Nomad Foods (NOMD) Investor Day 2026 summary

Growth outlook and financial targets

• Q3 organic revenue growth expected to exceed 1%; FY26 organic revenue guidance improved to a 2%–3% decline from 2%–5%, while adjusted EBITDA decline of 5%–10%, EPS of €1.38–€1.53 and FCF conversion of 90%+ remain unchanged.

• 2027 targets: organic revenue and adjusted EBITDA growth of 0%–2%, with adjusted FCF conversion of 90%+; the 2027–2029 plan targets 1%–3% CAGR in top and bottom lines.

• 2028–2029 targets: organic revenue CAGR of 2%–3% and adjusted EBITDA growth at least in line with revenue; share assumed stable in value and volume from 2028.

• Adjusted FCF target of ~€550m for 2027–2029; free deployable cash flow expected to grow at nearly 5% CAGR, supporting dividends and debt reduction.

• Targets include returns above the cost of capital and lower exceptional EBITDA and FCF adjustments versus 2023–2025.

Strategy and market opportunity

• Expanded strategy strengthens core categories, grows adjacencies with a proven right to win, and enters new categories, channels and markets; addressable market grows to ~4x the prior opportunity set, or €84bn.

• European frozen food grew at a 4.1% 10-year CAGR versus 3.1% for total food; frozen volume grew at 1.0% versus 0.1%.

• Hard-discount frozen retail is a €19bn–€20bn market; matching Germany’s branded-share index in five markets offers ~€150m incremental net sales potential.

• Foodservice is a €17bn opportunity; reaching industry benchmark penetration could add ~€200m net sales through cash-and-carry, third-party distribution and other models.

• Growth platforms include pan-European Steamfresh from 2027, Chicken Shop expansion, pizza launches beyond the UK and Ireland, and geographic and licensed-partnership growth in ice cream.

Core growth and adjacencies

• Fish and vegetables priorities include recipe renovation, pan-European marketing and good-better-best pricing; fish retail sales returned to growth and spinach net sales are tracking at more than 2x initial plan.

• Steamfresh UK range grew 3x; pan-Asian variants address 238m new meal occasions per year, with category occasions up 23%.

• Existing products and proven approaches support chicken, meals and potatoes expansion, with cited share gains implying €40m, €115m and €65m potential, respectively, in specified markets.

• A 5% pizza share across cited markets equates to €140m incremental net revenue potential; each 1% ice cream share across four markets represents more than €70m potential.

• U.K. pea campaign retail value sales rose 7%.