Slides
Page 1
2027-2029CAPTAIN OF FROZENAnalyst & Investor DayOctober 6th 2026
Page 2
DisclaimerThis Presentation has been prepared and issued by Nomad Foods Limited (the “Company”). This Presentation has been provided solely for information and background. The information in this Presentation is provided as at the date of the Presentation (unless stated otherwise). This Presentationdoes not constitute or form part of, and should not be construed as: (i) an offer, solicitation or invitation to subscribe for, sell or issue, underwrite or otherwise acquire any securities or financial instruments, nor shall it, or the fact of its communication, form the basis of, or be relied upon inconnection with, or act as any inducement to enter into any contract or commitment whatsoever with respect to such securities or financial instruments, or (ii) any form of financial opinion, recommendation or investment advice with respect to any securities or financial instruments.The preliminary estimated financial results for the third quarter ended September 30, 2026 and full year ended December 31, 2026 included in this presentation are preliminary, unaudited and subject to completion, and may change as a result of management's continued review. Suchpreliminary results are subject to the finalization of quarter-end and year-end financial and accounting procedures. The preliminary financial results represent management estimates that constitute forward-looking statements subject to risks and uncertainties. As a result, the preliminaryfinancial results may materially differ from the actual results when they are completed and publicly disclosed.Certain statements and matters discussed in this Presentation may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “aim”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”,“may”, “should”, “strategy”, “will” and words of similar meaning, including all matters that are not historical facts. This Presentation includes forward-looking statements about the Company’s expectations regarding: (i) its 2027-2029 value creation plan, (ii) its future operating and financialperformance, including its expectations regarding sales trends, margins, capital expenditures, market share performance, and organic growth, (iii) its 2026 and 2027 guidance, including with respect to revenue, revenue growth, organic revenue, organic revenue growth, Adjusted free cashflow conversion, Adjusted free cash flow, Adjusted EBITDA, Adjusted EBITDA growth, Adjusted EPS and net debt, (iv) category and market growth, (v) its competitive advantages and expectations regarding food service, (vi) its projections for 2026 Adjusted EBITDA and revenue, and financialresults for ice cream, (vii) its ability to deliver strong, sustainable financial results and create meaningful value for shareholders, (viii) its long term goal and ability to become a €4 billion company, (ix) its ability to expand its total addressable market, (x) its cost of capital and return on investedcapital, (xi) its growth strategies, including, with respect to top and bottom-line growth, cash flows, earnings quality and sustainable, long-term growth, (xii) its ability to reduce leverage, improve market share and maximize shareholder returns, including through future dividends and sharerepurchases, (xiii) its marketing, renovation and innovation strategies and new product launches and expansions, (xiv) its capital expenditures, network capacity management, COGS productivity and savings targets,(xv) its 2027-2029 financial goals and targets, including its CAGR over the nextthree years, and (xvi) its capital allocation strategy. The forward-looking statements in this Presentation speak only as of the date hereof and are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that theseassumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond the Company’s control.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 abilityto effectively mitigate factors that negatively impact its supply of raw materials, including the conflict in Ukraine and the Middle East; (ii) the Company’s ability to successfully mitigate inflationary changes in the market, (iii) disruptions or inefficiencies in the Company’s operations or supplychain, including as a result of the conflict in Ukraine and the Middle East or trade conflicts; (iv) the Company’s ability to successfully implement its strategies or strategic initiatives and recognize the anticipated benefits of such strategic initiatives; (v) innovations introduced to the markets andthe Company’s ability to accurately forecast the brands’ performance; (vi) the Company’s ability to effectively compete in its markets, including the ability capture a greater share of the frozen food market; (vii) changes in consumer preferences, such as meat substitutes, and the Company’sfailure to anticipate and respond to such changes or to successfully develop and renovate products; (viii) the impact of weather conditions, natural disasters, and other factors beyond the Company’s control on the Company’s business, suppliers, co-manufacturers, distributors, transportationor logistics providers, customers, consumers and employees, and the Company’s ability to maintain the health and safety of its workforce; (ix) the effects of reputational damage from unsafe or poor quality food products; (x) increases in operating costs, including labor costs, and theCompany’s ability to manage its cost structure; (xi) fluctuations in the availability of food ingredients and packaging materials that the Company uses in its products; (xii) the Company’s ability to protect its brand names and trademarks; (xiii) the Company’s ability to prevent, or remediate, anyfuture cybersecurity incidents; (xiv) the loss of any of the Company’s major customers or a decrease in demand for its products; (xv) economic conditions that may affect the Company’s future performance including exchange rate fluctuations and trade conflicts; (xvi) the Company’s abilityto remediate any material weaknesses in its internal control over financial reporting; (xvii) the Company’s ability to effectively execute its comprehensive value creation plan and other strategic initiatives; (xviii) the Company’s ability to hire, retain and motivate key employees and top tiertalent; and (xix) the other risks and uncertainties disclosed in the Company’s public filings and any other public disclosures by the Company.Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Other than in accordance with its legal or regulatory obligations, the Company is not under any obligation and the Company and its affiliates expressly disclaimany intention, obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This Presentation shall not, under any circumstances, create any implication that there has been no change in the business or affairs ofthe Company since the date of this Presentation or that the information contained herein is correct as at any time subsequent to its date. No statement in this Presentation is intended as a profit forecast or estimate.Unless otherwise indicated, market and competitive position data in this Presentation has been published by Nielsen or Euromonitor. Given this data has been obtained from industry publications and surveys or studies conducted by third-party sources, there are limitations with respect to theavailability, accuracy, completeness and comparability of such data. The Company has not independently verified such data, can provide no assurance of its accuracy or completeness and is not under any obligation to update, complete, revise or keep current the information contained inthis Presentation. Certain statements in this document regarding the market and competitive position data are based on the internal analyses of the Company, which involves certain assumptions and estimates. These internal analyses have not been verified by any independent sources andthere can be no assurance that the assumptions or estimates are accurate.This Presentation includes certain additional key performance indicators which are considered non-IFRS financial measures including, but not limited to, organic revenue, organic revenue growth/decline, Adjusted EBITDA, Adjusted EPS, Adjusted EPS growth, Adjusted EBITDA growth, Adjustedgross margin, Adjusted Free Cash Flow, Free Cash Flow, Free Cash Flow Conversion and net debt. Nomad Foods believes these non-IFRS financial measures provide an important alternative measure with which to monitor and evaluate the Company’s ongoing financial results, as well as toreflect its acquisitions. Nomad Foods’ calculation of these financial measures maybe different from the calculations used by other companies and comparability may therefore be limited. You should not consider the Company’s non-IFRS financial measures an alternative or substitute for theCompany’s reported results. For a reconciliation of Adjusted EBITDA, organic revenue growth/decline, Adjusted Free Cash Flow and Free Cash Flow to the most directly comparable IFRS measures, refer to the Appendix to this Presentation. The Company is unable to reconcile, withoutunreasonable efforts, organic revenue, organic revenue growth/decline, Free Cash Flow, Adjusted free cash flow conversion, Adjusted EBITDA, Adjusted EBITDA growth, net debt and Adjusted EPS guidance to the most directly comparable IFRS measures.2
Page 3
3 ANALYST & INVESTOR DAY AGENDA9:00 – 10:30OPENING REMARKSSir Martin E. FranklinSTRATEGIC OVERVIEW & VALUE CREATION PLANDominic BrisbySTRATEGY INTO ACTIONDior Decupper, Jon Fernández de Barrena10:30 – 10:45BREAK10:45 – 11:30COMPETITIVE SUPPLY CHAIN ADVANTAGEEduardo BachiegaFINANCIAL OUTLOOKRuben BaldewQ&A
Page 4
4 OPENING REMARKSSir Martin E. Franklin
Page 5
5 STRATEGIC OVERVIEW & VALUE CREATION PLANDominic Brisby
Page 6
video 6
Page 7
7 Higher Growth & Returns, Lower Leverage and Attractive Dividend TODAY’S TAKE AWAYSOrganic GrowthBroadening our Addressable Market
Page 8
SMALLEST TITLE 8 ORGANIC GROWTH INFLECTION UNDERWAYOrganic Revenue Growth**-4%-2%0%2%* Reflects the mid-point of company guidance** Represents a non-IFRS measure. Please see Appendix for a reconciliation of these non-IFRS measures to their directly comparable measures.
