Whip the cold heavy cream to stiff peaks with an electric mixer, about 3 to 4 minutes.

Whisk the sweetened condensed milk and Nutella until smooth, then fold into the whipped cream in two additions, leaving a few ribbons of Nutella if desired.

Transfer to a freezer-safe container, cover with parchment on the surface, and freeze until firm, at least 6 hours. Let sit at room temperature for 5 minutes before scooping.