Nomad Foods (NOMD) 27th Annual ICR Conference 2025 summary

Market and Category Overview

• Frozen food in Europe is positioned for long-term growth, driven by convenience, quality, sustainability, and affordability.

• The company holds a leading market share in Europe, with #1 brand awareness in 12 of 15 markets and a focus on nutrition, health, and sustainability.

• Two-thirds of the business is centered on fish, seafood, poultry, and vegetables, with 93% of UK & Western Europe sales being non-HFSS.

• European frozen food consumption per capita is still below the U.S., indicating significant growth potential.

• The category has outpaced general food growth over the past decade, with a 10-year frozen CAGR of 2.9% vs. 2.1% for total food.

Strategic Focus and Investment

• The company maintains a focused strategy, prioritizing core frozen food categories and resisting diversification.

• Investment is concentrated in 'Must-Win Battles'—key categories and countries with the largest market share and margins.

• Brand and category investments increased by 14% in 2023 and 2024, with high single-digit growth planned for 2024 and above-sales growth in 2025.

• Innovation and renovation are emphasized, with a three-year program to boost perceived brand superiority in key categories, targeting 60% in 2025 and 80% by 2027.

• Innovation rate is set to rise from 8% to 17% in the coming year, with 4.8% of revenue from new products in 2024 and a target of 4.8%+ in 2025.

Operational Highlights and Product Innovation

• Market share has grown for six consecutive months, with volume growth in the last three quarters and positive YoY trends in 2024 after ERP headwinds.

• New product launches in seafood and poultry have driven significant market share gains, especially in the UK, Germany, and other key categories.

• Leveraging category strengths, such as bundling fish and chips, has led to tripled business in France over five years.

• Renovation efforts target closing the gap with private label competitors, aiming for 80% superiority in key categories within three years.

• Expansion into underrepresented markets and categories, such as poultry in Italy, is yielding rapid growth.