Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q3 2023 Earnings Presentation
22 slides from Nomad Foods's earnings presentation, Nov 9, 2023
Slide 1: Third Quarter 2023 Earnings Results
THIRD QUARTER 2023 Earnings Results November 9, 2023
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 2023 Key Financial Metrics
Third Quarter 2023 Key Financial Metrics Total Revenue Gross Margin Adjusted Adjusted EBITDA** EPS** €764m 28.4% €140m €0.43 +1.6% organic $0.45* *Q3 23 Adjusted EPS converted to USD, the currency in which Nomad Foods shares trade, for illustrative purposes and based on USD/EUR FX rate of 1.057 as o
Slide 4: Third Quarter Highlights
Third Quarter Highlights • We delivered another solid top line performance with organic sales growing +1.6% • Through disciplined pricing and cost control, we remain on target to deliver stable gross margins for the year, recovering most of our cost inflation from 2022 & 2023 • Excellent supply chai
Slide 5: Third Quarter Business Update
Third Quarter Business Update Robust A&P investment poised to ignite volume and share recovery • New media featuring the iconic Captain across most markets • Significant step up in store presence across Europe, driving new consumer consideration • Price gaps stable versus Private Label • We expect i
Slide 6: Third Quarter Market Update
Third Quarter Market Update • Launch of UK Birds Eye Back to School campaign to drive family consumption during a critical time period • Record ice cream performance in the Adriatic region due to good weather, superior planning and service levels, and accelerated POS program • In Italy, we celebrate
Slide 7: United Kingdom France
United Kingdom France 7
Slide 8: Croatia Germany
Croatia Germany 8
Slide 9: Third Quarter 2023 Key Operating Highlights
Third Quarter 2023 Key Operating Highlights (in €m unless otherwise noted) 3Q 2023 3Q 2022 YoY Change Revenue €764 €760 0.5% Organic revenue growth/(decline) 1.6% Gross profit 217 221 (2)% Gross margin 28.4% 29.1% (70) bp Adjusted operating expense (100) (91) 11% Depreciation & amortization 23 23 3%
Slide 10: Third Quarter 2023 Free Cash Flow Highlights
Third Quarter 2023 Free Cash Flow Highlights 9 months ended 9 months ended (in €m unless otherwise noted) September 30, 2023 September 30, 2022 Adjusted EBITDA €418 €411 Change in working capital (68) (219) 1 Capital expenditures (59) (55) Cash taxes (53) (44) 2 Cash interest & other (113) (69) Adju
Slide 11: Updating 2023 Guidance
Updating 2023 Guidance Adjusted Free Cash Total Revenue Adjusted EPS** Flow** 90 - 95% Mid-single-digit Conversion €1.57 - €1.60 Organic Growth ~€250m Adjusted EPS** $1.66 - $1.69* *2023 Adjusted EPS guidance range converted to USD, the currency in which Nomad Foods shares trade, for illustrative pu
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
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, 2023 compared with September 30, 2022 Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 YoY Change YoY Change Reported Revenue Growth 0.5% 4.3% Of which: - Organic Revenue G
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, 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, 2023 30, 2023
Slide 18: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Three Months Ended September 30, 2022 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, 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 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, 2022 As reported for the nine As adjusted for the nine € in millions, except per share data months ended September Adjustments months ended September 30, 2022
Slide 21: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of Profit for the period to Adjusted EBITDA (unaudited) Three months ended Nine months ended September 30, September 30, September 30, September 30, € in millions 2023 2022 2023 2022 Profit for the period 77.6 82.1 168.0 212
Slide 22: Reconciliation of Non-IFRS Financial Measures (continued)
3. 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, 2023 and the nine months ended September 30, 2022 Nine months ended Nine months ended (in €m) September