Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Barclays Global Staples Conference 2025
54 slides from Nomad Foods's conference presentation, September 2025
Slide 1: Barclays Global Staples Conference
Barclays Global Staples Conference September 2025
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: Iconic Brands with Leading Market Share & Equity
Iconic Brands with Leading Market Share & Equity Our Brands Lead 46% 2.6x Weighted average value market Higher market share than all other share in our top 25 must-win battles branded competitors combined in (37% volume share) our top 25 must-win battles. #1 #1 #1 BRAND AWARENESS PREFERENCE BRAND EQ
Slide 4: A Long Track Record of Growth
A Long Track Record of Growth Revenues Adjusted EBITDA* Adjusted EPS* 5% CAGR 6% CAGR 8% CAGR €537 €1.78 €3.1 million billion €1.9 €325 billion million €0.84 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025** 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025** 2016 2017 2018 2019 2020 2021 2022 202
Slide 5: A Challenging 2025
A Challenging 2025 Organic Sales Growth* Adjusted Gross Margin* Inventory 1.4% Destock Weather Disruption 0.5% -1.0% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Second Half** -1.2% -1.4% 2021 2022 2023 2024 1H25 Volume Price Organic YoY Gross Margin 5 Source: Company fillings. *Represents a non-IFRS measure. Plea
Slide 6: Our Category Has a Long Record of Growth
Our Category Has a Long Record of Growth Total Europe YoY Value Sales Growth 10-yr CAGR: 7.3% Frozen ex ice cream & desserts 3.4% Total Food 3.0% 5.6% 5.4% Frozen 4.2% Food 3.0% 2.7% 1.5% 2.3% 2.3% 0.4% 1.2% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 6 Source: Global Data.
Slide 7: Frozen is an Advantaged Category in Europe, Backed by Secular Trends
Frozen is an Advantaged Category in Europe, Backed by Secular Trends Convenience Value Sustainability Families spend an average of 93% of European consumers Frozen Food reduces waste 25 minutes have changed the way they shop to manage which is good for the planet and saves consumers and preparing th
Slide 8: A Long Runway of Growth
A Long Runway of Growth 18.2 Frozen Food Volume (kg.) Per Capita Consumption 15.0 11.9 11.0 10.9 9.9 9.4 9.4 8.2 8.1 7.8 7.3 7.2 5.3 3.2 3.0 3.0 8 Source: Global Data & NIQ – Total Frozen Food excluding Ice cream; https://worldometers.info
Slide 9: Our Portfolio Skews Towards Nutritious Food
Our Portfolio Skews Towards Nutritious Food Nutrition Frozen skews towards protein and vegetables which account for Vegetables 25% Fish & Seafood 2/3rd 33% of our revenue Protein Nomad Foods Revenue Split 42% Others Poultry 16% 9% Meals 17% 9 Source: Nomad Foods 1H 2024 Net Sales
Slide 10: New Masterbrand Advertising Campaign - TV
New Masterbrand Advertising Campaign - TV 10
Slide 11: Ramping Innovation
Ramping Innovation Innovation as a percent of revenue Implement Near 5% Frame the and Launch Challenge 4.2% Product Innovation Wheel Develop Discover and Define 2023 2024 2025E Design 11 Note: Innovation defined as revenue generated by new products introduced within the past two years
Slide 12: Innovating in Meals
Innovating in Meals INDIAN
Slide 13: Scaling our Poultry Portfolio
Scaling our Poultry Portfolio Fillet Burgers Tenders & Fries Loaded Burgers Chicken Wings 13
Slide 14: Prepared Poultry Share
Prepared Poultry Share (roling 12-wk periods) 18,2% 8,7% P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12 P13 P1 P2 P3 P4 P5 P6 2024 2025 14 Source: NielsenIQ & Circana
Slide 15: Driving Growth in Foodservice
Driving Growth in Foodservice LAUNCHED JUNE 2025 McDonalds Veggie Nuggets (chicken-free) A healthy meal choice vegetarian and vegan alternative to the classic McNuggets, for main meals and happy meal
