Woking, England-headquartered Nomad Foods has reported that revenue decreased 2.2% to €752 million during the third quarter of 2025, which ended on September 30. Organic revenue declined 1.6%, compared to Q3 2024, while volume slipped 0.5%. Adjusted gross margin contracted 420 bps, while EBITDA decreased 14.2% to €143 million and adjusted EPS declined 10.9% to €0.49.
Noting that Q3 results for Europe’s leading frozen food company were in line with expectations, CEO Stéfan Descheemaeker stated: “We faced several headwinds this quarter, including weather-related category pressure in July and soft performance in the UK that more than offset strong performance in our growth platforms. Importantly, we are making progress towards driving improvement. The category weakness we saw this summer has proven transitory and we are pleased that growth returned to healthy levels by the end of the quarter. We are seeing similar improvement in our retail sell-through growth in the UK where our business has recently stabilized.”
He added: “Looking forward, our pipeline of innovation and renovation initiatives is robust. 2026 price increases have been communicated to the trade and the increased efficiency program we announced in September remains on track. We have more work to do, but I am encouraged by the progress we are making.”
Co-Chairman and Founder Noam Gottesman commented: “Notwithstanding challenging financial results this year, I am encouraged by the underlying fundamentals of our business and traction across multiple strategic initiatives throughout Nomad Foods. The company has accelerated innovation and renovation with proven and repeatable successes in our growth platforms, improved brand-building with the creation and launch of its new advertising campaign and built a robust multi-year efficiency program to provide further financial flexibility.”
He added: “Furthermore, the company has fantastic brands in a resilient category [among them Birds Eye, Findus, iglo, Ledo, Goodfella’s, Aunt Bessie’s and Frikom] and has already made substantial investments to lay the groundwork for improved performance next year. As we enter 2026, we will welcome a new CEO, Dominic Brisby, and I am confident in his ability to make a strong impact. We believe Dominic is positioned for success, and we are confident he has the appropriate foundation, resources and skillset to revitalize our growth engine and drive significant value creation. I believe the equity market is meaningfully undervaluing Nomad Foods, and I am excited to see Dominic unlock that value and deliver improved results starting next year.”
First Nine Months of 2025 Results Compared to Same Period in 2024
• Revenue fell 2.0% to €2,259 million. Organic revenue decreased by 2.1%, driven by volume slippage of 1.6%. and a decline in price/mix of 0.5%.
• Adjusted gross profit decreased 8.8% to €631 million, while margin declined 210 basis points to 27.9% due to supply chain inflation headwinds, partially offset by productivity and the lapping of inventory revaluation headwinds in the prior year.
• Adjusted operating expenses declined 6.6% to €313 million driven predominantly by overhead cost reductions with a low single-digit year-to-date decrease in Advertising and Promotion expense.
• Adjusted EBITDA fell 8.4% to €392 million due to the aforementioned factors. Adjusted Profit for the period decreased 16% to €186 million.
• Adjusted EPS decreased by €0.14 to €1.22 reflecting the decrease in Adjusted Profit for the period and fewer shares outstanding. Diluted EPS declined €0.11 to €0.97.
2025 Guidance
Nomad Foods expects to deliver full year results near the low end of its existing guidance ranges. Organic revenue is anticipated to be near the low end of the flat to -2% range. The full year Adjusted EBITDA is expected to be near the low end of the company’s -3% to -7% year-on-year range and Adjusted EPS is projected to be near the low end of its €1.64 to €1.76 range. Based on USD/EUR exchange rate as of September 30, this translates into 2025 Adjusted EPS range of $1.89 to $2.02. The company is maintaining its full year adjusted free cash flow conversion guidance of 90% or greater.