Page 9
SHAREHOLDERVALUE CREATIONSTRATEGYMore freecashflow &lower leverage; glidepath to3.4X by 2029Top andbottom-line growth (1-3% 2027-29 CAGR)Sustained & attractive dividend (6.5% current yield)9
Page 10
10 CLEAR MARKET LEADER10
Page 11
Source: Euromonitor International, Staple Foods 2026 Edition, Retail Value RSP, Current Prices. Excludes Ice Cream and Cakes, Sweet Pies & Tarts.1. Market shares calculated based on €41.4bn market size, as Euromonitor does not capture retail sales value (RSV) at company level in the following countries: Albania, Andorra, Cyprus, Czech Republic, Gibraltar, Iceland, Kosovo, Liechtenstein, Luxembourg, Malta, Monaco and Montenegro.2. Europe includes Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the UK.Europe Branded Savory Frozen Food Retail Market Share and Retail Sales Value (2025)1,22%2%<1%3%<1%<1%<1%Nomad Foods Ltd Oetker-Gruppe McCain Foods Ltd Frosta AG Bofrost Dienstleistungs GmbH & Co KGEuropean Pizza GroupOrkla Group Bonduelle Groupe SAEismann Tiefkühl-Heimservice GmbHBigard SAGroupe Sofina Foods Inc€4.4bn€2.2bn€1.6bn€1.4bn€1.1bn€0.9bn€0.6bn€0.3bn€0.3bn€0.2bn€0.2bn~2x11%5%4%3%CLEAR MARKET LEADER2X the Size of the Next Closest EuropeanSavory Frozen Food Company 11
Page 12
MARKET LEADING BRANDS38%Weighted average value market share in 25 top category-country combinations12.3xHigher market share than all other branded competitors combined in top 25category-countrycombinations1#1PreferenceIn 11/15 Markets2#1Brand Awareness In 14/15 Markets2 #1Brand EquityIn 12/15 Markets2 Sources: Company information as of December 2025, Dilineate Brand Equity Study 2025.1. Market share as of 12 weeks ended June 2026 (NIQ and Circana)..2. Includes 15 countries where frozen food brand resonance is monitored and reported, including Spain, Ireland, Netherlands, Portugal, Switzerland, Belgium, Norway, UK, Germany, Austria, France, Croatia, Serbia, Italy, Sweden.12
Page 13
CATEGORY AND COUNTRY LEADERProcessed SeafoodReady MealsProcessed PoultryPizzaOverall Position2€6.4bn€7.7bn€7.5bn€2.7bn#5--- #1 #1 #1#4 #1 #1 #1 #2--- #1 #1 #2 #3--- #1 #1 #1 #3--- #1 #1 #3 #2#4MARKET SIZE1SAVORY FROZEN FOOD CATEGORIES Europe#1 #1 #2 #2Processed Fruit and Vegetables€7.5bn #1 #1 #1 #1 #2 #1 13 Source: Euromonitor International, Staple Foods 2026 Edition, Retail Value RSP, Current Prices. Market and category size figures include Private Label not captured at company level.Ranking based on Euromonitor 2025 RSV; excluding the following countries: Albania, Andorra, Cyprus, Czech Republic, Gibraltar, Iceland, Kosovo, Liechtenstein, Luxembourg, Malta, Monaco and Montenegro, as Euromonitor does not capture retail sales value (RSV) at company level in those geographies.1. Euromonitor, Western & Eastern Europe, excluding Russia and Turkey
Page 14
14 Existing Manufacturing CenterValladolidRorschachBoulogne-Sur-MerRekenLowestoftHullNaas & LongfordBremerhavenLoftahammerLarvikTonsbergCisternaFrikomLedoIrida & Sesvete17ManufacturingFacilities80,000Delivery PointsSTATE OF THE ART SUPPLY CHAIN
Page 15
15 CATEGORY TAILWINDS15
Page 16
-6%-4%-2%0%2%4%6%8%10%12%2016 2017 2018 2019 2020 2021 2022 2023 2024 2025-4%-2%0%2%4%6%8%10%12%14%2016 2017 2018 2019 2020 2021 2022 2023 2024 202510-yr CAGRFood +0.1%Frozen +1.0%Total Food Total Frozen STRONG AND DURABLECATEGORY GROWTHEuropean Frozen Food Has Grown at 4% CAGRYoY Volume GrowthYoY Value Growth10-yr CAGR:Food +3.1%Frozen +4.1%Source: Euromonitor International, Staple Foods 2026 Edition, Retail Value RSP, Current Prices. Total Frozen includes Western Europe (excluding Turkey) fish & seafood, meat substitutes, potatoes, poultry, ready meals, red meat & vegetable categories, UK & Ireland pizza & Bosnia & Herzegovina, Serbia & Croatia ice cream, vegetables and fish & seafood. Total Food includes Western Europe (ex. Turkey), Bosnia & Herzegovina, Serbia & Croatia. 16
Page 17
SMALLEST TITLE 17 European Frozen Sales (EURO, bn)€1bn+ RETAIL SALES CREATED ANNUALLY€30bn Retail Category in Our Core Markets; Growing 4% BaseYoY Growth€ 1.8€ 2.9€ 1.3€ 1.21517192123252729312016 2017 2018 2019 2020 2021 2022 2023 2024 2025Source: Euromonitor International, Staple Foods 2026 Edition, Retail Value RSP, Current Prices. Includes Western Europe (excluding Turkey) fish & seafood, meat substitutes, potatoes, poultry, ready meals, red meat & vegetable categories, UK & Ireland pizza & Bosnia & Herzegovina, Serbia & Croatia ice cream, vegetables and fish & seafood.
Page 18
SMALLEST TITLE 18 FROZEN DELIVERS CONVENIENCESaving Consumers Time68%of consumers agree that frozen food saves them time51%of consumers turn to the freezer before restauranttakeout whentime is shortSource: Frozen Outlook 2025. Nationally representative samples of n=2,000 were collected in the UK, France, Germany, Italy and Sweden, with a sample of n=750 collected in Croatia. Samples were made nationally representative by gender, region and age. Fieldwork was conducted between 15 and 27 April 2026.
Page 19
Source: Frozen Outlook 2025. Nationally representative samples of n=2,000 were collected in the UK, France, Germany, Italy and Sweden, with a sample of n=750 collected in Croatia. Samples were made nationally representative by gender, region and age. Fieldwork was conducted between 15 and 27 April 2026. Kantar; Institute of Grocery Distribution; Manchester Food Research Centre; Bounce Research in UK/IT/DE (2025). FROZEN DELIVERS VALUESaving Consumers Money50%of consumers throw away fresh vegetables at least monthly€2-3 lesson meals made from frozen compared to chilled equivalents43%of shoppers prefer to buy frozen food as it reduces waste19
Page 20
20 FROZEN DELIVERS QUALITY & TASTELocked in Freshness, Flavor & Nutrition20
Page 21
TECHNOLOGY AIDS GROWTHTaking Quality, Taste &Convenience to New Levels 40-45%overall European Airfryer Adoption 2023 2024 2025~45%~60%UK Airfryer adoption21Source: Leatherhead Food Research; Good Food Nation survey; IndexBox
Page 22
Our frozen portfolio skews toward protein and vegetables which account for>2/3of our revenueNomad Foods RevenueSplit1Others16%Meals 17%Vegetables25%Poultry 9%Fish & Seafood 33%Protein242%Source: Company Information1. As of December, 20252. Fish, Seafood & Poultry22 PORTFOLIO SKEWEDTOWARD NUTRITIOUS FOOD
Page 23
23 9 MONTHS IN:Analysis & Evolution23
Page 24
OUR BEST BRANDS DROVE GROWTH Source: Company informationNote: IFRS 16 related change in accounting between FY2018 and FY2019 making 2016-2018 not directly comparable to 2019-2025.* Represents a non-IFRS measure.** 2026E based on mid-point of existing guidanceAdjusted EBITDA1 (2016-2025, €m)€483m€325m2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026ERevenue (2016-2025, €m)€1.9bn€2.9bn2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E24
Page 25
25 WHAT NEEDED TO CHANGEStrong Brands; Culture and Execution Fell ShortCompetitive IntensityMargin ObsessionShort Term vs Long Term OrientationNarrowly Focused
Page 26
RESET INVENTORY & IMPROVED QUALITY OF GROWTH0.4%-2.5%-2.0%-1.5%-1.0%-0.5%0.0%0.5%1.0%Organic Revenue (Sell-in) Retail Sell-out20251Q26230 bps retail inventory de-stocking impact0.2%-6.0%-5.0%-4.0%-3.0%-2.0%-1.0%0.0%1.0%Organic Revenue (Sell-in) Retail Sell-out550 bps impact fromde-stocking & orderrealignment-1.9%-5.3%26 Source: Company information; Nielsen and Circana data
Page 27
27 SIR MARTIN E. FRANKLINCo-Founder and Co-Chairman of the Board•Co-founder and Co-Chairman of Nomad Foods since April 2014•CEO of Mariposa Capital•Co-Chairman of APi Group•Co-Chairman of TIC Solutions•Chairman of Sweet Oak•Previously Chairman of Element Solutions•Previously Founder and Executive Chairman of Jarden CorporationNOAM GOTTESMANCo-Founder and Co-Chairman of the Board•Co-founder and Co-Chairman of Nomad Foods since April 2014•Managing partner of TOMS Capital which Noam founded in 2012•Co-founder of GLG Partners and its predecessor entities•GLG’s chairman between 2007 and 2010 following reverse merger with Freedom Acquisition Holdings in 2007DOMINIC BRISBYChief Executive Officer•Nomad Foods’ Executive President and CEO since January 2026•Previously served as President of North America and Europe at Flora Food Group•Prior to that, Dominic servedas Interim Co-CEO and Regional President at Imperial BrandsRUBEN BALDEWChief Financial Officer•Serving as CFO since June 2024•Ruben previously served as CFO of Accell Group between 2018 and 2023•Prior to that, he spent over 17 years at Unilever, starting within the Ice Cream and Frozen Food Europe division and going on to hold senior roles across supply chain, procurement, marketing and sales in various markets12341230<125225STRONG BOARD LEADERSHIPDecades of ExperienceYears at NomadYears of Experience Source: Company information
Page 28
28 Years at NomadYears of ExperienceNEIL FLETCHERGeneral Counsel•Joined in 2018EDUARDO BACHIEGAChief Supply Officer•Joined in July 2021DIOR DECUPPERPresident, Central Europe•Joined in July 2026SIMON BALLPresident, UK&I•Joined in March 2026JON FERNANDEZ DE BARRENAPresident, Southern Europe•Joined in April 2026REBUILT OUR LEADERSHIP TEAMTeam Focused on Growth and Operational Excellence <137 830 <125 524<120 Source: Company information
Page 29
STREAMLINED MARKETINGUnlocked Focus and Efficiency Before After 29 Delivered€10-12mof annualizedcost savings
Page 30
MANAGEMENT OWNERSHIP& INCENTIVESAligned with Shareholder Value CreationManagement participates after delivering substantial share price appreciationPersonal Investment → Ownership Alignment →Share Price Appreciation → Option Match VestingUp To$2bnof ShareholderValue Created at $25CEO577k | ~$6m+Shares | InvestedCFO182k | ~$2m+Shares | InvestedSenior Management 209k | ~$2m+Shares | Invested$10.5M+of personal capital investedNearly1.0Mshares purchasedon the open market30 $20.00 $22.50 $25.00$17.50$16.002,0001,0000Shares purchased and amounts invested set forth herein reflect investments since May 5, 2025.
