Core Viewpoint - Nomad Foods Limited has announced the appointment of Dominic Brisby as the new Executive President and CEO-Elect, effective November 3, 2025, succeeding Stéfan Descheemaeker, who will retire on January 1, 2026 [1][3]. Group 1: Leadership Transition - Dominic Brisby will work alongside current CEO Stéfan Descheemaeker during a transition period until Descheemaeker's retirement [1]. - Descheemaeker has been CEO since the company's founding in 2015 and will continue as a non-executive Director after his retirement [3]. - The transition is part of a planned succession process, with the Board expressing confidence in Brisby's leadership capabilities [4]. Group 2: Dominic Brisby's Background - Brisby has a strong track record in the consumer goods industry, having served as President of North America and Europe at Flora Food Group, where he achieved significant market share growth [2]. - His previous role at Imperial Brands involved reversing market share declines and implementing cost-saving measures that resulted in record profit growth in the U.S. market [2]. Group 3: Company Performance and Future Outlook - Under Descheemaeker's leadership, Nomad Foods has experienced nine consecutive years of revenue and Adjusted EBITDA growth through 2024, with Adjusted EPS expected to have approximately doubled from 2016 to 2025 [3]. - The company is recognized as Europe's leading frozen food business, with a portfolio of iconic brands that align with current consumer trends [5]. - Brisby expressed enthusiasm for unlocking the company's growth potential and delivering attractive returns to stakeholders, emphasizing alignment with trends in nutrition, convenience, value, and sustainability [4].

Core Viewpoint - Nomad Foods Ltd (NYSE:NOMD) is considered a strong investment opportunity in the FMCG sector despite a recent price target reduction by BTIG from $20 to $18 due to challenges in European markets [1][2]. Group 1: Company Performance - BTIG has reiterated a 'Buy' rating on Nomad Foods, indicating confidence in the stock despite lowering sales and earnings estimates due to market-specific dynamics affecting profitability [2]. - The company reported earnings per share of $0.40 for the second quarter, surpassing consensus estimates of $0.38 [3]. Group 2: Market Position - Nomad Foods is recognized as Europe's largest frozen food company, with a diverse portfolio that includes well-known brands such as Birds Eye, Findus, and igloo, offering a variety of frozen food products [4]. Group 3: Future Outlook - The research firm believes that Nomad Foods remains undervalued at current levels, with potential for realistic medium-term cash flow and margin improvements [3]. - The company is evaluating the impact of a reset in advertising and promotion investments expected next year, which may influence future performance [2].

Company Overview - Nomad Foods, a UK frozen foods producer, has seen its stock hit an 18th 52-week low, last trading at this level in October 2023 [1] - The company owns well-known frozen food brands including Birds Eye, Findus, and Iglo [1] Stock Performance - Since going public in 2014, Nomad Foods' shares have fluctuated between $10 and $31.85, with an all-time high reached on May 31, 2021 [2] - Over the past year, the company's stock has declined by 25% [2] - Despite the decline, the stock may attract bargain-seeking investors due to its potential value [2] SPAC Background - Nomad Foods went public in April 2014 as a SPAC, raising $500 million in its initial public offering [3] - The SPAC made a significant acquisition in June 2015, purchasing Iglo Food Holdings Limited for €2.6 billion ($3.04 billion), which included the Birds Eye and Iglo brands [3] - In November 2015, Nomad acquired the Findus Group for £500 million ($677 million), financed through cash and stock issuance [4] Historical Stock Performance - The initial SPAC shares were issued at $10 in April 2014 and were later delisted from London, switching to New York [5] - The share price closed at $12.30 on its opening day in New York, reflecting a 15% increase over the decade since its IPO [5] - The company has provided attractive dividends to early investors, which has mitigated the overall poor annual return [5]

Company Overview - Nomad Foods is a leader in the frozen food category in Europe, with well-known brands such as Birds Eye, iglo, and Findus, as well as regional brands like Ledo and Frikom in Serbia and Croatia, and Goodfella's pizza in the U.K. [2] Financial Performance - The company has achieved consistent growth over the past 9 years, increasing sales, EBITDA, and EPS annually, although it did not achieve this for the 10th consecutive year, which is a point of frustration for the management [3]

