Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q1 2024 Earnings Presentation
19 slides from Nomad Foods's earnings presentation, May 9, 2024
Slide 1: First Quarter 2024 Earnings Results
FIRST QUARTER 2024 Earnings Results May 9, 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: First Quarter Highlights
First Quarter Highlights • Net sales increased by 1.1%, including seventh consecutive quarter of positive organic growth • Solid start to the year as volume declines moderated to -2.2%, a significant improvement from -9.7% and -8.0% in 1Q23 and 4Q23, respectively • Increased focus on our biggest and
Slide 4: Key Financial Metrics
Key Financial Metrics Adjusted Total Revenue Gross Margin EBITDA** Adjusted EPS** €784m 26.9% €122m €0.37 +1.1% growth $0.40* +0.3% organic** *Q1 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 1.07 as of May
Slide 5: Operating Highlights
Operating Highlights Operating Highlights (in €m unless otherwise noted) 1Q 2024 1Q 2023 YoY Change Revenue €784 €775 1.1% Organic revenue growth/(decline) 0.3% Gross profit 211 224 (6)% Gross margin 26.9% 28.9% (200) bp Adjusted operating expense* (112) (100) 11% Depreciation & amortization 23 22 4
Slide 6: Free Cash Flow Highlights
Free Cash Flow Highlights 3 months ended 3 months ended (in €m unless otherwise noted) March 31, 2024 March 31, 2023 Adjusted EBITDA* €122 €146 Change in working capital 11 (65) 1 Capital expenditures (19) (21) Cash taxes (9) (10) 2 Cash interest & other (56) (25) Adjusted free cash flow* €49 €25 Ad
Slide 7: Accelerating Growth Flywheel in Action
Accelerating Growth Flywheel in Action Full Flywheel Activation for Fish Fingers in Italy - a Core Must Win Battle • Strong turnaround of the Findus brand in Italy ◦ Double digits volume growth and more than 200 basis points share improvement 7 • Driving total frozen fish category penetration and ra
Slide 8: 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 $1.87 - $1.93* Growth 8 *2024 Adjusted EPS guidance range converted to US
Slide 9: Attractive Organic Long-Term Growth
Attractive Organic Long-Term Growth Enhanced Capital Allocation Expected To Amplify Organic Growth In-Line With Historical Levels Revenue EBITDA EPS Cashflow 3 - 4% 5 - 7% 7 - 9% 90 - 95% Revenue growth *Adjusted EBITDA *Adjusted EPS *Adjusted Free Growth Growth Cashflow Conversion Balanced Price an
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 - March 31, 2024 compared to March 31, 2023 Three Months Ended March 31, 2024 YoY Change Reported Revenue Growth 1.1% Of which: - Organic Revenue Growth/(Decline) 0.3% - Translational FX (a) 0.8% Total 1.1% (a) Tra
Slide 15: Historical Organic revenue growth split by Volume and Price/Mix
3. Historical Organic revenue growth/(decline) split by Volume and Price/Mix 1Q FY 4Q 3Q 2Q 1Q FY 4Q 3Q 2Q 1Q FY 4Q 3Q 2Q 1Q YoY change 2024 2023 2023 2023 2023 2023 2022 2022 2022 2022 2022 2021 2021 2021 2021 2021 Volume (2.2)% (10.9)% (8.0)% (12.7)% (12.0)% (9.7)% (6.9)% (8.3)% (5.6)% (7.3)% (6.3
Slide 16: Reconciliation of Non-IFRS Financial Measures
4. Reconciliation of Non-IFRS Financial Measures Adjusted Statement of Profit or Loss (unaudited) Three Months Ended March 31, 2024 As reported for the three As adjusted for the three € in millions, except per share data months ended March 31, Adjustments months ended March 31, 2024 2024 Revenue 783
Slide 17: 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 March 31, 2023 As reported for the three As adjusted for the three € in millions, except per share data months ended March 31, Adjustments months ended March 31, 2023 2023
Slide 18: Reconciliation of Profit to Adjusted EBITDA
4. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of Profit for the period to Adjusted EBITDA (unaudited) Three months ended € in millions March 31, 2024 March 31, 2023 Profit for the period 34.5 41.2 Taxation 7.4 9.4 Net financing costs 30.1 29.0 Depreciation & amortizatio
Slide 19: Reconciliation 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 three months ended March 31, 2024 and the three months ended March 31, 2023 Three months ended Three months ended (in €m) March 31, 2024