Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q3 2024 Earnings Presentation
22 slides from Nomad Foods's earnings presentation, Nov 14, 2024
Slide 1: Third Quarter 2024 Earnings Results
THIRD QUARTER 2024 Earnings Results Nov. 14, 2024
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared and issued by Nomad Foods Limited (the “Company”). This Presentation has been provided solely for information and background. The information in this Presentation is provided as at the date of the Presentation (unless stated otherwise). This Presentatio
Slide 3: Third Quarter Highlights
Third Quarter Highlights • Supply Chain productivity, favorable mix from Must Win Battles & Growth Platforms and promotional timing drove gross margin +390 bps YoY to 32.3%. • Adjusted EBITDA rose 19% YoY in the quarter as gross profit gains more than offset higher SG&A as we continued to increase
Slide 4: Frozen's growth leadership sustains
Frozen's growth leadership sustains YoY Volume % Change, rolling 12 wk period* YoY Unit % Change, YTD** 6.0% 2.5% 2.1% 2.0% 1.8% 4.0% 1.5% 1.0% 2.0% 1.0% 0.5% 0.0% 0.0% -2.0% -0.5% -1.0% -4.0% -1.5% -6.0% -2.0% -2.5% -8.0% Household Drinks Baby Care Pet Care Chilled & Fresh Pet Food Alcohol Confecti
Slide 5: Nomad's volume share is improving ahead of an innovation fueled distribution recovery
Nomad’s volume share is improving ahead of an innovation fueled distribution recovery NOMD YoY Value share change 100 50 40 YoY Share pt change (bps) - 10 (50) (100) (150) (200) (250) P6 P2 P1 P2 P3 P4 P5 P7 P8 P9 P1 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12 P13 P10 2023 2024 R12 wk Volume Share R4 wk Volume
Slide 6: Innovation in Action; Western Europe
Innovation in Action; Western Europe Must Win Battles Growth Platforms
Slide 7: Innovation in Action; Southeastern Europe
Innovation in Action; Southeastern Europe Must Win Battles Growth Platforms 7
Slide 8: Key Financial Metrics
Key Financial Metrics Adjusted Adjusted Total Revenue Gross Margin EBITDA** EPS** €770m 32.3% €166m €0.55 +0.8% growth +390 bps YoY +19% growth $0.59* +0.3% organic** +28% growth *Q3 24 Adjusted EPS converted to USD, the currency in which Nomad Foods shares trade, for illustrative purposes and based
Slide 9: Operating Highlights
OperatingHighlights Operating Highlights (in €m unless otherwise noted) 3Q 2024 3Q 2023 YoY Change Revenue €770 €764 0.8% Organic revenue growth/(decline)* 0.3% Gross profit 248 217 15% Gross margin 32.3% 28.4% 390 bp Adjusted operating expense* (107) (100) 7% Depreciation & amortization 25 23 8% Ad
Slide 10: Free Cash Flow Highlights
Free Cash Flow Highlights 9 months ended 9 months ended (in €m unless otherwise noted) September 30, 2024 September 30, 2023 Adjusted EBITDA* €428 €418 Change in working capital (132) (68) Capital expenditures1 (56) (59) Cash taxes (29) (53) Cash interest & other2 (106) (113) Adjusted free cash flow
Slide 11: Updated 2024 Guidance
Updated 2024 Guidance Organic Revenue Adjusted EBITDA** Adjusted EPS** Adjusted Free Cash Flow Conversion** 1 - 2% 3 - 5% €1.72 - €1.77 90 - 95% growth growth 7% - 10% growth (prior +3 - 4%) (prior 4 - 6%) (prior €1.75 - €1.80) (unchanged) Including Positive Volume $1.86 - $1.91* Growth 11 *2024 Adj
Slide 12: Questions?
Questions?
Slide 13: Appendix
Appendix
Slide 14: Contents
Contents The following tables have been included to allow users to reconcile Non-IFRS financial measures as well as Adjusted financial information included within this presentation to reported IFRS financial measures. 1. Definitions of Non-IFRS financial measures referred to in this presentation. 2.
Slide 15: Definitions of Non-IFRS financial measures referred to in this presentation
1. Definitions of Non-IFRS financial measures referred to in this presentation Non-IFRS financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have
Slide 16: Reconciliation of reported to organic revenue growth/(decline)
2. Reconciliation of reported to organic revenue growth/(decline) Year on Year Growth - September 30, 2024 compared to September 30, 2023 Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 YoY Change YoY Change Reported Revenue Growth 0.8% 1.0% Of which: - Organic Revenue Gro
Slide 17: Reconciliation of Non-IFRS Financial Measures
3. Reconciliation of Non-IFRS Financial Measures Adjusted Statement of Profit or Loss (unaudited) Three Months Ended September 30, 2024 As reported for the three As adjusted for the three € in millions, except per share data months ended September Adjustments months ended September 30, 2024 30, 2024
Slide 18: Reconciliation of Non-IFRS Financial Measures (continued)
4. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Three Months Ended September 30, 2023 As reported for the three As adjusted for the three € in millions, except per share data months ended September Adjustments months ended September 30, 2
Slide 19: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Nine Months Ended September 30, 2024 As reported for the nine As adjusted for the nine € in millions, except per share data months ended September Adjustments months ended September 30, 2024
Slide 20: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Nine Months Ended September 30, 2023 As reported for the nine As adjusted for the nine € in millions, except per share data months ended September Adjustments months ended September 30, 2023
Slide 21: Reconciliation of Profit for the period to Adjusted EBITDA
4. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of Profit for the period to Adjusted EBITDA (unaudited) Three months ended Nine months ended € in millions September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Profit for the period 70.3 77.6 175.7 168
Slide 22: Reconciliation of net cash flows from operating activities to Adjusted free cash flow
4. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the nine months ended September 30, 2024 and the nine months ended September 30, 2023 Nine months ended Nine months ended (in €m) September