Ice cream group Magnum to set out targets ahead of November IPO

Magnum, Unilever’s ice cream division, will present itself to investors and analysts as an independent company for the first time on Tuesday, ahead of its planned stock market listing in November.

The company, based in the centre of Amsterdam, will outline its expectations for sales and profits in the coming years, in what analysts told the Financieele Dagblad is a crucial first test for chief executive Peter ter Kulve.

Unilever is spinning off its ice division because profit margins lag behind other parts of the group, such as health and beauty products.

The listing in mid-November will be the largest in the Netherlands this year. Unilever will keep a 20% stake, which it plans to sell off slowly within five years. Alongside its main listing in Amsterdam, Magnum will also be traded in New York and London.

Fernand de Boer of Degroof Petercam told the Financieele Dagblad that Magnum’s sales and profit have shown little growth in recent years while Reginald Watson of ING told the paper Ter Kulve needs to strike the right balance in his message.

“Not too high and not too low. The company needs time to prove itself and a rocky start could undermine that,” he said.

Magnum booked revenue of some €8.3 billion in 2024. Its brands include Cornetto, Ben & Jerry’s and Dutch supermarket staple Ola.