Pricing and productivity drove a positive Adjusted Gross Margin inflection
Cash generation remains strong with Adjusted Free Cash Flow conversion higher year-on-year
WOKING, England, Aug. 13, 2026 /PRNewswire/ -- Nomad Foods Limited (NYSE: NOMD), today reported financial results for the three and six month periods ended June 30, 2026.
Key operating metrics and financial performance for the second quarter 2026, when compared to the second quarter 2025, include:
-- Reported Revenue decreased 3.1% to EUR724 million; Organic revenue
declined 2.9% with a volume decline of 5.9% and a positive price-mix
contribution of 3.0%
-- Gross margin increased 130 bps, Adjusted gross margin increased 110 bps
-- Profit for the period decreased 15% to EUR49 million, Adjusted EBITDA
decreased 4.3% to EUR124 million
-- Reported Diluted EPS decreased 5.0% to EUR0.35; Adjusted EPS decreased
2.5% to EUR0.39
Management Comments
"The second quarter marked an important step forward for Nomad Foods," said Dominic Brisby, Chief Executive Officer of Nomad Foods. "We secured our price increase, expanded gross margins, restored momentum with key retail partners, and continued to strengthen our organization. Our iconic brands participate in attractive and growing categories, and we are increasing our focus on innovation, renovation, and commercial excellence to better capture that opportunity. While there is more work to do, I am encouraged by the progress we are making and excited about the significant value creation opportunities ahead as we unlock the full value of our brands, supply chain, and pan-European platform. I remain confident in our ability to drive improved performance and create meaningful shareholder value."
"The Board is encouraged by the progress made during the quarter as Nomad Foods continues to strengthen its foundation and advance its strategic priorities," said Noam Gottesman, Co-Chairman and Founder of Nomad Foods. "We are particularly pleased with the actions taken to enhance the Company's leadership team, improve operational efficiency, and restore momentum with key customers. The Board remains confident in management's ability to execute its value creation plan and believes the Company is well positioned to capitalize on the attractive long-term growth opportunities within the frozen food category."
Second Quarter 2026 results compared to Second Quarter of 2025
-- Revenue decreased 3.1% to EUR724 million. Organic revenue decreased by
2.9% and was driven by a volume decline of 5.9% partly offset with an
improvement in price-mix of 3.0%.
-- Adjusted gross profit increased 0.7% to EUR209 million. Adjusted gross
margin increased 110 basis points to 28.9% due to positive price
contribution and continued supply chain productivity.
-- Adjusted operating expenses increased 7.8% to EUR111 million due to the
rebuild of the company's employee performance incentive scheme.
-- Adjusted EBITDA decreased 4.3% to EUR124 million due to the
aforementioned factors and Adjusted Profit for the period decreased 9% to
EUR55 million.
-- Adjusted EPS decreased EUR0.01 to EUR0.39 with the decrease in Adjusted
Profit for the period offset in part by fewer shares outstanding.
Reported Diluted EPS decreased EUR0.02 to EUR0.35.
First Six Months of 2026 results compared to the First Six Months of 2025
-- Revenue decreased 4.5% to EUR1,439 million. Organic revenue decreased by
4.1% and was driven by a volume decline of 5.1% and an improvement in
price/mix of 1.0%.
-- Adjusted gross profit decreased 6.3% to EUR393 million. Adjusted gross
margin decreased 50 basis points to 27.3%, due to supply chain inflation
headwinds, partially offset by pricing and supply chain productivity.
-- Adjusted operating expenses increased 3.6% to EUR227 million due to the
rebuild of the company's employee performance incentive scheme partly
offset with a reduction in Advertising and Promotion expense.
-- Adjusted EBITDA decreased 13.3% to EUR216 million due to the
aforementioned factors. Adjusted Profit for the period decreased 23.2% to
EUR88 million.
-- Adjusted EPS decreased by EUR0.12 to EUR0.62 reflecting the decrease in
Adjusted Profit for the period and fewer shares outstanding. Reported
Diluted EPS decreased EUR0.03 to EUR0.55.
