Nomad Foods Reports Third Quarter 2025 Financial Results

WOKING, England - November 6, 2025 - Nomad Foods Limited (NYSE: NOMD), today reported financial results for the three and nine month periods ended September 30, 2025.

Key operating metrics and financial performance for the third quarter 2025, when compared to the third quarter 2024, include:

• Revenue decreased 2.2% to €752 million
• Organic revenue declined 1.6% with a volume decline of 0.5%
• Adjusted gross margin contracted 420 bps
• Adjusted EBITDA decreased 14.2% to €143 million
• Adjusted EPS decreased 10.9% to €0.49

Management Comments

Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, "Third quarter results were inline with our expectations. We faced several headwinds this quarter, including weather-related category pressure in July and soft performance in the UK that more than offset strong performance in our Growth Platforms.  Importantly, we are making progress towards driving improvement. The category weakness we saw this summer has proven transitory and we are pleased that growth returned to healthy levels by the end of the quarter. We are seeing similar improvement in our retail sell-through growth in the UK where our business has recently stabilized. Looking forward, our pipeline of innovation and renovation initiatives is robust, 2026 price increases have been communicated to the trade and the increased efficiency program we announced in September remains on track. We have more work to do, but I am encouraged by the progress we are making."

Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “Notwithstanding challenging financial results this year, I am encouraged by the underlying fundamentals of our business and traction across multiple strategic initiatives throughout Nomad Foods.  The Company has accelerated innovation and renovation with proven and repeatable successes in our Growth Platforms, improved brand-building with the creation and launch of its new advertising campaign and built a robust multi-year efficiency program to provide further financial flexibility. Furthermore, the Company has fantastic brands in a resilient category and has already made substantial investments to lay the groundwork for improved performance next year. As we enter 2026, we will welcome a new CEO, Dominic Brisby, and I am confident in his ability to make a strong impact.  We believe Dominic is positioned for success, and we are confident he has the appropriate foundation, resources and skillset to revitalize our growth engine and drive significant value creation.  I believe the equity market is meaningfully undervaluing Nomad Foods, and I am excited to see Dominic unlock that value and deliver improved results starting next year."

Third Quarter of 2025 results compared to the Third Quarter of 2024

• Revenue decreased 2.2% to €752 million. Organic revenue decreased by 1.6% and was driven by a volume decline of 0.5% and price/mix decline of 1.1%, driven by unfavorable mix.
• Adjusted gross profit decreased 14.7% to €212 million. Adjusted gross margin decreased 420 basis points to 28.1% due primarily to supply chain inflation headwinds.
• Adjusted operating expenses decreased 11.9% to €94 million due to a high single-digit contraction in overhead costs in the quarter. Advertising and Promotion was down in the quarter due primarily to quarterly phasing.
• Adjusted EBITDA decreased 14.2% to €143 million due to the aforementioned factors and Adjusted Profit for the period decreased 20% to €72 million.
• Adjusted EPS decreased by €0.06 to €0.49 reflecting the decrease in Adjusted Profit for the period and fewer shares outstanding. Diluted EPS decreased €0.05 to €0.39.

First Nine Months of 2025 results compared to the First Nine Months of 2024

• Revenue decreased 2.0% to €2,259 million. Organic revenue decreased by 2.1% and was driven by a volume decline of 1.6%. and a decline in price/mix of 0.5%.
• Adjusted gross profit decreased 8.8% to €631 million. Adjusted gross margin decreased 210 basis points to 27.9%, due to supply chain inflation headwinds, partially offset by supply chain productivity and the lapping of inventory revaluation headwinds in the prior year.
• Adjusted operating expenses decreased 6.6% to €313 million driven predominantly by overhead cost reductions with a low single-digit year-to-date decrease in Advertising and Promotion expense.
• Adjusted EBITDA decreased 8.4% to €392 million due to the aforementioned factors. Adjusted Profit for the period decreased 16% to €186 million.
• Adjusted EPS decreased by €0.14 to €1.22 reflecting the decrease in Adjusted Profit for the period and fewer shares outstanding. Diluted EPS decreased €0.11 to €0.97.

2025 Guidance

The Company expects to deliver full year results near the low end of its existing guidance ranges. Full year organic revenue is expected to be near the low end of the Company's flat to -2% range. The full year Adjusted EBITDA is expected to be near the low end of the Company's -3% to -7% year-on-year range and Adjusted EPS is expected to be near the low end of its €1.64 to €1.76 range. Based on USD/EUR exchange rate as of September 30, 2025, this translates into 2025 Adjusted EPS range of $1.89 to $2.02. The Company is maintaining its full year adjusted free cash flow conversion guidance of 90% or greater.

Conference Call and Webcast

A pre-recorded management discussion of Nomad Foods' third quarter 2025 earnings and accompanying presentation is available at www.nomadfoods.com under Investor Relations. The Company will host a live question-and-answer session to discuss these results today, Thursday, November 6, 2025 at 1:30 p.m. GMT (8:30 a.m. Eastern Standard Time). To participate on the live call listeners in North America may dial +1-844-676-5834 and international listeners may dial +1-412-634-6811. Additionally, the call is being webcast and can be accessed at the Nomad Foods website. A replay of the call will be available on the Company website for two weeks following the event and can be accessed by listeners in North America by dialing +1-844-512-2921 and by international listeners by dialing +1-412-317-6671; the replay pin number is 10203147.

