Nomad Foods Limited (NOMD) 6-K 9 May 24 Nomad Foods Reports First Quarter 2024 Financial Results Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	Nomad Foods Ltd.
Entity Central Index Key	0001651717
Current Fiscal Year End Date	--12-31

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Interim Statements of Financial Position - EUR (€) € in Millions	Mar. 31, 2024	Dec. 31, 2023
Non-current assets
Goodwill	€ 2,103.2	€ 2,105
Intangibles	2,467	2,468.2
Property, plant and equipment	563.4	563.7
Other non-current assets	7.3	7.1
Derivative financial instruments	1.4	0.7
Deferred tax assets	106.1	106.9
Total non-current assets	5,248.4	5,251.6
Current assets
Cash and cash equivalents	390.7	412.9
Inventories	432.6	446.4
Trade and other receivables	343.8	263.4
Current tax receivable	39.7	40.7
Indemnification assets	0.5	0.5
Derivative financial instruments	6	1.2
Total current assets	1,213.3	1,165.1
Total assets	6,461.7	6,416.7
Current liabilities
Trade and other payables	810.3	769.8
Current tax payable	189.3	189.5
Provisions	31.5	35.1
Loans and borrowings	26.2	21.4
Derivative financial instruments	8.9	12.2
Total current liabilities	1,066.2	1,028
Non-current liabilities
Loans and borrowings	2,126.9	2,113.7
Employee benefits	152.1	158.3
Other non-current liabilities	0.5	0.5
Provisions	1.4	1.4
Derivative financial instruments	69.8	97.8
Deferred tax liabilities	425.6	425.1
Total non-current liabilities	2,776.3	2,796.8
Total liabilities	3,842.5	3,824.8
Net assets	2,619.2	2,591.9
Equity attributable to equity holders
Share capital and capital reserve	1,419	1,426.1
Share based compensation reserve	34.5	31.4
Translation reserve	104.6	101
Other reserves	(11.8)	(24.6)
Retained earnings	1,072.9	1,058
Equity attributable to owners of parent	€ 2,619.2	€ 2,591.9

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Interim Statements of Profit or Loss - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Profit or loss [abstract]
Revenue	€ 783.7	€ 775.1
Cost of sales	(572.8)	(550.9)
Gross profit	210.9	224.2
Other operating expenses	(115.4)	(114.5)
Exceptional items	(23.5)	(30.1)
Operating profit	72	79.6
Finance income	5.9	1.1
Finance costs	(36)	(30.1)
Net financing costs	(30.1)	(29)
Profit before tax	41.9	50.6
Taxation	(7.4)	(9.4)
Profit for the period	€ 34.5	€ 41.2
Basic earnings per share	€ 0.21	€ 0.24
Equity owners of the parent	€ 34.5	€ 41.2
Earnings per share
Diluted earnings per share	€ 0.21	€ 0.24

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Interim Statements of Comprehensive Income/(Loss) - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of comprehensive income [abstract]
Profit for the period	€ 34.5	€ 41.2
Other comprehensive income:
Actuarial gains/(losses) on defined benefit pension plans	3.9	(4.3)
Taxation (charge)/credit on measurement of defined benefit pension plans	(1.2)	1.7
Items not reclassified to the Statement of Profit or Loss	2.7	(2.6)
Exchange differences on translation of foreign operations	3.6	0
Cash flow hedges	12.3	(13.6)
Taxation (charge)/credit relating to components of other comprehensive income	(3.8)	4.7
Items that may be subsequently reclassified to the Statement of Profit or Loss	12.1	(8.9)
Other comprehensive income/(loss) for the period, net of tax	14.8	(11.5)
Total comprehensive income for the period	€ 49.3	€ 29.7

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Interim Statements of Changes in Equity - EUR (€) € in Millions	Total	Share capital and capital reserve	Share based compensation reserve	Translation reserve	Other reserves	Retained earnings	Total equity
Equity attributable to owners of the parent (restated)		€ 1,596.7	€ 13.8	€ 89.3	€ 19.8	€ 886.6	€ 2,606.2
Equity attributable to owners of the parent (restated)		1,596.7	13.8	89.3	19.8	886.6	2,606.2
Equity owners of the parent	€ 41.2					41.2	41.2
Profit for the period	41.2
Other comprehensive income for the period	(11.5)			0	(8.9)	(2.6)	(11.5)
Total comprehensive income for the period				0	(8.9)	38.6	29.7
Deferred hedging losses and costs of hedging transferred to the carrying value of inventory					(0.1)		(0.1)
Comprehensive income	29.7
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity		0	(4)			(0.5)	(4.5)
Share based payment charge			12.3				12.3
Total transactions with owners, recognized directly in equity		0	8.3	0	0	(0.5)	7.8
Equity attributable to owners, ending balance at Mar. 31, 2023		1,596.7	22.1	89.3	10.8	924.7	2,643.6
Equity owners of the parent	41.2					41.2	41.2
Profit for the period	41.2
Other comprehensive income for the period	(11.5)			0	(8.9)	(2.6)	(11.5)
Equity owners of the parent				0	(8.9)	38.6	29.7
Comprehensive income	29.7
Share based payment charge			12.3				12.3
Total transactions with owners, recognized directly in equity		0	8.3	0	0	(0.5)	7.8
Equity attributable to owners of parent		1,596.7	22.1	89.3	10.8	924.7	2,643.6
Equity attributable to owners of parent	2,591.9	1,426.1	31.4	101	(24.6)	1,058	2,591.9
Equity attributable to owners, beginning balance at Dec. 31, 2023	2,591.9	1,426.1	31.4	101	(24.6)	1,058	2,591.9
Equity owners of the parent	34.5					34.5	34.5
Profit for the period	34.5
Other comprehensive income for the period	14.8			3.6	8.5	2.7	14.8
Total comprehensive income for the period		0	0	3.6	8.5	37.2	49.3
Deferred hedging losses and costs of hedging transferred to the carrying value of inventory					4.3		4.3
Comprehensive income	49.3
Dividends						(22.3)	(22.3)
Reduction of issued capital		(7.1)					(7.1)
Share based payment charge			3.1				3.1
Total transactions with owners, recognized directly in equity		(7.1)	3.1	0	0	(22.3)	(26.3)
Equity attributable to owners, ending balance at Mar. 31, 2024	2,619.2	1,419	34.5	104.6	(11.8)	1,072.9	2,619.2
Equity owners of the parent	34.5					34.5	34.5
Profit for the period	34.5
Other comprehensive income for the period	14.8			3.6	8.5	2.7	14.8
Equity owners of the parent		0	0	3.6	8.5	37.2	49.3
Comprehensive income	49.3
Dividends						(22.3)	(22.3)
Share based payment charge			3.1				3.1
Repurchase of ordinary shares		7.1					7.1
Total transactions with owners, recognized directly in equity		(7.1)	3.1	0	0	(22.3)	(26.3)
Equity attributable to owners of parent	€ 2,619.2	€ 1,419	€ 34.5	€ 104.6	€ (11.8)	€ 1,072.9	€ 2,619.2

