Nomad Foods (NOMD) Q3 2026 (Q&A) earnings summary

Executive summary

• Q3 organic revenue returned to growth at 1.6% YoY, with volume -0.2% and price/mix +1.8%; adjusted EBITDA declined 1.5%.

• Full-year 2026 guidance was maintained; 2027 targets call for organic revenue and adjusted EBITDA growth of 0–2% each.

• Frozen-retail cyber disruptions had a modest, slightly positive net effect as replenishment orders more than offset temporary availability declines.

Financial highlights

• Q3 revenue was €770m, up 2.3% reported and 1.6% organically; adjusted gross profit was €208m, down 1.7% YoY.

• Q3 adjusted EBITDA was €140.5m versus €142.7m; adjusted profit was €66.5m versus €71.8m, and adjusted EPS was €0.47 versus €0.49.

• 9M revenue was €2,208.9m, down 2.2% organically; adjusted EBITDA was €356.8m versus €392.1m, and adjusted profit was €154.1m, down 17.1%.

• 9M adjusted free cash flow rose 22% to €80.1m from €65.6m; exceptional cash adjustments declined 40% YoY.

• Q3 adjusted operating expenses were €93m, down 1.1%; productivity savings offset most of the incentive-compensation rebuild, while non-recurring costs were below €4m.

Outlook and guidance

• 2026 guidance reiterated: organic revenue decline of 2–3%, adjusted EBITDA decline of 5–10%, adjusted EPS of €1.38–€1.53, and adjusted FCF conversion of at least 90%.

• Q4 adjusted EBITDA is expected to be negative, mainly due to additional fish inflation; shipment outcomes depend on customer responses to the second off-cycle price increase.

• 2027 targets remain organic revenue growth of 0–2%, adjusted EBITDA growth of 0–2%, and adjusted FCF conversion of at least 90%; midpoint implies growth in revenue and EBITDA.

• 2027 assumptions unchanged: gross inflation ~7%, savings ~3%, net inflation 4%; pricing actions will selectively balance price and volume opportunities.