The company is on track to deliver full year results near the low end of its existing guidance ranges
WOKING, England, Nov. 6, 2025 /PRNewswire/ -- Nomad Foods Limited (NYSE: NOMD), today reported financial results for the three and nine month periods ended September 30, 2025.
Key operating metrics and financial performance for the third quarter 2025, when compared to the third quarter 2024, include:
-- Revenue decreased 2.2% to EUR752 million -- Organic revenue declined 1.6% with a volume decline of 0.5% -- Adjusted gross margin contracted 420 bps -- Adjusted EBITDA decreased 14.2% to EUR143 million -- Adjusted EPS decreased 10.9% to EUR0.49
Management Comments
Stéfan Descheemaeker, Nomad Foods' Chief Executive Officer, stated, "Third quarter results were inline with our expectations. We faced several headwinds this quarter, including weather-related category pressure in July and soft performance in the UK that more than offset strong performance in our Growth Platforms. Importantly, we are making progress towards driving improvement. The category weakness we saw this summer has proven transitory and we are pleased that growth returned to healthy levels by the end of the quarter. We are seeing similar improvement in our retail sell-through growth in the UK where our business has recently stabilized. Looking forward, our pipeline of innovation and renovation initiatives is robust, 2026 price increases have been communicated to the trade and the increased efficiency program we announced in September remains on track. We have more work to do, but I am encouraged by the progress we are making."
Noam Gottesman, Nomad Foods' Co-Chairman and Founder, commented, "Notwithstanding challenging financial results this year, I am encouraged by the underlying fundamentals of our business and traction across multiple strategic initiatives throughout Nomad Foods. The Company has accelerated innovation and renovation with proven and repeatable successes in our Growth Platforms, improved brand-building with the creation and launch of its new advertising campaign and built a robust multi-year efficiency program to provide further financial flexibility. Furthermore, the Company has fantastic brands in a resilient category and has already made substantial investments to lay the groundwork for improved performance next year. As we enter 2026, we will welcome a new CEO, Dominic Brisby, and I am confident in his ability to make a strong impact. We believe Dominic is positioned for success, and we are confident he has the appropriate foundation, resources and skillset to revitalize our growth engine and drive significant value creation. I believe the equity market is meaningfully undervaluing Nomad Foods, and I am excited to see Dominic unlock that value and deliver improved results starting next year."
Third Quarter of 2025 results compared to the Third Quarter of 2024
-- Revenue decreased 2.2% to EUR752 million. Organic revenue decreased by
1.6% and was driven by a volume decline of 0.5% and price/mix decline of
1.1%, driven by unfavorable mix.
-- Adjusted gross profit decreased 14.7% to EUR212 million. Adjusted gross
margin decreased 420 basis points to 28.1% due primarily to supply chain
inflation headwinds.
-- Adjusted operating expenses decreased 11.9% to EUR94 million due to a
high single-digit contraction in overhead costs in the quarter.
Advertising and Promotion was down in the quarter due primarily to
quarterly phasing.
-- Adjusted EBITDA decreased 14.2% to EUR143 million due to the
aforementioned factors and Adjusted Profit for the period decreased 20%
to EUR72 million.
-- Adjusted EPS decreased by EUR0.06 to EUR0.49 reflecting the decrease in
Adjusted Profit for the period and fewer shares outstanding. Diluted EPS
decreased EUR0.05 to EUR0.39.
First Nine Months of 2025 results compared to the First Nine Months of 2024
-- Revenue decreased 2.0% to EUR2,259 million. Organic revenue decreased by
2.1% and was driven by a volume decline of 1.6%. and a decline in
price/mix of 0.5%.
-- Adjusted gross profit decreased 8.8% to EUR631 million. Adjusted gross
margin decreased 210 basis points to 27.9%, due to supply chain inflation
headwinds, partially offset by supply chain productivity and the lapping
of inventory revaluation headwinds in the prior year.
