Magnum Ice Cream (MICCT.AS) reported half-year core earnings above market expectations on Thursday, driven by cost cuts following its December spin-off from Unilever (ULVR.L), 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," ING 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.
(This story has been corrected to change the brokerage to ING, not Berenberg, in paragraph 7)
($1 = 0.8725 euros)