Page 31
31 FULL STEAM AHEAD31
Page 32
32 CAPTAIN OF FROZENCaptain by Name, Captain by Nature,Captain by ExecutionAUTHORITYUndisputed category expertLEADERSHIPIn product superiority, innovation, marketing, execution & market shareVICTORYWinning in our core and moreTRUSTFully depended on by our consumersand retailers
Page 33
CAPTAIN OF FROZEN Attack AdjacenciesCapture New Categories & ChannelsDefend our Core33
Page 34
HeartlandAdjacenciesNew territory€bn RSV Market Size€13€16€17€11€9 €84bnNew territory€5€5€7BROADENING OUR ADDRESSABLE MARKET4x Larger Opportunity 34 Source: Company information and estimates; 2025 Euromonitor Data
Page 35
HOW WE WINLeverage What Made us the Leader to Begin WithBest BrandsThe Largest & Most Diverse PortfolioState of the Art Supply Chain with AbundantCapability & Capacity35
Page 36
HOW WE WINRemove Growth ConstraintsHealth CentricFROMCorpocraticMargin ObsessedConsumer Demand CentricFlat, Focused & FastReturns Exceed Cost of CapitalTO36
Page 37
37 STRATEGY INTO ACTIONDior Decupper & Jon Fernandez de Barrena
Page 38
HOW WE WINEvolve Our Approach to Marketing and InnovationOne mainstream tierThe media that built the brandsLocalized brands, products and marketing campaignsFROMGood, Better, BestModern brand buildingBrands, campaigns and product platforms that travelTO38
Page 39
DEFENDING OUR CORECaptain: Fish Category39
Page 40
SMALLEST TITLE 40 Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, %DEFENDING OUR LARGEST CATEGORYLeading the Large and Growing Fish & Seafood Market 2018 2019 2020 2021 2022 2023 2024 20254.64.75.45.35.56.16.36.4Branded scale leadership inevery majormarketGermanyUKItalyFranceSpainSwitzerlandBelgiumPLBranded1.71.20.70.50.30.20.22016242131315Source: Nielsen, Circana, Euromonitor, Western & Eastern Europe, excluding Russia and Turkey
Page 41
RENOVATING & MARKETING AT SCALEStrengthening Our Superiority 41
Page 42
ONE MESSAGE, MANY MARKETSDesigned Once, Communication Ready Across Europe THE RESULTFewer artworks, fewer agencies, fewer weeks. The same portfolio reaching more shelves with less non-working cost and time. 42
Page 43
ACTIVATED WITH IMPACTCut-Through Campaign with Our Product the Hero 43
Page 44
Rising Fish Cost Pressure on Affordability Our Supply Chain AdvantageWIDENING OUR COMPETITVE ADVANTAGEWhile Ensuring the Category Remains Affordable 44
Page 45
BROADENING OUR PRICE ARCHITECTUREDiversified Species Enable Good, Better Best TiersGOODPangasiusBETTERPollockBESTCodOne Mainstream Tier45
Page 46
DEFENDINGOUR CORECaptain: Vegetable Category46
Page 47
SMALLEST TITLE 47 DEFENDING OUR OLDEST CATEGORYFeeding the Healthy Growth of Vegetables 2018 2019 2020 2021 2022 2023 2024 20254.95.15.55.76.16.77.17.5Strong positionin nearly every major marketGermanyItalyUKFranceBeneluxSpainSwitzerlandPLBranded1.21.10.90.70.40.40.22518235251413Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, %Source: Nielsen, Circana, Euromonitor, Western & Eastern Europe, excluding Russia and Turkey
Page 48
MODERNIZING THE COREDelivering New Consumer Benefits 48
Page 49
MODERNIZING THE COREReinforcing the Strengths that Built Our Success 49
Page 50
STEAMFRESHA Premium Tier Success in the UK Ready to Travel
Page 51
SUSTAINED SUCCESS THROUGH INNOVATION2014 2016-2018 2020 2021 2023 2025~3xportfoliogrowth51
Page 52
New & On TrendPan-Asian Cuisine in Growth+23%New Occasions with Pan-Asian Cuisine Per Year238MSource: UK Kantar Usage Panel STEAMFRESH:EXTENDING THE RANGEKOREANStyle NoodlesMEXICANStyle RiceASIANStyle RiceMALAYSIANLaksa Style Noodles52
Page 53
SUCCESS READY TO TRAVELBeginning the Journey in 2027 53
Page 54
ATTACKING ADJACENCIESCaptain: ChickenCategory54
Page 55
SMALLEST TITLE 55 UKGermanyFranceItalySpainIrelandPLBranded0.90.40.20.10.10.1Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, %SCALING OUR SECOND PROTEIN PLATFORMA Trending Category Where we Have Proven we Can Win 2018 2019 2020 2021 2022 2023 2024 20251.71.82.02.02.22.52.62.721212081111% share in Spain, Germany& France = €40mincrementalnet revenueSource: Nielsen, Circana, Euromonitor, Western & Eastern Europe, excluding Russia and Turkey
Page 56
LIFT AND SHIFT 2018 2019 2020 2021 2022 2023 2024 2025 2026E We Have Already Scaled a Successful Chicken Business, Led by the UKChicken Net Sales, €m56Source: Company information
Page 57
video 57
Page 58
58
Page 59
ATTACKING ADJACENCIESCaptain: Meals Category59
Page 60
SMALLEST TITLE 60 GermanyUKFranceItalyNordicsPLBranded2.71.50.60.50.3Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, %417918 ATTACKING THE €8BN MEALS MARKETProven, Repeatable Share Gains 2018 2019 2020 2021 2022 2023 2024 20254.74.95.25.46.27.26.97.77% share inGermany & the UK alone = €115mIncrementalnet revenueSource: Nielsen, Circana, Euromonitor, Western & Eastern Europe, excluding Russia and Turkey
Page 61
A COMMON MEAL RANGELocalization Where it Matters (Traditional)& Scaled Platforms Where it Makes Sense (Regional/Ethnic Variants)18.9%2.246.5%LTM Q2 LTM Q22025 202621.1%2.549.8%FrequencyRepeatPenetrationWorld SelectionTraditional MealsItalian-Inspired Meals Multi-Serve MealsPERFORMANCE 61Source: YouGov Panel data
Page 62
A COMMON MEAL RANGENordic Meals to Central EuropeDAYSfrom idea to launch-ready 62
Page 63
ATTACKING ADJACENCIESCaptain: Potato Category63
Page 64
SMALLEST TITLE 64 Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, %A LARGE AND GROWING MARKETLocal Success that we Have Kept Local 2018 2019 2020 2021 2022 2023 2024 20253.53.64.04.14.45.25.55.8UKGermanyFranceItalySwitzerlandPLBranded1.60.90.90.30.291111139% share in Italy & Germany alone = €65m incremental net revenueSource: Nielsen, Circana, Euromonitor, Western & Eastern Europe, excluding Russia and Turkey
Page 65
TastyHigh quality potatoes, fluffy inside & crunchy outsideSimpleOne fry for most occasions and peopleValueAn affordable side priced rightBUILDING THE ONE CHIP STANDARDThe Crispy Chip, for Everyday, Everyway 65
Page 66
CAPTURING NEW CATEGORIESCaptain: Pizza Category66
Page 67
