Revenue and Profit - Revenue for the three months ended March 31, 2025, was €760.1 million, a decrease of 3.3% compared to €783.7 million in the same period of 2024[10] - Profit for the period was €32.7 million, compared to €34.5 million in the prior year, reflecting a decline of 5.2%[10] - Total comprehensive income for the period was €30.0 million, down from €49.3 million in the same quarter of 2024[12] - Profit for the period decreased to €32.7 million in Q1 2025 from €34.5 million in Q1 2024, representing a decline of 5.2%[18] - Adjusted EBITDA for the three months ended March 31, 2025, was €120.1 million, a decrease of 1.8% from €122.3 million in 2024[50] - Total external revenue for the three months ended March 31, 2025, was €760.1 million, down 3.0% from €783.7 million in 2024[52] - Profit for the period attributable to equity owners of the parent was €32.7 million for Q1 2025, compared to €34.5 million in Q1 2024, reflecting a decline of 5.2%[65] Cash Flow and Financing Activities - Net cash generated from operating activities decreased by €48.4 million to €50.6 million, primarily due to changes in working capital[5] - Net cash used in financing activities increased by €23.0 million to €110.5 million, driven by higher interest and dividend payments[7] - The company reported a net decrease in cash and cash equivalents of €77.4 million during the three months ended March 31, 2025[4] - Operating cash flow before changes in working capital, provisions, and exceptional items was €119.3 million in Q1 2025, down from €122.1 million in Q1 2024, a decrease of 2.3%[18] - Net cash generated from operating activities fell to €50.6 million in Q1 2025 compared to €99.0 million in Q1 2024, a decline of 48.9%[18] - Net cash used in investing activities was €17.5 million in Q1 2025, slightly higher than €16.8 million in Q1 2024[18] - Net cash used in financing activities increased to €110.5 million in Q1 2025 from €87.5 million in Q1 2024, an increase of 26.3%[18] - Cash and cash equivalents at the end of the period decreased to €329.8 million in Q1 2025 from €390.7 million in Q1 2024, a decrease of 15.6%[18] Assets and Liabilities - Total assets as of March 31, 2025, were €6,400.7 million, down from €6,431.6 million at the end of 2024[9] - Cash and cash equivalents at the end of the period were €329.8 million, a decrease from €403.3 million at the end of 2024[9] - Total provisions increased to €31.0 million as of March 31, 2025, up from €29.8 million at December 31, 2024, primarily due to restructuring activities[81] - The total net employee benefit obligations decreased to €146.5 million as of March 31, 2025, from €152.1 million at January 1, 2025[83] - The fair value of the Senior EUR/USD loans as of March 31, 2025, was €1,319.1 million, down from €1,353.6 million at December 31, 2024[79] Shareholder Activities - Basic and diluted earnings per share remained stable at €0.21 for both periods[10] - The company repurchased ordinary shares amounting to €48.9 million in Q1 2025, compared to €7.1 million in Q1 2024[18] - Dividends paid increased to €25.3 million in Q1 2025 from €22.3 million in Q1 2024, an increase of 13.5%[18] - A dividend of $0.17 per share for the quarter ended March 31, 2025, was approved, amounting to $26.2 million, payable on May 28, 2025[102] - The company authorized a share repurchase program on November 6, 2023, to buy back up to $500 million of ordinary shares, with 7,415,614 shares repurchased at an average price of $17.50, totaling $129.9 million by December 31, 2024[98] - An additional 2,874,471 ordinary shares were repurchased in the three months ended March 31, 2025, at an average price of $17.38, costing $50.0 million[98] Organizational Changes and Future Plans - The company is executing a business transformation program aimed at optimizing processes, with expenses incurred to date including restructuring and transformational project costs[54][55] - The organizational streamlining program initiated in 2025 aims to reduce operational expenses significantly, with completion expected in 2026[56] - The company plans to close its pea processing operations in Sweden by December 2025, with the financial impact expected to be immaterial[109] Other Financial Information - The company incurred €14.4 million in cash outflows related to exceptional items for the three months ended March 31, 2025, down from €24.0 million in 2024[59] - The income tax expense for the three months ended March 31, 2025, was €7.0 million, slightly lower than €7.4 million in 2024[62] - The fair value of derivative financial instruments held by the company was