Magnum: 2026 consensus at 3.5% organic growth, EBITDA margin at 15.9%

Organic growth expected at 3.4% in the first half, driven by pricing

The analyst consensus for the first half of 2026 anticipates revenue of 4.603 billion euros, supported by organic growth of 3.4%. This progression is based on organic volume growth of 1.8% and price growth of 1.6%. For the full year 2026, estimates converge toward organic growth of 3.5%, with volume expected at 2.0% and a price impact of 1.5%. This scenario assumes a progressive acceleration in the second half compared to the first six months of the year. The composition of this growth reflects an environment where pricing action remains predominant against a more contained volume dynamic. This profile is characteristic of a market where the ability to pass through costs remains limited, while still supporting a certain expansion.

EBITDA margins expected stable at 18.3% in the first half

The adjusted EBITDA margin is expected at 18.3% of revenue in the first half, for adjusted EBITDA estimated at 843 million euros. For the full year, the adjusted EBITDA margin is anticipated at 15.9%, for adjusted EBITDA of 1.318 billion euros. This contraction of 240 basis points between the half-year and full year suggests marked seasonality in the second half, a period traditionally less favorable for ice cream activity. The adjusted EBIT margin is meanwhile estimated at 14.8% of revenue in the half-year (683 million euros) and at 12.0% for the full year (992 million euros). This margin structure anticipates stability in operational conversion despite potential pressure on costs.