Results delivered against guidance issued in August, 2025 with 2.4% Adjusted EPS growth in the fourth quarter
Organic revenue declines moderated and retail sell-out accelerated in quarter
Foundational changes initiated to unlock value creation potential
WOKING, England, Feb. 26, 2026 /PRNewswire/ -- Nomad Foods Limited (NYSE: NOMD), today reported financial results for the three and twelve-month periods ended December 31, 2025.
Nomad Foods delivered on its commitment with full year results that met the guidance issued in August, 2025. Organic revenue declines moderated in the fourth quarter, relative to the third quarter, while retail sell-out rose +0.7% year-on-year; an acceleration from the full year sell-out growth of +0.4%. The Company also advanced its productivity program with cost-of-goods savings reaching a multi-year high in 2025. The Company continued to generate robust cashflow and distributed EUR287 million back to shareholders in 2025 in the form of dividends and share repurchases; a 38% increase versus 2024. Looking ahead, management expects fiscal year 2026 to be a transition year as it enacts numerous changes to strengthen the organization, improve fundamental performance and unlock meaningful value creation potential.
Key operating highlights and financial performance for the fourth quarter 2025, when compared to the fourth quarter 2024, include:
-- Reported revenue decreased 2.6% to EUR773 million; Organic revenue
declined 1.3% with a volume decline of 1.1%
-- Gross margin contracted -290 bps; Adjusted gross margin contracted -240
bps
-- Profit decreased from EUR51 million to a loss of EUR11 million, including
EUR57 million of losses net of tax due to refinancing of debt in the
quarter; Adjusted EBITDA decreased 4.7% to EUR131 million
-- Reported Diluted EPS decreased from EUR0.32 to a loss per share of
EUR0.07, including EUR0.39 of losses net of tax due to refinancing of
debt in the quarter. Adjusted EPS increased 2.4% to EUR0.43
Key operating highlights and financial performance for the full year 2025, when compared to the full year 2024, include:
-- Reported revenue decreased 2.2% to EUR3.0 billion; Organic revenue
declined 1.9% with a volume decline of 1.4%
-- Gross margin contracted -250 bps; Adjusted gross margin contracted -210
bps
-- Profit for the period decreased 39.8% to EUR137 million, including EUR57
million of losses net of tax due to refinancing of debt in the fourth
quarter; Adjusted EBITDA decreased 7.5% to EUR523 million
-- Reported Diluted EPS decreased 35% to EUR0.91, including EUR0.38 of
losses net of tax due to refinancing of debt in the fourth
quarter; Adjusted EPS decreased 6.7% to EUR1.66
-- Net cash flows from operating activities of EUR331 million; Adjusted free
cash flow of EUR182 million, representing an adjusted free cash flow
conversion of 73%
2026 full year guidance
For the full year 2026, the Company expects organic revenue to decline by 2%-5% and Adjusted EBITDA to decline by 5%-10%. Adjusted EPS is expected to be EUR1.45-EUR1.60, implying a decline of 4-13%. Based on USD/EUR exchange rate as of February 19, 2026, this translates into 2026 Adjusted EPS of $1.71-$1.89. The Company also expects full year adjusted free cash flow conversion of 90% or greater.
Management & Board Comments
Dominic Brisby, Nomad Foods' Chief Executive Officer, stated, "I have now been with Nomad Foods for nearly four months, including two as its CEO, and can confidently say that I made the right decision to join the Company. The Company possesses fantastic brands and has strong category growth tailwinds at its back. I see a clear path to create tremendous value for our shareholders and intend to make a sizable open-market purchase of Nomad shares in the coming weeks to express my confidence and align my interests with our shareholders. The value creation, however, will not be immediate and we have work to do to unlock our full potential. We have a number of opportunities to address in the organization, and we will be focused on these in the coming months. We continue to streamline the organization to increase our speed, agility, focus and accountability. We believe this will help us improve our commercial execution while unlocking additional resources for reinvestment. We are also ensuring that the right talent, sourced both internally and externally, is in the right roles to help us succeed. We believe we can and will deliver better results, but we anticipate 2026 being a transition year as our financial outlook reflects the time required to implement and manage change. I am excited to show investors what Nomad Foods is capable of once we see the results of our new approach."
Noam Gottesman, Nomad Foods' Co-Chairman and Founder, commented, "While it has only been a few months, I am encouraged by the rapid changes being implemented at Nomad Foods and the multi-year vision that is beginning to unfold. Dominic and his team have a lot of work ahead of them, but they are starting from a good place. The company's portfolio is strong, category growth is robust and retail-sell out in 2025 delivered modest growth. The opportunity ahead is substantial. Dominic and his team have the Board's full support during this transition year and I am excited to see him unlock significant underappreciated value in Nomad Foods for shareholders."
