The Magnum Ice Cream Company (LSE:MICC) reported a 12.1% increase in third-quarter 2026 revenue to €2.51 billion, supported by strong volume growth, product innovation and market share gains across its global ice cream portfolio.
Organic sales increased 9.6% during the quarter, comprising 7.3% volume growth and 2.2% price growth. The performance represented an acceleration from the 3.3% organic sales growth recorded in the corresponding period last year.
Following the stronger-than-expected quarter, the company raised its full-year organic sales growth forecast to approximately 5.5%, compared with its previous guidance range of 3% to 5%.
The group also reaffirmed its expectations for underlying adjusted EBITDA margin improvement, supported by its ongoing productivity programme and operating efficiencies.
Third-Quarter Revenue Rises 12.1% to €2.51 Billion
Magnum Ice Cream Company reported revenue of €2.51 billion for the three months ended September 2026, compared with €2.24 billion in the same period last year.
Reported revenue growth reached 12.1%, including a 2.6% contribution from acquisitions in India and Portugal, partially offset by a 0.3% negative foreign exchange impact.
Organic sales growth of 9.6% was primarily driven by higher volumes, which increased 7.3%, while pricing contributed 2.2%.
For the first nine months of 2026, revenue reached €7.20 billion, up 6.8% from €6.74 billion a year earlier.
Year-to-date organic sales growth was 6.4%, comprising volume growth of 4.1% and price growth of 2.2%.
The company said improved execution, product innovation and expanded distribution supported performance across all three geographic regions.
An extended summer in Europe also contributed to the quarter’s results, with favourable weather estimated to have added between two and three percentage points to growth.
Europe and ANZ Deliver 8.9% Organic Sales Growth
The Europe and Australia-New Zealand region generated third-quarter revenue of €1.08 billion, representing reported growth of 12.6%.
Organic sales increased 8.9%, supported by volume growth of 11.6%, while pricing declined 2.4%.
The company reported market share gains in several important European markets, including the United Kingdom, France and the Netherlands.
France, the UK and Ireland recorded double-digit growth, supported by new products, improved commercial execution and favourable summer weather.
Magnum and Ben & Jerry’s both achieved double-digit sales growth across the region.
The Magnum La Pistache product performed particularly well in the UK, Germany and France, while new Solero formats contributed to stronger sales.
The company also noted some advance purchasing ahead of the initial deployment of its technology transformation programme in selected European markets.
Growth in the Nordic region was weaker following the discontinuation of a licensed brand in Sweden.
Americas Revenue Increases 6.9%
The Americas business reported third-quarter revenue of €746 million, up 6.9% on a reported basis.
Organic sales growth reached 3.9%, comprising volume growth of 1.7% and price growth of 2.2%.
The company reported market share gains across the region, with all business units contributing to growth.
In the United States, performance benefited from demand for premium and handheld ice cream products, supported by new formats and flavour introductions.
Mexico recorded double-digit growth, helped by the continued expansion of the company’s freezer cabinet network.
Magnum Ice Cream Company also reported early progress in its Brazilian turnaround programme, although management acknowledged that further improvements were required.
The Americas business benefited from a 2.9% positive foreign exchange contribution, primarily reflecting the strengthening of the US dollar against the euro.
AMEA Organic Sales Growth Reaches 17.6%
The Asia, Middle East and Africa region delivered the strongest organic sales growth during the quarter, increasing 17.6%.
Revenue reached €681 million, representing reported growth of 17.3%.
Organic volume increased 6.9%, while pricing rose 10.0%.
The company attributed the performance partly to increased freezer cabinet distribution in important markets ahead of seasonal demand.
Pakistan maintained high-double-digit growth, supported by distribution expansion and demand for established brands.
India also delivered strong growth as the company continued expanding its operations and transitioning its product portfolio towards dairy-based recipes.
South-East Asian markets recorded positive performance, while growth in China was affected by unfavourable weather and changes in sales channels.
In Türkiye, the business continued to operate under measures imposed by the Turkish Competition Authority relating to freezer cabinet usage.
The company said it was complying with the measures and cooperating with the regulator’s ongoing investigation.
