REG-Q1 2026 Trading Update

Magnum Ice Cream NVAnnouncement

30/04/2026 07:00

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Q1 2026 Trading Update

Solid start to the year, executing on strategy; FY guidance reaffirmed

Amsterdam, 30 April 2026
* Solid Q1 2026, with revenue of €1.770bn (Q1 2025 €1.792bn), +4.5%
organic sales growth (OSG) year-on-year
* Healthy contributions from volume growth +2.9% and price growth +1.6%  
* Reported revenue growth down 1.2% year on year, due to foreign exchange
translation impact of -5.5%
* Good progress for the productivity programme during the quarter and on track
for the full year
* Acquisitions of India and Portugal completed on 30 March 2026 and 1 April
2026
 Highlights                                        
 In €, percentage (unaudited)    Q1 2026  Q1 2025  
 Revenue (in € billions)         1.770    1.792    
 Reported revenue growth         -1.2%    4.2%     
 Organic Sales Growth ((a))      4.5%     3.8%     
 Organic Volume Growth           2.9%     1.4%     
 Organic Price Growth ((a))      1.6%     2.4%     

(a) India and Portugal were not in the perimeter during the quarter and paid
royalty for the use of TMICC brands. This was recognised in Revenue, OSG and
OPG. The underlying growth of The Magnum Ice Cream Company excluding these
royalties for Q1 2026 was OSG 4.7% and OPG 1.8%.

Peter Ter Kulve, CEO: "We have had an encouraging start to 2026 and the ice
cream category continues to grow. In Q1 organic sales grew across both volume
and price, which is a testament to the breadth of our portfolio and our
competitive execution.

Every region contributed to positive growth, with strength in the US and
Europe and continued gains in AMEA. Our 'Frontline First' model is delivering
across both At-Home and Away-from-Home; and Digital Commerce maintained
double-digit growth. Our innovations are bringing excitement to consumers and
helping to drive overall category growth.

The productivity programme is on track for the full year, the acquisitions of
India and Portugal were completed as planned, and we remain on course to
finalise our TSA exits by end of 2027.

We are mindful of the heightened uncertainty in the global environment,
particularly in the Middle East, albeit our direct regional exposure remains
limited, and we are taking mitigating actions. More broadly, we are well set
up for the summer season, and our focus remains on executing our growth
strategy and productivity programme. We are reaffirming our full-year outlook:
organic sales growth of 3-5% with underlying margin improvement."

 TMICC Group performance review  

In Q1 2026, Group revenue was €1.770bn (Q1 2025: €1.792bn). Organic sales
growth for the quarter was 4.5%, reflecting a healthy contribution from both
volume growth of 2.9% and price growth of 1.6%. All three regions contributed
positively to organic sales growth.

Reported revenue growth was down 1.2% in the quarter vs the previous year, as
foreign exchange translation effects had a negative impact of -5.5%. This was
mainly driven by the strengthening of the Euro.

We maintained our focus on improving execution across all three channels –
At-Home, Away-from-Home and Digital. As we prepare for summer, we have driven
better customer engagement, outlet activation and innovation roll-out during
the quarter; enabled by our ‘Front-line First’ model.

Our four leading brands – Magnum, Ben & Jerry’s, Cornetto and The
Heartbrand – saw good progress in the quarter contributing to the solid
delivery:
* Magnum delivered mid-single digit organic sales growth driven by the launch
of Magnum Pistachio and Peach in the EU, China and Türkiye, and the further
roll-out of the BonBons format across multiple EU markets.
* Ben & Jerry’s was flat overall in Q1 as Americas saw low single digit
organic growth, while EU & ANZ declined on the back of double-digit growth in
Q1 2025. The new Ben & Jerry’s sandwich and bar formats were well received.
* Cornetto delivered low single-digit organic sales growth, supported by the
launch of Pistachio MAX in Europe and Türkiye.
* The Heartbrand delivered high single-digit organic sales growth, driven by
the launch of Twister Freeze, the Minecraft stick, the Volcanix five-layered
stick and Solero BonBons across several European markets, as well as the
rollout of Grape Ice Balls across Southeast Asia, following their success in
Thailand.
* Major new innovations, like the high protein, low fat Yasso pints,
highlighted the extensions possible through format, flavour, packaging, and
partnerships across our portfolio.
Total distribution points continue to improve, as we expand through the value
channel in the US, drive partnerships in Quick Service Restaurants in Europe,
and enhance freezer deployment in high growth markets. We continued to make
progress on our productivity programme, delivering savings across supply chain
and organisational simplification.

