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- **Goals Intact**: EUR 200M efficiency target and EBITDA growth goals reaffirmed, supported by Board.
- **Surgical Pricing**: 2026 inflation at single-digit; cost savings to offset inflation, with Q1 '26 pricing.
- **Q4 Confidence**: Despite low-end guidance (-1.5% to -2%), improving trends and product initiatives drive optimism.
- **Quality Over Price**: Investing in superior products (e.g., fish fingers) to counter private label competition.
- **Aggressive Buybacks**: EUR 150M from refinancing to be used for share repurchases at 6.5x PE.

**【CEO's Commitment to Medium-Term Goals】**
- Reaffirmed EUR 200 million multiyear efficiency target and low-single-digit EBITDA growth goals, endorsed by the Board.
- New CEO, Dominic, focuses on growth, with Board support for existing metrics.

**【CFO on Pricing Strategy & Inflation】**
- 2026 inflation expected at single-digit levels; pricing to be implemented in Q1 '26.
- Surgical approach to pricing, using cost savings (e.g., EUR 200M program) to offset inflation.
- Q4 '25 guidance at low end (-1.5% to -2% growth), but improving sell-out trends (Q3: +0.7% volume).

**【Q4 Guidance & Risks】**
- Confidence in Q4 guidance due to product renovations (e.g., UK pizza, fish fingers) and distribution gains.
- Risks include competitor pricing reactions and weather impacts on frozen food sales.

**【Private Label Competition】**
- Focus on non-price factors: product innovation (e.g., superior fish fingers), packaging quality, and A&P spend.
- UK market share stabilization efforts include new campaigns and product quality improvements.

**【Cost Savings Breakdown】**
- Supply chain savings (~EUR 170M): supplier consolidation, factory right-sizing, and in-sourcing.
- Overhead savings (~EUR 30M): functional restructuring and indirect procurement efficiencies.

**【Capital Allocation】**
- Aggressive share buybacks at current 6.5x PE, using EUR 150M from recent refinancing.
- Dividend and buyback prioritization reflects confidence in intrinsic value.


Nomad Foods Limited (NOMD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NOMD

NOMD fundamentals

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