Nomad Foods Ltd (NOMD): Financial results for Q3 2026
Nomad Foods Ltd (NOMD) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Nomad Foods Reports Third Quarter 2026 Financial Results Organic revenue increased 1.6% year-on-year on stable volume and positive price/mix Strong cash flow with lower exceptional item adjustments 2026 guidance and 2027 targets reiterated WOKING, England - November
How this was made
The 30-second read
Why it matters
The earnings release confirms prior guidance, indicating no major shift in outlook.
Market read
Earnings provide fresh data for traders but limited catalyst for significant price movement.
What to watch
Currency effects and upcoming product innovations could improve margins beyond current guidance.
Nomad Foods Reports Third Quarter 2026 Financial Results Organic revenue increased 1.6% year-on-year on stable volume and positive price/mix Strong cash flow with lower exceptional item adjustments 2026 guidance and 2027 targets reiterated
Third-quarter reported and organic revenue returned to growth, while volume was stable at (0.2%) and reported profit and diluted EPS increased. However, adjusted gross profit, adjusted EBITDA, adjusted profit for the period and adjusted EPS declined, and the company reiterated full-year expectations for organic revenue and Adjusted EBITDA declines.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026other | €770M | – | 2.3% |
| Organic revenue growth, three months ended September 30, 2026non-GAAP | 1.6% | – | 1.6% |
| Volume, three months ended September 30, 2026non-GAAP | (0.2%) | – | (0.2%) |
| Price-mix contribution, three months ended September 30, 2026non-GAAP | 1.8% | – | 1.8% |
| Cost of sales, three months ended September 30, 2026other | −€562.7M | – | – |
| Gross profit, three months ended September 30, 2026other | €207.3M | – | – |
| Gross margin, three months ended September 30, 2026other | decreased 70 bps | – | decreased 70 bps |
| Adjusted gross profit, three months ended September 30, 2026non-GAAP | €208.1M | – | decreased 1.7% |
| Adjusted gross margin, three months ended September 30, 2026non-GAAP | 27.0% | – | decreased 110 basis points |
| Other operating expenses, three months ended September 30, 2026other | −€89.4M | – | – |
| Adjusted operating expenses, three months ended September 30, 2026non-GAAP | €93M | – | comparable with prior year |
| Exceptional items, three months ended September 30, 2026other | −€3.9M | – | – |
| Operating profit, three months ended September 30, 2026other | €114M | – | – |
| Net financing costs, three months ended September 30, 2026other | −€32.5M | – | – |
| Profit before tax, three months ended September 30, 2026other | €81.5M | – | – |
| Taxation, three months ended September 30, 2026other | −€14.9M | – | – |
| Profit for the period, three months ended September 30, 2026other | €66.6M | – | 16% |
| Basic earnings per share, three months ended September 30, 2026other | €0.48 | – | – |
| Diluted earnings per share, three months ended September 30, 2026other | €0.47 | – | increased 21% |
| Adjusted profit for the period, three months ended September 30, 2026non-GAAP | €66.5M | – | decreased 7% |
| Adjusted diluted earnings per share, three months ended September 30, 2026non-GAAP | €0.47 | – | decreased €0.02 |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | €140.5M | – | decreased 1.5% |
| Adjusted EBITDA margin, three months ended September 30, 2026non-GAAP | 18.2% | – | – |
| Revenue, nine months ended September 30, 2026other | €2.21B | – | (2.2)% |
| Organic revenue decline, nine months ended September 30, 2026non-GAAP | (2.2)% | – | (2.2)% |
| Volume, nine months ended September 30, 2026non-GAAP | 3.5% decline | – | 3.5% decline |
| Price-mix contribution, nine months ended September 30, 2026non-GAAP | 1.3% | – | 1.3% |
| Gross profit, nine months ended September 30, 2026other | €600.1M | – | – |
| Adjusted gross profit, nine months ended September 30, 2026non-GAAP | €600.9M | – | decreased 4.8% |
| Adjusted gross margin, nine months ended September 30, 2026non-GAAP | 27.2% | – | decreased 70 basis points |
| Adjusted operating expenses, nine months ended September 30, 2026non-GAAP | €320M | – | increased 2.2% |
