Delivered 9th consecutive year of record-high net sales and Adjusted EBITDA
Full year Adjusted EPS of €1.78
Increases full year 2025 Adjusted EPS guidance to €1.85-€1.89
WOKING, England, March 3, 2025 /PRNewswire/ — Nomad Foods Limited (NYSE: NOMD) (the “Company” or “Nomad Foods”), today reported financial results for the three and twelve-month periods ended December 31, 2024.
Nomad Foods delivered strong results in fiscal year 2024, with accelerated organic sales growth driven by higher volumes, while also achieving robust margin expansion and market share gains. The Company maintained its commitment to shareholder returns, distributing €208 million throughout the year in the form of dividends and shares repurchases. Looking ahead to fiscal year 2025, management expects to maintain this momentum with continued top and bottom-line growth. As previously announced, the Board of Directors approved a 13% increase to the company’s 1Q25 cash dividend, reflecting continued confidence in the Company’s strong cash generation and growth prospects.
Key operating highlights and financial performance for the fourth quarter 2024, when compared to the fourth quarter 2023, include:
Key operating highlights and financial performance for the full year 2024, when compared to the full year 2023, include:
2025 full year guidance
For the full year 2025, Nomad Foods continues to expect organic revenue growth of 1%-3% and Adjusted EBITDA growth of 2%-4% while meaningfully increasing investment in its products and brands again in 2025. Adjusted EPS is now expected to be €1.85-€1.89, implying growth of 4-6%, versus the prior outlook of €1.81-€1.85. Based on USD/EUR exchange rate as of February 25, 2025, this translates into 2025 Adjusted EPS of $1.94–$1.98. The Company also continues to expect full year adjusted free cash flow conversion of 90% or greater.
Management & Board Comments
Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, “Our 2024 results demonstrate the impact of our focused brand investments and operational excellence, marking our ninth consecutive year of sales and Adjusted EBITDA growth. The investments we began to make in 2023 took hold and delivered strong returns in 2024, as evidenced by our accelerating volume momentum through the final three quarters and market share gains in each of the last two quarters of the year. Growth can be choppy month-to-month and quarter-to-quarter but the underlying trendline of improvement is evident in our results. We significantly strengthened our innovation engine, increasing our innovation as a percent of sales year-over-year, while executing more impactful merchandising programs that resonated with consumers at point-of-sale. Importantly, we accomplished this while expanding margins through a combination of supply chain productivity initiatives and focused growth investments that yielded healthy mix gains. The strength of our execution this year reflects the dedication of our teams and the power of our brands. As we enter 2025, we’re confident in our proven strategy and capabilities to deliver what would be our 10th consecutive year of sales and Adjusted EBITDA growth.”
Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “As we enter our tenth year as a public company, I have never been more optimistic about the growth potential of Nomad Foods. Over the past nine years we have curated a portfolio of iconic brands in an attractive category while building a high-performing team of top-tier talent. Nomad Foods has become a growth advantaged food company as evidenced by its widening top and bottom-line outperformance versus industry peers. We expect this outperformance to continue.”
Fourth Quarter of 2024 results compared to the Fourth Quarter of 2023
Year Ended 2024 results compared to the Year Ended 2023
Conference Call and Webcast
The Company will host a conference call with members of the executive management team to discuss these results today, Monday, March 3, 2025 at 1:30 p.m. GMT (8:30 a.m. Eastern Standard Time). To participate on the live call listeners in North America may dial +1-833-816-1430 and international listeners may dial +1-412-317-0522. Additionally, there will be a presentation to accompany the conference call and the call is being webcast. Both can be accessed at the Nomad Foods website at www.nomadfoods.com under Investor Relations. A replay of the conference call will be available on the Company website for two weeks following the event and can be accessed by listeners in North America by dialing +1-844-512-2921 and by international listeners by dialing +1-412-317-6671; the replay pin number is 10196693.
Investor Relations Contact
Jason English
investorrelations@nomadfoods.com
Media Contact
Elaine McCrimmon, Group Corporate Affairs Director
elaine.mccrimmon@nomadfoods.com
About Nomad Foods
Nomad Foods (NYSE: NOMD) is Europe’s leading frozen food company. The Company’s portfolio of iconic brands, which includes Birds Eye, Findus, iglo, Ledo and Frikom, have been a part of consumers’ meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad Foods is headquartered in the United Kingdom. Additional information may be found at www.nomadfoods.com.
Non-IFRS Financial Information
Nomad Foods is presenting Adjusted and Organic financial information, which is considered non-IFRS financial information, for the three and twelve months ended December 31, 2024 and for comparative purposes, the three and twelve months ended December 31, 2023.
Adjusted financial information for the three and twelve months ended December 31, 2024 and 2023 presented in this press release reflects the historical reported financial statements of Nomad Foods, adjusted primarily for share based payment expenses and related employer payroll taxes, non-operating M&A related costs, acquisition purchase price adjustments, exceptional items and foreign currency exchange 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, unissued preferred share dividends, 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 after tax 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 price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, 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 twelve months ended December 31, 2024 and 2023 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.
