Nomad Foods Reports Second Quarter 2025 Financial Results
Nomad Foods (NYSE: NOMD), Europe's leading frozen food company, reported challenging Q2 2025 financial results. Revenue decreased 0.8% to 鈧�747 million, with organic revenue declining 1.1%. The company faced significant headwinds from record-setting warm weather across Western Europe, disrupting consumer behavior and retail strategies.
Key metrics show Adjusted EBITDA decreased 7.2% to 鈧�129 million, while Adjusted EPS fell 9.1% to 鈧�0.40. The company lowered its 2025 guidance, now expecting organic revenue to be flat to -2% and Adjusted EBITDA to decline 3-7% year-on-year. The new Adjusted EPS guidance range is 鈧�1.64 to 鈧�1.76 ($1.89 to $2.02).
Despite challenges, retail sell-out growth accelerated to +1% through mid-June, with improved market share in Q2. Management remains focused on innovation initiatives and productivity actions to drive consistent bottom-line growth.
Nomad Foods (NYSE: NOMD), principale azienda europea nel settore dei surgelati, ha riportato risultati finanziari difficili nel secondo trimestre 2025. I ricavi sono diminuiti dello 0,8% a 鈧�747 milioni, con un calo organico dell'1,1%. L'azienda ha affrontato forti ostacoli a causa di un clima insolitamente caldo in tutta l'Europa occidentale, che ha influenzato i comportamenti dei consumatori e le strategie di vendita al dettaglio.
I principali indicatori mostrano che l'EBITDA rettificato 猫 sceso del 7,2% a 鈧�129 milioni, mentre l'utile per azione rettificato 猫 calato del 9,1% a 鈧�0,40. L'azienda ha rivisto al ribasso le previsioni per il 2025, prevedendo ora un fatturato organico stabile o in calo fino al 2% e un EBITDA rettificato in diminuzione tra il 3 e il 7% su base annua. La nuova fascia di previsione per l'utile per azione rettificato 猫 compresa tra 鈧�1,64 e 鈧�1,76 ($1,89 - $2,02).
Nonostante le difficolt脿, la crescita delle vendite al dettaglio 猫 accelerata a +1% fino a met脿 giugno, con un miglioramento della quota di mercato nel secondo trimestre. Il management rimane concentrato sulle iniziative di innovazione e sulle azioni di produttivit脿 per sostenere una crescita stabile dei risultati finali.
Nomad Foods (NYSE: NOMD), la principal empresa europea de alimentos congelados, report贸 resultados financieros desafiantes en el segundo trimestre de 2025. Los ingresos disminuyeron un 0,8% hasta 鈧�747 millones, con una ca铆da org谩nica del 1,1%. La compa帽铆a enfrent贸 importantes dificultades debido a un clima excepcionalmente c谩lido en toda Europa Occidental, que alter贸 el comportamiento del consumidor y las estrategias minoristas.
Los indicadores clave muestran que el EBITDA ajustado disminuy贸 un 7,2% hasta 鈧�129 millones, mientras que el BPA ajustado cay贸 un 9,1% hasta 鈧�0,40. La empresa redujo sus previsiones para 2025, esperando ahora que los ingresos org谩nicos se mantengan planos o caigan hasta un 2%, y que el EBITDA ajustado disminuya entre un 3 y un 7% interanual. El nuevo rango de previsi贸n para el BPA ajustado es de 鈧�1,64 a 鈧�1,76 ($1,89 a $2,02).
A pesar de los desaf铆os, el crecimiento de las ventas al detalle se aceler贸 a +1% hasta mediados de junio, con una mejora en la cuota de mercado en el segundo trimestre. La direcci贸n sigue enfocada en iniciativas de innovaci贸n y acciones de productividad para impulsar un crecimiento constante en los resultados netos.
雲鸽Г霌� 響胳(Nomad Foods, NYSE: NOMD), 鞙犽熃 斓滊寑 雰夒彊鞁濏拡 旮办梾鞚� 2025雲� 2攵勱赴鞐� 鞏措牑鞖� 鞛 靹标臣毳� 氤搓碃頄堨姷雼堧嫟. 毵れ稖鞚� 0.8% 臧愳唽頃� 7鞏� 4,700毵� 鞙犽毳� 旮半頄堨溂氅�, 鞙犼赴鞝� 毵れ稖鞚� 1.1% 臧愳唽頄堨姷雼堧嫟. 靹滌湢霟� 鞝勳棴鞐� 瓯胳箿 旮半鞝侅澑 瓿犾槰 順勳儊鞙茧 靻岆箘鞛� 頄夒彊瓿� 靻岆Г 鞝勲灥鞐� 韥� 韮�瓴╈潉 鞛呾棃鞀惦媹雼�.