estimated using discounted cash flow calculations, with a total of €4.0 million recognized as assets[48][73] - The share-based payment expense for the three months ended March 31, 2025, was €3.5 million, compared to €3.0 million for the same period in 2024[92] - As of March 31, 2025, the total number of Management Share Awards outstanding was 3,377,951, an increase from 3,128,416 at January 1, 2025[87] - The Company granted 1,024,922 performance share awards and 114,669 restricted share awards as part of the 2025 Management Share Award[91] - As of March 31, 2025, the share-based compensation reserve decreased to €25.6 million from €34.5 million as of December 31, 2024, reflecting a reduction of approximately 25.5%[97]

Core Insights - Nomad Foods Limited reported a decrease in revenue and adjusted EBITDA for the first quarter of 2025 compared to the same period in 2024, primarily due to retailer inventory destocking and the timing of Easter impacting sales growth [1][5][6] - The company has recalibrated its full-year sales, adjusted EBITDA, and adjusted EPS expectations, anticipating organic revenue growth of 0%-2% and adjusted EBITDA growth of 0%-2% for 2025 [4][5][6] Financial Performance - Revenue decreased by 3.0% to €760 million, with organic revenue declining by 3.6% driven by a volume decline of 3.7% [5][6] - Gross margin expanded by 90 basis points to 27.8%, attributed to supply chain productivity improvements [5][6] - Adjusted EBITDA decreased by 1.8% to €120 million, while adjusted EPS fell by 5.4% to €0.35 [5][6] Management Commentary - CEO Stéfan Descheemaeker highlighted strong gross margin improvement and ongoing investment in growth platforms and innovation, despite challenges from retailer destocking and macroeconomic uncertainties [2][4] - Co-Chairman Noam Gottesman expressed confidence in the company's growth potential, noting the strength of its leading brands and portfolio in the healthy frozen food category in Europe [2][4] 2025 Guidance - The company has lowered its full-year revenue and adjusted EBITDA outlook due to unexpected retailer inventory destocking and higher input cost inflation, with adjusted EPS guidance now set at €1.82-€1.89 [4][5] - The adjusted free cash flow conversion guidance remains at 90% or greater [4] Key Metrics - Adjusted EBITDA margin for the first quarter of 2025 was 15.8%, compared to 15.6% in the previous year [35] - The company maintained a strong cash flow position, with cash and cash equivalents at €329.8 million as of March 31, 2025 [23][24]

Core Viewpoint - The current market environment favors stable earnings and strong cash flow, making Nomad Foods (NOMD) an attractive investment opportunity in the frozen food sector [1]. Company Overview - Nomad Foods is a leading player in the European frozen food market, owning brands such as Birds Eye, Iglo, Findus, and Aunt Bessie's, which provides it with durable pricing power and a loyal customer base [2]. - The company focuses on branded frozen foods across Western Europe, which has proven to be a lucrative business model during uncertain economic times [2]. Earnings Estimates and Growth - Recent earnings estimate revisions have garnered attention from analysts, with two analysts increasing their estimates for both the current and next year [3]. - The Zacks Consensus Estimate for 2024 EPS has risen from $1.95 to $2.15, and for 2025 from $2.11 to $2.31, indicating confidence in the company's near-term execution and long-term profitability [4]. - Nomad Foods is expected to grow earnings by over 11.4% this year and an additional 7% next year, which is strong for a consumer staples stock [4]. Valuation Metrics - Despite positive earnings revisions, Nomad Foods trades at a forward P/E of just 9.3x, significantly lower than the broader market and most consumer staples peers, presenting a compelling entry point for investors [5]. Cash Flow and Financial Health - The company has consistently converted a healthy portion of its earnings into free cash flow, allowing it to reinvest in growth, pay down debt, and return value to shareholders [6]. - Nomad Foods is positioned well in a market that rewards consistency and stability, making it an appealing investment choice [6].

Shares of Nomad Foods (NOMD) have gained 6.3% over the past four weeks to close the last trading session at $20, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $25 indicates a potential upside of 25%.The mean estimate comprises six short-term price targets with a standard deviation of $1.41. While the lowest estimate of $23 indicates a 15% increase from the current price level, ...