Slide 16: Market Share has Stabilized
Market Share has Stabilized R12 wk Value Share R12 wk Volume Share 0% P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12 P13 P1 P2 P3 P4 P5 P6 P7 2024 2025 16 Source: NielsenIQ & Circana
Slide 17: Recent Category Volatility
Recent Category Volatility Frozen Category Growth in Select European Countries*; rolling 4 wk period Value Volume Weather Disruption 0% P1 P2 P3 P4 P5 P6 P7 P8 17 Source: NielsenIQ & Circana *Countries include Belgium, France, Ireland, Netherlands, Norway, Portugal, Spain, Sweden & the UK; selection
Slide 18: 2025 Guidance
2025 Guidance Organic Revenue** Adjusted EBITDA** Adjusted EPS** Adjusted Free Cash Flow Conversion** 0% to -2% -3% to -7% YoY growth €1.64- €1.76 90%+ $1.90 - $2.04* 18 *2025 Adjusted EPS guidance range converted to USD, the currency in which Nomad Foods shares trade, for illustrative purposes and
Slide 19: Our 2026-2028 Output Targets and Enablers
Our 2026-2028 Output Targets and Enablers Our Targets Adjusted EBITDA* Free Cash Flow* +1% to +3% +15% growth (2026-28 vs. 2023-25) Our Enablers €200m productivity program Funding reinvestment Leveraging healthy with expected savings in: in product & brands category tailwinds • Procurement • Quality
Slide 20: Accelerating COGS Efficiency
Accelerating COGS Efficiency Savings as % of COGS Cumulative COGS Savings €m* Approximately €180m €145-€150m 2023-25 2026-28 2023-25 2026-28 Procurement Conversion Costs Logistics 20 *Based on the mid-point of current FY25 guidance
Slide 21: New Procurement Transformation Program
€95-€100m New Procurement procurement Transformation Program savings target 2x Product specification Benchmarking Strategic purchasing Insource & Transform Supplier engagement Customs Inbound logistics 2023-2025 2026-2028 21
Slide 22: SC: Continuous Logistics Savings
€15- € 20m SC: Continuous Logistics Savings logistics savings target Ambitious reduction in number of depots -22% 95 84 Value 79 76 74 Creation Pillars 2024 2025 2026 2027 2028 22
Slide 23: SC: Improving Network Utilization
€60- € 70m SC: Improving Network Utilization conversion cost savings target Co-packers Production Volume Capacity by Plant 22% Utilized Capacity Non-Utilized Capacity Inhouse 78% Average capacity utilization of 66%, ranging from 25% to 88% by plant. Nomad Volume Cost Optimisation and Volume Insourci
Slide 24: Delivering Overhead Efficiencies
€20- € 35m Delivering Overhead Efficiencies overhead savings target Overhead Evolution 2018-2025*, €m 2026-2028 Overhead Savings Lower bonus +€20m savings offset inflation +8% CAGR +5% CAGR 2018 2019 2020 2021 2022 2023 2024 2025* 2026 2027 2028 Base Overhead South Eastern Europe High Range Low Rang
Slide 25: Reinvesting Efficiently
Reinvesting Efficiently A&P Spend (€, m)* Maximizing Efficiency & ROI Drive Productivity in non-consumer-facing marketing: • Procurement Transformation Project (new marketing specific procurement role filled in 2Q25) • Leveraging scale with master-brand campaign Making working spend work harder: • M
Slide 26: Halving our Exceptional Cash Expenditures
Halving our Exceptional Cash Expenditures Exceptional Expenditures Exceptional Expenditures 2023-2025 (€, m) 2026-2028 (€, m) 76 71 average 68 68 50 40 40 35 average 30 30 20 2023 2024 2025* 2026 2027 2028 Low High 26 *Based on the mid-point of current FY25 guidance
Slide 27: Overall Plan Expected to Generate Approximately 15% Free Cash Flow Growth
Overall Plan Expected to Generate Approximately 15% Free Cash Flow Growth 1-3% CAGR EBITDA over 3-year period: • Leverage category secular tailwinds • Drive competitiveness through €200m productivity program • Fund reinvestment Continue to drive disciplined Capex and Working Capital management • Ben
Slide 28: Thank you.
