Nomad Foods Reports Second Quarter 2026 Financial Results

Pricing and productivity drove a positive Adjusted Gross Margin inflection

Cash generation remains strong with Adjusted Free Cash Flow conversion higher year-on-year

WOKING, England - Nomad Foods Limited (NYSE: NOMD), today reported financial results for the three and six month periods ended June 30, 2026.

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

• Reported Revenue decreased 3.1% to €724 million; Organic revenue declined 2.9% with a volume decline of 5.9% and a positive price-mix contribution of 3.0%
• Gross margin increased 130 bps, Adjusted gross margin increased 110 bps
• Profit for the period decreased 15% to €49 million, Adjusted EBITDA decreased 4.3% to €124 million
• Reported Diluted EPS decreased 5.0% to €0.35; Adjusted EPS decreased 2.5% to €0.39

Management Comments

“The second quarter marked an important step forward for Nomad Foods,” said Dominic Brisby, Chief Executive Officer of Nomad Foods. “We secured our price increase, expanded gross margins, restored momentum with key retail partners, and continued to strengthen our organization. Our iconic brands participate in attractive and growing categories, and we are increasing our focus on innovation, renovation, and commercial excellence to better capture that opportunity. While there is more work to do, I am encouraged by the progress we are making and excited about the significant value creation opportunities ahead as we unlock the full value of our brands, supply chain, and pan-European platform. I remain confident in our ability to drive improved performance and create meaningful shareholder value.”

“The Board is encouraged by the progress made during the quarter as Nomad Foods continues to strengthen its foundation and advance its strategic priorities,” said Noam Gottesman, Co-Chairman and Founder of Nomad Foods. “We are particularly pleased with the actions taken to enhance the Company’s leadership team, improve operational efficiency, and restore momentum with key customers. The Board remains confident in management’s ability to execute its value creation plan and believes the Company is well positioned to capitalize on the attractive long-term growth opportunities within the frozen food category.”

Second Quarter 2026 results compared to Second Quarter of 2025

• Revenue decreased 3.1% to €724 million. Organic revenue decreased by 2.9% and was driven by a volume decline of 5.9% partly offset with an improvement in price-mix of 3.0%.
• Adjusted gross profit increased 0.7% to €209 million. Adjusted gross margin increased 110 basis points to 28.9% due to positive price contribution and continued supply chain productivity.
• Adjusted operating expenses increased 7.8% to €111 million due to the rebuild of the company's employee performance incentive scheme.
• Adjusted EBITDA decreased 4.3% to €124 million due to the aforementioned factors and Adjusted Profit for the period decreased 9% to €55 million.
• Adjusted EPS decreased €0.01 to €0.39 with the decrease in Adjusted Profit for the period offset in part by fewer shares outstanding. Reported Diluted EPS decreased €0.02 to €0.35.

First Six Months of 2026 results compared to the First Six Months of 2025

• Revenue decreased 4.5% to €1,439 million. Organic revenue decreased by 4.1% and was driven by a volume decline of 5.1%. and an improvement in price/mix of 1.0%.
• Adjusted gross profit decreased 6.3% to €393 million. Adjusted gross margin decreased 50 basis points to 27.3%, due to supply chain inflation headwinds, partially offset by pricing and supply chain productivity.
• Adjusted operating expenses increased 3.6% to €227 million due to the rebuild of the company's employee performance incentive scheme partly offset with a reduction in Advertising and Promotion expense.
• Adjusted EBITDA decreased 13.3% to €216 million due to the aforementioned factors. Adjusted Profit for the period decreased 23.2% to €88 million.
• Adjusted EPS decreased by €0.12 to €0.62 reflecting the decrease in Adjusted Profit for the period and fewer shares outstanding. Reported Diluted EPS decreased €0.03 to €0.55.

2026 Guidance

In line with previous guidance, for the full year 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 €1.38-€1.53, versus prior guidance of €1.47-€1.62, due to higher interest expense associated with the Company's recently completed refinancing activity and higher variable interest rates. Based on USD/EUR exchange rate as of August 6, 2026, this translates into 2026 Adjusted EPS of $1.59-$1.76. 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' second 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, August 13, 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 13761121.

Enquiries

Investor Relations Contact

Jason English

investors@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 six months ended June 30, 2026 and for comparative purposes, the three and six months ended June 30, 2025.

Adjusted financial information for the three and six months ended June 30, 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 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, 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 and six months ended June 30, 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.

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.

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 8 to 13, 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.