-- Adjusted operating expenses decreased 6.6% to EUR313 million driven
predominantly by overhead cost reductions with a low single-digit
year-to-date decrease in Advertising and Promotion expense.
-- Adjusted EBITDA decreased 8.4% to EUR392 million due to the
aforementioned factors. Adjusted Profit for the period decreased 16% to
EUR186 million.
-- Adjusted EPS decreased by EUR0.14 to EUR1.22 reflecting the decrease in
Adjusted Profit for the period and fewer shares outstanding. Diluted EPS
decreased EUR0.11 to EUR0.97.
2025 Guidance
The Company expects to deliver full year results near the low end of its existing guidance ranges. Full year organic revenue is expected to be near the low end of the Company's flat to -2% range. The full year Adjusted EBITDA is expected to be near the low end of the Company's -3% to -7% year-on-year range and Adjusted EPS is expected to be near the low end of its EUR1.64 to EUR1.76 range. Based on USD/EUR exchange rate as of September 30, 2025, this translates into 2025 Adjusted EPS range of $1.89 to $2.02. The Company is maintaining its full year adjusted free cash flow conversion guidance of 90% or greater.
Conference Call and Webcast
A pre-recorded management discussion of Nomad Foods' third quarter 2025 earnings and accompanying presentation is available at www.nomadfoods.com under Investor Relations. The Company will host a live question-and-answer session to discuss these results today, Thursday, November 6, 2025 at 1:30 p.m. GMT (8:30 a.m. Eastern Standard Time). To participate on the live call listeners in North America may dial +1-844-676-5834 and international listeners may dial +1-412-634-6811. Additionally, the call is being webcast and can be accessed at the Nomad Foods website. A replay of the call will be available on the Company website for two weeks following the event and can be accessed by listeners in North America by dialing +1-844-512-2921 and by international listeners by dialing +1-412-317-6671; the replay pin number is 10203147.
Enquiries
Investor Relations Contact
Jason English
investorrelations@nomadfoods.com
Media Contact
Oliver Thomas, Head of Corporate Affairs
Oliver.Thomas@nomadfoods.com
About Nomad Foods
Nomad Foods (NYSE: NOMD) is Europe's leading frozen food company. The Company's portfolio of iconic brands, which includes Birds Eye, Findus, iglo, Ledo and Frikom, have been a part of consumers' meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad Foods is headquartered in the United Kingdom. Additional information may be found at www.nomadfoods.com.
Non-IFRS Financial Information
Nomad Foods is presenting Adjusted and Organic financial information, which is considered non-IFRS financial information, for the three and nine months ended September 30, 2025 and for comparative purposes, the three and nine months ended September 30, 2024.
Adjusted financial information for the three and nine months ended September 30, 2025 and 2024 presented in this press release reflects the historical reported financial statements of Nomad Foods, adjusted primarily for, when they occur, share based payment expenses and related employer payroll taxes, non-operating M&A related costs, acquisition purchase price adjustments, exceptional items and foreign currency translation charges/gains.
Adjusted EBITDA is profit or loss for the period before taxation, net financing costs, depreciation and amortization, adjusted to exclude, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges and other unusual or non-recurring items. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EBITDA provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.
Adjusted EBITDA should not be considered as an alternative to profit/(loss) for the period, determined in accordance with IFRS, as an indicator of the Company's operating performance.
Adjusted Profit for the period is defined as profit for the period excluding, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, net financing income/(cost) on amendment of terms of debt, interest cost on tax relating to legacy tax audits, foreign exchange translation gains/(losses), foreign exchange gains/(losses) on derivatives, as well as certain other items considered unusual or non-recurring in nature. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted Profit for the period provides important comparability of underlying operating results, allowing
investors and management to assess operating performance on a consistent basis.
Adjusted EPS is defined as diluted earnings per share excluding, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, net financing income/(cost) on amendment of terms of debt, interest cost on tax relating to legacy tax audits, foreign exchange translation gains/(losses), foreign exchange gains/(losses) on derivatives, as well as certain other items considered unusual or non-recurring in nature. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EPS provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.