Fourth Quarter of 2025 results compared to the Fourth Quarter of 2024
-- Revenue decreased 2.6% to EUR773 million. Organic revenue decrease of
1.3% was driven by a 0.2% price/mix decline and by 1.1% volume decline.
-- Adjusted gross profit decreased 11% to EUR202 million. Adjusted gross
margin decreased 240 basis points to 26.1% due primarily to supply chain
inflation headwinds.
-- Adjusted operating expenses decreased 15% to EUR97 million due to a
double-digit contraction in overhead costs and Advertising and Promotion
expense.
-- Adjusted EBITDA decreased by 4.7% to EUR131 million and Adjusted Profit
for the period decreased 7% to EUR63 million.
-- Adjusted EPS increased 2.4% to EUR0.43, reflecting the decrease in
Adjusted Profit for the period and fewer shares outstanding. Reported
Diluted EPS decreased from a profit per share of EUR0.32 to a loss per
share of EUR0.07.
Year Ended 2025 results compared to the Year Ended 2024
-- Revenue decreased 2.2% to EUR3.0 billion. Organic revenue decrease of
1.9% was driven by a 0.5% decline in price/mix and a 1.4% decrease in
volume.
-- Adjusted gross profit decreased 9% to EUR833 million. Adjusted gross
margin decreased 210 basis points to 27.5% due primarily to supply chain
inflation headwinds, partially offset by supply chain productivity and
the lapping of inventory revaluation headwinds in the prior year.
-- Adjusted operating expenses decreased 9% to EUR410 million due to a
double-digit contraction in overhead costs and a single-digit decrease in
Advertising and Promotion expense.
-- Adjusted EBITDA decreased 7.5% to EUR523 million and Adjusted Profit for
the period decreased 14% to EUR249 million.
-- Adjusted EPS decreased 7% to EUR1.66, reflecting the decrease in Adjusted
Profit for the period and fewer shares outstanding. Reported Diluted EPS
decreased 35% to EUR0.91.
-- The Company returned EUR287 million to shareholders in 2025 in the form
of dividends and share repurchase activity. The basic shares outstanding
at year-end were 142.4 million; a 9% decrease from year-end 2024.
Conference Call and Webcast
A pre-recorded management discussion of Nomad Foods' fourth quarter 2025 earnings and accompanying presentation is available at www.nomadfoods.com under Investor Relations. The Company will host a live question-and-answer session to discuss these results today, Thursday, February 26, 2026 at 1:30 p.m. GMT (8:30 a.m. Eastern Standard Time). To participate on the live call listeners in North America may dial +1-844-676-5834 and international listeners may dial +1-412-634-6811. Additionally, the call is being webcast and can be accessed at the Nomad Foods website. A replay of the call will be available on the Company website for two weeks following the event and can be accessed by listeners in North America by dialing +1-844-512-2921 and by international listeners by dialing +1-412-317-6671; the replay pin number is 10206050.
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 twelve months ended December 31, 2025 and for comparative purposes, the three and twelve months ended December 31, 2024.
Adjusted financial information for the three and twelve months ended December 31, 2025 and 2024 presented in this press release reflects the historical reported financial statements of Nomad Foods, adjusted primarily for, when they occur, share based payment expenses and related employer payroll taxes, non-operating M&A related costs, acquisition purchase price adjustments, exceptional items and foreign currency translation charges/gains.
Adjusted EBITDA is profit or loss for the period before taxation, net financing costs, depreciation and amortization, adjusted to exclude, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges and other unusual or non-recurring items. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EBITDA provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.
Adjusted EBITDA should not be considered as an alternative to profit/(loss) for the period, determined in accordance with IFRS, as an indicator of the Company's operating performance.
Adjusted Profit for the period is defined as profit for the period excluding, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, net financing income/(cost) on amendment of terms of debt, interest cost on tax relating to legacy tax audits, foreign exchange translation gains/(losses), foreign exchange gains/(losses) on derivatives, as well as certain other items considered unusual or non-recurring in nature. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted Profit for the period provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.
Adjusted EPS is defined as diluted earnings per share excluding, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, net financing income/(cost) on amendment of terms of debt, interest cost on tax relating to legacy tax audits, foreign exchange translation gains/(losses), foreign exchange gains/(losses) on derivatives, 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 twelve months ended December 31, 2025 and 2024 presented in this press release takes into consideration only those activities that were in effect during both time periods. Organic revenue growth/(decline) reflects reported revenue adjusted for currency translation and non-comparable trading items such as expansion, acquisitions, disposals, closures, trading day impacts or any other event that artificially impacts the comparability of our results period over period.