Core Insights - Stocks typically face challenges in May, making it difficult to select top momentum stocks, but the Richard Driehaus strategy, which advocates "buy high and sell higher," can be applied to identify potential picks [1][2] Driehaus Strategy Overview - Richard Driehaus emphasized a preference for investing in stocks that are increasing in price rather than those in decline, which aligns with the philosophy of the American Association of Individual Investors (AAII) that uses the percentage 50-day moving average as a key criterion [2][4] - The strategy incorporates a calculation that compares the month-end price to the 50-day moving average, along with a positive relative strength indicator, to identify stocks in an uptrend [3][4] Screening Parameters - The strategy focuses on stocks with a Zacks Rank of 1 (Strong Buy) and a Momentum Score of A or B, which historically have shown better upside potential [5][6] - Key screening parameters include: - Last 5-year average EPS growth rates above 2% to ensure improving business performance [7] - Trailing 12-month EPS growth greater than 0 and above the industry median, indicating superior earnings performance [7] - Last four-quarter average EPS surprise greater than 5%, suggesting better price performance [7] - Positive percentage change in the 50-day moving average and relative strength over 4 weeks, signaling an uptrend [7][8] Selected Momentum Stocks - Nomad Foods Limited (NOMD) produces and distributes frozen food products globally, with a Momentum Score of A and an average trailing four-quarter earnings surprise of 5% [9] - Hawkins, Inc. (HWKN) is a U.S. specialty chemical and ingredients company, holding a Momentum Score of B and an average trailing four-quarter earnings surprise of 6.1% [10] - PCB Bancorp (PCB) provides banking services to small businesses and individuals, with a Momentum Score of A and an average trailing four-quarter earnings surprise of 7.4% [11]

Company Overview - Nomad Foods (NOMD) is expected to report flat earnings of $0.40 per share for the quarter ended March 2025, which represents no change from the year-ago quarter [3] - Revenues are anticipated to be $842.53 million, reflecting a 1% decrease from the previous year [3] Earnings Expectations - The earnings report is scheduled for release on May 8, 2025, and could influence stock movement depending on whether the results exceed or fall short of expectations [2] - The consensus EPS estimate has been revised 4.85% higher over the last 30 days, indicating a positive reassessment by analysts [4] Earnings Surprise Prediction - The Most Accurate Estimate for Nomad Foods is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +3.80% [10][11] - The company currently holds a Zacks Rank of 1 (Strong Buy), suggesting a high likelihood of beating the consensus EPS estimate [11] Historical Performance - In the last reported quarter, Nomad Foods had an earnings surprise of +15.38%, posting earnings of $0.45 per share against an expectation of $0.39 [12] - Over the last four quarters, the company has surpassed consensus EPS estimates two times [13] Industry Context - Hain Celestial (HAIN), a competitor in the Zacks Food - Miscellaneous industry, is expected to report earnings of $0.12 per share, indicating a year-over-year decline of 7.7% [17] - Hain Celestial's revenues are projected to be $411.32 million, down 6.2% from the previous year [17]

Core Viewpoint - The article emphasizes the importance of identifying sustainable trends in short-term investing, highlighting that while price momentum can be profitable, it requires strong fundamentals to maintain that momentum [1][2]. Group 1: Stock Performance - Nomad Foods (NOMD) has shown a solid price increase of 13.9% over the past 12 weeks, indicating investor confidence in its potential upside [4]. - The stock has also increased by 1.7% over the last four weeks, suggesting that the upward trend is still intact [5]. - Currently, NOMD is trading at 84.8% of its 52-week high-low range, indicating a potential breakout opportunity [5]. Group 2: Fundamental Strength - NOMD holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7]. - Historically, Zacks Rank 1 stocks have generated an average annual return of +25% since 1988, showcasing the effectiveness of this ranking system [7]. Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks like NOMD that have the fundamental strength to maintain their recent uptrend [3]. - In addition to NOMD, there are several other stocks that meet the criteria of the "Recent Price Strength" screen, providing additional investment opportunities [8].

Core Viewpoint - Nomad Foods Limited (NOMD) is currently considered a strong buy due to its attractive valuation metrics and positive earnings outlook [4][8]. Valuation Metrics - NOMD has a P/E ratio of 9.52, significantly lower than the industry average of 15.92, indicating potential undervaluation [4]. - The stock's P/B ratio stands at 1.03, compared to the industry's average of 1.98, suggesting it is undervalued relative to its book value [5]. - NOMD's P/S ratio is 0.89, which is lower than the industry average of 0.94, reinforcing the notion of undervaluation based on sales [6]. - The P/CF ratio for NOMD is 8.78, well below the industry average of 13.92, indicating strong cash flow relative to its market value [7]. Investment Outlook - The combination of NOMD's strong earnings outlook and favorable valuation metrics positions it as an impressive value stock in the current market [8].

WOKING, England, April 24, 2025 /PRNewswire/ -- Nomad Foods Limited (NYSE: NOMD) today announced it will report results for the first quarter ended March 31, 2025 before New York Stock Exchange market open on Thursday, May 8, 2025. A conference call with members of the executive management team will be held to discuss the results with additional comments and details. The conference call is scheduled to begin at 8:30 AM Eastern Daylight Time on Thursday, May 8, 2025. To participate on the live call listeners ...

