Magnum Ice Cream Co. N.v. · EURONEXT:MICC
Magnum Ice Cream — The Magnum Ice Cream Company — Investor Day (September 2025)
162 slides from Magnum Ice Cream's investor day presentation, September 2025
Slide 1: The Magnum Ice Cream Company September 2025
MAGNUM ICE CREAM (CS) COMPANY September 2025
Slide 2: Listing expected to be completed by mid-November 2025
The listing of The Magnum Ice Cream Company is expected to be completed by mid-November 2025 Operational separation Unilever Unilever announces Planned demerger announces Q1’25 Principal date for planned separation date and listing of Group as well as completion of of Ice Cream division shares Ice C
Slide 3: Today's presenters
Today’s presenters Video presentation Peter ter Kulve Abhijit Bhattacharya Ronald Schellekens Michèle Negen Julien Barraux CEO CFO Chief Human Resources Head of Investor Relations Chief Creative Officer Officer Video presentation Video presentation Toloy Tanridagli Sandeep Desai Gerardo Rozanski Mus
Slide 4: Today's agenda
Today’s agenda Section starts Presenter Duration (BST) Opening Michèle Negen 12:30 10 min Introduction, strategy, Peter ter Kulve key investment highlights, 12:40 70 min people & culture Ronald Schellekens Q&A 13:45 30 min Break 14:15 30 min Gerardo Rozanski Regional overview Mustafa Seckin 14:45 45
Slide 5: Agenda
Agenda A Introduction, strategy and key investment highlights B Regional overview C Financials and outlook 5
Slide 6: Consumers love ice cream
Consumers love ice cream But can't always explain why...
Slide 7: 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 8: The ice cream market is large, growing and resilient
A | THE MARKET The ice cream market is large, growing and resilient, and has attractive returns
Slide 9: Ice cream is part of the global snacking market
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 10: 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 11: Market growth driven by snacking occasions, availability and premiumisation
A | THE MARKET Market growth driven by snacking occasions, availability and premiumisation Snacking occasions Availability Premiumisation • Creating new snacking • Outlet density • Consumers are looking for more occasions • Cabinet penetration indulgent and healthier, premium • Innovation-led growth
Slide 12: Consumption fuelled by increasing number of ice cream occasions
A | THE MARKET Consumption fuelled by increasing number of ice cream occasions ~700 ~500 # of established occasions ~400 ~4,350 ~450 ~250 ~250 2024 total market volume ~100 # (million liters)1 Overall ice cream consumption per capita 2024, in litres Source: Company analysis based on third-party mark
Slide 13: Consumption is driven by availability in emerging markets
A | THE MARKET Consumption is driven by availability – growth opportunity in emerging markets (EM) Ice cream consumption is rising with increasing outlet penetration Outlet density in EMs has the potential to grow by 50% # of retail outlets1 per M people (2024) 12 50% Ice cream consumption, liters p
Slide 14: Premium segment in developed markets grows faster than the industry
A | THE MARKET The premium segment in developed markets grows faster than the industry Share of market (developed markets1) ’16 – ’24 CAGR €49bn €36bn 41% ~5% Premium2 37% 32% ~3% Value3 35% 27% ~3% Mainstream4 29% 2016 2024 Source: Company analysis based on third-party market data Note: 1. Countrie
Slide 15: Two channels with tailwinds from Digital Commerce
A | THE MARKET The ice cream business operates through two channels with tailwinds from Digital Commerce At-Home €90bn Away-from-Home Digital Commerce €75bn At-Home Away-from-Home # CAGR Sales made through Sales made through ~3-4% retailers for at-home cabinets for on-the-go €52bn consumption consum
Slide 16: 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 17: Calorie efficient indulgence with improved nutritional profile
A | THE MARKET Ice cream is a calorie efficient indulgence and we continue to develop products with an improved nutritional profile Calories per 100 grams1 <100 100-200 200-400 400-600 508 kcal 439 kcal 561 kcal 32 kcal 76 kcal 356 kcal 328 kcal 323 kcal 109 kcal 195 kcal 144 kcal 545 kcal 472 kcal
Slide 18: GLP-1 has a limited impact on the global ice cream market
A | THE MARKET GLP-1 has a limited impact on the global ice cream market GLP-1 consumption is largely a US Relative impact of GLP-1 on snacking How does TMICC adapt to GLP-1? phenomenon categories2 % Estimated 2030 penetration rate1 • Portion control Chips & savoury snacks • Protein / functional • I
Slide 19: Largest ice cream company in the world with 160 years of expertise
B | THE MAGNUM ICE CREAM COMPANY Largest ice cream company in the world with 160 years of expertise and heritage 19
Slide 20: 160 years of heritage and innovation
B | THE MAGNUM ICE CREAM COMPANY 160 years of heritage and innovation 1866 1923 1978 1982 1990 2023 Founding Founding of Founding of Launch of Launch Acquisition of Breyers Popsicle Ben & Jerry’s Twister Turkey Algida of Yasso 1922 1959 c.1980 1989 2003 2024 Founding Founding of Launch Emerging Laun
Slide 21: 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 22: Market leader across regions with scale and a balanced footprint
B | THE MAGNUM ICE CREAM COMPANY Market leader across regions with scale and a balanced footprint Americas Europe & ANZ AMEA3 Revenue1 Market share2 Revenue1 Market share2 Revenue1 Market share2 ~€3bn | 19% ~€3bn | 31% ~€2bn | 11% Global power brands Source: Euromonitor 2024 RSP Sales Notes: 1. Reve
Slide 23: 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 24: Emerging market footprint enhances growth potential
B | THE MAGNUM ICE CREAM COMPANY Our emerging market footprint enhances our growth potential % of revenue, 2024 ’24 – ’28 CAGR ~10% Emerging ~30% markets2 ~35% ~6% Developed ~90% ~65% ~3% ~70% markets3 Total market Largest competitor1 Source: Company analysis of third-party market data Note: 1. Esti
Slide 25: Market leader in At-Home, Away-from-Home and dCom
B | THE MAGNUM ICE CREAM COMPANY Market leader in At-Home, Away-from-Home… and dCom At-Home Away-from-Home Top ranked across major retailers Largest ~3m cabinet penetration4 in key countries¹ with further room to grow ~3m Albertsons Aldi Asda Auchan ~1.5m ~1m Edeka Markant Morrisons Publix ~0.5m ~0.
