Nomad Foods (NOMD) Q3 2026 Prepared Remarks earnings summary

Executive summary

• Q3 organic revenue grew 1.6% YoY, with volume nearly flat at -0.2% and price/mix up 1.8%; the quarter marked the first flat-volume result since 2024.

• Reported revenue rose 2.3% to €770.0m; adjusted EBITDA declined 1.5% to €140.5m.

• 9M adjusted free cash flow increased 22% to €80.1m; 2026 guidance and 2027 targets were reiterated.

Financial highlights

• Q3 adjusted gross profit was €208m, down 1.7%; adjusted gross margin was 27.0%, down 110 bps YoY.

• Q3 adjusted profit fell 7.4% to €66.5m and adjusted EPS declined 4.1% to €0.47; reported profit rose 16% to €66.6m.

• 9M revenue declined 2.2% to €2,208.9m; adjusted EBITDA fell 9.0% to €356.8m and adjusted profit decreased 17.1% to €154.1m.

• Q3 adjusted EBITDA included a mid-single-digit headwind from restored incentive compensation; productivity savings kept adjusted operating expenses comparable at €93m.

• YTD non-adjusted free cash flow rose to €51.3m from €17.2m; exceptional cash expenditures fell 40% to €28.8m from €49.4m.

Outlook and guidance

• 2026 guidance: organic revenue decline of 2%-3%, adjusted EBITDA decline of 5%-10%, adjusted EPS of €1.38-€1.53 and adjusted free cash flow conversion of at least 90%.

• Restored incentive compensation may weigh on 2026 adjusted EBITDA by up to a mid-single-digit percentage.

• 2027 targets: organic revenue growth of 0%-2%, adjusted EBITDA growth of 0%-2% and adjusted free cash flow conversion of at least 90%.

• The outlook reflects weak H1 performance, a difficult Q4 comparison and further fish inflation; pricing benefits are expected in 2027.