Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Investor Day (November 2020)
124 slides from Nomad Foods's investor day presentation, Nov 10, 2020
Slide 1: 2020 Investor Day Nomad Foods
Exhibit 99.2 2020 Investor Day Nomad Foods
Slide 2: Disclaimer
This Presentation has been prepared and issued by Nomad Foods Limited (the protect its brand names and trademarks, (xix) uncertainty about the terms of any trade “Company”). This Presentation has been provided solely for information and background. regarding the Company’s productivity program, inclu
Slide 3: Welcome Remarks
Welcome Remarks
Slide 4: Today's Presenters
Today’s Presenters Stefan Descheemaeker Samy Zekhout Albert Mathieu Jason Musk Chief Executive Officer Chief Financial Officer Chief Commercial Officer Chief Supply Chain Officer Wayne Hudson Steven Libermann Antje Schubert Managing Director Managing Director Managing Director Northern Europe Southe
Slide 5: Presenter titles
Head of Investor Relations Chief Executive Officer Chief Commercial Officer Managing Director Northern Europe Managing Director Southern Europe Managing Director Western Europe Chief Supply Chain Officer Chief Financial Officer
Slide 6: Who We Are & Where We Are Going
Who We Are & Where We Are Going Stefan Descheemaeker Chief Executive Officer
Slide 7: Key Messages
Key Messages We have a portfolio of We plan to generate at least iconic, market leading €1.5 billion of Adj. Free Cash frozen food brands Flow over the next 5 years We are well positioned We expect to achieve €2.30 to sustain strong organic in Adj. EPS by 2025 revenue growth
Slide 8: Who we are
Who we are
Slide 9: The Nomad Foods Journey
The Nomad Foods Journey 2015 0 Nomad Foods is created and consolidates the Birds Eye, iglo and Findus brands 2018 Goodfella’s Pizza and Aunt Bessie’s are acquired 2017 The business returns to organic revenue growth 2019-2020 Green Cuisine, a range of frozen pea-based plant protein products, is launc
Slide 10: Nomad Foods is Europe's Leading Frozen Food Company
Nomad Foods is Europe’s Leading Frozen Food Company ® market share within Western Europe frozen food Nomad Foods Serving the world with better food €O €2.5b net revenues 13 primary countries across Western Europe 15 consecutive quarters of organic revenue growth 4,800 company employees Nomad Foods
Slide 11: Revenue by Category
Revenue by Category Our Brands 5 @ Vegetables 19% ; ea” ou Poultry Potatoes ae Ta Coch Poutty yh) Poa Poss Yo 100% of revenues in frozen food
Slide 12: We are the Third Largest Branded Frozen Food Company
We are the Third Largest Branded Frozen Food Company in the World Leading Savory Frozen Food Companies, Worldwide T Source: Euromonitor BS Bitin Nomad Foods paca 2 ge \ @ort Kraft Heinz TOTAL BRANDED RETAIL SALES VALUE, BN Nomad Foods (O) eeciint aed
Slide 13: Nomad is the Undisputed Leader in European Frozen Food
Nomad is the Undisputed Leader in European Frozen Food Leading Savory Frozen Food Companies, Western Europe Western Europe Source: Euromonitor Savory Frozen Food Total Retail Sales Value €3.3 €1.7 €1.1 €1.0 €0.5 €0.4 €0.3 Nomod Foods nosis WR ATE, FROM Orkla TOTAL BRANDED RETAIL SALES VALUE, BN Noma
Slide 14: Creating Focus Through Strategic Portfolio Choices
Creating Focus Through Strategic Portfolio Choices ~ 7 O% CORE ~10% SECONDARY BRANDED PRODUCTS of revenues Strategic, fully funded and accretive to growth & margins of revenues Managed for margins & cash flow arse ~10% THER BRANDED PRODUCTS of revenues Managed for cash flow Non-retail(ptvate label a
Slide 15: We have a Distinct Advantage in Value-Added Frozen Food
We have a Distinct Advantage in Value-Added Frozen Food Undisputed Leadership 9 4 % of CORE portfolio where Nomad ranks #1 Strong Market Share Outsized Growth Avg. Organic Revenue Growth 2017-2019 6% 3% MARKET POSITION CORE MARKET SHARE NOMAD TOTAL NOMAD CORE Nomad Foods (0)
Slide 16: Consecutive Quarters of Organic Revenue Growth
15 Consecutive Quarters of Organic Revenue Growth 12.3% —= NOMAD FOODS Quarterly Organic Revenue Growth 1.1% 5.9% 5.6% 5.4% 4.2% 3.5% 3.5% pai 2.5% 1.9% 1.1% 1.1% 1.3% 0.9% kt 0% a a2 Qs as a a2 Q3— as a a2 Qs a az Q3 2017 2018 2019 2020 Nomad Foods
Slide 17: Iconic Brands with High Brand Awareness
Iconic Brands with High Brand Awareness EASY. PEASY _FREETY Nomad Foods ®
Slide 18: Local Brands with Pan-European Scale
Local Brands with Pan-European Scale Aust Belgium France Finland Germany Ireland waofyfre#wv#7ia @® @eewee@e @ S anh
Slide 19: Our Brands
Our Brands Different looks, similar flavors BirdsEye/
Slide 20: Our Portfolio Appeals to All but Over-Indexes to Young Families
Our Portfolio Appeals to All but Over-Indexes to Young Families
Slide 21: Why do Our Consumers Choose Our Brands?