Adjusted Gross Profit and adjusted gross margin exclude accelerated depreciation associated with restructuring programs within cost of goods sold.
Adjustments for currency translation are calculated by translating data of the current and comparative periods using a budget foreign exchange rate that is set once a year as part of the Company's internal annual forecast process.
Adjusted Free Cash Flow is the amount of cash generated from operating activities less cash flows related to exceptional items (as described above), non-operating M&A related costs and working capital movements on employer taxes associated with share based payment awards, plus capital expenditure (on property, plant and equipment and intangible assets), net interest paid, proceeds/(payments) on settlement of derivatives where hedge accounting is not applied and payments of lease liabilities. Adjusted free cash flow reflects cash flows that could be used for payment of dividends, repayment of debt or to fund acquisitions or other strategic objectives.
Cash flow conversion is Adjusted Free Cash Flow as a percentage of Adjusted Profit for the period.
Adjusted and Organic non-IFRS financial information should be read in conjunction with the unaudited financial statements of Nomad Foods included in this press release as well as the historical financial statements of the Company previously filed with the SEC.
Nomad Foods believe its non-IFRS financial measures provide an important additional measure with which to monitor and evaluate the Company's ongoing financial results, as well as to reflect its acquisitions. Nomad Foods' calculation of these financial measures may be different from the calculations used by other companies and comparability may therefore be limited. The Adjusted and Organic financial information presented herein is based upon certain assumptions that Nomad Foods believes to be reasonable and is presented for informational purposes only and is not necessarily indicative of any anticipated financial position or future results of operations that the Company will experience. You should not consider the Company's non-IFRS financial measures an alternative or substitute for the Company's reported results and are cautioned not to place undue reliance on these results and information as they may not be representative of our actual or future results as a Company.
Please see on pages 9 to 18, 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 December 31, 2025 and December 31, 2024
Three months ended Three months ended
EUR in millions December 31, 2025 December 31, 2024
Revenue 773.1 793.4
Cost of sales (575.4) (567.5)
------------------ ------------------
Gross profit 197.7 225.9
Other operating expenses (97.7) (115.1)
Exceptional items (29.5) (19.3)
------------------ ------------------
Operating profit 70.5 91.5
Finance income 1.8 4.4
Finance costs (107.7) (34.6)
------------------ ------------------
Net financing costs (105.9) (30.2)
------------------ ------------------
(Loss)/profit before tax (35.4) 61.3
Taxation 24.7 (9.9)
------------------ ------------------
(Loss)/profit for the period (10.7) 51.4
================== ==================
Basic (loss)/earnings per share
Weighted average shares outstanding
in millions 144.9 158.5
Basic (loss)/earnings per share in
EUR (0.07) 0.32
Diluted (loss)/earnings per share
Weighted average shares outstanding
in millions 145.1 159.2
Diluted (loss)/earnings per share in
EUR (0.07) 0.32
Consolidated Statements of Profit or Loss (audited)
Twelve months ended December 31, 2025 and December 31, 2024
Twelve months Twelve months
ended December 31, ended December 31,
EUR in millions 2025 2024
Revenue 3,032.5 3,099.8
Cost of sales (2,209.5) (2,182.0)
------------------- -------------------
Gross profit 823.0 917.8
Other operating expenses (419.2) (461.3)
Exceptional items (78.4) (69.5)
------------------- -------------------
Operating profit 325.4 387.0
Finance income 16.2 30.1
Finance costs (196.3) (139.2)
------------------- -------------------
Net financing costs (180.1) (109.1)
------------------- -------------------
Profit before tax 145.3 277.9
Taxation (8.6) (50.8)
------------------- -------------------
Profit for the period 136.7 227.1
Basic earnings per share
Weighted average shares
outstanding in millions 149.9 161.5
Basic earnings per share in EUR 0.91 1.41
Diluted earnings per share
Weighted average shares
outstanding in millions 150.2 162.2
Diluted earnings per share in EUR 0.91 1.40
Nomad Foods Limited As Reported
Consolidated Statements of Financial Position (audited)
