Price Growth
1.1%
2.5%
2.1%
3.2%
Additional commentary on the unaudited financial statements (full year 2025)
Q4 TMICC Group
In €, percentage
Q4 2025
Q4 2024
Revenue (in € billions)
1.1
1.2
Reported revenue growth
-5.3%
3.8%
Organic Sales Growth
-0.7%
4.3%
Organic Volume Growth
-3.0%
2.2%
Organic Price Growth
2.3%
2.0%
The final quarter of the year is our smallest quarter, representing around 15% of full year sales. Many of our typically faster growing Away-from-Home emerging market businesses such as Türkiye and China have a limited contribution in this period. A large part of our cabinets are returned to central warehouse for next years' replacement. As a result, in Q4 the Americas drive over half of the quarter's revenue compared to around a third for the full year and this year, disruption in food stamps in the US and a late start to the Brazilian season impacted the quarter. While we continued to outpace the category both in the Americas and globally, it was a more challenging quarter which led to a small decline in OSG of less than 1%.
Finance costs
Net finance costs totalled €121 million (2024: €17 million). Finance costs were €139 million, including €117 million of interest expense of which a significant part relates to loans with Unilever to fund the separation and bond interest, €13 ...
