Nomad Foods Limited · NYSE:NOMD

Nomad Foods — Barclays Global Consumer Staples Conference 2024

47 slides from Nomad Foods's conference presentation, September 2024

1. Slide 1: Barclays Global Consumer Staples Conference

   Barclays Global Consumer Staples Conference September 2024

2. 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

3. Slide 3: A Pure Play European Frozen Food Leader

   A Pure Play European Frozen Food Leader Top European Frozen Food Companies – Retail Sales (€, Billion) €17 bn Ice Cream Ice Cream & Desserts Food €57 bn Frozen retail sales in Europe €40 bn Food Source: NielsenIQ; Year ending December 2023; Frozen Food including Ice Cream, Western and Eastern Europe

4. Slide 4: Nearly a Century of Rich Heritage

   Nearly a Century of Rich Heritage 2015 Nomad Foods is created and 2020 consolidates the Birds Eye, iglo, and Findus Findus Switzerland is brands acquired 2018 2021 Goodfella’s Pizza and Expanded into Aunt Bessie’s are Eastern Europe with acquired acquisition of Fortenova Group’s frozen food business

5. Slide 5: Great Brands with Leading Market Share & Equity

   Great Brands with Leading Market Share & Equity Our brands lead 45% 2.5X Higher market share Weighted average than all other value market share branded in our top 25 must- competitors win battles (36% combined in our top volume share) 25 must-win battles. #1 Brand #1 Preference in #1 Brand Equity in

6. Slide 6: A Talent Advantage

   A Talent Advantage Stefan Descheemaeker CEO Harriet Hounsell; Chief Eduardo Bachiega; Ruben Baldew. CFO Steven Libermann. Steve Challouma. Neil Fletcher. General People Officer since Chief Supply Officer since June, 2024 Group Executive Chief Marketing Counsel since Jan. Oct. 2020. since Dec., 2022

7. Slide 7: Our Portfolio Skews Toward Nutritious Food

   Our Portfolio Skews Toward Nutritious Food Nomad 2023 Revenue Split Nutrition Frozen skews towards Vegetables protein and vegetables 25% Fish which account for… 33% Protein, 42% 2/3rd of our Other revenue 16% Poultry 9% Meals 17% Source: Nomad Foods 1H 2024 Net Sales..

8. Slide 8: Backed by Secular Trends

   Backed by Secular Trends Convenience Value Sustainability Families spend an average 93% of European Frozen Food reduces waste of consumers have changed which is good for the planet the way they shop to and… 34 minutes manage expenditures. saves consumers preparing their evening Meals made from froze

9. Slide 9: Retailers Drive Margin & Growth by Investing in Frozen

   Retailers Drive Margin & Growth by Investing in Frozen 2017 Upgraded freezers improve shoppability, drive incremental sales and lower retailer costs 9 Source: The Grocer, 2023/2024 2024

10. Slide 10: Change Fuels Category Growth

    Change Fuels Category Growth Expandable Consumption with Impulse Purchases % of Purchases Not Planned When Entering the Store 43% 38% 31% 25% 18% 18% Source: Institute of Grocery Distribution 2023 study

11. Slide 11: Secular Trends & Investment Yield Superior Growth

    Secular Trends & Investment Yield Superior Growth Total Europe YoY Value Sales Growth 12.0% 10-yr CAGR: 10.0% Frozen 2.9% 8.0% Total Food 2.1% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* Food Frozen Source: Global Data, Eastern & Western Europe * 2024 sour

12. Slide 12: A Long Runway of Growth

    A Long Runway of Growth Frozen Food Volume (kg.) Per Capita Consumption 20.0 18.2 18.0 16.0 15.0 14.0 11.9 12.0 11.0 10.9 9.9 9.4 9.4 10.0 8.2 8.1 7.8 8.0 7.3 7.2 6.0 5.3 4.0 3.2 3.0 3.0 2.0 - Source: Global Data & NIQ – Total Frozen Food excluding Ice cream; https://worldometers.info

13. Slide 13: Our Growth Plans: Our Top Two Priorities

    Our Growth Plans Our Top Two Priorities Must Win Battles Growth Platforms 1 2 Grow our core Expand our profitable Must Portfolio through Win Battles Growth Platforms Growth Accretive AND Margin Accretive 13

14. Slide 14: Our New Commercial Flywheel

    Our Growth Plans Our New Commercial Flywheel • Brand Equity tracking –> 15 markets • Sales Customer Relationship • Generative AI comms toolkits Management Tool • Always on Marketing Mix Modelling tool • International Customers project • Marketing Resource Management • Frozen & Ice Cream Category Vis

15. Slide 15: Innovation Framework

    Innovation Framework Our new Innovation Growth Framework defines 5 pillars, which shape our innovation agenda 15

16. Slide 16: Innovation Framework at Work

    Innovation Framework at Work Year 1 innovation as a percent of revenue 4.7%* 4.2% 2023 2024 2025 * Based on internal projections; 16 Note: Innovation defined as new products introduced within the past two years

