NOMDNYSEFood and Kindred ProductsUS GAAP · USD

Nomad Foods Ltd

Nomad Foods Ltd is a frozen food company focused on branded frozen meals, vegetables, fish, and other convenient food products across Europe. Its portfolio includes long-established brands such as Birds Eye, Findus, iglo, Ledo, and Frikom, and it is headquartered in the United Kingdom with shares listed in the United States.

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Revenue3,033m USD
−2.2 %y/y
Operating profit (EBIT)259m USD
−36.5 %y/y
EBIT margin8.6%
−4.6 ppy/y
Net income137m USD
−39.8 %y/y
Free cash flow252m USD
−29.0 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

01,0002,0003,0004,000m USD2022: 2,940 m USD2022: EBIT 404 m USD20222023: 3,045 m USD2023: EBIT 386 m USD20232024: 3,100 m USD2024: EBIT 408 m USD20242025: 3,033 m USD2025: EBIT 259 m USD20253,033259
RevenueOperating profit (EBIT)

Business

Share of revenue
Frozen vegetables20 %

Packaged frozen vegetable products sold through retail channels.

Frozen fish & seafood20 %

Frozen fish sticks, fillets, and seafood meals under heritage brands.

Frozen ready meals25 %

Convenient prepared frozen meals and meal components.

Frozen poultry & meat15 %

Frozen chicken and meat-based products for home preparation.

Frozen potato & sides10 %

Potato products and side dishes sold in frozen format.

Other frozen foods10 %

Additional branded frozen food products and regional assortments.

Customers

Nomad Foods sells primarily to grocery retailers, supermarkets, and food distributors that stock branded frozen products for household consumption. End demand is driven by consumers seeking convenient, shelf-stable, and nutritious meal solutions, with the company’s brands positioned across mainstream European retail aisles. The business also serves regional customers in multiple European markets where legacy brands have strong recognition and repeat purchasing behavior.

Grocery retailers

Buy branded frozen products for resale in supermarkets and hypermarkets.

Household consumers

Buy the finished frozen foods for convenience, taste, and familiarity.

Food distributors

Buy and distribute frozen assortments to local and regional outlets.

Regional retail chains

Buy localized brand portfolios tailored to national tastes and formats.

Strategy

Nomad Foods focuses on strengthening its branded frozen food platform by supporting core brands, protecting shelf presence, and maintaining relevance across European households. The company also emphasizes cash generation and balance-sheet flexibility, which supports refinancing, dividends, and disciplined capital allocation.

Strengthen core brandsMedium term

Heritage brands are central to repeat purchase and retailer shelf space.

Maintain retail executionShort term

Frozen food depends on store placement, availability, and category management.

Support financial flexibilityShort term

Debt structure and cash flow affect capital returns and strategic optionality.

Protect consumer relevanceMedium term

Convenience and nutrition keep frozen foods competitive versus fresh and private label.

Geography

Nomad Foods' business is concentrated in Europe, where it sells through retail channels in the United Kingdom and across continental markets. The company is headquartered in the UK, and its brand portfolio includes country-specific names with strong local heritage, making geography important to both demand patterns and brand positioning.

Risks

Nomad Foods faces retail and consumer demand risk because branded frozen foods compete against private label, fresh alternatives, and shifting household preferences. Its European footprint also exposes it to country-level consumer trends, supply chain disruption, and foreign exchange/hedging effects, while the capital structure creates refinancing and interest-rate sensitivity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Refinancing and interest-rate risk1Private label competition2Foreign exchange and hedging volatility3Consumer demand shifts4Supply chain disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Refinancing and interest-rate riskImpact: HighLikelihood: High

    The company has indicated proactive refinancing of indebtedness, which can change interest expense and funding terms.

    Exposure: Debt structure and net debt

  2. Private label competitionImpact: HighLikelihood: High

    Frozen food is a retail shelf-based category where lower-priced store brands can displace branded products.

    Exposure: Retail channels

  3. Foreign exchange and hedging volatilityImpact: MediumLikelihood: High

    A European business with reporting in euros faces translation and hedge-accounting effects.

    Exposure: Multiple European currencies

  4. Consumer demand shiftsImpact: MediumLikelihood: Medium

    Household preferences can move toward fresh, organic, or alternative meal solutions.

    Exposure: Brand demand and volume

  5. Supply chain disruptionImpact: MediumLikelihood: Medium

    Frozen foods require reliable sourcing, cold-chain logistics, and retail distribution.

    ExposureIngredientsManufacturingLogistics

Accounting

Judgemental items
Adjusted EBITDA reconciliation

Management excludes exceptional items, share-based payments, and M&A costs, affecting comparability with IFRS profit.

Impact: Can materially change perceived operating performance

Organic revenue growth

Organic measures strip out acquisitions and currency effects, changing the picture of underlying demand.

Impact: Important for same-brand sales analysis

Cash flow hedge accounting

Hedging gains and losses flow through OCI and can later affect profit, creating timing differences.

Impact: Affects equity and reported volatility

Foreign currency translation

European operations translated into euros can create OCI swings and period-to-period noise.

Impact: Affects comprehensive income

Exceptional items

One-off charges are added back in adjusted results but still affect statutory earnings and cash flow timing.

Impact: Affects statutory profit and investor adjustments

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Last updated: 28/09/2026