Organic revenue growth/(decline) is an adjusted measurement of our operating results. The comparison for the three and nine months ended September 30, 2025 and 2024 presented in this press release takes into consideration only those activities that were in effect during both time periods. Organic revenue growth/(decline) reflects reported revenue adjusted for currency translation and non-comparable trading items such as expansion, acquisitions, disposals, closures, trading day impacts or any other event that artificially impacts the comparability of our results period over period.
Adjusted Gross Profit and adjusted gross margin exclude accelerated depreciation associated with restructuring programs within cost of goods sold.
Adjustments for currency translation are calculated by translating data of the current and comparative periods using a budget foreign exchange rate that is set once a year as part of the Company's internal annual forecast process.
Adjusted Free Cash Flow is the amount of cash generated from operating activities less cash flows related to exceptional items (as described above), non-operating M&A related costs and working capital movements on employer taxes associated with share based payment awards, plus capital expenditure (on property, plant and equipment and intangible assets), net interest paid, proceeds/(payments) on settlement of derivatives where hedge accounting is not applied and payments of lease liabilities. Adjusted free cash flow reflects cash flows that could be used for payment of dividends, repayment of debt or to fund acquisitions or other strategic objectives.
Cash flow conversion is Adjusted Free Cash Flow as a percentage of Adjusted Profit for the period.
Adjusted and Organic non-IFRS financial information should be read in conjunction with the unaudited financial statements of Nomad Foods included in this press release as well as the historical financial statements of the Company previously filed with the SEC.
Nomad Foods believe its non-IFRS financial measures provide an important additional measure with which to monitor and evaluate the Company's ongoing financial results, as well as to reflect its acquisitions. Nomad Foods' calculation of these financial measures may be different from the calculations used by other companies and comparability may therefore be limited. The Adjusted and Organic financial information presented herein is based upon certain assumptions that Nomad Foods believes to be reasonable and is presented for informational purposes only and is not necessarily indicative of any anticipated financial position or future results of operations that the Company will experience. You should not consider the Company's non-IFRS financial measures an alternative or substitute for the Company's reported results and are cautioned not to place undue reliance on these results and information as they may not be representative of our actual or future results as a Company.
Please see on pages 9 to 14, the non-IFRS reconciliation tables attached hereto and the schedules accompanying this release for an explanation and reconciliation of the Adjusted and Organic financial information to the most directly comparable IFRS measure. The Company is unable to reconcile, without unreasonable efforts, Organic Growth, Adjusted EBITDA and Adjusted EPS guidance to the most directly comparable IFRS measure.
Nomad Foods Limited As Reported
Condensed Consolidated Interim Statements of Profit or Loss (unaudited)
Three months ended September 30, 2025 and September 30, 2024
Three months ended Three months ended
September 30, 2025 September 30, 2024
EURm EURm
------------------- -------------------
Revenue 752.4 769.6
Cost of sales (545.0) (521.4)
------------------- -------------------
Gross profit 207.4 248.2
Other operating expenses (96.9) (111.5)
Exceptional items (16.9) (14.3)
------------------- -------------------
Operating profit 93.6 122.4
Finance income 6.6 1.8
Finance costs (29.8) (37.2)
------------------- -------------------
Net financing costs (23.2) (35.4)
------------------- -------------------
Profit before tax 70.4 87.0