Slide 26: Comprehensive portfolio of strong owned and licensed brands
B | THE MAGNUM ICE CREAM COMPANY Comprehensive portfolio of strong owned and licensed brands 4 of the top 5 are our brands 1 2 Local cult brands International expansion Licensed brands Source: Euromonitor 2024 RSP Sales Notes: 1. Company analysis partially based on Euromonitor, Snacks 2026 edition,
Slide 27: Unmatched breadth of owned brands
B | THE MAGNUM ICE CREAM COMPANY Unmatched breadth of owned brands Owned brand portfolio vs. largest competitor Revenue, 2024, % 100% 100% <10% licensed brands ~90% owned brands non-owned brands owned brands Largest competitor1 Source: Company information 27 Notes: 1. Estimate based on latest availa
Slide 28: Well positioned to capitalise on the growing premium segment
B | THE MAGNUM ICE CREAM COMPANY TMICC is well positioned to capitalise on the growing premium segment Share of premium ice cream1 in selected developed markets2 Ice cream market +12pp 77% +4pp 65% 41% 37% 2016 2024 2016 2024 Source: Company analysis based on third-party market data Note: 1. Defined
Slide 29: World-class innovation built on scientific foundation and patented IP
B | THE MAGNUM ICE CREAM COMPANY World-class innovation built on a strong scientific foundation & patented intellectual property Our unique capabilities >1,000 150+ Own patents1 Research agreements1 Microstructure Master blending Forming control 71 125 Trade secrets1 Registered design families1 Asse
Slide 30: Extensive cold chain with advanced capabilities
B | THE MAGNUM ICE CREAM COMPANY Extensive cold chain with advanced capabilities Mazeikai, Lithuania Amsterdam, Netherlands Flen, Banino, Sweden Poland Colworth, UK Burlington, USA Englewood-Cliffs, USA Suceava, Heppenheim, Germany Hellendoorn, Romania Netherlands Simcoe, Canada St Albans, Beijing,
Slide 31: Growth advantaged portfolio, leading where it matters most
B | THE MAGNUM ICE CREAM COMPANY Growth advantaged portfolio, leading where it matters most World-class brands and innovation expertise powering category 1 value growth Strong footprint in faster-growing emerging markets and resilient 2 positions in developed markets #1 in every channel: At-Home, Aw
Slide 32: Why the need for a focused, standalone ice cream company?
B | THE MAGNUM ICE CREAM COMPANY …Why the need for a focused, standalone ice cream company? 32
Slide 33: Separation beneficial for both companies
B | THE MAGNUM ICE CREAM COMPANY Separation beneficial for both Companies A simpler, more focused Unilever… …and a global, pure-play ice cream company Limited degree of integration Global player with Capital and resource Operating model synergies between Ice Cream a dedicated strategy allocation tai
Slide 34: Unlocking the benefits of a focused, standalone ice cream leader
B | THE MAGNUM ICE CREAM COMPANY Unlocking the benefits of a focused, standalone ice cream leader Diagnosis across key functions Pure-play benefits • Dedicated sales force & ice cream specific trade plans Sales Sales force • Re-investment in Away-from-Home business system Marketing • Utilisation of
Slide 35: TMICC was not operating to its full potential
B | THE MAGNUM ICE CREAM COMPANY TMICC was not operating to its full potential… Progressive share decline from 2016 - 2023 Years of stagnation in profitability Global value market share %1 Adjusted EBITDA2, €bn €1.2bn €1.2bn €1.1bn 20.1% 19.9% 19.9% 19.9% 2016 2020 2023 2016 2020 2023 Source: Eurom
Slide 36: Our strategic plan is delivering results
B | THE MAGNUM ICE CREAM COMPANY …however our strategic plan is delivering results Back to winning market share and volume growth Strong step-up in profit Global value market share %1,2 Adjusted EBITDA3, €bn €1.3bn 20.8% €1.2bn €1.2bn €1.1bn 20.1% 19.9% 19.9% 2016 2020 2023 2024 Organic Volume Growt
Slide 37: Clear strategy to deliver growth and improve productivity
C | THE STRATEGY Clear strategy to deliver growth and improve productivity 37
Slide 38: 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 39: As a global leader, 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 40: Structured, codified market model
C | THE STRATEGY We have a structured, codified market model Macro snacking spaces Occasions Marketing execution Channel Comfort / execution Indulgence Format / product innovation Control / Wellness Pricing Celebrate / Release Demand creation 40
