Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Investor Day (October 2026)
147 slides from Nomad Foods's investor day presentation, Oct 6, 2026
Slide 1: Captain of Frozen: 2027-2029 Analyst & Investor Day
2027-2029 CAPTAIN OF FROZEN Analyst & Investor Day October 6th 2026
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: Analyst & Investor Day Agenda
ANALYST & INVESTOR DAY AGENDA 9:00 – 10:30 OPENING REMARKS Sir Martin E. Franklin STRATEGIC OVERVIEW & VALUE CREATION PLAN Dominic Brisby STRATEGY INTO ACTION Dior Decupper, Jon Fernández de Barrena 10:30 – 10:45 BREAK 10:45 – 11:30 COMPETITIVE SUPPLY CHAIN ADVANTAGE Eduardo Bachiega FINANCIAL OUTLO
Slide 4: Opening Remarks
OPENING REMARKS Sir Martin E. Franklin 4
Slide 5: Strategic Overview & Value Creation Plan
STRATEGIC OVERVIEW & VALUE CREATION PLAN Dominic Brisby 5
Slide 6: Video
video 6
Slide 7: Today's Take Aways
TODAY’S TAKE AWAYS Organic Growth Broadening our Addressable Market Higher Growth & Returns, Lower Leverage and Attractive Dividend 7
Slide 8: Organic Growth Inflection Underway
ORGANIC GROWTH INFLECTION SMALLEST TITLE UNDERWAY 2% Organic Revenue Growth** 0% -2% -4% 25 25 25 25 26 26 * 7* 9* 26 2 2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 20 28- 20 * Reflects the mid-point of company guidance 8 ** Represents a non-IFRS measure. Please see Appendix for a reconciliation of these non-IFRS measure
Slide 9: Shareholder Value Creation Strategy
SHAREHOLDER VALUE CREATION Top and bottom-line STRATEGY growth (1-3% 2027-29 CAGR) Sustained & attractive dividend (6.5% current yield) More free cashflow & lower leverage; glidepath to 3.4X by 2029 9
Slide 10: Clear Market Leader
CLEAR MARKET LEADER 10
Slide 11: Clear Market Leader
CLEAR MARKET LEADER 2X the Size of the Next Closest European Savory Frozen Food Company 11% Europe Branded Savory Frozen Food Retail Market Share and Retail Sales Value (2025)1,2 ~2x 5% 4% 3% 3% 2% 2% <1% <1% <1% <1% €4.4bn €2.2bn €1.6bn €1.4bn €1.1bn €0.9bn €0.6bn €0.3bn €0.3bn €0.2bn €0.2bn Nomad
Slide 12: Market Leading Brands
MARKET LEADING BRANDS 38% 2.3x Higher market Weighted average share than all other value market branded competitors share in 25 top combined in top 25 category-country category-country combinations1 combinations1 #1 #1 #1 Brand Awareness Preference Brand Equity In 14/15 Markets2 In 11/15 Markets2 In
Slide 13: Category and Country Leader
CATEGORY AND COUNTRY LEADER Europe SAVORY FROZEN FOOD CATEGORIES MARKET SIZE1 Processed Seafood €6.4bn #1 #1 #2 #1 #1 #3 Processed Fruit and Vegetables €7.5bn #1 #1 #1 #2 #1 #1 Ready Meals €7.7bn #2 #3 #4 #2 #1 #1 Processed Poultry €2.7bn #1 #1 #1 #3 #5 #1 Pizza €7.5bn #4 --- #2 --- --- --- Overall
Slide 14: State of the Art Supply Chain
STATE OF THE ART SUPPLY CHAIN 17 Tonsberg Larvik Manufacturing Loftahammer Existing Manufacturing Facilities Naas & Hull Bremerhaven Center Longford 80,000 Lowestoft Reken Boulogne-Sur-Mer Delivery Points Rorschach Ledo Irida & Frikom Sesvete Valladolid Cisterna 14
Slide 15: Category Tailwinds
CATEGORY TAILWINDS 15
Slide 16: Strong and Durable Category Growth
STRONG AND DURABLE CATEGORY GROWTH European Frozen Food Has Grown at 4% CAGR 14% YoY Value Growth YoY Volume Growth 12% 12% 10-yr CAGR: 10-yr CAGR Food +3.1% 10% Food +0.1% 10% Frozen +4.1% 8% Frozen +1.0% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% -2% -4% -4% -6% 2016 2017 2018 2019 2020 2021 2022 2023 2024 20
Slide 17: €1bn+ Retail Sales Created Annually
€1bn+ RETAIL SALES CREATED SMALLEST TITLE ANNUALLY €30bn Retail Category in Our Core Markets; Growing 4% 31 European Frozen Sales (EURO, bn) 29 € 1,2 € 1,3 27 € 2,9 25 € 1,8 23 21 19 17 15 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Base YoY Growth Source: Euromonitor International, Staple Foo
Slide 18: Frozen Delivers Convenience
FROZEN DELIVERS SMALLESTCONVENIENCE TITLE Saving Consumers Time 51% 68% of consumers of consumers turn to the freezer agree that frozen before restaurant food saves them takeout when time time is short Source: Frozen Outlook 2025. Nationally representative samples of n=2,000 were collected in the UK
Slide 19: Frozen Delivers Value