欤检殧 歆�響滊電� 臁办爼 EBITDA臧� 7.2% 臧愳唽頃� 1鞏� 2,900毵� 鞙犽, 臁办爼 欤茧嫻靾滌澊鞚�(EPS)鞚� 9.1% 頃橂澖頃� 0.40鞙犽毳� 旮半頄堨姷雼堧嫟. 須岇偓電� 2025雲� 臧�鞚措崢鞀るゼ 頃橅枼 臁办爼頃橃棳 鞙犼赴鞝� 毵れ稖鞚� 氤�霃� 鞐嗞卑雮� 斓滊寑 2% 臧愳唽, 臁办爼 EBITDA電� 鞝勲厔 雽�牍� 3~7% 臧愳唽頃� 瓴冹溂搿� 鞓堨儊頃╇媹雼�. 臁办爼 EPS 臧�鞚措崢鞀� 氩旍渼電� 1.64鞙犽鞐愳劀 1.76鞙犽($1.89~$2.02)鞛呺媹雼�.
鞏措牑鞗�鞐愲弰 攵堦惮頃橁碃, 6鞗� 欷戩垳旯岇 靻岆Г 韺愲Г 靹膘灔毳犾潃 +1%搿� 臧�靻嶍檾霅橃棃鞙茧┌ 2攵勱赴 鞁滌灔 鞝愳湢鞙弰 臧滌劆霅橃棃鞀惦媹雼�. 瓴届榿歆勳潃 順侅嫚 鞚措媹靺旐嫲敫岇檧 靸濎偘靹� 頄レ儊 臁办箻鞐� 歆戩頃橃棳 昃胳頃� 靾滌澊鞚� 靹膘灔鞚� 於旍頃橁碃 鞛堨姷雼堧嫟.
Nomad Foods (NYSE : NOMD), leader europ茅en des aliments surgel茅s, a publi茅 des r茅sultats financiers difficiles pour le deuxi猫me trimestre 2025. Le chiffre d'affaires a diminu茅 de 0,8 % pour atteindre 747 millions d'euros, avec une baisse organique de 1,1 %. L'entreprise a 茅t茅 confront茅e 脿 des vents contraires importants en raison d'une chaleur record en Europe de l'Ouest, perturbant le comportement des consommateurs et les strat茅gies de vente au d茅tail.
Les indicateurs cl茅s montrent que l'EBITDA ajust茅 a diminu茅 de 7,2 % pour atteindre 129 millions d'euros, tandis que le BPA ajust茅 a chut茅 de 9,1 % pour s'茅tablir 脿 0,40 euro. La soci茅t茅 a abaiss茅 ses pr茅visions pour 2025, s'attendant d茅sormais 脿 un chiffre d'affaires organique stable 脿 en baisse de 2 % et 脿 une baisse de l'EBITDA ajust茅 de 3 脿 7 % en glissement annuel. La nouvelle fourchette de pr茅visions pour le BPA ajust茅 est comprise entre 1,64 et 1,76 euro (1,89 脿 2,02 dollars).
Malgr茅 ces d茅fis, la croissance des ventes au d茅tail s'est acc茅l茅r茅e 脿 +1 % jusqu'脿 la mi-juin, avec une am茅lioration de la part de march茅 au deuxi猫me trimestre. La direction reste concentr茅e sur les initiatives d'innovation et les actions de productivit茅 pour soutenir une croissance r茅guli猫re du r茅sultat net.
Nomad Foods (NYSE: NOMD), Europas f眉hrendes Tiefk眉hlkostunternehmen, meldete herausfordernde Finanzergebnisse f眉r das zweite Quartal 2025. Der Umsatz sank um 0,8 % auf 747 Millionen Euro, wobei der organische Umsatz um 1,1 % zur眉ckging. Das Unternehmen sah sich erheblichen Gegenwinden durch rekordverd盲chtige warme Wetterbedingungen in Westeuropa gegen眉ber, die das Verbraucherverhalten und die Einzelhandelsstrategien beeintr盲chtigten.
Wichtige Kennzahlen zeigen, dass das bereinigte EBITDA um 7,2 % auf 129 Millionen Euro sank, w盲hrend das bereinigte Ergebnis je Aktie um 9,1 % auf 0,40 Euro fiel. Das Unternehmen senkte seine Prognose f眉r 2025 und erwartet nun, dass der organische Umsatz stabil bleibt oder um bis zu 2 % sinkt und das bereinigte EBITDA um 3-7 % im Jahresvergleich zur眉ckgeht. Die neue Prognose f眉r das bereinigte Ergebnis je Aktie liegt zwischen 1,64 und 1,76 Euro (1,89 bis 2,02 US-Dollar).