SMALLEST TITLE 67 Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, %CAPTURING OUR SHARE OF THE €7.5BN PIZZA MARKETStarting with a Small Slice of a Big Pie 2018 2019 2020 2021 2022 2023 2024 20254.95.15.55.77.16.76.17.5GermanyUKItalyFranceNorwayIrelandAustriaBelgiumPLBranded2.60.90.50.50.40.20.20.11129125% share across these markets = €140m Incrementalnet revenueSource: Nielsen, Circana, Euromonitor, Western & Eastern Europe, excluding Russia and Turkey
Page 68
UK & IRELAND RELAUNCHFrom Renovated Success to Travelling PlatformRejuvenated growth of our Takeaway line with+8.4%YoY Retail sales growth£4 milliongross media spend11.2MTikTok video views9.611.1Brand Equity score+10%Purchase intent& ‘Joy’277M+EAFCimpressions (UK & IRE)53MGaming impressions47%Say Goodfella’s helps connect family & friends 68Source: Nielsen; Company information & research
Page 69
Generous CheeseCrispy-chewy CrustRestaurant-style ToppingsNEW BRAND BUILT ON PROVEN PRODUCTGenerously IndulgentCompelling toconsumers48%of Frozen Pizza buyers would definitely or probably buy, even at full price.Loaded withingredients10-20%HEAVIERthan other frozen pizzas69 Source: Proprietary Company Research
Page 70
Pepperoni Big CheeseBBQ Chicken Smoked Pork & MushroomChicken & Smoked PepperoniPiccanteIRRESISTIBLE VARIETIESAnd a Billboard at the Shelf 70
Page 71
LIFT & LAUNCH IN ACTIONEarly Success in Belgium Despite Only 31% Weighted Distribution so farShare of Total Frozen PizzaShare of Frozen American/Premium Pizza0.9%0.0%1.4%2.2%P6 P7 P8 P90.3%6.8%12.2%17.8%P6 P7 P8 P971 Source: Nielsen
Page 72
CAPTURING NEW CATEGORIESCaptain: Ice Cream Category72
Page 73
SMALLEST TITLE 73 Market Size and Top Markets, RSV €bn Market Size and Share Split, RSV €bn Nomad Market Share, %31 THE LARGE AND PROFITABLEICE CREAM TAMClear Areas to Deploy Our High-Quality PortfolioEvery 1% sharein just these4 markets =>€70mIncrementalnet revenue2018 2019 2020 2021 2022 2023 2024 202515.515.516.216.718.219.720.721.9UKGermanyFranceSpainSouth Eastern EuropePLBranded3.43.32.41.71.3Source: Nielsen, Circana, Euromonitor, Western & Eastern Europe, excluding Russia and Turkey
Page 74
A SCALED MARKET LEADERIN CROATIA & SERBIA Ice Cream IMPULSEIce Cream TAKE HOMEPREMIUM AND FUNCTIONALMAINSTREAMKIDS AND TRADITIONAL Kosovo Bosnia & HerzegovinaSerbiaHungaryCroatiaMontenegroSloveniaNorth Macedonia74
Page 75
ADVANTAGED ROUTE TO MARKET 120,000company ownedretail freezers470Branded company owneddirect-store-delivery trucks
Page 76
STRONG FINANICAL RESULTSGross Margin (FY26E)Total Company Ice CreamNet SalesFY22 FY26E76 Source: Company information, FY26 estimate is based on internal forecast
Page 77
ICE CREAM EXPANSION IN AUSTRIAInsurgent Expansion Strategy in Action Prioritize take-home & multi-packs at grocery (warehouse delivery, no owned-freezers)Tactical Expansion at Point of PurchaseNomad Share of Austria Ice Cream20252026E0.4%0.9%Distribution in 1 Grocery ChainDistribution Secured in 2nd Grocery ChainLogical Expansion PriorityCroatia a top holiday destination for Austrian citizensHighest % of Croatian & Serbian emigrant population in Europe 77
Page 78
78 FURTHER ICE CREAM EXPANSIONDeploying a Licensed Partnership Model Win-WinIncremental growthWill Bring:•Strong brands•Brand investmentsWill Bring:•Route-to-market capability •Field sales capacityin counter-seasonality category•In-house production capabilitiesPartners 78
Page 79
WINNING AT RETAILCaptain from Customer Headquarters to Store79
Page 80
BECOMING CAPTAIN WITH OUR RETAILERSProgress Made, but Work to FinishTODAYFace the reality.We have work to do.2027 TARGETPartner of choice as Captainof Frozen.CHANGEBehaviorCHANGEPeopleCHANGEProcess80
Page 81
Entrance ZonePOSM CommunicationImpulse ZoneCheckout/express checkout Direct/indirect competitionDestination ZoneFF CategoryTransition ZoneSuitable for positioning novelties and “meal deal” activations Central corridor, category transitions BUILDING THE PERFECT STORE EXPERIENCE 81
Page 82
LEVERAGING OUR SCALE BENEFITSCompetitive Advantage of a Dedicated Instore Salesforce vs Our Niche CompetitionImproving SHOPPING EXPERIENCEfor our brandsIncreasing Our Fully Stocked % in Italy 97.2%97.2% 97.2% 97.2% 97.2% 97.2% 97.2% 97.2% 97.2% 97.2% 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 202698.0%98.3%98.3%98.5%98.5%98.6%98.7%97.4%97.2%97.8%Fully Stocked FindusFully Stocked Frozen82 Source: Circana
Page 83
LEVERAGING OUR SCALE BENEFITSEnabling for Payback of Exclusive Freezers and Multicategory Execution Exclusive FreezersMulticategory ExecutionHigh-Impact ActivationStrong Brand Visibility83
Page 84
BELVIVA CASE STUDYA Perfect Store Experience with Bottom of Funnel Activation Shopper EngagementIn-StoreVisibilityPoint-of-Purchase Conversion84
Page 85
2016 2017 2018 2019 2020 2021Largest branded competitor2022Belviva2023 2024 2025 2026#1Brand in FrozenPotatoes in Belgium since 2024 Penetration+4.5%ptCategory potatoes 2025 vs. 2018DRIVING TANGIBLE RESULTSMarket Leading Activation Translated into a Market Leading PositionBelviva market share grew from 18% to 27% in 7 yearsValue Sales85
Page 86
WINNING AT RETAILPricing & Promoting with Precision86
Page 87
Nomad £/kg premium (right axis)Nomad £/kgPL £/kgYoY volume (right axis)Adjusted gross profit/kgUK Historical Fish Finger Retail Prices Nomad Consolidated Financial Results2.01.51.00.54.03.53.02.54.05.06.07.08.09.012/20 38/20 12/21 38/21 12/22 38/22 12/23 38/23 12/24 38/24 12/25 38/25Spot Pollock from late-2021 to late-2022: 2X frozen +0.78 £/kg; 1X frozen +1.02 £/kg -14%-10%-6%-2%-2%-6%0.80.91.01.11.21.3FY19 FY20 FY21 FY22 FY23+19%-11% COMPETITIVE PRICING EXECUTIONA New Pricing Approach Versus Our History 87 Source: Company information; Nielsen
Page 88
88 Nomad % Premium to CompetitionTotal Portfolio2Q 202045%49%45%2Q 2023 2Q 2026Coated FishFish FingersP8 2023 P8 2026 P8 2023 P8 202676%66%48%27% WE ARE WELL POSITIONEDPrice Gaps Have Narrowed to Competitive Levels Source: Nielsen & Circana
Page 89
WE ARE WELL POSITIONEDProduct Superiority has Materially Improved% Superiority2023 2024 2025 2026E~40%60-65%89 Source: Company information, measured by the percentage of the top 25 category-country combinations in which consumers perceive the Company's products to be superior to those of leading competitors. Testing methodology in 2025 differs from 2023; results are therefore not directly comparable.