Taxation (12.8) (16.7)
------------------- -------------------
Profit for the period 57.6 70.3
=================== ===================
Basic and diluted earnings per
share in EUR 0.39 0.44
Statements of Profit or Loss (unaudited)
Nine months ended September 30, 2025 and September 30, 2024
Nine months ended Nine months ended
September 30, 2025 September 30, 2024
EURm EURm
------------------- -------------------
Revenue 2,259.4 2,306.4
Cost of sales (1,634.1) (1,614.5)
------------------- -------------------
Gross profit 625.3 691.9
Other operating expenses (321.5) (346.2)
Exceptional items (48.9) (50.2)
------------------- -------------------
Operating profit 254.9 295.5
Finance income 17.1 25.7
Finance costs (91.3) (104.6)
------------------- -------------------
Net financing costs (74.2) (78.9)
------------------- -------------------
Profit before tax 180.7 216.6
Taxation (33.3) (40.9)
------------------- -------------------
Profit for the period 147.4 175.7
=================== ===================
Basic and diluted earnings per
share in EUR 0.97 1.08
Nomad Foods Limited As Reported
Condensed Consolidated Interim Statements of Financial Position
As at September 30, 2025 (unaudited) and December 31, 2024 (audited)
As at September 30, 2025 As at December 31, 2024
EURm EURm
------------------------ -----------------------
Non-current assets
Goodwill 2,104.5 2,106.1
Intangible assets 2,474.3 2,472.9
Property, plant and
equipment 582.5 591.1
Other non-current assets 7.3 8.6
Derivative financial
instruments 2.0 4.3
Deferred tax assets 2.8 14.7
------------------------ -----------------------
Total non-current assets 5,173.4 5,197.7
------------------------ -----------------------
Current assets
Cash and cash equivalents 193.6 403.3
Inventories 485.3 441.5
Trade and other
receivables 419.0 334.6
Current tax receivable 36.4 37.6
Derivative financial
instruments 5.4 16.9
------------------------ -----------------------
Total current assets 1,139.7 1,233.9
------------------------ -----------------------
Total assets 6,313.1 6,431.6
------------------------ -----------------------
Current liabilities
Trade and other payables 844.7 829.1
Current tax payable 197.7 226.7
Provisions 25.8 27.1
Loans and borrowings 28.5 26.0
Derivative financial
instruments 18.6 14.4
------------------------ -----------------------
Total current liabilities 1,115.3 1,123.3
------------------------ -----------------------
Non-current liabilities
Loans and borrowings 2,077.5 2,151.4
Employee benefits 147.0 152.1
Other non-current
liabilities 0.4 0.5
Provisions 2.8 2.7
Derivative financial
instruments 130.1 46.4
Deferred tax liabilities 285.7 292.7
------------------------ -----------------------
Total non-current
liabilities 2,643.5 2,645.8
------------------------ -----------------------
Total liabilities 3,758.8 3,769.1
------------------------ -----------------------
Net assets 2,554.3 2,662.5
======================== =======================
Equity attributable to
equity holders
Share capital and capital
reserve 1,178.5 1,316.4
Share-based compensation
reserve 15.3 26.2
Translation reserve 102.0 135.3
Other reserves (24.5) (14.9)
Retained earnings 1,283.0 1,199.5
------------------------ -----------------------
Total equity 2,554.3 2,662.5
======================== =======================
Nomad Foods Limited As Reported Condensed Consolidated Interim Statements of
Cash Flows (unaudited) For the nine months ended September 30, 2025 and the
nine months ended September 30, 2024
For the nine months For the nine months
ended September 30, ended September 30,
2025 2024
EURm EURm
------------------------ ------------------------
Cash flows from
operating activities
Profit for the period 147.4 175.7
Adjustments for:
Exceptional items 48.9 50.2
Share based payment
expense 6.7 8.5
Depreciation and
amortization 79.9 71.4
Loss on disposal and
impairment of
property, plant and
equipment 0.8 0.2
Net finance costs 74.2 78.9
Other operating cash
flow adjustments -- 0.5
Taxation 33.3 40.9
------------------------ ------------------------
Operating cash flow
before changes in
working capital,
provisions and
exceptional items 391.2 426.3