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Interim Statements of Cash Flows - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Profit for the period	€ 34.5	€ 41.2
Adjustments for:
Exceptional items	23.5	30.1
Share based payments expense	3.1	12.3
Depreciation and amortization	23.1	22.3
Loss on disposal and impairment of property, plant and equipment	0.4	0.5
Net finance costs	30.1	29
Taxation	7.4	9.4
Operating cash flow before changes in working capital, provisions and exceptional items	122.1	144.8
Decrease/(increase) in inventories	14.2	(34.3)
Increase in trade and other receivables	(81.3)	(53.7)
Increase in trade and other payables	77.1	20.6
(Decrease)/increase in employee benefits and other provisions	(0.2)	1.9
Cash generated from operations before tax and exceptional items	131.9	79.3
Payments relating to exceptional items	(24)	(14)
Tax paid	(8.9)	(10)
Net cash generated from operating activities	99	55.3
Cash flows from investing activities
Purchase of property, plant and equipment and intangibles	(18.8)	(20.6)
Interest received	2	1.1
Cash used in investing activities	(16.8)	(19.5)
Cash flows from financing activities
Repurchase of ordinary shares	(7.1)	0
Dividends paid, classified as financing activities	(22.3)	0
Payment of lease liabilities	(7.2)	(7)
Payment of financing fees	(0.5)	(0.5)
Interest paid	(50.4)	(19.3)
Net cash used in financing activities	(87.5)	(26.8)
Net (decrease)/increase in cash and cash equivalents	(5.3)	9
Cash and cash equivalents at beginning of period	390.7
Cash and cash equivalents at beginning of period	412.9	366.8
Effect of exchange rate fluctuations	(3.7)	(4.9)
Cash and cash equivalents at end of period	€ 390.7	€ 370.9

Cash and cash equivalents

Cash and cash equivalents	3 Months Ended
	Mar. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents March 31, 2024 December 31, 2023 €m €m Cash and cash equivalents in the Statement of Financial Position 390.7 412.9 Bank overdraft — (13.2) Cash and cash equivalents per Statement of Cash Flows 390.7 399.7

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	3 Months Ended
	Mar. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Summary of Cash and Cash Equivalents	March 31, 2024 December 31, 2023 €m €m Cash and cash equivalents in the Statement of Financial Position 390.7 412.9 Bank overdraft — (13.2) Cash and cash equivalents per Statement of Cash Flows 390.7 399.7

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Millions	Mar. 31, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents in the Statement of Financial Position	€ 390.7	€ 412.9
Bank overdraft	0	(13.2)
Cash and cash equivalents per Statement of Cash Flows	€ 390.7	€ 399.7

General information

General information	3 Months Ended
	Mar. 31, 2024
General Information About Financial Statements [Abstract]
General information	General information These unaudited condensed consolidated interim financial statements (“interim financial statements”) as at and for the three months ended March 31, 2024 comprise the results and financial position of Nomad Foods Limited and its subsidiaries (together referred to as the “Company” or “Nomad”). Nomad (NYSE: NOMD) is Europe's leading frozen foods company. Nomad's portfolio of iconic brands, which includes Birds Eye , Findus , iglo , Ledo and Frikom , have been a part of consumers’ meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad is headquartered in the United Kingdom. Additional information may be found at www.nomadfoods.com. The Company’s sales and working capital levels have historically been affected to a limited extent by seasonality. In general, sales volumes for savory frozen food are slightly higher in colder or winter months and variable production costs and working capital will vary depending on the harvesting and buying periods of seasonal raw materials, in particular vegetable crops. For example, inventory levels typically peak in August to September just after the pea harvest and as a result, more working capital is required during those months. The one exception to this is in our Adriatic business, which follows a different seasonality pattern with stronger performance through the summer months behind the ice-cream business. Nomad is a company registered in the British Virgin Islands and domiciled for tax in the United Kingdom.