Page 90
A NEW APPROACHLeveraging a Full Toolbox to Ensure CompetitivenessEarn a premiumcompelling innovation, renovation and brand buildingMitigate inflationwith € for € pass through of inflation ROI justifiedEnsure competitivenessbalancing market share, volumeand profitability Accelerating innovationremoval of constraints, new organization design and improved marketing and R&D approachAdvanced data sciencecapabilities on pricing corridors and predict results with real-time dataRobust productivityto fund investment & to remain competitiveThe EnablersThe Approach90
Page 91
DATA DRIVEN AT A MICRO LEVELItaly Fish Finger Example The Science to Solve for theDesired Outcome:Gross Profit | Volume Net Sales | Market Share Balanced CombinationP&L Impact of Changing Price Index00.511.5233.50.20.40.60.81.01.21.41.61.8089Current10 11 12 13 14 15 16 17 18Average Retail PriceVolume, Net Sales & Gross Profit Index Price Index vs. Private Label2.5Vol Ns GPPrice Index to PL91 Source: Company information; Nielsen & Circana
Page 92
36%24%24%21%40%43%71%215%69%13%% Volume Uplift-18%0-5% 6-10% 11-15% 16-20% 21-25% 26-30% 31-35% 36-40% 41-45% 46-50% 51-55% 56-60% >60% PRICING & PROMOTING WITH PRECISIONOptimizing the Promotions Depth of Discount92 133%87%Source: Company information; Nielsen & Circana
Page 93
CAPTURING NEW CHANNELSCaptain: Hard Discounters & Food Service93
Page 94
2025 Retail Value Share Nomad Discounter Share IndexDiscounter share of frozen salesDiscounter share of Nomad salesEstimated€19bnHard Discount Frozen RetailMarket in Europe5%0%15%10%25%20%35%30%40%Discounters are18% of frozen, but<2% of NOMADbranded retail sales in the UK0.10.20.00.30.40.50.60.7UK France Italy AustriaTotalBelgium GermanySource: Company information; Nielsen HARD DISCOUNTERSA Large & Underdeveloped Channel for Nomad UK France Italy Austria TotalBelgium Germany€150mincremental netrevenue in these 5 markets if shareindex matchedGermany94
Page 95
CONQUERING THE OPPORTUNITYPreviously Viewed as a Threat, Now an OpportunityLeverage private label as an enablerwhere we can utilize our available capacity, avoid brand cannibalization and generate attractive returns.Embrace the opportunityand serve Hard Discounters as a valuable partner rather than a competitive threat.Harness our institutional knowledgeand lead with high-velocity hero SKUs & expand multi-pack capability and assortment.95
Page 96
Source: Company information and estimates; 2025 Euromonitor Data Foodservice as % of total businessHeartlandAdjacencies New territoryEXPANDING OUR ADDRESSABLE MARKET4x Larger OpportunityA roughly€200mNet sales expansion opportunity at benchmarklevelsNomadIndustry benchmark7%10-15%FOODSERVICEAnother Underdeveloped Growth Opportunity€17€16€13€11€9€84bnNew territory€5€5€7Estimated€17bnFrozen Food FoodserviceMarket in Europe96
Page 97
Direct to QSRNarrow portfolio with few, but scaled, customers.Full ServiceEnd-to-end solutions with broad portfolio and 1st party delivery.Cash & Carry/ 3P DistributorScalable with narrow portfolio. Leveraging existing capabilities.Limited customization and investment.FULL SERVICE TO SPECIALIZED ASSORTMENTMultiple Routes to Market in Foodservice 97
Page 98
98 LEVERAGING OUR COMPETITIVE SUPPLY CHAIN ADVANTAGEEduardo Bachiega
Page 99
ABUNDANTCAPACITYEnables capital-efficientexpansionSUPERIORSCALECreates a valuable competitivemoatROBUSTEFFICIENCYFunds our growth99 END-TO-END SUPPLY CHAIN SCALEA Competitive Advantage
Page 100
END-TO-END SUPPLY CHAIN SCALEA Competitive Advantage We operate theLargestfrozen fish factory in the world2ndLargestfish buyer globally (1st in Europe)2ndLargestCold Chain Network in EuropeLargestpea and spinach buyer in Europe100
Page 101
Existing Manufacturing Center STATE OF THE ARTSUPPLY CHAINWith Pan-European Reach17Multi-technology factories5Agricultural vertically integrated production facilities2ndLargest deep frozen logistics network in Europe6,000Employees+ 80,000Delivery Points101 Innovation Center ValladolidRorschachBoulogne-Sur-MerRekenLowestoftHullNaas & LongfordBremerhavenLoftahammerLarvikTonsbergCisternaFrikomLedoIrida & Sesvete
Page 102
GOODPangasiusBETTERPollockBESTCodOne Mainstream TierBroadening Our Price ArchitectureDiversified Species Enable Good, Better Best TiersENABLING CAPITAL EFFICIENT GROWTHSupply Chain Enabled Transformation ofa Cost Challenge Into a Market OpportunityCASE 1SecureSuperior quantityof superior quality PangasiusUnlockCompetitive advantageand enable innovation & diversification at speed Scale + R&DLeveraging our procurement scale and unmatched fish R&D capability 102
Page 103
ENABLING CAPITAL EFFICIENT GROWTHA Critical Enabler of Product SuperiorityProprietary pea varietiesdeveloped internallyPerfectcombination of flavor,color and tenderness9,000hectares annually2.5 hoursFreshly pickedto perfectly frozen250 farmerslong-term relationshipfor more than 60 years CASE 2 103
Page 104
104 63%overall network capacity utilizationCAPACITY FOR GROWTHFuel for Savings Ice Cream Veg PizzaFishCapacity UtilizationCorrigir imagem pizza Source: Company Information
Page 105
NETWORK CAPACITY MANAGEMENTSupporting Growth & Leveraging Internal Capabilities% of Volume Externally ProducedExternal ManufacturingForecast usage of max network capacityNetwork Capacity Utilization23%22%21%20%19%18%17%16%2026 2027 Plan 2028 Plan2027 Plan 2028 Plan 2029 Plan<18%>70%105 Source: Company Information
Page 106
ENABLING CAPITAL EFFICIENT GROWTHA Critical Enabler Innovation at Pace NewPizzaLeveraging strategic supplier relationships, our R&D expertise and internal capacity7 monthsFrom concept to shelfProduct of the YearElected the product of theyear in UK 2026 by consumers2027Product being rolled out across more markets under new pan-European brand CASE 3 106Source: Survey of 8,000 consumers in the UK; proprietary company research
Page 107
FUNDING OUR GROWTHRobust Productivity Backed by Robust PlansCOGS Productivity€180-200M€170M2024 2025 2026E2027E 2028E 2029E107 Source: Company Information
Page 108
FUNDING OUR GROWTHHolistic Plans & Disciplined Execution€90-100m €75-80m €15-20m €20-25m2024952028-22%+8%+5%Lower bonus+€20m savings offset inflationImproving OperationsNew procurement programContinuous logistics savingsAmbitious reduction target in number of depotsAverage Capacity Utilization of 63%, ranging from 25% to 88% by PlantOverhead evolution 2018-2025, €mOverheads efficiency74Nomad Foods VolumeCo-Packers22%Inhouse78%2018 2024 2025South Eastern Europe Base Overhead108 BenchmarkingStrategic purchasingInsource & TransformValue EngineeringInbound logisticsCustoms OptimizationSupplier lead InnovationSource: Company Information€200-225mtotal cumulative 2027-29 savings target
Page 109
UNLOCKING SAVINGS & SUPERIORITY WHILE INSOURCINGRenovation enabled by scaled relationships & capabilityProven innovation becomes insourcing opportunityInsourcing unlocks renovationopportunityDelivering cost savings and product superiority! > 5%SavingsOptimal saltcomposition Lower salt in coating Higher salt in meat mix Supplier BSupplier A CASE 4 109 Source: Company Information
Page 110
UNLOCKING SAVINGS & SUPERIORITY WITH SIMPLICITY & STANDARDIZATIONTOA win-win propositionFewer suppliers. Simpler operations.Greater productivity. CASE 5 110 FROMMultiple coating systems & suppliers
Page 111
DISCIPLINED CAPITAL ALLOCATIONContinuous Improvement Culture2024 2026EProductivity per Headcount+16% Strategic investment in high ROI automation111 Source: Company Information
Page 112
€20-25msavings in the coming 3 years offsettinginflationFUNDING OUR GROWTHRobust Productivity Backed by Robust PlansOverhead ex. Bonus (% of Revenue)2019 2020 2021 2022 2023 2024 20252026E 2027E 2028E 2029EBeforeAfter MarketingReducing duplication across Centre & Regions€10–12m savingsShared FinanceLower costs & FTE through Automation + AICOSTS2024 2025 2026AutomationPayments, accounting & cash managementAIMaster data & remittance tracking112Source: Company information and forward projections.~8m savings
Page 113
FINANCIAL OUTLOOKRuben Baldew
Page 114
114 THE OPPORTUNITYIN THE MARKET IS THERE HeartlandAdjacencies New territory€17€16€13€9€11New territory€5€5€7€84bnStrong Market GrowthEuropean Frozen Sales (EURO, bn)4X Larger Opportunity€1.8€2.9€1.3€1.21517192123252729312016 2017 2018 2019 2020 2021 2022 2023 2024 2025Source: Company information; 2025 Euromonitor Data.
Page 115
WE WILL EXECUTEAS OWNERSAligned with Shareholder Value CreationPersonal Investment → Ownership Alignment → Share Price Appreciation → Option Match Vesting~$2bnof ShareholderValue Created at $25CEO577k | $6m+Shares | InvestedCFO182k | $2m+Shares | InvestedSenior Management 209k | $2m+Shares | Invested$10.5M+of personal capital invested~1.0Mshares purchasedon the open marketManagement participates after delivering substantial share price appreciation2,0001,0000$20.00 $22.50 $25.00$17.50$16.00115Shares purchased and amounts invested set forth herein reflect investments since May 5, 2025.
Page 116
116 UPDATED GUIDANCE FOR 2026 * Represents a non-IFRS measure116 5-10%Adjusted EBITDA* DeclineUnchanged2-3%OrganicRevenue* Declinevs. prior 2-5% declineAdjusted EPS*€1.38-€1.53UnchangedAdjusted FCF*Conversion90%+Unchanged
Page 117
2-3% CATEGORY GROWTH EXPECTED GOING FORWARD11.2%8.3%1.9%2.4%3.4%-4%0%4%8%12%2022 2023 2024 20252026YTD P72027-20292-3%Assumed RangeCategory GrowthGrowth supported by:ConvenienceValueTaste117Source: Actuals from Nielsen & Circana; Management ExpectationsPriceVolume
Page 118
0-2%Adjusted EBITDA* Growth0-2%Organic Revenue* Growth90%+Adjusted FCF* ConversionGUIDANCE FOR 2027 * Represents a non-IFRS measure118
Page 119
119 TARGET FOR 2028-20292028-2029Adjusted EBITDA CAGRgreater than orequal to organic revenue growth2028-20292-3%OrganicRevenue* CAGRVS. 2023-25Lower exceptional EBITDA & FCFAdjustmentsGlidepath to 2029-endNet debt**/ Adjusted EBITDA* of3.4X* Represents a non-IFRS measure** Defined as the principal value of all loans and borrowings net of cash and cash equivalentsTarget assumes category growth of 2-3%.
