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2 The listing of The Magnum Ice Cream Company is expected to be completed by mid-November 2025 19 Mar ‘24 Unilever announces planned separation of Ice Cream division 13 Feb ‘25 Unilever announces FY’24 results, providing update on Ice Cream separation Operational separation 24 Jun ’25 Introduction to The Magnum Ice Cream Company 01 Jul ‘25 Principal date for completion of internal separation Mid-November 2025 Planned demerger date and listing of shares 24 Apr ‘25 Unilever announces Q1’25 Group as well as Ice Cream results Today The Magnum Ice Cream Company Capital Markets Day
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3 Michèle Negen Head of Investor Relations Abhijit Bhattacharya CFO Ronald Schellekens Chief Human Resources Officer Julien Barraux Chief Creative Officer Video presentation Sandeep Desai Chief Supply Chain Officer Video presentation Toloy Tanridagli President – METSA 1 Video presentation CEO Peter ter Kulve Mustafa Seckin President - Europe & ANZ Gerardo Rozanski President - Americas Wai-Fung Loh President - Asia Today’s presenters Notes: 1. Middle East, Turkey, South Africa
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4 Today’s agenda Presenter Section starts (BST) Duration Opening 12:30 10 min Introduction, strategy, key investment highlights, people & culture 12:40 70 min Q&A 13:45 30 min Break 14:15 30 min Regional overview 14:45 45 min Break 15:30 30 min Financials and outlook 16:00 45 min Q&A 16:45 30 min Conclusion & wrap up 17:15 15 min Peter ter Kulve Michèle Negen Gerardo Rozanski Mustafa Seckin Wai-Fung Loh Peter ter Kulve Abhijit Bhattacharya Ronald Schellekens
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5 Agenda Introduction, strategy and key investment highlights Regional overview Financials and outlook A B C
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9 2 1 3 4 5 Revamped front-line first organisation with a winning culture, and incentives aligned to our medium-term plan Key investment highlights The ice cream market is large, growing and resilient, and has attractive returns Largest ice cream company in the world with 160 years of expertise and heritage Clear strategy to deliver growth and improve productivity Our portfolio is well positioned for growth with strong brands, leading capabilities and world-class innovations
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A | THE MARKET The ice cream market is large, growing and resilient, and has attractive returns
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11 Ice cream is part of the global snacking market with attractive returns Source: Company analysis based on Euromonitor, GlobalData, Flywheel Edge Notes: 1. Global snacking includes ice cream, savoury snacks, confectionery, sweet biscuits, snack bars and fruit snacks; 2. Total 2024 market size of €470 billion based on Company analysis of third-party market data; 3. Total 2024 market size of €75 billion partially based on Company analysis of Euromonitor, Snacks 2025 edition, Retail Value S ales (MSP) in EUR, y-o-y ex. rates, current prices; 4. ROIC is calculated as NOPAT / average invested capital, where (i) NOPAT is defined as adjusted EBIT less Taxes, as calculated using statutory corporation tax rates and (ii) Average Invested Capital is defined as average net debt plus average equity; peer set of 364 CPG companies. Peer set of 14 snacking companies – weighted average, EUR Ice cream forms part of the global snacking market Ice cream and snacking address the same consumer demand moments The snacking market has attractive mid-teens ROIC4, outperforming CPG Global snacking ~€470bn1,2 Ice cream ~€75bn3 45% 37% 12% 6% 46% 33% 10% 11% Refresh & fuel up Indulgent delights Sharing & scooping Lifestyle wellness Ice cream Snacking CPG ~14% ~12% Snacking Consumer demand moment distribution, 2023, % A | THE MARKET
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12 The global ice cream market is large, growing and resilient The global ice cream market has grown consistently over the past 10 years and is expected to continue to grow at ~3-4% p.a. Broadening of occasions further into snacking formats, driven by innovation and premiumisation Robust underlying volume and price growth dynamics, supported by continued relevance of indulgence trends Consumer preference for convenience driving growth in the digital commerce channel Covid impact on growth more limited than on other snacking categories; global sales quickly recovered to prior growth path by 2022 € Billion 52 61 75 90 2014 2019 2024 2029 1 2 3 4 5 1 2 Source: Company analysis of third-party market data Note: 1. Total 2024 market size of €75 billion partially based on Company analysis of Euromonitor, Snacks 2025 edition, Retail Value S ales (MSP) in EUR, y-o-y ex. rates, current prices; 2. Company’s projection based on analysis of Euromonitor, Snacks 2025 edition, Retail Value Sales (MSP) in EUR, y -o-y ex. rates, current prices. CAGR data based on retail and foodservice sales combined A | THE MARKET
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13 Market growth driven by snacking occasions, availability and premiumisation Premiumisation • Consumers are looking for more indulgent and healthier, premium snacks Availability • Outlet density • Cabinet penetration • Digital Commerce (dCom) Snacking occasions • Creating new snacking occasions • Innovation-led growth A | THE MARKET
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14 Consumption fuelled by increasing number of ice cream occasions Source: Company analysis based on third-party market data Note: 1. Total market volume partially based on Company analysis of Euromonitor, Snacks 2026 edition, volume in million litres ~4,350 ~700 ~500 ~400 ~450 ~250 ~250 ~100 # of established occasions Overall ice cream consumption per capita 2024, in litres # 2024 total market volume (million liters)1 ~4,350 A | THE MARKET
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15 Consumption is driven by availability – growth opportunity in emerging markets (EM) Source: Company analysis based on third-party market data Notes: 1. Retail outlets are defined as supermarkets, hypermarkets and discounters; 2. Emerging markets includes China, India, Indonesia, Mexico, Philippines, Turkey; 3. Developed markets includes France, Germany, Italy, United Kingdom and the United States 0 2 4 6 8 10 12 0 50 100 150 200 250 300 350 400 # of retail outlets1 per M people (2024) Ice cream consumption, liters per capita (2024) Ice cream consumption is rising with increasing outlet penetration 146 216 Emerging markets Developed markets 50% Upside potential 2 3 # of retail outlets1 per M people (2024) Outlet density in EMs has the potential to grow by 50% A | THE MARKET
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16 The premium segment in developed markets grows faster than the industry Source: Company analysis based on third-party market data Note: 1. Countries with per capita GDP of at least $35,000 for 2024 on 2024 average exchange rates, based on IMF data, countr ies in-scope for pricing index: AU, AT, BE, DK, FR, DE, IE, IT, NL, NZ, NO, PT, SG, ES, SE, CH, UK, US; 2. Defined as products priced at a minimum 120 per cent. above the estimated average ice cream price of the relevant market; 3. Defined as products priced below 80 per cent of the estimated average ice cream price of the relevant market; 4. Defined as products priced between 80 and 120 per cent of the estimated average ice cream price of the relevant market 2016 2024 Value3 Mainstream4 Premium2 Share of market (developed markets1) ’16 – ’24 CAGR ~5% ~3% ~3% 29% 27% 35% 32% 37% 41% €36bn €49bn A | THE MARKET
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17 The ice cream business operates through two channels with tailwinds from Digital Commerce Digital Commerce (dCom) growing at ~9% CAGR ’24-’29 Sales made through omnichannel, pure-play, quick commerce €52bn €75bn €90bn ~4% ~3% ~3-4% ~3-4% At-Home Away-from-Home Sales made through retailers for at-home consumption Sales made through cabinets for on-the-go consumption dCom dCom dCom ~27% ~9% # 2014 2024 2029 At-Home Away-from-Home Digital Commerce CAGR 1 2 Source: Company analysis of third-party market data Note: 1. Total 2024 market size of €75 billion partially based on Company analysis of Euromonitor, Snacks 2025 edition, Retail Value S ales (MSP) in EUR, y-o-y ex. rates, current prices; 2. Company’s projection based on analysis of Euromonitor, Snacks 2025 edition, Retail Value Sales (MSP) in EUR, y -o-y ex. rates, current prices. CAGR data based on retail and foodservice sales combined A | THE MARKET
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18 Ice cream is a concentrated market with two global pure-play ice cream players Source: Euromonitor 2024 RSP Sales, public company information Notes: 1. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices Company Ice cream revenue, % of total Market share1 Ownership 21% To be listed Froneri 11% Private General Mills 2% Listed Yili 2% Listed Nestlé 2% Listed Lotte 2% Listed Ferrero 1% Private Mars 1% Private Amul 1% Private Pure-play ice cream Global and regional CPG A | THE MARKET
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19 hfp Ice cream is a calorie efficient indulgence and we continue to develop products with an improved nutritional profile Source: Retailer / brand websites as of June 2025; TMICC products based on internal information and/or brand websites Note: 1. KCal per 100 grams, ice cream compared to broader snacking; 2. For beverages, 100 ml is assumed equal to 100 grams <100 100-200 200-400 400-600 76 kcal 32 kcal 21 kcal2 83 kcal 95 kcal 42 kcal2 53 kcal2 70 kcal2 343 kcal 439 kcal 186 kcal 144 kcal 398 kcal 472 kcal 356 kcal 561 kcal 328 kcal 512 kcal 477 kcal 309 kcal 496 kcal 516 kcal 476 kcal 323 kcal 289 kcal 545 kcal 508 kcal 403 kcal 475 kcal 388 kcal 455 kcal 195 kcal 490 kcal 109 kcal 182 kcal 154 kcal 105 kcal Calories per 100 grams1 A | THE MARKET
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20 GLP-1 has a limited impact on the global ice cream market Source: Cornell, Hristakeva et al, The No-Hunger Games: How GLP-1 Medication Adoption is Changing Consumer Food Purchases, 2025, relative impact of grocery spend ; Matyori et al. doi.org/10.1016/j.jsps.2023.04.002; Rheumatol Ther 8, 109–118 (2021), Diabetes Ther. 2022 Jan;13(1):175-187, PHAST, EvaluatePharma (Q3 2024); NICE, National Institutes of Health- Step 1 trial Note: 1. Company analysis of third-party market data 2. Based on Cornell, Hristakeva et al, The No-Hunger Games: How GLP-1 Medication Adoption is Changing Consumer Food Purchases, 2025, relative impact of grocery spend Relative impact of GLP-1 on snacking categories2 Chips & savoury snacks Sweet bakery Cookies Ice cream Candy & chocolate How does TMICC adapt to GLP-1? • Portion control • Protein / functional • Improve nutritional profile • Monitoring evolving trends / research Products tailored for GLP-1 consumers GLP-1 consumption is largely a US phenomenon % Estimated 2030 penetration rate1 8 - 11% of total population 0.5 - 2% of total population <1% of total population ~0.5% impact on consumption in the US by 20301 A | THE MARKET
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21 Largest ice cream company in the world with 160 years of expertise and heritage B | THE MAGNUM ICE CREAM COMPANY
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22 1989 Launch of Magnum 1922 Founding of Wall’s 1959 Founding of Cornetto 2003 Founding of Talenti 2024 Launch of Bon Bons 160 years of heritage and innovation 1866 Founding of Breyers 1923 Founding of Popsicle 2023 Acquisition of Yasso 1990 Launch Turkey Algida 1978 Founding of Ben & Jerry’s c.1980 Launch Emerging Markets 1982 Launch of Twister B | THE MAGNUM ICE CREAM COMPANY
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Notes: Adjusted EBITDA is a non-IFRS measure. See Appendix B for descriptions of non -IFRS measures; 1. FY24 metrics; 2. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices. The Heart Brand is not listed as a global brand name in Euromonitor’s data and its position is calculated based on the Group’s internal classification We are #1 Ice cream player with EUR 7.9bn revenue and EUR 1.3bn Adj. EBITDA¹ #1 21% Global retail market share²#1 ~3m Cabinets - Largest global fleet#1 4 of the 5 biggest brands are ours² 23 #1 B | THE MAGNUM ICE CREAM COMPANY