Trotz der Herausforderungen beschleunigte sich das Wachstum der Einzelhandelsverk盲ufe bis Mitte Juni auf +1 %, mit einer verbesserten Marktanteilsentwicklung im zweiten Quartal. Das Management bleibt auf Innovationsinitiativen und Produktivit盲tsma脽nahmen fokussiert, um ein stetiges Wachstum des Ergebnisses zu f枚rdern.
- Market share improved in Q2 2025
- Retail sell-out growth accelerated to +1% through mid-June
- Operating expenses decreased 11.4% to 鈧�103 million due to overhead cost reductions
- Maintaining strong cash flow conversion guidance of 90% or greater
- Revenue decreased 0.8% to 鈧�747 million in Q2
- Organic revenue declined 1.1% with volume decline of 1.0%
- Adjusted gross margin contracted 310 basis points to 27.8%
- Adjusted EBITDA decreased 7.2% to 鈧�129 million
- Lowered full-year 2025 guidance across all metrics
- Adjusted EPS guidance reduced to 鈧�1.64-鈧�1.76 from 鈧�1.82-鈧�1.89
Insights
Nomad Foods reported declining Q2 results and lowered 2025 guidance due to unfavorable weather impacting European frozen food sales.
Nomad Foods' Q2 2025 results show concerning signs with revenue down
While management attributes the underperformance largely to record warm weather across Western Europe disrupting consumer behavior and retailer merchandising strategies, the challenges appear more substantial. The company's full-year guidance has been significantly reduced, with organic revenue now expected to be flat to
The H1 2025 performance further illustrates these challenges with a
Cost control appears to be a focus with adjusted operating expenses decreasing
The revised adjusted EPS guidance of
Retail sell-out growth accelerated through mid-June and market share improved in the quarter
Unfavorable weather presented unforeseen net sales headwinds
Lowering guidance given first half shortfall and to increase flexibility to absorb other unforeseen shortfalls
WOKING,
Key operating metrics and financial performance for the second quarter 2025, when compared to the second quarter 2024, include:
- Revenue decreased
0.8% to鈧�747 million - Organic revenue declined
1.1% with a volume decline of1.0% - Adjusted gross margin contracted 310 bps
- Adjusted EBITDA decreased
7.2% to鈧�129 million - Adjusted EPS decreased
9.1% to鈧�0.40
Management Comments
St茅fan Descheemaeker, Nomad Foods' Chief Executive Officer, stated, "This year is proving to be more challenging than expected. Record-setting warm weather across many Western European markets has disrupted consumer behavior, leading to changes in retailer merchandising strategies and contributing to volume declines, particularly within our savory frozen categories. While this is unfortunate, we also recognize that it is transitory and our focus remains on what we can control. Our commercial flywheel remains effective, and our innovation and renovation initiatives are gaining momentum. This allowed us to improve market share in the quarter and accelerate our Nielsen and Circana measured retail sell-out growth to +
Noam Gottesman, Nomad Foods' Co-Chairman and Founder, commented, "While Nomad Foods has faced a number of external headwinds this year, I am encouraged by the improved in-market performance that the Company has achieved. The Company's ability to stabilize market share in the quarter demonstrates that its commercial plans are working. Furthermore, Nomad's growth initiatives for the remainder of this year and next year are impressive, and I believe that category growth will recover which will translate into strong financial results going forward.听 The underlying health of the business is strong."
Second Quarter of 2025 results compared to the Second Quarter of 2024
- Revenue decreased
0.8% to鈧�747 million . Organic revenue decreased by1.1% and was driven by a volume decline of1.0% and price/mix decline of0.1% . - Adjusted gross profit decreased
10.8% to鈧�208 million . Adjusted gross margin decreased 310 basis points to27.8% due primarily to supply chain inflation headwinds. - Adjusted operating expenses decreased
11.4% to鈧�103 million due to a double-digit contraction in overhead costs in the quarter. Advertising and Promotion was down modestly YoY in the quarter and has risen5% through the first half of the year. - Adjusted EBITDA decreased
7.2% to鈧�129 million due to the aforementioned factors and Adjusted Profit for the period decreased16% to鈧�61 million . - Adjusted EPS decreased by
鈧�0.04 t o鈧�0.40 reflecting the decrease in Adjusted Profit for the period and fewer shares outstanding. Diluted EPS decreased鈧�0.06 t o鈧�0.37 .
First Six Months of 2025 results compared to the First Six Months of 2024
- Revenue decreased
1.9% to鈧�1,507 million . Organic revenue decreased by2.4% and was driven by a volume decline of2.3% . and a decline in price/mix of0.1% . - Adjusted gross profit decreased
5.5% to鈧�419 million . Adjusted gross margin decreased 110 basis points to27.8% , due to supply chain inflation headwinds, partially offset with supply chain productivity and the lapping of inventory revaluation headwinds in the prior year. - Adjusted operating expenses decreased
4.2% to鈧�219 million as overhead cost reductions more than offset a mid single-digit year-to-date increase in Advertising and Promotion expense. - Adjusted EBITDA decreased
4.7% to鈧�249 million due to the aforementioned factors. Adjusted Profit for the period decreased14% to鈧�114 million . - Adjusted EPS decreased by
鈧�0.07 t o鈧�0.74 reflecting the decrease in Adjusted Profit for the period and fewer shares outstanding. Diluted EPS decreased鈧�0.07 t o鈧�0.58 .