Financial Data and Key Metrics Changes - The company has experienced nine consecutive years of growth in sales, EBITDA, and EPS, but this year marks a disappointing performance [4][5][13] - The company is targeting a 1% to 3% CAGR in EBITDA over the next three years, with a focus on improving the quality of earnings and reducing exceptional items [37][39] Business Line Data and Key Metrics Changes - The company has seen stabilization in volume market share and growth in volume share in the frozen food category, despite a decline in the overall category growth due to unusual weather conditions [8][34] - The ice cream business has faced challenges, particularly in July and August, due to unrest in Serbia affecting out-of-home sales [36][64] Market Data and Key Metrics Changes - The frozen food category has shown resilience, with growth over the last ten years, although recent months have seen a decline linked to weather conditions [34][35] - The company has reaffirmed its guidance for 2025, indicating confidence in future performance despite recent challenges [65] Company Strategy and Development Direction - The company is focusing on a "Must Win Battles" strategy to concentrate on key markets where it holds significant market share [7] - A new master brand advertising campaign is being rolled out to enhance brand visibility and efficiency in media spending [18][47] - The company plans to increase its productivity program by 25%, targeting €200 million in savings over the next three years, primarily in supply chain and overheads [39][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced this year, including inflation and supply chain issues, but emphasizes the importance of learning from these experiences to strengthen future performance [6][10][13] - The company believes there are significant growth opportunities in the frozen food category, particularly in markets with lower penetration compared to the U.S. [15][16] Other Important Information - The company is committed to innovation, with plans to increase the percentage of renovated products and introduce new offerings in the ready meals category [21][23] - The foodservice segment, which accounts for around 8% of the business, is expected to grow, particularly in the Nordics and Southern Europe [29][32] Q&A Session Summary Question: Why has the company lowered its long-term growth targets? - Management indicated that the previous targets were too ambitious given the volatile environment and emphasized the need for a larger savings program to create space for reinvestment [53][55] Question: Are the targeted cost savings realistic? - Management clarified that the $200 million savings target is an increase from previous savings and is essential for maintaining competitiveness and reinvesting in product quality [60][62] Question: How does the company plan to manage pricing and market share? - Management explained that they have developed a revenue growth management tool to make more informed pricing decisions by category and country, allowing for better management of market share [71] Question: What is the outlook for capital allocation moving forward? - Management highlighted that the company has been active in share buybacks and dividends, and will continue to evaluate capital allocation based on current valuations [72]

Financial Data and Key Metrics Changes - The company has experienced a decline in performance this year, breaking a nine-year streak of increasing sales, EBITDA, and EPS [4][5][13] - The company is targeting a 1% to 3% CAGR for EBITDA over the next three years, with a focus on improving the quality of earnings and reducing exceptional items [39][50] Business Line Data and Key Metrics Changes - The frozen food category remains strong, with the company maintaining a leading position in Europe, but has faced challenges due to weather conditions impacting sales [2][36] - The company is focusing on innovation and renovation, with plans to accelerate product launches in key categories like fish fingers and pizza [11][21] Market Data and Key Metrics Changes - The frozen food category has shown growth over the last decade, but recent unusual weather patterns have led to a decline in growth numbers [36][37] - The company has seen a stabilization of value share and growth in volume share in the second quarter of 2025, despite earlier declines [36] Company Strategy and Development Direction - The company is implementing a €200 million productivity program over the next three years, focusing on supply chain efficiencies and overhead reductions [41][46] - The strategy includes a significant emphasis on brand investment, product quality, and innovation to maintain competitive positioning in the healthy food category [41][49] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced this year, including inflation and supply chain issues, but remains optimistic about future growth opportunities in the frozen food category [6][13] - The company is committed to learning from past experiences and adapting its strategies to better respond to market conditions [10][12] Other Important Information - The company is launching a new master brand advertising campaign aimed at maximizing media efficiency across various markets [17][20] - The company has a strong focus on health and nutrition, with a significant portion of its revenue coming from fish, protein, and vegetables [16] Q&A Session Summary Question: What has changed regarding long-term targets for revenue and EBITDA growth? - Management indicated that the previous targets were too tight given the volatile environment and emphasized the need for a larger savings program alongside lower EBITDA guidance [55][56] Question: Are the targeted cost savings real, and where will they be allocated? - Management clarified that the $200 million savings target is a cumulative increase and will be reinvested into product quality and innovation [60][62] Question: How does the company plan to manage pricing actions while minimizing market share loss? - Management explained that they have developed a revenue growth management tool to make more informed pricing decisions by category and country [67][70] Question: What is the outlook for capital allocation given strong free cash flow? - Management stated that they will continue to evaluate capital allocation strategies, including share buybacks and dividends, in light of current valuations [71]