Slide 41: Macro growth spaces guide our portfolio choices
C | THE STRATEGY Macro growth spaces guide our high-level portfolio choices Leverage innovation capabilities… …to pivot into high-growth consumer categories Chocolate Protein Pre/Probiotics Low/Zero sugar ‘24 – ’29 CAGR 4-6% ~$180bn $100-110bn 9-11% 8-9% ~$90bn ~$135bn 7-9% ~$110bn ~$70bn $60-70bn ~
Slide 42: 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 42
Slide 43: 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 44: Track record in expanding our premium brands
C | THE STRATEGY Track record in expanding our premium brands Successful scaling of Magnum, Cornetto and Ben & Jerry’s Portfolio for global expansion… xx% Revenue CAGR +7% +7% +4% Revenue 2010 2024 2010 2024 2010 2024 # 40 56 26 46 39 66 … and more to come Countries 44
Slide 45: 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 45
Slide 46: 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 47: Accelerating competitive growth is our first priority
C | THE STRATEGY Accelerating competitive growth is our first priority Average OSG1 3-5% p.a. 6.0% over the medium-term2 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.1 Occasions internationa
Slide 48: Productivity initiatives of €500m
C | THE STRATEGY 1 Productivity initiatives of €500m fuelling growth and margin expansion 01 02 03 Supply chain Overheads Tech-enabled transformation reduction productivity A• E2E network cost optimisation • A De-layered front-line focused A• Efficient and fit-for-purpose tech organisation infrastru
Slide 49: Step-up in capex and re-investment in advertising & promotion
C | THE STRATEGY Step-up in capex to drive growth & productivity and enable re-investment in advertising & promotion to fuel sustainable growth Capex step-up to drive growth and productivity Investing more behind our brands Capex1, % of revenue A&P2, % of revenue Progressive step-up in the medium an
Slide 50: Advanced usage of emerging technologies
C | THE STRATEGY Advanced usage of emerging technologies throughout our organisation Marketing Sales Supply Chain Tech-driven insights, targeting, Insights, pricing, end-to-end Away-from-Home Digitised, optimised, future-ready execution at scale pricing 50
Slide 51: Focused sustainability strategy
C | THE STRATEGY Focused sustainability strategy enables growth, strengthens resilience and delivers meaningful business impact and value Focused sustainability strategy… …translates into business value Environmental Resilience of supply • 2050 Net Zero ambition, focus on cabinets and ingredients •
Slide 52: Ronald Schellekens
C | THE STRATEGY Ronald Schellekens Chief Human Resources Officer • More than 30 years leadership experience • Chief Human Resources Officer at PepsiCo (2018 – 2024) • Chief Human Resources Officer at Vodafone (2009 – 2018) 52
Slide 53: Revamped front-line first organisation with a winning culture
D | THE CULTURE Revamped front-line first organisation with a winning culture and incentives aligned to our medium-term plan
Slide 54: 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 55: Revamped front-line first organisation
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 56: Investing in differentiated strategic capabilities
D | THE CULTURE Investing in and building differentiated strategic capabilities Net revenue management Sales and operations planning (S&OP) Upscaling 5,000 people on net revenue Codified best practices and investing in system management capabilities capabilities Digital marketing & Digital Commerce
Slide 57: Incentives aligned to medium-term plan and 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 58: Business DNA built on founders and brand entrepreneurs
D | THE CULTURE Our business’ DNA is built on our founders, brand entrepreneurs, and business builders Breyers Wall’s Ben & Jerry’s Ben and Jerry with their entrepreneurial From William Breyer’s vision to Richard Wall’s butcher shop spirit and unwavering generosity a new standard for ice cream pivot
Slide 59: 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 59
Slide 60: Would you recommend working at TMICC to a friend?