Page 120
TOP-LINE AND BOTTOM-LINEIMPROVEMENTOrganic Revenue Growth**-4%-2%0%2%Adjusted EBITDA**-8%-6%-4%-2%0%2%2025 2026*2027* 2028-29*Impact of bonus rebuild up to 5% 120 * Reflects the mid-point of company guidance** Represents a non-IFRS measure. Please see Appendix for a reconciliation of these non-IFRS measures to their directly comparable measures.
Page 121
OVERCOMING COST HEADWINDSTotal Inflation % of COGS20252026E 2027E~4%~5%~7%121 Source: Company information and forward projections.
Page 122
COMPETITIVE PRICING EXECUTIONEnsure competitivenessbalancing market share, volume and profitabilityAdvanced data sciencecapabilities on pricing corridors and predict results with real time dataRobust productivityto fund investment and remain competitive -12%-8%-4%0%4%0.800.901.001.101.20FY19 FY20 FY21YoY volume (right axis)-11%FY22 FY23Adjusted Gross profit/kgNomad Consolidated Financial Results-19%Mitigate inflation€ for € pass through of inflationROI justified122 Source: Company Information
Page 123
RECORD SETTINGPRODUCTIVITY TARGETSProductivity % of COGS1.5%2.0%2.5%3.0%2024 20252026E 2027E 2028E 2029E123 Source: Company information and forward projections.
Page 124
OVERHEAD EXPENSE DISCIPLINEOverhead ex. Bonus (% of Revenue)2019 2020 2021 2022 2023 2024 20252026E 2027E 2028E 2029E124 Source: Company information and forward projections.
Page 125
DISCIPLINED CAPEXConsistent Spend, Below PeersAnnual CapEx (€m) CapEx % of Revenue556065707580852022 2023 2024 202580 m avg.2.6%0%1%2%3%4%5%6%Source: Company reports; comparison group data as of the last reported fiscal year.125
Page 126
Source: Company Information* Represents net exceptional items under business transformation program, organizational streamlining program, supply chain network optimization, settlement of legacy matters, acquisition integration costs and Information Technology transformation program. DELIVERING HIGHER EARNINGS QUALITYNot Just Quantity807060504030201002023 2024 2025Exceptional Cash Expenditures (€m)* Exceptional Cash Expenditures (€m)*403020100807060502026E 2027E 2028E 2029EHighLow126
Page 127
SMALLEST TITLE 127 FUNDING DIVIDEND &GENERATING CASH SURPLUSSustaining attractive dividend levelDividendExcess FCF* €500€100€150€200m2025 2026E 2027E 2028E 2029ENearly $200m of Incremental Cash After Funding Nearly $300m of Dividend Payments*$0.17 quarterly dividend6.5% current dividend yield* Based on recent foreign exchange rates** Represents a non-IFRS measure; assumes mid-point of guidance ranges. Please see Appendix for a reconciliation of these non-IFRS measures to their directly comparable measures.
Page 128
* Defined as the principal value of all loans and borrowings net of cash and cash equivalents** Non-IFRS measure. Please see Appendix for a reconciliation of these non-IFRS measures to their directly comparable measures. All estimates assume mid-point of guidance ranges and that all Excess free cash flow is used for net debt reduction. LOWERING LEVERAGEOur GlidepathYear-End Net Debt* / Adjusted EBITDA**No Debt Maturities before 20325.2%Interest Rate;~70% Fixed3.03.23.43.63.84.02026E 2027E 2028E 2029ELow High128
Page 129
VALUE CREATIONA Recipe for UpsideUnlock Material Shareholder Value by Delivering:Meaningful & Credible TargetsTop & Bottom-Line GrowthLower LeverageHealthy & Dependable Dividend129
Page 130
130 CLOSING REMARKSDominic Brisby
Page 131
Q&A
Page 132
Appendix
Page 133
133 The following tables have been included to allow users to reconcile Non-IFRS financial measures as well as Adjusted financial information included within this presentation to reported IFRS financial measures.1. Definitions of Non-IFRS financial measures referred to in this presentation.2. Reconciliation of Non-IFRS financial measures.Contents
Page 134
1. Definitions of Non-IFRS financial measures referred to in this presentation 134 Non-IFRS financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have a material effect on the Company’s reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company’s financial results. The non-IFRS financial measures are meant to supplement, and to be viewed in conjunction with, IFRS financial measures. Investors are encouraged to review the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures as provided in the tables accompanying this document.Adjusted EBITDA – EBITDA is profit or loss for the period before taxation, net financing costs, depreciation and amortization. Adjusted EBITDA is EBITDA adjusted to exclude, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items to the extent included in our financial statements such as restructuring charges, goodwill and intangible asset impairment charges, other unusual or non-recurring items, as well as additional items that management deems to be exceptional and appropriate for adjustment. 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 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 - Adjusted EPS is defined as diluted earnings per share 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, certain one-time credits on the recognition of deferred tax assets, 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.Adjusted Financial Information – Adjusted financial information presented in this presentation reflects the historical reported financial statements of Nomad Foods, adjusted for share based payment charges including employer payroll taxes, exceptional items (as described above) and non-cash foreign currency translation charges/gain. Organic Revenue Growth/(Decline) – Organic revenue growth/(decline) is an adjusted measurement of our operating results. This comparison of current and prior period performance takes into consideration only those activities that were in effect during both time periods. Organic revenue 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 impact the comparability of our results.Adjusted FCF (Free cash flow) – Adjusted free cash flow is the amount of cash generated from operating activities less cash flows (i) related to exceptional items (as described above), (ii) non-operating M&A related costs and (iii) working capital movements on employer taxes associated with share based payment awards, plus (i) capital expenditure (on property, plant and equipment and intangible assets), (ii) net interest paid, (iii) proceeds/(payments) on settlement of derivatives where hedge accounting is not applied and (iv) 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. Adjusted FCF conversion is defined as Adjusted FCF as a percentage of Adjusted profit for the period.Free Cash Flow – Free Cash Flow is Adjusted Free Cash Flow after the deduction of cash flows related to exceptional items (as described above).Excess FCF (Free Cash Flow) - Excess FCF is Free Cash Flow after the deduction of cash flows from the payment of dividends.
Page 135
135 2. Reconciliation of Non-IFRS Financial MeasuresThree months ended June 30, 2026Three months ended March 31, 2026Three months ended December 31, 2025Three months ended September 30, 2025Three months ended June 30, 2025Three months ended March 31, 2025YoY ChangeYoY ChangeYoY ChangeYoY ChangeYoY ChangeYoY Change(3.1)%(5.9)%(2.6)%(2.2)%(0.8)%(3.0)%Reported Revenue Growth/(Decline)Of which:(2.9)%(5.3)%(1.3)%(1.6)%(1.1)%(3.6)%- Organic Revenue Growth/(Decline)(0.2)%(0.6)%(1.3)%(0.6)%0.3%0.6%- Translational FX (a)(3.1)%(5.9)%(2.6)%(2.2)%(0.8)%(3.0)%Total(a) 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.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 month periods ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026.Year on Year Growth - quarter compared with the same quarter in the previous year:
Page 136
136 2. Reconciliation of Non-IFRS Financial Measures (continued)Twelve Months Ended December 31, 2025YoY Change(2.2)%Reported Revenue Growth/(Decline)Of which:(1.9)%- Organic Revenue Growth/(Decline)(0.3)%- Translational FX (c)(2.2)%Total(a) 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. Reconciliation from reported to organic revenue growth/(decline) for the year ended December 31, 2025:The following table is a reconciliation of reported revenue growth to Organic Revenue Growth for the three month periods ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026.
Page 137
137 2. Reconciliation of Non-IFRS Financial Measures (continued)Adjusted EBITDA (audited)Twelve months ended December 31, 2025For the twelve months ended December 31, 2025€ in millions136.7Profit for the period8.6Taxation180.1Net financing costs109.4Depreciation and amortizationExceptional items:(a)53.2Business Transformation Program(b)21.9Organizational streamlining program(c)3.1Supply chain network optimization(d)0.2Settlement of legacy mattersOther Adjustments:(e)9.5Other add-backs522.7Adjusted EBITDA (f)a. Expenses associated with the multi-year, enterprise-wide transformation and optimization program which began in 2020. Expenses in the period consist of an expense for the derecognition of ERP development costs(€9.5 million), restructuring, severance and transformational project costs, including business technology transformation initiative costs and related professional fees. b. Expenses associated with an enterprise-wide restructuring program relating to non-factory operations. Expenses consist primarily of severance costs.c. Expenses associated with the supply chain network optimization program. Under this program, the Company commenced its plan to close operations at a factory in Sweden incurring expenses for restructuring and severance. d. Income and expenses associated with the release of acquired provisions relating to periods prior to acquisition by the Company and other gains or charges associated with items that were originally recognized as exceptional.e. Represents the elimination of share based payment charge including employer payroll taxes of €8.4 million and elimination of non-operating M&A related costs of €1.1 million. f. Adjusted EBITDA margin of 17.2% for the twelve months ended December 31, 2025 is calculated by dividing Adjusted EBITDA by Revenue of €3,032.5 million.
