Nomad Foods Limited Q1 FY2026 earnings call

1. Strategy adjustment: Previously focused on healthy products, now will have more flexibility for commercially successful products rather than just health agenda, details to be shared later in year. 2. Middle East situation impact: Looked at through supply chain disruptions (no impact on business as products produced locally), consumer demand (no evidence of impact yet, categories strong on value for money), and cost inflation (direct and indirect exposure manageable, COGS inflation for year ticked up by less than 1% but incremental inflation expected in Q4 and 2027, can manage via price and revenue levers, and has productivity pipeline for cost savings next year). 3. Adriatic: Execution and results in line with plan, expect positive margin mix in H2, especially Q3 due to improved sellout of out-of-home ice cream businesses. 4. Retailer cooperation: Retailers eager to work closer with Nomad as leader in European frozen food to grow category, made new appointments with good track record in working with retailers, early indications positive.

Not explicitly provided with detailed absolute financials and revenue contribution percentages for each product segment

1. This year's COGS inflation rates have ticked up by less than 1% and remain within mid-single-digit outlook. 2. Expect incremental inflation to start rolling through P&L in Q4 and into fiscal 2027 if current conditions continue. 3. Have ability to pull price and revenue growth management levers to manage commodity cost inflation. 4. Have robust productivity pipeline to generate substantial cost savings next year. 5. Embedded risk of delays in private label price increases in guidance, and private labels likely to raise prices when due to higher cost inflation in some areas like fish.

1. Supply chain inflation and financial pressure risks, including indirect impact on 2027 costs due to factors like fertilizers, petrol/fuel, labor inflation, though too fluid to give exact numbers now.

Q: Thinking through downside risks to 2026, expectations for Adriatics in Q2, Q3 given local economic disruptions and thoughts on UK/Europe frozen food demand and competitive environment.

A: In Adriatic, not seeing macro or geopolitical issues hampering business, execution in line with plan; in UK/Europe, frozen food demand benefited in past economic dislocation, pricing in place, private labels likely to follow price increases with time lag.

Q: Trends in Q2 so far, consumer perspective and when sell-in to track sell-out.

A: Category healthy with 3.8% growth, volume up 1.5%, no data on consumer trading down; price increase implemented, disruption in April, shipments back on from May, generic inflation with private label likely to follow with time lag.

Q: Risks in supply chain from inflation and financial pressure.

A: Looked at contracts, commodity spend linked to season, indirect impact on 2027 costs monitored but too fluid for exact numbers now