Nomad Foods Limited Investor Day 2026

All right, it's time. Let's get this started. Hello, everyone. Thank you to those in the room and those on the webcast for joining us today. We've got an action-packed day ahead of us, but before we get into the fun stuff, let's make sure we cover off on the legal stuff. On the screen and in our presentation and press releases, you can find a number of disclaimers. Please read them. All right, moving on. Here's the agenda. I trust you all can read it. We're going to cover a lot of ground in a relatively short amount of time today, so let's get us started. To kick us off, we've got our co-founder and Co-Chairman, Sir Martin E.

Franklin. Martin? Good morning, everyone.

Thank you for joining us. It's great to see so many familiar faces, along with many new investors joining us today. To those of you who have supported Nomad for years, thank you for your patience and continued confidence. To those of you who are newer to the story, welcome. I believe you are joining us at a particularly exciting moment. The reality is that Nomad lost its way a bit for a period of time. Having been through similar situations before, we knew that meaningful change starts with leadership and fresh eyes on the business. We put the right team in place and gave them the support and freedom to make the difficult but necessary decisions. Dominic has now been with the company for nearly a year, and I could not be more pleased with the progress he and the team have made.

Together with Ruben, he has assembled a strong leadership team and driven significant change across the organization. They have upgraded talent, improved processes, and sharpened the strategy. Today, you'll hear firsthand how those changes are positioning Nomad for a much stronger future. Nomad's brands remain exceptionally strong. Its market is healthy, and we now have the leadership team and strategic direction needed to unlock the company's full potential. Yet our valuation suggests the market is yet to recognize that opportunity. This, despite a very strong following by the credit markets, where we have financed ourselves to have long-dated maturities at attractive rates. We see that disconnect as a compelling opportunity for shareholders, which is why my co-founder Noam and I have recently increased our personal investments in the company. But we also know that perceptions do not change because of presentations. They change because of results.

That is exactly what we expect this team to deliver, and we do not think it will take very long. I have lived this market cycle before. Like Nomad, our specialty chemicals company, Element Solutions, was a static equity story through its transformation until it caught investor interest, after which its revaluation from about $11 to now close to $40 was fairly rapid. I believe we will achieve the same thing here, and more importantly, this is not a re-acceleration story that begins today, nor is it a story built on promises for some distant future. The revitalization is already underway. The actions have been taken, the foundation has been rebuilt, and the early evidence of progress is becoming increasingly clear.

Today, Dominic and his team will show you both the proof points that the inflection has already begun and provide the roadmap for sustaining and accelerating that momentum in the years ahead. I believe it's just a matter of time before the markets recognize Nomad's real value and we regain the momentum of years past. One final note. Before anyone asks in the Q&A about whether or not we've considered taking this company private, let me say that of course we know this is an option that exists if the credit markets are open. Our opinion is that we believe doing so would deny our shareholders the upside inherent in the company's outlook. If the company performs as we expect and the market continues to discount Nomad's value, we always have this alternative to consider. But for us, it's a last resort.

With that, let me turn it over to Dominic, and enjoy the morning.

Thank you. Thank you, Martin, and thank you all for joining us today.

After nine months as CEO of Nomad Foods, my conviction in this business has only strengthened. What I've found is a company with leading brands, great assets, and significant growth opportunities, alongside several areas where we can perform better. We've already begun addressing those opportunities and building momentum. Today, we'll discuss what we've accomplished, where we see the biggest opportunities, and how we plan to win. Most importantly, we'll outline our three-year value creation plan, which we believe will drive faster growth, stronger profitability, and substantial shareholder value creation. But before we dive in, we have a brief video to share to get us started.

Whoa, give me some strength. I don't wanna run away. It's up to my neck. I don't wanna say goodbye. We're never gonna make it better, better. Whoa, give me some strength. I don't wanna run away. It's up to my neck. I don't wanna say goodbye. We're never gonna make it better, better.

I'm craving a fish finger sandwich.

This video captures some of the momentum that is building across Nomad Foods today. I hope it's the same sense of excitement and confidence you feel as we take you through our plans. We have a lot to cover today, but if you leave with only three messages, these are the ones I hope you remember. First, we've strengthened the business and returned the company to organic revenue growth in Q3. Transformation is never a straight line, but we have clear and compelling plans to build on this momentum and sustain profitable growth in 2027 and beyond. Second, momentum is building and the growth opportunity ahead of us is substantial. Historically, our growth has been constrained by several self-imposed limitations. We are removing those constraints, significantly expanding our addressable market, and unlocking new revenue growth opportunity that we're confident we can capture over time.

Third, while we have big ambitions, our execution plan is highly pragmatic. We have a clear roadmap to sustain top and bottom line growth, improve returns, and reduce leverage. Given our current valuation, we believe successful execution against these priorities has the potential to create significant shareholder value. By the end of today, I hope you'll have a deeper appreciation, not only of how far we've come, but more importantly, for the scale of the opportunity that lies ahead. What we're demonstrating today is not an inflection in waiting. It is an inflection underway. We are committed to delivering substantial earnings and free cash flow growth over the next three years and beyond, and it starts with restoring sustainable organic revenue growth. As we discussed on prior earnings calls, our performance this year was impacted by several transitory headwinds.

Those headwinds are now behind us, and the actions we've taken to strengthen the business are beginning to gain traction. As a result, we expect to return to organic sales growth this quarter. We believe that growth will continue through next year and accelerate thereafter, consistent with the midpoint of the guidance we're introducing today. As Ruben will discuss later, we expect sustainable top line growth to translate into sustainable earnings growth. Today, we are establishing an external target of delivering low single digit top and bottom line growth over the next three years, which we believe is substantially better than what is implied in our current valuation. While we have significant ambitions for the business and see substantial opportunities ahead, we're equally focused on rebuilding credibility by setting targets that are both meaningful and achievable, even in a less favorable operating environment. That philosophy underpins these growth targets.