D | THE CULTURE Would you recommend working at The Magnum Ice Cream Company to a friend? +2,100bps +2,400bps +100bps +1,400bps 100% 81% 82% 80% 82% 81% 77% 79% 66% 60% 58% 54% Work Level 1 Work Level 2 Work Level 3 Work Level 4+ Number of respondents 2,357 716 155 30 April 2024 January 2025 June 202
Slide 61: Employee view on business outlook
D | THE CULTURE What is your view on the business outlook of The Magnum Ice Cream Company? N 19% 38% 43% 1,551 Jan 2025 92% 8% 35% 57% 3,258 Jun 2025 Staying the Getting worse Getting better same 92% of our employees believe in our business outlook Source: Unipulse Ice Cream Survey, study based on r
Slide 62: Q&A
Q&A Q&A 62
Slide 63: Break
Break 63
Slide 64: Agenda
Agenda A Introduction, strategy and key investment highlights B Regional overview C Financials and outlook
Slide 65: Regional overview
Regional overview Americas Europe & ANZ AMEA Gerardo Rozanski Mustafa Seckin Wai-Fung Loh Toloy Tanridagli President – Americas President – Europe & ANZ President – Asia President – METSA 65
Slide 66: Regional overview
Regional overview Americas Europe & ANZ AMEA Gerardo Rozanski Mustafa Seckin Wai-Fung Loh Toloy Tanridagli President – Americas President – Europe & ANZ President – Asia President – METSA 66
Slide 67: Key take-aways: Americas
Key take-aways: Americas • TMICC Americas • #1 Ice cream company • Strong and relevant portfolio of local and international brands • Leading positions in key segments • Key actions to accelerate performance: • Targeted on-trend innovation • Cost base reset • Availability expansion: Value, Club, dCom
Slide 68: Leader in the Americas
Leader in the Americas €25bn Market size 1 ~2-3% CAGR 2024-2029 1 3 #3 #1 #1 Market position 2 3 ~€3bn 2024 revenue #1 3 #13 35% of TMICC Present in ~90% 4 3 of Americas’ ice cream market #1 8 Factories 5 4 R&D centers 5 Source: Euromonitor 2024 RSP Sales, NIQ FY24 Data, Circana, LLC, Total US - MUL
Slide 69: Americas ice cream markets
Americas ice cream markets Market size1 Ice cream €bn ~14 ~1.5 ~1.5 ~1 <1 market overview Market split 1 TMICC split At Home Away-from-Home 100% 80% 60% Competitive landscape2,3 40% 20% 0% TMICC Peer 1 Peer 2 All other Source: Company analysis of third-party market data, Euromonitor 2024 RSP Sales,
Slide 70: Americas ice cream markets
Americas ice cream markets Market size1 Ice cream €bn ~14 ~1.5 ~1.5 ~1 <1 market overview Market split 1 TMICC split At Home Away-from-Home 100% 80% 60% Competitive landscape2,3 40% 20% 0% TMICC Peer 1 Peer 2 All other Source: Company analysis of third-party market data, Euromonitor 2024 RSP Sales,
Slide 71: Our performance in the Americas was challenged (2019-2023)
Our performance in the Americas was challenged (2019-2023) Slow revenue Declining Lower market Deteriorating growth volumes share profitability +MSD% -LSD% -180 bps -c.50 bps Organic sales growth1 Organic volume growth1 Market share change2 Adj. EBITDA1 2019-2023 2019-2023 2019-2023 2019-2023 Source
Slide 72: The Americas strategic pillars
The Americas strategic pillars Growth Productivity Re-investment • Innovation step-up • US end-to-end supply chain • Capacity expansion reset • Away-from-Home cabinet • Demand creation • LatAm direct sales expansion distribution system revamp • Channel expansion • Media investment 72
Slide 73: US: A strong brand portfolio with leading positions
US: A strong brand portfolio with leading positions #1 Grocery Convenience Super premium Water ice Wellness Gelato HH penetration – Breyers Vanilla – Breyers Chocolate – Breyers Pint – Ben & Jerry’s Bought by more households in the US than any other ice cream manufacturer Source: Company analysis of
Slide 74: US: Driving innovation performance in 2024
US: Driving innovation performance in 2024 ~2x >50% Retail sales contribution coming from innovation Of top 20 innovations1 compared to peers1 5 out of top 10 ~ $200m ~$100m ~$60m Innovations in packaged ice cream Peer Peer 1 2 6 out of top 10 Innovations on frozen novelties Source: Circana, LLC, To
Slide 75: US: Driving growth through innovating in key segments
US: Driving growth through innovating in key segments (2026) Super premium Wellness / Better-for-you Partnerships (Higher protein / Reduced sugar / Low calorie) indulgence TMICC 33%1 segment share (2024) TMICC 44%1 segment share (2024) TMICC 30%1 segment share (2024) Growth 4x segment1 Growth 2x seg
Slide 76: US: Driving growth through innovating in key segments
US: Driving growth through innovating in key segments (2026) Super premium Wellness / Better-for-you Partnerships (Higher protein / Reduced sugar / Low calorie) indulgence TMICC 33%1 segment share (2024) TMICC 44%1 segment share (2024) TMICC 30%1 segment share (2024) Growth 4x segment1 Growth 2x seg
Slide 77: US: Driving growth through innovating in key segments
US: Driving growth through innovating in key segments (2026) Super premium Wellness / Better-for-you Partnerships (Higher protein / Reduced sugar / Low calorie) indulgence TMICC 33%1 segment share (2024) TMICC 44%1 segment share (2024) TMICC 30%1 segment share (2024) Growth 4x segment1 Growth 2x seg
Slide 78: US: Driving growth through digital-led media and occasions
US: Driving growth through digital-led media and occasions Consumers shifting from TV Retailers evolving into conversion- Capitalise on local cultural to social media driving media platforms moments #1 share1 at: Walmart DoorDash Target Albertson’s Breyers’ volume share over holiday periods2,3 Insta
