Nomad Foods (NOMD) Q1 2026 Prepared Remarks earnings summary

Executive summary

• Organic revenue declined 5.3% year-over-year, primarily due to inventory and order realignment, with retail sellout flat and total Q1 2026 revenue at €715 million.

• Adjusted EBITDA dropped 23% to €93 million, and adjusted EPS decreased 34% to €0.23, while profit for the period fell 12% to €29 million.

• Leadership restructuring and new executive appointments were made to drive efficiency and growth.

• Share repurchases and executive share purchases, totaling about €24 million, signal management's confidence.

• Organizational reshaping, elimination of inefficient incentives, and talent recruitment progressed.

Financial highlights

• Gross margin declined by 210 basis points to 25.7%, with gross profit down 13% to €184 million.

• Adjusted EBITDA margin fell to 12.9% from 15.8% in the prior year.

• Adjusted profit for the period was €32 million, a 40% decrease year-over-year.

• Adjusted free cash flow conversion improved to 36% from 24% in Q1 2025.

• Ended the quarter with €283 million in cash after share buybacks and dividends.

Outlook and guidance

• Full-year 2026 organic revenue expected to decline 2%-5%; adjusted EBITDA to decline 5%-10%.

• Adjusted EPS guidance raised to €1.47–€1.62 (USD 1.72–1.90), reflecting share repurchases.

• Adjusted free cash flow conversion expected at 90% or greater for the full year.

• Q2 growth rates expected below full-year targets, with stronger performance anticipated in the second half.