2026 Guidance
In line with previous guidance, for the full year the Company continues to expect organic revenue to decline by 2%-5% and Adjusted EBITDA to decline by 5%-10%. Adjusted EPS is now expected to be EUR1.38-EUR1.53, versus prior guidance of EUR1.47-EUR1.62, due to higher interest expense associated with the Company's recently completed refinancing activity and higher variable interest rates. Based on USD/EUR exchange rate as of August 6, 2026, this translates into 2026 Adjusted EPS of $1.59-$1.76. The Company also continues to expect full year Adjusted Free Cash Flow conversion of 90% or greater.
Conference Call and Webcast
A pre-recorded management discussion of Nomad Foods' second quarter 2026 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, August 13, 2026 at 1:30 p.m. BST (8:30 a.m. Eastern Daylight Time). To participate on the live call listeners in North America may dial +1-877-451-6152 and international listeners may dial +1-201-389-0879. The call is also being webcast and can be accessed at the Nomad Foods website at www.nomadfoods.com under Investor Relations. A replay of the conference 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 13761121.
Enquiries
Investor Relations Contact
Jason English
investors@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 six months ended June 30, 2026 and for comparative purposes, the three and six months ended June 30, 2025.
Adjusted financial information for the three and six months ended June 30, 2026 and 2025 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, hedge ineffectiveness on cross currency and interest rate swaps, 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, certain one-time credits on the recognition of deferred tax assets, 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 six months ended June 30, 2026 and 2025 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.
Adjusted Free 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 8 to 13, 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 June 30, 2026 and June 30, 2025
Three months ended Three months ended
June 30, 2026 June 30, 2025
EURm EURm
------------------- ------------------
Revenue 723.7 746.9
Cost of sales (514.5) (540.6)
------------------- ------------------
Gross profit 209.2 206.3
Other operating expenses (107.6) (103.9)
Exceptional items (13.0) (14.9)
------------------- ------------------
Operating profit 88.6 87.5
Finance income 3.1 13.6
Finance costs (31.6) (30.5)
------------------- ------------------
Net financing costs (28.5) (16.9)
------------------- ------------------
Profit before tax 60.1 70.6
Taxation (11.6) (13.5)
------------------- ------------------
Profit for the period 48.5 57.1
=================== ==================
Basic earnings per share in EUR 0.35 0.37
Diluted earnings per share in EUR 0.35 0.37
Statements of Profit or Loss (unaudited)
Six months ended June 30, 2026 and June 30, 2025
Six months ended Six months ended
June 30, 2026 June 30, 2025
EURm EURm
---------------- ----------------
Revenue 1,438.9 1,507.0
Cost of sales (1,046.1) (1,089.1)
---------------- ----------------
Gross profit 392.8 417.9
Other operating expenses (224.6) (224.6)
Exceptional items (22.9) (32.0)
---------------- ----------------
Operating profit 145.3 161.3
Finance income 9.1 10.5
Finance costs (59.0) (61.5)
---------------- ----------------
Net financing costs (49.9) (51.0)
---------------- ----------------
Profit before tax 95.4 110.3
Taxation (18.0) (20.5)
---------------- ----------------
Profit for the period 77.4 89.8
================ ================
Basic earnings per share in EUR 0.55 0.59
Diluted earnings per share in EUR 0.55 0.58
Nomad Foods Limited As Reported
Condensed Consolidated Interim Statements of Financial Position
As at June 30, 2026 (unaudited) and December 31, 2025
As at June 30, 2026 As at December 31, 2025
EURm EURm
------------------- -----------------------
Non-current assets
Goodwill 2,105.5 2,104.7
Intangible assets 2,461.3 2,463.8
Property, plant and equipment 602.2 595.2
Other non-current assets 7.6 7.0
Derivative financial
instruments 3.0 0.4
Deferred tax assets 11.3 17.1
------------------- -----------------------
Total non-current assets 5,190.9 5,188.2
------------------- -----------------------
Current assets
Cash and cash equivalents 273.4 324.8
Inventories 470.8 440.6
Trade and other receivables 426.2 350.8
Current tax receivable 12.8 26.1
Derivative financial
instruments 4.7 4.5
------------------- -----------------------
Total current assets 1,187.9 1,146.8
------------------- -----------------------
Total assets 6,378.8 6,335.0
------------------- -----------------------
Current liabilities
Trade and other payables 841.8 794.9
Current tax payable 166.5 193.4
Provisions 30.0 27.6
Loans and borrowings 33.7 32.6
Derivative financial
instruments 10.1 19.4
------------------- -----------------------
Total current liabilities 1,082.1 1,067.9
