Anthony Bucalo - Head of Investor Relations Stefan Descheemaeker - Chief Executive Officer Samy Zekhout - Chief Financial Officer Jason English - Goldman Sachs John Baumgartner - Mizuho Securities Peter Saleh - BTIG Simon Negin - UBS Steve Powers - Deutsche Bank Rob Dickerson - Jefferies Jon Tanwanteng - CJS Securities Company Participants Good morning and welcome to the Nomad Foods' First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After toda ...

Financial Data and Key Metrics Changes - In 2022, the company achieved record sales, adjusted EBITDA, and adjusted EPS for the sixth consecutive year, with adjusted EPS of $1.68, reflecting a 60% increase since 2016 [3][15] - Full-year adjusted EBITDA grew 8% to $524 million, with an adjusted EBITDA margin of 17.8%, down 90 basis points from the previous year [17][35] - Fourth quarter adjusted EPS was flat at $0.33, translating to $0.35 at current US dollar spot rates [17][35] Business Line Data and Key Metrics Changes - The company reported a 7.7% organic revenue growth in Q4, with total revenues increasing by 6.6% to $750 million [35] - Full-year organic revenues grew 1.8%, driven by price increases that offset volume declines [35] - Adjusted gross profit for Q4 grew 3% to $193 million, while adjusted COGS increased by 7.7% to $558 million due to raw material inflation [17][35] Market Data and Key Metrics Changes - The company experienced mid-single-digit declines in full-year volume and mix, but value share increased by about 0.5 points for the year [15][35] - The company expects market share to improve sequentially in 2023 due to innovation efforts and increased advertising and promotion investments [35] Company Strategy and Development Direction - The company plans to strengthen its brand through increased investment in advertising and promotion, particularly as market conditions normalize [4][33] - The strategy includes broadening affordable choices to address inflationary pressures on consumers while managing supply chain efficiency [4][33] - The company aims to maximize portfolio value through prudent pricing and improved revenue growth management strategies [33] Management's Comments on Operating Environment and Future Outlook - Management indicated that 2023 is expected to be a transitional year towards a more normalized consumer environment, with plans in place to meet financial objectives and maintain growth [4][5] - The company anticipates lower inflation levels in 2023 compared to 2022, but still plans to take pricing actions to protect its cost structure [21][39] - Management expressed confidence in achieving 2025 targets, emphasizing operational strength and investment plans funded by cost savings [53] Other Important Information - The company successfully refinanced its debt portfolio, extending maturities to mid-2028 and 2029, which provides greater flexibility for cash allocation strategies [5][36] - Adjusted free cash flow for the year was $189 million, with a cash flow conversion of 65%, impacted by working capital increases [17][36] Q&A Session Summary Question: What drove the decline in gross margins year-over-year? - Management noted that while pricing was in line with expectations, the margins were impacted by higher raw material costs, which they are addressing through pricing strategies [8][19] Question: What is the cost inflation estimate for 2023? - Management indicated that inflation is expected to be lower than in 2022, but pricing actions will still be necessary to protect the cost structure [21][39] Question: What are the expectations for Fortenova in 2023? - Management confirmed that Fortenova's revenue growth should be accretive to overall company guidance, with ongoing integration efforts expected to accelerate [22] Question: How is the brand investment strategy evolving? - Management emphasized a balanced approach, focusing on both advertising investments and competitive pricing to maintain market share against private labels [45][47] Question: How does the company view its volume compared to pre-COVID levels? - Management reported a slight decline in volume compared to pre-COVID but noted an increase in consumer reach, indicating a stronger consumer base [51] Question: How confident is the company in achieving its 2025 targets? - Management expressed confidence in meeting 2025 targets, highlighting operational strength and a commitment to delivering superior shareholder returns [53]

Nomad Foods Reports Fourth Quarter and Full Year 2022 Financial Results Full year Adjusted EPS of €1.68 Completes 6th consecutive year of record annual reported revenue, Adjusted EBITDA and Adjusted EPS 2023 Adjusted EPS guidance range of €1.50 to €1.55 FELTHAM, England - February 23, 2023 - Nomad Foods Limited (NYSE: NOMD) (the "Company" or "Nomad Foods"), today reported financial results for the three and twelve-month periods ended December 31, 2022. Key operating highlights and financial performance for ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) Commission file number 001-37669 Nomad Foods Limited (Exact Name of Registrant as Specified in Its Charter) British Virgin Islands (Jurisdiction of Incorporation or Organization) No. 1 New Square Bedfont Lakes Business Park Feltham, Middlesex TW14 8HA, United Kingdom (Address of Principal Executive Offices) Samy Zekhout No. 1 New Square Bedfont Lakes Business Park Feltham, Middlesex TW14 8HA Telephone:+(44) 208 918 ...

