The Magnum Ice Cream Company N.V. (MICC) Cash Flow Statement

NYSE: MICCOperating cash, capex, free cash flow and buybacks.

Where MICC’s cash came from and went, 2025

December 31, 2025 · euros
Cash from operations
€367.9M
−67.8% vs 2024
Capital expenditures
€356.9M
4.5% of revenue
Free cash flow
€11.0M
0.1% margin
Returned to shareholders
€83.0M
755% of free cash flow
Change in cash
€379.2M
cash at year-end €440.8M
Cash from operations: €367.9MCash from operations€367.9MAcquisitions & other: €27.0MAcquisitions & other€27.0MOther financing: €473.8MOther financing€473.8MCurrency & other: €6.3MCurrency & other€6.3MCapital expenditures: €356.9MCapital expenditures€356.9M · 41%Dividends: €83.0MDividends€83.0M · 9%Debt repayment: €56.0MDebt repayment€56.0M · 6%Added to cash: €379.2MAdded to cash€379.2M · 43%€875.0M
Cash from operations
€367.9M
Capital expenditures
−€356.9M
Acquisitions & other
+€27.0M
Dividends
−€83.0M
Net borrowing (repayment)
−€56.0M
Other financing
+€473.8M
Currency & other
+€6.3M
Change in cash
€379.2M

Drawn to scale: where the cash came from and how it was used. Hover for values.

MICC operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

MICC cash flow trends, 2022–2025

MetricTrendThenLatestChange
Operating cash flow€721.0M2022€367.9M2025−20.1%/yr
Capital expenditures€295.0M2022€356.9M2025+6.6%/yr
Free cash flow€426.0M2022€11.0M2025−70.4%/yr
Free cash flow margin5.7%20220.1%2025−5.5 pts
Operating cash flow / net income1.3720221.262025−0.11
Stock-based compensation€18.0M2022€35.0M2025+24.8%/yr
Dividends paid€02022€83.0M2025—
Capex / revenue3.9%20224.5%2025+0.6 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

MICC cash flow by activity

OperatingInvestingFinancingChange in cash

MICC net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

MICC cash flow statement in euros

2025202420232022
Operating activities
Net income€292.9M€595.0M€509.0M€527.0M
Depreciation & amortization€337.9M€376.0M€357.0M€372.0M
Stock-based compensation€35.0M€32.0M€20.0M€18.0M
Change in working capital−€303.9M€119.1M€56.0M−€273.0M
Other non-cash items€6.0M€18.8M−€28.0M€77.0M
Cash from operating activities€367.9M€1.14B€914.0M€721.0M
Investing activities
Capital expenditures−€356.9M−€332.3M−€280.0M−€295.0M
Investments (net)€0−€1.0M€2.0M−€1.0M
Acquisitions & other investing€27.0M−€40.4M−€576.0M€38.0M
Cash from investing activities−€329.9M−€373.7M−€854.0M−€258.0M
Financing activities
Dividends paid−€83.0M−€11.0M€0€0
Net borrowing (repayment)−€56.0M−€39.0M−€45.0M€9.0M
Shares issued€0€0€0€0
Other financing€473.8M−€699.5M−€6.0M−€479.0M
Cash from financing activities€334.9M−€749.5M−€51.0M−€470.0M
Summary
Net change in cash€379.2M€15.1M€7.0M−€8.0M
Cash at end of period€440.8M€72.5M€50.0M€43.0M
Free cash flow€11.0M€808.5M€634.0M€426.0M
Free cash flow margin0.1%10.2%8.3%5.7%
Capex / revenue4.5%4.2%3.7%3.9%
Operating cash flow / net income1.261.921.801.37

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.

MICC cash generation

In fiscal 2025 (ended December 31, 2025), Magnum Ice Cream generated €367.9 million of cash from operations (down 67.8%) and spent €356.9 million on capital expenditures, leaving free cash flow of €11.0 million, 0.1% of revenue. It returned €83.0 million to shareholders through dividends (€83.0 million) and net share buybacks (€0). Cash and equivalents rose by €379.2 million over the year.

Related: MICC income statement, MICC balance sheet. See the MICC stock overview for the latest quote and news.

MICC cash flow FAQ

What is Magnum Ice Cream's free cash flow?

Magnum Ice Cream's free cash flow was €11.0 million in fiscal 2025: €367.9 million of operating cash flow minus €356.9 million of capital expenditures It was €808.5 million a year earlier..

How much cash does Magnum Ice Cream generate from operations?

Magnum Ice Cream generated €367.9 million of cash from operating activities in fiscal 2025, 1.26 times its net income of €292.9 million.

How much does Magnum Ice Cream spend on capital expenditures?

Magnum Ice Cream spent €356.9 million on capital expenditures in fiscal 2025, 4.5% of revenue, compared with €332.3 million the year before.

How much does Magnum Ice Cream pay in dividends?

Magnum Ice Cream paid €83.0 million in dividends in fiscal 2025, 754.6% of free cash flow.

Packaged Foods: cash flow