The Magnum Ice Cream Company has begun trading as an independent company listed in Amsterdam, London and New York.
It comes after Unilever completed the demerger of TMICC over the weekend as the consumer goods giant slims-down its portfolio to refocus efforts on beauty and personal care brands, such as Dove and Vaseline.
TMICC, which owns Ben & Jerry’s, Cornetto and Wall’s among its stable of brands, is now the largest ice cream business in the world with a 21 per cent share of global sales – almost twice that of its nearest rival, Froneli.
Shares in the business, which generated revenues of €4.5billion in the first half of 2025, have their primary listing in Amsterdam, and a secondary listing in London and New York.
Boss Peter ter Kulve, TMICC CEO, said: ‘We became the global leader in ice cream as part of the Unilever family. Now, as an independent listed company, we will be more agile, more focused, and more ambitious than ever.
‘We have a clear strategy to deliver growth, improve productivity and reinvest in TMICC in line with the medium-term targets we set out at our recent Capital Markets Day.
‘With our iconic brands, world-class capabilities, expert people and the trust of millions of ice cream lovers globally, we aim to lead the frozen snacking revolution, shaping new occasions, innovating new products and fresh ways to delight people around the world, improving the service to our customers and creating value for our shareholders and wider stakeholders.’
The Magnum Ice Cream Company is by far the dominant player in its market (pictured, musician Rita Ora with a magnum ice cream)
Unilever will continue to hold a 19.9 per cent voting share in the group, while fund management giants BlackRock and Vanguard will own 6.7 and 4.3 per cent, respectively.
The Magnum Ice Cream Company shares rose 1.2 per cent to 1,112.6p in early trading in London.
Unilever fell 4 per cent to 4,278p, ahead of a share consolidation reflecting the spin-off of the ice cream business.
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said: ‘TMICC has already been functioning as a standalone business since 1 July 2025, so the trading of its shares shouldn’t bring any major disruption to operations.
‘The global ice cream market is forecast to grow by 3 to 4 per cent annually until at least 2029.
‘TMICC is targeting growth slightly ahead of this pace, up to 5 per cent annually, driven by increased marketing investment, improved distribution channels and market share gains.
‘TMICC is already free cash flow positive and profitable in its own right.
‘The balance sheet is in decent shape, but dividends are off the cards until 2027 as the group finds its footing as a standalone business.
‘That could cause some downward pressure on the share price in the near term, as dividend-focussed investment funds that hold Unilever will be handed TMICC shares, the latter of which they may be forced to sell to abide by their investment mandate.’
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