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24 Market leader across regions with scale and a balanced footprint Source: Euromonitor 2024 RSP Sales Notes: 1. Revenue split by region, 2024; 2. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices; 3. AMEA: Asia, Middle East and Africa; AMEA is referred to as RoW in the audited financial statements Global power brands Europe & ANZ ~€3bn | 31% Revenue1 Market share2 AMEA3 ~€2bn | 11% Revenue1 Market share2 B | THE MAGNUM ICE CREAM COMPANY Americas ~€3bn | 19% Revenue1 Market share2
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25 Yili Amul Natura Gida Froneri Froneri Nestlé Froneri Froneri Froneri Mengniu Toksoz Group Bofrost General Mills Herdez Sammon- tana Mengniu General Mills Mengniu Campina Hatsun Agro Danone Mars Mars Quala Ferrero General Mills Mars Republic Biscuit Glico NDDB Dairy Eti Gida Eismann Little Moons General Mills Valsoia Shenyang Deshi Ferrero Goods Fiesta Yili RJ Corp Global leadership positions #1 #2 #3 #4 #5 21% 11% 2% 2% 2% 20241 Company global market share Branded company market share rank1,2 3 Froneri Yili General Mills Nestlé Source: Euromonitor 2024 RSP Sales, Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales, MAT August 2025 Notes: Market positioning statements based on Euromonitor 2024 RSP Sales excluding the United States; 1. Company analysis bas ed on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices, 2024 data for all countries excluding the United States; 2. Top 10 TMICC markets by reported revenue (2023); 3. Company analysis based on Circana as of MAT August 2025; 4. India expected to be part of perimeter by 2026 4 B | THE MAGNUM ICE CREAM COMPANY
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26 Our emerging market footprint enhances our growth potential Source: Company analysis of third-party market data Note: 1. Estimate based on latest available financials (2024); 2. Emerging markets includes countries with per capita GDP of less than $35,000 for 2024 on 2024 average exchange rates, based on IMF data; 3. Developed markets includes countries with per capita GDP of less than $35,000 for 2024 on 2024 average exchange rates, based on IMF data % of revenue, 2024 ~30% ~70% ~10% ~90% Total market Largest competitor1 ~35% ~65% ’24 – ’28 CAGR Developed markets3 Emerging markets2 ~6% ~3% B | THE MAGNUM ICE CREAM COMPANY
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27 Market leader in At-Home, Away-from-Home… and dCom Source: Company analysis based on third-party market data Notes: 1. Based on 2024 revenue, Company analysis partially based on NIQ FY24 Data and customer confirmations for US, Germany, UK, Mexi co, France; 2. dCom included within At-Home and Away-from-Home categories; 3. Company analysis partially based on NIQ FY24 Data and customer confirmations, countries in scope – USA, UK, Turkey, China; 4. Cabinet footprint landscape (2024) based on company analysis of third-party market data At-Home Away-from-Home Top ranked across major retailers in key countries¹ Largest ~3m cabinet penetration4 with further room to grow Ranked #1 across several of the largest and fastest- growing digital commerce platforms Peer 1 Peer 2 Peer 3 Peer 4 ~3m ~1.5m ~1m ~0.5m ~0.5m Albertsons Aldi Asda Auchan Edeka Markant Morrisons Publix Rewe Sainsbury’s Tesco Walmart Delivery Hero Getir DoorDash Ocado Walmart Sainsbury’s Tesco Migros JD.com dCom2,3 B | THE MAGNUM ICE CREAM COMPANY
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28 Comprehensive portfolio of strong owned and licensed brands Source: Euromonitor 2024 RSP Sales Notes: 1. Company analysis partially based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices. The Heart Brand is not listed as a global brand name in Euromonitor’s data and its position is calculated based on the Group’s internal classification; 2. Selected examples, partnerships are specific to individual markets Local cult brands Licensed brandsInternational expansion 4 of the top 5 are our brands 1 B | THE MAGNUM ICE CREAM COMPANY 2
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29 Unmatched breadth of owned brands Source: Company information Notes: 1. Estimate based on latest available financials (2024) Revenue, 2024, % Largest competitor1 Owned brand portfolio vs. largest competitor <10% licensed brands non-owned brands owned brands ~90% owned brands 100% 100% 29 B | THE MAGNUM ICE CREAM COMPANY
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30 Source: Company analysis based on third-party market data Note: 1. Defined as products priced at a minimum 120 per cent. above the estimated average ice cream price of the relevant market; 2. Countries with per capita GDP of at least $35,000 for 2024 on 2024 average exchange rates, based on IMF data, countries in-scope: AU, AT, BE, DK, FR, DE, IE, IT, NL, NZ, NO, PT, SG, ES, SE, CH, UK, US Ice cream market TMICC is well positioned to capitalise on the growing premium segment 2016 2024 37% 41% 2016 65% Share of premium ice cream1 in selected developed markets2 2024 77% 30 B | THE MAGNUM ICE CREAM COMPANY +4pp +12pp
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31 World-class innovation built on a strong scientific foundation & patented intellectual property Note: 1. As at December 2024 >1,000 Own patents1 150+ Research agreements1 71 Trade secrets1 125 Registered design families1 Our unique capabilities Master blending Microstructure control Forming Selling systems Packaging Assembly B | THE MAGNUM ICE CREAM COMPANY
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32 Extensive cold chain with advanced capabilities Sikeston, USA Tultitlan, Mexico St Albans, USA Englewood-Cliffs, USA Burlington, USA Waterbury, USA Simcoe, Canada Gloucester, UK Heppenheim, Germany Colworth, UK Amsterdam, Netherlands Flen, Sweden Hellendoorn, Netherlands St Dizier, France Suceava, Romania Banino, Poland Mazeikai, Lithuania Veszprem, Hungary Akko, Israel Sarigazi, Turkey Konya and Corlu, Turkey Cikarang, Indonesia Beijing, China Jakarta, Indonesia Shanghai/Taicang, China Minto, Australia Minburi / Bangkok, Thailand Lords View, South Africa Valinhos, Brazil Covington, USA Sales presence R&D Center Factory Location Co-existing Factory and R&D Centre India expected to be part of perimeter in 2026 B | THE MAGNUM ICE CREAM COMPANY Lahore, Pakistan Pasig, Philippines Caivano and Mappano, Italy Guayaquil, Ecuador
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33 Growth advantaged portfolio, leading where it matters most 33 World-class brands and innovation expertise powering category value growth1 Strong footprint in faster-growing emerging markets and resilient positions in developed markets2 #1 in every channel: At-Home, Away-from-Home, and the fastest- growing Digital Commerce3 B | THE MAGNUM ICE CREAM COMPANY
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34 focused standalone B | THE MAGNUM ICE CREAM COMPANY
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35 Separation beneficial for both Companies A simpler, more focused Unilever… …and a global, pure-play ice cream company Limited degree of integration synergies between Ice Cream and the rest of the group Global player with a dedicated strategy Capital and resource allocation tailored to snacking industry Operating model fit for industry B | THE MAGNUM ICE CREAM COMPANY
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36 Unlocking the benefits of a focused, standalone ice cream leader Diagnosis across key functions Pure-play benefits • Dedicated sales force & ice cream specific trade plans • Re-investment in Away-from-Home business system • Utilisation of the full portfolio across key price points, segments, channels Sales Marketing Sales force • Tailored to the ice cream frozen supply chain • Optimise for end-to-end manufacturing and logistics costs Logistics & Procurement Manufacturing Supply chain • Focused single category execution • Investment algorithm aligned with ice cream / snacking industry Infrastructure Capital allocation Execution • Incentive scheme aligned for an independent ice cream leader • Talent upgrade as a standalone company rather than a division • E2E business integration at country level Performance management Talent People B | THE MAGNUM ICE CREAM COMPANY
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37 TMICC was not operating to its full potential… Progressive share decline from 2016 - 2023 Global value market share %1 Source: Euromonitor 2024 RSP Sales Notes: 1. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices; 2. 2016-21 Adj EBITDA are estimated figures for illustrative purposes 20.1% 19.9% 19.9% 2016 2020 2023 Years of stagnation in profitability Adjusted EBITDA2, €bn €1.1bn €1.2bn €1.2bn 2016 2020 2023 20.1% 19.9% 19.9% €1.2bn€1.2bn €1.1bn B | THE MAGNUM ICE CREAM COMPANY
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38 Back to winning market share and volume growth Global value market share %1,2 Source: Euromonitor 2024 RSP Sales Notes: 1. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices; 2. 2024 market share includes Yasso; 3. 2016-21 Adj EBITDA are estimated figures for illustrative purposes; 4. Organic volume growth (“OVG”) is a non -IFRS measure. See Appendix B for descriptions of no n-IFRS measures 2016 2020 2023 2024 Strong step-up in profit Adjusted EBITDA3, €bn €1.1bn €1.2bn €1.2bn €1.3bn 2016 2020 2023 2024 …however our strategic plan is delivering results 20.1% 19.9% 19.9% €1.1bn 20.8% €1.2bn €1.2bn €1.3bn B | THE MAGNUM ICE CREAM COMPANY Organic Volume Growth4 - 2024: 1.1%, H1’25: 3.5%
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39 Clear strategy to deliver growth and improve productivity C | THE STRATEGY
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40 Tech-enabled marketing, sales & supply chain operations The Ice Cream Way Focused and integrated new strategy & culture Growth Productivity Re-investment Strategic pillars Enablers Mission “Life tastes better with ice cream” Vision As a global ice cream leader, grow the market by crafting extraordinary experiences that turn ordinary moments into lasting memories Focused ESG agenda C | THE STRATEGY
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41 As a global leader in ice cream, we grow by expanding the market Grow occasions with market-making innovations Drive dynamic digital-led demand creation Availability expansion across channels Priced competitively across all snacking price points International roll- out of premium brands C | THE STRATEGY
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42 We have a structured, codified market model Macro snacking spaces Occasions Marketing execution Demand creation Channel execution Celebrate / Release Format / product innovation Pricing C | THE STRATEGY Comfort / Indulgence Control / Wellness
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43 Macro growth spaces guide our high-level portfolio choices ~$110bn ~$135bn ~$180bn 2014 2024 2029 ~$25bn ~$45bn ~$70bn 2014 2024 2029 ~$30bn ~$60bn ~$90bn 2014 2024 2029 $25-30bn $60-70bn $100-110bn 2014 2024 2029 ~$100bn ~$125bn ~$160bn 2014 2024 2029 ~$40bn ~$80bn ~$120bn 2014 2024 2029 ~$10bn ~$35bn ~$55bn 2014 2024 2029 ~$110bn ~$170bn ~$200bn 2014 2024 2029 Chocolate Protein Pre/Probiotics Low/Zero sugar Cookies Energy Hydration Supplements 4-6% 4-6% 7-9% 7-8% 8-9% 10-11% 3-4% Leverage innovation capabilities… …to pivot into high-growth consumer categories Source: Company analysis of third-party market data 9-11% C | THE STRATEGY ‘24 – ’29 CAGR
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44 Creating more opportunities to capture new occasions The codified model on snacking occasions Examples of snacking occasions driving consumption Diwali Movie night Beach Ramadan C | THE STRATEGY
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45 5 - 10 TL 10 - 15 TL 15 - 20 TL 20 - 40 TL Priced competitively in the snacking market – Turkey example Note: 1. All prices mentioned on this slide are recommended shelf prices (Turkish Lira) RSP1 40 - 75 TL Relevant snacking examples Chocolate Corn chips Nuts 1.5L Coca-Cola Zero 200ml Coca-Cola Chocolate bar Chocolate cookies Chocolate bar Chocolate bar Chocolate barChocolate bar Pretzel sticks Donut Brownie C | THE STRATEGY
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46 Track record in expanding our premium brands Successful scaling of Magnum, Cornetto and Ben & Jerry’s xx% Revenue CAGR 40# Countries 2656 46 2010 2024 2010 2024 +4% +7% Portfolio for global expansion… … and more to come39 66 2010 2024 +7% Revenue 46 C | THE STRATEGY
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47 Strong product innovation pipeline for 2026 and beyond Solero bon bon Hydro:ICE Volcano Ben & Jerry’s stick Ice balls Our near-term pipeline Cornetto Max Yasso tubsMagnum cone C | THE STRATEGY
