Live News • May 17
Magnum Ice Cream Shares Jump as Blackstone and CD&R Consider Take-Private Offer Magnum Ice Cream shares jumped between 11% and 18% after reports that Blackstone and Clayton, Dubilier & Rice are weighing bids to take the company private.
The potential bidders are watching Magnum’s key summer sales period before deciding on a formal offer.
Magnum, spun off from Unilever in late 2025, recently reported Q1 2026 earnings that came in stronger than expected and reaffirmed its full-year sales growth outlook of 3-5%, despite volume pressures tied to weight-loss drug trends and geopolitical risks.
The interest from large private equity buyers highlights how much value financial sponsors see in Magnum’s standalone ice cream franchise following its spin-off from Unilever.
Investors are likely to focus on how summer trading and any update on Unilever’s plan to fully exit its remaining stake within five years influence both the likelihood and potential terms of a take-private deal. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €13.08, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 14x in the Food industry in Europe. Announcement • Mar 31
The Magnum Ice Cream Company N.V. (ENXTAM:MICC) completed the acquisition of 61.90% stake in Kwality Walls (India) Limited (NSEI:KWIL) from a group of shareholders. The Magnum Ice Cream Company N.V. (ENXTAM:MICC) entered into the Share purchase agreement to acquire 61.90% stake in Kwality Walls (India) Limited (NSEI:KWIL) from a group of shareholders for INR 30 billion on June 25, 2025. A cash consideration of INR 29.98 billion will be paid by The Magnum Ice Cream Company N.V. As part of consideration, INR 29.98 billion is paid towards common equity of Kwality Walls (India) Limited. In a related transaction, The Magnum Ice Cream Company N.V. proposed to acquire 26% stake in Kwality Walls (India) Limited (NSEI:KWIL) for INR 13 billion on February 16, 2026.
The transaction is subject to Fulfilment of certain conditions in the SPA (including the successful demerger of KWIL from HUL and listing of KWIL shares) and receipt of requisite statutory and other approvals; and Magnum HoldCo making an open offer to the public shareholders of KWIL for additional shares of KWIL in accordance with the Securities and Exchange Board of India Regulations, 2011.
Cyril Amarchand Mangaldas advised Kwality Wall’s (India) Limited in relation to listing of its equity shares on BSE Limited and the National Stock Exchange of India Limited. Cyril Amarchand Mangaldas was also the sole transaction counsel to HUL for the demerger and listing of KWIL. Vineet Shingal, Sharad Abhyankar, Dinesh Kumar Agrawal, Avnish Sharma, Deepak Kumar, Nishad Nadkarni, Nishant Arora, Rahul Jain, Shabnam Shaikh, Shailendra Bhandare, Sudipta Bhattacharjee, Supratim Chakraborty, Sourav Dan of Khaitan & Co advised The Magnum Ice Cream Company Limited and Kwality Walls (India) Limited on demerger of HUL’s ice cream business and proposed listing of KWIL.