FROZEN DELIVERS VALUE Saving Consumers Money 50% of consumers throw away fresh vegetables at least monthly €2-3 less on meals made from frozen 43% compared to chilled of shoppers equivalents prefer to buy frozen food as it reduces waste Source: Frozen Outlook 2025. Nationally representative samples
Slide 20: Frozen Delivers Quality & Taste
FROZEN DELIVERS QUALITY & TASTE Locked in Freshness, Flavor & Nutrition 20
Slide 21: Technology Aids Growth
TECHNOLOGY AIDS GROWTH Taking Quality, Taste & 40-45% Convenience to New Levels overall European Airfryer Adoption ~60% UK Airfryer adoption ~45% 2023 2024 2025 Source: Leatherhead Food Research; Good Food Nation survey; IndexBox 21
Slide 22: Portfolio Skewed Toward Nutritious Food
PORTFOLIO SKEWED Our frozen portfolio skews toward protein TOWARD NUTRITIOUS FOOD and vegetables which account for Vegetables Fish & >2/3 25% Seafood of our revenue 33% Nomad Foods Protein2 Revenue Split1 42% Others Poultry 16% 9% Meals 17% Source: Company Information 1. As of December, 2025 2. Fish
Slide 23: 9 Months In: Analysis & Evolution
9 MONTHS IN: Analysis & Evolution 23
Slide 24: Our Best Brands Drove Growth
OUR BEST BRANDS DROVE GROWTH Revenue (2016-2025, €m) Adjusted EBITDA1 (2016-2025, €m) CAGR CAGR 4 % €2.9bn 4 % €483m €1.9bn €325m 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Source: Company information Note: IFRS 16 related change i
Slide 25: What Needed to Change
WHAT NEEDED TO CHANGE Strong Brands; Culture and Execution Fell Short Competitive Intensity Margin Obsession Short Term vs Long Term Orientation Narrowly Focused 25
Slide 26: Reset Inventory & Improved Quality of Growth
RESET INVENTORY & IMPROVED QUALITY OF GROWTH 2025 1Q26 1.0% 1.0% 0.2% 0.5% 0.4% 0.0% 0.0% -1.0% -0.5% -2.0% -1.0% 230 bps retail inventory -3.0% 550 bps impact from de-stocking impact de-stocking & order -1.5% -4.0% realignment -1.9% -2.0% -5.0% -5.3% -2.5% -6.0% Organic Revenue (Sell-in) Retail Sel
Slide 27: Strong Board Leadership
STRONG BOARD LEADERSHIP Decades of Experience Years at Nomad Years of Experience 12 12 <1 2 34 30 25 25 SIR MARTIN E. FRANKLIN NOAM GOTTESMAN DOMINIC BRISBY RUBEN BALDEW Co-Founder and Co-Chairman Co-Founder and Co-Chairman Chief Executive Officer Chief Financial Officer of the Board of the Board •
Slide 28: Rebuilt Our Leadership Team
REBUILT OUR LEADERSHIP TEAM Team Focused on Growth and Operational Excellence Years at Nomad Years of Experience 5 <1 <1 <1 8 24 20 37 25 30 EDUARDO BACHIEGA DIOR DECUPPER SIMON BALL JON FERNANDEZ NEIL FLETCHER Chief Supply Officer President, Central Europe President, UK&I DE BARRENA General Counsel
Slide 29: Streamlined Marketing
STREAMLINED MARKETING Unlocked Focus and Efficiency Delivered €10-12m of annualized cost savings Before After 29
Slide 30: Management Ownership & Incentives
MANAGEMENT OWNERSHIP CEO 577k | ~$6m+ & INCENTIVES Shares | Invested CFO Aligned with Shareholder Value Creation 182k | ~$2m+ Shares | Invested Personal Investment → Ownership Alignment → Share Price Appreciation → Option Match Vesting Senior Management 209k | ~$2m+ 2,000 Shares | Invested Up To 1,0
Slide 31: Full Steam Ahead
FULL STEAM AHEAD 31
Slide 32: Captain of Frozen
CAPTAIN OF FROZEN Captain by Name, Captain by Nature, Captain by Execution AUTHORITY LEADERSHIP TRUST VICTORY Undisputed In product superiority, Fully depended Winning in our category expert innovation, marketing, on by our consumers core and more execution & market and retailers share 32
Slide 33: Captain of Frozen
CAPTAIN OF FROZEN Capture New Defend our Categories & Core Channels Attack Adjacencies 33
Slide 34: Broadening Our Addressable Market
BROADENING OUR ADDRESSABLE MARKET 4x Larger Opportunity New territory €7 €84bn €5 €5 €13 €16 €17 €11 €9 ke in ts M e nt nd es ic ke ts ou A ar s ci tla M rie am rv lT ar en sc Se ar C ate r ta e o C the M re ac Di or g a He To od zz C ew O rd dj Pi Fo e Ha A N Ic €bn RSV Market Size Heartland Adjace
Slide 35: How We Win
HOW WE WIN Leverage What Made us the Leader to Begin With Best Brands The Largest & Most Diverse Portfolio State of the Art Supply Chain with Abundant Capability & Capacity 35
Slide 36: How We Win: Remove Growth Constraints
HOW WE WIN Remove Growth Constraints FROM TO Margin Obsessed Returns Exceed Cost of Capital Health Centric Consumer Demand Centric Corpocratic Flat, Focused & Fast 36