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48 C | THE STRATEGY
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49 Clear strategy to drive availability across channels At-Home • Dedicated sales force targeting grocery retailers • Ice cream-specific net revenue management capabilities • Global category leadership Digital Commerce (dCom) • Continue to drive growth and sustain market leadership in Omnichannel & Quick Commerce • Scale new business models with TikTok Shop and QSR delivery • Drive unmissable visibility through strategic retail media investment + 1,000 dedicated At-Home sales force Away-from-Home • Grow number of cabinets every year • Grow next-generation models, including vending machines • Digitisation of the entire cabinet fleet by 2030 C | THE STRATEGY
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50 C | THE STRATEGY
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51 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Accelerating competitive growth is our first priority Source: Company analysis of third-party market data Note: 1. Organic sales growth (OSG) is a non-IFRS measure. See Appendix B for descriptions of non -IFRS measures; 2. Organic sales growth plan does not apply to any individual year, but is an average over the medium -term; 3. Company’s projection based on analysis of Euromonitor, Snacks 2025 edition, Retail Value Sales (MSP) in EUR, y -o-y ex. rates, current prices. CAGR data based on retail and foodservice sales combined 51 Average OSG1 3-5% p.a. over the medium-term2 from 2026 onwards ~3% Market growth expectation of ~3-4% Innovation & Occasions Availability expansion Premiumisation & internationalisation Historic average organic sales growth p.a.1 Average organic sales growth p.a.1 3 C | THE STRATEGY
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52 Productivity initiatives of €500m fuelling growth and margin expansion Note: 1. Targeted cumulative medium-term savings Supply chain transformation saving • De-layered front-line focused organisation • Lean headquarters with E2E P&L accountability in markets • Cost of standalone company less than operating as a division Overheads reduction • Efficient and fit-for-purpose tech infrastructure • Scale and leverage Global Business Solutions Tech-enabled productivity 01 02 03 A B C A B ~€350-380m1 Medium-term gross savings ~€70-100m1 Medium-term gross savings ~€30-50m1 Medium-term gross savings • E2E network cost optimisation • Step change in manufacturing productivity • Procurement efficiency A B C 1 ~€150m savings delivered to date (2024 & H1’25) C | THE STRATEGY
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53 53 C | THE STRATEGY
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54 2023 2024 Medium-term Long-term 2023 2024 Long-term Step-up in capex to drive growth & productivity and enable re-investment in advertising & promotion to fuel sustainable growth Notes: 1. Historical figures exclude allocated capital expenditure from Unilever Group initiatives; 2. Advertising and Promotion Capex step-up to drive growth and productivity Investing more behind our brands Growth Productivity Maintenance 3.6% Capex1, % of revenue A&P2, % of revenue ~5% Step-up in the medium-term 12.3% 12.4% ~13% Progressive step-up in the medium and long-term ~4-5% C | THE STRATEGY 4.0%
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55 Advanced usage of emerging technologies throughout our organisation Marketing Tech-driven insights, targeting, execution at scale Sales Insights, pricing, end-to-end Away-from-Home pricing Supply Chain Digitised, optimised, future-ready C | THE STRATEGY
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56 Focused sustainability strategy enables growth, strengthens resilience and delivers meaningful business impact and value 56 …translates into business valueFocused sustainability strategy… C | THE STRATEGY Environmental • 2050 Net Zero ambition, focus on cabinets and ingredients • Market-specific packaging strategies to manage EPR 1 • Responsible and EUDR2 compliant sourcing of key commodities Governance • Responsible product innovation and marketing • Product quality & safety • Ensuring compliance with existing governance arrangements Social • Protecting people in our cocoa, dairy and vanilla supply chain • Employee health, safety and wellbeing strategy Resilience of supply Responsible innovation Engaged employees Positive societal impact Regulatory compliance Energy savings Aligned retailers Notes: 1. Extended Producer Responsibility; 2. EU Deforestation Regime
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57 • More than 30 years leadership experience • Chief Human Resources Officer at PepsiCo (2018 – 2024) • Chief Human Resources Officer at Vodafone (2009 – 2018) Ronald Schellekens Chief Human Resources Officer 57 C | THE STRATEGY
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Revamped front-line first organisation with a winning culture and incentives aligned to our medium-term plan D | THE CUL TURE
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59 “We take pleasure seriously” Experienced, diverse executive committee - Thomas Wall 1922 Peter ter Kulve Chief Executive Officer 35+ years at Unilever 10 years experience in Unilever’s global Ice Cream business, significant experience in strategic transformation Ronald Schellekens Chief Human Resources Officer 30+ years of HR leadership experience Prior roles include CHRO at PepsiCo and Vodafone Abhijit Bhattacharya Chief Financial Officer 35+ years of leadership experience at Unilever across marketing, innovation and management 15 years of experience in ice cream Mustafa Seckin President - Europe & ANZ 30+ years of leadership experience at Unilever in competitive markets 10 years of experience in ice cream Gerardo Rozanski President - Americas 20+ years of leadership experience in strategy roles in competitive markets 9 years of experience in ice cream 10 years of prior experience at Mondelez Toloy Tanridagli President - METSA 25+ years of experience at Unilever in customer development and sales 6 years of experience in ice cream Wai-Fung Loh President - Asia 30+ years diverse experience in CPG, 8 years of experience in ice cream, prior management roles at L'Oréal and Procter & Gamble Julien Barraux Chief Creative Officer 10+ years of experience in Unilever in strategy, sales and marketing Tim Gunning Chief of Staff & Head of Strategy 20+ years of experience in communications, corporate affairs and sustainability Prior roles at Ahold Delhaize and KLM Ellen van Ginkel Chief Corporate Affairs & Sustainability 25+ years of experience in strategic & tech. transformation Prior roles include SVP IT & Transformation at PepsiCo and VP Global Technology at Reckitt Mark O’Brien Chief Technology Officer 20+ years of experience in law at Unilever, across patents, advertising and technology Vanessa Vilar Chief Legal Officer 20+ years of experience in supply chain management at Unilever 3 years of experience in ice cream Sandeep Desai Chief Supply Chain Officer 35+ years of experience, 10 years as CFO of Royal Philips NV Significant experience in strategic transformation including major corporate carve-outs / spin-offs 59 D | THE CULTURE
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60 1 lean headquarters to set the overarching strategy, resource & capital allocation and governance Revamped front-line first organisation to drive accountability and profitable growth in markets Note: 1. Three reportable segments Upgraded top 100 leaders while ensuring most leaders have two ice cream seasons of experience at the time of demerger 24 P&L Units: In-market P&L and cash accountability, responsible for E2E success in their respective market 4 regions1 with locally relevant capabilities in sales, marketing, innovation and supply chain 60 D | THE CULTURE
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61 Investing in and building differentiated strategic capabilities 61 Net revenue management Sales and operations planning (S&OP) Front-line capabilitiesDigital marketing & Digital Commerce Upscaling 5,000 people on net revenue management capabilities Codified best practices and investing in system capabilities Building a fit-for-purpose operating model with talent, systems and capability upgrades Make-move-sell recognition programme D | THE CULTURE
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62 Incentives aligned to delivery of the medium-term plan as well as share appreciation Short-term (Cash) Medium-term (LTIP) Adj. EBITDA margin improvement Free cash flow3 Earnings per share growth Market share gain Organic sales growth Organic sales growth Long-term (EOP) Senior management need to invest own capital to participate Share appreciation ~8,000 employees1 Top ~300 employees Top ~60 employees D | THE CULTURE Note: 1. Excludes factory employees and salespeople who maintain separate incentive schemes; 2. Equity Ownership Plan; 3. Free cash flow (FCF) is a non-IFRS measure. See Appendix B for descriptions of non -IFRS measures 2
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63 Our business’ DNA is built on our founders, brand entrepreneurs, and business builders 63 Breyers Wall’s Ben & Jerry’s From William Breyer’s vision to a new standard for ice cream in 1866 Richard Wall’s butcher shop pivoted in 1922 to producing ice cream in summer months Ben and Jerry with their entrepreneurial spirit and unwavering generosity created a movement beyond ice cream in 1978 D | THE CULTURE
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64 We are implementing a new winning culture… We boldly innovate to disrupt our market We care and challenge We are all about profitable growth We operate with speed and simplicity We win together with fun We are experts in the ice cream category The Ice Cream Way 64 D | THE CULTURE
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65 Culture video 65 D | THE CULTURE
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66 Would you recommend working at The Magnum Ice Cream Company to a friend? Source: Unipulse Ice Cream Survey, study based on responses from office-based ice cream employees between June 3 rd and June 13th 2025 77% 60% 54% 81%81% 66% 58% 79%82% 80% 82% 100% Work Level 1 Work Level 2 Work Level 3 Work Level 4+ April 2024 January 2025 June 2025 Number of respondents 2,357 716 155 30 +100bps +1,400bps +2,400bps +2,100bps 66 D | THE CULTURE
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67 What is your view on the business outlook of The Magnum Ice Cream Company? Getting worse Staying the same Getting better 1,551 N 3,258Jun 2025 Jan 2025 Source: Unipulse Ice Cream Survey, study based on responses from office-based ice cream employees between June 3 rd and June 13th 2025 8% 19% 35% 38% 57% 43% 67 92% of our employees believe in our business outlook D | THE CULTURE 92%
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68 Q&A Q&A
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69 Break
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Agenda Introduction, strategy and key investment highlights Regional overview Financials and outlook A B C
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Regional overview 71 Gerardo Rozanski President – Americas Americas Mustafa Seckin President – Europe & ANZ Europe & ANZ Wai-Fung Loh President – Asia Toloy Tanridagli President – METSA AMEA
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Regional overview 72 Gerardo Rozanski President – Americas Americas Mustafa Seckin President – Europe & ANZ Europe & ANZ Wai-Fung Loh President – Asia Toloy Tanridagli President – METSA AMEA
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Key take-aways: Americas • TMICC Americas • #1 Ice cream company • Strong and relevant portfolio of local and international brands • Leading positions in key segments • Key actions to accelerate performance: • Targeted on-trend innovation • Cost base reset • Availability expansion: Value, Club, dCom, cabinet fleet expansion • New strategy delivering results, volume and share growth with increased profitability
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74 Leader in the Americas ~€3bn 2024 revenue 35% of TMICC Source: Euromonitor 2024 RSP Sales, NIQ FY24 Data, Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales, MAT August 2025 Note: 1. Company analysis based on third-party market data; 2. Company analysis based on Circana as of MAT August 2025; 3.Based on NIQ FY24 data including Ice Cream & Frozen Novelties; 4 . Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices; 5. Includes 2 sites with R&D and factory capabilities #1 Market position 3 Present in ~90% of Americas’ ice cream market 4 #3 #1 #1 #1 2 3 3 3 3 #1 €25bn Market size ~2-3% CAGR 2024-2029 8 Factories 4 R&D centers 1 1 5 5