Why do Our Consumers Chose Our Brands? Garden & CirdsEye He) dee PEAS Market Share / a (( { el Taste Convenience Quality Health u FISH FINGERS Market Share Sustainability | Strong Brand Awareness Based on market share of Nomad’s core portfolio
Slide 22: Frozen Offers Great Value
Frozen Offers Great Value FISH (wild caught) MSC CERTIFIED NUTRITIOUS Source of protein, fibre, omega 3 and vitamin C FLASH FROZEN within 2.5 hours TOTAL MEAL COST UNDER
Slide 23: Our People Survey
Our People Survey Said they're proud to work at Nomad Foods Feel energised to go the extra mile in their job recommend Nomad Foods as a good place to work
Slide 24: Strong Ties Within our Local Communities
Strong Ties Within our Local Communities Covid-19 €3.2million donated across all the countries where we operate SUSTAINABLE LANDSCAPES Nomad Foods
Slide 25: Nomad Operates at the Intersection of Sustainable Eating and Convenience
Nomad Operates at the Intersection of Sustainable Eating and Convenience Nomad Foods Serving the world with better food €0 Sustainable Frozen Eating Food Nomad Foods ®
Slide 26: Sustainability is Becoming More Important for Consumers
Sustainability is Becoming More Important for Consumers Will change brands Willing to pay more to buy more sustainable for sustainable products 49 % 4 1 % (+7pp vs. YA) (+5pp vs. YA) ») Wa Source: Nielsen State of the Nation Survey 2020 Nomad Foods
Slide 27: Sustainability is a Fundamental Pillar of our Business
Sustainability is a Fundamental Pillar of our Business 7 ' gee Z CS —_ & « 4 CERTIFIED : 4 ‘ SUSTAINABLE ae e @irdsEye/ 2 SEAFOOD is > a MSC } NUTRI-SCORE Nomad Foods ®
Slide 28: The Benefits of Flash-Freezing
The Benefits of Flash-Freezing Health Convenience Sustainability £& ¢ eo ess to seasonal *
Slide 29: Where we are going
Where we are going
Slide 30: We Plan to Sustain Strong Organic Revenue Growth
We Plan to Sustain Strong Organic Revenue Growth Frozen Category Scaling Green Cuisine Growth Our Brands Plant Protein Nomad Foods
Slide 31: aod G
aod G econ PANTRY FREEZER door door door \y A2x 24x 8x
Slide 32: Frozen Food is Growing Faster than the Industry
Frozen Food is Growing Faster than the Industry Western Europe Category Growth, Value Source: Nielsen through September 2020 FMCG 0) rooa Th savory Frozen YoY growth YoY growth (Oct 2018: Sept 2019) (Oct 2019" Sept 2020) Nomad Foods (6)
Slide 33: Household Penetration Surged During the COVID-19 Pandemic
Household Penetration Surged During the Acute Phase of the COVID-19 Pandemic Year-on-Year Change in 12W Household Penetration, Yepts Source: Europanel, Kantar, GFK 4.0 3.3 03 0.6 0.6 - 0.6 Q2 2019 Q3 2019 Q4.2019 Q1 2020 Q2 2020 Q3 2020 Q1 2019 Acute Phase of COVID-19 Based on Nomad Foods top 3 mark
Slide 34: The Pandemic Has Led to Changing Consumer Habits and Preferences
The Pandemic Has Led to Changing Consumer Habits and Preferences — —— —— —— The whole family Fewer, less pleasant Out of home occasions Economic at home trips to the shops are now in home uncertainty ip ¥ Tes Meaning health & Emphasis on less There is demand for Consumers are seeking harmony have in
Slide 35: New Consumers are Rediscovering the Benefits of Frozen Food
New Consumers are Rediscovering the Benefits of Frozen Food Source: Goodmore Qual Tracker UK, aly & Germany Consumers are Happy... with their decision to choose frozen over fresh as they are spending less but getting long lasting, easy to prepare and great tasting food Consumers are Surprised... ver
Slide 36: Our Portfolio Has Improved Significantly under Nomad Ownership
Our Portfolio Has Improved Significantly under Nomad Ownership Ss More Improved More Stronger Reaching Nutritious Product Sustainable Brands More Quality Consumers Nomad Foods