2025 Guidance
The Company is lowering its full-year guidance given weaker-than-expected first half results and to enhance its ability to absorb other unforeseen disruptions in the second half of the year, were they to occur.听 Full year organic revenue is now expected to be flat to -
Conference Call and Webcast
A pre-recorded management discussion of Nomad Foods' second quarter 2025 earnings and accompanying presentation is available at under Investor Relations. The Company will host a live question-and-answer session to discuss these results today, Wednesday, August 6, 2025 at 1:30 p.m. BST (8:30 a.m. Eastern Daylight Time). To participate on the live call listeners in
Enquiries
Investor Relations Contact
Jason English
[email protected] 听
Media Contact
Oliver Thomas, Head of Corporate Affairs
[email protected]听
About Nomad Foods
Nomad Foods (NYSE: NOMD) is
Non-IFRS Financial Information
Nomad Foods is presenting Adjusted and Organic financial information, which is considered non-IFRS financial information, for the three and six months ended June听30, 2025 and for comparative purposes, the three and six months ended June听30, 2024.
Adjusted financial information for the three and six months ended June听30, 2025 and 2024 presented in this press release reflects the historical reported financial statements of Nomad Foods, adjusted primarily for, when they occur, share based payment expenses and related employer payroll taxes, non-operating M&A related costs, acquisition purchase price adjustments, exceptional items and foreign currency translation charges/gains.
Adjusted EBITDA is profit or loss for the period before taxation, net financing costs, depreciation and amortization, adjusted to exclude, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges and other unusual or non-recurring items. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EBITDA provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.
Adjusted EBITDA should not be considered as an alternative to profit/(loss) for the period, determined in accordance with IFRS, as an indicator of the Company's operating performance.
Adjusted Profit for the period is defined as profit for the period excluding, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, net financing income/(cost) on amendment of terms of debt, interest cost on tax relating to legacy tax audits, foreign exchange translation gains/(losses), foreign exchange gains/(losses) on derivatives, as well as certain other items considered unusual or non-recurring in nature. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted Profit for the period provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.
Adjusted EPS is defined as diluted earnings per share excluding, when they occur, the impacts of exited markets, acquisition purchase听price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, net financing income/(cost) on amendment of terms of debt, interest cost on tax relating to legacy tax audits, foreign exchange translation gains/(losses), foreign exchange gains/(losses) on derivatives, as well as certain other items considered unusual or non-recurring in nature. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EPS provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.
Organic revenue growth/(decline) is an adjusted measurement of our operating results. The comparison for the three and six months ended June听30, 2025 and 2024 presented in this press release takes into consideration only those activities that were in effect during both time periods. Organic revenue growth/(decline) reflects reported revenue adjusted for currency translation and non-comparable trading items such as expansion, acquisitions, disposals, closures, trading day impacts or any other event that artificially impacts the comparability of our results period over period.
Adjusted Gross Profit and adjusted gross margin exclude accelerated depreciation associated with restructuring programs within cost of goods sold.
Adjustments for currency translation are calculated by translating data of the current and comparative periods using a budget foreign exchange rate that is set once a year as part of the Company's internal annual forecast process.
Adjusted Free Cash Flow 鈥� Adjusted free cash flow is the amount of cash generated from operating activities less cash flows related to exceptional items (as described above), non-operating M&A related costs and working capital movements on employer taxes associated with share based payment awards, plus capital expenditure (on property, plant and equipment and intangible assets), net interest paid, proceeds/(payments) on settlement of derivatives where hedge accounting is not applied and payments of lease liabilities. Adjusted free cash flow reflects cash flows that could be used for payment of dividends, repayment of debt or to fund acquisitions or other strategic objectives.
Cash flow conversion is Adjusted Free Cash Flow as a percentage of Adjusted Profit for the period.
Adjusted and Organic non-IFRS financial information should be read in conjunction with the unaudited financial statements of Nomad Foods included in this press release as well as the historical financial statements of the Company previously filed with the SEC.