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75 ~14 ~1.5 ~1.5 ~1 <1Ice cream market overview Competitive landscape2,3 At Home Away-from-Home Source: Company analysis of third-party market data, Euromonitor 2024 RSP Sales, NIQ FY24 Data, Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales, MAT August 2025 Note: 1. Company analysis of third-party market data; 2. Analysis based on NIQ FY24 data including Ice Cream & Frozen Novelties for all c ountries excluding the United States; 3. United States data based on Circana as of MAT August 2025 Market size1 €bn Market split 1 TMICC split Americas ice cream markets 0% 20% 40% 60% 80% 100% TMICC Peer 1 Peer 2 All other
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76 ~14 ~1.5 ~1.5 ~1 <1Ice cream market overview Competitive landscape2,3 At Home Away-from-Home Source: Company analysis of third-party market data, Euromonitor 2024 RSP Sales, NIQ FY24 Data, Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales, MAT August 2025 Note: 1. Company analysis of third-party market data; 2. Analysis based on NIQ FY24 data including Ice Cream & Frozen Novelties for all c ountries excluding the United States; 3. United States data based on Circana as of MAT August 2025 Market size1 €bn Market split 1 TMICC split Americas ice cream markets 0% 20% 40% 60% 80% 100% TMICC Peer 1 Peer 2 All other
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77 Our performance in the Americas was challenged (2019-2023) Source: Euromonitor 2024 RSP Sales Note: 1. Estimated figures, for illustrative purposes ; 2. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices +MSD% Organic sales growth1 2019-2023 Slow revenue growth -LSD% Organic volume growth1 2019-2023 -180 bps Market share change2 2019-2023 -c.50 bps Adj. EBITDA1 2019-2023 Declining volumes Lower market share Deteriorating profitability
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78 The Americas strategic pillars Productivity Re-investment • US end-to-end supply chain reset • LatAm direct sales distribution system revamp • Capacity expansion • Away-from-Home cabinet expansion • Media investment Growth • Innovation step-up • Demand creation • Channel expansion
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79 US: A strong brand portfolio with leading positions #1 Grocery Convenience Super premium Water ice Wellness Gelato HH penetration – Breyers Vanilla – Breyers Chocolate – Breyers Pint – Ben & Jerry’s Bought by more households in the US than any other ice cream manufacturer Source: Company analysis of third-party market data
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80 US: Driving innovation performance in 2024 ~$200m ~$100m ~$60m ~2x Retail sales contribution coming from innovation compared to peers1 Peer 1 >50% Of top 20 innovations1 5 out of top 10 Innovations in packaged ice cream 6 out of top 10 Innovations on frozen novelties Peer 2 Source: Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales, Jan – Dec 2024 Note 1. Company analysis based on Circana CY’24 Sales; Innovations are ranked in terms of dollar sales
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81 US: Driving growth through innovating in key segments (2026) Source: Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales, Jan – Dec 2024 Note 1. Company analysis based on Circana CY’24 Sales Wellness / Better-for-you Super premium indulgence Partnerships #1 candy bar #1 streamed TMICC 33%1 segment share (2024) Growth 4x segment1 TMICC 44%1 segment share (2024) Growth 2x segment1 TMICC 30%1 segment share (2024) Growth 13x segment1 (Higher protein / Reduced sugar / Low calorie)
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82 US: Driving growth through innovating in key segments (2026) Source: Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales, Jan – Dec 2024 Note 1. Company analysis based on Circana CY’24 Sales Wellness / Better-for-you Super premium indulgence Partnerships #1 candy bar #1 streamed TMICC 33%1 segment share (2024) Growth 4x segment1 TMICC 44%1 segment share (2024) Growth 2x segment1 TMICC 30%1 segment share (2024) Growth 13x segment1 (Higher protein / Reduced sugar / Low calorie)
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83 US: Driving growth through innovating in key segments (2026) Source: Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales, Jan – Dec 2024 Note 1. Company analysis based on Circana CY’24 Sales Wellness / Better-for-you Super premium indulgence Partnerships #1 candy bar #1 streamed TMICC 33%1 segment share (2024) Growth 4x segment1 TMICC 44%1 segment share (2024) Growth 2x segment1 TMICC 30%1 segment share (2024) Growth 13x segment1 (Higher protein / Reduced sugar / Low calorie)
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84 US: Driving growth through digital-led media and occasions Consumers shifting from TV to social media Retailers evolving into conversion- driving media platforms Capitalise on local cultural moments 2024 • Total media investment: +12% • Digital media investment: +33% • Media-attributed sales: +25% H1 2025 • Retail media investment: +13% • #1 share branded manufacturer online at 5 out of the 6 top digital platforms Source: Company analysis of third-party market data; Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales Note: 1. Company analysis of third-party market data; 2. Company analysis based on Circana CY’24 Sales; 3. Breyers weekly volume market share for the week including the respective holiday period Breyers’ volume share over holiday periods2,3 2024 6.7% MLK Day 8.2% Easter 9.6% July 4th 8.1% Thanksgiving 10.9% Christmas 9.1% #1 share1 at: Walmart DoorDash Target Albertson’s Instacart
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85 US: Driving growth through digital-led media and occasions Consumers shifting from TV to social media Retailers evolving into conversion- driving media platforms Capitalise on local cultural moments 2024 • Total media investment: +12% • Digital media investment: +33% • Media-attributed sales: +25% H1 2025 • Retail media investment: +13% • #1 share branded manufacturer online at 5 out of the 6 top digital platforms Source: Company analysis of third-party market data; Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales Note: 1. Company analysis of third-party market data; 2. Company analysis based on Circana CY’24 Sales; 3. Breyers weekly volume market share for the week including the respective holiday period Breyers’ volume share over holiday periods2,3 2024 6.7% MLK Day 8.2% Easter 9.6% July 4th 8.1% Thanksgiving 10.9% Christmas 9.1% #1 share1 at: Walmart DoorDash Target Albertson’s Instacart
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86 US: Driving growth through digital-led media and occasions Consumers shifting from TV to social media Retailers evolving into conversion- driving media platforms Capitalise on local cultural moments 2024 • Total media investment: +12% • Digital media investment: +33% • Media-attributed sales: +25% H1 2025 • Retail media investment: +13% • #1 share branded manufacturer online at 5 out of the 6 top digital platforms Source: Company analysis of third-party market data; Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales Note: 1. Company analysis of third-party market data; 2. Company analysis based on Circana CY’24 Sales; 3. Breyers weekly volume market share for the week including the respective holiday period Breyers’ volume share over holiday periods2,3 2024 6.7% MLK Day 8.2% Easter 9.6% July 4th 8.1% Thanksgiving 10.9% Christmas 9.1% #1 share1 at: Walmart DoorDash Target Albertson’s Instacart
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87 US: Winning in fast-growing dCom & addressing channel opportunities dCom ~$1.4bn Channel size Value Club 26% TMICC share1 ~$700m Channel size 18% TMICC share1 ~$1.0bn Channel size 4.5% TMICC share1 Dollar general (DG) $500M - 2024 TMICC 4% market share1 2024 new dedicated club design team Source: Company analysis of third-party market data, Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales, Jan – Dec 2024 Note: All figures relate to FY’24 unless noted; 1. Company analysis partially based on Circana CY’24 Sales and other third-party market data At-Home 10x overall market growth in 20241 +40bps market share gain in 2024/20251 2025 4x total distribution points at DG (250K)1 2025 new tailor-made portfolio offered to Club (for sales in 2026)
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88 US supply chain end-to-end reset Addressing competitiveness and service levels +€180m-€200m savings1 Note: 1. Targeted medium-term savings End-to-end network cost optimisation Step change in manufacturing productivity Procurement efficiency • Optimise logistics network and eliminate overflow storage • Improved run strategies and reduce waste • De-bottleneck & upgrade technology • Build capacity for service & growth including channel opportunities • Industry-leading negotiations • Simplify & harmonise ingredients and portfolio ~10% Cost/Ton Reduction +20% Capacity >€80m savings
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89 Digital sales agent via WhatsApp Significant info lag Higher in-season OOS Smart ordering Rigid visit schedule Always on delivery Expensive physical visits Low sales conversion Sales digitalisation Real time cabinet info Traditional ordering Intelligent ordering performance based CURRENTFUTURE Cloud based camera system 45 min ambient delivery mini dist. centres 500 Pilot stores in Brazil 10 Micro distribution centers in Mexico City 50% Digitalised revenue in Mexico Improving productivity: LatAm Away-from-Home cost to serve
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90 Digital sales agent via WhatsApp Significant info lag Higher in-season OOS Smart ordering Rigid visit schedule Always on delivery Expensive physical visits Low sales conversion Sales digitalisation Real time cabinet info Traditional ordering Intelligent ordering performance based CURRENTFUTURE Cloud based camera system 45 min ambient delivery mini dist. centres 500 Pilot stores in Brazil 10 Micro distribution centers in Mexico City 50% Digitalised revenue in Mexico Improving productivity: LatAm Away-from-Home cost to serve
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91 Digital sales agent via WhatsApp Significant info lag Higher in-season OOS Smart ordering Rigid visit schedule Always on delivery Expensive physical visits Low sales conversion Sales digitalisation Real time cabinet info Traditional ordering Intelligent ordering performance based CURRENTFUTURE Cloud based camera system 45 min ambient delivery mini dist. centres 500 Pilot stores in Brazil 10 Micro distribution centers in Mexico City 50% Digitalised revenue in Mexico Improving productivity: LatAm Away-from-Home cost to serve
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92 Source: Euromonitor 2024 RSP Sales; Circana, LLC, Total US - MULO+ with Convenience, Gelato, Dollar Sales Note: 1. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices; 2. Company analysis based on Circana, LLC, Market Share Change, Jan – June 2025 v. YA Organic sales growth Organic volume growth Market share expansion (bps) Adj. EBITDA margin expansion (bps) 2024 | H1’25 +2% | +1% 2024 | H1’25 (US) +90 | +43 2024 | H1’25 +134 | +100 2024 | H1’25 +2% | +2% 1 Solid progress in 2024 and H1 2025 2
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93 Key take-aways: Americas • TMICC Americas • #1 Ice cream company • Strong and relevant portfolio of local and international brands • Leading positions in key segments • Key actions to accelerate performance: • Targeted on-trend innovation • Cost base reset • Availability expansion: Value, Club, dCom, cabinet fleet expansion • New strategy delivering results, volume and share growth with increased profitability
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94 Regional overview 94 President Americas President Europe & ANZ Wai-Fung Loh President – Asia Toloy Tanridagli President – METSA AMEA
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95 Key take-aways: EU & ANZ • The EU & ANZ market is attractive and resilient with high consumption per capita • The EU & ANZ business has seen challenging times in the last few years (2019- 2023) • New strategy and new leadership team are in place to restore competitive growth, volume and profitability • Key levers identified and productivity program in motion for significant profitability step-up • Strong progress, turnaround on track with more to come