As at December 31, 2025 and December 31, 2024
EUR in millions As at December 31, 2025 As at December 31, 2024
Non-current assets
Goodwill 2,104.7 2,106.1
Intangible assets 2,463.8 2,472.9
Property, plant and
equipment 595.2 591.1
Other non-current assets 7.0 8.6
Derivative financial
instruments 0.4 4.3
Deferred tax assets 17.1 14.7
----------------------- -----------------------
Total non-current assets 5,188.2 5,197.7
----------------------- -----------------------
Current assets
Cash and cash equivalents 324.8 403.3
Inventories 440.6 441.5
Trade and other
receivables 350.8 334.6
Current tax receivable 26.1 37.6
Derivative financial
instruments 4.5 16.9
----------------------- -----------------------
Total current assets 1,146.8 1,233.9
----------------------- -----------------------
Total assets 6,335.0 6,431.6
----------------------- -----------------------
Current liabilities
Trade and other payables 794.9 829.1
Current tax payable 193.4 226.7
Provisions 27.6 27.1
Loans and borrowings 32.6 26.0
Derivative financial
instruments 19.4 14.4
----------------------- -----------------------
Total current liabilities 1,067.9 1,123.3
----------------------- -----------------------
Non-current liabilities
Loans and borrowings 2,258.6 2,151.4
Employee benefits 138.4 152.1
Other non-current
liabilities 0.4 0.5
Provisions 1.4 2.7
Derivative financial
instruments 112.2 46.4
Deferred tax liabilities 259.3 292.7
----------------------- -----------------------
Total non-current
liabilities 2,770.3 2,645.8
----------------------- -----------------------
Total liabilities 3,838.2 3,769.1
----------------------- -----------------------
Net assets 2,496.8 2,662.5
======================= =======================
Equity attributable to
equity holders
Share capital and capital
reserve 1,134.3 1,316.4
Share based compensation
reserve 16.9 26.2
Translation reserve 102.4 135.3
Other reserves (12.9) (14.9)
Retained earnings 1,256.1 1,199.5
Total equity 2,496.8 2,662.5
======================= =======================
Nomad Foods Limited As Reported Consolidated Statements of Cash Flows
(audited) For the twelve months ended December 31, 2025 and the twelve
months ended December 31, 2024
Twelve months ended Twelve months ended
EUR in millions December 31, 2025 December 31, 2024
Cash generated from operating
activities
Profit for the period 136.7 227.1
Adjustments for:
Exceptional items 78.4 69.5
Share based payment expense 8.4 8.8
Depreciation and amortization 109.4 96.9
Loss on disposal and impairment
of property, plant and
equipment 1.0 1.6
Net finance costs 180.1 109.1
Taxation 8.6 50.8
------------------- -------------------
Operating cash flow before changes
in working capital, provisions
and exceptional items 522.6 563.8
Increase in inventories (14.2) (1.2)
Increase in trade and other
receivables (18.2) (75.0)
(Decrease)/increase in trade
and other payables (8.8) 68.6
Decrease in employee benefits
and other provisions (6.3) (4.0)
------------------- -------------------
Cash generated from operations
before tax and exceptional items 475.1 552.2
Payments relating to
exceptional items (70.3) (72.1)
Receipts relating to
exceptional items -- 4.4
Tax received 4.0 --
Tax paid (78.1) (49.1)
------------------- -------------------
Net cash flows from operating
activities 330.7 435.4
------------------- -------------------
Cash flows from investing
activities
Purchase of property, plant and
equipment and intangibles (78.5) (80.3)
Interest received 3.9 10.2
Redemption of investments -- 5.7
------------------- -------------------
Cash used in investing activities (74.6) (64.4)
------------------- -------------------
Cash flows from financing
activities
Repurchase of ordinary shares (195.6) (118.7)
Dividends paid (91.3) (89.2)
Payments related to shares
withheld for tax (6.9) (5.8)
Issuance of new loans and notes 193.2 --
Repayment of loan principal (57.1) (6.5)
Payment of lease liabilities (34.2) (31.3)
Payment of financing fees (19.0) (2.7)
Interest paid (111.9) (112.2)
Payments on settlement of
derivatives (9.3) --
Net cash used in financing
activities (332.1) (366.4)
------------------- -------------------
Net (decrease)/increase in cash
and cash equivalents (76.0) 4.6
------------------- -------------------
Cash and cash equivalents at
beginning of period 403.3 399.7
Effect of exchange rate
fluctuations (2.5) (1.0)
------------------- -------------------
Cash and cash equivalents at end
of period 324.8 403.3
=================== ===================
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 December 31, 2025 to the reported results of Nomad Foods for such period.