Nomad Foods Limited. (NYSE:NOMD) Q3 2022 Earnings Conference Call November 9, 2022 8:30 AM ET Company Participants Anthony Bucalo - Head of Investor Relations Stefan Descheemaeker - Chief Executive Officer Samy Zekhout - Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Jason English - Goldman Sachs Cody Ross - UBS John Baumgartner - Mizuho Peter Saleh - BTIG Robert Moskow - Cr??dit Suisse Jon Tanwanteng - CJS Securities Operator Ladies and gentlemen, good morning and welcome to t ...

Nomad Foods | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|--------------------------------------| | | | | | | | | | | | | | | | | | | | | THIRD QUARTER 2022 Earnings Results | | | | | | | November 9, 2022 | | | | | | | | Disclaimer This Presentation has been prepared and issued by Nomad Foods Limited (the "Company"). This Presentation has been provided solely for information and background. The information in this Presentation is provided as at the date of the Presentation ( ...

Nomad Foods Limited (NYSE:NOMD) Q2 2022 Earnings Conference Call August 10, 2022 8:30 AM ET Company Participants Anthony Bucalo - Head of Investor Relations Stefan Descheemaeker - Chief Executive Officer Samy Zekhout - Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Jason English - Goldman Sachs Rob Moskow - Credit Suisse Steve Powers - Deutsche Bank John Baumgartner - Mizuho Cody Ross - UBS JM Shekian - Citi Operator Good day and welcome to the Nomad Foods Second Quarter 2022 E ...

FIRST QUARTER 2022 Earnings Results May 11, 2022 Disclaimer This Presentation has been prepared and issued by Nomad Foods Limited (the "Company"). This Presentation has been provided solely for information and background. The information in this Presentation is provided as at the date of the Presentation (unless stated otherwise). This Presentation does not constitute or form part of, and should not be construed as: (i) an offer, solicitation or invitation to subscribe for, sell or issue, underwrite or othe ...

Financial Data and Key Metrics Changes - Reported revenues for Q1 2022 were $733 million, an increase of 3.6% year-on-year, primarily driven by the inclusion of the newly acquired Adriatic business [11][33] - Organic revenue declined by 4.5%, reflecting difficult volume comparisons against the previous year's COVID lockdowns [12][14] - Adjusted gross margin was 27.9%, down 250 basis points year-on-year due to higher raw material costs and lower organic sales [12][35] - Adjusted EBITDA was $132 million, representing a 4% decline compared to the previous year [13][36] - Adjusted EPS was $0.43 per share, a 9% decline year-on-year, but still on track to meet the 2022 adjusted EPS guidance of $1.71 to $1.75 [13][45] Business Line Data and Key Metrics Changes - Positive revenue growth was attributed to the first-time inclusion of the Adriatic business and a small boost from currency, while organic sales faced a decline due to various challenges [14][35] - Sales losses in the U.K. were due to a poultry shortage and a pricing dispute with a major retail customer, but these issues have since been resolved [15][16] Market Data and Key Metrics Changes - Market share trends showed a 10 basis point increase across all markets, with a 60 basis point increase in the top four markets, which account for over 60% of sales [19] - The company is well hedged on input costs, with approximately 85% of raw materials hedged for 2022 [20] Company Strategy and Development Direction - The company is focusing on performance and delivery, driving retail execution, and refining the supply chain through targeted investments [10][30] - Plans to implement at least one more round of price increases in the second half of the year to offset inflationary pressures [17][39] - The integration of the Adriatic business is progressing well, with confidence in achieving synergy targets by 2024 [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unprecedented geopolitical challenges posed by the war in Ukraine and rising input costs, but expressed confidence in the resilience of the business model [8][9] - The company expects sequentially improving financial performance throughout 2022, driven by pricing actions and a favorable mix from the Adriatic business [42][45] - Management remains optimistic about the long-term growth potential, despite current challenges [30][128] Other Important Information - The company repurchased nearly $27 million in shares during Q1 as part of a $500 million buyback program [24] - The company is committed to social responsibility and sustainability goals, including net carbon neutrality [30] Q&A Session Summary Question: Guidance on pricing waves - Management indicated that a third wave of pricing may be necessary if inflation continues to rise [48][49] Question: Competitive positioning in fish - Competitors are facing similar challenges regarding supply and pricing, and the company is moving quickly to address these issues [50][52] Question: Organic growth guidance confusion - Management clarified that there will be modest organic growth for the year, correcting previous statements [58] Question: Raw materials availability and risks - The company is actively working to diversify sourcing and reduce dependency on Russian fish, while also managing other raw material costs [68][70] Question: Capital allocation priorities - The company maintains an opportunistic approach to capital allocation, assessing all options including share repurchases and M&A [91][92] Question: Integration of Fortenova - The integration of Fortenova is progressing well, with strong performance expected in the summer selling season [101][106]

