Nomad Foods Limited (NOMD) Earnings
Nomad Foods Limited is expected to report next earnings on November 5, 2026 (in NaN days), with a consensus EPS estimate of $0.53. NOMD has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +12.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $0.44 | $0.45 | +3.2% | $827M | +0.2% |
| May 7, 2026 | $0.21 | $0.27 | +26.2% | $826M | +2.3% |
| Feb 26, 2026 | $0.50 | $0.51 | +1.0% | $907M | +16.8% |
| Nov 6, 2025 | $0.47 | $0.57 | +21.2% | $881M | +15.8% |
| Aug 6, 2025 | $0.44 | $0.45 | +2.3% | $879M | +15.4% |
| May 8, 2025 | $0.41 | $0.37 | -9.8% | $833M | +9.2% |
| Mar 3, 2025 | $0.39 | $0.45 | +15.4% | $822M | +6.8% |
| Nov 14, 2024 | $0.51 | $0.55 | +7.8% | $844M | -3.0% |
| May 9, 2024 | $0.41 | $0.40 | -2.4% | $842M | +2.0% |
| Feb 29, 2024 | $0.34 | $0.34 | +0.0% | $837M | +0.4% |
| Nov 9, 2023 | $0.38 | $0.43 | +13.2% | $805M | -4.1% |
| Feb 23, 2023 | $0.37 | $0.34 | -8.1% | $808M | -5.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 13, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- General Business Context * Nomad Foods operates primarily in the frozen food category across European markets, which has delivered consistent growth: 3.4% value growth and 1.6% volume growth year-to-date, and 2.8% value growth and 1.1% volume growth in the most recent three months. * Previous retail supply disruptions in core markets of Germany and France impacted first half market share performance, and these disruptions are now nearly fully resolved (only minor residual issues in very small retailers/markets remain). - Turnaround and Organizational Updates * New CEO Dominic Brisby has implemented significant leadership team changes, bringing in new senior talent while retaining strong existing internal talent to improve organizational competitiveness and update company culture. * A comprehensive, multi-year value creation plan covering all business functions (innovation, marketing, sales, productivity) has been developed over the past six months, and will be presented at the October analyst day. - Operational Initiatives * The company's 200 million euro productivity improvement program is progressing fully in line with original plans. Savings from this program are being used to lower the company's price index relative to competitors, rather than implementing large price increases like those seen in 2022-2023, and early market results from this strategy are positive. * Recent operational actions include a marketing function restructuring and one factory closure to advance productivity goals.
Guidance
- No formal full-year financial guidance was reiterated or revised in the provided transcript. Management confirmed that the gross margin expansion driven by pricing actions is progressing in line with prior expectations set after Q1 2026 results. - Management expects improved sales and market share performance in H2 2026 compared to H1 2026 following the resolution of retail disruptions, but notes returning to market share neutrality will take longer than the end of 2026. - Management expects to be able to successfully implement cost-justified price increases for fish-focused products by the end of 2026, after private label competitors implement their own recent price increases. - Full strategic and financial plans, including potential targets for leverage and market share growth, will be shared at the company's October 2026 analyst day.
Segment performance
No detailed segment-level financial performance data (absolute revenue figures or revenue contribution percentages) were disclosed in the provided transcript.
Risks & headwinds
- Actual future financial and market share performance may differ from management's current expectations due to unidentified or unquantified risks, which are disclosed in the company's SEC filings and earnings press release. - Private label price elasticity and consumer response to recent private label price increases (10-32% across various European markets and categories) are still being analyzed, with no definitive conclusions available yet, creating near-term uncertainty for market share projections. - Potential unquantified impacts from water shortages on future harvests and fish/protein input costs remain uncertain, though no direct impacts have been observed to date.
Analyst Q&A
Q: Andrew Lazar (Barclays) asked if market share can return to neutrality by the end of 2026 after H1 disruptions, what price elasticity the firm is seeing on recent pricing moves, and whether management is being prudent with elasticity assumptions for full year guidance. /
A: Management confirmed retail disruptions were the main headwind to share in H1 and are now fully behind the company, and expects improved share performance in H2. However, returning to full market share neutrality will take more time than the end of 2026, though management believes it is achievable over time with the new strategic plan. It is still too early to draw conclusions on elasticity, as private label price increases were only recently implemented, and management is using prudent elasticity assumptions in full year projections.
Q: Steve Powers (Deutsche Bank) asked for clarification on whether retail disruptions are fully resolved, and asked how the 200 million productivity program is progressing and how it will contribute to 2027 profit growth. /
A: Management confirmed that with the exception of trivial residual issues in tiny markets, disruptions in Germany and France are now fully resolved. The productivity program is on track, with non-recurring investment spending declining as the program advances, and recent actions including marketing restructuring and a factory closure are aligned with program goals. Productivity savings are being used to keep Nomad's price index competitive rather than pushing large price increases, and the firm is already seeing early positive results from this approach.
Q: Scott Marks (Jefferies) asked about the size and timing of one-time phasing benefits that boosted Q2 margins, and asked for an update on Nomad's capital allocation strategy, including what leverage ratio target is appropriate and the timeline to reach it after the share buyback suspension to pay down debt. /
A: Management confirmed that gross margin expansion is primarily driven by pricing, with only small phasing benefits (a couple million euros from advertising/overhead timing and minor recipe variance, which are not material to the overall improvement trend). Management declined to share a specific leverage ratio target, and will update the market on long-term capital allocation strategy at the October analyst day.
Q: Peter Solal (BTIG) asked what has surprised CEO Dominic Brisby during his first quarters leading the turnaround, and what the key areas of focus will be over the next six months. /
A: Brisby noted that the most positive surprises were the strength of frozen category growth and the strong brand equity of Nomad's portfolio relative to competitors, which creates a strong foundation for improvement. He confirmed that the biggest changes needed have been organizational leadership changes to improve competitiveness, which are now largely implemented. Management has developed a full end-to-end value creation plan covering innovation, marketing, sales, and productivity that will be presented in October, and work is already underway across all these areas, rather than focusing on only one or two priorities in the near term.