We expect the increase in the cost of energy across the supply chain including
raw materials, energy, packaging and freight to be offset by tailwinds from
commodities, our mitigating actions and productivity programme.

 Full Year 2026 Outlook  

Whilst we are mindful of the heightened uncertainty in the global environment,
particularly in the Middle East and the associated knock-on effects to inputs
costs, our direct regional exposure remains limited, and we are taking
mitigating actions. Our focus is on executing our growth strategy and
productivity programme, and we are reaffirming our full year outlook.

We expect organic sales growth for 2026 to be between 3% to 5% and 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 acquisition of the India
business. As communicated earlier, we expect the improvements in the year to
be weighted more in the second half of 2026 due to the phasing of TSAs and the
benefits of cocoa pricing.  

 TMICC Group perimeter and TSA progress  

The acquisitions of India, and Portugal’s marketing and sales entity, were
completed on 30 March 2026 and 1 April 2026 respectively. The acquisition of
the Portugal sourcing unit will complete separately, following receipt of
additional regulatory and operational approvals. Given the timing of
completion, and the immaterial impact on Q1 2026, the results of both
businesses will be reflected in the Group’s reported results from Q2 2026
onwards.

All planned 2026 Q1 TSA exits were concluded on time, and we remain on course
towards finalising the remaining TSA exits by the end of 2027.

-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 Q1 2026
results. A live webcast of the conference call will be available on the Magnum
Ice Cream Company website and can be accessed The Magnum Ice Cream Company Q1
2026 Trading Update
(https://www.globenewswire.com/Tracker?data=i7fmgKbaBkBlUsF96yKiRiituKdCzRedXDK65LFUbhhMXsZYCpT5_5PWuUJ6GR2zN9NC-w-5W3nAGtn0UUB2qcXtWOMuQQRl6iR6B3jgGGhPU8H_XZUX1h_-5gnFn0RWUWGsKIFmPEHfo2jKrfl3oevPHISKz3VR0FrHK300Cn0=)
.

 Enquiries                                                                                                                 
 Media Relations media.relations-tmicc@magnumicecream.com  Investor Relations investor.relations-tmicc@magnumicecream.com  

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About The Magnum Ice Cream Company

The Magnum Ice Cream Company N.V. [EURONEXT: MICC / NYSE: MICC / LSE: MICC) is
the world's leading ice cream business. Home to four of the world's five
largest ice cream brands: Magnum, Ben & Jerry's, Cornetto and the
Heartbrand, our portfolio delights consumers in 80 markets around the world.
Headquartered in Amsterdam, The Netherlands, we have a global team of 18,000
employees, a network of 32 factories, 13 R&D centres, and a fleet of three
million freezer cabinets. For more information, visit
www.corporate.magnumicecream.com. TMICC's legal entity identifier is
25490052LLF3XH6G9847.

 Other information  

Segment performance (unaudited)

 EUROPE & ANZ                                                                      
 In €, percentage           Q1 2026  Q1 2026 Excluding Royalties (()(a))  Q1 2025  
 Revenue (in € billions)    0.654    0.654                                0.633    
 Reported revenue growth    3.3%     3.3%                                 4.7%     
 Organic Sales Growth       4.0%     4.6%                                 4.6%     
 Organic Volume Growth      4.3%     4.3%                                 3.1%     
 Organic Price Growth       -0.3%    0.3%                                 1.5%     

        (a)  India and Portugal were not in the perimeter during the
quarter and paid royalty for the use of TMICC brands. This was recognised in
Revenue, OSG and OPG. To reflect the underlying performance of the region, OSG
and OPG have been presented by excluding these royalties.

In Europe & ANZ we posted 4.0% OSG driven by volume growth of 4.3%, supported
by strong innovation and slightly offset by negative price growth of 0.3% in
the quarter. The earlier timing of Easter provided a marginal benefit. Germany
and the UK delivered high single-digit growth, offsetting slower growth in
Italy where we are improving distribution and execution at the point of sale.