[Executive Summary & Outlook](index=1&type=section&id=Executive%20Summary%20%26%20Outlook) Nomad Foods achieved record 2024 performance, issued positive 2025 guidance, and received strong management commentary [Highlights of Q4 and Full Year 2024 Performance](index=1&type=section&id=Highlights%20of%20Q4%20and%20Full%20Year%202024%20Performance) Nomad Foods achieved its ninth consecutive year of record-high net sales and Adjusted EBITDA in fiscal year 2024, driven by accelerated organic sales growth, higher volumes, robust margin expansion, and market share gains | Metric | Q4 2024 | Full Year 2024 | | :-------------------------------- | :------ | :------------- | | Reported Revenue Growth | 4.3% | 1.8% | | Organic Revenue Growth | 3.1% | 1.0% | | Volume Growth | 4.7% | 1.3% | | Adjusted EBITDA | €137M | €565M | | Adjusted EBITDA Growth | 17.6% | 5.6% | | Adjusted EPS | €0.42 | €1.78 | | Adjusted EPS Growth | 31% | 11% | | Adjusted Free Cash Flow | - | €292M | | Adjusted Free Cash Flow Conversion| - | 101% | - Nomad Foods returned **€208 million** to shareholders in 2024 through dividends and share repurchases, with basic shares outstanding decreasing by **4%** from year-end 2023[4](index=4&type=chunk)[12](index=12&type=chunk) [Full Year 2025 Guidance](index=1&type=section&id=Full%20Year%202025%20Guidance) For fiscal year 2025, Nomad Foods anticipates continued top and bottom-line growth, with an increased Adjusted EPS outlook, reflecting confidence in sustained momentum and strategic investments | Metric | 2025 Guidance | | :-------------------------------- | :------------ | | Organic Revenue Growth | 1%-3% | | Adjusted EBITDA Growth | 2%-4% | | Adjusted EPS (prior outlook) | €1.81-€1.85 | | Adjusted EPS (new outlook) | €1.85-€1.89 | | Adjusted EPS Growth (new outlook) | 4%-6% | | Adjusted Free Cash Flow Conversion| 90% or greater| - The Board of Directors approved a **13%** increase to the company's Q1 2025 cash dividend, signaling strong cash generation and growth prospects[4](index=4&type=chunk) [Management & Board Commentary](index=1&type=section&id=Management%20%26%20Board%20Commentary) Management highlighted successful brand investments and operational excellence in 2024, driving accelerating volume momentum and market share gains, expressing confidence for continued growth in 2025 - CEO Stéfan Descheemaeker noted that investments made in 2023 delivered strong returns in 2024, evidenced by accelerating volume momentum and market share gains in the latter half of the year[6](index=6&type=chunk) - The company strengthened its innovation engine, increasing innovation as a percentage of sales year-over-year, and expanded margins through supply chain productivity and focused growth investments[6](index=6&type=chunk) - Co-Chairman and Founder Noam Gottesman expressed optimism for Nomad Foods' growth potential, highlighting its curated portfolio of iconic brands and outperformance versus industry peers[6](index=6&type=chunk)[8](index=8&type=chunk) [Company Overview & Contacts](index=3&type=section&id=Company%20Overview%20%26%20Contacts) This section details conference call information, investor contacts, and a brief company overview [Conference Call and Webcast Information](index=3&type=section&id=Conference%20Call%20and%20Webcast%20Information) Nomad Foods hosted a conference call and webcast on March 3, 2025, to discuss the financial results, with replay options available for two weeks - The conference call was held on Monday, March 3, 2025, at 1:30 p.m. GMT (8:30 a.m. Eastern Standard Time)[10](index=10&type=chunk) - Both the presentation and webcast are accessible via the Nomad Foods website under Investor Relations[10](index=10&type=chunk) [Investor Relations and Media Contacts](index=3&type=section&id=Investor%20Relations%20and%20Media%20Contacts) Contact information for investor relations and media inquiries is provided for stakeholders - Investor Relations Contact: Jason English (investorrelations@nomadfoods.com)[11](index=11&type=chunk) - Media Contact: Elaine McCrimmon, Group Corporate Affairs Director (elaine.mccrimmon@nomadfoods.com)[11](index=11&type=chunk) [About Nomad Foods](index=3&type=section&id=About%20Nomad%20Foods) Nomad Foods is Europe's leading frozen food company, known for its portfolio of iconic brands that provide convenient, high-quality, and nutritious food - Nomad Foods (NYSE: NOMD) is Europe's leading frozen food company[11](index=11&type=chunk) - Its brand portfolio includes Birds Eye, Findus, iglo, Ledo, and Frikom[11](index=11&type=chunk) - The company is headquartered in the United Kingdom[11](index=11&type=chunk) [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) This section provides a detailed breakdown of Nomad Foods' financial results for the fourth quarter and full year 2024 compared to 2023 [Fourth Quarter 2024 Results vs. Fourth Quarter 2023](index=3&type=section&id=Fourth%20Quarter%202024%20Results%20vs.