Magnum Ice Cream Co. N.v. · EURONEXT:MICC
Magnum Ice Cream — The Magnum Ice Cream Company — Non-Deal Roadshow (September 2025)
36 slides from Magnum Ice Cream's roadshow presentation, September 2025
Slide 1: Magnum Ice Cream Company – September 2025
Vials MAGNUM ICE CREAM (C5) COMPANY September 2025
Slide 2: Today's presenters
Today’s presenters Peter ter Kulve Abhijit Bhattacharya Michèle Negen CEO CFO Head of Investor Relations 2 2
Slide 3: Key investment highlights
Key investment highlights The ice cream market is large, growing and resilient, and 1 has attractive returns Largest ice cream company in the world with 160 years of 2 expertise and heritage Our portfolio is well positioned for growth with strong 3 brands, leading capabilities and world-class innova
Slide 4: Ice cream is part of the global snacking market with attractive returns
A | THE MARKET Ice cream is part of the global snacking market with attractive returns Ice cream forms part of the global Ice cream and snacking address the The snacking market has attractive snacking market same consumer demand moments mid-teens ROIC4, outperforming CPG Consumer demand moment distr
Slide 5: The global ice cream market is large, growing and resilient
A | THE MARKET The global ice cream market is large, growing and resilient € Billion The global ice cream market has grown 1 consistently over the past 10 years and is expected to continue to grow at ~3-4% p.a. 90 Covid impact on growth more limited than on other snacking categories; global sales 75
Slide 6: Ice cream is a concentrated market with two global pure-play ice cream players
A | THE MARKET Ice cream is a concentrated market with two global pure-play ice cream players Company Ice cream revenue, % of total Market share1 Ownership 21% To be listed Pure-play ice cream Froneri 11% Private General Mills 2% Listed Yili 2% Listed Nestlé 2% Listed Global and regional Lotte 2% Li
Slide 7: We are #1
B | THE MAGNUM ICE CREAM COMPANY We are #1 Ice cream player with EUR 7.9bn #1 revenue and EUR 1.3bn Adj. EBITDA¹ #1 21% Global retail market share² #1 ~3m Cabinets - Largest global fleet #1 4 of the 5 biggest brands are ours² Notes: Adjusted EBITDA is a non-IFRS measure. See Appendix B for descripti
Slide 8: Global leadership positions
B | THE MAGNUM ICE CREAM COMPANY Global leadership positions Company global market share Branded company market share rank1,2 20241 3 21% #1 Yili Amul 4 Froneri 11% #2 Natura Gida Froneri Froneri Nestlé Froneri Froneri Froneri Mengniu Toksoz General Sammon- General Hatsun Yili 2% #3 Group Bofrost Mi
Slide 9: Focused and integrated new strategy & culture
C | THE STRATEGY Focused and integrated new strategy & culture Mission “Life tastes better with ice cream” Vision As a global ice cream leader, grow the market by crafting extraordinary experiences that turn ordinary moments into lasting memories Strategic pillars Growth Productivity Re-investment E
Slide 10: As a global leader in ice cream, we grow by expanding the market
C | THE STRATEGY As a global leader in ice cream, we grow by expanding the market Grow occasions with Priced competitively International roll- Drive dynamic Availability market-making across all snacking out of premium digital-led expansion across innovations price points brands demand creation chan
Slide 11: Creating more opportunities to capture new occasions
C | THE STRATEGY Creating more opportunities to capture new occasions The codified model on snacking occasions Examples of snacking occasions driving consumption Diwali Movie night Beach Ramadan 11
Slide 12: Priced competitively in the snacking market – Turkey example
C | THE STRATEGY Priced competitively in the snacking market – Turkey example RSP1 Relevant snacking examples 40 - 75 TL Chocolate Corn chips Nuts 1.5L Coca-Cola Zero 20 - 40 TL 200ml Coca-Cola Chocolate bar Chocolate cookies 15 - 20 TL Chocolate bar Chocolate bar 10 - 15 TL Chocolate bar Chocolate
Slide 13: Strong product innovation pipeline for 2026 and beyond