Basis of preparation

Basis of preparation	3 Months Ended
	Mar. 31, 2024
Basis Of Presentation [Abstract]
Basis of preparation	Basis of preparation These unaudited condensed consolidated interim financial statements for the three months ended March 31, 2024 have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the IASB. They do not include all the information required for a complete set of IFRS financial statements. The financial information consolidates the Company and the subsidiaries it controls and includes selected notes to explain events and transactions that are significant to an understanding of the changes in Nomad’s financial position and performance since the last annual consolidated financial statements. Therefore the unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2023, which have been prepared in accordance with International Financial Reporting Standards as issued by the IASB. These unaudited condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on May 7, 2024. The accounting policies used by management in preparing these condensed consolidated financial statements were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2023, except for taxes on income. Taxes on income are provided for based on management's estimate of the average annual effective income tax rate on profits excluding exceptional items, applied to the pre-tax income excluding exceptional items of the period. It also reflects the tax impact of exceptional items accounted for in the period.

Accounting estimates and judgme

Accounting estimates and judgments	3 Months Ended
	Mar. 31, 2024
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract]
Accounting estimates and judgments	Critical accounting estimates and judgments The preparation of financial statements in accordance with IFRS requires the use of judgment in applying the accounting policies and estimation that affect the reported amounts of assets and liabilities and results. Actual results could differ from those estimates and the financial statements will be impacted by key judgments taken. In preparing the condensed consolidated interim financial statements, the key sources of estimation uncertainty for the interim period ended March 31, 2024, continue to be the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2023. Key Judgments Judgments are made in the process of applying accounting policies. Those judgments which are considered key are listed below. a) Business Combinations Business combinations are recognized using the acquisition method. At the acquisition date, the Company is required to recognize separately the identifiable assets, liabilities and contingent liabilities acquired or assumed in a business combination at their fair values. This involves judgment over whether intangible assets can be separately identified, the useful economic life of assets and in selecting an appropriate valuation methodology. Furthermore, judgment is applied in allocating business combinations to operating segments, as well as allocating Goodwill to cash generating units . b) Discounts and trade promotions Management uses judgment when considering when accruals for discounts and trade promotions can be released. Management makes the judgment based on the principle that accruals are reversed only to the extent that it is highly probable that a significant reversal will not occur. c) Uncertain tax positions Management uses judgment when identifying and determining whether it is appropriate to provide for uncertain tax positions and for how long provisions for uncertain tax positions are retained, based on assessment as to whether it is probable that a risk would crystallize or not. Management considers tax laws which are in place in making that assessment determining whether it is appropriate to release. d) Cash generating units When performing goodwill impairment testing, management applies judgment to the allocation of goodwill to cash generating units. Management has determined goodwill is monitored at the operating segment level of “Frozen”. e) Operating segments Management applies judgment in determining the Chief Operating Decision Maker (“CODM”), and the nature and extent of the financial information which is reviewed by the CODM. Management has considered how resources are allocated in determining the single reporting and operating segment of “Frozen”. Please refer to Note 5 for further information. Significant estimates Information about estimates and assumptions that have significant effects on the amounts reported in the condensed consolidated interim financial statements are listed below. In forming these estimates, management has taken into account the impact and potential future impact of supply chain disruptions, high inflation as well as the ongoing conflict between Ukraine and Russia. Management will continue to assess the impact of future developments in relation to these matters as it relates to estimates, especially around the carrying value of goodwill, brands and other intangibles, as well as on property, plant and equipment. In particular, management will focus on the impact of a long-term conflict in Ukraine. While we do not have any direct operations or sales in either Russia or Ukraine, these countries are responsible for many commonly used raw materials and resources such as fish, wheat and energy. The ongoing conflict and economic sanctions could see considerable reductions in the availability or increase in cost of such raw materials and resources. At this time it is not possible to predict the extent or nature of future impacts on our business although we expect the current conflict to continue for some time. a) Discounts and trade promotions Discounts given by the Company include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs. Each customer has bespoke agreements that are governed by a combination of observable and unobservable performance conditions. Trade promotions comprise of amounts paid to retailers for programs designed to promote Company products and include pricing allowances, merchandising funds and customer coupons, which are offered through various programs to customers and consumers. The ultimate costs of these programs can depend upon retailer performance and is the subject of significant management estimates. The estimated ultimate cost of the program is based upon the programs offered, timing of those offers, estimated retailer performance based on history, management’s experience and current economic trends. At each financial year end date, any discount or trade promotion incurred but not yet invoiced is estimated and accrued for. In certain cases, the estimate for discounts and trade promotions requires the use of forecast information for future trading periods and therefore a degree of estimation uncertainty exists. These estimates are sensitive to variances between actual results and forecasts. The estimate is based on accumulated experience. It is impracticable to disclose the extent of the possible effects of estimation uncertainty, however, it is reasonably possible that outcomes within the next financial period from these agreements are materially different in aggregate to those estimated. The accruals are presented as ‘trade terms’ and offset against trade receivables due to the same customer, or as trade term payables where there is no receivable to be offset. The balance of the reduction in trade receivables for trade terms as of March 31, 2024 is disclosed in Note 11. b) Employee benefit obligations The Group operates a number of defined benefit pension schemes and post-employment benefit schemes which are valued by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. Each scheme has an actuarial valuation performed and is dependent on a series of assumptions to estimate the projected obligations. The assumptions include variables which are revised periodically, that include discount rates, expected salary increases, inflation, employee turnover, retirement age, mortality and medical care costs. Our assumptions reflect historical experience and management's best judgment regarding future obligations. The assumptions used affect the current service cost and interest expense as well as changes in the obligation recognized. Net actuarial gains or losses arising from changes in assumptions and from experience are recognized in other comprehensive income/(loss). Since defined benefit pension schemes and post-employment benefit schemes are measured on a discounted basis, the discount rate applied has an impact on the expense and obligation recognized. These discount rates are determined by reference to market yields at the end of the reporting period on high quality corporate bonds, except for Sweden where a deep market does not exist, where mortgage bonds are used. See Note 13 for details of material changes, if any, to assumptions since December 31, 2023. c) Provisions for uncertain tax positions The Company operates in many different jurisdictions and in some of these there are certain tax matters which are under discussion with local tax authorities, including as part of tax audits. Management considers these tax audits and discussions with local tax authorities as well as the local tax legislation relative to their tax positions in those jurisdictions when identifying uncertain tax positions. These discussions are often complex and can take many years to resolve, and are in different stages with respect to assessments, appeals and refunds. Where tax exposures can be quantified, and management assesses that the risk of an exposure crystallizing is probable, a provision for uncertain tax positions is made based on management's estimates which include judgments with regard to the amounts expected to be paid to the relevant tax authority. Given the inherent uncertainties in assessing the outcomes of these exposures, the Company could in future periods experience adjustments to these provisions. The factors considered in estimating the provision include the progress of discussions with the tax authorities, the complexity of respective tax legislation, valuations of assets for tax purposes and the level of documentary support for historical positions taken by previous owners. The provisions are made on the basis of a probability-weighted average of potential outcomes. Given the inherent uncertainties in assessing the outcomes of these exposures, the Company could in future periods experience adjustments to these provisions. Other estimates a) Carrying value of goodwill and brands The Company's goodwill and indefinite life brand values have been allocated based on the enterprise value at acquisition of each cash generating unit. Goodwill is monitored at an operating segment level for which the Company has one reporting and operating segment. Determining whether goodwill and indefinite life brands are impaired requires an estimation of the value in use. The review is performed using a discounted cash flow model to calculate the value in use of the Frozen segment. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. This requires us to make assumptions and estimates regarding historical information, future plans and external sources. Future cash flows for the purposes of the value in use calculation are taken from approved budgets. b) Business combinations The Company is required to recognize separately, at the acquisition date, the identifiable assets, liabilities and contingent liabilities acquired or assumed in a business combination at their fair values. This involves an estimate of fair value of all assets and liabilities acquired. Such estimates are based on valuation techniques, which require considerable estimation in forecasting future cash flows and developing other assumptions. These estimates are based on information available on the acquisition date and assumptions that have been deemed reasonable by management. The following estimates and assumptions can materially affect our financial position and profit: • The fair value and expected useful economic life of acquired intangible and tangible assets that are subject to depreciation or amortization in future periods. • Future changes to the assumptions over forecast future profitability used in estimating the value of intangible assets and goodwill may result in additional expenses or income. • Future changes to the assumptions used in estimating the value of uncertain tax positions may result in additional expenses or income. c) Fair value of derivative financial instruments Note 11 includes details of the fair value of the derivative instruments that the Company holds at each balance sheet period. Management has estimated the fair value of these instruments by using valuations based on discounted cash flow calculations. These inputs may be readily observable, market corroborated, or generally unobservable inputs and are further discussed in Note 11.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combinations1 [Abstract]
Acquisitions	None