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96 EU & ANZ at a glance #11 #11 #11 #11 Source: Company analysis based on NIQ FY24 Data, Euromonitor 2024 RSP Sales Notes: 1. Company analysis based on NIQ FY24 data including Ice Cream & Frozen Novelties; 2. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices. 27% market share as of 2024 using company analysis based on NIQ FY24 data including Ice Cream & Frozen Novelties for Australia, Austria, Belgium, Czech Republic, Denmark, France, Germany, Hungary, Ireland, Italy, Netherlands, New Zealand, Norway, Poland, Romania, Spain, Sweden, Switzerland, United Kingdom; 3. Company analysis based on NIQ FY24 data including Ice Cream & Frozen Novelties for Australia, Austria, Belgium, Czech Republic, Denmark, France, Germany, Hungary, Ireland, Italy, Netherlands, New Zealand, Norway, Poland, Romania, Spain, Sweden, Switzerland, United Kingdom €3.1bn 2024 revenue Organised within 9 clusters Top 4 countries makes 50% Operating in 29 countries #1 player with ~31% share2 16 out of 19 countries3 50% of revenue is Magnum and B&J
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97 EU & ANZ ice cream market is large, attractive and resilient ~90% household penetration1 High penetration & consumption ~4x Market growth forecast3 (CAGR 2024-29) 2-4% Resilient volume growth4 Source: Euromonitor 2024 RSP Sales, Company analysis of third-party market data Notes: 1. Company analysis based on third-party market data for France, Germany, Italy, Portugal, Spain and UK; 2. Company analysis based on third-party market data, 2024; 3. Company’s projection based on analysis of Euromonitor, Snacks 2026 edition, Retail Value Sales (MSP) in EUR, y -o-y ex. rates, current prices. CAGR data based on retail and foodservice sales combined; 4. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices, for all European markets, plus Australia and New Zealand, excluding Russia and Tu rkey per capita consumption vs. rest of world avg.2 3.3%Covid (CAGR 2020-22) Commodity inflation (CAGR 2022-24) Cocoa inflation (CAGR 2024-25) 0.9% 0.8%
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98 EU & ANZ has seen challenging times in the last few years (2019-2023) Source: Company analysis based on NIQ H1’25 Data Note: 1. Estimated figures, for illustrative purposes; 2. Company analysis based on NIQ H1’25 data including Ice Cream & Froz en Novelties for Australia, Austria, Belgium, Czech Republic, Denmark, France, Germany, Hungary, Ireland, Italy, Netherlands, New Zealand, Norway, Poland, Romania, Spain, Sweden, Switzerland, United Kingdom +LSD% Organic sales growth1 2019-2023 Stagnant revenue -LSD% Organic volume growth1 2019-2023 -410bps Market share change2 2019-2023 -c.500bps Adj. EBITDA1 2019-2023 Significant volume loss Market share erosion Deteriorating profitability
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99 But… we have clear strengths Strong brands #1 across all channels New leadership & organisation At-Home Away-from-Home Digital Commerce • 7 out of 9 GMs renewed • More senior leadership with track records • End-to-end P&L ownership • Deep ice cream expertise at key central roles • Re-building sales force on the ground Significant market reach ~5 billion ice creams ~1 million cabinets 12 factories Leadership across channels
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100 Turnaround strategy is in execution Productivity • Supply chain transformation Re-investment • Brands • Strategic portfolio & innovation Growth • Digital-led demand creation • Volume growth for higher asset utilisation • Overheads Competitive & volume-led To improve profitability • Portfolio • Cabinets & Supply Chain• More physical availability & executional excellence
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101 More almonds in every bite Fruitier & creamier More sauces & better sauces Increasing the crunchiness of cones Growth drivers: Strategic portfolio & innovation Upgrading 25% of our portfolio per annum to drive product superiority1
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102 Innovating at scale, targeting our white spots Needs Indulgence Snacking Refresh Sharing & Scooping Refreshment Premium Mainstream Value Price tiers Value Design for lower-tier Growth drivers: Strategic portfolio & innovation 2 Formats Cones Sticks Pints Snacking Tubs Mainstream Tubs Cones Sandwich Bars
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103 Innovating at scale, targeting our white spots Needs Indulgence Snacking Refresh Sharing & Scooping Refreshment Premium Mainstream Value Price tiers Value Design for lower-tier Growth drivers: Strategic portfolio & innovation 2 Formats Cones Sticks Pints Snacking Tubs Mainstream Tubs Cones Sandwich Bars
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104 Innovating at scale, targeting our white spots Needs Indulgence Snacking Refresh Sharing & Scooping Refreshment Premium Mainstream Value Price tiers Value Design for lower-tier Growth drivers: Strategic portfolio & innovation 2 Formats Cones Sticks Pints Snacking Tubs Mainstream Tubs Cones Sandwich Bars
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105 New formats New architectures New experiences 3x faster growth vs. total market1 Driving value with ~80% higher price per litre vs. cone format avg. Lead high-growth market trends (e.g. multi-sensorial) Growth drivers: Strategic portfolio & innovation Source: Company analysis based on NIQ H1’25 Data Note: 1. Company analysis based on NIQ H1’25 data including Ice Cream & Frozen Novelties for Australia, Austria, Belgium, Cze ch Republic, Denmark, France, Germany, Hungary, Ireland, Italy, Netherlands, New Zealand, Norway, Poland, Romania, Spain, Sweden, Switzerland, United Kingdom 3 Growing category & occasions through market-making innovations
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106 More brands Broadening our full support from 2 to 8 brands More social From 40% to 70% within digital More partnerships Doubling earned media More in-season Media spent in 100 days from 45% to 70% Growth drivers: Digital-led demand creation
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107 Winning in Away-from-Home ~€1bn Executional excellence Strategic wins Focus on under-served channels At-Home leadership ~€2bn • Re-gaining category captainship • Disciplined revenue growth management • Increasing service levels • Better on-shelf availability (OSA) • ~3x times faster OSG% in discounters • Route-to-market redesigns in Italy, France, Netherlands • Cabinet OPEX optimisation • Digitalisation - tech-enabled auto-replenishment through in-freezer cameras • Increase presence in HORECA (hotel, restaurant catering) and travel channels Growth drivers: More physical availability & executional excellence
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108 Winning in Away-from-Home ~€1bn Executional excellence Strategic wins Focus on under-served channels At-Home leadership ~€2bn • Re-gaining category captainship • Disciplined revenue growth management • Increasing service levels • Better on-shelf availability (OSA) • ~3x times faster OSG% in discounters • Route-to-market redesigns in Italy, France, Netherlands • Cabinet OPEX optimisation • Digitalisation - tech-enabled auto-replenishment through in-freezer cameras • Increase presence in HORECA (hotel, restaurant catering) and travel channels Growth drivers: More physical availability & executional excellence
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109 EU & ANZ supply chain productivity plan delivering €150-170m savings End-to-end network cost optimisation Step change in manufacturing productivity Procurement efficiency • Predictive AI-driven forecasting model to improve S&OP accuracy & reduce inventory • Local-for-local production, reducing distance, flexible warehouse capacity • Right sizing for factories and unlocking capacity in high-growth areas • Reduce and harmonise ingredients, priced competitively and better resilience • Simplify and harmonise the portfolio for cost saving, agility and resilience 20% less kms 10% lower production costs per litre >€60m savings Note: 1. Targeted cumulative mid-term gross savings 1
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110 Strong progress, turnaround on track with more to come +LSD% 2.6% 6.1% 2019-2023 CAGR 2024 FY 2025 H1 -LSD% 1.7% 3.8% 2019-2023 CAGR 2024 FY 2025 H1 c. -100bps p.a. -29bps +87bps 2019-2023 2024 FY 2025 H1 OSG% OVG% Market share change Source: Company analysis based on NIQ H1’25 Data Note: 1. Company analysis based on NIQ H1’25 data including Ice Cream & Frozen Novelties for Australia, Austria, Belgium, Cze ch Republic, Denmark, France, Germany, Hungary, Ireland, Italy, Netherlands, New Zealand, Norway, Poland, Romania, Spain, Sweden, Switzerland, United Kingdom; 2. Estimated figures for illustrative purposes 2 1 2 2.6% 6.1% 1.7% 3.8% -29bps +87bps
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111 Key take-aways: EU & ANZ • The EU & ANZ market is attractive and resilient with high consumption per capita • The EU & ANZ business has seen challenging times in the last few years (2019- 2023) • New strategy and new leadership team are in place to restore competitive growth, volume and profitability • Key levers identified and productivity program in motion for significant profitability step-up • Strong progress, turnaround on track with more to come
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Regional overview 112 Gerardo Rozanski President – Americas Americas Mustafa Seckin President – Europe & ANZ Europe & ANZ Wai-Fung Loh President – Asia Toloy Tanridagli President – METSA AMEA
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113 • AMEA is the fastest-growing and most profitable region • Strategy focused on volume-led market share growth through: • Format disruptions and on-trend innovations with core brands • Right portfolio across key snacking price points • Growing occasions and driving digital-led demand creation • Increasing availability across all channels and driving digitalisation • Dedicated in-market teams with deep ice cream expertise Key take-aways: AMEA 1 Note: 1. AMEA: Asia, Middle East and Africa 113
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114 AMEA is the fastest-growing and most profitable region Source: Euromonitor 2024 RSP sales Notes: 1. India expected to be part of the perimeter by 2026; 2. 2024 Revenue; 3. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices; 4. Includes 3 factories and a R&D centre in India that is expected to be within the perimeter by 2026; 5. Cabinet footprint landscape (2024) based on company analysis of third-party market data #1 #2 #1 #1 #1 #1 #1 Sales presence 1 €2bn Revenue 2 11% Market share 3 17 Factories and R&D centres 4 #1 Player in key markets 3 ~1.3m Cabinets 5 #2
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115 Source: Company analysis of third-party market data, Euromonitor 2024 RSP sales Notes: 1. Company analysis based on third-party market data The AMEA market is large, attractive and growing High-growth market 4-6% CAGR 2024-20281 €25bn Ice cream market1 Large and young population 79% Percentage of global population ~32 Average age for region Headroom for growth Low per-capita ice cream consumption 1.4L AMEA 6.9L Americas + EU & ANZ
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116 Strong historical delivery in AMEA (2019-2023) Source: Euromonitor 2024 RSP Sales Note: 1. Estimated figures, for illustrative purposes; 2. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices +LDD% Organic sales growth1 2019-2023 Significant revenue growth +MSD% Organic volume growth1 2019-2023 +84 bps Market share change2 2019-2023 23% Avg. Adj. EBITDA margin 2022-2023 Increasing volumes Higher market share Strong profitability
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117 Strategic pillars for value creation Productivity • Optimise supply chain end-to-end to improve capacity utilisation, better service and lower cost • Lead through digitalisation, automation and new technologies Re-investment • Cabinets and digitise frontline • De-bottleneck capacity and invest in quality and safety • Build leading-edge capabilities • Drive innovations through formats and trends • Portfolio at snacking price points • Grow occasions with Social First • Increase cabinet availability Growth
