REG-2025 Full Year Results
12/02/2026 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260212:nGNE9f8n4&default-theme=true
2025 Full year results
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 750(th) 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
(https://www.globenewswire.com/Tracker?data=9aMyWD5NyU5cCOGjKYvijt0Hi5JtMnSYgXk0jEmHwRC-ivzi9aPkDYC5WXiMps00k5vrR-N69VVv-1Hp_LoASsI2XygfxwjhZbdVJCChnD4=).
Enquiries
Media Relations media.relations-tmicc@magnumicecream.com Investor Relations investor.relations-tmicc@magnumicecream.com
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 million of foreign exchange losses, and €9 million
interest on lease liabilities. Interest cost on pension and other obligations
was €9 million. Finance income was €27 million, driven by interest earned
on deposits and gain from revaluation of a put option.
In 2024, finance costs did not include any allocation of interest incurred by
Unilever or interest bearing fundings.
Taxation
The Adjusted Effective Tax Rate in 2025 was 26.0% (2024: 21.9%). The increase
versus prior year reflects the adverse impact of non-deductible interest and
losses upon which no deferred tax asset has been recognised. The effective tax
rate for 2025 was 31.3% due to the tax impact of hyperinflation adjustment in
Türkiye of 3.4% and irrecoverable VAT arising from asset transfers as direct
result of the separation of 1.5%.
Net Monetary Loss
The net monetary loss arising from hyperinflation adjustments for Türkiye is
€31 million (2024: nil). The increase in FY2025 versus prior year is due to
the higher net monetary asset position, driven by indirect tax receivables
recognised on asset transfers.
Earnings Per Share (EPS)
Prior to 6 December 2025, the Group was under the control of Unilever and did
not have any issued shares. Accordingly, EPS has not been calculated for prior
years. The current year EPS is based on the total shares issued as at 31
December 2025.
Net debt
Net debt was €2,967 million (FY2024: €263 million). The increase consists
primarily of €2,977 million raised following the bond issuance in November
2025, which financed the settlement of the Unilever payable arising from the
asset transfers upon separation. A €100 million drawdown from the term loan
facility was offset by a €373 million increase in cash and cash equivalents.
In 2024, cash and cash equivalents only included the balance from ice cream
dedicated entities.
Non-current assets and liabilities
Pension
The pension position moved from a net liability of €98 million in FY2024 to
a net asset of €2 million in FY2025. During the year, pension assets for
funded schemes increased from nil to €78 million and pension liabilities for
funded and unfunded schemes decreased from €98 million to €76 million.
This €100 million improvement was driven primarily by German funded pension
plans moving from a net liability of €5 million to a net asset of €77
million, reflecting higher discount rates, which reduced liabilities and
increased asset returns.
Deferred tax
The net deferred tax position moved from a net deferred tax liability of
€168 million to a €314 million net deferred tax asset. The increase of
€482 million is mainly driven by the separation where a net deferred tax
asset was recognised from the transfers of assets and liabilities and is
subject to the completion of the purchase price allocation exercise in certain
jurisdictions, which will take place in 2026.
Other non-current assets
Other non-current assets increased to €186 million (2024: €29 million),
primarily reflecting the non-current portion of indirect taxes paid to the
local authorities as the result of the transfer of assets and liabilities
under the separation, amounting to €120 million. A sizeable portion of these
indirect tax payments was funded by Unilever prior to the demerger. The amount
owed to Unilever will be repaid as and when it is recovered from the local tax
authorities; accordingly a corresponding liability was recognised in payables.
Other non-current assets also include a €54 million prepayment to Unilever
related to the deferred transfer of the Mexico sourcing unit assets.
Current assets and liabilities
Trade receivables and trade payables
Trade receivables and trade payables increased year on year, primarily
reflecting the Transitional Period working capital arrangements following the
demerger:
* Upon the demerger, in many territories, legal title to inventory has not
passed from Unilever to the Group. Accordingly, an accrual of €818 million
was recognised as a payable to Unilever. This reflects the fact that, during
the Transitional Period, the Group does not have legal title to all inventory
and will need to acquire that inventory at the end of the Transitional Period.