Segment reporting

Segment reporting	3 Months Ended
	Mar. 31, 2024
Operating Segments [Abstract]
Segment reporting	Segment reporting The Chief Operating Decision Maker (“CODM”) of the Company considers there to be one reporting and operating segment, being “Frozen” and is reflected in the segment presentation below for the periods presented. The CODM primarily uses “Adjusted EBITDA”, as the key measure of the segment’s results, which is considered non-IFRS financial information . Segment Adjusted EBITDA For the three months ended March 31, 2024 2023 Note €m €m Profit for the period 34.5 41.2 Taxation 7.4 9.4 Net financing costs 7 30.1 29.0 Depreciation & amortization 23.1 22.3 Exceptional items 6 23.5 30.1 Other add-backs 3.7 14.3 Adjusted EBITDA 122.3 146.3 Other add-backs include the elimination of share-based payment expense and related employer payroll tax expense of €3.4 million for the three months ended March 31, 2024 (2023: €13.9 million), as well as the elimination of non-operating M&A related costs, professional fees and transaction costs of €0.3 million for the three months ended March 31, 2024 (2023: €0.4 million). We exclude these costs because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. No information on segment assets or liabilities is presented to the CODM. External revenue by geography For the three months ended March 31, 2024 2023 €m €m United Kingdom 225.3 216.4 Germany 112.6 117.6 Italy 110.6 109.1 France 53.9 52.9 Sweden 35.8 38.1 Croatia 20.8 19.6 Austria 38.5 37.9 Norway 30.8 33.7 Serbia 19.0 18.4 Spain 22.3 20.6 Switzerland 21.6 21.2 Rest of Europe 92.5 89.6 Total external revenue by geography 783.7 775.1