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118 Drive innovations through format disruptions and on-trend innovation On-trend New formats Localised concepts Türkiye Thailand China ~11m Pieces sold since launch ~6%1 Market share in July 2025 48% Are new to the brand Source: NIQ July 2025 Data Note: 1. Based on NIQ LTM July-25 data (Modern Trade in Thailand)
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119 Super premium Value Mainstream Mass premium Premium Priced competitively in the snacking market Price tier Relevant snacking examples Chocolate Chocolate bar Yoghurt Biscuits 300ml RTD TeaChips Case study: Indonesia Biscuits 250ml UHT milk Snack Chocolate Chips
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120 Grow occasions and drive digital-led demand creation to increase consumption Indonesia: At schools Türkiye: Eid celebrations Philippines: Birthdays activations China: City walk X Magnum
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121 Fuel-up
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122 Increasing availability through localised cabinet expansion strategies Notes: PPO is an internal measure based on general population to number of cabinets 1. Includes only tier A and B cities in C hina 2. India expected to be part of the perimeter by 2026 Increase cabinets to reach benchmark levels 2024 Population per outlet (PPO), % to benchmark indexed to 100 Select localised strategies Protecting cabinet leadership in Turkey and Thailand Capturing market share through cabinet expansion Investing into selected provinces to improve cabinet share in stronghold and expansion geographies Regaining leadership in general trade and expand aggressively to under-served areas 7% 48% 56% 65% 99% 184% IndiaIndonesiaChinaPhilippinesThailandTurkey 1 Benchmark PPO Benchmark and above Improvement potential 2 2
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123 Fuel-up
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124 New strategy delivering results 2024 H1 2025 Organic sales growth (%) Organic volume growth (%) +4.7% -1.6% +10.7% +7.1%
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125 • AMEA is the fastest-growing and most profitable region • Strategy focused on volume-led market share growth through: • Format disruptions and on-trend innovations with core brands • Right portfolio across key snacking price points • Growing occasions and driving digital-led demand creation • Increasing availability across all channels and driving digitalisation • Dedicated in-market teams with deep ice cream expertise Key take-aways: AMEA 125
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126 Break
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127 Agenda Introduction, strategy and key investment highlights Regional overview Financials and outlook A B C
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128 Key take-aways In the medium-term1 our plan aims to deliver from 2026 onwards: • Average annual organic sales growth of 3-5% in the medium-term1 • Average annual Adj. EBITDA margin improvement 40-60bps in the medium-term1 • Free Cash Flow of €0.8bn – €1bn in 2028 and 2029 4 Our strategic plan is already delivering results 1 Driving growth, delivering productivity and re-investing is key to sustainable value creation2 Balanced capital allocation policy focused on driving profitable organic growth 3 Note: 1. Organic sales growth and Adj. EBITDA margin improvement plan does not apply to any individual year, but is an average over the medium-term
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129 Our strategic plan is already delivering results Back to winning market share after 20bps loss between 2016-23 Global value market share %2,3 2016 2020 2023 2024 Organic volume growth %1 Back to volume growth +LSD% ~Flat 2016 2020 2023 2024 Source: Euromonitor 2024 RSP Sales Notes: 1. 2016-21 organic volume growth are estimated figures for illustrative purposes; 2 . Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices; 3. 2024 Market share includes Yasso -6.5% 1.1% 20.1% 19.9% 19.9% 20.8%
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130 ~37% ~37% 34.1% 2016 2020 2023 2024 Gross margin recovery Gross margin %1,2 Strong step-up in profit after several years of stagnation Adjusted EBITDA3, €bn €1.1bn €1.2bn €1.2bn €1.3bn 2016 2020 2023 2024 Our strategic plan is already delivering results Notes: 1. Gross margin includes ~10% distribution costs which some peers include in SG&A; 2. 2016 -21 gross profit are estimated figures for illustrative purposes; 3. 2016 -21 Adj EBITDA are estimated figures for illustrative purposes 34.1% 34.9% €1.1bn €1.2bn €1.2bn €1.3bn
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131 Strong overall performance delivered in 2024 +2.8% 2024 vs 2023 Organic sales growth (OSG) Growth ahead of market +1.1% 2024 vs 2023 Organic volume growth (OVG) +90bps 2024 vs 2023 Global market share1,2 Profit expansion Productivity and capital allocation +€178m 2024 vs 2023 Gross profit + €129m 2024 vs 2023 Adjusted EBITDA +100bps 2024 vs 2023 Adj. EBITDA margin +€70m Savings in 2024 Productivity -8 days MAT3 2024 vs 2023 Inventory reduction +€43m 2024 vs 2023 Capex Source: Euromonitor 2024 RSP Sales Notes: 1. Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices; 2. 2024 Market share includes Yasso; 3. Average monthly inventory, divided by full -year cost of goods sold * 365 days
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132 Step-up in performance across all regions Europe & ANZ Americas AMEAGroup €7.9bn 24A Revenue #1 Market rank2 15.9% 16.9% 2023 2024 2.8% OSG1 FY24 Adjusted EBITDA margin €3.1bn 24A Revenue #1 Market rank2 14.3% 14.6% 2023 2024 2.6% OSG1 FY24 Adjusted EBITDA margin €2.9bn 24A Revenue #1 Market rank2 13.4% 14.7% 2023 2024 2.0% OSG1 FY24 Adjusted EBITDA margin €2.0bn 24A Revenue #1 Market rank2 22.3% 23.6% 2023 2024 4.7% OSG1 FY24 Adjusted EBITDA margin +130bps+30bps +130bps+100bps 36% of revenue 39% of revenue 25% of revenue Source: Euromonitor 2024 RSP Sales Notes: 1. Organic sales growth; 2. Based on Euromonitor 2024 RSP Sales; Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y -o-y ex. rates, current prices 15.9% 16.9% 14.3% 14.6% 13.4% 14.7% 22.3% 23.6%
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133 Source: Company analysis based on NIQ Data (All markets excluding United States); Company analysis based on Circana LLC, Total US – MULO+ with Convenience, Ice Cream, Dollar Sales (United States) Notes: 1. Moving Annual Turnover (Last 12 Months); 2. Retail Sales Value weighted share based on United States, Turkey, Germany, UK, Me xico, France, Italy, Indonesia, Netherlands, Australia, Sweden, Poland, Austria, Spain, Denmark, Belgium, Hungary, Ireland, South Africa, Switzerland, New Zealand, Romania, Norway, Thailand, Czechia; 3. MAT as of mid -June 2025 -101 -94 -26 36 57 77 75 Dec'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Nearest competitor Private label MAT1 Market share2 bps change vs. previous year Share loss Share gain Based on selected markets with monthly data availability 3 3 Market shares are consistently improving
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134 Organic sales growth1 +4.0% Organic volume growth1 +1.8% We continued to deliver solid growth in the first two quarters of 2025 +7.1% +5.0% Organic sales growth1 Organic volume growth1 Quarter 1 2025 Quarter 2 2025 Source: Unilever Ice Cream segment reporting Notes: 1. Based on Unilever Ice Cream segment reporting
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135 Strong overall performance in H1 2025 +5.8% H1’25 vs. H1’24 Organic sales growth (OSG) +3.5% H1’25 vs. H1’24 Organic volume growth (OVG) +75bps H1’25 vs. H1’24 Global market share1,2 -€4m H1’25 vs. H1’24 Gross profit H1’25 vs. H1’24 Adjusted EBITDA -30 bps H1’25 vs. H1’24 Despite 340 bps headwind from commodities and FX Adj. EBITDA margin +€87m Savings in H1 2025 Productivity -4 days MAT3 MAT June’25 vs. June’24 Inventory reduction +€22m H1’25 vs. H1’24 Capex +€4m Source: Company analysis based on NIQ Data (All markets excluding United States); Company analysis based on Circana LLC, Total US – MULO+ with Convenience, Ice Cream, Dollar Sales (United States) Note: 1. Retail Sales Value weighted share based on United States, Turkey, Germany, UK, Mexico, France, Italy, Indonesia, Net herlands, Australia, Sweden, Poland, Austria, Spain, Denmark, Belgium, Hungary, Ireland, South Africa, Switzerland, New Zealand, Romania, Norway, Thailand, Czechia; 2. MAT as of mid -June 2025; 3. Average monthly inventory, divided by full -year cost of goods sold * 365 days Growth ahead of market Profit expansion Productivity and capital allocation
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136 Highest volume growth of peers in 2024 and H1 2025 2.5% 0.0% 4.0% 8.0% 12.0% 16.0% 2023 Organic sales growth (OSG) % H1 2025 Organic sales growth (OSG) % Peer 1 Peer 2 Peer 3 Peer 4 Peer 1 Peer 3Peer 2 Peer 4 5.8% 0.0% 2.0% 4.0% 6.0% 2.8% 0.0% 2.0% 4.0% 6.0% 2024 Organic sales growth (OSG) % Peer 1 Peer 3Peer 2 Peer 4 Source: Public company information Notes: Peers include Hershey, Mondelez, PepsiCo and Nestl é; the numbered labels do not necessarily refer to consistent parties across charts 2.5% 2.8% 5.8%
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137 137 -400bps -300bps -200bps -100bps 0bps H1 2025 Adjusted EBITDA1 margin change (bps)2023 Adjusted EBITDA1 margin improvement (bps) 2024 Adjusted EBITDA1 margin improvement (bps) (70)bps-100bps -50bps 0bps 50bps 100bps 150bps 100bps -100bps -50bps 0bps 50bps 100bps Peer 4Peer 2 Peer 3Peer 1 Peer 2Peer 1 Peer 3 Peer 4 Peer 1 Peer 3Peer 2 Among most resilient margin profiles in 2024 and H1 2025 Source: Public company information Notes: Peers include Hershey, Mondelez, PepsiCo and Nestl é; the numbered labels do not necessarily refer to consistent parties across charts; 1. Adjusted operating profit plus depreciation and amortization; 2. Calculated based on reported profit plus depreciation and amortization, including the impact of mark -to-market commodity pricing -70bps 100bps -30bps Peer 4 2
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138 Key take-aways In the medium-term1 our plan aims to deliver from 2026 onwards: • Average annual organic sales growth of 3-5% in the medium-term1 • Average annual Adj. EBITDA margin improvement 40-60bps in the medium-term1 • Free Cash Flow of €0.8bn – €1bn in 2028 and 2029 4 Our strategic plan is already delivering results 1 Driving growth, delivering productivity and re-investing is key to sustainable value creation2 Balanced capital allocation policy focused on driving profitable organic growth 3 Note: 1. Organic sales growth and Adj. EBITDA margin improvement plan does not apply to any individual year, but is an average over the medium-term
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139 Tech-enabled marketing, sales & supply chain operations The Ice Cream Way Focused and integrated new strategy & culture Growth Productivity Re-investment Strategic pillars Mission “Life tastes better with ice cream” Vision As a global ice cream leader, grow the market by crafting extraordinary experiences that turn ordinary moments into lasting memories Focused ESG agenda Enablers
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140 Tech-enabled marketing, sales & supply chain operations The Ice Cream Way Focused and integrated new strategy & culture Growth Productivity Re-investment Strategic pillars Mission “Life tastes better with ice cream” Vision As a global ice cream leader, grow the market by crafting extraordinary experiences that turn ordinary moments into lasting memories Focused ESG agenda Enablers
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141 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Accelerating competitive growth is our first priority Source: Company analysis of third-party market data Note: 1. Organic sales growth plan does not apply to any individual year, but is an average over the medium -term; 2. Company’s projection based on analysis of Euromonitor, Snacks 2025 edition, Retail Value Sales (MSP) in EUR, y -o-y ex. rates, current prices. CAGR data based on retail and foodservice sales combined 141 Average OSG 3-5% p.a. over the medium-term1 from 2026 onwards ~3% Market growth expectation of ~3-4% Innovation & Occasions Availability expansion Premiumisation & internationalisation Historic average organic sales growth p.a. Average organic sales growth p.a. 2
