Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q2 2024 Earnings Presentation
20 slides from Nomad Foods's earnings presentation, Aug 7, 2024
Slide 1: Second Quarter 2024 Earnings Results
Nomad Foods SECOND QUARTER 2024 Earnings Results August 7, 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: Second Quarter Highlights
Second Quarter Highlights • Volume has positively inflected with YoY growth of +1.6% in 2Q; a significant sequential improvement and a return to growth for the first time since 3Q21. • Net sales increased by 1.1%, resulting in the eighth consecutive quarter of positive organic growth as surgical pri
Slide 4: Frozen's growth leadership role sustains with accelerating gains
Frozen's growth leadership role sustains with accelerating gains 4 Source: Circana & Nielsen; Total Food aggregated across UK, France, Germany & Italy; Frozen Food aggregated across all 16 European markets.
Slide 5: Nomad is leaning in to fuel the growth
Nomad is leaning in to fuel the growth A&P spend +30% YoY in 2Q 2Q volume growth led by must-win-battles (+4%) and growth platforms (+20%) 5
Slide 6: Key Financial Metrics
Key Financial Metrics Adjusted Total Revenue Gross Margin EBITDA** Adjusted EPS** €753m 30.9% €139m €0.44 +1.1% growth $0.48* +0.5% organic** *Q2 24 Adjusted EPS converted to USD, the currency in which Nomad Foods shares trade, for illustrative purposes and based on USD/EUR FX rate of 1.08 as of Jul
Slide 7: Operating Highlights
Operating Highlights Operating Highlights (in €m unless otherwise noted) 2Q 2024 2Q 2023 YoY Change Revenue €753 €745 1.1% Organic revenue growth/(decline)* 0.5% Gross profit 233 210 11% Gross margin 30.9% 28.2% 270 bp Adjusted operating expense* (117) (101) 15% Depreciation & amortization 23 23 —%
Slide 8: Free Cash Flow Highlights
Free Cash Flow Highlights 6 months ended 6 months ended (in €m unless otherwise noted) June 30, 2024 June 30, 2023 Adjusted EBITDA* €262 €279 Change in working capital (89) (68) 1 Capital expenditures (40) (40) Cash taxes (19) (30) 2 Cash interest & other (72) (55) Adjusted free cash flow* €42 €86 A
Slide 9: With Building Momentum, Reiterating 2024 Guidance
With Building Momentum, Reiterating 2024 Guidance Total Revenue Adjusted EBITDA** Adjusted EPS** Adjusted Free Cash Flow Conversion** 3 - 4% 4 - 6% €1.75 - €1.80 90 - 95% growth growth 9% - 12% growth Including Positive Volume $1.89 - $1.94* Growth 9 *2024 Adjusted EPS guidance range converted to US
Slide 10: Questions?
Questions?
Slide 11: Appendix
Appendix
Slide 12: 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 13: 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 14: Reconciliation of reported to organic revenue growth/(decline)
2. Reconciliation of reported to organic revenue growth/(decline) Year on Year Growth - June 30, 2024 compared to June 30, 2023 Three Months Ended Six Months Ended June June 30, 2024 30, 2024 YoY Change YoY Change Reported Revenue Growth 1.1% 1.1% Of which: - Organic Revenue Growth 0.5% 0.4% - Trans
Slide 15: Reconciliation of Non-IFRS Financial Measures
3. Reconciliation of Non-IFRS Financial Measures Adjusted Statement of Profit or Loss (unaudited) Three Months Ended June 30, 2024 As reported for the three As adjusted for the three € in millions, except per share data months ended June 30, Adjustments months ended June 30, 2024 2024 Revenue 753.1
Slide 16: 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 June 30, 2023 As reported for the three As adjusted for the three € in millions, except per share data months ended June 30, Adjustments months ended June 30, 2023 2023 Re
Slide 17: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Six Months Ended June 30, 2024 As reported for the six As adjusted for the six € in millions, except per share data months ended June 30, Adjustments months ended June 30, 2024 2024 Revenue
Slide 18: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Six Months Ended June 30, 2023 As reported for the six As adjusted for the six € in millions, except per share data months ended June 30, Adjustments months ended June 30, 2023 2023 Revenue
Slide 19: 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 Six months ended € in millions June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Profit for the period 70.9 49.2 105.4 90.4 Taxation 16.8 11.2
Slide 20: Reconciliation of net cash flows 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 six months ended June 30, 2024 and the six months ended June 30, 2023 Six months ended Six months ended (in €m) June 30, 2024 June 30, 2