Magnum posted lower annual profits but its boss says he is unconcerned about the impact of weight loss jabs on sales.
Shares in the Magnum Ice Cream Company, which owns the Cornetto and Wall’s brands, fell nearly 14 per cent as investors were left unimpressed with its sales growth forecasts.
Chief executive Peter Ter Kulve said that while weight loss jabs like Ozempic curbed ‘mindless munching’, which is a ‘good thing’ consumers still want treats.
It is Magnum’s first set of results since it separated from food giant Unilever last year, which it said had caused a 48.4 per cent fall in profits.
Profits at Magnum fell to £267million while revenue remained flat at £6.9billion.
The Magnum Ice Cream Company listed in Amsterdam at the end of 2025 with a £7bn debut
The ice cream giant said it expects sales to grow between 3 and 5 per cent, but it failed to dazzle investors after 4.2 per cent growth last year.
Speaking to analysts, boss Ter Kulve said the ice cream market is ‘healthy and resilient’.
He described a ‘lipstick effect’ where consumers will splash out on affordable treats as a mood booster in times of economic tumult.
And he said the uptick in weight-loss jabs, including Ozempic, would give the brand a chance to ‘further premiumise the category’.
Magnum said it has expanded its range of ‘better for you’ options, including smaller versions of popular brands such as Magnum Bonbons and Ben & Jerry’s Peaces.
Ter Kulve said: ‘Looking ahead, we are focused on executing our growth strategy and driving the productivity programme to deliver profitable growth.’
Magnum’s results came as Ben Cohen, who co-founded Ben & Jerry’s in 1978 alongside Jerry Greenfield, once more criticised its owners for suppressing the brand’s attempts to make political statements.
In an open letter to Magnum investors, he said: ‘I’m sorry to say that Unilever and Magnum are no longer the companies you were led to believe they were.’
He urged Magnum to sell the brand.
Responding to these calls last year, Magnum chief executive, Peter Ter Kulve said: ‘Ben wants to have it back but I am sorry Ben, it is not for sale.’
The brand was bought for £251million in 2000, with the agreement that it would be managed by an independent board.
Cohen has accused Unilever and Magnum of trying to block the ice cream company from expressing its support for Gaza and criticism of Israel amid the war in the Middle East.
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