Nomad Foods believe its non-IFRS financial measures provide an important additional measure with which to monitor and evaluate the Company's ongoing financial results, as well as to reflect its acquisitions. Nomad Foods' calculation of these financial measures may be different from the calculations used by other companies and comparability may therefore be limited. The Adjusted and Organic financial information presented herein is based upon certain assumptions that Nomad Foods believes to be reasonable and is presented for informational purposes only and is not necessarily indicative of any anticipated financial position or future results of operations that the Company will experience. You should not consider the Company's non-IFRS financial measures an alternative or substitute for the Company's reported results and are cautioned not to place undue reliance on these results and information as they may not be representative of our actual or future results as a Company.
Please see on pages 9 to 14, the non-IFRS reconciliation tables attached hereto and the schedules accompanying this release for an explanation and reconciliation of the Adjusted and Organic financial information to the most directly comparable IFRS measure. The
Company is unable to reconcile, without unreasonable efforts, Organic Growth, Adjusted EBITDA and Adjusted EPS guidance to the most directly comparable IFRS measure.
Nomad Foods Limited As Reported Condensed Consolidated Interim Statements of Profit or Loss (unaudited) Three months ended June 30, 2025听and June听30, 2024 听 | |||
Three months ended | Three months ended | ||
鈧珐 | 鈧珐 | ||
Revenue | 746.9 | 753.1 | |
Cost of sales | (540.6) | (520.3) | |
Gross profit | 206.3 | 232.8 | |
Other operating expenses | (103.9) | (119.3) | |
Exceptional items | (14.9) | (12.4) | |
Operating profit | 87.5 | 101.1 | |
Finance income | 13.6 | 18.0 | |
Finance costs | (30.5) | (31.4) | |
Net financing costs | (16.9) | (13.4) | |
Profit before tax | 70.6 | 87.7 | |
Taxation | (13.5) | (16.8) | |
Profit for the period | 57.1 | 70.9 | |
Basic and diluted earnings听per share in 鈧� | 0.37 | 0.43 | |
听
Statements of Profit or Loss (unaudited) Six months ended June 30, 2025听and June听30, 2024 听 | |||
Six months ended | Six months ended | ||
鈧珐 | 鈧珐 | ||
Revenue | 1,507.0 | 1,536.8 | |
Cost of sales | (1,089.1) | (1,093.1) | |
Gross profit | 417.9 | 443.7 | |
Other operating expenses | (224.6) | (234.7) | |
Exceptional items | (32.0) | (35.9) | |
Operating profit | 161.3 | 173.1 | |
Finance income | 10.5 | 23.9 | |
Finance costs | (61.5) | (67.4) | |
Net financing costs | (51.0) | (43.5) | |
Profit before tax | 110.3 | 129.6 | |
Taxation | (20.5) | (24.2) | |
Profit for the period | 89.8 | 105.4 | |
Basic earnings听per share in 鈧� | 0.59 | 0.65 | |
Diluted earnings听per share in 鈧� | 0.58 | 0.65 | |
听
Nomad Foods Limited As Reported Condensed Consolidated Interim Statements of Financial Position As at June听30, 2025 (unaudited) and December听31, 2024 (audited) 听 | |||
As at June 30, 2025 | As at December 31, 2024 | ||
听鈧珐 | 听鈧珐 | ||
Non-current assets | |||
Goodwill | 2,105.1 | 2,106.1 | |
Intangible assets | 2,474.4 | 2,472.9 | |
Property, plant and equipment | 585.6 | 591.1 | |
Other non-current assets | 7.3 | 8.6 | |
Derivative financial instruments | 1.9 | 4.3 | |
Deferred tax assets | 11.7 | 14.7 | |
Total non-current assets | 5,186.0 | 5,197.7 | |
Current assets | |||
Cash and cash equivalents | 266.6 | 403.3 | |
Inventories | 461.1 | 441.5 | |
Trade and other receivables | 423.3 | 334.6 | |
Current tax receivable | 35.1 | 37.6 | |
Derivative financial instruments | 4.0 | 16.9 | |
Total current assets | 1,190.1 | 1,233.9 | |
Total assets | 6,376.1 | 6,431.6 | |
Current liabilities | |||
Trade and other payables | 870.5 | 829.1 | |
Current tax payable | 213.3 | 226.7 | |
Provisions | 27.3 | 27.1 | |
Loans and borrowings | 29.9 | 26.0 | |
Derivative financial instruments | 21.7 | 14.4 | |
Total current liabilities | 1,162.7 | 1,123.3 | |
Non-current liabilities | |||
Loans and borrowings | 2,072.5 | 2,151.4 | |
Employee benefits | 149.2 | 152.1 | |
Other non-current liabilities | 0.3 | 0.5 | |
Provisions | 2.6 | 2.7 | |
Derivative financial instruments | 141.8 | 46.4 | |
Deferred tax liabilities | 283.3 | 292.7 | |
Total non-current liabilities | 2,649.7 | 2,645.8 | |
Total liabilities | 3,812.4 | 3,769.1 | |
Net assets | 2,563.7 | 2,662.5 | |