Exceptional items

Exceptional items	3 Months Ended
	Mar. 31, 2024
Analysis of income and expense [abstract]
Exceptional items	Exceptional items For the three months ended March 31, 2024 2023 €m €m Business transformation program (1) 20.5 28.1 Fortenova Acquisition integration costs (2) — 1.8 Information Technology transformation program (3) — 0.2 Settlement of legacy matters (4) 3.0 — Total exceptional items 23.5 30.1 We do not consider these items to be indicative of our ongoing operating performance. (1) Business transformation program In 2020, the Company launched the first phase of a multi-year, enterprise-wide transformation and optimization program which continued to progress in the current year. Over the next few years, additional transformation phases will be implemented. Progress of the project is ongoing and there remain certain phases to be implemented. The program aims to standardize, simplify and automate end-to-end business processes. This will enable key decision making and analytical capability, building a platform and organization to support future growth and provide better value for shareholders. Execution of the business transformation program includes the evaluation and implementation of a new ERP system. Expenses incurred to date consist of restructuring, severance and transformational project costs, including business technology transformation initiative costs and related professional fees. (2) Fortenova Acquisition integration costs The Company completed the acquisition of the Fortenova Group’s Frozen Food Business Group on September 30, 2021, following which the Company began an integration project which was completed in 2023. Integration expenses incurred relate to external consultancy costs, organizational structure alignment to Nomad design, systems configuration and roll-out of our controls environment to the acquired business. (3) Information Technology transformation program In 2021, the Company launched a program to transform the Information Technology (“IT”) operating model, specifically to modernize the end-to-end technology estate to support current and future complex and evolving business needs driven by acquisitions and organic growth. Among the many changes made, the program moved our operating model to a cloud-hosted solution, which better deploys new services to the business and end user, including application management, supporting a diverse workforce across multiple locations and languages, as well as deploying artificial Intelligence assisted tools. Other key components of the program included the Company’s cyber security services to adapt to rapidly changing threats and a change of IT service partners to enable one-off renovation and uplift of capabilities across the business. The program was completed in 2023. (4) Settlement of legacy matters A net expense has been recognized associated with the release of acquired provisions relating to periods prior to acquisition by the Company and other gains or charges associated with items that were originally recognized as exceptional. Tax impact of exceptional items T he tax impact of the exceptional items for the three months ended March 31, 2024 amounted to a credit of €5.7 million (2023: €7.0 million). Cash flow impact of exceptional items Included in the Condensed Consolidated Interim Statements of Cash Flows for the three months ended March 31, 2024 is €24.0 million (2023: €14.0 million) of cash outflows relating to exceptional items. This includes cash flows related to the above items in addition to the cash impact of the settlement of provisions brought forward from previous accounting periods.

Finance income and costs

Finance income and costs	3 Months Ended
	Mar. 31, 2024
Analysis of income and expense [abstract]
Finance income and costs	Finance income and costs For the three months ended March 31, 2024 2023 €m €m Finance income Interest income 1.8 1.1 Net financing gain recognized on debt transactions (a) 4.1 — Total finance income 5.9 1.1 Interest expense (b) (22.7) (21.5) Net foreign exchange losses arising on translation of financial assets and liabilities (10.2) (5.8) Net pension interest costs (1.2) (1.1) Amortization of debt discounts and borrowing costs (1.7) (1.6) Net fair value losses on derivatives held at fair value through profit or loss (0.2) (0.1) Total finance costs (36.0) (30.1) Net finance costs (30.1) (29.0)

Taxation

Taxation	3 Months Ended
	Mar. 31, 2024
Income Taxes [Abstract]
Taxation	Taxation Income tax expense of €7.4 million for the three months ended March 31, 2024 (2023: €9.4 million) is provided for based on management’s estimate of the average annual effective income tax rate on profits excluding exceptional items, applied to the pre-tax income excluding exceptional items of the periods. This estimate reflects the tax impact of exceptional items accounted for in the periods. The UK statutory rate of corporation tax increased from 19% to 25% with effect from April 1, 2023. The Company’s subsidiaries, which are subject to tax, operate in many different jurisdictions and, in some of these, certain tax matters are under discussion with local tax authorities. These discussions are often complex and can take many years to resolve, and are in different stages with respect to assessments appeals and refunds. The Company actively seeks to manage the associated risks by proactively engaging with tax authorities and applying for Advanced Pricing Agreements where appropriate. Provisions for uncertain tax positions require management to make estimates and judgments with respect to the ultimate outcome of a tax audit, and actual results could vary from these estimates. Where tax exposures can be quantified, a provision is made based on best estimates and management’s judgments. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could, in future years, experience adjustments to this provision, including releases of provisions when those exposures become time-barred. Notwithstanding this, management believes that the Company’s tax position on all open matters including those in current discussion with local tax authorities is robust and that the Company is appropriately provided.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2024
Earnings per share [abstract]
Earnings per share	Earnings per share For the three months ended March 31, 2024 2023 Basic earnings per share Profit for the period attributable to equity owners of the parent (€m) 34.5 41.2 Weighted average Ordinary Shares and shares issuable solely after the passage of time in millions 163.2 174.5 Basic earnings per share € 0.21 € 0.24 For the three months period ended March 31, 2024, the number of shares in both basic and diluted earnings per share calculations has been adjusted to include 292,687 shares to be issued in future periods as performance conditions have been met. The diluted earnings per share calculation also includes an estimate of 109,322 potential ordinary shares, calculated using the treasury method, on long term incentive plans contingent on service only. There are no adjustments to the profit for the period attributable to equity owners of the parent. For the three months ended March 31, 2024 2023 Diluted earnings per share Profit for the period attributable to equity owners of the parent (€m) 34.5 41.2 Weighted average Ordinary Shares, shares issuable solely after the passage of time and potential ordinary shares in millions 163.3 174.5 Diluted earnings per share € 0.21 € 0.24