Slide 37: New Consumer Retention is Tracking In-Line with Expectations
New Consumer Retention is Tracking In-Line with Expectations Repeat Rate of New Consumers Since June 2020 Source; Europanel, Kantar, GFK 22% 20% 16% 1% T% I ‘Tmonth Bh 2 months I 5 months ae Bh ¢ montns Eh 5 montns 17% 13% } | 28% 25% arse | ais il = TANS UK Italy Germany New consumers defined as th
Slide 38: Our Channels and Retailers
8% E-commerce 6% Private Label 3% Hard Discount 3% Foodservice 1% International Our Channels and Retailers As of September 2020 Select Retail Customers 7 ae b=] HEU sainsburys <@ E Carrefour ASDA ocado Auchan ICA Eee QQ" Die Nomad Foods
Slide 39: Scaling Our Brands
Scaling Our Brands Traditional E-commerce Discounters Special Foods International Retailers Expansion ao Oe Moo s Nomad Foods (2)
Slide 40: Online Growth has Exploded in 2020
Online Growth has Exploded in 2020 YoY Growth in Online Sales Source: Nielsen, IRI and retailer EPOS data
Slide 41: Established 2019
Established 2019
Slide 42: Why Are We Accelerating Plant Protein?
Why Are We Accelerating Plant Protein? Good for you, A natural extension Aligned with retailers Green Cuisine good for the planet of our flexitarian agendas of carrying is a winning portfolio rooted more meat free formula Sustainable Eating in frozen fish & vegetables “@irdsEye J 60% Nomad Foods
Slide 43: 2020 YTD UK Market Growth
2020 YTD UK Market Growth Share Progression 273% 5% J% 1% 3% 3% 2% Jan Feb Mar‘Apr. May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar. Apr May Jun Jul Aug Sep 2019 2020 UK Frozen Green Plant Protein Cuisine Nomad Foods
Slide 44: Green Cuisine is Democratizing Meat Free Mealtime
Green Cuisine is Democratizing Meat Free Mealtime Meat Ready Meal Analogs Chicken-Free Vegetarian Meals Classics Mixes —_ Ingredients Wey Nomad Foods
Slide 45: Green Cuisine Today
Green Cuisine Today ~€ 30 milion revenue in 2020 Now available in fo) 12 countries a Se) 0 Yo of sales in meat Gross margin accretive ~80% of revenues in 4 countries UK, Germany, France and Italy Nomad Foods
Slide 46: Green Cuisine is Appealing to Younger Consumers
Green Cuisine is Appealing to Younger Consumers 35-44 45-54 55-64 65 pus years years years
Slide 47: Green Cuisine Revenue Growth Trajectory
Green Cuisine Revenue Growth Trajectory . «100+ million antl 2019 2020 2021 2022. ~~ ~Beyond irdsEye 4 Nomad Foods
Slide 48: Growing in Fish & Vegetables
Growing in Fish & Vegetables Albert Mathieu Chief Commercial Officer
Slide 49: We Have an Advantaged Portfolio
We Have an Advantaged Portfolio Nomad Foods Serving the world wit! food with better foo. BETTER BETTER FOR €O FOR THE =n PLANET Sustainability is a Fundamental Pillar of our Business PEOPLE Nomad Foods (:°)
Slide 50: Food and Agriculture Organization of the United Nations
Food and Agricuture Organization of he United Nations ee. _— a wun GQ ied / oe of poe pope ae Bat | ET a ‘ core eid Spooner ng. SErm semua, ant hk phere Lorre i se a Setehiion Fgh oO Fully aligned voles igi with the UN's Millennium Mommie § EL TBM Pian Viet Qo oe Development aod g Goals Sen gt Vedat
Slide 51: Our Products are Nutritious and Accessible
Our Products are Nutritious and Accessible 90% of Our Portfolio Qualifies as Healthier Meal Choice “90% of 2019 branded product revenues choices, excusing Spain (owing to data retabity) Nomad Foods 0)
Slide 52: Eating for the Planet
Eating for the Planet A future diet aligned with maximum 1.5 degree global warming means... ‘\ 4 ‘\ f se y ma Fish Vegetables Plant Protein Consume 2 times Double consumption Consume more a week by 2050 “Moving to a mainly plant based diet, has potential to reduce greenhouse gas emissions up to 60%,
