Nomad Foods (NOMD) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenues of €3.1 billion, with ninth consecutive year of sales and Adjusted EBITDA growth, and strong Q4 organic sales and margin expansion.

• Volume and market share returned to positive growth, with Q4 volume up 4.7% and market share gains in the last two quarters.

• Maintained a portfolio of iconic brands in the European frozen food sector, with continued investment in innovation, advertising, and organizational efficiency.

• Returned €208 million to shareholders in 2024 via dividends and share repurchases, with Board approving a 13% increase to Q1 2025 dividend.

• Included in the Dow Jones Sustainability Europe Index for the fourth consecutive year, with top scores in health and nutrition.

Financial highlights

• Full-year 2024 revenue grew 1.8% to €3.1 billion, with organic sales up 1.0% and volume up 1.3%.

• Q4 2024 revenue was €793 million (+4.3% YoY), organic growth 3.1%, and volume growth 4.7%.

• Gross margin for the year rose 140 bps to 29.6%; Q4 gross margin up 120 bps to 28.5%.

• Adjusted EBITDA grew 5.6% for the year to €565 million, and 17.6% in Q4 to €137 million.

• Adjusted EPS was €1.78 for 2024 (+11% YoY), €0.42 in Q4 (+31% YoY); free cash flow conversion reached 101%.

Outlook and guidance

• 2025 guidance: organic sales growth of 1%-3%, Adjusted EBITDA growth of 2%-4%, Adjusted EPS of €1.85-€1.89 (4%-6% growth), and at least 90% adjusted free cash flow conversion.

• Q1 2025 organic sales expected to modestly decline due to timing, but underlying retail sales remain healthy.

• Board approved a 13% increase in Q1 2025 dividend to $0.70 per share.

• Plans to increase investment in products and brands in 2025.