Slide 79: US: Driving growth through digital-led media and occasions
US: Driving growth through digital-led media and occasions Consumers shifting from TV Retailers evolving into conversion- Capitalise on local cultural to social media driving media platforms moments #1 share1 at: Walmart DoorDash Target Albertson’s Breyers’ volume share over holiday periods2,3 Insta
Slide 80: US: Driving growth through digital-led media and occasions
US: Driving growth through digital-led media and occasions Consumers shifting from TV Retailers evolving into conversion- Capitalise on local cultural to social media driving media platforms moments #1 share1 at: Walmart DoorDash Target Albertson’s Breyers’ volume share over holiday periods2,3 Insta
Slide 81: US: Winning in fast-growing dCom & addressing channel opportunities
US: Winning in fast-growing dCom & addressing channel opportunities At-Home dCom Value Club ~$1.4bn 26% ~$700m 18% ~$1.0bn 4.5% Channel size TMICC share1 Channel size TMICC share1 Channel size TMICC share1 Dollar general (DG) $500M - 2024 10x overall market growth in 20241 2024 new dedicated club de
Slide 82: US supply chain end-to-end reset
US supply chain end-to-end reset End-to-end • Optimise logistics network and ~10% eliminate overflow storage network • Improved run strategies and Cost/Ton cost optimisation reduce waste Reduction Addressing competitiveness and service levels • De-bottleneck & upgrade Step change in technology +20%
Slide 83: Improving productivity: LatAm Away-from-Home cost to serve
Improving productivity: LatAm Away-from-Home cost to serve Real time Smart Sales Always on cabinet info ordering digitalisation delivery CURRENT Significant info lag Traditional Expensive physical visits Rigid visit Higher in-season OOS ordering Low sales conversion schedule Cloud based Intelligent
Slide 84: Improving productivity: LatAm Away-from-Home cost to serve
Improving productivity: LatAm Away-from-Home cost to serve Real time Smart Sales Always on cabinet info ordering digitalisation delivery CURRENT Significant info lag Traditional Expensive physical visits Rigid visit Higher in-season OOS ordering Low sales conversion schedule Cloud based Intelligent
Slide 85: Improving productivity: LatAm Away-from-Home cost to serve
Improving productivity: LatAm Away-from-Home cost to serve Real time Smart Sales Always on cabinet info ordering digitalisation delivery CURRENT Significant info lag Traditional Expensive physical visits Rigid visit Higher in-season OOS ordering Low sales conversion schedule Cloud based Intelligent
Slide 86: Solid progress in 2024 and H1 2025
Solid progress in 2024 and H1 2025 Organic sales Organic volume Market share Adj. EBITDA margin growth growth expansion (bps) expansion (bps) 2024 | H1’25 2024 | H1’25 2024 | H1’25 (US) 2024 | H1’25 +2% | +2% +2% | +1% +90 | +43 +134 | +100 1 2 Source: Euromonitor 2024 RSP Sales; Circana, LLC, Total
Slide 87: Key take-aways: Americas
Key take-aways: Americas • TMICC Americas • #1 Ice cream company • Strong and relevant portfolio of local and international brands • Leading positions in key segments • Key actions to accelerate performance: • Targeted on-trend innovation • Cost base reset • Availability expansion: Value, Club, dCom
Slide 88: Regional overview
Regional overview Americas Europe & ANZ AMEA Gerardo Rozanski Mustafa Seckin Wai-Fung Loh Toloy Tanridagli President – Americas President – Europe & ANZ President – Asia President – METSA 88
Slide 89: Key take-aways: EU & ANZ
Key take-aways: EU & ANZ • The EU & ANZ market is attractive and resilient with high consumption per capita • The EU & ANZ business has seen challenging times in the last few years (2019- 2023) • New strategy and new leadership team are in place to restore competitive growth, volume and profitabilit
Slide 90: EU & ANZ at a glance
EU & ANZ at a glance #11 €3.1bn 2024 revenue Operating in 29 countries Organised within 9 clusters Top 4 countries makes 50% #11 #1 player with ~31% share2 16 out of 19 countries3 #11 50% of revenue is Magnum and B&J #11 Source: Company analysis based on NIQ FY24 Data, Euromonitor 2024 RSP Sales Not
Slide 91: EU & ANZ ice cream market is large, attractive and resilient
EU & ANZ ice cream market is large, attractive and resilient High penetration & Resilient volume growth4 consumption Covid 3.3% ~90% household penetration1 (CAGR 2020-22) Commodity inflation 0.8% ~4x per capita consumption vs. rest of world avg.2 (CAGR 2022-24) Cocoa inflation (CAGR 2024-25) 0.9% Ma
Slide 92: EU & ANZ has seen challenging times (2019-2023)
EU & ANZ has seen challenging times in the last few years (2019-2023) Stagnant Significant Market share Deteriorating revenue volume loss erosion profitability +LSD% -LSD% -410bps -c.500bps Organic sales growth1 Organic volume growth1 Market share change2 Adj. EBITDA1 2019-2023 2019-2023 2019-2023 2
Slide 93: But… we have clear strengths
But… we have clear strengths Strong brands New leadership & organisation • 7 out of 9 GMs renewed • More senior leadership with track records • End-to-end P&L ownership • Deep ice cream expertise at key #1 across all channels central roles • Re-building sales force on the ground Significant market r
Slide 94: Turnaround strategy is in execution