Equity attributable to equity holders | |||
Share capital and capital reserve | 1,227.7 | 1,316.4 | |
Share-based compensation reserve | 13.2 | 26.2 | |
Translation reserve | 111.5 | 135.3 | |
Other reserves | (32.6) | (14.9) | |
Retained earnings | 1,243.9 | 1,199.5 | |
Total equity | 2,563.7 | 2,662.5 | |
听
Nomad Foods Limited As Reported Condensed Consolidated Interim Statements of Cash Flows (unaudited) For the six months ended June 30, 2025 and the six months ended June 30, 2024 听 | |||
For the six months ended | For the six months ended | ||
听鈧珐 | 听鈧珐 | ||
Cash flows from operating activities | |||
Profit for the period | 89.8 | 105.4 | |
Adjustments for: | |||
Exceptional items | 32.0 | 35.9 | |
Share based payment expense | 4.1 | 5.0 | |
Depreciation and amortization | 50.3 | 46.3 | |
Loss on disposal of property, plant and equipment | 0.4 | 0.4 | |
Net finance costs | 51.0 | 43.5 | |
Taxation | 20.5 | 24.2 | |
Operating cash flow before changes in working capital, provisions and exceptional items | 248.1 | 260.7 | |
(Increase)/decrease in inventories | (27.9) | 14.5 | |
Increase in trade and other receivables | (91.0) | (81.1) | |
Increase/(decrease) in trade and other payables | 56.4 | (22.4) | |
Decrease in employee benefits and other provisions | (1.0) | (0.6) | |
Cash generated from operations before tax and exceptional items | 184.6 | 171.1 | |
Payments relating to exceptional items | (30.8) | (40.8) | |
Tax paid | (33.6) | (19.0) | |
Net cash generated from operating activities | 120.2 | 111.3 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment and intangibles | (37.1) | (39.9) | |
Interest received | 2.4 | 3.7 | |
Net cash used in investing activities | (34.7) | (36.2) | |
Cash flows from financing activities | |||
Repurchase of ordinary shares | (100.5) | (19.2) | |
Payments related to shares withheld for taxes | (6.6) | (4.6) | |
Payment of lease liabilities | (17.0) | (14.6) | |
Dividends paid | (48.4) | (45.1) | |
Payment of financing fees | (0.2) | (1.7) | |
Interest paid | (51.6) | (60.8) | |
Net cash used in financing activities | (224.3) | (146.0) | |
Net decrease in cash and cash equivalents | (138.8) | (70.9) | |
Cash and cash equivalents at beginning of period | 403.3 | 399.7 | |
Effect of exchange rate fluctuations | 2.1 | (1.1) | |
Cash and cash equivalents at end of period | 266.6 | 327.7 | |
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures
(In 鈧� millions, except per share data)
The following table reconciles adjusted financial information for the three months ended June 30, 2025 to the reported results of Nomad Foods for such period.
Adjusted Statement of Profit or Loss (unaudited) Three Months Ended June 30, 2025 听 | |||||||
鈧� in millions,听except per share data | As reported for the | Adjustments | As adjusted for the | ||||
Revenue | 746.9 | 鈥� | 746.9 | ||||
Cost of sales | (540.6) | 1.4 | (a) | (539.2) | |||
Gross profit | 206.3 | 1.4 | 207.7 | ||||
Other operating expenses | (103.9) | 0.6 | (b) | (103.3) | |||
Exceptional items | (14.9) | 14.9 | (c) | 鈥� | |||
Operating profit | 87.5 | 16.9 | 104.4 | ||||
Finance income | 13.6 | (12.4) | 1.2 | ||||
Finance costs | (30.5) | 鈥� | (30.5) | ||||
Net financing costs | (16.9) | (12.4) | (d) | (29.3) | |||
Profit before tax | 70.6 | 4.5 | 75.1 | ||||
Taxation | (13.5) | (1.1) | (e) | (14.6) | |||
Profit for the period | 57.1 | 3.4 | 60.5 | ||||
Weighted average shares outstanding in millions - basic | 152.4 | 152.4 | |||||
Basic earnings per share | 0.37 | 0.40 | |||||
Weighted average shares outstanding in millions - diluted | 152.6 | 152.6 | |||||
Diluted earnings per share | 0.37 | 0.40 | |||||
(a)听 听 听 | Represents elimination of |
(b)听 | Represents share based payment charge including employer payroll taxes of |
(c) 听 听 | Represents exceptional items which management believes are non-recurring and do not have a continuing impact.听See Note 6, Exceptional items, within 'Exhibit 99.2 - Condensed Consolidated Interim Financial Statements' for a detailed list of exceptional items. |
(d)听 | Represents elimination of |
(e) 听 听 | Represents tax impact of the above at the applicable tax rate for each adjustment, determined by the nature of the item and the jurisdiction in which it arises. |
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles adjusted financial information for the three months ended June 30, 2024 to the reported results of Nomad Foods for such period.