Slide 53: Initial Life Cycle Assessments Show Frozen as Having a Lower Carbon Footprint
Initial Life Cycle Assessments Show Frozen as Having a Lower Carbon Footprint CcO,e CcO,e CO,e 8-12% 60-65% 80-90% ie called ¥ vs caus ¥ vs hamburger ¥ "Screening fe cycle analysis on frozen fh ingers and frozen peas, July 2020 “Life cycle analysis of pea protein products, March 2020 Nomad Foods
Slide 54: Creating a Healthier Future with Fish
Creating a Healthier Future with Fish Strong Brand Icons KEEP IT SIMPLE LIKE THE CAPT Ky.nild O85: &> Category Leadership Aligned with Macro Trends BETTER FOR PEOPLE BETTER FOR THE PLANET
Slide 55: Building Relevance and Superiority with Consumers
Building Relevance and Superiority with Consumers New Design Product Sustainability Ecolabelling & Packaging Renovation NUTRI-SCORE New Captain on pack and design to On pack activation Product superiority and modernise and Recyclable linking to our leading the way with promote freshness Paper tray s
Slide 56: Innovation to Engage and Grow the Category
Innovation to Engage and Grow the Category QR Code and Unlocking Healthy Exciting Augmented Reality to Aquaculture and Ways to Enjoy Engage Consumers New Species Fish in Traceability re = ©) ik Birdstye Fa ena gelbe & brane LEINSAMEN Nomad Foods
Slide 57: Our Core Vegetable Portfolio is Superior
Our Core Vegetable Portfolio is Superior and is Uniquely Suited to Local Needs Over 5 Ox Market Share in Local Hero Vegetables has been growing unique varieties of peas since 1946 Ett1° | Bt | —— 71 SI Le Nomad Foods (6)
Slide 58: Our Core Vegetable Portfolio is Superior
Our Core Vegetable Portfolio is Superior and is Uniquely Suited to Local Needs High Quality to Command Price Premiums Girds Eye/, UK Pea Harvest Freezing in-Goodness. Picked to Frozen Italian IGP and DOP The Optimal Leaf-Stem in 2.5 Hours Ingredients in our Minestrone Ratio in Our Spinach a il = abs
Slide 59: Our Core Vegetable Portfolio is Superior
Our Core Vegetable Portfolio is Superior and is Uniquely Suited to Local Needs Sustainability is in our DNA CS] OEE FSA FARM SUSTAINABILITY ASSESSMENT BY SAI PLATFORM >1 5 years We have been planting flowering strips along our German fields for biodiversity protection Birds Eye Pea Harvest Verified
Slide 60: Our Vegetables Innovations Modernize the Category
Our Vegetables Innovations Modernize the Category and Will Drive Consumption Prepared Vegetables Modern Wok Sustainable Core with Modern Ingredients Curries Renovation Recyclable Packaging COLTIVIAMO IL FUTURO PER UN'AGRICOLTURA (Gea SOSTENIBIL ho ee Scopri di pitt su findus.it Vegetable Mixes with
Slide 61: Driving Behavior Change and Unlocking New Technology
Driving Behavior Change and Unlocking New Technology to Drive Vegetable Consumption KX > EAT ine FULLCOLOUR®Y ig Wi Double the V Change Innovation Agricultural ouble the Veg Behavior Changing New Vegetable New Freezing Carbon Capturing Intake by 2050 Innovation, Packaging Breeding Techniques Initiat
Slide 62: Fresher Frozen
q Fresher” Frozen eV) & = = Meals . 6 — > Decontamination Increase the frequency Future Proteins LS process, freezing and that the freezer New source & packaging solutions door is opened ie Next Generation geen tay ahead o} fi competition Packaging Connectivity E-commerce, and recycling / upcycling
Slide 63: Select Sustainability Partnerships
Select Sustainability Partnerships SCIENCE BASED TARGETS ‘ORIING AMBLTIOUS CORPORATE CLIMATE ACTION BY SAI PLATFORM FARMED RESPONSIBLY asc GHOST GEAR INITIATIVE CERTIFIED ASC-AQUA.ORG t ( NUTRI-SCORE Dow Jones Sustainability Indexes 10x 20x30 JBI GLOBAL Nomad Foods
Slide 64: Winning Across Europe