Turnaround strategy is in execution Growth Productivity Re-investment Competitive & volume-led To improve profitability • Strategic portfolio & innovation • Supply chain transformation • Brands • Digital-led demand creation • Overheads • Portfolio • More physical availability & • Volume growth for •
Slide 95: Growth drivers: Strategic portfolio & innovation
Growth drivers: Strategic portfolio & innovation 1 Upgrading 25% of our portfolio per annum to drive product superiority Increasing the More almonds in Fruitier & More sauces & crunchiness of cones every bite creamier better sauces 95
Slide 96: Innovating at scale, targeting our white spots
Growth drivers: Strategic portfolio & innovation 2 Innovating at scale, targeting our white spots Needs Formats Price tiers Indulgence Sticks €€€ Premium Pints Snacking Tubs €€ Mainstream Refresh Cones Sharing & Sandwich Scooping € Value Bars Refreshment Snacking Cones Tubs Design for lower-tier Mai
Slide 97: Innovating at scale, targeting our white spots
Growth drivers: Strategic portfolio & innovation 2 Innovating at scale, targeting our white spots Needs Formats Price tiers Indulgence Sticks €€€ Premium Pints Snacking Tubs €€ Mainstream Refresh Cones Sharing & Sandwich Scooping € Value Bars Refreshment Snacking Cones Tubs Design for lower-tier Mai
Slide 98: Innovating at scale, targeting our white spots
Growth drivers: Strategic portfolio & innovation 2 Innovating at scale, targeting our white spots Needs Formats Price tiers Indulgence Sticks €€€ Premium Pints Snacking Tubs €€ Mainstream Refresh Cones Sharing & Sandwich Scooping € Value Bars Refreshment Snacking Cones Tubs Design for lower-tier Mai
Slide 99: Growing category through market-making innovations
Growth drivers: Strategic portfolio & innovation 3 Growing category & occasions through market-making innovations New formats New architectures New experiences 3x faster growth vs. total market1 Lead high-growth market trends Driving value with ~80% higher (e.g. multi-sensorial) price per litre vs.
Slide 100: Growth drivers: Digital-led demand creation
Growth drivers: Digital-led demand creation More brands More social More partnerships More in-season Broadening our full support From 40% to 70% Doubling Media spent in 100 days from 2 to 8 brands within digital earned media from 45% to 70% 100
Slide 101: More physical availability & executional excellence
Growth drivers: More physical availability & executional excellence At-Home leadership Winning in Away-from-Home ~€2bn ~€1bn • Re-gaining category captainship • Route-to-market redesigns in Italy, France, Strategic wins • Disciplined revenue growth management Netherlands • Cabinet OPEX optimisation
Slide 102: More physical availability & executional excellence
Growth drivers: More physical availability & executional excellence At-Home leadership Winning in Away-from-Home ~€2bn ~€1bn • Re-gaining category captainship • Route-to-market redesigns in Italy, France, Strategic wins • Disciplined revenue growth management Netherlands • Cabinet OPEX optimisation
Slide 103: EU & ANZ supply chain productivity plan delivering €150-170m savings
1 EU & ANZ supply chain productivity plan delivering €150-170m savings • Predictive AI-driven forecasting model to End-to-end network improve S&OP accuracy & reduce inventory 20% cost optimisation • Local-for-local production, reducing less kms distance, flexible warehouse capacity Step change in 10
Slide 104: Strong progress, turnaround on track with more to come
Strong progress, turnaround on track with more to come OSG% OVG% Market share change 1 3.8% 3.8% 6.1% 6.1% +87bps 1.7% 2.6% -29bps -29bps +LSD% c. -100bps p.a. -LSD% 2019-2023 2024 FY 2025 H1 2019-2023 2024 FY 2025 H1 2019-2023 2024 FY 2025 H1 CAGR 2 CAGR 2 Source: Company analysis based on NIQ H1’2
Slide 105: Key take-aways: EU & ANZ
Key take-aways: EU & ANZ • The EU & ANZ market is attractive and resilient with high consumption per capita • The EU & ANZ business has seen challenging times in the last few years (2019- 2023) • New strategy and new leadership team are in place to restore competitive growth, volume and profitabilit
Slide 106: Regional overview
Regional overview Americas Europe & ANZ AMEA Gerardo Rozanski Mustafa Seckin Wai-Fung Loh Toloy Tanridagli President – Americas President – Europe & ANZ President – Asia President – METSA 106
Slide 107: Key take-aways: AMEA
Key take-aways: AMEA 1 • AMEA is the fastest-growing and most profitable region • Strategy focused on volume-led market share growth through: • Format disruptions and on-trend innovations with core brands • Right portfolio across key snacking price points • Growing occasions and driving digital-led
Slide 108: AMEA is the fastest-growing and most profitable region
AMEA is the fastest-growing and most profitable region #2 1 #2 €2bn Revenue 2 #1 11% Market share 3 #1 17 Factories and R&D centres 4 #1 #1 ~1.3m Cabinets 5 #1 #1 #1 Player in key markets 3 Sales presence Source: Euromonitor 2024 RSP sales Notes: 1. India expected to be part of the perimeter by 2026
Slide 109: The AMEA market is large, attractive and growing
The AMEA market is large, attractive and growing Large and young High-growth market population 79% Percentage of global 4-6% CAGR 2024-20281 population ~32 Average age for region €25bn Ice cream market1 Low per-capita ice cream consumption Headroom 1.4L AMEA for growth 6.9L Americas + EU & ANZ Sourc
Slide 110: Strong historical delivery in AMEA (2019-2023)