Increase in
inventories (59.2) (38.5)
Increase in trade and
other receivables (86.0) (84.3)
Increase/(decrease)
in trade and other
payables 33.5 (7.9)
Decrease in employee
benefits and other
provisions (2.2) (1.9)
------------------------ ------------------------
Cash generated from
operations before tax
and exceptional items 277.3 293.7
Payments relating to
exceptional items (48.4) (55.6)
Tax paid (54.7) (29.2)
------------------------ ------------------------
Net cash generated from
operating activities 174.2 208.9
------------------------ ------------------------
Cash flows from
investing activities
Purchase of property,
plant and equipment
and intangibles (59.6) (55.9)
Interest received 4.5 5.7
Redemption of
investments -- 5.7
------------------------ ------------------------
Net cash used in
investing activities (55.1) (44.5)
------------------------ ------------------------
Cash flows from
financing activities
Repurchase of
ordinary shares (151.4) (42.9)
Payments related to
shares withheld for
taxes (6.7) (5.2)
Payment of lease
liabilities (25.7) (22.7)
Dividends paid (69.7) (67.4)
Payment of financing
fees (0.2) (2.8)
Interest paid (77.9) (89.4)
Net cash used in
financing
activities (331.6) (230.4)
------------------------ ------------------------
Net decrease in cash and
cash equivalents (212.5) (66.0)
------------------------ ------------------------
Cash and cash
equivalents at
beginning of period 403.3 399.7
Effect of exchange
rate fluctuations 2.8 0.7
------------------------ ------------------------
Cash and cash
equivalents at end of
period 193.6 334.4
======================== ========================
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures
(In EUR millions, except per share data)
The following table reconciles adjusted financial information for the three months ended September 30, 2025 to the reported results of Nomad Foods for such period.
Adjusted Statement of Profit or Loss (unaudited)
Three Months Ended September 30, 2025
As reported for As adjusted for
EUR in the three months the three months
millions, except ended September ended September
per share data 30, 2025 Adjustments 30, 2025
---------------- ----------- -----------------
Revenue 752.4 -- 752.4
Cost of sales (545.0) 4.2 (a) (540.8)
---------------- ----------- -----------------
Gross profit 207.4 4.2 211.6
Other operating
expenses (96.9) 2.6 (b) (94.3)
Exceptional items (16.9) 16.9 (c) --
---------------- ----------- -----------------
Operating profit 93.6 23.7 117.3
Finance income 6.6 (4.9) 1.7
Finance costs (29.8) -- (29.8)
---------------- ----------- -----------------
Net financing
costs (23.2) (4.9) (d) (28.1)
---------------- ----------- -----------------
Profit before tax 70.4 18.8 89.2
Taxation (12.8) (4.6) (e) (17.4)
---------------- ----------- -----------------
Profit for the
period 57.6 14.2 71.8
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 147.7 147.7
Basic earnings
per share 0.39 0.49
Weighted average
shares
outstanding in
millions -
diluted 147.9 147.9
Diluted earnings
per share 0.39 0.49
(a) Represents elimination of EUR4.2 million of incremental depreciation
related to assets impacted by the planned closure of a factory in Sweden
as part of the Company's multi-year supply chain network optimization
program.
(b) Represents share based payment charge including employer payroll taxes of
EUR2.3 million and non-operating M&A transaction costs of EUR0.3
million.
(c) Represents exceptional items which management believes are non-recurring
and do not have a continuing impact. See Note 5, Exceptional items,
within 'Exhibit 99.2 - Condensed Consolidated Interim Financial
Statements' for a detailed list of exceptional items.
(d) Represents elimination of EUR4.9 million of foreign exchange translation
gains.
(e) Represents tax impact of the above at the applicable tax rate for each
adjustment, determined by the nature of the item and the jurisdiction in
which it arises.
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles adjusted financial information for the three months ended September 30, 2024 to the reported results of Nomad Foods for such period.