------------------- -----------------------
Non-current liabilities
Loans and borrowings 2,278.3 2,258.6
Employee benefits 140.2 138.4
Other non-current liabilities 0.3 0.4
Provisions 1.3 1.4
Derivative financial
instruments 93.4 112.2
Deferred tax liabilities 265.7 259.3
------------------- -----------------------
Total non-current liabilities 2,779.2 2,770.3
------------------- -----------------------
Total liabilities 3,861.3 3,838.2
------------------- -----------------------
Net assets 2,517.5 2,496.8
=================== =======================
Equity attributable to equity
holders
Share capital and capital
reserve 1,111.4 1,134.3
Share-based compensation
reserve 12.8 16.9
Translation reserve 104.7 102.4
Other reserves (2.3) (12.9)
Retained earnings 1,290.9 1,256.1
------------------- -----------------------
Total equity 2,517.5 2,496.8
=================== =======================
Nomad Foods Limited As Reported
Condensed Consolidated Interim Statements of Cash Flows (unaudited)
For the six months ended June 30, 2026 and the six months ended June 30,
2025
For the six months ended For the six months ended
June 30, 2026 June 30, 2025
EURm EURm
------------------------ ------------------------
Cash flows from
operating activities
Profit for the period 77.4 89.8
Adjustments for:
Exceptional items 22.9 32.0
Share based payment
(credit)/expense (2.9) 4.1
Depreciation and
amortization 50.2 50.3
Loss on disposal and
impairment of
property, plant and
equipment 0.3 0.4
Net finance costs 49.8 51.0
Taxation 18.0 20.5
------------------------ ------------------------
Operating cash flow
before changes in
working capital,
provisions and
exceptional items 215.7 248.1
Increase in
inventories (25.2) (27.9)
Increase in trade and
other receivables (75.0) (91.0)
Increase in trade and
other payables 51.9 56.4
Decrease in employee
benefits and other
provisions (3.4) (1.0)
------------------------ ------------------------
Cash generated from
operations before tax
and exceptional items 164.0 184.6
Payments relating to
exceptional items (23.9) (30.8)
Tax paid (20.4) (33.6)
------------------------ ------------------------
Net cash generated from
operating activities 119.7 120.2
------------------------ ------------------------
Cash flows from
investing activities
Purchase of property,
plant and equipment
and intangibles (37.4) (37.1)
Interest received 2.0 2.4
------------------------ ------------------------
Net cash used in
investing activities (35.4) (34.7)
------------------------ ------------------------
Cash flows from
financing activities
Repurchase of
ordinary shares (23.7) (100.5)
Payments related to
shares withheld for
taxes (0.4) (6.6)
Payment of lease
liabilities (17.6) (17.0)
Dividends paid (40.9) (48.4)
Payment of financing
fees (0.5) (0.2)
Interest paid (48.7) (51.6)
------------------------ ------------------------
Net cash used in
financing
activities (131.8) (224.3)
------------------------ ------------------------
Net decrease in cash and
cash equivalents (47.5) (138.8)
------------------------ ------------------------
Cash and cash
equivalents at
beginning of period 324.8 403.3
Effect of exchange
rate fluctuations (3.9) 2.1
------------------------ ------------------------
Cash and cash
equivalents at end of
period 273.4 266.6
======================== ========================
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 June 30, 2026 to the reported results of Nomad Foods for such period.
Statement of Profit or Loss (unaudited), as adjusted
Three Months Ended June 30, 2026
As reported for As adjusted for
EUR in the three months the three months
millions, except ended June 30, ended June 30,
per share data 2026 Adjustments 2026
---------------- ----------- -----------------
Revenue 723.7 -- 723.7
Cost of sales (514.5) -- (514.5)
---------------- ----------- -----------------
Gross profit 209.2 -- 209.2
Other operating
expenses (107.6) (3.8) (a) (111.4)
Exceptional items (13.0) 13.0 (b) --
---------------- ----------- -----------------
Operating profit 88.6 9.2 97.8
Finance income 3.1 (2.0) 1.1
Finance costs (31.6) 1.5 (30.1)
---------------- ----------- -----------------
Net financing
costs (28.5) (0.5) (c) (29.0)
---------------- ----------- -----------------
Profit before tax 60.1 8.7 68.8
Taxation (11.6) (1.9) (d) (13.5)
---------------- ----------- -----------------
Profit for the
period 48.5 6.8 55.3
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 139.8 139.8
Basic earnings
per share 0.35 0.40
Weighted average
shares
outstanding in
millions -
diluted 140.1 140.1
Diluted earnings
per share 0.35 0.39
(a) Represents share based payment credit including employer payroll taxes of
EUR4.0 million and non-operating M&A transaction costs of EUR0.2
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 EUR2.0 million of foreign exchange translation
gains and EUR1.5 million of hedge ineffectiveness losses on cross
currency and interest rate swaps.