%20Fourth%20Quarter%202023) Nomad Foods reported strong fourth-quarter results with significant growth in revenue, gross profit, and adjusted earnings, driven by volume growth and improved margins | Metric | Q4 2024 | Q4 2023 | Change | | :-------------------------------- | :------ | :------ | :----- | | Revenue | €793M | €760.8M | +4.3% | | Organic Revenue Growth | 3.1% | - | - | | Volume Growth | 4.7% | - | - | | Price/Mix | -1.6% | - | - | | Gross Profit | €226M | €207.7M | +9% | | Gross Margin | 28.5% | 27.3% | +120 bps| | Adjusted Operating Expenses | €114M | €122.6M | -3% | | Adjusted EBITDA | €137M | €116.6M | +17.6% | | Adjusted Profit after tax | €67M | €52.3M | +28% | | Adjusted EPS | €0.42 | €0.32 | +31% | | Reported Diluted EPS | €0.32 | €0.15 | +113% | - Gross margin increased by **120 basis points** to **28.5%** due to positive product mix performance and improved supply chain productivity[12](index=12&type=chunk) - Adjusted operating expenses decreased by **3%** due to lower Advertising & Promotion (A&P) spend, cycling a sharp increase in Q4 2023[12](index=12&type=chunk) [Full Year 2024 Results vs. Full Year 2023](index=3&type=section&id=Full%20Year%202024%20Results%20vs.%20Full%20Year%202023) For the full year 2024, Nomad Foods achieved revenue growth, significant gross profit improvement, and increased adjusted earnings, alongside substantial shareholder returns | Metric | FY 2024 | FY 2023 | Change | | :-------------------------------- | :------ | :------ | :----- | | Revenue | €3.1B | €3.04B | +1.8% | | Organic Revenue Growth | 1.0% | - | - | | Volume Growth | 1.3% | - | - | | Price/Mix | -0.3% | - | - | | Gross Profit | €918M | €858.7M | +7% | | Gross Margin | 29.6% | 28.2% | +140 bps| | Adjusted Operating Expenses | €450M | €418.7M | +7% | | Adjusted EBITDA | €565M | €535M | +5.6% | | Adjusted Profit after tax | €289M | €274.8M | +5% | | Adjusted EPS | €1.78 | €1.61 | +11% | | Reported Diluted EPS | €1.40 | €1.13 | +24% | - Gross margin increased by **140 basis points** to **29.6%** due to positive product mix and improved supply chain productivity[12](index=12&type=chunk) - Adjusted operating expenses increased by **7%** due to higher A&P and ongoing investments in capabilities development, alongside inflationary headwinds[12](index=12&type=chunk) [Non-IFRS Financial Measures](index=4&type=section&id=Non-IFRS%20Financial%20Measures) This section defines the company's non-IFRS financial measures and outlines their purpose and inherent limitations [Definition and Purpose of Non-IFRS Measures](index=4&type=section&id=Definition%20and%20Purpose%20of%20Non-IFRS%20Measures) Nomad Foods presents Adjusted and Organic financial information as non-IFRS measures to provide a clearer view of underlying operating results by excluding certain non-recurring or non-operational items - Adjusted financial information primarily excludes share-based payment expenses, non-operating M&A costs, acquisition purchase price adjustments, exceptional items, and foreign currency exchange charges/gains[14](index=14&type=chunk) - Adjusted EBITDA, Adjusted Profit for the period, and Adjusted EPS are used to assess operating performance on a consistent basis, excluding items not indicative of normal operating costs[15](index=15&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) - Organic revenue growth reflects reported revenue adjusted for currency translation and non-comparable trading items to show underlying business growth[19](index=19&type=chunk) [Limitations of Non-IFRS Measures](index=5&type=section&id=Limitations%20of%20Non-IFRS%20Measures) The company cautions that its non-IFRS financial measures should not be considered alternatives to IFRS reported results, as their calculation may differ from other companies, limiting comparability and not necessarily indicating future financial performance - Non-IFRS financial measures should not be considered an alternative or substitute for the Company's reported results in accordance with IFRS[23](index=23&type=chunk) - Nomad Foods' calculation of these measures may differ from other companies, potentially limiting comparability[23](index=23&type=chunk) - Investors are cautioned not to place undue reliance on these results as they may not be representative of actual or future results[23](index=23&type=chunk) [Consolidated Financial Statements (As