Enquiries

Investor Relations Contact
Jason English
investorrelations@nomadfoods.com

Media Contact
Oliver Thomas, Head of Corporate Affairs
Oliver.Thomas@nomadfoods.com

About Nomad Foods

Nomad Foods (NYSE: NOMD) is Europe’s leading frozen food company. The Company’s portfolio of iconic brands, which includes Birds Eye, Findus, iglo, Ledo and Frikom, have been a part of consumers’ meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad Foods is headquartered in the United Kingdom. Additional information may be found at www.nomadfoods.com.

Non-IFRS Financial Information

Nomad Foods is presenting Adjusted and Organic financial information, which is considered non-IFRS financial information, for the three and nine months ended September 30, 2025 and for comparative purposes, the three and nine months ended September 30, 2024.

Adjusted financial information for the three and nine months ended September 30, 2025 and 2024 presented in this press release reflects the historical reported financial statements of Nomad Foods, adjusted primarily for, when they occur, share based payment expenses and related employer payroll taxes, non-operating M&A related costs, acquisition purchase price adjustments, exceptional items and foreign currency translation charges/gains.

Adjusted EBITDA is profit or loss for the period before taxation, net financing costs, depreciation and amortization, adjusted to exclude, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges and other unusual or non-recurring items. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EBITDA provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.

Adjusted EBITDA should not be considered as an alternative to profit/(loss) for the period, determined in accordance with IFRS, as an indicator of the Company’s operating performance.

Adjusted Profit for the period is defined as profit for the period excluding, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, net financing income/(cost) on amendment of terms of debt, interest cost on tax relating to legacy tax audits, foreign exchange translation gains/(losses), foreign exchange gains/(losses) on derivatives, as well as certain other items considered unusual or non-recurring in nature. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted Profit for the period provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.

Adjusted EPS is defined as diluted earnings per share excluding, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, net financing income/(cost) on amendment of terms of debt, interest cost on tax relating to legacy tax audits, foreign exchange translation gains/(losses), foreign exchange gains/(losses) on derivatives, as well as certain other items considered unusual or non-recurring in nature. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EPS provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.

Organic revenue growth/(decline) is an adjusted measurement of our operating results. The comparison for the three and nine months ended September 30, 2025 and 2024 presented in this press release takes into consideration only those activities that were in effect during both time periods. Organic revenue growth/(decline) reflects reported revenue adjusted for currency translation and non-comparable trading items such as expansion, acquisitions, disposals, closures, trading day impacts or any other event that artificially impacts the comparability of our results period over period.

Adjusted Gross Profit and adjusted gross margin exclude accelerated depreciation associated with restructuring programs within cost of goods sold.

Adjustments for currency translation are calculated by translating data of the current and comparative periods using a budget foreign exchange rate that is set once a year as part of the Company's internal annual forecast process.

Adjusted Free Cash Flow is the amount of cash generated from operating activities less cash flows related to exceptional items (as described above), non-operating M&A related costs and working capital movements on employer taxes associated with share based payment awards, plus capital expenditure (on property, plant and equipment and intangible assets), net interest paid, proceeds/(payments) on settlement of derivatives where hedge accounting is not applied and payments of lease liabilities. Adjusted free cash flow reflects cash flows that could be used for payment of dividends, repayment of debt or to fund acquisitions or other strategic objectives.

Cash flow conversion is Adjusted Free Cash Flow as a percentage of Adjusted Profit for the period.

Adjusted and Organic non-IFRS financial information should be read in conjunction with the unaudited financial statements of Nomad Foods included in this press release as well as the historical financial statements of the Company previously filed with the SEC.

Nomad Foods believe its non-IFRS financial measures provide an important additional measure with which to monitor and evaluate the Company’s ongoing financial results, as well as to reflect its acquisitions. Nomad Foods’ calculation of these financial measures may be different from the calculations used by other companies and comparability may therefore be limited. The Adjusted and Organic financial information presented herein is based upon certain assumptions that Nomad Foods believes to be reasonable and is presented for informational purposes only and is not necessarily indicative of any anticipated financial position or future results of operations that the Company will experience. You should not consider the Company’s non-IFRS financial measures an alternative or substitute for the Company’s reported results and are cautioned not to place undue reliance on these results and information as they may not be representative of our actual or future results as a Company.

Please see on pages 9 to 14, the non-IFRS reconciliation tables attached hereto and the schedules accompanying this release for an explanation and reconciliation of the Adjusted and Organic financial information to the most directly comparable IFRS measure. The Company is unable to reconcile, without unreasonable efforts, Organic Growth, Adjusted EBITDA and Adjusted EPS guidance to the most directly comparable IFRS measure.