NOMD · Nomad Foods Limited

Nomad Foods' first quarter 2026 results reflect a challenging operating environment with revenue declining 5.9% to €715 million, driven by a 4.4% volume decline and unfavorable mix. Gross margin contracted 210 basis points to 25.7%, primarily due to supply chain inflation and the timing of price increases. Adjusted EBITDA fell 22.9% to €93 million, and Adjusted EPS dropped 34.3% to €0.23. Management highlighted progress in securing price increases, realigning order patterns, and reshaping the organization with new leadership appointments, including two Regional Presidents and a Chief Marketing Officer. Despite the weak quarter, the company reiterated its full-year guidance for organic revenue decline of 2%-5% and Adjusted EBITDA decline of 5%-10%, while raising its Adjusted EPS outlook to €1.47-€1.62 from €1.45-€1.60, citing incremental share repurchase activity. The company also reaffirmed its expectation of 90% or greater Adjusted Free Cash Flow conversion. The results underscore near-term headwinds from inflation and volume softness, but management's confidence in long-term growth was expressed through plans for an Analyst and Investor Day in fall 2026.