Nomad Foods Reports Fourth Quarter and Full Year 2024 Financial Results and Raises Full-Year 2025 Earnings Outlook

Delivered 9th consecutive year of record-high net sales and Adjusted EBITDA

Full year Adjusted EPS of €1.78

Increases full year 2025 Adjusted EPS guidance to €1.85-€1.89

WOKING, England - March 3, 2025 - Nomad Foods Limited (NYSE: NOMD) (the "Company" or "Nomad Foods"), today reported financial results for the three and twelve-month periods ended December 31, 2024.

Nomad Foods delivered strong results in fiscal year 2024, with accelerated organic sales growth driven by higher volumes, while also achieving robust margin expansion and market share gains. The Company maintained its commitment to shareholder returns, distributing €208 million throughout the year in the form of dividends and shares repurchases. Looking ahead to fiscal year 2025, management expects to maintain this momentum with continued top and bottom-line growth. As previously announced, the Board of Directors approved a 13% increase to the company's 1Q25 cash dividend, reflecting continued confidence in the Company’s strong cash generation and growth prospects.

Key operating highlights and financial performance for the fourth quarter 2024, when compared to the fourth quarter 2023, include:

• Reported revenue increased 4.3% to €793 million
• Organic revenue growth of 3.1% with volume growth of 4.7%
• Adjusted EBITDA up 17.6% to €137 million
• Adjusted EPS rose 31% to €0.42

Key operating highlights and financial performance for the full year 2024, when compared to the full year 2023, include:

• Reported revenue increased 1.8% to €3.1 billion
• Organic revenue growth of 1.0% with volume growth of 1.3%
• Adjusted EBITDA increased 5.6% to €565 million
• Adjusted EPS rose 11% to €1.78
• Adjusted free cash flow of €292 million, representing an adjusted free cash flow conversation of 101%

2025 full year guidance

For the full year 2025, Nomad Foods continues to expect organic revenue growth of 1%-3% and Adjusted EBITDA growth of 2%-4% while meaningfully increasing investment in its products and brands again in 2025. Adjusted EPS is now expected to be €1.85-€1.89, implying growth of 4-6%, versus the prior outlook of €1.81-€1.85. Based on USD/EUR exchange rate as of February 25, 2025, this translates into 2025 Adjusted EPS of $1.94-$1.98. The Company also continues to expect full year adjusted free cash flow conversion of 90% or greater.

Management & Board Comments

Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, “Our 2024 results demonstrate the impact of our focused brand investments and operational excellence, marking our ninth consecutive year of sales and Adjusted EBITDA growth. The investments we began to make in 2023 took hold and delivered strong returns in 2024, as evidenced by our accelerating volume momentum through the final three quarters and market share gains in each of the last two quarters of the year. Growth can be choppy month-to-month and quarter-to-quarter but the underlying trendline of improvement is evident in our results. We significantly strengthened our innovation engine, increasing our innovation as a percent of sales year-over-year, while executing more impactful merchandising programs that resonated with consumers at point-of-sale. Importantly, we accomplished this while expanding margins through a combination of supply chain productivity initiatives and focused growth investments that yielded healthy mix gains. The stre

Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “As we enter our tenth year as a public company, I have never been more optimistic about the growth potential of Nomad Foods. Over the past nine years we have curated a portfolio of iconic brands in an attractive category while building a high-performing team of top-tier talent. Nomad Foods has become a growth advantaged food company as evidenced by its widening top and bottom-line outperformance versus industry peers. We expect this outperformance to continue."

Fourth Quarter of 2024 results compared to the Fourth Quarter of 2023

• Revenue increased 4.3% to €793 million. Organic revenue increase of 3.1% was driven by a 1.6% price/mix decline offset by 4.7% volume growth.
• Gross profit increased 9% to €226 million. Gross margin increased 120 basis points to 28.5% due to a positive product mix performance as we invested behind our core most profitable Must Win Battles, and improved supply chain productivity.
• Adjusted operating expenses decreased 3% to €114 million due to lower A&P as we cycled a sharp increase in 4Q23 and benefited from a more even investment cadence through 2024.
• Adjusted EBITDA increased by 17.6% to €137 million and Adjusted Profit after tax increased 28% to €67 million.
• Adjusted EPS increased 31% to €0.42, reflecting the increase in Adjusted Profit after tax and fewer shares outstanding. Reported Diluted EPS increased 113% to €0.32.

Year Ended 2024 results compared to the Year Ended 2023

• Revenue increased 1.8% to €3.1 billion. Organic revenue increase of 1.0% was driven by a 0.3% decline in price/mix offset by a 1.3% increase in volume.
• Gross profit increased 7% to €918 million. Gross margin increased 140 basis points to 29.6% due to a positive product mix performance as we invested behind our core most profitable Must Win Battles, and improved supply chain productivity.
• Adjusted operating expenses increased 7% to €450 million due to increased A&P, and ongoing investments in capabilities development with some inflationary headwinds.
• Adjusted EBITDA increased 5.6% to €565 million and Adjusted Profit after tax increased 5% to €289 million,.
• Adjusted EPS increased 11% to €1.78, reflecting the increase in Adjusted Profit after tax and fewer shares outstanding. Reported Diluted EPS increased 24% to €1.40.
• The company returned €208 million to shareholders in 2024 in the form of dividends and share repurchase activity. The basic shares outstanding at year-end were 156.1 million; a 4% decrease from year-end 2023.

Conference Call and Webcast

The Company will host a conference call with members of the executive management team to discuss these results today, Monday, March 3, 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 +1-833-816-1430 and international listeners may dial +1-412-317-0522. Additionally, there will be a presentation to accompany the conference call and the call is being webcast. Both 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 10196693.

Investor Relations Contact

Jason English

investorrelations@nomadfoods.com

Media Contact

Elaine McCrimmon, Group Corporate Affairs Director

elaine.mccrimmon@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 twelve months ended December 31, 2024 and for comparative purposes, the three and twelve months ended December 31, 2023.

Adjusted financial information for the three and twelve months ended December 31, 2024 and 2023 presented in this press release reflects the historical reported financial statements of Nomad Foods, adjusted primarily for share based payment expenses and related employer payroll taxes, non-operating M&A related costs, acquisition purchase price adjustments, exceptional items and foreign currency exchange 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, unissued preferred share dividends, 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 after tax 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, 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 twelve months ended December 31, 2024 and 2023 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 – Adjusted free cash flow is the amount of cash generated from operating activities before 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, but after 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 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 18, 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, Adjusted EPS guidance to the most directly comparable IFRS measure.