Nomad Foods (NOMD) Q2 2026 Prepared Remarks earnings summary

Executive summary

• Second quarter results modestly exceeded expectations, with organic revenue down 2.9% year-over-year due to earlier retail disruptions that have since been resolved; pricing and productivity initiatives drove gross margin improvement.

• Adjusted EBITDA declined 4.3% year-over-year, impacted by incentive compensation headwinds, while adjusted EPS was €0.39, down €0.01 from prior year.

• Leadership team strengthened and marketing organization restructured for efficiency and local accountability.

• Comprehensive multi-year Value Creation Plan developed to leverage competitive advantages and drive growth.

• Management is increasing focus on innovation and commercial excellence to capture market trends.

Financial highlights

• Q2 2026 revenue was €724 million, down 3.1% year-over-year; organic revenue declined 2.9%.

• Adjusted gross margin improved by 110 basis points to 28.9% in Q2 2026, reflecting effective cost management.

• Adjusted EBITDA for Q2 2026 was €124 million (down 4.3%); adjusted EPS was €0.39 (down €0.01 year-over-year).

• Adjusted free cash flow conversion ratio improved to 49% in H1 2026 from 43% in prior year.

• Adjusted profit for the period was €55 million, down from €61 million year-over-year.

Outlook and guidance

• Full-year 2026 guidance maintained: organic revenue expected to decline 2–5%, constant currency adjusted EBITDA to decline 5–10%.

• Adjusted EPS guidance revised to €1.38–€1.53 (previously €1.47–€1.62) due to higher interest expense from refinancing.

• Adjusted free cash flow conversion expected to remain at or above 90%.

• Main benefit from additional pricing actions expected in 2027.