Nomad Foods (NOMD) Q4 2025 Prepared Remarks earnings summary

Executive summary

• Full year 2025 organic revenue declined 1.9%, in line with guidance, with volume down 1.1–1.4%; Q4 organic revenue declined 1.3% as the rate of decline moderated.

• Retail sell-out accelerated to +0.7% in Q4, with full-year sell-out at +0.4%.

• Leadership initiated foundational organizational and cultural changes, including productivity programs and leadership transitions, to drive future value creation.

• Distributed €287 million to shareholders in 2025 via dividends and share repurchases, a 38% increase from 2024.

• Management expects 2026 to be a transition year, focusing on strategic repositioning and operational improvements.

Financial highlights

• FY 2025 revenue was €3,033 million, down 2.2% year-over-year; Q4 revenue was €773 million, down 2.6%.

• Adjusted EBITDA for 2025 was €523 million (down 7.5% YoY); Q4 adjusted EBITDA was €131 million (down 4.7% YoY).

• Adjusted EPS for 2025 was €1.66 (down 6.7–7% YoY); Q4 adjusted EPS grew 2–2.4% to €0.43.

• Adjusted gross margin for 2025 was 27.5% (down 210 bps YoY); Q4 adjusted gross margin was 26.1% (down 240 bps YoY).

• Adjusted free cash flow for 2025 was €182 million, representing a 73% conversion rate.

Outlook and guidance

• For 2026, organic revenue is expected to decline 2–5%, adjusted EBITDA to decline 5–10%, and adjusted EPS to decline 4–13% (€1.45–€1.60).

• Adjusted free cash flow conversion is expected to be 90% or greater.

• The first quarter of 2026 is anticipated to be the low point due to price negotiations and inflation.