17. Slide 17: Fuelling the Growth with A&P

    Fuelling the Growth with A&P A&P $ +DD YoY* +14% YoY 2023 2024 2025 * Based on internal projections 17

18. Slide 18: Making A&P Work Smarter

    Making A&P Work Smarter 2023 YoY increase in short term media ROI +88% YoY +71% YoY +26% YoY Source: Gain Theory, Nomad Foods internal data

19. Slide 19: Scaling our Poultry Business

    Scaling our Poultry Business 31% Nomad Poultry Market Share 29% 25% 9% 2% 0% 0% UK Ireland Austria Italy Germany France Netherlands Frozen Poultry Market Size (€m): 781 37 60 106 798 113 147 Source: Circana & Nielsen; 52 wks through P4, 2024. 19

20. Slide 20: Leverage Fish to Grow Potatoes

    Leverage Fish to Grow Potatoes Nomad Potato Market Share 22% 18% 12% 6% 1% 1% 0% 0% Belgium Ireland France UK Italy Spain Netherlands Germany Frozen Potato Market Size (€m): 175 55 591 1,101 299 204 210 610 Source: Circana & Nielsen; 52 wks through P4, 2024. 20

21. Slide 21: Our Volume is Responding

    Our Volume is Responding YoY Reported Volume Growth 1.6% -2.2% -8.0% -9.7% -12.0% -12.7% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24E 4Q24E Source: Company Data 21

22. Slide 22: 2024 Guidance

    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 Growth $1.94 - $2.00* *2024 Adjusted EPS guidance range converted to USD, the currency in which Nomad Foods s

23. Slide 23: Long-Term Targets to Deliver Superior Shareholder Returns

    Long-Term Targets to Deliver Superior Shareholder Returns Revenue EBITDA 3 - 4% 5 - 7% Revenue growth *Adjusted EBITDA Growth EPS Cashflow 7 - 9% 90 - 95% *Adjusted EPS *Adjusted Free Growth Cashflow Conversion 23 *Represents a non-IFRS measure. Please see Appendix for a definition of these non-IFRS

24. Slide 24: A Track Record of Delivering

    A Track Record of Delivering Revenues Adjusted EBITDA* Adjusted EPS* 6% CAGR 7% CAGR 10% CAGR Impact in 2023 from higher interest costs €3.2 bn €562 mn € 1.77 €1.9 €325 € 0.84 2016 2017 2018 2019 2020 2021 2022 2023 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024 2016 2017 2018 2019 2020 2021 2022

25. Slide 25: Track Record of Cash Generation

    Track Record of Cash Generation €1.8 bn of adjusted Free Cash Flow from 2017-2023; 105% of Adjusted Profit 400 Long-term targets imply nearly €1 bn 350 Elevated working 300 capital to ensure supply security 250 of adjusted free cash flow over 200 the next 3 years (‘25-27), or over 1/3rd of our 150 1

26. Slide 26: Track Record of Accretive Capital Deployment

    Track Record of Accretive Capital Deployment €1.2 bn deployed for Accretive M&A from Cash Return to Shareholders via Buybacks 2018-2021 & Dividend is The Recent Priority 200 180 2015 160 Nomad Foods 140 is created and 2020 New $0.60 consolidates the Birds 120 Eye, igloo, and Findus Findus Switzerlan

27. Slide 27: Questions?

    Nomad Foods © Questions?

28. Slide 28: Appendix

    Nomad Foods © Appendix

29. Slide 29: 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.

30. Slide 30: 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

31. Slide 31: Adjusted Statement of Profit or Loss 2023

    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

32. Slide 32: 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

33. Slide 33: Adjusted Statement of Profit or Loss 2022

    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

34. Slide 34: Adjusted EBITDA 2022

    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

35. Slide 35: Adjusted Statement of Profit or Loss 2021

    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

36. Slide 36: Adjusted EBITDA 2021

    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

37. Slide 37: Adjusted Statement of Profit or Loss 2020

    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

38. Slide 38: Adjusted EBITDA 2020

    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

39. Slide 39: Adjusted Statement of Profit or Loss 2019

    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

40. Slide 40: Adjusted EBITDA 2019

    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

41. Slide 41: Adjusted Statement of Profit or Loss 2018

    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

42. Slide 42: Adjusted EBITDA 2018

    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

43. Slide 43: Adjusted Statement of Profit or Loss 2017

    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

44. Slide 44: Adjusted EBITDA 2017

    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

45. Slide 45: Adjusted Statement of Profit or Loss 2016

    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

46. Slide 46: Adjusted EBITDA 2016

    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

47. Slide 47: Reconciliation to Adjusted Free Cash Flow

    2. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the years ended December 31, 2023, 2022, 2021, 2020, 2019, 2018 & 2017. Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Ye

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