Magnum raises growth forecast after third quarter at +12.1%
Ice cream manufacturer Magnum, Ben & Jerry's and Cornetto published on October 29, 2026 quarterly revenue of 2.511 billion euros, up 12.1%. Organic growth reached 9.6%, of which 7.3% related to volumes and 2.2% to prices.
On this basis, the group raised its annual organic growth forecast to approximately 5.5%, against a previous range of 3 to 5%.
Management estimates that an extended summer in Europe contributed 2 to 3% growth in the quarter. Published revenue exceeded the sole consensus estimate for the period, which stood at 2.40 billion euros.
Quarterly revenue of 2.511 billion euros, up 12.1%
In the third quarter, revenue increased from 2.240 to 2.511 billion euros. The gap between published growth (12.1%) and organic growth (9.6%) stems from acquisitions in India and Portugal (2.6%), partly offset by a negative currency effect of 0.3%.
All three regions showed organic growth. Europe & ANZ, the leading region with 1.084 billion euros in revenue, posted growth of 8.9%, AMEA 17.6% and the Americas 3.9%.
Over nine months, revenue reached 7.202 billion euros, up 6.8%, for organic growth of 6.4%.
In each of the three regions, the third quarter pace exceeded the year-to-date cumulative pace: 8.9% versus 5.8% in Europe & ANZ, 3.9% versus 3.4% in the Americas, 17.6% versus 11.0% in AMEA.
Volumes growing, prices declining in Europe & ANZ
According to the group, growth is driven primarily by volumes and innovation, which represents more than 10% of revenue since the start of the year. Magnum and Heartbrand recorded double-digit growth, Ben & Jerry's more than 9% and Yasso more than 30%.
In Europe & ANZ, volumes increased 11.6% while prices declined 2.4%. The group attributes this decline mainly to channel mix and the timing of promotional spending compared to the prior year.
The region also benefited from favorable weather and advance orders ahead of the first rollout of technological transformation in the United Kingdom, Ireland, Hungary and Romania. Growth was slower in Nordic countries, following the discontinuation of a licensed brand in Sweden.
In the Americas, organic growth of 3.9% combines 1.7% from volumes and 2.2% from prices, and Mexico posted double-digit growth. In AMEA, the 17.6% increase is split between 6.9% from volumes and 10.0% from prices, with China moderating regional growth.
Turkey remains subject to an investigation opened in May by the Turkish competition authority on the use of freezers in small retail outlets. As a provisional measure, 30% of each freezer capacity of the group must be reserved for competing products or left empty in certain retail locations of 100 square meters or less.
The group states it is fully compliant with this measure and is cooperating with the authority, with the investigation still ongoing.
Organic growth target raised to approximately 5.5% for 2026
For the full 2026 fiscal year, the group confirmed its target for adjusted EBITDA margin improvement of 40 to 60 basis points, on a comparable basis with 2025. In published figures, this improvement is expected between 0 and 20 basis points, primarily due to the acquisition of Indian operations.
According to the group, productivity gains should notably offset rising costs, mainly linked to oil and energy prices.
The productivity program launched in 2024 remains on track with 500 million euros of cumulative savings expected by 2028. At its half-year publication on July 30, 2026, the group reported 90 million euros of savings realized in the first half.
The first wave of technological transformation rollout is scheduled to begin in November 2026. After organic growth of 6.4% over nine months, the group raised its organic growth target for the full year to approximately 5.5%, against 3 to 5% previously.