Page 138
138 2. Reconciliation of Non-IFRS Financial Measures (continued)Adjusted EBITDA (audited)Twelve months ended December 31, 2024For the twelve months ended December 31, 2024€ in millions227.1Profit for the period50.8Taxation109.1Net financing costs96.9Depreciation and amortizationExceptional items:(a)68.0Business Transformation Program(b)1.5Settlement of legacy mattersOther Adjustments:(c)11.7Other add-backs565.1Adjusted EBITDA (d)a. Expenses associated with the multi-year, enterprise-wide transformation and optimization program which began in 2020. Expenses in the period consist of restructuring, severance and transformational project costs, including business technology transformation initiative costs and related professional fees. b. Income and expenses associated with the release of acquired provisions relating to periods prior to acquisition by the Company and other gains or charges associated with items that were originally recognized as exceptional.c. Represents the elimination of share based payment charge including employer payroll taxes of €10.4 million and elimination of non-operating M&A related costs of €1.3 million. d. Adjusted EBITDA margin of 18.2% for the twelve months ended December 31, 2024 is calculated by dividing Adjusted EBITDA by Revenue of €3,099.8 million.
Page 139
139 2. Reconciliation of Non-IFRS Financial Measures (continued)Adjusted EBITDA (audited)Twelve months ended December 31, 2023As reported for the twelve months ended December 31, 2023€ in millions192.7Profit for the period60.9Taxation86.8Net financing costs95.0Depreciation and amortizationExceptional items:(a)0.6Information Technology Transformation program(b)68.4Business Transformation Program(c)4.3Fortenova Group integration costs(d)(0.8)Settlement of legacy mattersOther Adjustments:(e)27.1Other add-backs535.0Adjusted EBITDA (f)a. Expenses associated with the Information Technology Transformation program, which are primarily professional fees. The program was completed in 2023.b. Expenses associated with the multi-year, enterprise-wide transformation and optimization program which began in 2020. Expenses in the period consist of restructuring, severance and transformational project costs, including business technology transformation initiative costs and related professional fees. c. Expenses associated with the integration of the Fortenova Group acquired on September 30, 2021.d. Income and expenses associated with the release of acquired provisions relating to periods prior to acquisition by the Company and other gains or charges associated with items that were originally recognized as exceptional.e. Represents the elimination of share based payment charge including employer payroll taxes of €26.1 million and elimination of non-operating M&A related costs of €1.0 million. f. Adjusted EBITDA margin of 17.6% for the twelve months ended December 31, 2023 is calculated by dividing Adjusted EBITDA by Revenue of €3,044.5 million.
Page 140
140 2. Reconciliation of Non-IFRS Financial Measures (continued)Adjusted EBITDA (audited)Twelve months ended December 31, 2022For the twelve months ended December 31, 2022€ in millions249.8Profit for the period71.2Taxation54.4Net financing costs88.6Depreciation and amortizationExceptional items:(a)8.2Findus Switzerland integration costs(b)5.8Impairment of customer relationships(c)4.4Information Technology Transformation program(d)37.0Business Transformation Program(e)2.2Distribution network integration(f)9.5Fortenova Group integration costs(g)3.5Factory optimization(h)(28.9)Settlement of legacy matters(i)7.0Release of indemnification assetsOther Adjustments:(j)11.7Other add-backs524.4Adjusted EBITDA (k)(a) Expenses associated with the integration of the Findus Switzerland business acquired on December 31, 2020.(b) Charge for the impairment of our food service customer relationships in Sweden.(c) Expenses associated with the Information Technology Transformation program, which are primarily professional fees.(d) Expenses associated with the multi-year, enterprise-wide transformation and optimization program which began in 2020. Expenses in the period consist of restructuring and transformational project costs, including business technology transformation initiative costs and related professional fees. (e) Expenses associated with the restructuring of the sales operations in northern Italy which was completed in 2023.(f) Expenses associated with the integration of the Fortenova Group acquired on September 30, 2021.(g) Expenses associated with a three-year factory optimization program, initiated in 2018, to develop a new suite of standard manufacturing and supply chain processes, that will provide a single network of optimized factories. Due to delays in delivering the program, it was extended for an additional year and completed in 2022.(h) Income and expenses associated with the settlement of contingent tax receivables, tax liabilities and other liabilities relating to periods prior to acquisition by the Company.(i) Charge for the release of shares held in escrow as part of the consideration on the acquisition of the Findus Group.(j) Represents the elimination of share based payment charge including employer payroll taxes of €8.6 million and elimination of non-operating M&A related costs of €3.1 million. (k) Adjusted EBITDA margin of 17.8% for the twelve months ended December 31, 2022 is calculated by dividing Adjusted EBITDA by Revenue of €2,939.7 million.
Page 141
141 2. Reconciliation of Non-IFRS Financial Measures (continued)Adjusted EBITDA (audited)Twelve months ended December 31, 2021For the twelve months ended December 31, 2021€ in millions181.0Profit for the period55.7Taxation106.0Net financing costs71.6Depreciation and amortization(a)8.4Acquisition purchase price adjustmentsExceptional items:(b)6.2Findus Switzerland integration costs(c)5.3Brexit(d)4.2Information Technology Transformation program(e)18.8Business Transformation Program(f)3.5Fortenova Group integration costs(g)4.9Factory optimization(h)(2.6)Settlement of legacy matters(i)5.0Release of indemnification assetsOther Adjustments:(j)18.7Other add-backs486.7Adjusted EBITDA (k)(a) Represents non-cash fair value uplift of inventory recorded as part of the Findus Switzerland and Fortenova acquisition purchase price accounting.(b) Expenses associated with the integration of the Findus Switzerland business acquired on December 31, 2020.(c) Expenses related to preparations for the potential adverse impacts of the United Kingdom exiting the European Union to our supply chain, such as tariffs and delays at ports of entry and departure.(d) Expenses associated with the Information Technology Transformation program, which are primarily professional fees.(e) Expenses associated with the start of a multi-year, enterprise-wide transformation and optimization program. Expenses in the period consist of restructuring and transformational project costs, including business technology transformation initiative costs and related professional fees. (f) Expenses associated with the integration of the Fortenova Group acquired on September 30, 2021.(g) Expenses associated with a three-year factory optimization program to develop a new suite of standard manufacturing and supply chain processes, that will provide a single network of optimized factories. The project was initiated in 2018.(h) Income and expenses associated with tax and other liabilities relating to periods prior to acquisition by the Company.(i) Charge for the release of shares held in escrow as part of the consideration on the acquisition of the Findus Group.(j) Represents the elimination of share based payment charge including employer payroll taxes of €5.8 million and elimination of non-operating M&A related costs of €12.9 million. (k) Adjusted EBITDA margin of 18.7 for the twelve months ended December 31, 2021 is calculated by dividing Adjusted EBITDA by Revenue of €2,606.6 million.
Page 142
142 Adjusted EBITDA (audited)Twelve months ended December 31, 2020For the twelve months ended December 31, 2020€ in millions225.1Profit for the period70.4Taxation63.7Net financing costs67.6Depreciation and amortizationExceptional items:(a)1.6Brexit(b)(12.5)Supply chain reconfiguration(c)0.3Findus Switzerland integration costs(d)4.0Goodfella's Pizza & Aunt Bessie's integration costs(e)10.0Factory optimization(f)17.8Release of indemnification assets(g)(2.9)Settlement of legacy matters(h)2.3Business Transformation ProgramOther Adjustments:(i)19.4Other add-backs466.8Adjusted EBITDA (j)(a) Expenses related to preparations for the potential adverse impacts of the United Kingdom exiting the European Union to our supply chain, such as tariffs and delays at ports of entry and departure.(b) Income recognized on reaching an agreement to end the leasehold on a cold store in Sweden.(c) Expenses associated with the integration of the Findus Switzerland business acquired on December 31, 2020.(d) Expenses associated with the integration of the Goodfella's pizza and Aunt Bessie's businesses which were acquired in 2018. (e) Expenses associated with a three-year factory optimization program to develop a new suite of standard manufacturing and supply chain processes, that will provide a single network of optimized factories. The project was initiated in 2018.(f) Charge for the release of shares held in escrow as part of the consideration on the acquisition of the Findus Group.(g) Income and expense associated with tax and other liabilities relating to periods prior to acquisition of the Findus and Iglo Groups.(h) Expenses associated with the start of a multi-year, enterprise-wide transformation and optimization program.(i) Represents the elimination of share based payment charge including employer payroll taxes of €12.1 million and elimination of non-operating M&A related costs of €7.3 million. (j) Adjusted EBITDA margin of 18.6% for the twelve months ended December 31, 2020 is calculated by dividing Adjusted EBITDA by Revenue of €2,515.9 million. 2. Reconciliation of Non-IFRS Financial Measures (continued)
Page 143
