Nomad Foods Limited Q4 FY2025 earnings call

• Jason English welcomes participants and mentions availability of related materials on the website. Dominic Brisby and Ruben Baldew are present. Non-IFRS financial measures are discussed with adjusted figures used. - Talks about ongoing annual negotiations, cost inflation in Fish affecting guidance, and disruption from change initiatives. - Discusses strengthening relationships with retailers, improving point of purchase, and innovations like Chicken Shop. Notes frozen category is growing robustly for retailers. - Addresses supply chain disruptions related to fish business being temporary and mentions plans for multiyear strategies and share purchases. - Focuses on making products superior, strengthening brands, and enhancing point of sale presence.

• Guidance is for net sales decline. Reasons include annual negotiation delay/disruption, cost inflation in Fish with price taking and competition lag, and disruption from change. - Dominic expects return to growth in 2027 and 2028, with multiyear plans to be shared at Analyst Day later in the year. 2026 is identified as a transition year with change enactment.

• Actual results may differ from forward-looking statements due to risks and uncertainties in press release, SEC filings, and investor presentation. - Supply chain disruptions related to fish business were reported but were short term and not impacting the business.

Q: What are the underlying components of volume and price in your guidance and thoughts on net pricing versus inflation after the year?

A: Ruben Baldew states overall guidance is net sales, main reasons for negative decline are annual negotiation delay, cost inflation in Fish with price taking and competition lag, and change disruption. Price is expected to be a contributor with mix from potatoes growth but negative volume due to price taking in Fish and competition price lag.

Q: Looking beyond '26, how should we expect normalized growth to look like relative to long-term targets?

A: Dominic Brisby says expects return to growth in 2027 and 2028, currently putting together multiyear plans to be shared at Analyst Day, 2026 is a transition year.

Q: Thoughts on retail environment change and reinvestment for frozen food?

A: Dominic Brisby says retailers' behavior continues existing trend, focus on private label quality and fresh, opportunities to strengthen point of sale, roll out innovations like Chicken Shop, improve packaging. Jason English adds frozen category is growing robustly for retailers.

Q: Disruptions on fish business supply chain?

A: Ruben Baldew says not an event for them, Jason English says disruption was short term due to suspended programs.

Q: Details on pricing negotiations and share change?

A: Dominic Brisby says most European retailers' price negotiations ongoing, expected to conclude in Q1, talks about share change with focus on making products superior, brands stronger, point of sale presence.

Q: Change to corporate capital allocation plan?

A: Dominic Brisby says top priority is invest in business for organic growth, buybacks priority as shares undervalued, balance with leverage and liquidity, M&A possible in future if conditions change, intent to allocate capital to maximize shareholder returns.