Slide 37: Strategy Into Action
STRATEGY INTO ACTION Dior Decupper & Jon Fernandez de Barrena 37
Slide 38: How We Win: Evolve Marketing and Innovation
HOW WE WIN Evolve Our Approach to Marketing and Innovation FROM TO Localized brands, products Brands, campaigns and product and marketing campaigns platforms that travel One mainstream tier Good, Better, Best The media that built the brands Modern brand building 38
Slide 39: Defending Our Core: Fish Category
DEFENDING OUR CORE Captain: Fish Category 39
Slide 40: Defending Our Largest Category
DEFENDING OUR LARGEST SMALLEST TITLE CATEGORY Leading the Large and Growing Fish & Seafood Market Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, % Branded PL p.a. 6.4 1.7 +5% 6.3 Germany 20 6.1 5.5 UK 1.2 16 5.4 5.3 Italy 0.7 24 4.6 4.7 Branded scale Fr
Slide 41: Renovating & Marketing at Scale
RENOVATING & MARKETING AT SCALE Strengthening Our Superiority 41
Slide 42: One Message, Many Markets
ONE MESSAGE, MANY MARKETS Designed Once, Communication Ready Across Europe THE RESULT Fewer artworks, fewer agencies, fewer weeks. The same portfolio reaching more shelves with less non-working cost and time. 42
Slide 43: Activated with Impact
ACTIVATED WITH IMPACT Cut-Through Campaign with Our Product the Hero 43
Slide 44: Widening Our Competitive Advantage
WIDENING OUR COMPETITVE ADVANTAGE While Ensuring the Category Remains Affordable Rising Fish Cost Pressure on Affordability Our Supply Chain Advantage 44
Slide 45: Broadening Our Price Architecture
BROADENING OUR PRICE ARCHITECTURE Diversified Species Enable Good, Better Best Tiers BEST BETTER Cod GOOD Pollock Pangasius One Mainstream Tier 45
Slide 46: Defending Our Core: Vegetable Category
DEFENDING OUR CORE Captain: Vegetable Category 46
Slide 47: Defending Our Oldest Category
DEFENDING SMALLEST OUR OLDEST TITLECATEGORY Feeding the Healthy Growth of Vegetables Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, % Branded PL p.a. 6,7 6.1% 6,3 Germany 1.2 25 + 5,9 5,3 Italy 1.1 18 5,0 5,0 UK 0.9 23 4,4 4,5 Strong position France 0.7
Slide 48: Modernizing the Core
MODERNIZING THE CORE Delivering New Consumer Benefits 48
Slide 49: Modernizing the Core
MODERNIZING THE CORE Reinforcing the Strengths that Built Our Success 49
Slide 50: Steamfresh
STEAMFRESH A Premium Tier Success in the UK Ready to Travel
Slide 51: Sustained Success Through Innovation
SUSTAINED SUCCESS THROUGH INNOVATION 2014 2016-2018 2020 2021 2023 2025 ~3x portfolio growth 51
Slide 52: Steamfresh: Extending the Range
STEAMFRESH: New & On Trend EXTENDING THE RANGE Pan-Asian Cuisine ASIAN in Growth KOREAN Style Rice +23% Style Noodles MALAYSIAN Laksa Style Noodles New Occasions with Pan- Asian Cuisine Per Year MEXICAN 238M Style Rice Source: UK Kantar Usage Panel 52
Slide 53: Success Ready to Travel
SUCCESS READY TO TRAVEL Beginning the Journey in 2027 53
Slide 54: Attacking Adjacencies: Chicken Category
ATTACKING ADJACENCIES Captain: Chicken Category 54
Slide 55: Scaling Our Second Protein Platform
SCALING OUR SECOND SMALLESTPROTEIN TITLE PLATFORM A Trending Category Where we Have Proven we Can Win Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, % Branded PL . p.a 2.7 +6% 2.6 2.5 UK 0.9 21 2.2 11% share in Germany 0.4 2 Spain, Germany 2.0 2.0 & Fra
Slide 56: Lift and Shift
LIFT AND SHIFT We Have Already Scaled a Successful Chicken Business, Led by the UK Chicken Net Sales, €m p.a. + 7% 2018 2019 2020 2021 2022 2023 2024 2025 2026E Source: Company information 56
Slide 57: Video
video 57
Slide 58: Nomad Foods
Nomad Foods
Slide 59: Attacking Adjacencies: Meals Category
ATTACKING ADJACENCIES Captain: Meals Category 59
Slide 60: Attacking the €8bn Meals Market
ATTACKING SMALLEST THE €8BN TITLE MEALS MARKET Proven, Repeatable Share Gains Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, % Branded PL . p.a 7.7 +7% 6.9 7.2 Germany 2.7 4 7% share in Germany & the UK 6.2 alone = 4.7 4.9 5.2 5.4 UK 1.5 1 €115m Increme
Slide 61: A Common Meal Range
A COMMON MEAL RANGE Localization Where it Matters (Traditional) Multi-Serve Meals & Scaled Platforms Where it Makes Sense PERFORMANCE (Regional/Ethnic Variants) LTM Q2 LTM Q2 World Selection 2025 2026 Traditional Meals Penetration 18.9% 21.1% Frequency 2.2 2.5 Repeat Italian-Inspired Meals 46.5% 49.