Magnum and the Heartbrand delivered high single-digit growth, supported by
format innovations. These included the launch of Magnum Cones in France, the
successful rollout of Volcanix across markets, and the ongoing rollout of
Solero BonBons across France, Germany, Ireland, the UK, The Netherlands and
Switzerland.

 AMERICAS                                     
 In €, percentage           Q1 2026  Q1 2025  
 Revenue (in € billions)    0.636    0.671    
 Reported revenue growth    -5.2%    1.0%     
 Organic Sales Growth       2.6%     2.0%     
 Organic Volume Growth      0.0%     -0.8%    
 Organic Price Growth       2.6%     2.8%     

The Americas delivered 2.6% OSG, driven by price growth of 2.6%, with flat
volumes. Revenue declined by -5.2% versus Q1 25. Foreign exchange translation
effects had a negative impact of -7.6% on Q1 26 revenue growth driven by
weakening US dollar.

In the US, our biggest market, we delivered positive volume growth at 1.8%.
Momentum in the US continued to be driven by our top US brands, led by Yasso
and Popsicle, which delivered double-digit OSG in the quarter; and Ben &
Jerry’s, which posted low single-digit growth. Innovation underpinned
performance, with partnerships with Bluey and Hello Kitty revitalising
Popsicle, and format innovation supporting Yasso and Ben & Jerry’s; taking
Yasso from sticks to pints and Ben & Jerry’s from pints to sticks.
Additionally, we continued to drive physical availability across the value,
club and digital commerce channels.

Revenue in Brazil declined in the quarter. We continue to execute our
performance turnaround plan, with the introduction of new innovations,
including the Harry Potter range (licensing partnership), and more targeted
promotional activities.

 AMEA                                            
 In €, percentage              Q1 2026  Q1 2025  
 Revenue (in € billions)       0.480    0.488    
 Reported revenue growth       -1.6%    8.3%     
 Organic Sales Growth          7.9%     5.5%     
 Organic Volume Growth         4.9%     2.5%     
 Organic Price Growth          2.9%     2.9%     

AMEA growth continued in Q1, delivering 7.9% OSG driven by both volume and
price. Reported revenue fell by -1.6% versus Q1 25 as foreign exchange
translation effects had a negative impact of -8.8% on revenue growth.

Türkiye and Pakistan delivered double-digit growth with positive contribution
both from price and volumes, and China posted high single-digit OSG in the
quarter.

Innovation underpinned growth across the region. In Türkiye, the launch of
the Magnum Sandwich and Algida Spoonful tubs supported good volume growth. In
Pakistan, Cornetto Strawberry & Cream and Cornetto Hazelnut, introduced as
part of the accessible premiumisation initiative, enabled double digit organic
sales growth. China’s strong seasonal opening was driven by innovation-led
growth, including the new pistachio and blue mint Magnum stick, and the
addition of new Cornetto flavours, such as Sorbet Shine Muscat Grape & Yogurt,
and Sorbet Amalfi Lemon with Light Cheese.