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 – Adjusted free cash flow is the amount of cash generated from operating activities before 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, but after 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 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 18, 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, Adjusted EPS guidance to the most directly comparable IFRS measure.
Nomad Foods Limited As Reported
Statements of Profit or Loss (unaudited)
Three months ended December 31, 2024 and December 31, 2023
€ in millions
Three months ended
December 31, 2024
Three months ended
December 31, 2023
Revenue
793.4
760.8
Cost of sales
(567.5)
(553.1)
Gross profit
225.9
207.7
Other operating expenses
(115.1)
(122.6)
Exceptional items
(19.3)
(18.4)
Operating profit
91.5
66.7
Finance income
4.4
6.2
Finance costs
(34.6)
(26.7)
Net financing costs
(30.2)
(20.5)
Profit before tax
61.3
46.2
Taxation
(9.9)
(21.5)
Profit for the period
51.4
24.7
Basic earnings per share
Weighted average shares outstanding in millions
158.5
163.8
Basic earnings per share in €
0.32
0.15
Diluted earnings per share
Weighted average shares outstanding in millions
159.2
164.4
Diluted earnings per share in €
0.32
0.15
Statements of Profit or Loss (audited)
Twelve months ended December 31, 2024 and December 31, 2023
€ in millions
Twelve months
ended December 31,
2024
Twelve months
ended December 31,
2023
Revenue
3,099.8
3,044.5
Cost of sales
(2,182.0)
(2,185.8)
Gross profit
917.8
858.7
Other operating expenses
(461.3)
(445.8)
Exceptional items
(69.5)
(72.5)
Operating profit
387.0
340.4
Finance income
30.1
22.8
Finance costs
(139.2)
(109.6)
Net financing costs
(109.1)
(86.8)
Profit before tax
277.9
253.6
Taxation
(50.8)
(60.9)
Profit for the period
227.1
192.7
Basic earnings per share
Weighted average shares outstanding in millions
161.5
170.6
Basic earnings per share in €
1.41
1.13
Diluted earnings per share
Weighted average shares outstanding in millions
162.2
171.2
Diluted earnings per share in €
1.40
1.13
Nomad Foods Limited As Reported
Statements of Financial Position (audited)
As at December 31, 2024 and December 31, 2023
€ in millions
As at December 31, 2024
As at December 31, 2023
Non-current assets
Goodwill
2,106.1
2,105.0
Intangible assets
2,472.9
2,468.2
Property, plant and equipment
591.1
563.7
Other non-current assets
8.6
7.1
Derivative financial instruments
4.3
0.7
Deferred tax assets
14.7
106.9
Total non-current assets
5,197.7
5,251.6
Current assets
Cash and cash equivalents
403.3
412.9
Inventories
441.5
446.4
Trade and other receivables
334.1
263.4
Current tax receivable
37.6
40.7
Indemnification assets
0.5
0.5
Derivative financial instruments
16.9
1.2
Total current assets
1,233.9
1,165.1
Total assets
6,431.6
6,416.7
Current liabilities
Trade and other payables
829.1
769.8
Current tax payable
226.7
189.5
Provisions
27.1
35.1
Loans and borrowings
26.0
21.4
Derivative financial instruments
14.4
12.2
Total current liabilities
1,123.3
1,028.0
Non-current liabilities
Loans and borrowings
2,151.4
2,113.7
Employee benefits
152.1
158.3
Other non-current liabilities
0.5
0.5
Provisions
2.7
1.4
Derivative financial instruments
46.4
97.8
Deferred tax liabilities
292.7
425.1
Total non-current liabilities
2,645.8
2,796.8
Total liabilities
3,769.1
3,824.8
Net assets
2,662.5
2,591.9
Equity attributable to equity holders
Share capital and capital reserve
1,316.4
1,426.1
Share based compensation reserve
26.2
31.4
Translation reserve
135.3
101.0
Other reserves
(14.9)
(24.6)
Retained earnings
1,199.5
1,058.0
Total equity
2,662.5
2,591.9
Nomad Foods Limited As Reported
Statements of Cash Flows (audited)
For the twelve months ended December 31, 2024 and the twelve months ended December 31, 2023
€ in millions
Twelve months ended
December 31, 2024
Twelve months ended
December 31, 2023
Cash flows from operating activities
Profit for the period
227.1
192.7
Adjustments for:
Exceptional items
69.5
72.5
Share based payment expense
8.8
24.1
Depreciation and amortization
96.9
95.0
Loss on disposal and impairment of property, plant and equipment
1.6
1.2
Net finance costs
109.1
86.8
Taxation
50.8
60.9
Operating cash flow before changes in working capital, provisions and
exceptional items
563.8
533.2
(Increase)/decrease in inventories
(1.2)
18.8
(Increase)/decrease in trade and other receivables
(75.0)
0.3
Increase in trade and other payables
68.6
42.1
Decrease in employee benefits and other provisions
(4.0)
(3.2)
Cash generated from operations before tax and exceptional items
552.2
591.2
Payments relating to exceptional items
(72.1)
(67.6)
Receipts relating to exceptional items
4.4
—
Tax paid
(49.1)
(92.8)
Net cash flows from operating activities
