The Magnum Ice Cream Company (MICC) Q1 2026 TU earnings summary

Executive summary

• Achieved 4.5% organic sales growth in Q1 2026, with volume up 2.9% and price up 1.6%; revenue reached €1.77bn, down 1.2% year-over-year due to a 5.5% FX headwind.

• All regions contributed to growth, with notable strength in the US, Europe, and AMEA.

• Productivity programme on track, with all planned Q1 TSA exits completed and remaining exits targeted by end of 2027.

• Acquisitions in India and Portugal finalized at the end of March and start of April 2026; to be consolidated from Q2.

• Full-year guidance reaffirmed despite global uncertainty, with focus on execution and risk mitigation.

Financial highlights

• Organic sales growth of 4.5% in Q1 2026, with volume up 2.9% and price up 1.6%.

• Underlying sales growth excluding royalties was 4.7%.

• Revenue of €1.77bn, down 1.2% year-over-year, entirely due to FX translation.

• Adjusted EBITDA margin improvement expected at 40–60bps on a comparable basis; reported improvement of 0–20bps due to India acquisition.

• Margin improvements expected to be weighted to H2 2026 due to TSA phasing and cocoa pricing.

Outlook and guidance

• Reaffirmed full-year 2026 organic sales growth guidance of 3%–5%.

• Adjusted EBITDA margin improvement of 40–60bps expected on a comparable perimeter, with reported improvement of 0–20bps due to India acquisition.

• Margin improvements expected to be weighted toward the second half of 2026.