Slide 62: A Common Meal Range
A COMMON MEAL RANGE Nordic Meals to Central Europe 60 DAYS from idea to launch-ready 62
Slide 63: Attacking Adjacencies: Potato Category
ATTACKING ADJACENCIES Captain: Potato Category 63
Slide 64: A Large and Growing Market
A LARGE AND GROWING SMALLEST TITLE MARKET Local Success that we Have Kept Local Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, % Branded PL p.a. 5.8 +8% 5.2 5.5 UK 1.6 9 9% share in Italy 4.4 & Germany alone = Germany 0.9 1 4.1 €65m 4.0 3.5 3.6 incremen
Slide 65: Building the One Chip Standard
BUILDING THE ONE CHIP STANDARD The Crispy Chip, for Everyday, Everyway Simple Tasty Value High quality One fry for most An affordable potatoes, fluffy occasions and side priced inside & crunchy people right outside 65
Slide 66: Capturing New Categories: Pizza Category
CAPTURING NEW CATEGORIES Captain: Pizza Category 66
Slide 67: Capturing Our Share of the €7.5bn Pizza Market
SMALLEST CAPTURING OURTITLE SHARE OF THE €7.5BN PIZZA MARKET Starting with a Small Slice of a Big Pie Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, % Branded PL . p.a 7.5 +6% 6.7 7.1 Germany 2.6 5% share across 6.1 UK 0.9 11 these markets = 5.5 5.7 4.9
Slide 68: UK & Ireland Relaunch
UK & IRELAND RELAUNCH Rejuvenated growth of our Takeaway From Renovated Success to Travelling Platform line with +8.4% YoY Retail sales growth £4 million gross media spend 11.2M 53M 277M+ EAFC TikTok video Gaming impressions views impressions (UK & IRE) +10% 9.6®11.1 47% Purchase Say Goodfella’s Bra
Slide 69: New Brand Built on Proven Product
NEW BRAND BUILT ON PROVEN PRODUCT Generously Indulgent Restaurant-style Toppings Loaded with ingredients 10-20% HEAVIER than other frozen pizzas Compelling to consumers Generous Cheese Crispy-chewy Crust 48% of Frozen Pizza buyers would definitely or probably buy, even at full price. Source: Proprie
Slide 70: Irresistible Varieties
IRRESISTIBLE VARIETIES And a Billboard at the Shelf Pepperoni Big Cheese Chicken & Smoked Pepperoni BBQ Chicken Smoked Pork & Piccante Mushroom 70
Slide 71: Lift & Launch in Action
LIFT & LAUNCH IN ACTION Early Success in Belgium Despite Only 31% Weighted Distribution so far Share of Total Frozen Pizza Share of Frozen American/Premium Pizza 2.2% 17.8% 12.2% 1.4% 0.9% 6.8% 0.0% 0.3% P6 P7 P8 P9 P6 P7 P8 P9 Source: Nielsen 71
Slide 72: Capturing New Categories: Ice Cream Category
CAPTURING NEW CATEGORIES Captain: Ice Cream Category 72
Slide 73: The Large and Profitable Ice Cream TAM
THE LARGE AND PROFITABLE SMALLEST TITLE ICE CREAM TAM Clear Areas to Deploy Our High-Quality Portfolio Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, % Branded PL p.a. 21.9 UK 3.4 +6% 19.7 20.7 Every 1% share 18.2 Germany 3.3 in just these 16.2 16.7 15.