Adjusted Statement of Profit or Loss (unaudited)
Three months ended December 31, 2025
As reported for As adjusted for
EUR in the three months the three months
millions, except ended December ended December
per share data 31, 2025 Adjustments 31, 2025
---------------- ----------- -----------------
Revenue 773.1 -- 773.1
Cost of sales (575.4) 4.3 (a) (571.1)
---------------- ----------- -----------------
Gross profit 197.7 4.3 202.0
Other operating
expenses (97.7) 1.1 (b) (96.6)
Exceptional items (29.5) 29.5 (c) --
---------------- ----------- -----------------
Operating profit 70.5 34.9 105.4
Finance income 1.8 -- 1.8
Finance costs (107.7) 78.6 (29.1)
---------------- ----------- -----------------
Net financing
costs (105.9) 78.6 (d) (27.3)
---------------- ----------- -----------------
(Loss)/profit
before tax (35.4) 113.5 78.1
Taxation 24.7 (40.1) (e) (15.4)
---------------- ----------- -----------------
(Loss)/profit for
the period (10.7) 73.4 62.7
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 144.9 -- 144.9
Basic
(loss)/earnings
per share in
EUR (0.07) 0.43
Weighted average
shares
outstanding in
millions -
diluted 145.1 -- 145.1
Diluted
(loss)/earnings
per share in
EUR (0.07) 0.43
(a) Represents elimination of EUR4.3 million of incremental depreciation
related to assets impacted by the planned closure of a factory in Sweden
as part of the Company's multi-year supply chain network optimization
program.
(b) Share based payment charge including employer payroll taxes of EUR0.8
million and a non-operating M&A related costs of EUR0.3 million.
(c) Exceptional items which management believes will only recur over a
limited number of financial periods based in most cases on the completion
of the particular project or program, and do not have a continuing
impact. See table 'Adjusted EBITDA (unaudited) three months ended
December 31, 2025' on the next page for a detailed list of exceptional
items.
(d) Elimination of EUR75.9 million of losses on refinancing of debt and
EUR2.7 million of foreign exchange losses.
(e) 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 as well as a EUR16.8 million one-off credit on the recognition of
deferred tax assets that had previously been derecognized. As this latter
adjustment is not driven by current-period trading activity, including it
would distort period-to-period comparability.
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles Adjusted EBITDA for the three months ended December 31, 2025 to the reported results of Nomad Foods for such period.
Adjusted EBITDA (unaudited)
Three months ended December 31, 2025
For the three months
ended December 31,
EUR in millions 2025
--------------------
Loss for the period (10.7)
Taxation (24.7)
Net financing costs 105.9
Depreciation and amortization 29.5
Exceptional items:
Business Transformation Program 17.8 (a)
Organizational streamlining program 11.0 (b)
Supply chain network optimization 1.2 (c)
Settlement of legacy matters (0.5) (d)
Other Adjustments:
Other add-backs 1.1 (e)
--------------------
Adjusted EBITDA (f) 130.6
====================
(a) Expenses associated with the multi-year, enterprise-wide transformation
and optimization program. Expenses in the period consist of an expense
for the derecognition of ERP development costs (EUR9.5 million),
restructuring, severance, and transformational project costs, including
business technology transformation initiative costs and related
professional fees.
(b) Expenses associated with an enterprise-wide restructuring program
relating to non-factory operations. Expenses consist primarily of
severance costs.
(c) Restructuring expenses associated with the supply chain network
optimization program.
(d) Income and expenses associated with the release of acquired provisions
relating to periods prior to acquisition by the Company and other gains
or charges associated with items that were originally recognized as
exceptional.
(e) Represents the elimination of share based payment charge including
employer payroll taxes of EUR0.8 million and elimination of a
non-operating M&A related costs of EUR0.3 million.
(f) Adjusted EBITDA margin of 16.9% for the three months ended December 31,
2025 is calculated by dividing Adjusted EBITDA by Revenue of EUR773.1
million.
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles adjusted financial information for the three months ended December 31, 2024 to the reported results of Nomad Foods for such period.
Adjusted Statements of Profit or Loss (unaudited)
Three months ended December 31, 2024
As reported for As adjusted for
EUR in the three months the three months
millions, except ended December ended December
per share data 31, 2024 Adjustments 31, 2024
---------------- ----------- -----------------
Revenue 793.4 -- 793.4
Cost of sales (567.5) -- (567.5)
---------------- ----------- -----------------
Gross profit 225.9 -- 225.9
Other operating
expenses (115.1) 0.8 (a) (114.3)
Exceptional items (19.3) 19.3 (b) --
---------------- ----------- -----------------
Operating profit 91.5 20.1 111.6
Finance income 4.4 -- 4.4
Finance costs (34.6) 3.2 (31.4)
---------------- ----------- -----------------
Net financing
costs (30.2) 3.2 (c) (27.0)
---------------- ----------- -----------------
Profit before tax 61.3 23.3 84.6
Taxation (9.9) (7.6) (d) (17.5)
---------------- ----------- -----------------
Profit for the
period 51.4 15.7 67.1
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 158.5 -- 158.5
Basic earnings
per share in
EUR 0.32 0.42
Weighted average
shares
outstanding in
millions -
diluted 159.2 -- 159.2
Diluted earnings
per share in
EUR 0.32 0.42
(a) Share based payment charge including employer payroll taxes of EUR0.4
million and a non-operating M&A related costs of EUR0.4 million.
