Nomad Foods Reports First Quarter 2026 Financial Results

Management reiterated full year Organic Sales and Adjusted EBITDA guidance while raising its Adjusted EPS outlook

Meaningful progress towards reshaping the organization and recruiting top-tier talent during the quarter

WOKING, England - Nomad Foods Limited (NYSE: NOMD), today reported financial results for the three month periods ended March 31, 2026.

Key operating metrics and financial performance for the first quarter 2026, when compared to the first quarter 2025, include:

• Reported Revenue decreased 5.9% to €715 million; Organic revenue declined 5.3% with a volume decline of 4.4%
• Gross margin contracted 210 bps
• Profit decreased 12% to €29 million, Adjusted EBITDA decreased 22.9% to €93 million
• Reported Diluted EPS decreased 5.0% to €0.20; Adjusted EPS decreased 34.3% to €0.23

Management Comments

Dominic Brisby, Nomad Foods’ Chief Executive Officer, stated, "We made meaningful progress strengthening our foundation while delivering healthy Adjusted Free Cash Flow in the first quarter. Since the beginning of the year, we have successfully secured our planned level of price increases, realigned order patterns by eliminating inefficient quarter‑end sales incentives, and reshaped the organization while recruiting top‑tier talent. During the quarter we announced two new Regional Presidents reporting directly to me and earlier today we announced a new Chief Marketing Officer. Over the past several months, we have also conducted a comprehensive review of our growth opportunities, and I am increasingly excited about Nomad Foods’ potential to deliver accelerating growth and create long‑term shareholder value. We look forward to outlining the strategy underpinning this optimism at our Analyst and Investor Day in New York City this fall."

Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “I am very encouraged by the pace and decisiveness with which Dominic and his team are strengthening the foundation for growth at Nomad Foods. Our market advantages are increasingly evident, with accelerating category growth and resilient demand for our brands during the quarter. I am confident the company is positioned to deliver a step‑change in growth as the new leadership team transforms the culture and advances its expansion initiatives. I believe investors will share my enthusiasm for Nomad Foods’ potential when we outline these plans later this year."

First Quarter 2026 results compared to First Quarter of 2025

• Revenue decreased 5.9% to €715 million. Organic revenue decreased by 5.3% and was driven by a volume decline of 4.4% and price/mix decline of 0.9%, driven by unfavorable mix.
• Gross profit decreased 13.2% to €184 million. Gross margin decreased 210 basis points to 25.7% due primarily to supply chain inflation headwinds and the timing of price increases.
• Adjusted operating expenses decreased 0.2% to €115 million.
• Adjusted EBITDA decreased 22.9% to €93 million due to the aforementioned factors and Adjusted Profit for the period decreased 40% to €32 million.
• Adjusted EPS decreased by €0.12 to €0.23 reflecting the decrease in Adjusted Profit for the period and fewer shares outstanding. Reported Diluted EPS decreased €0.01 to €0.20.

2026 Guidance

For the full year 2026, the Company continues to expect organic revenue to decline by 2%-5% and Adjusted EBITDA to decline by 5%-10%. Adjusted EPS is now expected to be €1.47-€1.62, versus prior guidance of €1.45-€1.60, due to incremental share repurchase activity during the first quarter. Based on USD/EUR exchange rate as of April 30, 2026, this translates into 2026 Adjusted EPS of $1.72-$1.90. The Company also continues to expect full year Adjusted Free Cash Flow conversion of 90% or greater.

Conference Call and Webcast

A pre-recorded management discussion of Nomad Foods' first quarter 2026 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, May 7, 2026 at 1:30 p.m. BST (8:30 a.m. Eastern Standard Time). To participate on the live call listeners in North America may dial +1-877-451-6152 and international listeners may dial +1-201-389-0879. The call is also being webcast and can be accessed at the Nomad Foods website at www.nomadfoods.com under Investor Relations. A replay of the conference 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 13759816.

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 months ended March 31, 2026 and for comparative purposes, the three months ended March 31, 2025.

Adjusted financial information for the three months ended March 31, 2026 and 2025 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, hedge ineffectiveness on cross currency and interest rate swaps, 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 provid

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, certain one-time credits on the recognition of deferred tax assets, 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 months ended March 31, 2026 and 2025 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.

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.

Adjusted Free 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 7 to 10, 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.