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142 % Revenue in summer (2011-2024) We consistently deliver ~50% of our revenue in the summer months The ice cream business is seasonal but not volatile Range of Q2 2019-2024 organic volume growth1,2 Despite greater seasonality, growth is less volatile than peers 100% Rest of year (7 months) Summer (May – Sept) 55 55 56 54 54 55 54 55 54 53 52 54 54 54 ‘11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ‘24 Impact of seasonality expected to decline from: Geographic mix Global diversification across Northern / Southern hemispheres Channel mix Shift from Away-from-Home to dCom Portfolio mix More exposed to premium / indulgent products vs. water-iced products TMICC Beverages 1 Beverages 2 Bottler 1 Bottler 2 High Low Average Figures ex. 2020/2021 3.7% 0.9% 18.0% 8.0% 19.3% 9.7% 22.0% 10.5% 27.1% 12.9% -5.8% -16.0% - -19.4% -7.6% -22.0% -1.5% -17.9% 0.9%-1.4% 2.5% 0.7% 1.6% 4.9% 0.0% -5.8% Source: Public company Information Note: 1. Based on Q2 2019 – Q2 2024; 2. Unilever Ice Cream Segment financial results
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143 Tech-enabled marketing, sales & supply chain operations The Ice Cream Way Focused and integrated new strategy & culture Growth Productivity Re-investment Strategic pillars Mission “Life tastes better with ice cream” Vision As a global ice cream leader, grow the market by crafting extraordinary experiences that turn ordinary moments into lasting memories Focused ESG agenda Enablers
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144 Cumulative productivity savings (€m) 2024 2025 2026 2027 2028 • E2E network cost optimisation • Step change in manufacturing productivity • Procurement efficiency Supply chain transformation €350 - €380m1 1 • De-layered front-line focused organisation • Lean headquarters with E2E P&L accountability in markets • Cost of standalone company less than operating as a division Overheads reduction €70 - €100m1 2 • Efficient and fit-for-purpose tech infrastructure • Scale and leverage Global Business Solutions Tech-enabled productivity €30 - €50m1 3 144 We are executing a robust €500m productivity program Note: 1. Targeted cumulative medium-term gross savings 1 €70m €230-€240m €330-€370m €410-€470m ~€500m
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145 1 | Supply chain transformation productivity initiatives E2E network cost optimisation Manufacturing productivity Procurement efficiency • Optimise factory mix for local markets • De-bottleneck production capacity • ~40% of total capex budget • ~20% increase in equipment efficiency • Dedicated senior procurement team • Commodity specialisation • Overhaul indirect spend management • ~6% higher factory utilisation • ~6% lower logistics costs per ton1 • ~10%-15% reduction in inventory • ~25% reduction in waste • Focused commodity hedging strategies • 50% reduction in number of suppliers Note: 1. Excluding Turkey hyperinflation
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146 2 | Overheads reduction through a simpler organisation TMICC under Unilever (2023)1 Standalone TMICC (2028)2 13% 11% 150bps Overheads as a % of revenue 92% of our ~19,500 employees3 make, move or sell our products ~18,000 Operational employees Lean support organisation Notes: 1. 2023 includes dedicated costs and allocated costs from Unilever; 2. Overheads figures refer to General Overheads an d Supply Chain Overheads, excludes transitional roles. 3. Includes FTE allocated to Group from Unilever (4,700 as of 2024)
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147 3 | Technology roll-out progressing to plan Simplified and fit-for-purpose tech infrastructure Moving from a multi-business, multi-region ERP to a single global platform leveraging standard processes Single data model, designed specifically for The Magnum Ice Cream Company to support the E2E business units Development and implementation of our simplified technology stack being overseen by expert leadership team with direct experience of separations and with best-in-class partners Technology roll-out ongoing and on schedule Project kick off (Q4 2024) Full technology stack in operation (2027) Roll-out of technology stack 2025-2026 Roadmap / system design agreed (Q2/Q3 2025) Today
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3 | Our Global Business Solutions Broadening GBS scope to provide integrated, end-to-end cost- effective solutions across functions (sales, supply chain, finance, procurement, digital services, marketing and more) Leveraging latest technologies – Agentic AI and hyper automation Scalable operations through global and regional capability centers in Pune, Central & Eastern Europe and Mexico Global Business Solutions (GBS) Data Process Technology People 148
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149 Tech-enabled marketing, sales & supply chain operations The Ice Cream Way Focused and integrated new strategy & culture Growth Productivity Re-investment Strategic pillars Mission “Life tastes better with ice cream” Vision As a global ice cream leader, grow the market by crafting extraordinary experiences that turn ordinary moments into lasting memories Focused ESG agenda Enablers
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150 Capex step-up to drive growth and productivity Growth ~40% capex Productivity ~40% capex Maintenance ~20% capex • Cabinet expansion • Innovation • Capacity expansion • Automation • Waste reduction • Network redesign • Quality • Compliance & Safety • ESG 2023 2024 Medium-term Long-term Growth Productivity Maintenance 3.6% 4.0% Capex1, % of revenue ~5% Step-up in the medium-term ~4-5% Our investment priorities Note: 1. Historical figures exclude allocated capital expenditure from Unilever Group initiatives
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151 Targeted investment behind our brands to drive volume growth Greater ROI and agility Driving advertising returns using digitisation and emerging technologies Digitally-led media buying allows fast response to weather and demand spikes Social-first approach increases engagement Better balance between asset creation and activation cost2023 2024 Long-term 12.3% 12.4% ~13% A&P1, % of revenue Note: 1. Advertising and promotion
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152 Inventory days Working capital optimisation 80 72 68 2023 2024 20282023 2024 Medium-term Working capital % revenue -3.3% ~ -4.5% 2024 Medium-term -3.3% ~ -4.5%
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153 We have established clear strategic pillars to drive profitability 153 Volume & mix Pricing Productivity Re-investment Cost inflation Medium-term annual improvement from 2026 onwards 40-60bps p.a. ~–50bps ~–200bps ~100bps ~120bps ~80bps • Supply chain transformation • Overheads reduction • Tech enabled savings • Brands • Innovation • Distribution Note: 1. Adj. EBITDA margin improvement plan does not apply to any individual year, but is an average over the medium-term 1
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154 Cash flow driven by step up in earnings & working capital management Average FCF 2022-2024 EBITDA Working capital Capex Other FCF Medium-term €0.8bn – €1bn Free Cash Flow (FCF) €bn ~€0.6bn Note: 1. Other includes tax, finance costs, pensions and realized FX differences 1 Average FCF 2022-2024 EBITDA Working capital Capex Other1 FCF 2028 and 2029 Step-up in investment for growth and productivity Working capital optimisation
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155 TMICC has an attractive ROIC vs. other snacking peers Adjusted ROIC1 FY 2024, % amongst snacking category leaders ~9% ~17% ~23% ~23% ~27% Peer 1 Peer 2 Peer 3 MICC Peer 4 2 Source: Public company information Notes: Peers include Hershey, Mondelez, PepsiCo and Nestlé; 1. Adjusted ROIC (Return on Invested Capital) is a non -IFRS measure. See Appendix B for descriptions of non -IFRS measures; 2. As a result of the demerger, TMICC will de-recognise the majority of goodwill allocated to the Unilever Ice Cream business group segment
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156 ~70% hard currency revenue, >90% local-for-local manufacturing and focused commodity management ~70% ~30% Hard Soft 97% 92% 85% EU Americas AMEA % 2024 revenue in currency basket % of revenue manufactured locally 2 Cocoa & chocolate 22% Dairy 19% Sugar 5% Other 54% Raw and packaging material spend (2024) Note: 1. Hard Currencies are USD, EUR, GBP, CNY, AUD, SEK, CAD, DKK, CHF, NZD, SGD, NOK, JPY; 2. Pan-EU sales within EU, Americas & AMEA are country for country 1
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157 One-off separation costs (€m) ~280 ~365 ~150 ~5 2025 2026 2027 2028 Overview of restructuring and one-off separation-related costs ~80% of separation costs will be recognised by end of 2026 Separation costs focused on establishment of new company, such as organisational design and set-up, technology and data, legal and tax, people, property, procurement and supply chain ~€800m of one-off separation costs, of which ~55% relates to technology Restructuring costs expected to be around 0.8% of revenue p.a. 2025-2028
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158 Separation well on track Legal separation from Unilever on 1st July 20251 Day 1 operating model and perimeter finalised, standalone company organisation in place Treasury management system and group consolidation system operating from 1st July Transitional Service Agreement signed Fully-funded tech roadmap in place Global Business Solutions strategy aligned ✓ ✓ ✓ ✓ ✓ ✓ Agreed pro forma net leverage of 2.4x, credit ratings obtained from Moody’s✓ Unilever to retain <20% stake post-demerger subject to regulatory approvals ✓ Note: 1. Except in respect of certain territories in which the reorganisation was or will be implemented subsequent to such date
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159 Transitional Service Agreements overview ~60% ~15% ~5% ~20% • Infrastructure • Applications (support and licensing) • End-user devices • Networking • Customer services and supply chain hub • Procurement and logistics support • Import/export support • Finance back office • Offices • Facilities • Leases • Access/use • Marketing: carelines and infrastructure • HR: HR system support, learning systems • R&D: systems and tools, regulatory affairs • Fleet, workplace services IT Supply chain & Finance Real Estate Others FY’25 TSA cost split Unilever will support TMICC as needed with Transitional Service Agreements (TSAs) with progressive roll-off between now and 2027 ~70% exited by end 2026, full exit by 2027 IT Supply Chain & Finance Real Estate Others
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160 In the medium-term1 our plan aims to deliver from 2026 onwards: • Average annual organic sales growth of 3-5% in the medium-term1 • Average annual Adj. EBITDA margin improvement 40-60bps in the medium-term1 • Free Cash Flow of €0.8bn – €1bn in 2028 and 2029 Key take-aways 4 Our strategic plan is already delivering results 1 Driving growth, delivering productivity and re-investing is key to sustainable value creation2 Balanced capital allocation policy focused on driving profitable organic growth 3 Note: 1. Organic sales growth and Adj. EBITDA margin improvement plan does not apply to any individual year, but is an average over the medium-term
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161 Balanced capital allocation policy Focused on delivering organic growth, productivity and cash Shareholder returns Solid investment grade rating Leverage ~2 to 2.5x Organic growth & productivity Consistent dividend policy • Main driver of value creation • Targeted re-investment to drive profitable growth • Pay-out ratio of 40-60% of adjusted net income1 • First dividend to be paid in 2027 for FY’26, subject to approval by the Board • Potential for targeted, bolt-on acquisitions consistent with historical approach Bolt-on M&A Note: 1. Adjusting items are non-IFRS measures. See Appendix B for descriptions of non-IFRS measures
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162 A multi-year financial framework geared to value creation Balanced capital allocation focused on delivering organic growth, productivity and cash Adjusted ROIC Investment grade leverage Consistent margin expansion Strong, improving FCF €0.8bn – €1bn FCF in 2028 and 2029 ~20% (ahead of snacking average) 2.0x – 2.5x Net Debt / Adj. EBITDA Moody's: Baa2 Effective Tax Rate ~25-27% Above market growth 40-60bps Average annual Adj. EBITDA increase in the medium-term1 from 2026 3-5% Average annual OSG in the medium-term1 from 2026 Note: 1. Organic sales growth and Adj. EBITDA margin improvement plan does not apply to any individual year, but is an average over the medium-term
