Nomad Foods (NOMD) 23rd annual dbAccess Global Consumer Conference summary

Leadership priorities and organizational changes

• New CEO has focused on building a stronger, more commercially aggressive executive team, including new regional presidents and a Chief Marketing Officer with AI expertise.

• Rapid changes have been made to eradicate unhelpful commercial practices, such as end-of-quarter stock pushes, and to reset company culture toward performance.

• Executive team restructuring is nearly complete, with a new regional president for Central Europe starting in July and a Chief People Officer in October.

• The company is prioritizing a multi-year growth plan to be presented at Investor Day in October, aiming to regain lost market share and drive top and bottom-line growth.

• Cultural transformation is underway, with an emphasis on energizing employees and attracting talent aligned with a more agile, performance-driven environment.

Commercial strategy and market positioning

• The frozen food category in Europe is healthy and growing, but the company has lost share and is focused on reversing this trend through innovation and geographic expansion.

• Plans include strengthening retailer partnerships, moving from transactional to collaborative relationships, and leveraging data and consumer insights for joint business planning.

• Marketing is being overhauled, shifting from traditional media to digital and influencer channels, reallocating spend, and reducing non-working A&P.

• Portfolio expansion will target both health-oriented and indulgent frozen categories, with a willingness to transfer successful products across markets.

• The company has ample production capacity and is actively seeking efficiencies, including factory closures and insourcing where appropriate.

Financial outlook and cost management

• Q1 results reflect the impact of eliminating sales incentives and destocking, with normalization expected from Q2 and full pricing benefits in Q3.

• Cost inflation is expected to be mid-single digit, with most exposure in fish; the company is largely insulated from Middle East-related supply shocks.

• Strong cash flow conversion is targeted at 90%, supported by reductions in non-working A&P and improved working capital management.

• EUR 200 million cost efficiency program is on track, with savings from overhead, procurement, and supply chain, including factory rationalization.

• Near-term capital allocation prioritizes organic growth and share buybacks, with disciplined leverage management and no immediate plans for M&A.