(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 financial information for the three months ended June 30, 2025 to the reported results of Nomad Foods for such period.
Statement of Profit or Loss (unaudited), as adjusted
Three Months Ended June 30, 2025
As reported for As adjusted for
EUR in the three months the three months
millions, except ended June 30, ended June 30,
per share data 2025 Adjustments 2025
---------------- ----------- -----------------
Revenue 746.9 -- 746.9
Cost of sales (540.6) 1.4 (a) (539.2)
---------------- ----------- -----------------
Gross profit 206.3 1.4 207.7
Other operating
expenses (103.9) 0.6 (b) (103.3)
Exceptional items (14.9) 14.9 (c) --
---------------- ----------- -----------------
Operating profit 87.5 16.9 104.4
Finance income 13.6 (12.4) 1.2
Finance costs (30.5) -- (30.5)
---------------- ----------- -----------------
Net financing
costs (16.9) (12.4) (d) (29.3)
---------------- ----------- -----------------
Profit before tax 70.6 4.5 75.1
Taxation (13.5) (1.1) (e) (14.6)
---------------- ----------- -----------------
Profit for the
period 57.1 3.4 60.5
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 152.4 152.4
Basic earnings
per share 0.37 0.40
Weighted average
shares
outstanding
in millions -
diluted 152.6 152.6
Diluted earnings
per share 0.37 0.40
(a) Represents elimination of EUR1.4 million of incremental depreciation
related to assets impacted by the 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
EUR0.4 million and non-operating M&A transaction costs of EUR0.2
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) Elimination of EUR12.4 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 six months ended June 30, 2026 to the reported results of Nomad Foods for such period.
Statement of Profit or Loss (unaudited), as adjusted
Six Months Ended June 30, 2026
As reported for As adjusted for
EUR in the six months the six months
millions, except ended June 30, ended June 30,
per share data 2026 Adjustments 2026
---------------- ----------- -----------------
Revenue 1,438.9 -- 1,438.9
Cost of sales (1,046.1) -- (1,046.1)
---------------- ----------- -----------------
Gross profit 392.8 -- 392.8
Other operating
expenses (224.6) (2.1) (a) (226.7)
Exceptional items (22.9) 22.9 (b) --
---------------- ----------- -----------------
Operating profit 145.3 20.8 166.1
Finance income 9.1 (7.3) 1.8
Finance costs (59.0) -- (59.0)
---------------- ----------- -----------------
Net financing
costs (49.9) (7.3) (c) (57.2)
---------------- ----------- -----------------
Profit before tax 95.4 13.5 108.9
Taxation (18.0) (3.3) (d) (21.3)
---------------- ----------- -----------------
Profit for the
period 77.4 10.2 87.6
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 140.8 140.8
Basic earnings
per share 0.55 0.62
Weighted average
shares
outstanding in
millions -
diluted 141.1 141.1
Diluted earnings
per share 0.55 0.62
(a) Represents share based payment credit including employer payroll taxes of
EUR2.6 million and non-operating M&A transaction costs of EUR0.5
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 EUR4.6 million of foreign exchange translation
gains and EUR2.7 million of hedge ineffectiveness gains on cross currency
and interest rate swaps.
(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 six months ended June 30, 2025 to the reported results of Nomad Foods for such period.