Financial instruments

Financial instruments	3 Months Ended
	Mar. 31, 2024
Financial Instruments [Abstract]
Financial instruments	Financial instruments The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 “Financial Instruments”. Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total March 31, 2024 €m €m €m €m €m Assets Derivative financial instruments — — 7.4 — 7.4 Trade and other receivables 292.3 — — — 292.3 Cash and cash equivalents 255.5 135.2 — — 390.7 Liabilities Derivative financial instruments — — (78.7) — (78.7) Trade and other payables excluding non-financial liabilities — — — (755.7) (755.7) Loans and borrowings — — — (2,153.1) (2,153.1) Total 547.8 135.2 (71.3) (2,908.8) (2,297.1) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €227.6 million. Loans and borrowings includes €84.1 million relating to lease liabilities. Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total December 31, 2023 €m €m €m €m €m Assets Derivative financial instruments — — 1.9 — 1.9 Trade and other receivables 226.9 — — — 226.9 Cash and cash equivalents 275.1 137.8 — — 412.9 Liabilities Derivative financial instruments — — (110.0) — (110.0) Trade and other payables excluding non-financial liabilities — — — (719.1) (719.1) Loans and borrowings — — — (2,135.1) (2,135.1) Total 502.0 137.8 (108.1) (2,854.2) (2,322.5) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €231.4 million. Loans and borrowings includes €78.8 million relating to lease liabilities. The Company has determined that the carrying amounts of trade receivables, trade payables and cash and cash equivalents are a reasonable approximation of fair value. Derivative financial instruments The financial instruments are not traded in an active market and so the fair value of these instruments is determined from the implied forward rate. The valuation technique utilized by the Company maximizes the use of observable market data where it is available. All significant inputs required to fair value the instrument are observable. The Company has classified its derivative financial instruments as level 2 instruments as defined in IFRS 13 “Fair value measurement”. Interest bearing loans and borrowings The fair value of the senior secured notes is determined by reference to price quotations in the active market in which they are traded. They are classified as level 1 instruments. The fair value of the senior loans is calculated by discounting the expected future cash flows at the period end’s prevailing interest rates. They are classified as level 2 instruments. There is no requirement to determine or disclose the fair value of lease liabilities. Syndicated loans includes the Senior U.S. Dollar debt of $700.0 million (€642.3 million) (the “Senior USD Loan”) and Senior EUR debt of €130.0 million (a "Senior EUR Loan") both repayable in November 2029, as well as the Senior EUR debt of €553.2 million (a "Senior EUR Loan") repayable in June 2028. The Senior USD Loan includes an annual amortization repayment, equivalent to 1.0% of the original issuance value or $7.0 million (€6.5 million) in October each year until maturity. The Senior EUR Loans are repayable only upon maturity. As required under the Senior Facilities Agreement, the Company is also required to undertake an annual excess cash flow calculation whereby additional principal could be repaid. On November 8, 2022, the Company amended and restated the Senior Facilities Agreement to issue both a $700.0 million (€700.6 million) term loan bearing interest at a rate per annum equal to the term SOFR rate plus 3.75% with a 0.5% floor and a €130.0 million term loan bearing interest at a rate per annum equal to EURIBOR plus 3.5% with a zero floor, both due November 10, 2029. The net proceeds from these loans were used to repay and extinguish the Company's existing Senior Secured U.S. Dollar term loan due in 2024 in full, and for transaction expenses and general corporate purposes. The new term loans were issued at a discount of €31.3 million, which together with eligible transaction costs of €5.1 million have been capitalized and are being amortized over the life of the debt. Concurrently with the closing of this refinancing, the Company closed out its existing cross currency interest rate swaps and has entered into a number of new 5-year cross-currency and interest rate swaps for the new Term Loans. On September 22, 2023, the Company completed a repricing of its $693.0 million term loan due 2029 which reduced the interest rate from SOFR plus 3.75% to SOFR plus 3.00%. There are no changes to the maturity of the Term Loan as a result of this repricing. The repricing represents a modification of a financial liability, such that a modification gain of €17.2 million has been recognized, representing the difference between the remaining original contractual cash flows and the modified cash flows, both discounted at the original effective interest rate. Eligible transaction costs associated with the modification of €2.4 million were added to the loan carrying amount and amortized over the remaining loan term. The carrying amount of the loan was revised to reflect the new cash outflows at the date of modification. In October 2023, our cross-currency and interest rate swaps were amended, effective October 10, 2023 to align more closely with the amended cash flows of our USD term loan following the repricing. On February 2, 2024, the Company completed on the repricing of its existing EUR denominated Term Loan B of €130.0 million principal due 2029 (the “Term Loan”). Following the closing, the margin on the Term Loan has been reduced by 75 basis points to EURIBOR plus 2.75% . There are no changes to the maturity of the Term Loan as a result of this repricing. The repricing represents a modification of a financial liability, such that a net modification gain of €4.1 million has been recognized, representing the difference between the remaining original contractual cash flows and the modified cash flows, both discounted at the original effective interest rate. On April 10, 2024, our interest rate swaps were amended to align more closely with the amended cash flows of our EUR term loan following the repricing. On April 29, 2024, the Company completed on the repricing of its existing USD denominated Term Loan B of €693.0 million principal due 2029 (the “Term Loan”), subject to customary closing conditions. Following the closing, the margin on the Term Loan will be reduced by 50 basis points to SOFR plus 2.5% effective from May 7, 2024. There are no changes to the maturity of the Term Loan as a result of this repricing. Our cross currency interest rate swaps have also been amended to more closely align with this change, also taking effect in May 2024. The Senior Loans, Senior Secured Notes and any drawn balances of the Revolving Credit Facility are secured with equal ranking against assets of the Company and specified subsidiaries. Fair value Carrying value March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 €m €m €m €m Senior EUR/USD loans 1,328.5 1,314.5 1,304.8 1,293.8 Other external debt 0.3 0.3 0.3 0.3 2028 fixed rate senior secured notes 748.0 752.8 800.0 800.0 Less capitalized debt discounts and borrowing costs — — (36.1) (37.8) 2,076.8 2,067.6 2,069.0 2,056.3