Strong historical delivery in AMEA (2019-2023) Significant Increasing Higher market Strong revenue growth volumes share profitability +LDD% +MSD% +84 bps 23% Organic sales growth1 Organic volume growth1 Market share change2 Avg. Adj. EBITDA margin 2019-2023 2019-2023 2019-2023 2022-2023 Source: Euro
Slide 111: Strategic pillars for value creation
Strategic pillars for value creation Growth Productivity Re-investment • Drive innovations through formats • Optimise supply chain end-to-end to • Cabinets and digitise frontline and trends improve capacity utilisation, better service and lower cost • De-bottleneck capacity and invest • Portfolio at
Slide 112: Drive innovations through format disruptions and on-trend innovation
Drive innovations through format disruptions and on-trend innovation Türkiye Thailand China On-trend New formats Localised concepts ~11m ~6%1 48% Pieces sold since launch Market share in July 2025 Are new to the brand Source: NIQ July 2025 Data 112 Note: 1. Based on NIQ LTM July-25 data (Modern Trad
Slide 113: Priced competitively in the snacking market: Indonesia
Priced competitively in the snacking market Case study: Indonesia Price tier Relevant snacking examples Super premium Chocolate Chocolate bar Chips Premium Yoghurt Biscuits Mass premium Biscuits 250ml UHT milk Mainstream Chips 300ml RTD Tea Value Chocolate Snack 113
Slide 114: Grow occasions and drive digital-led demand creation
Grow occasions and drive digital-led demand creation to increase consumption Indonesia: At schools Türkiye: Eid celebrations Philippines: Birthdays activations China: City walk X Magnum 114
Slide 115: Increasing availability through localised cabinet expansion
Increasing availability through localised cabinet expansion strategies Increase cabinets to reach benchmark levels Select localised strategies 2024 Population per outlet (PPO), % to benchmark indexed to 100 184% 2 Protecting Capturing market share through cabinet leadership cabinet expansion in Turk
Slide 116: New strategy delivering results
New strategy delivering results Organic sales growth (%) Organic volume growth (%) 2024 +4.7% -1.6% H1 2025 +10.7% +7.1% 116
Slide 117: Key take-aways: AMEA
Key take-aways: AMEA • AMEA is the fastest-growing and most profitable region • Strategy focused on volume-led market share growth through: • Format disruptions and on-trend innovations with core brands • Right portfolio across key snacking price points • Growing occasions and driving digital-led de
Slide 118: Break
Break 118
Slide 119: Agenda
Agenda A Introduction, strategy and key investment highlights B Regional overview C Financials and outlook 119
Slide 120: Key take-aways
Key take-aways 1 Our strategic plan is already delivering results 2 Driving growth, delivering productivity and re-investing is key to sustainable value creation 3 Balanced capital allocation policy focused on driving profitable organic growth In the medium-term1 our plan aims to deliver from 2026 o
Slide 121: 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 122: 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 123: 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 124: Step-up in performance across all regions
Step-up in performance across all regions 39% of 36% of 25% of Group Europe & ANZ revenue Americas revenue AMEA revenue €7.9bn #1 €3.1bn #1 €2.9bn #1 €2.0bn #1 24A Revenue Market rank2 24A Revenue Market rank2 24A Revenue Market rank2 24A Revenue Market rank2 2.8% 2.6% 2.0% 4.7% OSG1 OSG1 OSG1 OSG1
Slide 125: Market shares are consistently improving
Market shares are consistently improving MAT1 Market share2 bps change vs. previous year Based on selected markets with monthly data availability Nearest competitor Private label 3 Share gain 77 75 57 36 Share loss -26 -94 -101 3 Dec'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Source: Company analysis ba
Slide 126: Solid growth in the first two quarters of 2025
We continued to deliver solid growth in the first two quarters of 2025 Quarter 1 2025 Quarter 2 2025 Organic sales Organic volume Organic sales Organic volume growth1 growth1 growth1 growth1 +4.0% +1.8% +7.1% +5.0% Source: Unilever Ice Cream segment reporting Notes: 1. Based on Unilever Ice Cream
Slide 127: 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 128: Highest volume growth of peers in 2024 and H1 2025
Highest volume growth of peers in 2024 and H1 2025 2023 Organic sales growth (OSG) % H1 2025 Organic sales growth (OSG) % 16.0% 6.0% 5.8% 12.0% 8.0% 4.0% 2.5% 4.0% 0.0% Peer 1 Peer 2 Peer 3 Peer 4 2024 Organic sales growth (OSG) % 6.0% 2.0% 4.0% 2.8% 2.0% 0.0% 0.0% Peer 1 Peer 2 Peer 3 Peer 4 Peer 1
Slide 129: Among most resilient margin profiles in 2024 and H1 2025
Among most resilient margin profiles in 2024 and H1 2025 2023 Adjusted EBITDA1 margin improvement (bps) H1 2025 Adjusted EBITDA1 margin change (bps) 150bps 100bps 0bps 50bps 0bps -30bps -50bps -100bps -100bps (70)bps -70bps Peer 1 Peer 2 Peer 3 Peer 4 2024 Adjusted EBITDA1 margin improvement (bps) -
Slide 130: Key take-aways
Key take-aways 1 Our strategic plan is already delivering results 2 Driving growth, delivering productivity and re-investing is key to sustainable value creation 3 Balanced capital allocation policy focused on driving profitable organic growth In the medium-term1 our plan aims to deliver from 2026 o
Slide 131: Focused and integrated new strategy & culture
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 Enablers Tech-enab
Slide 132: Focused and integrated new strategy & culture