Slide 74: A Scaled Market Leader in Croatia & Serbia
A SCALED MARKET LEADER IN CROATIA & SERBIA Ice Cream Ice Cream IMPULSE TAKE HOME Hungary Slovenia PREMIUM AND FUNCTIONAL Croatia Bosnia & Serbia Herzegovina MAINSTREAM Kosovo Montenegro KIDS AND TRADITIONAL North Macedonia 74
Slide 75: Advantaged Route to Market
ADVANTAGED ROUTE TO MARKET 120,000 company owned retail freezers 470 Branded company owned direct-store-delivery trucks
Slide 76: Strong Financial Results
STRONG FINANICAL RESULTS Net Sales Gross Margin (FY26E) uble-digit igher do points h ntag e perce A GR 9 % C + 7 . FY22 FY26E Total Company Ice Cream Source: Company information, FY26 estimate is based on internal forecast 76
Slide 77: Ice Cream Expansion in Austria
ICE CREAM EXPANSION IN AUSTRIA Insurgent Expansion Strategy in Action Logical Tactical Expansion Nomad Share of Expansion Priority at Point of Purchase Austria Ice Cream Prioritize take-home & multi- 0.9% packs at grocery (warehouse delivery, no owned-freezers) Highest % of Croatian & 0.4% Serbian e
Slide 78: Further Ice Cream Expansion
FURTHER ICE CREAM EXPANSION Deploying a Licensed Partnership Model Partners Will Bring: Will Bring: • Strong brands Win-Win • Route-to-market capability • Brand investments • Field sales capacity Incremental in counter-seasonality growth category • In-house production capabilities 78
Slide 79: Winning at Retail
WINNING AT RETAIL Captain from Customer Headquarters to Store 79
Slide 80: Becoming Captain with Our Retailers
BECOMING CAPTAIN WITH OUR RETAILERS Progress Made, but Work to Finish CHANGE Behavior TODAY CHANGE 2027 TARGET Face the reality. People Partner of choice We have work as Captain to do. CHANGE of Frozen. Process 80
Slide 81: Building the Perfect Store Experience
BUILDING THE PERFECT STORE EXPERIENCE Transition Zone Suitable for positioning novelties and “meal deal” activations Central corridor, category transitions Entrance Zone Destination Zone POSM Communication FF Category Impulse Zone Checkout/express checkout Direct/indirect competition 81
Slide 82: Leveraging Our Scale Benefits
LEVERAGING OUR SCALE BENEFITS Competitive Advantage of a Dedicated Instore Salesforce vs Our Niche Competition Increasing Our Fully Stocked % in Italy 98.5% 98.5% 98.6% 98.7% 98.0% 98.3% 98.3% 97.8% 97.4% 97.2% Improving 97.2% 97.2% 97.2% 97.2% 97.2% 97.2% 97.2% 97.2% 97.2% 97.2% SHOPPING EXPERIENCE
Slide 83: Leveraging Our Scale Benefits
LEVERAGING OUR SCALE BENEFITS Enabling for Payback of Exclusive Freezers and Multicategory Execution Multicategory Strong Brand Execution Visibility High-Impact Exclusive Activation Freezers 83
Slide 84: Belviva Case Study
BELVIVA CASE STUDY A Perfect Store Experience with Bottom of Funnel Activation In-Store Shopper Point-of-Purchase Visibility Engagement Conversion 84
Slide 85: Driving Tangible Results
DRIVING TANGIBLE RESULTS Market Leading Activation Translated into a Market Leading Position Belviva market share grew from 18% to 27% in 7 years Value Sales #1 Brand in Frozen Potatoes in Belgium since 2024 Penetration +4.5%pt Category potatoes 2025 vs. 2018 2016 2017 2018 2019 2020 2021 2022 2023
Slide 86: Winning at Retail: Pricing & Promoting with Precision
WINNING AT RETAIL Pricing & Promoting with Precision 86
Slide 87: Competitive Pricing Execution
COMPETITIVE PRICING EXECUTION A New Pricing Approach Versus Our History UK Historical Fish Finger Retail Prices Nomad Consolidated Financial Results 1.3 9.0 4.0 +19% -6% 3.5 1.2 8.0 -2% 3.0 7.0 1.1 2.5 -2% Spot Pollock from late-2021 to late-2022: 6.0 2X frozen +0.78 £/kg; 1X frozen +1.02 £/kg 2.0 1
Slide 88: We Are Well Positioned: Price Gaps
WE ARE WELL POSITIONED Price Gaps Have Narrowed to Competitive Levels Nomad % Premium to Competition Fish Fingers 49% 76% Total Portfolio 66% 48% 45% Coated 45% Fish 27% 2Q 2020 2Q 2023 2Q 2026 P8 2023 P8 2026 P8 2023 P8 2026 Source: Nielsen & Circana 88
Slide 89: We Are Well Positioned: Product Superiority
WE ARE WELL POSITIONED Product Superiority has Materially Improved % Superiority 60-65% ~40% 2023 2024 2025 2026E Source: Company information, measured by the percentage of the top 25 category-country combinations in which consumers perceive the Company's products to be superior to those of leading
Slide 90: A New Approach
A NEW APPROACH Leveraging a Full Toolbox to Ensure Competitiveness The Approach The Enablers Earn a premium Accelerating innovation compelling innovation, renovation removal of constraints, new organization design and and brand building improved marketing and R&D approach Mitigate inflation Advanced
Slide 91: Data Driven at a Micro Level
DATA DRIVEN AT A MICRO LEVEL Italy Fish Finger Example P&L Impact of Changing Price Index 1.8 3.5 Vol 1.6 Ns Volume, Net Sales & Gross Profit Index GP 3 Current The Science to 1.4 Price Index to PL Price Index vs. Private Label Solve for the 1.2 2.5 Desired Outcome: 1.0 2 Gross Profit | Volume Net 0