Provisions

Provisions	3 Months Ended
	Mar. 31, 2024
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]
Provisions	Provisions Restructuring Provisions Other Total €m €m €m €m Balance as of January 1, 2024 12.7 7.6 16.2 36.5 Additional provision in the period 0.6 — 0.8 1.4 Release of provision (0.5) (0.2) (0.7) (1.4) Utilization of provision (3.6) — (0.1) (3.7) Foreign exchange (0.1) — 0.2 0.1 Balance as of March 31, 2024 9.1 7.4 16.4 32.9 Analysis of total provisions: March 31, 2024 December 31, 2023 Current 31.5 35.1 Non-current 1.4 1.4 Total 32.9 36.5 Updates since December 31, 2023 Restructuring The €9.1 million (December 31, 2023: €12.7 million) provision relates to committed plans for certain restructuring activities of an exceptional nature. The increase in the provision during the period relates to the business transformation program as detailed in Note 6, which are due to be completed within the next 12 months. €3.6 million has been utilized in the three months ended March 31, 2024, which relates to reorganizational activities across the Company.

Employee benefits

Employee benefits	3 Months Ended
	Mar. 31, 2024
Employee Benefits [Abstract]
Employee benefits	Employee benefits The Company operates partially funded defined benefit pension plans in Germany and Austria, an unfunded defined benefit pension plan in Sweden and defined benefit indemnity arrangements in Italy and Austria, as well as various contribution plans in other countries. Pension benefits in Switzerland are met via a contract with a collective foundation that offers a fully insured solution to provide a contribution-based cash balance retirement plan, which is classified as a defined benefit plan. In addition, an unfunded post-retirement medical plan is operated in Austria. In Germany and Italy, long term service awards are in operation and various other countries provide other employee benefits. There were no changes in the nature of any schemes in the three months ended March 31, 2024. The total net employee benefit obligations as at March 31, 2024 is as follows: €m Balance as of January 1, 2024 158.3 Service cost 0.5 Net interest expense 1.2 Actuarial gain on pension scheme valuations (3.9) Benefits paid (0.9) Other movements (1.0) Foreign exchange differences on translation (2.1) Balance as of March 31, 2024 152.1

Related parties

Related parties	3 Months Ended
	Mar. 31, 2024
Related Party [Abstract]
Related parties	Related parties As of January 1, 2022, the Company amended its Advisory Services Agreement with Mariposa Capital, LLC, an affiliate of Sir Martin Franklin, and TOMS Capital LLC, an affiliate of Mr. Gottesman. Pursuant to the terms of the Amended and Restated Advisory Services Agreement, Mariposa Capital, LLC and TOMS Capital LLC will continue to provide high-level strategic advice and guidance to the Company for an aggregate annual fee equal to $4.0 million, payable in quarterly installments. Key management personnel comprise the Directors and Executive Officers. The Executive Officers continue to be remunerated for their services to the Company through their employment contracts. Non-executive Directors continue to receive fees for their services as board members and to certain committees and are settled through payroll. Director fees are payable quarterly in arrears. Total non-executive Director fees and expenses for the three months ended March 31, 2024 were €0.1 million (three months ended March 31, 2023: €0.1 million). In addition, certain non-executive Directors received grants under the LTIP as discussed in Note 14.

Basis of preparation (Policies)

Basis of preparation (Policies)	3 Months Ended
	Mar. 31, 2024
Common Domain Members [Abstract]
Basis of Presentation	The accounting policies used by management in preparing these condensed consolidated financial statements were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2023, except for taxes on income. Taxes on income are provided for based on management's estimate of the average annual effective income tax rate on profits excluding exceptional items, applied to the pre-tax income excluding exceptional items of the period. It also reflects the tax impact of exceptional items accounted for in the period.

Segment reporting (Tables)

Segment reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Operating Segments [Abstract]
Segment As Adjusted EBITDA	The Chief Operating Decision Maker (“CODM”) of the Company considers there to be one reporting and operating segment, being “Frozen” and is reflected in the segment presentation below for the periods presented. The CODM primarily uses “Adjusted EBITDA”, as the key measure of the segment’s results, which is considered non-IFRS financial information . Segment Adjusted EBITDA For the three months ended March 31, 2024 2023 Note €m €m Profit for the period 34.5 41.2 Taxation 7.4 9.4 Net financing costs 7 30.1 29.0 Depreciation & amortization 23.1 22.3 Exceptional items 6 23.5 30.1 Other add-backs 3.7 14.3 Adjusted EBITDA 122.3 146.3
External Revenue by Geography	For the three months ended March 31, 2024 2023 €m €m United Kingdom 225.3 216.4 Germany 112.6 117.6 Italy 110.6 109.1 France 53.9 52.9 Sweden 35.8 38.1 Croatia 20.8 19.6 Austria 38.5 37.9 Norway 30.8 33.7 Serbia 19.0 18.4 Spain 22.3 20.6 Switzerland 21.6 21.2 Rest of Europe 92.5 89.6 Total external revenue by geography 783.7 775.1