Reported)](index=6&type=section&id=Consolidated%20Financial%20Statements%20%28As%20Reported%29) This section presents the unaudited and audited consolidated financial statements, including profit or loss, financial position, and cash flows for 2024 and 2023 [Statements of Profit or Loss (unaudited) Three months ended December 31, 2024 and December 31, 2023](index=6&type=section&id=Statements%20of%20Profit%20or%20Loss%20%28Q4%202024%20%26%202023%29) The unaudited statements of profit or loss for Q4 2024 show an increase in revenue, gross profit, and profit for the period compared to Q4 2023 | € in millions | Dec 31, 2024 | Dec 31, 2023 | | :-------------------------- | :----------- | :----------- | | Revenue | 793.4 | 760.8 | | Cost of sales | (567.5) | (553.1) | | Gross profit | 225.9 | 207.7 | | Operating profit | 91.5 | 66.7 | | Profit before tax | 61.3 | 46.2 | | Profit for the period | 51.4 | 24.7 | | Basic earnings per share in € | 0.32 | 0.15 | | Diluted earnings per share in € | 0.32 | 0.15 | [Statements of Profit or Loss (audited) Twelve months ended December 31, 2024 and December 31, 2023](index=7&type=section&id=Statements%20of%20Profit%20or%20Loss%20%28FY%202024%20%26%202023%29) The audited statements of profit or loss for the full year 2024 demonstrate growth in revenue, gross profit, and profit for the period compared to 2023 | € in millions | Dec 31, 2024 | Dec 31, 2023 | | :-------------------------- | :----------- | :----------- | | Revenue | 3,099.8 | 3,044.5 | | Cost of sales | (2,182.0) | (2,185.8) | | Gross profit | 917.8 | 858.7 | | Operating profit | 387.0 | 340.4 | | Profit before tax | 277.9 | 253.6 | | Profit for the period | 227.1 | 192.7 | | Basic earnings per share in € | 1.41 | 1.13 | | Diluted earnings per share in € | 1.40 | 1.13 | [Statements of Financial Position (audited) As at December 31, 2024 and December 31, 2023](index=8&type=section&id=Statements%20of%20Financial%20Position%20%28As%20at%20Dec%2031%2C%202024%20%26%202023%29) The audited statements of financial position show a slight increase in total assets and net assets at the end of 2024 compared to 2023, with changes in current and non-current liabilities | € in millions | Dec 31, 2024 | Dec 31, 2023 | | :-------------------------- | :----------- | :----------- | | Total non-current assets | 5,197.7 | 5,251.6 | | Total current assets | 1,233.9 | 1,165.1 | | Total assets | 6,431.6 | 6,416.7 | | Total current liabilities | 1,123.3 | 1,028.0 | | Total non-current liabilities | 2,645.8 | 2,796.8 | | Total liabilities | 3,769.1 | 3,824.8 | | Net assets | 2,662.5 | 2,591.9 | | Total equity | 2,662.5 | 2,591.9 | [Statements of Cash Flows (audited) For the twelve months ended December 31, 2024 and the twelve months ended December 31, 2023](index=9&type=section&id=Statements%20of%20Cash%20Flows%20%28FY%202024%20%26%202023%29) The audited statements of cash flows for 2024 indicate a slight increase in net cash flows from operating activities, while cash used in financing activities increased significantly | € in millions | FY 2024 | FY 2023 | | :-------------------------------- | :------ | :------ | | Net cash flows from operating activities | 435.4 | 430.8 | | Cash used in investing activities | (64.4) | (76.8) | | Net cash used in financing activities | (366.4) | (321.5) | | Net increase in cash and cash equivalents | 4.6 | 32.5 | | Cash and cash equivalents at end of period | 403.3 | 399.7 | - Repurchase of ordinary shares amounted to **€118.7 million** in 2024, and dividends paid were **€89.2 million**[28](index=28&type=chunk) [Reconciliation of Non-IFRS Financial Measures](index=10&type=section&id=Reconciliation%20of%20Non-IFRS%20Financial%20Measures) This section provides detailed reconciliations of reported IFRS figures to non-IFRS adjusted financial measures for both quarterly and annual periods [Adjusted Statement of Profit or Loss (unaudited) Three months ended December 31, 2024](index=10&type=section&id=Adjusted%20Statement%20of%20Profit%20or%20Loss%20%28Q4%202024%29) The adjusted profit or loss statement for Q4 2024 shows adjustments for share-based payments, M&A costs, exceptional items, and foreign exchange, leading to a higher adjusted profit and EPS | € in millions, except per share data | As reported | Adjustments | As adjusted | | :----------------------------------- | :---------- | :---------- | :---------- | | Revenue | 793.4 | — | 793.4 | | Operating profit | 91.5 | 20.1 | 111.6 | | Profit for the period | 51.4 | 15.7 | 67.1 | | Diluted earnings per share in € | 0.32 | | 0.42 | - Adjustments include **€0.8 million** for share-based payment charges and non-operating M&A costs, **€19.3 million** for