Adjusted Statement of Profit or Loss (unaudited)
Three Months Ended September 30, 2024
As reported for As adjusted for
EUR in the three months the three months
millions, except ended September ended September
per share data 30, 2024 Adjustments 30, 2024
---------------- ----------- -----------------
Revenue 769.6 -- 769.6
Cost of sales (521.4) -- (521.4)
---------------- ----------- -----------------
Gross profit 248.2 -- 248.2
Other operating
expenses (111.5) 4.5 (a) (107.0)
Exceptional items (14.3) 14.3 (b) --
---------------- ----------- -----------------
Operating profit 122.4 18.8 141.2
Finance income 1.8 -- 1.8
Finance costs (37.2) 5.1 (32.1)
---------------- ----------- -----------------
Net financing
costs (35.4) 5.1 (c) (30.3)
---------------- ----------- -----------------
Profit before tax 87.0 23.9 110.9
Taxation (16.7) (4.9) (d) (21.6)
---------------- ----------- -----------------
Profit for the
period 70.3 19.0 89.3
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 161.4 161.4
Basic earnings
per share 0.44 0.55
Weighted average
shares
outstanding
in millions -
diluted 161.5 161.5
Diluted earnings
per share 0.44 0.55
(a) Represents share based payment charge including employer payroll taxes of
EUR4.2 million and non-operating M&A transaction costs of EUR0.3
million.
(b) Represents exceptional items which management believes are non-recurring
and do not have a continuing impact. See Note 5, Exceptional items,
within 'Exhibit 99.2 - Condensed Consolidated Interim Financial
Statements' for a detailed list of exceptional items.
(c) Elimination of EUR5.1 million of foreign exchange translation losses.
(d) Represents tax impact of the above at the applicable tax rate for each
adjustment, determined by the nature of the item and the jurisdiction in
which it arises.
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles adjusted financial information for the nine months ended September 30, 2025 to the reported results of Nomad Foods for such period.
Adjusted Statement of Profit or Loss (unaudited)
Nine Months Ended September 30, 2025
As reported for As adjusted for
EUR in the nine months the nine months
millions, except ended September ended September
per share data 30, 2025 Adjustments 30, 2025
---------------- ----------- -----------------
Revenue 2,259.4 -- 2,259.4
Cost of sales (1,634.1) 5.6 (a) (1,628.5)
---------------- ----------- -----------------
Gross profit 625.3 5.6 630.9
Other operating
expenses (321.5) 8.4 (b) (313.1)
Exceptional items (48.9) 48.9 (c) --
---------------- ----------- -----------------
Operating profit 254.9 62.9 317.8
Finance income 17.1 (12.7) 4.4
Finance costs (91.3) -- (91.3)
---------------- ----------- -----------------
Net financing
costs (74.2) (12.7) (d) (86.9)
---------------- ----------- -----------------
Profit before tax 180.7 50.2 230.9
Taxation (33.3) (11.8) (e) (45.1)
---------------- ----------- -----------------
Profit for the
period 147.4 38.4 185.8
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 151.5 151.5
Basic earnings
per share 0.97 1.23
Weighted average
shares
outstanding in
millions -
diluted 151.8 151.8
Diluted earnings
per share 0.97 1.22
(a) Represents elimination of EUR5.6 million of incremental depreciation
related to assets impacted by the planned closure of a factory in Sweden
as part of the Company's multi-year supply chain network optimization
program.
(b) Represents share based payment charge including employer payroll taxes of
EUR7.6 million and non-operating M&A transaction costs of EUR0.8
million.
(c) Represents exceptional items which management believes are non-recurring
and do not have a continuing impact. See Note 5, Exceptional items,
within 'Exhibit 99.2 - Condensed Consolidated Interim Financial
Statements' for a detailed list of exceptional items.
(d) Represents elimination of EUR12.7 million of foreign exchange translation
gains.
(e) Represents tax impact of the above at the applicable tax rate for each
adjustment, determined by the nature of the item and the jurisdiction in
which it arises.
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles adjusted financial information for the nine months ended September 30, 2024 to the reported results of Nomad Foods for such period.