* During 2025, the Group made a payment (‘Inventory Subsidy’) of €905
million to Unilever. The Inventory Subsidy is a cash flow mechanism that
allows Unilever to be compensated for its investment for inventory which it
retains legal title. The subsidy is a one-time payment that will be repaid at
the end of the Transitional Period. The Inventory Subsidy was funded by
Unilever by way of a related party loan that was subsequently capitalised.
While the balances differ in amount and cannot be offset under IFRS due to
being held with different Unilever legal entities, they are expected to be
economically settled at the same time at the end of the Transitional Period.
Indirect taxes paid on transfer of net assets and separation costs as well as
changes to the operating model also resulted in higher receivables compared
with the prior year.
Provisions
Provisions decreased by €63 million mainly driven by the release of
restructuring provisions due to higher than anticipated employee redeployment
within the new organisation, and the derecognition of certain provisions
previously allocated to TMICC, which were retained by Unilever as the legal
liability did not transfer.
Finance and liquidity
In 2025, the Group strengthened its financing structure following the demerger
from Unilever.
* In August 2025, the Group entered into term loan facilities totalling €4.0
billion, comprising a €3.0 billion bridge facility, which was cancelled in
November 2025 without any amounts drawn, a €700 million working capital
facility, of which €100 million was drawn on 29 December 2025, and a
€300 million facility for the acquisition of the Indian Ice Cream business
in 2026 (to be drawn in 2026).
* The Group also has access to a €1.0 billion multicurrency revolving credit
facility, including euro and US dollar swingline facilities. No amounts were
drawn.
* In November 2025, the Group completed a €3.0 billion debut bond issuance
across four tranches (2029, 2031, 2034 and 2037) under its Euro Medium Term
Note programme with interest rate ranging 2.75% to 4.00%. Proceeds were used
for general corporate purposes, including facilitating the demerger.
Following these financings, financial liabilities increased to €3,416
million (2024: €333 million), with an average debt maturity of 7.5 years.
Cautionary statement
The information contained in this announcement speaks only as at the date of
this announcement, and subject to applicable law or regulation neither The
Magnum Ice Cream Company N.V. nor any member of its Group (together, the
“Group”) has, or accepts, any responsibility or duty to update any such
information, document or announcement and reserves the right to add to, remove
or amend any information reproduced in this announcement at any time.
This announcement contains statements that are forward-looking, including
within the meaning of the United States Private Securities Litigation Reform
Act of 1995, and including statements concerning the financial condition,
results of operations and businesses of the Group. All statements other than
statements of historical fact are, or may be deemed to be, forward-looking
statements. Words such as “will”, “aim”, “expects”,
“anticipates”, “intends”, “looks”, “believes”, “vision”,
“ambition”, “target”, “goal”, “plan”, “potential”, “work
towards”, “may”, “milestone”, “objectives”, “outlook”,
“probably”, “project”, “risk”, “seek”, “continue”,
“projected”, “estimate”, “achieve” or the negative of these terms,
and other similar expressions of future performance or results and their
negatives, are intended to identify such forward-looking statements.
Forward-looking statements also include, but are not limited to, statements
and information regarding the Group’s future financial performance, the
Group’s supply chain transformation programme, the Group’s strategy, plans
and expected trends including trends in the global ice cream market, the
Group’s outlook and expected modelled or potential financial results
including sales growth, price growth, and margin improvement, statements with
respect to dividends, productivity programme, and plans and ambitions to
maintain a leadership position in the global ice cream market, the Group’s
investment plans with respect to savings, finalisation of remaining TSA exists
by 2027, and potential acquisitions in Portugal and India.