The Magnum Ice Cream Company N.V. (ENXTAM:MICC) completed the acquisition of 61.90% stake in Kwality Walls (India) Limited (NSEI:KWIL) from a group of shareholders on March 30, 2026. Announcement • Mar 27
Tilray Brands Announces Partnership With Popsicle To Launch Popsicle Adult Beverages Tilray Brands, Inc. teamed up with The Magnum Ice Cream Company to give an adult upgrade to a classic. Tilray announced its line of exclusive Popsicle Hard flavored ready-to-drink beverages, inspired by the iconic flavors Popsicle fans grew up with to bring a nostalgic favorite into a new format for 21+ consumers in the U.S. By pairing Tilray’s beverage innovation expertise with Popsicle’s legacy and fanbase, Tilray set out to capture the taste and joy of Popsicle with an added 5% ABV kick, available in non-carbonated Hard Cherry, Hard Orange and Hard Grape. The Popsicle Hard Variety Pack will include 4 of each fan-favorite flavor and will be rolling out in March in select retailers nationwide. Tilray’s exclusive Popsicle Hard Firecracker beverage will launch in May 2026 - blending consumers’ love for the festive flavor in this new format. Available in 12 packs of 12-ounce slim cans, the Popsicle Hard Variety Packs can be found at major retailers across the country including Walmart, Kroger, Albertson’s, Safeway, Food Lion, Ingles and Buc-ees. Reported Earnings • Mar 20
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: €0.48 (down from €0.95 in FY 2024). Revenue: €7.91b (flat on FY 2024). Net income: €293.0m (down 49% from FY 2024). Profit margin: 3.7% (down from 7.3% in FY 2024). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Europe. Announcement • Mar 19
The Magnum Ice Cream Company N.V., Annual General Meeting, May 07, 2026 The Magnum Ice Cream Company N.V., Annual General Meeting, May 07, 2026. Location: sheraton amsterdam airport, schiphol boulevard 101, 1118 bg, amsterdam Netherlands New Risk • Mar 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). Announcement • Mar 03
The Magnum Ice Cream Company N.V. Announces Appointment of Josh Frank as Non-Executive Director, Effective March 16, 2026 The Magnum Ice Cream Company N.V. confirmed that Josh Frank will join the Board as a Non-Executive Director. The Company notified that he will start on March 16, 2026. Recent Insider Transactions • Feb 16
CFO & Executive Director recently bought €625k worth of stock On the 12th of February, Abhijit Bhattacharya bought around 45k shares on-market at roughly €14.04 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €1.5m. Abhijit has been a buyer over the last 12 months, purchasing a net total of €2.6m worth in shares. Announcement • Feb 16
The Magnum Ice Cream Company N.V. (ENXTAM:MICC) proposed to acquire 26% stake in Kwality Walls (India) Limited (NSEI:KWIL) for INR 13 billion. The Magnum Ice Cream Company N.V. (ENXTAM:MICC) proposed to acquire 26% stake in Kwality Walls (India) Limited (NSEI:KWIL) for INR 13 billion on February 16, 2026. A cash consideration valued at INR 21.33 per share will be paid by The Magnum Ice Cream Company N.V. In related transaction, The Magnum Ice Cream Company has entered into a share purchase agreement to acquire a 61.9% stake in Kwality Walls (India) Limited from Unilever Group for INR 29.978 billion on June 25, 2025. The Magnum Ice Cream Company have no intention to delist the Kwality Walls (India) pursuant to this Open Offer.
This Open Offer is not conditional upon any minimum level of acceptance.
Kotak Mahindra Capital Company Limited acted as financial advisor for The Magnum Ice Cream Company N.V. Reported Earnings • Feb 13
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: €0.48 (down from €0.95 in FY 2024). Revenue: €7.91b (flat on FY 2024). Net income: €293.0m (down 49% from FY 2024). Profit margin: 3.7% (down from 7.3% in FY 2024). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Food industry in Europe. Announcement • Feb 12
The Magnum Ice Cream Company N.V. Provides Earnings Guidance for the Year 2026 The Magnum Ice Cream Company N.V. provided earnings guidance for the year 2026. The company expects organic sales growth for 2026 to be between 3% to 5%. Announcement • Feb 11
Talenti Invites Fans to Choose Their Escape with Two New Flavors Inspired by Winter Comfort and Tropical Getaways Talenti is inviting fans to follow their cravings. Inspired by global ingredients, the brand is expanding its portfolio with two new flavors -- Chocolate Hazelnut Crunch Gelato and Paradise Passionfruit Sorbetto -- each pint transporting tastebuds to distinct flavor destinations. A longtime favorite in Italian gelaterias makes its way to U.S. freezers with a Talenti twist. Chocolate Hazelnut Crunch Gelato blends smooth chocolate gelato with 100% roasted Italian hazelnuts, decadent fudge sauce, and crunchy chocolate cookie pieces for a rich, layered, comforting indulgence. Paradise Passionfruit Sorbetto is a refreshing, tropical