Unilever has formally completed the demerger of its ice cream business, creating The Magnum Ice Cream Company as a separate, listed group built around brands including Magnum, Ben & Jerry’s, Cornetto and Wall’s. The move removes a cold‑chain operation that had limited overlap with Unilever’s core beauty, wellbeing and home care portfolio, while giving the ice cream arm dedicated management and strategic focus.
The separation, first announced in March 2024, is part of a broader restructuring programme worth around €800 million and tied to thousands of job cuts as Unilever seeks to streamline its business and prioritise so‑called “power brands”. Unilever will initially retain a stake of under 20% in the new company, which it plans to sell down over time to cover separation costs and maintain balance sheet flexibility.
Magnum’s debut on Euronext Amsterdam has given the spin‑off an opening market capitalisation of about €7.8 billion, making it the largest listing on the exchange so far this year. The admission price was set at €12.80 a share, with trading in Amsterdam starting at €12.20 before the price fluctuated around the reference level as investors digested the new offering.
According to Euronext, Magnum’s float is the 66th listing on its markets in 2025 and the biggest by value to date, underscoring strong interest in branded consumer names despite a tougher backdrop for discretionary spending. While some analysts had anticipated a richer valuation, the stock’s ability to hold close to the reference price was seen as a solid start for a business heavily exposed to weather patterns and changing health trends.
On its first day, shares in Magnum Ice Cream traded modestly above or around the reference price in Amsterdam, with similar activity on secondary listings in London and New York. The listing on three major exchanges is designed to attract a broad base of global investors and provide liquidity comparable to other large‑cap consumer names.
Peter ter Kulve, chief executive of The Magnum Ice Cream Company, described the flotation as “a proud milestone” and said the business would be “more agile, focused and ambitious than ever” as a standalone group. He added that the company aims to create “new occasions to enjoy ice cream and frozen snacks” while stepping up innovation to “delight people around the world”.
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For Unilever shareholders, the spin‑off closes a chapter of debate over whether the ice cream arm was a drag on group performance, given its capital‑intensive logistics and sensitivity to summer weather. The demerger is accompanied by a share consolidation at Unilever to keep earnings per share and dividend metrics broadly comparable after the separation.
The new Magnum group inherits an ice cream portfolio that posted mid‑single‑digit sales growth in recent quarters, supported by the expansion of premium and indulgent products in developed markets and rising demand in emerging economies. At the same time, it must contend with consumers who are increasingly health‑conscious, with regulators scrutinising high‑sugar foods and weight‑loss drugs influencing eating habits.
Analysts note that independence should allow Magnum to tailor investment more tightly to category trends, from plant‑based recipes to novel formats and smaller portion sizes. As one London‑based fund manager put it, the listing gives investors a “pure‑play” on global ice cream, while leaving Unilever to concentrate on faster‑growing personal care and home care lines.