These forward-looking statements are based upon current expectations,
estimates, assumptions, plans and projections regarding anticipated
developments and other factors affecting the Group. They are not historical
facts, nor are they guarantees of future performance or outcomes. All
forward-looking statements contained in this announcement are expressly
qualified in their entirety by the cautionary statements contained or referred
to in this announcement. Readers should not place undue reliance on
forward-looking statements.
Because these forward-looking statements involve known and unknown risks and
uncertainties, a number of which may be beyond the Group’s control, there
are important factors that could cause actual results to differ materially
from those expressed or implied by these forward-looking statements. These
risks and uncertainties include, without limitation, the Group’s leading
brands not meeting consumer preferences, the Group’s ability to innovate and
remain competitive, the Group’s investment choices in its portfolio
management, significant changes or deterioration of customer relationships,
the recruitment and retention of talented employees, disruptions in the
Group’s supply chain and distribution, Group’s reliance on Unilever,
increases or volatile in the cost of raw materials and commodities, the
Group’s ability to maintain secure and reliable IT infrastructure, economic,
social and political risks and natural disasters, financial risks and the
Group’s management of regulatory, tax and legal matters. As a consequence,
these forward-looking statements should be considered in light of various
important factors that could cause actual results to differ materially from
estimates or projections contained in the forward-looking statements.
The forward-looking statements are based on the Group’s beliefs, assumptions
and expectations of its future performance, taking into account all
information currently available to the Group. Forward-looking statements are
not predictions of future events. These beliefs, assumptions, and expectations
can change as a result of many possible events or factors, not all of which
are known to the Group. If a change occurs, the Group’s business, financial
condition, liquidity and results of operations may vary materially from those
expressed in the Group’s forward-looking statements.
The forward-looking statements speak only as of the date that they are made.
Except as required by any applicable law or regulation, the Group expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Group’s expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based. New
risks and uncertainties arise over time, and it is not possible for the Group
to predict those events or how they may affect it. In addition, the Group
cannot assess the impact of each factor on its business or the extent to which
any factors or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements. When
evaluating forward looking statements, you should carefully consider the
foregoing factors and other uncertainties and events.
Market and Industry Information
All references to market share, market data, industry statistics and industry
forecasts in this document consist of estimates compiled by industry
professionals, competitors, organisations or analysts, of publicly available
information or of the Group’s own assessment of its sales and markets.
Rankings are based on sales unless otherwise stated.
Comparability
Prior to 1 July 2025, the Group did not operate as a standalone Group. Whilst
a part of Unilever, the Group has historically been reported as an operating
segment under IFRS 8 in Unilever’s annual report and interim financial
reporting ('Ice Cream'). The basis of preparation of the financial information
utilised in this announcement is in Appendix A and differs from the Ice Cream
segment as presented historically in Unilever’s financial reporting. As a
result, while the two sets of financial information are similar, there are
certain differences in accounting and disclosure under IFRS. These
differences primarily include:
* Removal of countries (Russia, India, Portugal) which are not in the
carve-out perimeter, but historically reported within ‘Ice Cream’
* Other minor adjustments
Non-IFRS Financial Measures Definitions
The information in this announcement contains certain measures not defined by,
or calculated in accordance with, IFRS, including Organic Sales Growth (OSG),
Organic Price Growth (OPG), Organic Volume Growth (OVG), Adjusted EBITDA,
Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Earnings
per Share, Free Cash Flow, Net Debt and Adjusted Effective Tax Rate. The
non-IFRS financial measures presented in this announcement may not be
comparable to other similarly titled measures used by other companies, have
limitations as analytical tools and should not be considered in isolation, or
as a substitute for, financial information presented in compliance with IFRS.
The definition and reconciliation with IFRS measures are presented in Appendix
B.
This announcement contains inside information which is disclosed in accordance
with the Market Abuse Regulations.
Appendix A Selection of financial information (unaudited)
The selection of financial information includes consolidated preliminary
financial statements of TMICC as at 31 December 2025 which comprise TMICC and
its subsidiaries (the Group). This does not constitute full IFRS financial
statements which will be included in our Annual Report.