Adjusted Statement of Profit or Loss (unaudited) Three Months Ended June 30, 2024 听 | |||||||
鈧� in millions,听except per share data | As reported for the | Adjustments | As adjusted for the | ||||
Revenue | 753.1 | 鈥� | 753.1 | ||||
Cost of sales | (520.3) | 鈥� | (520.3) | ||||
Gross profit | 232.8 | 鈥� | 232.8 | ||||
Other operating expenses | (119.3) | 2.7 | (a) | (116.6) | |||
Exceptional items | (12.4) | 12.4 | (b) | 鈥� | |||
Operating profit | 101.1 | 15.1 | 116.2 | ||||
Finance income | 18.0 | (16.0) | 2.0 | ||||
Finance costs | (31.4) | 2.3 | (29.1) | ||||
Net financing costs | (13.4) | (13.7) | (c) | (27.1) | |||
Profit before tax | 87.7 | 1.4 | 89.1 | ||||
Taxation | (16.8) | (0.5) | (d) | (17.3) | |||
Profit for the period | 70.9 | 0.9 | 71.8 | ||||
Weighted average shares outstanding in millions - basic | 163.0 | 163.0 | |||||
Basic earnings per share | 0.43 | 0.44 | |||||
Weighted average shares outstanding in听millions - diluted | 163.1 | 163.1 | |||||
Diluted earnings per share | 0.43 | 0.44 | |||||
(a)听听 | Represents share based payment charge including employer payroll taxes of |
(b) 听 听 | Represents exceptional items which management believes are non-recurring and do not have a continuing impact.听See Note 6, Exceptional items, within 'Exhibit 99.2 - Condensed Consolidated Interim Financial Statements' for a detailed list of exceptional items. |
(c) 听 听 | Represents elimination of |
(d) 听 听 | Represents tax impact of the above at the applicable tax rate for each adjustment, determined by the nature of the item and the jurisdiction in which it arises. |
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles adjusted financial information for the six months ended June 30, 2025 to the reported results of Nomad Foods for such period.
Adjusted Statement of Profit or Loss (unaudited) Six Months Ended June 30, 2025听 听 | |||||||
鈧� in millions,听except per share data | As reported for | Adjustments | As adjusted for the | ||||
Revenue | 1,507.0 | 鈥� | 1,507.0 | ||||
Cost of sales | (1,089.1) | 1.4 | (a) | (1,087.7) | |||
Gross profit | 417.9 | 1.4 | 419.3 | ||||
Other operating expenses | (224.6) | 5.8 | (b) | (218.8) | |||
Exceptional items | (32.0) | 32.0 | (c) | 鈥� | |||
Operating profit | 161.3 | 39.2 | 200.5 | ||||
Finance income | 10.5 | (7.8) | 2.7 | ||||
Finance costs | (61.5) | 鈥� | (61.5) | ||||
Net financing costs | (51.0) | (7.8) | (d) | (58.8) | |||
Profit before tax | 110.3 | 31.4 | 141.7 | ||||
Taxation | (20.5) | (7.1) | (e) | (27.6) | |||
Profit for the period | 89.8 | 24.3 | 114.1 | ||||
Weighted average shares outstanding in millions - basic | 153.5 | 153.5 | |||||
Basic earnings per share | 0.59 | 0.74 | |||||
Weighted average shares outstanding in millions - diluted | 153.7 | 153.7 | |||||
Diluted earnings per share | 0.58 | 0.74 | |||||
(a)听 听 听 | Represents elimination of |
(b)听 | Represents share based payment charge including employer payroll taxes of |
(c) 听 听 | Represents exceptional items which management believes are non-recurring and do not have a continuing impact.听See Note 6, Exceptional items, within 'Exhibit 99.2 - Condensed Consolidated Interim Financial Statements' for a detailed list of exceptional items. |
(d)听听 | Represents elimination of |
(e) 听 听 | Represents tax impact of the above at the applicable tax rate for each adjustment, determined by the nature of the item and the jurisdiction in which it arises. |
Reconciliation of Non-IFRS Financial Measures (continued)
The following table reconciles adjusted financial information for the six months ended June 30, 2024 to the reported results of Nomad Foods for such period.
