Nomad Foods to Host an Analyst and Investor Day
The improved revenue outlook leaves the expected decline in adjusted EBITDA and other 2026 financial forecasts unchanged.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Nomad Foods (NOMD) raised its 2026 organic revenue outlook and introduced a multi-year growth plan at its Analyst and Investor Day. The company now expects full-year organic revenue, which excludes currency and non-comparable trading effects, to decline 2%-3%, versus its previous forecast of a 2%-5% decline. Third-quarter organic revenue growth is expected to be at least 1%.
Other 2026 forecasts remain unchanged: adjusted EBITDA declines 5%-10%, adjusted earnings per share of €1.38-€1.53, and adjusted free cash flow conversion of 90% or greater. The EBITDA outlook includes up to a mid-single digit headwind from restoring incentive compensation. Nomad expects productivity initiatives to exceed its previously announced €200 million target and plans to maintain its dividend. Its CEO and leadership team collectively purchased approximately $10.5 million of NOMD shares over the past thirteen months.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year organic revenue decline now expected at 2%-3%, improved from the previous 2%-5% decline forecast.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Productivity initiatives now expected to exceed the previously announced €200 million target.
- Minor point. Forward-looking: it has not happened yet and may not happen.Third-quarter organic revenue growth expected at at least 1%, marking a return to growth.
- Minor point. Forward-looking: it has not happened yet and may not happen.Multi-year Value Creation Plan targets organic growth, expanded profitability and increased long-term shareholder value.
- Minor point. Forward-looking: it has not happened yet and may not happen.Adjusted earnings per share guidance remains €1.38-€1.53 for 2026.
2 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.Adjusted free cash flow conversion guidance remains 90% or greater for 2026.
- Minor pointCEO and leadership team purchased approximately $10.5 million of shares in the open market over thirteen months.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA expected to decline 5%-10%, including up to a mid-single digit incentive-compensation headwind.
News Explained
The guidance uses adjusted and organic non-IFRS measures, and Nomad says it cannot reconcile its organic growth, adjusted EBITDA, adjusted EPS and adjusted free-cash-flow conversion guidance to the closest IFRS measures without unreasonable effort.
Key Figures
- Q3 organic revenue growth
- At least 1%
- 2026 outlook; return to organic growth
- FY organic revenue
- Decline of 2%-3%
- 2026 outlook; improved from the previous decline range of 2%-5%
- Adjusted EBITDA
- Decline of 5%-10%
- 2026 guidance; unchanged, inclusive of an incentive compensation headwind
- Incentive compensation headwind
- Up to a mid-single digit
- Included in 2026 Adjusted EBITDA guidance
- Adjusted EPS
- €1.38-€1.53
- 2026 guidance; unchanged
- Adjusted Free Cash Flow conversion
- 90% or greater
- 2026 guidance; unchanged
- Productivity target
- Exceed the previously announced €200 million target
- Management expectation stated at the Analyst and Investor Day
Historical Context
-
Reiterated FY organic revenue decline of 2%-5%; current guidance narrows the decline to 2%-3%.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Raises 2026 Organic Revenue Outlook; Return to Growth Expected in the Third Quarter
Introduces Multi-Year Value Creation Plan Targeting Sustainable Revenue and Earnings Growth
WOKING,
Commenting on the Company's progress and outlook, Dominic Brisby, Chief Executive Officer of Nomad Foods, said:
"2026 has been a year of decisive action and meaningful change at Nomad Foods. Since joining Nomad at the beginning of the year, we have simplified the organization, eliminated inefficient practices, strengthened our leadership team and begun building a more accountable, performance-driven culture. While there is more work ahead, we are encouraged by the progress already underway. We expect a return to organic revenue growth in the third quarter, providing tangible evidence that the actions we are taking are beginning to deliver results.."
"Looking ahead, our ambitions extend well beyond restoring growth. We are building a stronger, more agile and more scalable Nomad Foods with the capabilities to deliver consistent top- and bottom-line growth. We are leveraging the significant advantages of our pan-European supply chain, accelerating productivity initiatives that we now expect will exceed the
"Combined with the strength of our category-leading brands and the attractive long-term fundamentals of frozen food, these actions give us confidence in our ability to deliver sustainable growth, stronger cash generation and increased shareholder value. That confidence is reflected in our own investment in Nomad Foods: my leadership team and I have collectively purchased approximately
"Our priorities are clear: execute consistently, strengthen the business, generate substantial free cash flow and return capital to shareholders, including through the continued payment of our dividend, while preserving the financial flexibility to invest behind our brands and pursue attractive growth opportunities."
2026 Guidance
As part of today's event, the Company announced an improved outlook for fiscal 2026 organic revenue.
Nomad Foods now expects third-quarter organic revenue growth of at least
- Adjusted EBITDA to decline by
5% -10% , inclusive of up to a mid-single digit headwind from restoring incentive compensation. - Adjusted EPS of
€1.38 -€1.53 - Adjusted Free Cash Flow conversion of
90% or greater.
The Company also remains committed to disciplined capital allocation, balancing investment in the business with continued returns of capital to shareholders, including maintaining its dividend.
Analyst and Investor Day Webcast
The Analyst and Investor Day will begin at 9:00 am EST today, October 6th, and will end at approximately 12:00 pm EST. A webcast of the presentation and accompanying material is available at www.nomadfoods.com under Investor Relations.
