Nomad Foods (NOMD) Morgan Stanley Global Consumer & Retail Conference summary

Company evolution and market positioning

• Established as a leader in the European frozen food sector, consistently growing sales, EBITDA, and EPS annually since 2016 despite macroeconomic challenges.

• Focuses on healthy, nutritious products, with 93% of business in non-high fat, sugar, and salt categories, and two-thirds in vegetables, poultry, and fish.

• Emphasizes differentiation as a provider of 'good food' and aims to further strengthen this perception over the next decade.

Category fundamentals and consumer trends

• Frozen food in Europe has outpaced total FMCG growth, driven by health, convenience, affordability, and reduced waste.

• The portfolio is well-positioned for trends toward healthier lifestyles and potential policy changes, with a focus on low-additive, nutritious options.

• European frozen food differs from the U.S. market, focusing more on vegetables, poultry, and fish rather than pizza and ready meals.

Business momentum and pricing strategy

• Maintains positive volume and market share growth, even amid ERP implementation challenges.

• Retailers are shifting focus from price to quality, innovation, and A&P, creating opportunities to regain or grow market share.

• In a lower inflation environment, expects volume to play a larger role in sales growth, with less reliance on price increases.