Nomad Foods (NOMD) Barclays 18th Annual Global Consumer Staples Conference 2025 summary

Strategic Positioning and Category Leadership

• Holds a leading position in the European frozen food market, with strong brands and a 46% weighted average value share in top 25 segments across 12-13 of 15 core markets.

• Portfolio emphasizes nutritious, protein-rich, and vegetable-based frozen foods, accounting for two-thirds of revenue.

• Navigated challenges such as Brexit, COVID-19, and inflation from the Ukraine war.

• Focuses on health, convenience, and value for money, with most products being non-HFSS.

• Sees long-term growth potential due to low category penetration in Europe compared to the US.

Recent Performance and Financial Guidance

• Achieved nine consecutive years of growth in sales, EBITDA, and EPS, with revenue rising from €1.9 billion in 2016 to €3.1 billion in 2025E at a 5% CAGR.

• 2025 guidance anticipates organic revenue growth of 0% to -2% YoY, Adjusted EBITDA decline of -3% to -7%, and Adjusted EPS of €1.64–€1.76.

• Free cash flow conversion is expected to remain above 90% in 2025.

• 2026–2028 targets include Adjusted EBITDA growth of 1–3% and a 15% increase in free cash flow versus 2023–2025.

• Maintains a disciplined approach to capital allocation, with ongoing share buybacks and dividends.

Innovation, Renovation, and Marketing

• Renovates about 10% of the portfolio annually, focusing on product superiority over private label.

• Innovation is accelerating, with new launches in ready meals, chicken-based products, and vegetarian options such as McDonald's Veggie Nuggets; new products expected to approach 5% of revenue in 2025.

• Masterbrand advertising campaign and centralized media buying are driving improved marketing ROI.

• Expanding successful UK chicken products to other European markets, driving category growth.