Nomad Foods (NOMD) Barclays 17th Annual Global Consumer Staples Conference summary

Strategic Positioning and Market Leadership

• Maintains focus as a pure-play frozen food leader in Europe, holding top market share and €3.9 billion in retail sales with a 45% weighted average value market share in its top 25 markets.

• Emphasizes brand strength, with all major brands ranked number one in their respective markets, including Birds Eye, iglo, Findus, Goodfella's, and Aunt Bessie's.

• Prioritizes focus over diversification, leveraging deep category expertise and a strong brand portfolio.

• Invests in both established and new talent, including recent executive hires from top-tier CPG companies, to drive performance and operational excellence.

• Highlights a strong sustainability agenda, including energy-saving initiatives, waste reduction, and alignment with consumer trends for value and sustainability.

Category Trends and Growth Drivers

• Frozen food in Europe is outpacing broader food growth, with a 10-year CAGR of 2.9% versus 2.1% for total food, driven by health, convenience, and value.

• 93% of the portfolio meets healthy government standards, with two-thirds of revenue from protein and vegetables.

• Retailers are investing in frozen food infrastructure, recognizing its margin and sustainability benefits, and 31% of purchases are unplanned, indicating expandable consumption.

• Secular trends and retailer support are expected to sustain growth beyond 2024, with significant runway for per capita consumption growth compared to the US and UK.

• Innovation and adaptation to local tastes are accelerating, with new launches in Italy and Germany.

Strategic Plans and Forward-Looking Statements

• Growth strategy centers on expanding core must-win battles and growth platforms, supported by a new commercial flywheel and innovation framework.

• Innovation as a percent of revenue is projected to rise from 4.2% in 2023 to 4.7% in 2024, with increased A&P investment (+14% YoY) and improved media ROI.

• The company is scaling its poultry and potato businesses, leveraging strong positions in fish to drive cross-category growth.

• ERP upgrade to SAP HANA is progressing, with careful inventory and promotion management.

• Long-term strategy centers on profitable growth, innovation, and operational excellence.