Thank you. Nomad Foods
Slide 29: Questions?
Questions? Nomad Foods
Slide 30: Appendix
Appendix Nomad Foods
Slide 31: 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 32: 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 33: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Six Months Ended June 30, 2025 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, 2025 2025 Revenue
Slide 34: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (unaudited) Six months ended June 30, 2025 € in millions For the six months ended June 30, 2025 Profit for the period 89.8 Taxation 20.5 Net financing costs 51.0 Depreciation and amortization 50.3 Exceptional items: Busines
Slide 35: Reconciliation of Non-IFRS Financial Measures
2. Reconciliation of Non-IFRS Financial Measures Adjusted Statement of Profit or Loss (unaudited) Twelve Months Ended December 31, 2024 As reported for the As adjusted for the € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2024 December 31, 2024
Slide 36: Reconciliation of Non-IFRS Financial Measures (continued)
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 37: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months Ended December 31, 2023 As reported for the As adjusted for the € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2023 Decem
Slide 38: Reconciliation of Non-IFRS Financial Measures (continued)
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 39: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months Ended December 31, 2022 As reported for the As adjusted for the twelve € in millions, except per share data twelve months ended Adjustments months ended December December 31, 2
Slide 40: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2022 As reported for the € in millions twelve months ended December 31, 2022 Profit for the period 249.8 Taxation 71.2 Net financing costs 54.4 Depreciation and amortization 88.6 E
Slide 41: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months Ended December 31, 2021 As reported for the As adjusted for the twelve € in millions, except per share data twelve months ended Adjustments months ended December December 31, 2
Slide 42: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2021 As reported for the € in millions twelve months ended December 31, 2021 Profit for the period 181.0 Taxation 55.7 Net financing costs 106.0 Depreciation and amortization 71.6
Slide 43: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2020 As reported for the As adjusted for the € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2020 Decem
Slide 44: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2020 As reported for the € in millions twelve months ended December 31, 2020 Profit for the period 225.1 Taxation 70.4 Net financing costs 63.7 Depreciation and amortization 67.6 E
Slide 45: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2019 As reported for the As adjusted for the twelve months ended twelve months ended € in millions, except per share data December 31, 2019 Adjustments Decem
Slide 46: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2019 As reported for the € in millions twelve months ended December 31, 2019 Profit for the period 153.6 Taxation 56.7 Net financing costs 73.2 Depreciation and amortization 68.3 E
Slide 47: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2018 As reported for the As adjusted for the € in millions, except per share data twelve months ended twelve months ended December 31, 2018 Adjustments Decem
Slide 48: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2018 As reported for the € in millions twelve months ended December 31, 2018 Profit for the period 170.5 Taxation 56.6 Net financing costs 56.0 Depreciation 39.3 Amortization 7.0 A
Slide 49: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2017 As reported for the As adjusted for the € in millions, except per share data twelve months ended twelve months ended December 31, 2017 Adjustments Decem
Slide 50: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2017 As reported for the € in millions twelve months ended December 31, 2017 Profit for the period 136.5 Taxation 32.0 Net financing costs 74.4 Depreciation 35.9 Amortization 6.5 E
Slide 51: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2016 As reported for the As adjusted for the twelve months ended twelve months ended € in millions, except per share data December 31, 2016 Adjustments Decem
Slide 52: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2016 As reported for the € in millions twelve months ended December 31, 2016 Profit for the period 36.4 Taxation 39.6 Net financing costs 62.1 Depreciation 43.3 Amortization 7.8 Ex
Slide 53: 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, 2024, June 30, 2024, September 30, 2024, December
Slide 54: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Free cash flow and Adjusted free cash flow for the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018 & 2017. € in millions, Year ended 2024 2023 2022 20
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