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, has 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 forecast financial information, which is considered non-IFRS financial information, for the fiscal year 2026.
Adjusted financial information 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 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. 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.
Adjustments for currency translation are calculated by translating data of the current and comparative periods using a budget foreign exchange rate that is set once a year as part of the Company's internal annual forecast process.
Adjusted Free Cash Flow is the amount of cash generated from operating activities less cash flows related to exceptional items (as described above), non-operating M&A related costs and working capital movements on employer taxes associated with share based payment awards, plus capital expenditure (on property, plant and equipment and intangible assets), net interest paid, proceeds/(payments) on settlement of derivatives where hedge accounting is not applied and payments of lease liabilities. Adjusted free cash flow reflects cash flows that could be used for payment of dividends, repayment of debt or to fund acquisitions or other strategic objectives.
Adjusted Free Cash flow conversion is Adjusted Free Cash Flow as a percentage of Adjusted Profit for the period.
Free Cash Flow – Free Cash Flow is Adjusted Free Cash Flow after the deduction of cash flows related to exceptional items (as described above).
Net debt is defined as the principal value of all loans and borrowings net of cash and cash equivalents.
Adjusted and Organic non-IFRS financial information should be read in conjunction with 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.
The Company is unable to reconcile, without unreasonable efforts, Organic Growth, Adjusted EBITDA, Adjusted Free Cash Flow conversion and Adjusted EPS guidance to the most directly comparable IFRS measure.
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 2027-2029 value creation plan, (ii) its future operating and financial performance, including its expectations regarding sales trends, margins, capital expenditures, market share performance, and organic growth, (iii) its 2026 and 2027 guidance, including with respect to revenue, revenue growth, organic revenue, organic revenue growth, Adjusted free cash flow conversion, Adjusted free cash flow, Adjusted EBITDA, Adjusted EBITDA growth, Adjusted EPS and net debt, (iv) category and market growth, (v) its competitive advantages,(vi) its productivity targets and productivity, innovation and marketing strategies, (vii) its ability to deliver sustainable, long-term growth and create meaningful value for shareholders, (viii) its long term goal and ability to grow net revenue by
These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) the Company's ability to effectively mitigate factors that negatively impact its supply of raw materials, including the conflict in Ukraine and the Middle East and climate-related factors beyond the Company's control; (ii) the Company's ability to successfully mitigate inflationary changes in the market; (iii) disruptions or inefficiencies in the Company's operations or supply chain, including as a result of the conflict in Ukraine and the Middle East or trade conflicts; (iv) the Company's ability to successfully implement its strategies and strategic initiatives and to recognize the anticipated benefits of such strategic initiatives; (v) innovations introduced to the markets and the Company's ability to accurately forecast the brands' performance; (vi) the Company's ability to effectively compete in its markets; (vii) changes in consumer preferences, such as meat substitutes, and the Company's failure to anticipate and respond to such changes or to successfully develop and renovate products; (viii) the effects of reputational damage from unsafe or poor quality food products; (ix) the risk that securities markets will react negatively to actions by the Company; (x) the adequacy of the Company's cash resources to achieve its anticipated growth agenda; (xi) increases in operating costs, including labor costs, and the Company's ability to manage its cost structure; (xii) fluctuations in the availability of food ingredients and packaging materials that the Company uses in its products; (xiii) the Company's ability to protect its brand names and trademarks; (xiv) the Company's ability to prevent, or remediate, any future cybersecurity incidents; (xv) loss of the Company's financial arrangements with respect to receivables factoring; (xvi) the loss of any of the Company's major customers or a decrease in demand for its products; (xvii) economic conditions that may affect the Company's future performance including exchange rate fluctuations; (xviii) the Company's ability to successfully interpret and respond to key industry trends and to realize the expected benefits of its responsive actions; (xix) the Company's failure to comply with, and liabilities related to, environmental, health and safety laws and regulations; (xx) changes in applicable laws or regulations; (xxi) the Company's ability to remediate any material weaknesses in its internal control over financial reporting; (xxii) the Company's ability to effectively execute its comprehensive value creation plan and other strategic initiatives; (xxiii) the Company's ability to hire, retain and motivate key employees and top tier talent; and (xxiv) the other risks and uncertainties disclosed in the Company's public filings and any other public disclosures by the Company. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
No Offer or Solicitation
This press release and referenced conference call are provided for informational purposes only and do not constitute an offer to sell, or an invitation to subscribe for, purchase or exchange, any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this press release or on the referenced conference call in any jurisdiction in contravention of applicable law.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
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SOURCE Nomad Foods Limited
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is Nomad Foods' updated 2026 organic revenue outlook?
Nomad Foods expects full-year organic revenue to decline 2%-3%, compared with its previous guidance of a 2%-5% decline. It expects third-quarter organic revenue growth of at least 1%.
What productivity target does Nomad Foods expect to exceed?
Nomad Foods expects its productivity initiatives to exceed the previously announced €200 million target. These initiatives form part of its plans to accelerate productivity and use its pan-European supply chain.
How does Nomad Foods define adjusted free cash flow conversion?
Nomad Foods defines adjusted free cash flow conversion as adjusted free cash flow divided by adjusted profit for the period, expressed as a percentage. This is a non-IFRS financial measure, and its calculation may differ from those used by other companies.