Nomad Foods (NOMD) Morgan Stanley Global Consumer & Retail Conference summary

Company evolution and market positioning

• Established as a leader in European frozen foods, consistently growing sales, EBITDA, and EPS annually since 2016 despite macroeconomic challenges.

• Focuses on healthy, nutritious products, with 93% of business in non-high fat, sugar, and salt categories, and two-thirds in vegetables, poultry, and fish.

• Differentiates itself as a provider of 'good food,' aiming to further accentuate this distinction over the next decade.

• Maintains resilience through crises such as Brexit, COVID, and inflation, emphasizing brand and category strength.

Category fundamentals and consumer trends

• European frozen food has outpaced total FMCG growth, expanding 3% annually over the past decade.

• Category benefits include health, convenience, affordability, and reduced waste, with rapid freezing preserving nutrition.

• Consumer preferences are shifting toward healthier lifestyles, with frozen food positioned as a nutritious option.

• Company leverages strong brands and innovation to capitalize on these trends.

Pricing, inflation, and private label dynamics

• High inflation in recent years favored private labels, but as inflation moderates, focus shifts to quality, innovation, and brand strength.

• Revenue growth management (RGM) tools enable sophisticated pricing and promotional strategies.

• Volume is expected to play a larger role in growth as reliance on price inflation decreases.

• Market share gains are targeted in key categories as consumer confidence improves.