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163 Key take-aways In the medium-term1 our plan aims to deliver from 2026 onwards: • Average annual organic sales growth of 3-5% in the medium-term1 • Average annual Adj. EBITDA margin improvement 40-60bps in the medium-term1 • Free Cash Flow of €0.8bn – €1bn in 2028 and 2029 4 Our strategic plan is already delivering results 1 Driving growth, delivering productivity and reinvesting is key to sustainable value creation2 Balanced capital allocation policy focused on driving profitable organic growth 3 Note: 1. Organic sales growth and Adj. EBITDA margin improvement plan does not apply to any individual year, but is an average over the medium-term
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164 Our context… … our future Attractive market • Global ice cream market expected to grow at ~3-4% p.a. • Attractive returns • Part of attractive snacking category Strengths • Largest ice cream company with >160 years expertise & heritage • Strong brands, leading capabilities world-class innovations • >90% local manufacturing, ~70% sales in hard currency Opportunities • Separation beneficial for both Companies • Tailoring operating model for ice cream cold chain • Focusing investment algorithm and incentives to ice cream A plan focused on growth • Innovation & Occasions • Availability expansion • Internationalisation & Premiumisation Clear path to value • 3-5% Average annual OSG in the medium-term1 from 2026 • 40-60bps Average annual Adj. EBITDA improvement in the medium-term1 from 2026 • Free Cash Flow of €0.8bn – €1bn in 2028 and 2029 Self-help as a main value driver • Executing a robust ~€500m productivity programme • Front-line first organisation • Re-investing for growth Note: 1. Organic sales growth and Adj. EBITDA margin improvement plan does not apply to any individual year, but is an average over the medium-term
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165 Q&A Q&A
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166 2 1 3 4 5 Revamped front-line first organisation with a winning culture, and incentives aligned to our medium-term plan Key investment highlights The ice cream market is large, growing and resilient, and has attractive returns Largest ice cream company in the world with 160 years of expertise and heritage Clear strategy to deliver growth and improve productivity Our portfolio is well positioned for growth with strong brands, leading capabilities and world-class innovations
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168 Appendix A: Comparison of TMICC to Unilever segment financials Notes: 1. Unilever Ice Cream Segment financial results; 2. TMICC financial results; 3. Unilever Ice Cream Segment Adj. EBITDA calculated as underlying operating profit + D&A Whilst a part of Unilever, TMICC has historically been reported as an operating segment under IFRS 8 in Unilever’s annual report and interim financial reporting (“Ice Cream”). The financial information utilised in this presentation has been derived from historical financial information prepared by management on a combined carve-out basis in connection with the anticipated demerger and separation of TMICC from Unilever and, therefore, differs both in purpose and basis of preparation to the Ice Cream segment as presented historically in Unilever’s financial reporting. As a result, whilst the two sets of financial information are similar, they are not the same because of certain differences in accounting and disclosure under IFRS. These differences primarily include: • Removal of countries (e.g.: Russia and India) which are not in the carve-out perimeter, but historically reported within Ice Cream • Other minor adjustments This information may differ from the historical financial information published in the Prospectus ahead of the anticipated demerger. Unilever Ice Cream Segment1 The Magnum Ice Cream Company2 FY22 FY23 FY24 FY22 FY23 FY24 Revenue (€m) 7,888 7,924 8,282 7,506 7,618 7,947 Adj. Operating profit (€m) 919 852 981 873 854 964 Adj. Operating profit margin 11.7% 10.8% 11.8% 11.6% 11.2% 12.1% Adj. EBITDA3 (€m) 1,336 1,283 1,368 1,245 1,211 1,340 Adj. EBITDA margin 16.9% 16.2% 16.5% 16.6% 15.9% 16.9%
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169 Appendix B: Description of Non-IFRS Financial Measures In considering the financial performance of the Group, management analyses certain measures not defined by, or calculated in accordance with, IFRS, including organic sales growth (“OSG”), organic volume growth (“OVG”), Adjusted EBITDA, adjusted return on invested capital (“Adjusted ROIC”) and free cash flow (“FCF”). Management believes this information, along with comparable IFRS measurements, is useful to investors because it provides a basis for measuring the Group’s operating performance. Management uses these financial measures, along with the most directly comparable IFRS financial measures, in evaluating the Group’s operating performance and value creation. The non-IFRS financial measures presented in this registration statement may not be comparable to other similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as a substitute for, financial information presented in compliance with IFRS. OSG OSG refers to the increase in revenue for the period, excluding any change in revenue resulting from disposals, changes in cu rrency and price growth in excess of 26 per cent. in hyperinflationary economies. Inflation of 26 per cent. per year compounded over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinfl ationary. The impact of disposals is excluded from OSG for a period of 12 calendar months from the applicable closing date. OSG includes increases or decreases in sales of an acquired business immediately following the business combination, unless a reliable historical baseline is not available for the 12 months prior to the acquisition, in which case sales during the first 12 months of the acquisition are excluded from OSG. The Group believes this measure provides valuable additional information on the organic sales performance of the business and it is a key measure used internally. OVG OVG is part of OSG and means, for the applicable period, the increase in revenue in such period calculated as the sum of: (i) the increase in revenue attributable to the volume of products sold; and (ii) the increase in revenue attributable to the composition of products sold during such period. OVG therefore excludes any impact on OSG due to changes in prices. OPG OPG is part of OSG and means, for the applicable period, the increase in revenue attributable to changes in prices during the period. OPG therefore excludes the impact to OSG due to: (i) the volume of products sold; and (ii) the composition of products sold during the period. In determining changes in price, the Group excludes the impact of price growth in excess of 26 per cent. per year in hyperinflationary economies as explained in OSG above. Adjusting Items Several non-IFRS measures are adjusted to exclude items defined as adjusting. Management considers adjusting items to be signifi cant, or unusual or non-recurring in nature and so believe that separately identifying them helps in understanding the financial performance of the Group from period to period. Adjusting items within operating profit are: • gains or losses on business disposals which arise from business disposal projects; • acquisition and disposal-related costs which are costs that are directly attributable to a business • acquisition or disposal project; • restructuring costs which are costs that are directly attributable to a restructuring project. Management • defines a restructuring project as a strategic, major initiative that delivers cost savings and materially • changes either the scope of the business or the manner in which the business is conducted; • impairments of assets which includes impairments of goodwill, intangible assets, and property, plant and equipment; and • other approved items which are any additional matters considered by management to be significant and • outside the course of normal operations. Adjusting items not in operating profit but within net profit are net monetary gain/(loss) arising from hyperinflationary eco nomies and significant and unusual items in net finance cost and taxation. Adjusted EBITDA / Adjusted EBITDA margin Adjusted EBITDA is defined as operating profit before the impact of depreciation, amortisation and adjusting items within operating profit. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue for t he period. These measures are used to evaluate the performance of the Group and its segments. The Group’s management believes these measures p rovide useful information in understanding and evaluating the Group’s operating results. Adjusted ROIC Adjusted ROIC is calculated as operating profit after taxation net of adjusting items divided by the annual average of invest ed capital for the period which are goodwill, intangible assets, property, plant and equipment, inventories, trade and other current receivables, and trade payables and other current liabilities. Adjusted ROIC is a measure of the return generat ed on capital invested by the Group. Management believes this provides a measure for long -term value creation and encourages compounding re-investment within the business and discipline around acquisitions with low returns and long payback. Free Cash Flow (FCF) Free cash flow is calculated as net cash flow from operating activities, less net capital expenditure and net interest paymen ts.
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170 Cautionary statement regarding forward-looking statements and assumptions 170 This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities, nor shall it (or any part of it) form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract or commitment whatsoever. The information contained in this document speaks only as at the date of this document, and subject to applicable law or regulation neither Unilever PLC nor any member of its group (together, the “Group”) has, or accepts, any responsibility or duty to update any such information, document or announcement and reserves the right to add to, remove or amend any information reproduced in this document at any time. This document may contain forward-looking statements, including “forward-looking statements” concerning the financial condition, results of operations and businesses of the Group. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as “will”, “aim”, “expects”, “anticipates”, “intends”, “looks”, “believes”, “vision”, “ambition”, “target”, “goal”, “plan”, “potential”, “work towards”, “may”, “milestone”, “objectives”, “outlook”, “probably”, “project”, “risk”, “seek”, “continue”, “projected”, “estimate”, “achieve” or the negative of these terms, and other similar expressions of future performance or results and their negatives, are intended to identify such forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding, Unilever's portfolio optimisation towards global or scalable brands, the capabilities and potential of such brands, the various aspects of the separation of Ice Cream and its future operational model, strategy, growth potential, performance and returns, Unilever's productivity programme, its impacts and cost savings over the next three years and operation dis-synergies from the separation of Ice Cream, the Group's emissions reduction targets and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this document. Readers should not place undue reliance on forward-looking statements. Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Group’s control, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements are based on the Group’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Group. Forward-looking statements are not predictions of future events. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known to the Group. If a change occurs, the Group’s business, financial condition, liquidity and results of operations may vary materially from those expressed in the Group’s forward-looking statements. The forward-looking statements speak only as of the date that they are made. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over time, and it is not possible for the Group to predict those events or how they may affect it. In addition, the Group cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. .