Basis of preparation for the selected financial information
The Group results from the demerger of the Ice Cream Business previously owned
by Unilever PLC and is publicly listed with its shares admitted to trading on
Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange
on 8 December 2025 (the Admission).
In preparation for the planned demerger, the Ice Cream business was separated
within Unilever into a distinct legal structure. This separation was
substantially completed on, or with effect from, 1 July 2025, following which
the Group entered into a number of transitional arrangements with Unilever to
support business continuity during the “Transitional Period”. The
Transitional Period is the period of 30 months following 1 July 2025. These
arrangements included local operating model arrangements (OMAs) and a Global
Transitional Services Agreement (GTSA).
The separation was executed as one single economic event yet sequenced via
legal proceedings and activities on 1 July 2025, 6 October 2025, 31 October
2025, and 8 December 2025. Unilever had control over the Ice Cream business
throughout this separation, and therefore the combination was done under
common control. The combination was accounted for using the predecessor
accounting method. Consequently, the carrying amounts as at the date of the
transfers were used.
For the comparative period and for transactions up to the completion of the
separation, the consolidated financial statements have been prepared as if the
ice-cream business previously owned by Unilever had been part of the Group for
all such periods, and as if the Group existed as a separate group.
All other accounting policies and methods of computation applied in these
consolidated preliminary financial statements are consistent with those used
for the year ended 31 December 2024 as disclosed in the 2024 Combined
Carve‑Out Financial Statements as approved by and filed with the Dutch
Authority for the Financial Markets (Stichting Autoriteit Financiële Markten,
the AFM), and separately approved by the UK Financial Conduct Authority (the
“FCA”), as well as included in the registration statement filed with the
United States Securities and Exchange Commission (SEC).
The measurement principles of the consolidated preliminary financial
statements are:
* in accordance with the International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board (IASB) and as adopted
by the European Union.
* presented in euros (the functional and presentation currency of the Group),
and
* on a going‑concern basis
* at current exchange rates with the consolidated income statement,
consolidated statement of comprehensive income, consolidated statement of
changes in equity, and consolidated cash flow statement translated at average
exchange rates for each period (or at the transaction rate when more
appropriate) and the consolidated balance sheet translated at period‑end
exchange rates.
No new standards or amendments issued by the IASB and effective from 1 January
2025 were applicable or material to the Group. All other new standards or
amendments issued but not yet effective have not been early adopted by the
Group and are not expected to have a material impact on the consolidated
financial statements.
Due to rounding, amounts may not add up to totals presented. All reported data
are unaudited.
Consolidated Income Statement (unaudited)
In millions of € 2025 2024 Change %
Revenue 7,910 7,947 (37) (0.5)
Operating Profit 599 764 (165) (21.6)
Net finance costs (121) (17) (104) 611.8
- Pensions and similar obligations (9) (12)
- Finance income 27 2
- Finance costs (139) (7)
Net monetary loss arising from hyperinflationary economies (31) - (31) 100
Profit before taxation 447 747 (300) (40.2)
Taxation (140) (152) 12 (7.9)
Net Profit 307 595 (288) (48.4)
Attributable to:
Non-controlling interests 14 16
Shareholders’ equity 293 579
Earnings per share
Basic earnings per share (€) 0.48
Diluted earnings per share (€) 0.48
Consolidated Statement of Comprehensive Income (unaudited)