| Operating profit, nine months ended September 30, 2026other | €259.3M | – | – |
| Profit for the period, nine months ended September 30, 2026other | €144M | – | – |
| Diluted earnings per share, nine months ended September 30, 2026other | €1.02 | – | increased €0.05 |
| Adjusted profit for the period, nine months ended September 30, 2026non-GAAP | €154.1M | – | decreased 17.1% |
| Adjusted diluted earnings per share, nine months ended September 30, 2026non-GAAP | €1.09 | – | decreased by €0.13 |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | €356.8M | – | decreased 9.0% |
| Adjusted EBITDA margin, nine months ended September 30, 2026non-GAAP | 16.2% | – | – |
full year 2026 outlook
- Revenueorganic revenue to decline by 2%-3%
- NoteAdjusted EBITDA to decline by 5%-10%, including up to a mid-single digit Adjusted EBITDA impact from restoring incentive compensation
- NoteAdjusted EPS is still expected to be €1.38-€1.53
- NoteBased on USD/EUR exchange rate as of October 28, 2026, this translates into 2026 Adjusted EPS of $1.55-$1.71
- Notefull year Adjusted Free Cash Flow conversion of 90% or greater
Capital returns
- Repurchase of ordinary shares: €(23.7) million for the nine months ended September 30, 2026, compared with €(151.4) million for the nine months ended September 30, 2025.
- Dividends paid: €(61.7) million for the nine months ended September 30, 2026, compared with €(69.7) million for the nine months ended September 30, 2025.
- Payments related to shares withheld for taxes: €(0.4) million for the nine months ended September 30, 2026, compared with €(6.7) million for the nine months ended September 30, 2025.
What drove it
- Third-quarter organic revenue increased 1.6%, driven by stable volume of (0.2%) and positive price-mix of 1.8%.
- Productivity savings offset the majority of the year-on-year increase in incentive compensation within third-quarter adjusted operating expenses.
- Nine-month adjusted gross margin declined due to supply chain inflation headwinds, partially offset by pricing and supply chain productivity.
- Third-quarter adjusted gross profit increased low-single-digits excluding a year-on-year incentive compensation increase and reversal of timing benefits noted in the second quarter.
Concerns
- Adjusted gross margin decreased 110 basis points to 27.0% in the third quarter.
- Adjusted EBITDA decreased 1.5% to €141 million in the third quarter, including a mid-single digit headwind from incentive compensation.
- Nine-month organic revenue declined 2.2%, with a volume decline of 3.5%.
- Finance costs were €(41.7) million in the third quarter, compared with €(29.8) million in the prior-year quarter.
- Full-year guidance continues to call for declines in organic revenue and Adjusted EBITDA.
What to watch
- Whether volume progresses beyond (0.2%) following management's statement that it was flat for the first time since 2024.
- The impact of restoring incentive compensation, which is included in guidance as up to a mid-single digit Adjusted EBITDA impact.
- Progress toward full-year organic revenue decline of 2%-3% and Adjusted EBITDA decline of 5%-10%.
- Adjusted Free Cash Flow conversion against the full-year expectation of 90% or greater.
- Supply chain inflation, pricing and supply chain productivity effects on adjusted gross margin.
Balance sheet and cash flow
- Cash and cash equivalents were €275.6 million as at September 30, 2026, compared with €324.8 million as at December 31, 2025.
- Loans and borrowings were €33.9 million in current liabilities and €2,279.2 million in non-current liabilities as at September 30, 2026.
- Net cash generated from operating activities was €195.6 million for the nine months ended September 30, 2026, compared with €174.2 million for the nine months ended September 30, 2025.
- Purchase of property, plant and equipment and intangibles was €(61.2) million for the nine months ended September 30, 2026, compared with €(59.6) million for the nine months ended September 30, 2025.
- Net decrease in cash and cash equivalents was €(49.2) million for the nine months ended September 30, 2026, compared with €(212.5) million for the nine months ended September 30, 2025.