Financial Performance - Revenue for the fiscal year ended December 31, 2021, was €2,606.6 million, an increase of 3.6% from €2,515.9 million in 2020[38] - Gross profit for the fiscal year ended December 31, 2021, was €744.3 million, a decrease of 2.9% from €762.5 million in 2020[38] - Operating profit for the fiscal year ended December 31, 2021, was €342.7 million, down from €359.2 million in 2020, reflecting a decline of 4.8%[38] - Profit for the period for the fiscal year ended December 31, 2021, was €181.0 million, a decrease of 19.6% compared to €225.1 million in 2020[38] - Basic earnings per share for the fiscal year ended December 31, 2021, was €1.02, down from €1.16 in 2020, representing a decline of 12.1%[38] - Total assets as of December 31, 2021, were €6,170.8 million, an increase of 10.6% from €5,580.6 million in 2020[38] - Total equity as of December 31, 2021, was €2,299.0 million, up from €2,126.1 million in 2020, reflecting an increase of 8.1%[38] Market and Competitive Landscape - Approximately 93% of the company's revenue for the year ended December 31, 2021, was derived from the EU and the UK, with 29% from the UK[63] - The company is exposed to macroeconomic trends that could adversely impact operations, particularly in key markets where 78% of revenue was generated[64] - The company relies on a limited number of large food retailers, with the top 10 customers accounting for 40% of revenue, increasing vulnerability to their performance[72] - Major multiple retailers have increased their market share and bargaining power, leading to intensified price competition that could reduce the company's margins[77] - Retail customers are prioritizing private label products, which typically have higher margins for retailers, potentially affecting the sales of the company's products[78] Risks and Challenges - The company faces significant risks including competition, changing consumer preferences, and potential impacts from the COVID-19 pandemic[44] - The COVID-19 pandemic has created significant volatility and economic disruption, adversely impacting the company's business and financial condition[57] - The company experienced lower demand for food service products due to governmental restrictions on dining out, which could negatively impact revenue[59] - The company faces challenges in passing on price increases for raw materials to customers, which could negatively impact profit margins[71] - The company faces significant credit risk from retail customers, which could negatively impact its financial condition and results of operations if credit policies prove inadequate[75] - The company may not be able to achieve its sustainability targets, which could affect demand for its products and adversely impact financial results[66] - The company is exposed to local business and tax risks in various countries, which could disrupt activities due to political instability, economic conditions, and regulatory changes[98] - The company faces international tax compliance risks, with pending tax assessments and audits in jurisdictions like Germany and Italy, which could materially reduce income and cash flow[99] Operational and Supply Chain Considerations - The company operates production facilities across Europe, and potential future closures or reduced operations due to COVID-19 could materially affect revenue and operations[60] - Distribution costs are subject to fluctuations and disruptions, which could adversely affect the company's ability to supply products affordably and on time[83] - The company relies on third-party suppliers for key business functions, and any failure by these suppliers could adversely affect operations and product availability[86] - Health concerns regarding food safety could damage the company's reputation and lead to increased operational costs and decreased demand for its products[91] - A failure in maintaining the cold chain could result in food contamination and increased costs, significantly impacting the company's financial condition[96] Strategic Initiatives and Future Outlook - The company is increasing investment in online sales to adapt to changing consumer behavior, particularly during the COVID-19 pandemic[48] - The company aims to introduce new products and extend existing product lines to counteract obsolescence and increase overall sales, but the success of these launches is uncertain[56] - The company emphasizes innovation in product development, focusing on consumer trends such as health, wellness, and convenience[205] - The company completed several strategic acquisitions, including Fortenova Group's Frozen Food Business, expanding its market presence in Central and Eastern Europe[210] - The Fortenova Acquisition allows entry into a new product category (ice cream) and new geographies (Central and Eastern Europe) where the company lacks prior experience[122] Human Resources and Labor Issues - The company employs approximately 8,002 employees, with about 70% in manufacturing operations, and may face labor disputes that could impact supply capabilities[109] - Higher labor costs due to competition for skilled employees and potential increases in minimum wage requirements could adversely affect profitability[110] Financial Management and Compliance - The company faces risks related to its indebtedness, including the ability to generate sufficient cash flow to meet debt service obligations[134] - An increase in market interest rates could significantly raise the company's interest expenses on variable rate indebtedness[138] - The company is exposed to foreign exchange risks due to its operations in multiple currencies, with potential adverse effects on financial condition[141] - The company has various equity instruments outstanding that may require the issuance of additional ordinary shares, potentially diluting existing shareholders' ownership interests[166] - The company is subject to reporting obligations under U.S. securities laws, and failure to maintain effective internal controls over financial reporting could adversely affect investor confidence[163] Market Position and Brand Strength - The company is Europe's leading frozen foods company with a market share of 17.9% in the savory frozen food market as of 2021[192] - The European savory frozen food market generated close to €20 billion in retail sales value in 2021[193] - The company maintains the number one position in sixteen European geographies, including the UK, Italy, Germany, and France[192] - The company's brands, including Birds Eye and Findus, are well-established household names with strong local heritage[200]