In millions of € 2025 2024
Net profit 307 595
Other comprehensive income
Items that will not be reclassified to profit or loss, net of tax:
Remeasurement of defined benefit pension plans 46 38
Items that may be reclassified subsequently to profit or loss, net of tax:
Gains/(losses) on cash flow hedges (81) 88
Currency retranslation gain/(loss) (238) 137
Total comprehensive income 34 858
Attributable to:
Non-controlling interests 11 17
Shareholders’ equity 23 841
Consolidated Balance Sheet (unaudited)
In millions of € 31 Dec 2025 31 Dec 2024
Assets
Non-current assets
Goodwill 510 585
Intangible assets 731 793
Property, plant and equipment 2,306 2,355
Pension asset for funded schemes in surplus 78 —
Deferred tax assets 520 130
Other non-current assets 186 29
4,331 3,892
Current assets
Inventories 873 920
Trade and other current receivables 1,790 635
Current tax assets 45 4
Cash and cash equivalents 441 70
Other financial assets 8 -
3,157 1,629
Total assets 7,488 5,521
Non-current liabilities
Financial liabilities 3,311 248
Pensions and post-retirement healthcare liabilities :
Funded schemes in deficit 1 6
Unfunded schemes 75 92
Provisions 31 39
Deferred tax liabilities 206 298
Other non-current liabilities 124 8
3,748 691
Current liabilities
Financial liabilities 105 85
Trade payables and other current liabilities 2,921 1,818
Current tax liabilities 42 24
Provisions 39 102
3,107 2,029
Total liabilities 6,855 2,720
Equity
Shareholders’ equity 625 2,778
Non-controlling interests 8 23
Total equity 633 2,801
Total liabilities and equity 7,488 5,521
Consolidated Cash Flow Statement (unaudited)
In millions of € 31 Dec 2025 31 Dec 2024 2024
Net profit 307 595
Taxation 140 152
Net monetary loss arising from hyperinflation 31 -
Net finance costs 121 17
Operating profit 599 764
Adjustments for:
* Depreciation, amortisation and impairment 338 376
* Non-cash charge for share-based compensation 35 32
* Elimination of loss on disposals 15 -
Change in working capital
* Inventories (49) 3
* Trade and other receivables (1,514) 41
* Trade payables and other liabilities 1,332 26
Pensions and similar obligations less payments (34) (34)
Provision less payments (73) 41
Other adjustments - 4
Cash flow from operating activities 649 1,253
Income tax paid (166) (140)
Net cash flow from operating activities 483 1,113
Interest received 15 2
Purchase of intangible assets (3) -
Purchase of property plant and equipment (357) (321)
Disposal of property, plant and equipment 30 22
Acquisition of businesses - (61)
Disposal of other non-current investments - (1)
Net cash flow used in investing activities (315) (359)
Dividends paid to Unilever (83) (11)
Interest paid (130) (13)
Additional financial liabilities 3,078 2
Lease payments (56) (39)
Transactions with Unilever (2,595) (676)
Other financing activities (9) -
Net cash flow (used in)/ From financing activities 205 (737)
Net increase in cash and cash equivalents 373 17
Cash and cash equivalents at the beginning of the year 67 50
Effect of foreign exchange rate changes (4) -
Cash and cash equivalents at the end of the year ((a)) 436 67
(a) Net of overdrafts of €5 million in 2025 and €3 million in 2024.
Segmental reporting
Full Year Europe ANZ Americas AMEA Total
In millions of €
Revenue
2025 3,192 2,757 1,961 7,910
2024 3,109 2,887 1,951 7,947
Operating Profit
2025 168 169 262 599
2024 228 228 308 764
Adjusted EBIT
2025 294 285 337 917
2024 317 296 351 964
Adjusted EBITDA
2025 419 388 448 1,255
2024 454 425 461 1,340
Adjusted EBIT Margin %
2025 9.2% 10.4% 17.2% 11.6%
2024 10.2% 10.3% 18.0% 12.1%
Adjusted EBITDA Margin %
2025 13.1% 14.1% 22.9% 15.9%
2024 14.6% 14.7% 23.6% 16.9%
Events after the balance sheet date
There are no material post balance sheet events other than those mentioned
elsewhere in this report.
Appendix B Definitions and Reconciliation of non-IFRS Financial measures
The sections below provide reconciliations of the closest measures
prepared in accordance with IFRS to the non-IFRS measures used by the
Group.