Analysis
Nomad Foods returned to reported revenue growth in the third quarter, with revenue of €770.0 million versus €752.4 million in the prior-year period. Organic revenue growth was 1.6%, as positive price-mix of 1.8% more than offset volume of (0.2%). The quarter therefore marked a material improvement from the nine-month outcome, where revenue was €2,208.9 million versus €2,259.4 million and organic revenue declined (2.2)% on a 3.5% volume decline.
Profitability was mixed. Third-quarter gross profit was €207.3 million versus €207.4 million, while gross margin decreased 70 bps. Adjusted gross profit decreased 1.7% to €208.1 million and adjusted gross margin decreased 110 basis points to 27.0%. Management attributed the adjusted gross-profit pressure to higher year-on-year incentive compensation and reversal of timing benefits noted in the second quarter. For the nine months, adjusted gross margin decreased 70 basis points to 27.2%, due to supply chain inflation headwinds partially offset by pricing and supply chain productivity.
Reported earnings strengthened as exceptional items declined to €(3.9) million from €(16.9) million. Operating profit increased to €114.0 million from €93.6 million, profit for the period increased to €66.6 million from €57.6 million, and diluted EPS increased to €0.47 from €0.39. Underlying measures moved in the other direction: adjusted EBITDA decreased 1.5% to €140.5 million from €142.7 million, adjusted profit for the period was €66.5 million versus €71.8 million, and adjusted diluted EPS was €0.47 versus €0.49. Net financing costs rose to €(32.5) million from €(23.2) million.
Cash generation improved over the nine-month period, with net cash generated from operating activities of €195.6 million versus €174.2 million. The company spent €(61.2) million on property, plant and equipment and intangibles, repurchased €(23.7) million of ordinary shares and paid €(61.7) million of dividends. Cash and cash equivalents were €275.6 million at September 30, 2026, compared with €324.8 million at December 31, 2025, while loans and borrowings were €33.9 million current and €2,279.2 million non-current.
Management reiterated its full-year 2026 outlook. It continues to expect organic revenue to decline by 2%-3%, Adjusted EBITDA to decline by 5%-10%, Adjusted EPS of €1.38-€1.53, and Adjusted Free Cash Flow conversion of 90% or greater. The reiterated outlook keeps focus on whether the third-quarter return to organic growth and stable volume can offset the weaker first nine months, while incentive compensation and supply-chain inflation remain material margin factors.
Management, verbatim
Our third quarter results reflect the progress we discussed at our analyst day and mark an important milestone as we returned to organic revenue growth, with volume flat for the first time since 2024.
Dominic Brisby, Chief Executive Officer
We are seeing improving momentum across the business as the actions we have taken to strengthen execution, simplify the organization, enhance accountability, and improve our commercial effectiveness continue to gain traction.
Dominic Brisby, Chief Executive Officer
We are encouraged by the progress achieved during the quarter and it reinforces our confidence in the growth framework we outlined for 2027 and beyond.
Dominic Brisby, Chief Executive Officer
Not in the filing
stated, not guessed- No reportable revenue segments were disclosed.
- Quarterly operating cash flow, capital expenditure, free cash flow and adjusted free cash flow amounts were not disclosed.
- Gross-margin percentage under IFRS was not disclosed.
- Tax rate was not disclosed.
- No prior outlook section was provided for comparison with actual results.
- No full-year 2026 guidance was provided for gross margin, operating expenses or tax rate.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Nomad Foods is a Europe‑based frozen food company listed on NYSE under ticker NOMD.
Ticker impact
Nomad Foods disclosed Q3 2026 earnings, reporting modest revenue growth and reaffirmed 2026 guidance.
neutral to slight downside as guidance is reaffirmed and growth is modest.
The primary earnings numbers are new and the guidance is reaffirmed, offering limited upside potential.
Market effects
Provides a benchmark for the frozen foods sector in Europe.
May influence European consumer‑goods sentiment.
Limited, confined to European food manufacturers.
Counterpoint
If investors focus on the reaffirmed guidance, they may overlook potential upside from cost‑saving initiatives.
Key entities
- ExecutiveDominic Brisby
Chief Executive Officer of Nomad Foods