exceptional items, and **€3.2 million** for foreign exchange translation losses[30](index=30&type=chunk)[31](index=31&type=chunk) [Adjusted EBITDA (unaudited) Three months ended December 31, 2024](index=11&type=section&id=Adjusted%20EBITDA%20%28Q4%202024%29) Adjusted EBITDA for Q4 2024 was €137.1 million, with a margin of 17.3%, after accounting for exceptional items and other adjustments | € in millions | Q4 2024 | | :-------------------------- | :------ | | Profit for the period | 51.4 | | Taxation | 9.9 | | Net financing costs | 30.2 | | Depreciation and amortization | 25.5 | | Exceptional items | 19.3 | | Other Adjustments | 0.8 | | Adjusted EBITDA | 137.1 | - Exceptional items primarily include **€20.8 million** for the Business Transformation Program, offset by **€1.5 million** income from settlement of legacy matters[35](index=35&type=chunk) - Adjusted EBITDA margin for Q4 2024 was **17.3%**[37](index=37&type=chunk) [Adjusted Statements of Profit or Loss (unaudited) Three months ended December 31, 2023](index=12&type=section&id=Adjusted%20Statement%20of%20Profit%20or%20Loss%20%28Q4%202023%29) The adjusted profit or loss statement for Q4 2023 shows adjustments for share-based payments, M&A costs, exceptional items, and foreign exchange, leading to a higher adjusted profit and EPS | € in millions, except per share data | As reported | Adjustments | As adjusted | | :----------------------------------- | :---------- | :---------- | :---------- | | Revenue | 760.8 | — | 760.8 | | Operating profit | 66.7 | 23.7 | 90.4 | | Profit for the period | 24.7 | 27.6 | 52.3 | | Diluted earnings per share in € | 0.15 | | 0.32 | - Adjustments include **€5.3 million** for share-based payment charges and non-operating M&A costs, **€18.4 million** for exceptional items, and **€4.8 million** for net financing costs adjustments[39](index=39&type=chunk)[41](index=41&type=chunk) [Adjusted EBITDA (unaudited) Three months ended December 31, 2023](index=13&type=section&id=Adjusted%20EBITDA%20%28Q4%202023%29) Adjusted EBITDA for Q4 2023 was €116.6 million, with a margin of 15.3%, after accounting for exceptional items and other adjustments | € in millions | Q4 2023 | | :-------------------------- | :------ | | Profit for the period | 24.7 | | Taxation | 21.5 | | Net financing costs | 20.5 | | Depreciation and amortization | 26.2 | | Exceptional items | 19.4 | | Other Adjustments | 4.3 | | Adjusted EBITDA | 116.6 | - Exceptional items include **€16.6 million** for the Business Transformation Program and **€2.8 million** for Fortenova Group integration costs[43](index=43&type=chunk) - Adjusted EBITDA margin for Q4 2023 was **15.3%**[44](index=44&type=chunk) [Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2024](index=14&type=section&id=Adjusted%20Statement%20of%20Profit%20or%20Loss%20%28FY%202024%29) The adjusted profit or loss statement for FY 2024 shows significant adjustments for non-operating items, resulting in a higher adjusted profit and EPS compared to reported figures | € in millions, except per share data | As reported | Adjustments | As adjusted | | :----------------------------------- | :---------- | :---------- | :---------- | | Revenue | 3,099.8 | — | 3,099.8 | | Operating profit | 387.0 | 81.2 | 468.2 | | Profit for the period | 227.1 | 61.7 | 288.8 | | Diluted earnings per share in € | 1.40 | | 1.78 | - Adjustments include **€11.7 million** for share-based payment charges and non-operating M&A costs, **€69.5 million** for exceptional items, and **€0.9 million** for net financing costs adjustments[46](index=46&type=chunk)[48](index=48&type=chunk) [Adjusted EBITDA (unaudited) Twelve months ended December 31, 2024](index=15&type=section&id=Adjusted%20EBITDA%20%28FY%202024%29) Adjusted EBITDA for FY 2024 was €565.1 million, with a margin of 18.2%, after accounting for various adjustments | € in millions | FY 2024 | | :-------------------------- | :------ | | Profit for the period | 227.1 | | Taxation | 50.8 | | Net financing costs | 109.1 | | Depreciation and amortization | 96.9 | | Exceptional items | 69.5 | | Other Adjustments | 11.7 | | Adjusted EBITDA | 565.1 | - Exceptional items include **€68.0 million** for the Business Transformation Program and **€1.5 million** for settlement of legacy matters[49](index=49&type=chunk) - Adjusted EBITDA margin for FY 2024 was **18.2%**[50](index=50&type=chunk) [Adjusted Statements of Profit or Loss (unaudited) Twelve months ended December 31, 2023](index=16&type=section&id=Adjusted%20Statement%20of%20Profit%20or%20Loss%20%28FY%202023%29) The adjusted profit or loss statement for FY 2023 shows adjustments for non-operating items, resulting in a higher