Magnum, Ben & Jerry’s and Yasso Drive Brand Growth
Magnum Ice Cream Company reported strong sales across several of its major brands during the third quarter.
Magnum achieved double-digit growth, supported by performance in Türkiye, France, the UK and Mexico.
The Magnum La Pistache range was identified by the company as a leading ice cream innovation in Europe during the year.
Ben & Jerry’s maintained its momentum from the second quarter, recording sales growth of more than 9%.
The brand benefited from new flavours and formats, including handheld products and ice cream sandwiches.
Cornetto delivered high-single-digit growth, supported by launches such as Cornetto Max Pistachio in Europe and fruit sorbet variants in Asian markets.
Heartbrand recorded double-digit growth, helped by licensing partnerships and the relaunch of Solero products in Europe.
Yasso, the group’s lower-calorie, higher-protein frozen Greek yoghurt brand in the United States, achieved growth exceeding 30%.
The company said Yasso benefited from increased consumer interest in wellness-oriented products and the expansion of its handheld and pint formats.
Innovation and Distribution Expansion Support Sales
Product innovation remained an important contributor to the company’s performance during the first nine months of 2026.
The group said innovation-related sales accounted for more than 10% of year-to-date revenue.
Its product development strategy focuses on improving existing products, introducing new flavours and formats, expanding consumption occasions and developing additional categories.
Recent initiatives included Magnum cone and sandwich products, new Ben & Jerry’s handheld formats and the expansion of Yasso into additional product categories.
The company also continued rolling out its Hydro: ICE hydration and energy proposition in the Netherlands, Spain and Portugal.
Distribution improvements supported growth across both retail and out-of-home channels.
The at-home business recorded high-single-digit growth, while the away-from-home channel achieved double-digit growth.
Digital commerce also maintained double-digit growth, supported by omnichannel retail partnerships and rapid delivery platforms.
The group continued deploying additional freezer cabinets, particularly in higher-growth markets across Asia, the Middle East and Africa.
Productivity Programme Targets €500 Million in Savings
Magnum Ice Cream Company said its productivity programme remains on track to deliver cumulative savings of €500 million by 2028.
The programme, launched in 2024, focuses on improving manufacturing efficiency, reducing supply chain bottlenecks and limiting waste.
The company reported continued progress in its US and European operations.
The savings are intended to help offset inflationary cost pressures while providing additional resources for investment in brands, technology and future growth.
The group is also progressing its global technology transformation programme.
The first implementation phase is scheduled to begin in November 2026, covering the UK and Ireland, Hungary and Romania.
Management expects to exit its remaining Transitional Service Agreements by the end of 2027.
Chief Executive Highlights Volume-Led Growth
Chief Executive Officer Peter ter Kulve said the company’s performance reflected stronger demand for its products and continued improvements in execution.
“We delivered strong performance in Q3, with volume-led growth ahead of the growing ice cream category. This performance extends our track record of share gains; reflecting the strength of our brands, the impact of our innovation, and continued improvements in execution.”
He highlighted the contribution from the group’s major brands, including Magnum, Ben & Jerry’s, Cornetto, Heartbrand and Yasso.
Ter Kulve also said the company’s productivity initiatives were helping offset inflationary pressures while supporting investment in its portfolio and operational capabilities.
The company remains focused on maintaining growth across its major markets despite uncertainty in the external economic environment.
Magnum Ice Cream Company Outlook
Magnum Ice Cream Company has upgraded its full-year 2026 organic sales growth forecast to approximately 5.5%, compared with its previous range of 3% to 5%.
The revised outlook follows stronger third-quarter performance, with organic sales growth of 9.6% supported primarily by higher volumes.
The group continues to expect adjusted EBITDA margin improvement of between 40 and 60 basis points on a comparable basis with 2025.
On a reported basis, adjusted EBITDA margin improvement is expected to be between zero and 20 basis points, mainly reflecting the impact of the acquisition of the India business.
Management expects productivity savings and operating leverage to help offset higher costs, particularly those associated with oil and energy prices.
The company remains focused on expanding distribution, introducing new products and delivering its €500 million productivity savings programme by 2028.
Although management acknowledged continued uncertainty in global markets, it expects its established brands, innovation pipeline and operational improvements to support future performance.
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