Constant currency
The Group uses “constant rate” and “organic” measures primarily for
internal performance analysis and targeting purposes. The Group presents
certain items, percentages and movements, using constant exchange rates,
which do not include the impact of fluctuations in foreign currency exchange
rates. Constant currency values are calculated by translating both the current
and the prior period local currency amounts using the prior year average
exchange rates into euro, except for the local currency of entities
that operate in hyperinflationary economies. These currencies are translated
into euros using the prior year closing exchange rate before the application
of IAS 29.
OSG, OVG, OPG
OSG refers to the increase in revenue for the period, excluding any change in
revenue resulting from disposals, changes in currency and price growth in
excess of 26%. in hyperinflationary economies. Inflation of 26%. per year
compounded over three years is one of the key indicators within IAS 29 to
assess whether an economy is deemed to be hyperinflationary. The impact of
disposals is excluded from OSG for a period of 12 calendar months from the
applicable closing date. OSG includes increases or decreases in sales of an
acquired business immediately following the business combination, unless a
reliable historical baseline is not available for the 12 months prior to the
acquisition, in which case sales during the first 12 months of the acquisition
are excluded from OSG. The Group believes this measure provides
valuable additional information on the organic sales performance of the
business and it is a key measure used internally.
OVG is part of OSG and means, for the applicable period, the increase in
revenue in such period calculated as the sum of: (i) the increase in revenue
attributable to the volume of products sold; and (ii) the increase in revenue
attributable to the composition of products sold during such period. OVG
therefore excludes any impact on OSG due to changes in prices.
OPG is part of OSG and means, for the applicable period, the increase in
revenue attributable to changes in prices during the period. OPG therefore
excludes the impact to OSG due to: (i) the volume of products sold; and (ii)
the composition of products sold during the period. In determining changes in
price, the Group excludes the impact of price growth in excess of 26%.per
year in hyperinflationary economies as explained in OSG above.
The following table presents a reconciliation of changes in the IFRS measure
of revenue to OSG for FY2025 and FY2024:
FY2025 FY2024
Revenue (in millions of €) 7,910 7,947
Revenue growth ((a))(%) (0.5) 4.3
Effect of acquisitions ((b))(%) 0.0 1.4
Effect of disposals ((c))(%) (0.1) —
Effect of currency-related items ((d))(%) (4.3) —
of which:
Exchange rate changes (%) (5.3) (1.8)
Extreme price growth in hyperinflationary markets (%) 1.0 1.8
OSG ((e))(%) 4.2 2.8
Of which:
OVG ((f)) 1.5 1.1
OPG ((g)) 2.6 1.7
(a) Revenue growth is calculated as current year revenue minus prior year
revenue divided by prior year revenue.
(b) Effect of acquisitions is calculated using constant exchange rates and is
the difference between revenue growth and what revenue growth would have been
if the revenue associated with acquisitions was removed from the current year.
This excludes the change in revenue of the acquisitions compared to their
historical base, if this change has been included in the OSG.
(c) Effect of disposals is calculated using constant exchange rates and is the
difference between revenue growth and what revenue growth would have been if
the revenue associated with disposals was removed from the prior year.
(d) Effect of currency-related items is comprised of the effect of foreign
currency exchange rate movements on revenue growth and price growth in excess
of 26%. per year in hyperinflationary economies which is excluded from OSG.
The calculation of effect of currency-related items is as follows: Effect of
currency-related items = [(1+Effect of exchange rate changes) multiplied by
(1+ Effect of extreme price growth in hyperinflationary markets)] minus 1.
There may be minor discrepancies between the number arrived at through the
application of this calculation and the final figure set out above, which
is as a result of rounding.
(e) OSG is revenue growth Adjusted to remove the impacts of
acquisitions, disposals and the impact of currency-related items (being
movements in exchange rates and extreme price growth in hyperinflationary
markets). The calculation of OSG is as follows: (1 plus revenue growth)
divided by [(1 plus effect of acquisitions) multiplied by (1 plus effect of
disposals) multiplied by (1 plus effect of currency related items)] minus 1.
