Nomad Foods Reports 3rd Quarter 2022 Financial Results.

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

Reported revenue increased 26.7% to EU760 million

Organic revenue increase of 7.2%

Reported Profit for the period of EU82 million

Adjusted EBITDA increased 35.3% to EU153 million

Adjusted EPS increase 48.6% to EU0.52

Management Comments

Stefan Descheemaeker, Nomad Foods' Chief Executive Officer, stated, "I am pleased to report that Nomad Foods performed well in the third quarter, delivering strong sales growth and Adjusted EPS of EU0.52, up nearly 50% year-on-year. Our revenues grew by nearly 27% in the quarter, reflecting organic revenue growth of more than 7% as well as the contribution from our recent acquisition. We are also pleased to announce that we are extending our debt maturity profile through a refinancing of our existing USD debt with $830 million in term loans due in 2029. When finished, our debt portfolio will be fully covered through mid-2028 and 2029 at an attractive average interest cost, with roughly 75% of our debt effectively fixed until 2027. We are reiterating our full-year 2022 Adjusted EPS expectation range of EU1.65 to EU1.71 and we are confident in our ability to deliver our target of EU2.30 Adjusted EPS for 2025."

Noam Gottesman, Nomad Foods' Co-Chairman and Founder, commented, "Nomad Foods reported another quarter of strong results boosted by our great brands, efficient supply chain and world-class people. Nomad has proven again to be a resilient business as disciplined procurement and supply chain management provided high quality products with improved service levels and strong margins. Furthermore, our debt refinancing represents another important step in extending our debt profile and controlling costs in a volatile macro environment. Although we see challenges, we also see great areas of opportunity, and we will continue to invest to capture those opportunities. We will maintain our focus on accelerating sustainable growth while compounding the value of our results for shareholders. We expect to keep this momentum into 2023 and beyond."

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

Revenue increased 26.7% to EU760 million. Organic revenue...