Slide 92: Pricing & Promoting with Precision
PRICING & PROMOTING WITH PRECISION Optimizing the Promotions 215% % Volume Uplift 133% 87% 71% 69% 36% 40% 43% 24% 24% 21% 13% -18% 0-5% 6-10% 11-15% 16-20% 21-25% 26-30% 31-35% 36-40% 41-45% 46-50% 51-55% 56-60% >60% Depth of Discount Source: Company information; Nielsen & Circana 92
Slide 93: Capturing New Channels
CAPTURING NEW CHANNELS Captain: Hard Discounters & Food Service 93
Slide 94: Hard Discounters
HARD DISCOUNTERS A Large & Underdeveloped Channel for Nomad 2025 Retail Value Share Nomad Discounter Share Index 40% 0.7 Discounters are 35% Estimated 0.6 €150m 18% of frozen, but 30% €19bn 0.5 incremental net <2% of revenue in these 5 Hard Discount 25% Frozen Retail 0.4 NOMAD markets if share index
Slide 95: Conquering the Opportunity
CONQUERING THE OPPORTUNITY Previously Viewed as a Threat, Now an Opportunity Embrace the opportunity and serve Hard Discounters as a valuable partner rather than a competitive threat. Harness our institutional knowledge and lead with high-velocity hero SKUs & expand multi-pack capability and assortm
Slide 96: Foodservice
FOODSERVICE Another Underdeveloped Growth Opportunity EXPANDING OUR ADDRESSABLE MARKET Foodservice as % of total business 4x Larger Opportunity Estimated New territory A roughly 10-15% €17bn €7 €84bn Frozen Food €13 €5 €5 €200m Foodservice Net sales expansion Market in opportunity at Europe €16 benc
Slide 97: Full Service to Specialized Assortment
FULL SERVICE TO SPECIALIZED ASSORTMENT Multiple Routes to Market in Foodservice Full Service Direct to QSR Cash & Carry/ 3P End-to-end solutions with Narrow portfolio with few, but Distributor broad portfolio and 1st party scaled, customers. Scalable with narrow portfolio. delivery. Leveraging exist
Slide 98: Leveraging Our Competitive Supply Chain Advantage
LEVERAGING OUR COMPETITIVE SUPPLY CHAIN ADVANTAGE Eduardo Bachiega 98
Slide 99: End-to-End Supply Chain Scale
END-TO-END SUPPLY CHAIN SCALE A Competitive Advantage SUPERIOR ABUNDANT ROBUST SCALE CAPACITY EFFICIENCY Creates a valuable Enables Funds competitive capital-efficient our growth moat expansion 99
Slide 100: End-to-End Supply Chain Scale
END-TO-END SUPPLY CHAIN SCALE A Competitive Advantage We operate the Largest Largest 2nd Largest 2nd Largest pea and spinach fish buyer globally Cold Chain Network buyer in Europe frozen fish factory (1st in Europe) in Europe in the world 100
Slide 101: State of the Art Supply Chain
17 STATE OF THE ART Multi-technology factories SUPPLY CHAIN 5 Agricultural vertically With Pan-European Reach Tonsberg integrated production facilities Larvik 2 nd Existing Loftahammer Manufacturing Hull Largest deep frozen Naas & Longford Bremerhaven Center logistics network in Europe Lowestoft Rek
Slide 102: Enabling Capital Efficient Growth: Scale + R&D
CASE 1 ENABLING CAPITAL EFFICIENT GROWTH Scale + R&D Leveraging our procurement Supply Chain Enabled Transformation of scale and unmatched fish a Cost Challenge Into a Market Opportunity R&D capability Secure Broadening Our Price Architecture Diversified Species Enable Good, Better Best Tiers Superi
Slide 103: Enabling Capital Efficient Growth: Peas
CASE 2 Proprietary ENABLING CAPITAL EFFICIENT GROWTH pea varieties developed internally A Critical Enabler of Product Superiority Perfect combination of flavor, color and tenderness 9,000 hectares annually 2.5 hours Freshly picked to perfectly frozen 250 farmers long-term relationship for more than
Slide 104: Capacity for Growth
CAPACITY FOR GROWTH Fuel for Savings Capacity Utilization 63% overall network capacity utilization Corrigir imagem pizza Ice Cream Veg Fish Pizza Source: Company Information 104
Slide 105: Network Capacity Management
NETWORK CAPACITY MANAGEMENT Supporting Growth & Leveraging Internal Capabilities % of Volume Externally Produced Forecast usage of max network capacity External Manufacturing Network Capacity Utilization 23% 22% >70% 21% 20% 19% <18% 18% 17% 16% 2026 2027 Plan 2028 Plan 2027 Plan 2028 Plan 2029 Plan
Slide 106: Enabling Capital Efficient Growth: New Pizza
CASE 3 New Pizza ENABLING CAPITAL EFFICIENT GROWTH Leveraging strategic supplier relationships, our R&D expertise A Critical Enabler Innovation at Pace and internal capacity 7 months From concept to shelf Product of the Year Elected the product of the year in UK 2026 by consumers 2027 Product being
Slide 107: Funding Our Growth: COGS Productivity
FUNDING OUR GROWTH Robust Productivity Backed by Robust Plans COGS Productivity €180-200M €170M 2024 2025 2026E 2027E 2028E 2029E Source: Company Information 107
Slide 108: Funding Our Growth: Holistic Plans
FUNDING OUR GROWTH Holistic Plans & Disciplined Execution €90-100m €75-80m €15-20m €20-25m €200-225m New procurement Improving Continuous Overheads program Operations logistics savings efficiency total cumulative 2027-29 savings Average Capacity Ambitious reduction Overhead evolution target Benchmar