adjusted profit and EPS compared to reported figures | € in millions, except per share data | As reported | Adjustments | As adjusted | | :----------------------------------- | :---------- | :---------- | :---------- | | Revenue | 3,044.5 | — | 3,044.5 | | Operating profit | 340.4 | 99.6 | 440.0 | | Profit for the period | 192.7 | 82.1 | 274.8 | | Diluted earnings per share in € | 1.13 | | 1.61 | - Adjustments include **€27.1 million** for share-based payment charges and non-operating M&A costs, **€72.5 million** for exceptional items, and **€9.5 million** for net financing costs adjustments[52](index=52&type=chunk)[54](index=54&type=chunk) [Adjusted EBITDA (unaudited) Twelve months ended December 31, 2023](index=17&type=section&id=Adjusted%20EBITDA%20%28FY%202023%29) Adjusted EBITDA for FY 2023 was €535.0 million, with a margin of 17.6%, after accounting for various adjustments | € in millions | FY 2023 | | :-------------------------- | :------ | | Profit for the period | 192.7 | | Taxation | 60.9 | | Net financing costs | 86.8 | | Depreciation and amortization | 95.0 | | Exceptional items | 72.5 | | Other Adjustments | 27.1 | | Adjusted EBITDA | 535.0 | - Exceptional items include **€0.6 million** for IT Transformation, **€68.4 million** for Business Transformation, and **€4.3 million** for Fortenova Group integration costs[55](index=55&type=chunk) - Adjusted EBITDA margin for FY 2023 was **17.6%**[55](index=55&type=chunk) [Reconciliation of Reported to Organic Revenue Growth](index=18&type=section&id=Reconciliation%20of%20Reported%20to%20Organic%20Revenue%20Growth) The reconciliation shows the breakdown of reported revenue growth into organic revenue growth and the impact of translational foreign exchange for both Q4 and the full year 2024 | Metric | Q4 2024 YoY Change | FY 2024 YoY Change | | :-------------------------- | :----------------- | :----------------- | | Reported Revenue Growth | 4.3 % | 1.8 % | | Organic Revenue Growth | 3.1 % | 1.0 % | | Translational FX | 1.2 % | 0.8 % | [Reconciliation of Net Cash Flows from Operating Activities to Adjusted Free Cash Flow](index=19&type=section&id=Reconciliation%20of%20Net%20Cash%20Flows%20from%20Operating%20Activities%20to%20Adjusted%20Free%20Cash%20Flow) The reconciliation details the adjustments made to net cash flows from operating activities to arrive at Adjusted Free Cash Flow for FY 2024, which stood at €292.3 million, representing a 101% conversion rate of adjusted profit | € in millions | FY 2024 | | :---------------------------------------------------- | :------ | | Net cash flows from operating activities | 435.4 | | Add back: Cash flows relating to exceptional items | 67.7 | | Add back: Employer taxes related to share based payments | 1.6 | | Add back: Non-operating M&A costs | 1.2 | | Deduct: Capital expenditure | (80.3) | | Deduct: Net interest paid | (102.0) | | Deduct: Payment of lease liabilities | (31.3) | | Adjusted free cash flow | 292.3 | | Adjusted profit for the period | 288.8 | | Adjusted free cash flow as % adjusted profit for the period | 101 % | - Adjusted free cash flow conversion was **101%** of Adjusted Profit for the period in 2024[60](index=60&type=chunk) [Legal Disclaimers](index=20&type=section&id=Legal%20Disclaimers) This section outlines important legal disclaimers regarding forward-looking statements and the nature of the report as an informational release [Forward-Looking Statements](index=20&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements regarding future performance and expectations, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are based on the Company's expectations, intentions, and projections regarding future performance, anticipated events, or trends[62](index=62&type=chunk) - These statements are not guarantees of future performance and are subject to various known and unknown risks and uncertainties, including supply chain issues, inflation, competition, and changes in consumer preferences[63](index=63&type=chunk) - Prospective investors are cautioned not to place undue reliance on forward-looking statements, and the Company does not undertake to update or revise them[63](index=63&type=chunk) [No Offer or Solicitation](index=20&type=section&id=No%20Offer%20or%20Solicitation) This release is for informational purposes only and does not constitute an offer to sell or a solicitation to purchase securities, nor does it imply any sale or transfer of securities in contravention of applicable law - This release 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[64](index=64&type=chunk) - The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law[65](index=65&type=chunk)