143 Adjusted EBITDA (audited)Twelve months ended December 31, 2019For the twelve months ended December 31, 2019€ in millions153.6Profit for the period56.7Taxation73.2Net financing costs68.3Depreciation and amortizationExceptional items:(a)1.6Brexit(b)(3.6)Supply chain reconfiguration(c)3.5Findus Group integration costs(d)12.5Goodfella's Pizza & Aunt Bessie's integration costs(e)5.7Factory optimization(f)44.0Release of indemnification assets(g)(9.2)Settlement of legacy mattersOther Adjustments:(h)25.7Other add-backs432.0Adjusted EBITDA (i)(a) Expenses related to preparations for the potential adverse impacts of the United Kingdom exiting the European Union to our supply chain, such as tariffs and delays at ports of entry and departure.(b) Supply chain reconfiguration relates to activities associated with the closure of the Bjuv manufacturing facility in Sweden which ceased production in 2017. The income relates to the sale of the agricultural land which completed in May 2019 and the finalization of consideration received for the sale of the industrial property which completed in 2018.(c) Expenses related to the roll-out of the Nomad ERP system following the acquisition of the Findus Group in November 2015.(d) Expenses associated with the integration of the Goodfella's pizza and Aunt Bessie's businesses which were acquired in 2018. (e) Expenses associated with a three-year factory optimization program to develop a new suite of standard manufacturing and supply chain processes, that will provide a single network of optimized factories. The project was initiated in 2018.(f) Charge in 2019 for the release of shares held in escrow as part of the consideration on the acquisition of the Findus Group.(g) Income and expense associated with tax and other liabilities relating to periods prior to acquisition of the Findus and Iglo Groups.(h) Represents the elimination of share based payment charge including employer payroll taxes of €22.4 million and elimination of non-operating M&A related costs of €3.3 million. (i) Adjusted EBITDA margin of 18.6% for the twelve months ended December 31, 2019 is calculated by dividing Adjusted EBITDA by Revenue of €2,324.3 million. 2. Reconciliation of Non-IFRS Financial Measures (continued)
Page 144
144 Adjusted EBITDA (audited)Twelve months ended December 31, 2018For the twelve months ended December 31, 2018€ in millions170.5Profit for the period56.6Taxation56.0Net financing costs39.3Depreciation7.0Amortization(a)5.7Acquisition purchase price adjustmentsExceptional items:(b)1.2Supply chain reconfiguration(c)10.4Findus Group integration costs(d)8.3Goodfella's Pizza & Aunt Bessie's integration costs(e)1.6Factory optimization(f)(3.8)Settlement of legacy mattersOther Adjustments:(g)23.6Other add-backs376.4Adjusted EBITDA (h)(a) Non-cash fair value uplift of inventory recorded as part of the Goodfella's Pizza and Aunt Bessie's purchase price accounting.(b) Supply chain reconfiguration costs following the closure of the factory in Bjuv, Sweden. Following the closure in 2017, the Company has incurred costs relating to the relocation of production to other factories. The costs are partially offset by income from the disposal of the remaining tangible assets.(c) Non-recurring costs related to the roll-out of the Nomad ERP system following the acquisition of the Findus Group in November 2015.(d) Non-recurring costs associated with the integration of the Goodfella's pizza business in April 2018 and the Aunt Bessie's business in July 2018. (e) Non-recurring costs associated with a three-year factory optimization program to develop a new suite of standard manufacturing and supply chain processes, that will provide a single network of optimized factories. (f) Non-recurring income and costs associated with liabilities relating to periods prior to acquisition of the Findus and Iglo Groups, settlements of tax audits, settlements of contingent consideration for acquisitions and other liabilities relating to periods prior to acquisition of the Findus and Iglo businesses by the Company. This includes an income of €2.7 million recognized on settlement of contingent consideration for the purchase of the La Cocinera acquisition and net income of €0.7 million associated with settlements of tax audits.(g) Represents the elimination of share-based payment charges including employer payroll taxes of €14.7 million and elimination of non-operating M&A related costs of €8.9 million. (h) Adjusted EBITDA margin of 17.3% for the twelve months ended December 31, 2018 is calculated by dividing Adjusted EBITDA by Adjusted revenue of €2,172.8 million. 2. Reconciliation of Non-IFRS Financial Measures (continued)
Page 145
145 Adjusted EBITDA (audited)Twelve months ended December 31, 2017For the twelve months ended December 31, 2017€ in millions136.5Profit for the period32.0Taxation74.4Net financing costs35.9Depreciation6.5AmortizationExceptional items:(a)3.2Transactions related costs(b)18.8Investigation and implementation of strategic opportunities(c)14.0Supply chain reconfiguration(d)15.1Findus Group integration costs(e)(5.6)Settlement of legacy matters(f)(8.3)Remeasurement of indemnification assetsOther Adjustments:(g)5.6Other add-backs328.1Adjusted EBITDA (h)(a) Costs incurred related to enhanced control compliance procedures in territories.(b) Costs incurred in relation to investigation and implementation of strategic opportunities considered non-recurring for the combined group following acquisitions by the Company. These costs primarily relate to changes to the organizational structure of the combined businesses.(c) Supply chain reconfiguration costs, namely the closure of the Bjuv factory.(d) Costs recognized by Nomad Foods relating to the integration of the Findus Group, primarily relating to the rollout of the Nomad ERP system.(e) Non-recurring income and costs associated with liabilities relating to periods prior to acquisition of the Findus and Iglo Groups, settlements of tax audits, sale of non-operating factories acquired and other liabilities relating to periods prior to acquisition of the Findus and Iglo businesses by the Company. This includes a charge of €3.9 million associated with settlements of tax audits, offset by gains of €4.2 million from the reassessment of sales tax provisions, €1.2 million from the reassessment of interest on sales tax provisions, a €2.8 million gain on a legacy pension plan in Norway and a €1.3 million gain on disposal of a non-operational factory.(f) Adjustment to reflect the remeasurement of the indemnification assets recognized on the acquisition of the Findus Group, which is capped at the value of shares held in escrow at the share price as at December 31, 2017. Offsetting are the release of indemnification assets associated with final settlement of indemnity claims against an affiliate of Permira Advisors LLP, which are legacy tax matters that predate the Company's acquisition of Iglo Group in 2015.(g) Represents the elimination of share-based payment charges of €2.6 million and elimination of non-operating M&A related costs of €3.0 million. (h) Adjusted EBITDA margin 16.8% for the twelve months ended December 31, 2017 is calculated by dividing Adjusted EBITDA by Adjusted revenue of €1,956.6 million. 2. Reconciliation of Non-IFRS Financial Measures (continued)
Page 146
146 Adjusted EBITDA (audited)Twelve months ended December 31, 2016For the twelve months ended December 31, 2016€ in millions36.4Profit for the period39.6Taxation62.1Net financing costs43.3Depreciation7.8AmortizationExceptional items:(a)4.8Costs related to transactions(b)1.9Costs related to management incentive plans(c)7.0Investigation and implementation of strategic opportunities(d)(4.3)Cisterna fire net income(e)84.3Supply chain reconfiguration(f)(1.0)Other restructuring costs(g)29.6Findus Group integration costs(h)1.8Settlement of legacy matters(i)10.4Remeasurement of indemnification assetsOther Adjustments:(j)1.2Other add-backs324.9Adjusted EBITDA (k)(a) Elimination of costs incurred in relation to completed and potential acquisitions and one-off compliance costs incurred as a result of listing on the New York Stock Exchange.(b) Adjustment to eliminate long term management incentive scheme costs from prior ownership.(c) Elimination of costs incurred in relation to investigation and implementation of strategic opportunities considered non-recurring for the combined group following acquisitions by the Company. These costs primarily relate to changes to the organizational structure of the combined businesses.(d) Elimination of net insurance income offset by incremental operational costs incurred as a result of a fire in August 2014 in the Iglo Group’s Italian production facility which produces Findus branded stock for sale in Italy.(e) Elimination of supply chain reconfiguration costs, namely the closure of the Bjuv factory.(f) Elimination of a credit on release of provisions for restructuring activities associated with operating locations.(g) Elimination of costs recognized by Nomad Foods relating to the integration of the Findus Group.(h) Elimination of non-recurring costs associated with settlements of tax audits and other liabilities relating to periods prior to acquisition of the Findus and Iglo businesses by the Company. These were previously classified within Investigation and implementation of strategic opportunities and other items and have been reclassified into this line for the period presented.(i) Adjustment to reflect the remeasurement of the indemnification assets recognized on the acquisition of the Findus Group, which is capped at the value of shares held in escrow at the share price as at December 31, 2016.(j) Other add-backs include the elimination of share-based payment charges of €1.2 million.(k) Adjusted EBITDA margin 16.9% for the twelve months ended December 31, 2016 is calculated by dividing Adjusted EBITDA by Adjusted revenue of €1,927.7 million. 2. Reconciliation of Non-IFRS Financial Measures (continued)
Page 147
147 2. Reconciliation of Non-IFRS Financial Measures (continued) (a) Adjustment to add back cash flows related to exceptional items which are not considered to be indicative of our ongoing operating cash flows.(b) Adjustment to add back working capital movements related to employer taxes related to share based payments which are not considered to be indicative of our ongoing operating cash flows.(c)Adjustment to add back cash flows related to non-operating M&A costs which are not considered to be indicative of our ongoing operating cash flows.(a) Defined as the sum of property, plant and equipment and intangible assets purchased in the year, which are considered part of the underlying business cash flows.(b) These lease liabilities are included in Net Cash Flows from Financing Activities. We believe these payments are part of the underlying business cash flows and should be reflected in Adjusted free cash flow. Year EndedDecember 31, 2025(in €m)330.7Net cash flows from operating activitiesAdd back:70.3Cash outflows relating to exceptional items (a)0.8Employer taxes related to share based payments (b)1.1Non-operating M&A costs (c)Deduct:(78.5)Capital expenditure (d)(108.0)Net interest paid(34.2)Payment of lease liabilities (e)182.2Adjusted free cash flowDeduct:(70.3)Cash outflows relating to exceptional items (a)111.9Free cash flowDeduct:(91.3)Dividends paid20.6Excess FCF Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow, Free cash flow and Excess FCF for the year ended December 31, 2025.