Slide 109: Case 4: Unlocking Savings & Superiority While Insourcing
CASE 4 UNLOCKING SAVINGS & SUPERIORITY WHILE INSOURCING Proven innovation Insourcing Renovation enabled Delivering cost becomes insourcing unlocks renovation by scaled relationships savings and opportunity opportunity & capability product superiority! > 5% Savings Lower salt in coating Optimal salt
Slide 110: Case 5: Unlocking Savings with Simplicity & Standardization
CASE 5 UNLOCKING SAVINGS & SUPERIORITY WITH SIMPLICITY & STANDARDIZATION FROM TO Multiple coating systems & suppliers A win-win proposition Fewer suppliers. Simpler operations. Greater productivity. 110
Slide 111: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION Continuous Improvement Culture Productivity per Headcount +16% Strategic investment in high ROI automation 2024 2026E Source: Company Information 111
Slide 112: Funding Our Growth: Overhead Savings
Marketing FUNDING OUR GROWTH Reducing duplication across Centre & Regions €10–12m savings Robust Productivity Backed by Robust Plans Before After Overhead ex. Bonus (% of Revenue) €20-25m savings in the Shared Finance coming 3 years Lower costs & FTE through offsetting Automation + AI inflation ~8m
Slide 113: Financial Outlook
FINANCIAL OUTLOOK Ruben Baldew
Slide 114: The Opportunity in the Market Is There
THE OPPORTUNITY IN THE MARKET IS THERE Strong Strong Market Market Growth Growth 4X 4X Larger Larger Opportunity Opportunity ! 70 European European Frozen Frozen Sales Sales (EURO, (EURO, bn) bn) 31 ! 65 ! 3 €1,2 29 New territory !!3 3 €1,3 !7 !84bn !5 !27 60 !5 6€2,9 !!6 !13 25 ! 55 !16 €1,8 23 !!4
Slide 115: We Will Execute as Owners
CEO WE WILL EXECUTE 577k | $6m+ AS OWNERS Shares | Invested CFO Aligned with Shareholder Value Creation 182k | $2m+ Shares | Invested Personal Investment → Ownership Alignment → Share Price Appreciation → Option Match Vesting Senior Management 209k | $2m+ 2,000 Shares | Invested ~$2bn $10.5M+ 1,000
Slide 116: Updated Guidance for 2026
UPDATED GUIDANCE FOR 2026 2-3% 5-10% Adjusted FCF* Organic Adjusted EPS* Conversion Revenue* Adjusted €1.38-€1.53 Decline EBITDA* Decline Unchanged 90%+ vs. prior 2-5% Unchanged Unchanged decline * Represents a non-IFRS measure 116
Slide 117: 2-3% Category Growth Expected Going Forward
2-3% CATEGORY GROWTH EXPECTED GOING FORWARD Growth Category Growth supported by: 12% 11.2% Convenience 8.3% 2-3% Value 8% 3.4% Assumed Range Taste 4% 2.4% 1.9% 0% -4% 2022 2023 2024 2025 2026 2027-2029 YTD P7 Price Volume Source: Actuals from Nielsen & Circana; Management Expectations 117
Slide 118: Guidance for 2027
GUIDANCE FOR 2027 0-2% 0-2% 90%+ Organic Adjusted Adjusted Revenue* Growth EBITDA* Growth FCF* Conversion * Represents a non-IFRS measure 118
Slide 119: Target for 2028-2029
TARGET FOR 2028-2029 2028-2029 Glidepath to 2028-2029 VS. 2023-25 2029-end Adjusted 2-3% EBITDA CAGR Lower exceptional Net debt**/ Organic Adjusted greater than or EBITDA & FCF Revenue* EBITDA* of equal to organic Adjustments CAGR revenue growth 3.4X * Represents a non-IFRS measure ** Defined as the
Slide 120: Top-Line and Bottom-Line Improvement
TOP-LINE AND BOTTOM-LINE IMPROVEMENT Organic Revenue Growth** Adjusted EBITDA** 2% 2% 0% 0% -2% -2% Impact of bonus -4% rebuild up to 5% -4% -6% -8% * * 25 25 25 25 26 26 26 02 7 -2 9 * 2025 2026* 2027* 2028-29* 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2 2 8 20 * Reflects the mid-point of company guidance ** Represents
Slide 121: Overcoming Cost Headwinds
OVERCOMING COST HEADWINDS Total Inflation % of COGS ~7% ~4% ~5% 2025 2026E 2027E Source: Company information and forward projections. 121
Slide 122: Competitive Pricing Execution
COMPETITIVE PRICING EXECUTION Mitigate inflation € for € pass through of inflation ROI justified Nomad Consolidated Financial Results -19% Ensure competitiveness 1.20 4% balancing market share, volume and profitability 0% 1.10 -4% 1.00 Robust productivity to fund investment and remain competitive -8
Slide 123: Record Setting Productivity Targets
RECORD SETTING PRODUCTIVITY TARGETS Productivity % of COGS 3.0% 2.5% 2.0% 1.5% 2024 2025 2026E 2027E 2028E 2029E Source: Company information and forward projections. 123
Slide 124: Overhead Expense Discipline
OVERHEAD EXPENSE DISCIPLINE Overhead ex. Bonus (% of Revenue) 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E Source: Company information and forward projections. 124
Slide 125: Disciplined CapEx
DISCIPLINED CAPEX Consistent Spend, Below Peers Annual CapEx (€m) CapEx % of Revenue 85 80 m avg. 6% 80 5% 75 4% 70 3% 2.6% 65 2% 60 1% 55 0% 2022 2023 2024 2025 t le el ad r ne y ra z z l' s ve k s s r s he le in m ke ill ng ic od es ag el no om de ile He M r m rs uc Ho pb N di Fo on Da He Un or al
Slide 126: Delivering Higher Earnings Quality