Winning Across Europe Wayne Hudson Managing Director Northern Europe Steven Libermann Managing Director Southern Europe Antje Schubert Managing Director Western Europe
Slide 65: UK Transformation
UK Transformation Wayne Hudson ww 4 Managing Director Northern Europe Northern Europe 4 5% of revenues @ @ ou -=~ Ff
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Slide 67: Strategic Joint Business Plans with our Retail Partners
Strategic Joint Business Plans with our Retail Partners Aligning with Strategic Brand Innovation Distribution Optimization Retailer Strategies Partnerships Ranging Wins on the Core Nomad Foods
Slide 68: E-commerce Provides a Strong Foundation for Growth
E-commerce Provides a Strong Foundation for Growth Online Share RSV Growth Nomad Foods of Sales in E-commerce Market Share SZ YTD vs LY Total vs E-comm 7 [SI Source: Kantar, Internal Covidt9 Source: Nielsen/IRI as of Sep 2020 UK accounts - =— for 2/3 of Nomad's 24.2% 60.6% 24.2% online revenues #2 a
Slide 69: Pillars of Growth in E-commerce
Pillars of Growth in E-commerce ——S ——=—— — —=- Brilliant Basics Demand Creation Supplier of Choice Targeting & Remarketing Win Visually at POP Occasion Based Lead for targeted Drive retention using Meal Deals categories e-CRM tools Birds Eye 4 Large Battered Cod ALLTHIS Fillets 4406 £5 SAVE UPTO 90
Slide 70: UK Growth Strategy
UK Growth Strategy Grow the Core Grow Plant Protein Adapt to the Macro Drive Online Portfolio Environment Channel Growth OPEN THE DOOR To SO MUCH MORE Nomad Foods
Slide 71: Veg
a 3 Veg Pets ae foetal
Slide 72: Winning in France
Winning in France Southern Europe Steven Libermann 3 Om Managing Director of revenues Southern Europe
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Slide 74: France has made Significant Progress Since Being Integrated into Nomad in 2016
France has made Significant Progress Since Revenues Being Integrated into Nomad in 2016 +5% Market share CAGR source: Nielsen Gross Profit Fish Fingers Coated Fish Natural Fish Potatoes Total France == caltthe ENS2 2 CAGR 11% 10% 73% 27% 35% 65% 67% 21% 28% EBITDA +10% oe CAGR 2016 2020 2016 2020 20
Slide 75: Success Has Been Enabled by Application of the Growth Model
Success Has Been Enabled by Application of the Growth Model Product bu pi Media ae superiority fee P efficiency excellence ——=—> NUTRI-SCORE Nomad Foods ®
Slide 76: Green Cuisine Growth Strategy
Green Cuisine Growth Strategy Create Range In Store Visibility Generate Trial Influencers Awareness = a0 AS =a yea VE |12 nouvelle gam > ++findu: i Nomad Foods
Slide 77: Growing with All Consumers in Germany
Growing with All Consumers in Germany Wester Europe 4 5 % of revenues f Antje Schubert Managing Director Western Europe
Slide 78: Our Winning Formula in Germany
Our Winning Formula in Germany Activation of our Brands Excellence in Execution Culture Eats Strategy for Breakfast % VON UNS. Vol HERZEN. ey Nomad Foods
Slide 79: Best Brand
» See 4 Best Brand GERMANY Yougov: Best Food Brand ~~ > % KUNSTLICHE AROMEN. Ss) i ICH VERWANDLE & peas 4 Zp DES NCH AS RB? »MMMH". %
Slide 80: We Mobilized a 360-Degree Campaign
We Mobilized a 360-Degree Campaign which Contemporized Every Element of Our Brand... PR POS = | i Xreferenz Tags Facebook Digital Instagram el HUB Youtube SEA|SEO Content Nomad Foods
Slide 81: Leading iglo to be Recognized as a 'Best Brand'
...Leading iglo to be Recognized as a ‘Best Brand’ Emotion Brand Icons Innovation Award 2021 Nomad Foods
Slide 82: Discounters Represent a Large Share of Retail in Germany
Discounters Represent a Large Share of Retail in Germany Market Share of FMCG Source: Nielsen 39 95 76 Hl ciscounters | raditional Retail Nomad Foods
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