There may be minor discrepancies between the number arrived at through the
application of this calculation and the final figure set out above, which
is as a result of rounding. The reconciliation of OSG to revenue is as set
out in the table above.
(f) OVG and OPG are multiplied on a compounded basis to arrive at OSG through
application of the following formula: OSG equals (1 plus OVG) multiplied by (1
plus OPG) minus 1.
(g) OPG in excess of 26% per year in hyperinflationary economies has been
excluded when calculating the OSG in the tables above, and an equal and
opposite amount is shown as extreme price growth in hyperinflationary
markets.
Adjusting items
Several non-IFRS measures are Adjusted to exclude items defined as adjusting.
Management considers adjusting items to be significant, or unusual or
non-recurring in nature and so believe that separately identifying them
helps in understanding the financial performance of the Group from period to
period.
Adjusting items within operating profit are:
* gains or losses on business disposals which arise from business disposal
projects;
* restructuring costs which are costs that are directly attributable to a
restructuring project. Management defines a restructuring project as a
strategic, major initiative that delivers cost savings and materially changes
either the scope of the business or the manner in which the business is
conducted;
* impairments of assets which includes impairments of goodwill, intangible
assets, and property, plant and equipment; and
* other approved items which are any additional matters considered by
management to be significant and outside the course of normal operations;
* acquisition and disposal-related costs which are costs that are directly
attributable to a business acquisition or disposal project.
Adjusting items not in operating profit but within net profit are net monetary
gain/(loss) arising from hyperinflationary economies and significant and
unusual items in net finance cost and taxation.
Several non-IFRS measures are Adjusted to exclude items defined as adjusting.
The following table sets out the calculation of adjusting items for FY2025 and
FY2024.
In millions of € FY2025 FY2024
Acquisition and disposal-related costs ((a)) (302) (64)
Restructuring costs ((b)) (10) (137)
Other (6) 1
Total adjusting items within operating profit (318) (200)
Net monetary loss (31) -
Total adjusting items not in operating profit (31) -
(a) FY2025 and FY2024 comprises the charge relating to the separation and
establishment.
(b) FY2025 comprises a net release of €40 million related to the
restructuring provision, which was offset by charges of €50
million related to supply chain projects and other corporate initiatives. The
release was driven by a significantly higher redeployment of employees in 2025
that were due to exit at the end of 2024. FY2024 includes restructuring costs
of €54 million relating to the separation, and a cost of €16 million for
supply chain transformation projects.
Adjusted EBIT, Adjusted EBITDA, Adjusted EBIT margin, Adjusted EBITDA margin
Adjusted EBIT is defined as operating profit before the impact of adjusting
items within operating profit. Adjusted EBITDA is defined as Adjusted EBIT
before the impact of depreciation, amortisation. Adjusted EBITDA margin and
Adjusted EBIT margin is calculated as Adjusted EBITDA and Adjusted EBIT
divided by revenue for the period. Those measures are used to evaluate the
performance of the Group and its segments. Items are classified as adjusting
due to their nature and/or frequency of occurrence. The Group’s management
believes this measure provides useful information in understanding and
evaluating the Group’s operating results.
The following table sets out a reconciliation of net profit to Adjusted EBIT
and Adjusted EBITDA for FY2025 and FY2024 as well as Revenue to Adjusted EBIT
margin and Adjusted EBIDA margin.
In millions of € FY2025 FY2024
Revenue 7,910 7,947
Net profit 307 595
Net finance costs 121 17
Net monetary loss arising from hyperinflationary economies 31 —
Taxation 140 152
Operating profit 599 764
Adjusting items ‘within operating profit’ 318 200
Adjusted EBIT 917 964
Adjusted EBIT margin 11.6% 12.1%
Depreciation and amortisation 338 376
Adjusted EBITDA 1,255 1,340
Adjusted EBITDA margin 15.9% 16.9%
Adjusted Earnings per Share (Adjusted EPS)
Adjusted earnings per share (Adjusted EPS) is calculated as profit
attributable to shareholders’ equity net of adjusting items divided by the
diluted average number of ordinary shares. In calculating profit
attributable to shareholders’ equity net of adjusting items, net profit
attributable to shareholders’ equity is Adjusted to eliminate the post-tax
impact of adjusting items. This measure removes the impact of non-recurring,
one-off items from earnings per share and provides better visibility of the
underlying performance.