(b) Exceptional items which management believes will only recur over a
limited number of financial periods based in most cases on the completion
of the particular project or program, and do not have a continuing
impact. See table 'Adjusted EBITDA (unaudited) three months ended
December 31, 2024' on the next page for a detailed list of exceptional
items.
(c) Elimination of EUR3.2 million of foreign exchange losses.
(d) 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 for the three months ended December 31, 2024 to the reported results of Nomad Foods for such period.
Adjusted EBITDA (unaudited)
Three months ended December 31, 2024
For the three months
ended December 31,
EUR in millions 2024
--------------------
Profit for the period 51.4
Taxation 9.9
Net financing costs 30.2
Depreciation and amortization 25.5
Exceptional items:
Business Transformation Program 20.8 (a)
Settlement of legacy matters (1.5) (b)
Other Adjustments:
Other add-backs 0.8 (c)
--------------------
Adjusted EBITDA (d) 137.1
====================
(a) Expenses associated with the multi-year, enterprise-wide transformation
and optimization program. Expenses in the period consist of
restructuring, severance and transformational project costs, including
business technology transformation initiative costs and related
professional fees.
(b) Income and expenses associated with the release of acquired provisions
relating to periods prior to acquisition by the Company and other gains
or charges associated with items that were originally recognized as
exceptional.
(c) Represents the elimination of share based payment charge including
employer payroll taxes of EUR0.4 million and elimination of a
non-operating M&A related costs of EUR0.4 million.
(d) Adjusted EBITDA margin of 17.3% for the three months ended December 31,
2024 is calculated by dividing Adjusted EBITDA by Revenue of EUR793.4
million.
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles adjusted financial information for the twelve months ended December 31, 2025 to the reported results of Nomad Foods for such period.
Adjusted Statement of Profit or Loss (unaudited)
Twelve months ended December 31, 2025
As reported for
the twelve As adjusted for
EUR in months ended the twelve months
millions, except December 31, ended December
per share data 2025 Adjustments 31, 2025
---------------- ----------- -----------------
Revenue 3,032.5 -- 3,032.5
Cost of sales (2,209.5) 9.9 (a) (2,199.6)
---------------- ----------- -----------------
Gross profit 823.0 9.9 832.9
Other operating
expenses (419.2) 9.5 (b) (409.7)
Exceptional items (78.4) 78.4 (c) --
---------------- ----------- -----------------
Operating profit 325.4 97.8 423.2
Finance income 16.2 (10.0) 6.2
Finance costs (196.3) 75.9 (120.4)
---------------- ----------- -----------------
Net financing
costs (180.1) 65.9 (d) (114.2)
---------------- ----------- -----------------
Profit before tax 145.3 163.7 309.0
Taxation (8.6) (51.8) (e) (60.4)
---------------- ----------- -----------------
Profit for the
period 136.7 111.9 248.6
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 149.9 -- 149.9
Basic earnings
per share in
EUR 0.91 1.66
Weighted average
shares
outstanding in
millions -
diluted 150.2 -- 150.2
Diluted earnings
per share in
EUR 0.91 1.66
(a) Represents elimination of EUR9.9 million of incremental depreciation
related to assets impacted by the planned closure of a factory in Sweden
as part of the Company's multi-year supply chain network optimization
program.
(b) Share based payment charge including employer payroll taxes of EUR8.4
million and non-operating M&A related costs of EUR1.1 million.
(c) Exceptional items which management believes will only recur over a
limited number of financial periods based in most cases on the completion
of the particular project or program, and do not have a continuing
impact. See table 'Adjusted EBITDA (unaudited) twelve months ended
December 31, 2025' on the next page for a detailed list of exceptional
items.
(d) Elimination of EUR75.9 million of losses on refinancing of debt and
EUR10.0 million of foreign exchange gains.
(e) 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 as well as a EUR16.8 million one-off credit on the recognition of
deferred tax assets that had previously been derecognized. As this latter
adjustment is not driven by current-period trading activity, including it
would distort period-to-period comparability.
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles Adjusted EBITDA for the twelve months ended December 31, 2025 to the reported results of Nomad Foods for such period:
Adjusted EBITDA (unaudited)
Twelve months ended December 31, 2025
For the twelve
months ended
EUR in millions December 31, 2025
------------------
Profit for the period 136.7
Taxation 8.6
Net financing costs 180.1
Depreciation and amortization 109.4
Exceptional items:
Business Transformation Program 53.2 (a)
Organizational streamlining program 21.9 (b)
Supply chain network optimization 3.1 (c)
Settlement of legacy matters 0.2 (d)
Other Adjustments:
Other add-backs 9.5 (e)
Adjusted EBITDA (f) 522.7
==================
(a) Expenses associated with the multi-year, enterprise-wide transformation
and optimization program which began in 2020. Expenses in the period
consist an expense for the derecognition of ERP development costs (EUR9.5
million), restructuring, severance and transformational project costs,
including business technology transformation initiative costs and related
professional fees.
