TMICC has witnessed a bumper first half of the year with revenue rising 4.2% year on year, reaching €4.69 billion.
Part of that increase was a result of acquisitions it made in India and Portugal which added 2.3 percentage points to sales growth. Although, the company was hurt by exchange rates, with the Euro becoming stronger against currencies, particularly the Turkish Lira and US Dollar.
Adjusted EBIT was €716 million, representing an uptick of 7.5%, and margin improved to 15.3%. This was driven by productivity savings, pricing and innovation, which offset cost inflation.
Operating profit also grew, reaching €587 million, up from €569 million where it stood in the first half of 2025.
Adjusted EBITDA was €880 million (H1 2025: €853 million), with adjusted EBITDA margin at 18.7% (H1 2025: 19%).
TMICC’s productivity programme, which kicked off in 2024, is on track to deliver planned savings of €500 million in the medium term. During the first half, the business delivered €90 million in savings , including €70 million in supply chain and €20 million from overheads.
Free cash flow reached €273 million, up from €138 million, with the year on year increase primarily driven by a favourable working capital movement and stronger cash generation.
Ben & Jerry’s witnesses strong Q2
All four major brands – Magnum, Ben & Jerry’s, Cornetto, and Heartbrand, contributed to the growth.
Ben & Jerry’s was a standout performer, with 9.2% growth in Q2. This was supported by new stick and sandwich formats which helped to bring new consumers to the brand.
New pint flavours for Ben & Jerry’s, including strawberry doughnut-ee and churrifically churros-y, are among the top ten new ice cream products in the UK, Netherlands, and Germany.
Magnum also saw strong momentum, delivering mid-single-digit growth. This was driven by the launch of Magnum Signature La Pistache which was ranked as the top ice cream innovation in Europe. The brand was also supported by La Peche, Bonbons in Europe & ANZ, and cones across Europe, ANZ, and AMEA.
Cornetto delivered low-single-digit growth, supported by the launch of Pistachio MAX in Europe and Türkiye and an improved ‘windmill’ structure for its topping, as well as an on-trend fruit sorbet variant in Europe, China, and selected Southeast Asia markets.
The Heartbrand witnessed mid-single-digit growth, driven by the strong performance of Solero within the core range and newly introduced Bonbons, as well as the continued momentum of Volcanix in Europe and Türkiye.
India and Portugal deals offer revenue boost
The business strengthened its presence in India, taking a majority stake in Kwality Wall’s India (KWIL). During the three months ended 30 June 2026, KWIL contributed €79 million revenue and €10 million operating profit.
The ice cream company also completed its acquisition of Unilever Portugal ice cream (ULICC) marketing and sales business. During those aforementioned three months, ULICC contributed €44 million revenue and €10 million operating profit.
For the group, AMEA saw the fastest organic growth at +7.6%, driven by Türkiye, Pakistan, Indonesia and India.
Europe & ANZ grew by 4.1%, led by France and the UK; while the Americas grew by 3.2%, with market share gains in the US and Mexico.
Looking ahead, TMICC reaffirmed its full-year outlook, expecting organic sales growth for 2026 to be between 3-5%.
Ben & Jerry co-founder hits out
Magnum’s results come amid criticism from Ben & Jerry’s co-founder Ben Cohen, who has accused the company of maximising short-term profits at the expense of B&J’s long-term value.
This follows an on-going dispute, with the Cohen accusing Magnum of dismantling its independent board, which had been part of the original 2000 merger agreement.
Magnum meanwhile maintains it did not ‘remove’ Ben & Jerry’s directors, but rather they became ‘ineligible’ to serve due to some exceeding their term or misconduct or breach of policy.