addition to Talenti's sorbetto lineup. Made with 100% real passionfruit juice sourced from South America and Southeast Asia, this real fruit, dairy-free flavor delivers a bright balance of sweet, tart, and floral notes, offering a sun-drenched escape in every spoonful. To celebrate the new flavors, Talenti is partnering with Talenti Tastemaker Sarah Fennel of Broma Bakery, who put her signature spin on both new flavors. Leaning into their distinct global ingredients, Sarah crafted two custom recipes: The Hot Chocolate Hazelnut Crunch Affogato wraps in indulgent comfort, featuring an easy-to-make rich and creamy hot chocolate served over a generous scoop of Talenti Chocolate Hazelnut Crunch Gelato. And to bring the concept of flavor-driven escape to life, Talenti is inviting fans to experience them beyond the spend for FREE with the Snowed In or Sun-Soaked: A Talenti Tasting Experience in NYC on February 19. Designed as a journey through contrasting flavor worlds, fans will first taste Chocolate Hazelnut Crunch Gelato in the comfort of a cozy, Italian apres ski-inspired cafe, followed by Paradise Passionfruit Sorbetto in a lush, South American-inspired jungle lounge. The event is open to the public from 12:00 PM to 3:00 PM ET at 532 W 28th Street, while supplies last. Talenti Chocolate Hazelnut Crunch gelato and Paradise Passionfruit SorBetto are available now at major retailers nationwide for an MSRP of $5.49. Announcement • Jan 13
Breyers, Brand of The Magnum Ice Cream Company, Launches Sundae Swirls Breyers has made it easier than ever to enjoy the full sundae experience straight from the freezer with new Breyers Sundae Swirls, a new sundae-in-a-tub experience loaded with rich mix-ins and extra-thick sauce swirls. Rolling out nationwide this month, Breyers Sundae Swirls is redefining how you sundae. Breyers tested countless tubs along the way, scoop after scoop, to make sure every serving delivers the perfect amount of sauce. Each tub brings together a smooth, creamy base, rich mix-ins such as brownie and cake pieces, and a breakthrough technology that ensures thick swirls of ooey-gooey goodness in every scoop. The Sundae Swirls lineup launches with four crave-worthy flavors inspired by classic desserts Americans know and love in a shareable, 48-oz format: Hot Fudge Brownie Sundae blends creamy vanilla with thick chocolate sauce and chewy brownie pieces for an ooey-gooey, homemade brownie moment in every scoop; Salted Caramel Truffle features creamy vanilla folded around golden ribbons of salted caramel and chocolate truffle pieces for a perfectly balanced blend of rich caramel, delicate sea salt and decadent chocolate; Strawberry Pound Cake combines rich vanilla, jammy strawberry sauce and buttery cake bites to deliver the creamy, fruity, cakey balance of a timeless dessert; Chocolate Lava Cake features a velvety chocolate base layered with molten-style lava swirls and fudgy cake pieces that come together to capture the decadence of the iconic dessert. Sundae Swirls is backed by the Breyers Ingredient Pledge, reflecting the brand's commitment to quality that has made Breyers a family favorite since 1866. Breyers is made with 100% Grade A milk and cream, naturally sourced colors and flavors, and sustainably sourced fruit and vanilla. Breyers Sundae Swirls will be available in 48 oz tubs at major retailers nationwide beginning in January 2026, with an MSRP of $5.49. Recent Insider Transactions • Dec 31
CEO & Executive Director recently bought €805k worth of stock On the 23rd of December, Peter Frank Kulve bought around 60k shares on-market at roughly €13.39 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €1.5m. Peter Frank has been a buyer over the last 12 months, purchasing a net total of €6.8m worth in shares. Board Change • Dec 14
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Non-Executive Director D. Rene Graafland was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Dec 10
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at €12.94. The fair value is estimated to be €10.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Announcement • Dec 10
The Magnum Ice Cream Company N.V. Appoints Melissa Bethell as Non-Executive Director and Adds to Committees, Effective December 8, 2025 Diageo PLC announces that Melissa Bethell, non-executive director of the Company, is a non-executive director of another company that has on December 8, 2025 become a publicly quoted company. Melissa Bethell was appointed as non-executive director of The Magnum Ice Cream Company N.V. ("TMICC") on September 29, 2025. TMICC has, on December 8, 2025, announced its admission to trading on each of Euronext Amsterdam, the London Stock Exchange's main market and the New York Stock Exchange. Melissa Bethell will assume the role of Chair of the Remuneration Committee and will also serve on the Audit Committee of TMICC, effective from December 8, 2025. 