Adjusted Statement of Profit or Loss (unaudited)
Nine Months Ended September 30, 2024
As reported for As adjusted for
EUR in the nine months the nine months
millions, except ended September ended September
per share data 30, 2024 Adjustments 30, 2024
---------------- ----------- -----------------
Revenue 2,306.4 -- 2,306.4
Cost of sales (1,614.5) -- (1,614.5)
---------------- ----------- -----------------
Gross profit 691.9 -- 691.9
Other operating
expenses (346.2) 10.9 (a) (335.3)
Exceptional items (50.2) 50.2 (b) --
---------------- ----------- -----------------
Operating profit 295.5 61.1 356.6
Finance income 25.7 (20.1) 5.6
Finance costs (104.6) 17.8 (86.8)
---------------- ----------- -----------------
Net financing
costs (78.9) (2.3) (c) (81.2)
---------------- ----------- -----------------
Profit before tax 216.6 58.8 275.4
Taxation (40.9) (12.8) (d) (53.7)
---------------- ----------- -----------------
Profit for the
period 175.7 46.0 221.7
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 162.5 162.5
Basic earnings
per share 1.08 1.36
Weighted average
shares
outstanding in
millions -
diluted 162.7 162.7
Diluted earnings
per share 1.08 1.36
(a) Represents share based payment charge including employer payroll taxes of
EUR10.0 million and non-operating M&A transaction costs of EUR0.9
million.
(b) Represents exceptional items which management believes are non-recurring
and do not have a continuing impact. See Note 5, Exceptional items,
within 'Exhibit 99.2 - Condensed Consolidated Interim Financial
Statements' for a detailed list of exceptional items.
(c) Represents elimination of EUR14.4 million of net gains on repricing of
debt, a one-time EUR5.7 million gain from the reversal of an impairment
of a short-term investment which was made with surplus cash as part of
our cash management activities, EUR17.4 million of foreign exchange
translation losses and EUR0.4 million of losses on derivatives.
(d) Represents tax impact of the above at the applicable tax rate for each
adjustment, determined by the nature of the item and the jurisdiction in
which it arises.
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles Adjusted EBITDA to the reported results of Nomad Foods for each period.
Adjusted EBITDA (unaudited)
Three months ended Nine months ended
--------------------------- ----------------------------
EUR in September September 30, September 30, September 30,
millions 30, 2025 2024 2025 2024
------------ ------------- ------------- -------------
Profit for
the period 57.6 70.3 147.4 175.7
Taxation 12.8 16.7 33.3 40.9
Net financing
costs 23.2 35.4 74.2 78.9
Depreciation
&
amortization 29.6 25.1 79.9 71.4
Exceptional
items (a) 16.9 14.3 48.9 50.2
Other
add-backs
(b) 2.6 4.5 8.4 10.9
------------ ------------- ------------- -------------
Adjusted
EBITDA 142.7 166.3 392.1 428.0
============ ============= ============= =============
Revenue 752.4 769.6 2,259.4 2,306.4
------------ ------------- ------------- -------------
Adjusted
EBITDA
margin (c) 19.0 % 21.6 % 17.4 % 18.6 %
============ ============= ============= =============
(a) Adjustment to add back exceptional items. See Note 5, Exceptional items,
within 'Exhibit 99.2 - Condensed Consolidated Interim Financial
Statements' for a detailed list of exceptional items.
(b) Represents the elimination of share-based payment charges including
employer payroll taxes for the three month period to September 30, 2025
of EUR2.3 million (2024: EUR4.2 million) and EUR7.6 million for the nine
months ended September 30, 2025 (2024: EUR10.0 million), as well as the
elimination of non-operating M&A transaction costs for the three month
period to September 30, 2025 of EUR0.3 million (2024: EUR0.3 million) and
EUR0.8 million for the nine months ended September 30, 2025 (2024: EUR0.9
million). We exclude these costs because we do not believe they are
indicative of our normal operating costs, can vary significantly in
amount and frequency, and are unrelated to our underlying operating
performance.