The reconciliation of net profit attributable to shareholders’ equity to
profit attributable to shareholders’ equity net of adjusting items is as
follows:
In millions of € FY2025
Net Profit 307
Non-controlling interests (14)
Net profit attributable to shareholders’ equity – used for basic and diluted earnings per share 293
Post-tax impact of adjusting items 281
Profit attributable to shareholders’ equity net of adjusting items – used for Adjusted earnings per share 574
Diluted average number of shares (millions of share units) 616
Diluted EPS (€) 0.48
Adjusted EPS - diluted 0.93
Free Cash Flow (FCF)
FCF is defined as net cash flow from operating activities, less net
capital expenditure and net interest payments. It does
not represent residual cash flows entirely available for discretionary
purposes; for example, the repayment of principal amounts borrowed is not
deducted from FCF. FCF reflects an additional way of viewing the Group’s
liquidity that management believes is useful to investors because
it represents cash flows that could be used for distribution of dividends,
repayment of debt or to fund the Group’s strategic initiatives, including
acquisitions, if any.
The following table sets out a reconciliation of net cash flow from operating
activities to FCF for FY2025 and FY 2024:
In millions of € FY2025 FY2024
Net cash flow from operating activities 483 1,113
Net capital expenditure (330) (299)
Net interest paid (115) (11)
FCF 38 803
Net cash flow (used in)/from investing activities (315) (359)
Net cash flow used in financing activities 205 (737)
Net Debt
Net Debt is defined as the excess of total financial liabilities over cash and
cash equivalents, other current financial assets and non-current financial
asset derivatives that relate to financial liabilities. Management believes
Net Debt provides valuable additional information on the summary
presentation of the Group’s net financial liabilities and is a measure in
common use elsewhere.
The following table sets out a reconciliation of total financial liabilities
to Net Debt for FY2025 and FY2024:
In millions of € FY2025 FY2024
Total financial liabilities (3,416) (333)
- Current (105) (85)
- Non-current (3,311) (248)
Cash and cash equivalents 441 70
Other current financial assets 8 -
Net debt (2,967) (263)
Adjusted Effective Tax Rate (Adjusted ETR)
The Adjusted effective tax rate is calculated by dividing taxation excluding
the tax impact of adjusting items by profit before tax excluding the impact of
adjusting items. This measure reflects the Adjusted effective tax rate in
relation to profit before tax excluding adjusting items before tax.
This is shown in the table below:
in millions of € FY2025 FY2024
Taxation 140 152
Tax impact of:
Adjusting items within operating profit ((a)) 75 50
Adjusting items not in operating profit but within net profit ((b)) (8) 6
Taxation before tax impact of adjusting items 207 208
Profit before taxation 447 747
Adjusting items within operating profit before tax ((c)) 318 200
Adjusting items not in operation profit but within net profit before tax ((d)) 31 -
Profit before tax excluding adjusting items before tax 796 947
Effective tax rate(%) 31.3% 20.3%
Adjusted effective tax rate (%) 26.0% 21.9%
(a) Tax impact of adjusting items within operating profit is the sum of
the tax on each adjusting item, based on the applicable country tax rates and
tax treatment
(b) Deferred tax effect of hyperinflationary adjustments
(c) See Note “Adjusting items”
(d) Net monetary lossRecent news on Magnum Ice Cream NV
See all newsREG-Director/PDMR Shareholding
AnnouncementREG-Director/PDMR Shareholding
AnnouncementREG-Director/PDMR Shareholding
AnnouncementREG-Publication of the 2025 Annual Report and Notice of 2026 Annual General Meeting
AnnouncementREG-Director/PDMR Shareholding
Announcement