Brand Performance - Nomad Foods 在 13/15 的市场中品牌资产排名第一[8]，在 12/15 的市场中偏好度排名第一[8]，在 12/15 的市场中品牌认知度排名第一[8] - 在公司前 25 个必胜的关键市场中，加权平均价值市场份额为 46%[8]（销量份额为 37%[8]），是所有其他品牌竞争对手总和的 2.6 倍[8] Financial Performance & Guidance - 2016-2025 年调整后每股收益复合年增长率为 8%[10]，收入复合年增长率为 5%[10]，调整后 EBITDA 复合年增长率为 6%[10] - 2025 年收入预计同比增长 0% 至 -2%[41]，调整后 EBITDA 预计同比增长 -3% 至 -7%[41]，调整后自由现金流转换率预计超过 90%[41]，调整后每股收益预计为 164 欧元至 176 欧元[41]（或 190 美元至 204 美元[41]） Category & Portfolio - 过去 10 年，欧洲冷冻食品（不包括冰淇淋和甜点）的价值销售额复合年增长率为 34%[16]，高于食品总量的 30%[16] - Nomad Foods 的收入构成中，鱼和海鲜占 33%[21]，蔬菜占 25%[21]，餐食占 17%[21]，家禽占 9%[21]，其他占 16%[21] Future Targets & Enablers - 2026-2028 年，调整后 EBITDA 目标为增长 +1% 至 +3%[43]，自由现金流目标为增长 +15%（2026-28 年与 2023-25 年相比）[43] - 公司计划通过 2 亿欧元的生产力计划[43]（包括采购、转换成本、物流和管理费用方面的节省[43]）来实现这些目标，并加大对产品和品牌的再投资[43]

Core Viewpoint - Nomad Foods (NOMD) has experienced significant selling pressure, resulting in a 10.7% decline over the past four weeks, but analysts anticipate better earnings than previously expected, indicating potential for recovery [1]. Group 1: Technical Analysis - The Relative Strength Index (RSI) is utilized to determine if NOMD is oversold, with a reading of 27.07 suggesting that heavy selling may be exhausting, leading to a possible price rebound [2][5]. - Stocks oscillate between overbought and oversold conditions, and the RSI helps identify potential reversal points, making it a useful tool for investors seeking entry opportunities [3]. Group 2: Fundamental Analysis - There is a consensus among sell-side analysts that earnings estimates for NOMD have increased by 2.9% over the last 30 days, which typically correlates with price appreciation [7]. - NOMD holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a turnaround [8].

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing the long-term earnings potential of companies [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a belief that only a small fraction of companies are suitable for buying at any given time [1] Group 2 - The articles aim to provide valuable information for future investors while maintaining a healthy skepticism towards a generally bullish market [1] - The author emphasizes the importance of conducting due diligence and seeking professional investment advice before making decisions [2][3]

Financial Data and Key Metrics Changes - The company has adjusted its full-year inflation assumption from 4% to 4.5% due to adverse weather conditions affecting crop yields, particularly in the UK [24][25] - The gross margin dropped in Q2, attributed to increased inflation and supply chain challenges [26] Business Line Data and Key Metrics Changes - The company reported a significant focus on cost competitiveness, leading to a reduction in SG&A expenses primarily driven by overheads rather than advertising and promotion [30][31] - Innovations and renovations are expected to contribute nearly double the sales compared to the previous year, with a focus on snacking and protein products [32][34] Market Data and Key Metrics Changes - The market in Q2 experienced a volume decline of approximately 5.5%, particularly in key regions like the UK, due to extreme weather conditions [16][22] - The company has gained market share in volume despite overall market underperformance in categories like fish and vegetables [9][10] Company Strategy and Development Direction - The company is adjusting its ERP implementation strategy to mitigate risks and improve inventory management [7][8] - There is a strong emphasis on innovation, with plans to enhance product offerings in response to changing consumer preferences and weather patterns [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current challenges and emphasized the importance of preparing for future weather-related impacts on sales [50][53] - The company is committed to maintaining flexibility in capital allocation, focusing on share buybacks and dividends while being cautious about M&A opportunities [55] Other Important Information - The company is exploring partnerships with startups to enhance its innovation pipeline and speed up product development [43][45] - There is a focus on optimizing the supply chain and reducing complexity within the operational network to improve cost efficiency [40][41] Q&A Session Summary Question: Confidence in full-year guidance - Management acknowledged past challenges with guidance and emphasized lessons learned from ERP implementation and inventory management [6][8] Question: Organic growth expectations for Q3 - Management indicated that while growth is expected in Q3, it is contingent on market conditions and weather patterns [17][19] Question: Inflationary pressures and pricing strategy - Management confirmed an increase in inflation assumptions and indicated plans to adjust pricing where feasible [24][26] Question: SG&A savings initiatives - Management detailed ongoing efforts to reduce overhead costs and improve cost competitiveness [30][31] Question: Innovation pipeline and future products - Management highlighted a significant increase in sales from innovation and renovation, with a focus on snacking and protein products [32][34] Question: Supply chain optimization and facility closures - Management discussed plans for supply chain optimization, including the closure of a smaller factory in the Nordics [40][41] Question: Long-term portfolio adjustments for climate change - Management addressed the need to adapt product offerings to changing weather patterns and consumer preferences [50][53] Question: Capital allocation priorities - Management confirmed ongoing share buybacks and dividends while maintaining flexibility for future opportunities [55]