(b) Expenses associated with an enterprise-wide restructuring program
relating to non-factory operations. Expenses consist primarily of
severance costs.
(c) Expenses associated with the supply chain network optimization program.
Under this program, the Company commenced its plan to close operations at
a factory in Sweden incurring expenses for restructuring and severance.
(d) Income and expenses associated with the release of acquired provisions
relating to periods prior to acquisition by the Company and other gains
or charges associated with items that were originally recognized as
exceptional.
(e) Represents the elimination of share based payment charge including
employer payroll taxes of EUR8.4 million and elimination of non-operating
M&A related costs of EUR1.1 million.
(f) Adjusted EBITDA margin of 17.2% for the twelve months ended December 31,
2025 is calculated by dividing Adjusted EBITDA by Revenue of EUR3,032.5
million.
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles adjusted financial information for the twelve months ended December 31, 2024 to the reported results of Nomad Foods for such period.
Adjusted Statements of Profit or Loss (unaudited)
Twelve months ended December 31, 2024
As reported for
the twelve As adjusted for
EUR in months ended the twelve months
millions, except December 31, ended December
per share data 2024 Adjustments 31, 2024
---------------- ----------- -----------------
Revenue 3,099.8 -- 3,099.8
Cost of sales (2,182.0) -- (2,182.0)
---------------- ----------- -----------------
Gross profit 917.8 -- 917.8
Other operating
expenses (461.3) 11.7 (a) (449.6)
Exceptional items (69.5) 69.5 (b) --
---------------- ----------- -----------------
Operating profit 387.0 81.2 468.2
Finance income 30.1 (20.1) 10.0
Finance costs (139.2) 21.0 (118.2)
---------------- ----------- -----------------
Net financing
costs (109.1) 0.9 (c) (108.2)
---------------- ----------- -----------------
Profit before tax 277.9 82.1 360.0
Taxation (50.8) (20.4) (d) (71.2)
---------------- ----------- -----------------
Profit for the
period 227.1 61.7 288.8
================ =========== =================
Weighted average
shares
outstanding in
millions -
basic 161.5 -- 161.5
Basic earnings
per share in
EUR 1.41 1.79
Weighted average
shares
outstanding in
millions -
diluted 162.2 -- 162.2
Diluted earnings
per share in
EUR 1.40 1.78
(a) Share based payment charge including employer payroll taxes of EUR10.4
million and non-operating M&A related costs of EUR1.3 million.
(b) Exceptional items which management believes will only recur over a
limited number of financial periods based in most cases on the completion
of the particular project or program, and do not have a continuing
impact. See table 'Adjusted EBITDA (unaudited) twelve months ended
December 31, 2024' on the next page for a detailed list of exceptional
items.
(c) Elimination of EUR14.4 million of net gains on repricing of debt, a
EUR5.7 million gain from the reversal of an impairment loss on a
short-term investment, EUR20.6 million of foreign exchange losses and
EUR0.4 million of losses on derivatives.
(d) 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 for the twelve months ended December 31, 2024 to the reported results of Nomad Foods for such period:
Adjusted EBITDA (unaudited)
Twelve months ended December 31, 2024
For the twelve
months ended
EUR in millions December 31, 2024
------------------
Profit for the period 227.1
Taxation 50.8
Net financing costs 109.1
Depreciation and amortization 96.9
Exceptional items:
Business Transformation Program 68.0 (a)
Settlement of legacy matters 1.5 (b)
Other Adjustments:
Other add-backs 11.7 (c)
Adjusted EBITDA (d) 565.1
==================
(a) Expenses associated with the multi-year, enterprise-wide transformation
and optimization program which began in 2020. Expenses in the period
consist of restructuring, severance and transformational project costs,
including business technology transformation initiative costs and related
professional fees.
(b) Income and expenses associated with the release of acquired provisions
relating to periods prior to acquisition by the Company and other gains
or charges associated with items that were originally recognized as
exceptional.
(c) Represents the elimination of share based payment charge including
employer payroll taxes of EUR10.4 million and elimination of
non-operating M&A related costs of EUR1.3 million.
(d) Adjusted EBITDA margin of 18.2% for the twelve months ended December 31,
2024 is calculated by dividing Adjusted EBITDA by Revenue of EUR3,099.8
million.
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
Reconciliation from reported to organic revenue growth/(decline)
The following table is a reconciliation of reported revenue growth to Organic Revenue Growth for the three and twelve month periods ended December 31, 2025.