Statement of Profit or Loss (unaudited), as adjusted
Six Months Ended June 30, 2025
As reported for As adjusted for
EUR in the six months the six months
millions, except ended June 30, ended June 30,
per share data 2025 Adjustments 2025
---------------- ----------- -----------------
Revenue 1,507.0 -- 1,507.0
Cost of sales (1,089.1) 1.4 (a) (1,087.7)
---------------- ----------- -----------------
Gross profit 417.9 1.4 419.3
Other operating
expenses (224.6) 5.8 (b) (218.8)
Exceptional items (32.0) 32.0 (c) --
---------------- ----------- -----------------
Operating profit 161.3 39.2 200.5
Finance income 10.5 (7.8) 2.7
Finance costs (61.5) -- (61.5)
---------------- ----------- -----------------
Net financing
costs (51.0) (7.8) (d) (58.8)
---------------- ----------- -----------------
Profit before tax 110.3 31.4 141.7
Taxation (20.5) (7.1) (e) (27.6)
---------------- ----------- -----------------
Profit for the
period 89.8 24.3 114.1
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 153.5 153.5
Basic earnings
per share 0.59 0.74
Weighted average
shares
outstanding in
millions -
diluted 153.7 153.7
Diluted earnings
per share 0.58 0.74
(a) Represents elimination of EUR1.4 million of incremental depreciation
related to assets impacted by the 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
EUR5.3 million and non-operating M&A transaction costs of EUR0.5
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 EUR7.8 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 EBITDA to the reported results of Nomad Foods for each period.
Adjusted EBITDA (unaudited)
Three months ended Six months ended
--------------------------- ----------------------------
EUR in June 30,
millions 2026 June 30, 2025 June 30, 2026 June 30, 2025
------------ ------------- ------------- -------------
Profit for
the period 48.5 57.1 77.4 89.8
Taxation 11.6 13.5 18.0 20.5
Net financing
costs 28.5 16.9 49.9 51.0
Depreciation
&
amortization 25.9 26.3 50.2 50.3
Exceptional
items (a) 13.0 14.9 22.9 32.0
Other
add-backs
(b) (3.8) 0.6 (2.1) 5.8
------------ ------------- ------------- -------------
Adjusted
EBITDA 123.7 129.3 216.3 249.4
============ ============= ============= =============
Revenue 723.7 746.9 1,438.9 1,507.0
------------ ------------- ------------- -------------
Adjusted
EBITDA
margin (c) 17.1 % 17.3 % 15.0 % 16.5 %
============ ============= ============= =============
(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 credit including
employer payroll taxes for the three month period to June 30, 2026 of
EUR4.0 million (2025: charges of EUR0.4 million) and a credit of EUR2.6
million for the six month period to June 30, 2026 (2025: charges of
EUR5.3 million), as well as the elimination of non-operating M&A
transaction costs for the three month period to June 30, 2026 of EUR0.2
million (2025: EUR0.2 million) and EUR0.5 million for the six month
period to June 30, 2026 (2025: EUR0.5 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/(decline) to Organic Revenue Growth for the three and six month periods ended June 30, 2026.
Year on Year Growth - June 30, 2026 compared with June 30, 2025:
Three Months Ended Six months ended
June 30, 2026 June 30, 2026
YoY change YoY change
Reported Revenue Growth/(Decline) (3.1) % (4.5) %
Of which:
Organic Revenue Growth/(Decline) (2.9) % (4.1) %
Translational FX (a) (0.2) % (0.4) %
------------------ ----------------
Total (3.1) % (4.5) %
(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 2026 guidance with respect to organic revenue growth, Adjusted EBITDA growth, adjusted free cash flow conversion, and Adjusted EPS; (ii) its growth and efficiency initiatives, including with respect to its innovation and renovation initiatives, (iii) its ability to drive improved performance and and create meaningful shareholder value; (iv) its growth strategy; (v) its long-term growth opportunities and portfolio's ability to remain well positioned for consumer trends; and (vii) its new leadership'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 the Middle East and climate-related factors beyond the Company's control; (ii) the Company's ability to successfully mitigate inflationary changes in the market; (iii) disruptions or inefficiencies in the Company's operations or supply chain, including as a result of the conflict in Ukraine and the Middle East or trade conflicts; (iv) the Company's ability to successfully implement its strategies 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; (xxii) the Company's ability to effectively execute its comprehensive value creation plan and other strategic initiatives; (xxiii) the Company's ability to hire, retain and motivate key employees and top tier talent; and (xxiv) 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 press release and referenced conference call are provided for informational purposes only and do 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 or on the referenced conference call 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