C | THE STRATEGY Strong product innovation pipeline for 2026 and beyond Our near-term pipeline Solero bon bon Volcano Ice balls Hydro:ICE Ben & Jerry’s stick Magnum cone Cornetto Max Yasso tubs 13
Slide 14: Clear strategy to drive availability across channels
C | THE STRATEGY Clear strategy to drive availability across channels At-Home Digital Commerce (dCom) Away-from-Home + 1,000 dedicated At-Home sales force • Dedicated sales force targeting • Continue to drive growth and • Grow number of cabinets every year grocery retailers sustain market leadership
Slide 15: We take pleasure seriously: Experienced, diverse executive committee
D | THE CULTURE “We take pleasure seriously” Experienced, diverse executive committee - Thomas Wall 1922 Peter Abhijit Ronald Schellekens ter Kulve Bhattacharya Chief Human Chief Executive Officer Chief Financial Officer Resources Officer 35+ years at Unilever 35+ years of experience, 10 years as CF
Slide 16: Revamped front-line first organisation to drive accountability and profitable growth
D | THE CULTURE Revamped front-line first organisation to drive accountability and profitable growth in markets 24 P&L Units: In-market P&L and cash accountability, responsible for E2E success in their respective market 4 regions1 with locally relevant capabilities in sales, marketing, innovation an
Slide 17: Incentives aligned to delivery of the medium-term plan as well as share appreciation
D | THE CULTURE Incentives aligned to delivery of the medium-term plan as well as share appreciation ~8,000 Top ~300 Top ~60 employees1 employees employees Short-term (Cash) Medium-term (LTIP) Long-term (EOP) 2 Senior management need Organic sales growth Organic sales growth to invest own capital to
Slide 18: The Ice Cream Way
D | THE CULTURE We are implementing a new winning culture… The Ice Cream Way We are all about We are experts in the We operate with speed profitable growth ice cream category and simplicity We boldly innovate to We win together We care and challenge disrupt our market with fun 18
Slide 19: Our strategic plan is already delivering results
Our strategic plan is already delivering results Back to volume growth Back to winning market share after 20bps loss between 2016-23 Organic volume growth %1 Global value market share %2,3 +LSD% 20.8% 1.1% ~Flat 20.1% 19.9% 19.9% -6.5% 2016 2020 2023 2024 2016 2020 2023 2024 Source: Euromonitor 202
Slide 20: Our strategic plan is already delivering results
Our strategic plan is already delivering results Gross margin recovery Strong step-up in profit after several years of stagnation Gross margin %1,2 Adjusted EBITDA3, €bn €1.3bn €1.2bn €1.2bn ~37% €1.1bn ~37% 34.9% 34.1% 2016 2020 2023 2024 2016 2020 2023 2024 Notes: 1. Gross margin includes ~10% dis
Slide 21: Strong overall performance delivered in 2024
Strong overall performance delivered in 2024 Organic sales growth (OSG) Organic volume growth (OVG) Global market share1,2 Growth ahead +2.8% +1.1% +90bps of market 2024 vs 2023 2024 vs 2023 2024 vs 2023 Gross profit Adjusted EBITDA Adj. EBITDA margin Profit +€178m + €129m +100bps expansion 2024 vs
Slide 22: Strong overall performance in H1 2025
Strong overall performance in H1 2025 Organic sales growth (OSG) Organic volume growth (OVG) Global market share1,2 Growth ahead +5.8% +3.5% +75bps of market H1’25 vs. H1’24 H1’25 vs. H1’24 H1’25 vs. H1’24 Gross profit Adjusted EBITDA Adj. EBITDA margin Profit -€4m +€4m -30 bps H1’25 vs. H1’24 H1’25
Slide 23: Accelerating competitive growth is our first priority
Accelerating competitive growth is our first priority Average OSG 3-5% p.a. 6.0% over the medium-term1 from 2026 onwards 5.0% 4.0% 3.0% ~3% 2.0% 1.0% 0.0% Historic average Innovation & Availability expansion Premiumisation & Average organic sales growth p.a. Occasions internationalisation organic sa
Slide 24: We are executing a robust €500m productivity program
We are executing a robust €500m1 productivity program Cumulative productivity savings (€m) 1 Supply chain transformation • E2E network cost optimisation • Step change in manufacturing productivity • Procurement efficiency €350 - €380m1 ~€500m €410-€470m 2 Overheads reduction • De-layered front-line