Year on Year Growth/(Decline) - December 31, 2025 compared with
December 31, 2024:
Three months ended Twelve months ended
December 31, 2025 December 31, 2025
YoY change YoY change
--------------------- ---------------------
Reported Revenue
Growth/(Decline) (2.6) % (2.2) %
Of which:
Organic Revenue
Growth/(Decline) (1.3) % (1.9) %
Translational FX (a) (1.3) % (0.3) %
--------------------- ---------------------
Total (2.6) % (2.2) %
===================== =====================
(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.
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
Reconciliation from reported net cash flows from operating activities to Adjusted free cash flow (unaudited)
The following table is a reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the twelve months ended December 31, 2025.
Twelve months ended December 31, 2025
Twelve months ended
EUR in millions December 31, 2025
Net cash flows from operating activities 330.7
Add back:
Cash flows relating to exceptional items (a) 70.3
Employer taxes related to share based payments (b) 0.8
Non-operating M&A costs (c) 1.1
Deduct:
Capital expenditure (d) (78.5)
Net interest paid (108.0)
Payment of lease liabilities (e) (34.2)
-------------------
Adjusted free cash flow 182.2
===================
Adjusted profit for the period 248.6
-------------------
Adjusted free cash flow as % adjusted profit for the
period 73 %
===================
(a) Adjustment to add back cash flows related to exceptional items which are
not considered to be indicative of our ongoing operating cash flows.
(b) Adjustment to add back working capital movements related to employer
taxes related to share based payments which are not considered to be
indicative of our ongoing operating cash flows.
(c) Adjustment to add back cash flows related to non-operating M&A costs
which are not considered to be indicative of our ongoing operating cash
flows.
(d) Defined as the sum of property, plant and equipment and intangible assets
purchased in the year, which are considered part of the underlying
business cash flows.
(e) These lease liabilities are included in Net Cash Flows from Financing
Activities. We believe these payments are part of the underlying business
cash flows and should be reflected in Adjusted free cash flow.
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, Adjusted EPS, and Adjusted EPS growth; (ii) the ability to strengthen the organization, improve performance and unlock value creation, (iii) its growth and efficiency initiatives, including with respect to its innovation and renovation initiatives, (iv) its ability to generate superior shareholder returns; (v) its bottom-line growth and cash generation; (vi) its portfolio's ability to remain well positioned for consumer trends; (vii) management's ability to improve the Company's results and growth, and (viii) Mr. Brisby's intention to purchase ordinary shares in the open-market.
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 factors beyond the Company's control; (ii) the Company's ability to successfully mitigate inflationary changes in the market; (iii) the Company's ability to successfully identify suitable acquisition targets and adequately evaluate the potential performance of such acquisition targets; (iv) the Company's ability to successfully implement its strategies (including its M&A strategy) and strategic initiatives and to recognize the anticipated benefits of such strategic initiatives; (v) innovations introduced to the markets and the Company's ability to accurately forecast the brands' performance; (vi) the Company's ability to effectively compete in its markets; (vii) changes in consumer preferences, such as meat substitutes, and the Company's failure to anticipate and respond to such changes or to successfully develop and renovate products; (viii) the effects of reputational damage from unsafe or poor quality food products; (ix) the risk that securities markets will react negatively to actions by the Company; (x) the adequacy of the Company's cash resources to achieve its anticipated growth agenda; (xi) increases in operating costs, including labor costs, and the Company's ability to manage its cost structure; (xii) fluctuations in the availability of food ingredients and packaging materials that the Company uses in its products; (xiii) the Company's ability to protect its brand names and trademarks; (xiv) the Company's ability to prevent, or remediate, any future cybersecurity incidents; (xv) loss of the Company's financial arrangements with respect to receivables factoring; (xvi) the loss of any of the Company's major customers or a decrease in demand for its products; (xvii) economic conditions that may affect the Company's future performance including exchange rate fluctuations; (xviii) the Company's ability to successfully interpret and respond to key industry trends and to realize the expected benefits of its responsive actions; (xix) the Company's failure to comply with, and liabilities related to, environmental, health and safety laws and regulations; (xx) changes in applicable laws or regulations; (xxi) the Company's ability to remediate any material weaknesses in its internal control over financial reporting; and (xxii) the other risks and uncertainties disclosed in the Company's public filings and any other public disclosures by the Company. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
No Offer or Solicitation
This release and referenced conference call is provided for informational purposes only and does not constitute an offer to sell, or an invitation to subscribe for, purchase or exchange, any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this press release in any jurisdiction in contravention of applicable law.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
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SOURCE Nomad Foods Limited
(END) Dow Jones Newswires
February 26, 2026 06:45 ET (11:45 GMT)