Cautionary statement

This document may contain forward-looking statements, including
‘forward-looking statements’ within the meaning of the United States
Private Securities Litigation Reform Act of 1995, concerning the financial
condition, results of operations and businesses of The Magnum Ice Cream
Company N.V. (the ‘Company’). 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 Company’s strategy, plans and expected trends,
financial results and results of operations, including trends in the global
ice cream market, the Company’s outlook and expected modelled or potential
financial results including, sales growth and Adjusted EBITDA margin
improvement, expectations with respect to the Company’s productivity
programme, the anticipated growth of the global ice cream market, statements
relating to costs and anticipated benefits from pricing such as tailwinds from
cocoa and increase in energy and supply chain costs, plans and ambitions of
the Company to maintain a leadership position in the global ice cream market,
statements relating to the Company’s exposure to the Middle East and impact
of geopolitical events and hostilities, including those in the Middle East, on
the Company’s financial results and result of operations, the Company’s
expected financial and operational position, finalisation of remaining TSAs by
2027. Forward-looking statements can be made in writing but also may be made
verbally by directors, officers and employees of the Company (including during
management presentations) in connection with this document. These
forward-looking statements are based upon current expectations, assumptions,
plans and projections regarding anticipated developments and other factors
affecting the Company. They are not historical facts, nor are they guarantees
of future performance or outcomes. All forward-looking statements contained in
this document are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. 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 Company’s control, there
are important factors that could cause actual results to differ materially
from those expressed or implied by these forward-looking statements. Among
other risks and uncertainties, the material or principal factors which could
cause actual results to differ materially from those expressed in the
forward-looking statements included in this document are: the Company’s
global brands not meeting consumer preferences; the Company’s ability to
innovate and remain competitive; the Company’s investment choices in its
portfolio management; the effect of climate change on the Company’s
business; the Company’s ability to find sustainable solutions to its
packaging; significant changes or deterioration in customer relationships; the
Company’s reliance on Unilever; the recruitment and retention of talented
employees; disruptions in the Company’s supply chain and distribution;
increases or volatility in the cost of raw materials and commodities; the
production of safe and high-quality products; secure and reliable IT
infrastructure; execution of acquisitions, divestitures and business
transformation projects; economic, social and political risks and natural
disasters; financial risks; failure to meet high ethical standards; and
managing regulatory, tax and legal matters and practices with regard to the
interpretation and application thereof and emerging and developing ESG
reporting standards including differences in implementation of climate and
sustainability policies in the regions where the Company operates. The
foregoing list of risk factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of the Company’s annual report for the
year 2025 and filed by the Company on Form 20-F with the U.S. Securities and
Exchange Commission (the ‘SEC’) on March 18, 2026, the Company’s other
annual reports on Form 20-F and other documents on file, and filed from time
to time, by the Company with the SEC. These filings do or will identify and
address other important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the forward-looking
statements. There may be additional risks that the Company does not presently
know or that the Company currently believe are immaterial that could also
cause actual results to differ from those contained in the forward-looking
statements.

The forward-looking statements are based on our beliefs, assumptions and
expectations of our future performance, taking into account all information
currently available to us. 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 us.
If a change occurs, our business, financial condition, liquidity and results
of operations may vary materially from those expressed in our forward-looking
statements.

The forward-looking statements speak only as of the date of this document.
Except as required by any applicable law or regulation, the Company 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 Company’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 us to
predict those events or how they may affect us. In addition, we cannot assess
the impact of each factor on our business or the extent to which any factor,
or combination of factors, may cause actual results to differ materially from
those contained in any forward-looking statements.

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. None of the Company or
its affiliates, representatives, partners, members, directors, officers,
employees, advisers or agents. make any representation or warranty with
respect to the accuracy of such information, and each expressly disclaim any
responsibility or liability for any damages or losses in connection with the
use of such information herein.

Comparability

Prior to the Demerger, the Group did not operate as a standalone entity and
was reported as part of Unilever’s Ice Cream operating segment. The
financial information presented in this announcement has been prepared on a
standalone basis, as per definitions set out in Appendix A, and differs from
the Ice Cream segment previously reported by Unilever. The differences arise
primarily due to the exclusion of entities outside the carve out perimeter
(including Russia, India and Portugal) and other minor scope and presentation
differences.

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) and Adjusted EBITDA
and Adjusted EBITDA margin. The non-IFRS financial measures presented in this
announcement may not be comparable to other similarly titled measures used by
other companies and have limitations as analytical tools. Accordingly, they
should not be considered in isolation, or as a substitute for, financial
information prepared in compliance with IFRS. Reconciliations to IFRS measures
are presented wherever appropriate and practical.

Appendix A 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 Q1 2026 and Q1 2025: 

 (unaudited)                                            Q1 2026  Q1 2025  
 Revenue (in millions of €)                             1,770    1,792    
 Revenue growth ((a))(%)                                (1.2)    4.2      
 Effect of acquisitions ((b))(%)                        0.0      0.0      
 Effect of disposals ((c))(%)                           0.0      (0.1)    
 Effect of currency-related items ((d))(%)              (5.5)    0.5      
 of which:                                                                
 Exchange rate changes (%)                              (5.8)    (1.0)    
 Extreme price growth in hyperinflationary markets (%)  0.3      1.5      
 OSG ((e))(%)                                           4.5      3.8      
 Of which:                                                                
 OVG ((f))                                              2.9      1.4      
 OPG ((g))                                              1.6      2.4      

(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.  

Adjusted EBITDA, Adjusted EBITDA margin

Adjusted EBITDA is defined as operating profit before the impact of adjusting
items within operating profit and before the impact of depreciation and
amortisation. Adjusted EBITDA margin is calculated as Adjusted EBITDA 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