Nomad Foods
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Nomad Foods (NOMD) investor relations material

Nomad Foods Q4 2025 [Q&A] earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 [Q&A] earnings summary26 Feb, 2026

Executive summary

  • Full year 2025 results met guidance, with organic revenue declines moderating in Q4 and retail sell-out accelerating to +0.7% year-over-year.

  • Strong cash flow enabled €44 million in share repurchases in Q4 and €195.6 million for the year, with €287 million returned to shareholders via dividends and buybacks, up 38% from 2024.

  • Management expects 2026 to be a transition year with negative net sales guidance due to ongoing pricing negotiations, cost inflation in fish, and temporary disruptions, but remains optimistic about returning to growth in 2027 and beyond.

  • Leadership is demonstrating confidence in the long-term outlook by planning substantial share purchases in the coming weeks.

  • Initiated changes aimed at laying the foundation for future value creation and organizational improvements.

Financial highlights

  • Full year 2025 revenue was €3,033m, down 2.2% year-over-year; organic revenue declined 1.9% with a 1.4% volume decline.

  • Adjusted gross margin for the year was 27.5%, down 210 bps YoY; adjusted EBITDA was €523m, down 7.5%.

  • Adjusted EPS for the year was €1.66, a 6.7% decrease YoY.

  • Q4 2025 revenue was €773m, down 2.6% YoY; organic revenue declined 1.3% with a 1.1% volume decline.

  • Q4 adjusted gross margin was 26.1%, down 240 bps YoY; adjusted EBITDA was €131m, down 4.7%.

Outlook and guidance

  • 2026 guidance projects organic revenue to decline 2–5%, adjusted EBITDA to decline 5–10%, and adjusted EPS of €1.45–€1.60 (down 4–13%).

  • Adjusted free cash flow conversion expected to be 90% or greater.

  • Net sales guidance for 2026 is negative, primarily due to delayed and disrupted annual negotiations and cost inflation in fish, with price increases expected in that segment.

  • Price is expected to contribute positively, but negative volume is anticipated, especially in fish, due to price increases and competitive lag.

  • Growth is expected to resume in 2027 and 2028, with more specific multi-year targets to be shared at Analyst Day later in the year.

Competitor price lag impact on 2026 volumes?
Key drivers for post-2026 growth potential?
Specific investments for point-of-sale strength?
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Frequently asked questions

Nomad Foods Limited is a British-based company specializing in the production and distribution of frozen foods. Its portfolio includes a variety of products such as frozen fish, vegetables, ready meals, and desserts, marketed under well-known brands like Birds Eye, Findus, and iglo. Nomad Foods serves retail and foodservice customers across multiple European markets, focusing on convenience, quality, and sustainability in its offerings. The company is headquartered in Feltham, United Kingdom, and its shares are listed on the New York Stock Exchange.

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