DELIVERING HIGHER EARNINGS QUALITY Not Just Quantity Exceptional Cash Expenditures (€m)* Exceptional Cash Expenditures (€m)* 80 80 High Low 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 2023 2024 2025 2026E 2027E 2028E 2029E Source: Company Information * Represents net exceptional items under busine
Slide 127: Funding Dividend & Generating Cash Surplus
FUNDING DIVIDEND SMALLEST TITLE & GENERATING CASH SURPLUS Sustaining attractive dividend level Dividend Excess FCF* $0.17 quarterly dividend €200m Nearly $200m of Incremental Cash After Funding Nearly $300m of Dividend 6.5% current dividend Payments* yield €150 €100 €50 0 2025 2026E 2027E 2028E 2029
Slide 128: Lowering Leverage
LOWERING LEVERAGE Our Glidepath Year-End Net Debt* / Adjusted EBITDA** 4.0 No Debt Maturities Low High 3.8 before 2032 3.6 3.4 5.2% Interest Rate; ~70% Fixed 3.2 3.0 2026E 2027E 2028E 2029E * Defined as the principal value of all loans and borrowings net of cash and cash equivalents ** Non-IFRS meas
Slide 129: Value Creation
VALUE CREATION A Recipe for Upside Unlock Material Shareholder Value by Delivering: Meaningful & Credible Targets Top & Bottom-Line Growth Lower Leverage Healthy & Dependable Dividend 129
Slide 130: Closing Remarks
CLOSING REMARKS Dominic Brisby 130
Slide 131: Q&A
Q&A
Slide 132: Appendix
Appendix
Slide 133: 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 134: 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 135: Reconciliation of Non-IFRS Financial Measures
2. Reconciliation of Non-IFRS Financial Measures Reconciliation from reported to organic revenue growth/(decline) The following table is a reconciliation of reported revenue growth to Organic Revenue Growth for the three month periods ended March 31, 2025, June 30, 2025, September 30, 2025, December
Slide 136: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation from reported to organic revenue growth/(decline) for the year ended December 31, 2025: The following table is a reconciliation of reported revenue growth to Organic Revenue Growth for the three month periods ended March 31,
Slide 137: Adjusted EBITDA 2025
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2025 For the twelve months € in millions ended December 31, 2025 Profit for the period 136.7 Taxation 8.6 Net financing costs 180.1 Depreciation and amortization 109.4 Exceptional
Slide 138: Adjusted EBITDA 2024
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2024 For the twelve months € in millions ended December 31, 2024 Profit for the period 227.1 Taxation 50.8 Net financing costs 109.1 Depreciation and amortization 96.9 Exceptional
Slide 139: Adjusted EBITDA 2023
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2023 As reported for the € in millions twelve months ended December 31, 2023 Profit for the period 192.7 Taxation 60.9 Net financing costs 86.8 Depreciation and amortization 95.0 E
Slide 140: Adjusted EBITDA 2022
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2022 For the twelve months € in millions ended December 31, 2022 Profit for the period 249.8 Taxation 71.2 Net financing costs 54.4 Depreciation and amortization 88.6 Exceptional i
Slide 141: Adjusted EBITDA 2021
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2021 For the twelve months € in millions ended December 31, 2021 Profit for the period 181.0 Taxation 55.7 Net financing costs 106.0 Depreciation and amortization 71.6 Acquisition
Slide 142: Adjusted EBITDA 2020
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2020 For the twelve months € in millions ended December 31, 2020 Profit for the period 225.1 Taxation 70.4 Net financing costs 63.7 Depreciation and amortization 67.6 Exceptional i
Slide 143: Adjusted EBITDA 2019
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2019 For the twelve months € in millions ended December 31, 2019 Profit for the period 153.6 Taxation 56.7 Net financing costs 73.2 Depreciation and amortization 68.3 Exceptional i
Slide 144: Adjusted EBITDA 2018
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2018 For the twelve months € in millions ended December 31, 2018 Profit for the period 170.5 Taxation 56.6 Net financing costs 56.0 Depreciation 39.3 Amortization 7.0 Acquisition p
Slide 145: Adjusted EBITDA 2017
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2017 For the twelve months € in millions ended December 31, 2017 Profit for the period 136.5 Taxation 32.0 Net financing costs 74.4 Depreciation 35.9 Amortization 6.5 Exceptional i
Slide 146: Adjusted EBITDA 2016
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2016 For the twelve months € in millions ended December 31, 2016 Profit for the period 36.4 Taxation 39.6 Net financing costs 62.1 Depreciation 43.3 Amortization 7.8 Exceptional it
Slide 147: Adjusted Free Cash Flow and Excess FCF Reconciliation
2. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow, Free cash flow and Excess FCF for the year ended December 31, 2025. (in €m) Year Ended December 31, 2025 Net cash flows from operating activiti