Nomad Foods Reports 2nd Quarter 2022 Financial Results.

FELTHAM, England: Nomad Foods Limited (NYSE: NOMD), today reported financial results for the three and six month periods ended June 30, 2022. Key operating highlights and financial performance for the second quarter 2022, when compared to the second quarter 2021, include:

Reported revenue increased 17.0% to EU697 million

Organic revenue decline of 3.2%

Reported Profit for the period of EU75 million

Adjusted EBITDA increased 2.9% to EU127 million

Adjusted EPS remained unchanged at EU0.40

Management Comments

Stefan Descheemaeker, Nomad Foods' Chief Executive Officer, stated, "I am pleased with our second quarter performance, which saw our overall revenue base rise by 17% and our market share remain steady in a dynamic pricing environment. We are adjusting our business well to inflationary pressures and believe that supply chains are normalizing. However, in light of the continuing war in Ukraine, its collateral risks and European consumer sentiment, we are taking a more conservative posture to full year earnings. We are revising our Adjusted EPS expectation for the year to a range of EU1.65 to EU1.71 for 2022. Despite our cautious outlook for the year, we believe our business is stronger today than at any other time in our history and we are confident we remain on track to deliver our EU2.30 Adjusted EPS target for 2025."

Noam Gottesman, Nomad Foods' Co-Chairman and Founder, commented, "Nomad Foods showed extraordinary resilience this quarter, and we continue to recognize compelling near-term and long-term opportunities ahead of us enabled by strong underlying cash flow, our brands and our people. We are focused on execution and have maintained share in a highly competitive market while staying focused on investments in the business, especially the supply chain improvements necessary to navigate this historically difficult environment. Long term, we will remain focused on a disciplined capital allocation strategy to enhance the success of our operating results for shareholders. We remain well-positioned for 2022 and for growth beyond this year."

Second Quarter of 2022 results compared to the Second Quarter of 2021

Revenue increased 17.0% to EU697 million. Organic revenue decline of 3.2% was comprised of a 5.7% decline in volume/mix partially offset by a 2.5% increase in price.

Adjusted Gross profit increased 7.2% to EU197 million. Adjusted gross margin decreased 260 basis points to 28.2%, driven by higher raw...