(c) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by
Revenue.
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
Reconciliation from reported to organic revenue growth/(decline)
The following table is a reconciliation of reported revenue growth to Organic Revenue Growth for the three and nine month periods ended September 30, 2025.
Year on Year Growth - September 30, 2025 compared with September 30, 2024:
Three Months Ended Nine months ended
September 30, 2025 September 30, 2025
YoY change YoY change
Reported Revenue Growth (2.2) % (2.0) %
Of which:
Organic Revenue Growth (1.6) % (2.1) %
Translational FX (a) (0.6) % 0.1 %
----------------------- -----------------------
Total (2.2) % (2.0) %
(a) Translational FX is calculated by translating data of the current and
comparative periods using a budget foreign exchange rate that is set once
a year as part of the Company's internal annual forecast process.
Forward-Looking Statements
Forward-Looking Statements and Disclaimers
Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts, including the Company's expectations regarding (i) its future operating and financial performance, including its 2025 guidance with respect to organic revenue growth, Adjusted EBITDA growth, adjusted free cash flow conversion, Adjusted EPS, and Adjusted EPS growth; (ii) disruptions in consumer behaviors, (iii) its growth and efficiency initiatives, including with respect to its innovation and renovation initiatives, (iv) its ability to generate superior shareholder returns; (v) its bottom-line growth and cash generation; (vi) its portfolio's ability to remain well positioned for consumer trends; and (vii) Mr. Brisby's ability to improve the Company's results and growth.
These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) the Company's ability to effectively mitigate factors that negatively impact its supply of raw materials, including the conflict in Ukraine and climate-related factors beyond the Company's control; (ii) the Company's ability to successfully mitigate inflationary changes in the market; (iii) the Company's ability to successfully identify suitable acquisition targets and adequately evaluate the potential performance of such acquisition targets; (iv) the Company's ability to successfully implement its strategies (including its M&A strategy) and strategic initiatives and to recognize the anticipated benefits of such strategic initiatives; (v) innovations introduced to the markets and the Company's ability to accurately forecast the brands' performance; (vi) the Company's ability to effectively compete in its markets; (vii) changes in consumer preferences, such as meat substitutes, and the Company's failure to anticipate and respond to such changes or to successfully develop and renovate products; (viii) the effects of reputational damage from unsafe or poor quality food products; (ix) the risk that securities markets will react negatively to actions by the Company; (x) the adequacy of the Company's cash resources to achieve its anticipated growth agenda; (xi) increases in operating costs, including labor costs, and the Company's ability to manage its cost structure; (xii) fluctuations in the availability of food ingredients and packaging materials that the Company uses in its products; (xiii) the Company's ability to protect its brand names and trademarks; (xiv) the Company's ability to prevent, or remediate, any future cybersecurity incidents; (xv) loss of the Company's financial arrangements with respect to receivables factoring; (xvi) the loss of any of the Company's major customers or a decrease in demand for its products; (xvii) economic conditions that may affect the Company's future performance including exchange rate fluctuations; (xviii) the Company's ability to successfully interpret and respond to key industry trends and to realize the expected benefits of its responsive actions; (xix) the Company's failure to comply with, and liabilities related to, environmental, health and safety laws and regulations; (xx) changes in applicable laws or regulations; (xxi) the Company's ability to remediate any material weaknesses in its internal control over financial reporting; and (xxii) the other risks and uncertainties disclosed in the Company's public filings and any other public disclosures by the Company. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
No Offer or Solicitation
This release and referenced conference call is provided for informational purposes only and does not constitute an offer to sell, or an invitation to subscribe for, purchase or exchange, any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this press release in any jurisdiction in contravention of applicable law.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
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SOURCE Nomad Foods Limited
(END) Dow Jones Newswires
November 06, 2025 06:45 ET (11:45 GMT)
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