Adjusted Statement of Profit or Loss (unaudited) Six Months Ended June 30, 2024听 听 | |||||||
鈧� in millions,听except per share data | As reported for the | Adjustments | As adjusted for | ||||
Revenue | 1,536.8 | 鈥� | 1,536.8 | ||||
Cost of sales | (1,093.1) | 鈥� | (1,093.1) | ||||
Gross profit | 443.7 | 鈥� | 443.7 | ||||
Other operating expenses | (234.7) | 6.4 | (a) | (228.3) | |||
Exceptional items | (35.9) | 35.9 | (b) | 鈥� | |||
Operating profit | 173.1 | 42.3 | 215.4 | ||||
Finance income | 23.9 | (20.1) | 3.8 | ||||
Finance costs | (67.4) | 12.7 | (54.7) | ||||
Net financing costs | (43.5) | (7.4) | (c) | (50.9) | |||
Profit before tax | 129.6 | 34.9 | 164.5 | ||||
Taxation | (24.2) | (7.9) | (d) | (32.1) | |||
Profit for the period | 105.4 | 27.0 | 132.4 | ||||
Weighted average shares outstanding in millions - basic | 163.1 | 163.1 | |||||
Basic earnings per share | 0.65 | 0.81 | |||||
Weighted average shares outstanding in millions - diluted | 163.2 | 163.2 | |||||
Diluted earnings per share | 0.65 | 0.81 | |||||
(a)听 | Represents share based payment expense including employer payroll taxes of |
(b) 听 听 | Represents exceptional items which management believes are non-recurring and do not have a continuing impact.听See Note 6, Exceptional items, within 'Exhibit 99.2 - Condensed Consolidated Interim Financial Statements' for a detailed list of exceptional items. |
(c) 听 听 | Represents elimination of |
(d) 听 听 | Represents tax impact of the above at the applicable tax rate for each adjustment, determined by the nature of the item and the jurisdiction in which it arises. |
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
听
The following table reconciles Adjusted EBITDA to the reported results of Nomad Foods for each period. Adjusted EBITDA (unaudited) 听 | |||||||
Three months ended | Six months ended | ||||||
鈧� in millions | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||
Profit for the period | 57.1 | 70.9 | 89.8 | 105.4 | |||
Taxation | 13.5 | 16.8 | 20.5 | 24.2 | |||
Net financing costs | 16.9 | 13.4 | 51.0 | 43.5 | |||
Depreciation & amortization | 26.3 | 23.2 | 50.3 | 46.3 | |||
Exceptional items (a) | 14.9 | 12.4 | 32.0 | 35.9 | |||
Other add-backs (b) | 0.6 | 2.7 | 5.8 | 6.4 | |||
Adjusted EBITDA | 129.3 | 139.4 | 249.4 | 261.7 | |||
Revenue | 746.9 | 753.1 | 1,507.0 | 1,536.8 | |||
Adjusted EBITDA margin (c) | 17.3听% | 18.5听% | 16.5听% | 17.0听% | |||
(a)听听 | Adjustment to add back exceptional items. See Note 6, Exceptional items, within 'Exhibit 99.2 - Condensed Consolidated Interim Financial Statements' for a detailed list of exceptional items. |
(b) 听 听 | Represents the elimination of share-based payment charges including employer payroll taxes for the three month period to June听30, 2025 of |
(c) | Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Revenue. |
Nomad Foods Limited
Reconciliation of Non-IFRS Financial Measures (continued)
Reconciliation from reported to organic revenue growth/(decline)
The following table is a reconciliation of reported revenue growth to Organic Revenue Growth for the three and six month periods ended June 30, 2025.
Year on Year Growth - June听30, 2025 compared with June听30, 2024: 听 | |||
Three Months Ended | Six months ended | ||
YoY change | YoY change | ||
Reported Revenue Growth | (0.8)听% | (1.9)听% | |
Of which: | |||
Organic Revenue Growth | (1.1)听% | (2.4)听% | |
Translational FX (a) | 0.3听% | 0.5听% | |
Total | (0.8)听% | (1.9)听% | |
(a)听 听 听 | Translational FX is calculated by translating data of the current and comparative periods using a budget foreign exchange rate that is set once a year as part of the Company's internal annual forecast process. |
Forward-Looking Statements
Forward-Looking Statements and Disclaimers
Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts, including the Company's expectations regarding (i) its future operating and financial performance, including its 2025 guidance with respect to organic revenue growth, Adjusted EBITDA growth, adjusted free cash flow conversion, Adjusted EPS, and Adjusted EPS growth; (ii) disruptions in consumer behaviors, (iii) its growth initiatives, including with respect to its innovation and renovation initiatives, (iv) its ability to generate superior shareholder returns; (v) its bottom-line growth and cash generation; and (vi) its portfolio's ability to remain well positioned for consumer trends.
These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) the Company's ability to effectively mitigate factors that negatively impact its supply of raw materials, including the conflict in
No Offer or Solicitation
This release and referenced conference call is provided for informational purposes only and does not constitute an offer to sell, or an invitation to subscribe for, purchase or exchange, any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this press release in any jurisdiction in contravention of applicable law.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
听
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