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 Enablers Tech-enab
Slide 133: 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 134: The ice cream business is seasonal but not volatile
The ice cream business is seasonal but not volatile We consistently deliver ~50% of our revenue in the summer months Despite greater seasonality, growth is less volatile than peers % Revenue in summer (2011-2024) Range of Q2 2019-2024 organic volume growth1,2 27.1% 100% 22.0% 18.0% 19.3% Rest of yea
Slide 135: Focused and integrated new strategy & culture
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 Enablers Tech-enab
Slide 136: 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 137: 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 138: 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 139: 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 140: Our Global Business Solutions
3 | Our Global Business Solutions Broadening GBS scope to provide integrated, end-to-end cost- effective solutions across functions (sales, supply chain, finance, procurement, digital services, marketing and more) Data Global Scalable operations through global and regional capability People Business
Slide 141: Focused and integrated new strategy & culture
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 Enablers Tech-enab
Slide 142: 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 143: Targeted investment behind our brands to drive volume growth
Targeted investment behind our brands to drive volume growth Greater ROI and agility A&P1, % of revenue Driving advertising returns using digitisation and emerging technologies ~13% Digitally-led media buying allows fast response 12.4% to weather and demand spikes 12.3% Social-first approach increas
Slide 144: Working capital optimisation
Working capital optimisation Inventory days Working capital % revenue 80 72 68 -3.3% ~ -4.5% 2023 2024 2024 Medium-term 2028 2024 Medium-term 144
Slide 145: 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 146: Cash flow driven by step up in earnings & working capital
Cash flow driven by step up in earnings & working capital management Free Cash Flow (FCF) €bn €0.8bn – €1bn Working capital Step-up in optimisation investment for ~€0.6bn growth and productivity 1 Average FCF EBITDA Working capital Capex Other FCF FCF EBITDA Working capital Capex Other1 2022-2024 Me
Slide 147: Attractive ROIC vs. other snacking peers
TMICC has an attractive ROIC vs. other snacking peers Adjusted ROIC1 FY 2024, % amongst snacking category leaders ~27% ~23% ~23% ~17% ~9% 2 Peer 1 Peer 2 Peer 3 MICC Peer 4 Source: Public company information Notes: Peers include Hershey, Mondelez, PepsiCo and Nestlé; 1. Adjusted ROIC (Return on Inve
Slide 148: Hard currency revenue, local-for-local manufacturing and commodity management
~70% hard currency revenue, >90% local-for-local manufacturing and focused commodity management % 2024 revenue in currency basket % of revenue manufactured locally 2 Raw and packaging material spend (2024) Cocoa & chocolate 22% ~30% Other 97% 54% 92% 85% Dairy ~70% 19% Sugar 5% 1 EU Americas AMEA Ha
Slide 149: Restructuring and one-off separation-related costs
Overview of restructuring and one-off separation-related costs One-off separation costs (€m) ~€800m of one-off separation costs, of which ~55% relates to technology ~80% of separation costs will be recognised by end of 2026 ~365 Restructuring costs expected to be around 0.8% of revenue p.a. 2025-202
Slide 150: Separation well on track
Separation well on track Legal separation from Unilever on 1st July 20251 Day 1 operating model and perimeter finalised, standalone company organisation in place Treasury management system and group consolidation system operating from 1st July Agreed pro forma net leverage of 2.4x, credit ra
Slide 151: Transitional Service Agreements overview
Transitional Service Agreements overview Unilever will support TMICC as needed with Transitional Service Agreements (TSAs) with progressive roll-off between now and 2027 FY’25 TSA cost split IT Supply chain & Finance • Infrastructure • Customer services and supply chain hub Others ~20% • Application
Slide 152: Key take-aways
Key take-aways 1 Our strategic plan is already delivering results 2 Driving growth, delivering productivity and re-investing is key to sustainable value creation 3 Balanced capital allocation policy focused on driving profitable organic growth In the medium-term1 our plan aims to deliver from 2026 o
Slide 153: 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 154: 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 155: Key take-aways
Key take-aways 1 Our strategic plan is already delivering results 2 Driving growth, delivering productivity and reinvesting is key to sustainable value creation 3 Balanced capital allocation policy focused on driving profitable organic growth In the medium-term1 our plan aims to deliver from 2026 on
Slide 156: 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 157: Q&A
Q&A Q&A 157
Slide 158: 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 159: The Magnum Ice Cream Company
MAGNUM ICE CREAM (CS) COMPANY September 2025
Slide 160: 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 161: 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 162: 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
The Magnum Ice Cream Company — Investor Day (September 2025) on 6ix