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Unilever’s ice cream division, led by Magnum, is preparing for a mid-November stock market debut as a stand-alone company. The spin-off, which also includes brands like Ben & Jerry’s, Wall’s and Cornetto, aims to deliver faster growth, streamlined operations, and new product innovation.
The new Magnum Ice Cream Company is targeting 3-5% average annual organic sales growth from 2026, matching Unilever’s long-term outlook but above the division’s historic 3%. The business, which generated €7.9 billion ($9.3 billion) in revenue and €1.3 billion in adjusted EBITDA in 2024, will enter the market with an initial net debt to EBITDA ratio of 2.4x.
Unilever will retain a stake of less than 20%, while the new company is expected to hold just over 20% of the $88 billion global ice cream market, second only to Nestlé-backed Froneri. The market itself is projected to grow to nearly $106 billion by 2029.
Magnum has recently reversed years of stagnation, regaining nearly 21% global share, significantly ahead of rivals like Häagen-Dazs. To boost profitability, the company plans €500 million in productivity savings by cutting overheads, leveraging technology, and optimizing its cold supply chain.
Despite being Unilever’s fastest-growing category in Q2 with 7.1% underlying sales growth, ice cream has historically delivered lower margins than divisions like beauty and personal care. The spin-off reflects Unilever CEO Fernando Fernandez’s strategy to streamline the company’s portfolio, improve efficiency, and enhance shareholder value.
The listing comes amid wider industry shake-ups, with Kraft Heinz, Keurig Dr Pepper, and Nestlé also pursuing restructuring and portfolio adjustments. While health-conscious trends and GLP-1 weight-loss drugs pose potential challenges, Magnum maintains that their impact will be limited.
At stake is investor appetite for a sugar-heavy product line in a shifting consumer landscape, making the spin-off a crucial test for Unilever’s new strategic direction.