Slide 25: Supply chain transformation productivity initiatives
1 | Supply chain transformation productivity initiatives E2E network cost Manufacturing Procurement optimisation productivity efficiency • Optimise factory mix for local markets • ~40% of total capex budget • Dedicated senior procurement team • De-bottleneck production capacity • ~20% increase in eq
Slide 26: Overheads reduction through a simpler organisation
2 | Overheads reduction through a simpler organisation Overheads as a % of revenue 92% of our ~19,500 employees3 make, move or sell our products Lean support organisation 150bps ~18,000 13% 11% Operational employees TMICC under Standalone Unilever TMICC (2028)2 (2023)1 Notes: 1. 2023 includes dedica
Slide 27: Technology roll-out progressing to plan
3 | Technology roll-out progressing to plan Simplified and fit-for-purpose tech infrastructure Moving from a multi-business, multi-region ERP to a single global platform leveraging standard processes Single data model, designed specifically for The Magnum Ice Cream Company to support the E2E busines
Slide 28: Capex step-up to drive growth and productivity
Capex step-up to drive growth and productivity Capex1, % of revenue Our investment priorities • Cabinet expansion Growth • Innovation Step-up in the ~40% capex medium-term • Capacity expansion ~5% ~4-5% 4.0% • Automation Growth 3.6% Productivity • Waste reduction ~40% capex • Network redesign Produc
Slide 29: We have established clear strategic pillars to drive profitability
We have established clear strategic pillars to drive profitability ~100bps ~–50bps ~–200bps ~120bps ~80bps 40-60bps p.a. Volume & mix Pricing Productivity Re-investment Cost inflation Medium-term 1 annual improvement from 2026 onwards • Supply chain transformation • Brands • Overheads reduction • In
Slide 30: Balanced capital allocation policy
Balanced capital allocation policy Focused on delivering organic growth, productivity and cash • Main driver of value creation Organic growth & productivity • Targeted re-investment to drive profitable growth Shareholder returns • Pay-out ratio of 40-60% of adjusted net income1 Consistent dividend p
Slide 31: A multi-year financial framework geared to value creation
A multi-year financial framework geared to value creation Above market growth Consistent margin expansion Strong, improving FCF 3-5% 40-60bps €0.8bn – €1bn Average annual OSG Average annual Adj. EBITDA increase FCF in 2028 and 2029 in the medium-term1 from 2026 in the medium-term1 from 2026 Adjusted
Slide 32: Our context… … our future
Our context… … our future Attractive market A plan focused on growth • Global ice cream market expected to grow at ~3-4% p.a. • Innovation & Occasions • Attractive returns • Availability expansion • Part of attractive snacking category • Internationalisation & Premiumisation Strengths Self-help as a
Slide 33: Q&A
Q&A Q&A 33
Slide 34: Appendix A: Comparison of TMICC to Unilever segment financials
Appendix A: Comparison of TMICC to Unilever segment financials Whilst a part of Unilever, TMICC has historically been reported as an operating Unilever The Magnum Ice Cream segment under IFRS 8 in Unilever’s annual report and interim financial reporting Ice Cream Segment1 Company2 (“Ice Cream”). The
Slide 35: Appendix B: Description of Non-IFRS Financial Measures
Appendix B: Description of Non-IFRS Financial Measures In considering the financial performance of the Group, management analyses certain measures not defined by, or calculated in accordance with, IFRS, including organic sales growth (“OSG”), organic volume growth (“OVG”), Adjusted EBITDA, adjusted
Slide 36: Cautionary statement regarding forward-looking statements and assumptions
Cautionary statement regarding forward-looking statements and assumptions This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities, nor shall it (or any part of it) form the basis of, or b
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