The reaffirmed guidance and strong H1 execution (balanced volume/price growth, margin expansion, productivity savings) support a constructive view. Key catalysts to monitor: Q3 seasonal performance (especially US summer sell-through), TCA investigation resolution in Turkey (interim measure deadline Aug 15), and progress on TSA exits (target end-2027).
Price Chart
Executive Summary
TMICC reported solid H1 2026 results with revenue of €4.7B (+4.7% organic sales growth), Adjusted EBIT of €716M (+7.5% YoY), and reaffirmed full-year guidance of 3-5% organic sales growth with 40-60bps Adjusted EBITDA margin improvement. The company delivered balanced volume (+2.5%) and price (+2.2%) growth across all regions, with strong performance in Ben & Jerry's and Yasso, while successfully integrating India and Portugal acquisitions.
Key Financial Metrics
Key Facts
- H1 2026 revenue €4.7B vs €4.5B YoY, +4.7% organic sales growth
- Adjusted EBIT €716M vs €666M YoY, margin +50bps to 15.3%
- Adjusted EBITDA €880M vs €853M YoY, margin 18.7% (impacted -70bps by TSAs)
- Free Cash Flow €273M vs €138M YoY, driven by favorable working capital
- Diluted EPS €0.55; Adjusted EPS €0.72
- Full-year 2026 outlook reaffirmed: 3-5% organic sales growth, 40-60bps Adjusted EBITDA margin improvement
- Productivity program delivered €90M in H1 savings, on track for €500M medium-term target
- All regions grew: Europe & ANZ +4.1%, Americas +3.2%, AMEA +7.6%
- Net debt €3,264M (vs €2,967M FY2025), increased for acquisitions and working capital
- Turkish Competition Authority investigation on cabinet allocation — interim measure requires 30% capacity for competitors in small retail outlets
Financial Impact
H1 2026 revenue €4.7B (+4.2% reported, +4.7% organic); Adjusted EBIT €716M (+7.5% YoY); Free Cash Flow €273M (+98% YoY)
Risk Factors
- Turkish Competition Authority investigation could disrupt operations in a key growth market (AMEA region)
- Net debt increased to €3.26B from €2.97B year-end 2025, raising leverage concerns
- Adjusted EBITDA margin compressed 30bps YoY due to TSAs and India acquisition costs
- Hyperinflation in Turkey (€13M net monetary loss) and forex headwinds (-2.7% on revenue)
- China weakness from unfavorable weather and Brazil turnaround still in decline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3335781 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | 6-K | $17.78 $16.96 | ▼ −4.61% | ▼ −6.53% | $19.28 (+8.46%) |
Sep 24, 2026 4w ago | 6-K | $19.28 $17.18 | ▼ −10.89% | ▼ −10.48% | $19.28 (+0.03%) |
Sep 24, 2026 4w ago | Press Release | $19.28 $17.18 | ▼ −10.89% | ▼ −10.48% | $19.28 (+0.03%) |
Sep 22, 2026 4w ago | 6-K | $19.32 $18.55 | ▼ −3.99% | ▼ −2.80% | $19.28 (−0.18%) |
Sep 18, 2026 5w ago | 6-K | $18.98 $18.98 | · 0.00% | ▼ −1.27% | $19.28 (+1.61%) |
Sep 17, 2026 5w ago | 6-K | $18.93 $19.28 | ▲ +1.85% | ▲ +1.25% | $19.28 (+1.88%) |
Sep 10, 2026 6w ago | 6-K | $19.50 $18.93 | ▼ −2.92% | ▼ −2.42% | $19.28 (−1.10%) |
Sep 10, 2026 6w ago | Press Release | $19.50 $18.93 | ▼ −2.92% | ▼ −2.42% | $19.28 (−1.10%) |
Sep 9, 2026 6w ago | 6-K | $19.13 $18.80 | ▼ −1.73% | ▼ −0.63% | $19.28 (+0.81%) |
Sep 3, 2026 7w ago | 6-K | $19.74 $19.65 | ▼ −0.46% | ▲ +0.69% | $19.28 (−2.30%) |
US Market Status
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