Exceptional items (Tables)

Exceptional items (Tables)	3 Months Ended
	Mar. 31, 2024
Analysis of income and expense [abstract]
Schedule of Exceptional Items	For the three months ended March 31, 2024 2023 €m €m Business transformation program (1) 20.5 28.1 Fortenova Acquisition integration costs (2) — 1.8 Information Technology transformation program (3) — 0.2 Settlement of legacy matters (4) 3.0 — Total exceptional items 23.5 30.1

Finance income and costs (Table

Finance income and costs (Tables)	3 Months Ended
	Mar. 31, 2024
Analysis of income and expense [abstract]
Schedule of Finance income and costs	For the three months ended March 31, 2024 2023 €m €m Finance income Interest income 1.8 1.1 Net financing gain recognized on debt transactions (a) 4.1 — Total finance income 5.9 1.1 Interest expense (b) (22.7) (21.5) Net foreign exchange losses arising on translation of financial assets and liabilities (10.2) (5.8) Net pension interest costs (1.2) (1.1) Amortization of debt discounts and borrowing costs (1.7) (1.6) Net fair value losses on derivatives held at fair value through profit or loss (0.2) (0.1) Total finance costs (36.0) (30.1) Net finance costs (30.1) (29.0) (a) Net income for the three months ended March 31, 2024 of €4.1 million has been recognized from the repricing of the EUR denominated Term Loan B of €130.0 million in February 2024, representing a modification gain net of transaction costs. (b) Interest expense includes interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss and is shown net of gains recycled from the cash flow hedge reserve on cross currency interest rate swaps.

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings per share [abstract]
Schedule of Earnings per Share	For the three months ended March 31, 2024 2023 Basic earnings per share Profit for the period attributable to equity owners of the parent (€m) 34.5 41.2 Weighted average Ordinary Shares and shares issuable solely after the passage of time in millions 163.2 174.5 Basic earnings per share € 0.21 € 0.24
Schedule of Diluted Earnings per Share	For the three months ended March 31, 2024 2023 Diluted earnings per share Profit for the period attributable to equity owners of the parent (€m) 34.5 41.2 Weighted average Ordinary Shares, shares issuable solely after the passage of time and potential ordinary shares in millions 163.3 174.5 Diluted earnings per share € 0.21 € 0.24

Financial instruments (Tables)

Financial instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Financial Instruments [Abstract]
Disclosure of Financial Assets	Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total March 31, 2024 €m €m €m €m €m Assets Derivative financial instruments — — 7.4 — 7.4 Trade and other receivables 292.3 — — — 292.3 Cash and cash equivalents 255.5 135.2 — — 390.7 Liabilities Derivative financial instruments — — (78.7) — (78.7) Trade and other payables excluding non-financial liabilities — — — (755.7) (755.7) Loans and borrowings — — — (2,153.1) (2,153.1) Total 547.8 135.2 (71.3) (2,908.8) (2,297.1) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €227.6 million. Loans and borrowings includes €84.1 million relating to lease liabilities. Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total December 31, 2023 €m €m €m €m €m Assets Derivative financial instruments — — 1.9 — 1.9 Trade and other receivables 226.9 — — — 226.9 Cash and cash equivalents 275.1 137.8 — — 412.9 Liabilities Derivative financial instruments — — (110.0) — (110.0) Trade and other payables excluding non-financial liabilities — — — (719.1) (719.1) Loans and borrowings — — — (2,135.1) (2,135.1) Total 502.0 137.8 (108.1) (2,854.2) (2,322.5)
Disclosure of Financial Liabilities	Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total March 31, 2024 €m €m €m €m €m Assets Derivative financial instruments — — 7.4 — 7.4 Trade and other receivables 292.3 — — — 292.3 Cash and cash equivalents 255.5 135.2 — — 390.7 Liabilities Derivative financial instruments — — (78.7) — (78.7) Trade and other payables excluding non-financial liabilities — — — (755.7) (755.7) Loans and borrowings — — — (2,153.1) (2,153.1) Total 547.8 135.2 (71.3) (2,908.8) (2,297.1) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €227.6 million. Loans and borrowings includes €84.1 million relating to lease liabilities. Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total December 31, 2023 €m €m €m €m €m Assets Derivative financial instruments — — 1.9 — 1.9 Trade and other receivables 226.9 — — — 226.9 Cash and cash equivalents 275.1 137.8 — — 412.9 Liabilities Derivative financial instruments — — (110.0) — (110.0) Trade and other payables excluding non-financial liabilities — — — (719.1) (719.1) Loans and borrowings — — — (2,135.1) (2,135.1) Total 502.0 137.8 (108.1) (2,854.2) (2,322.5) Fair value Carrying value March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 €m €m €m €m Senior EUR/USD loans 1,328.5 1,314.5 1,304.8 1,293.8 Other external debt 0.3 0.3 0.3 0.3 2028 fixed rate senior secured notes 748.0 752.8 800.0 800.0 Less capitalized debt discounts and borrowing costs — — (36.1) (37.8) 2,076.8 2,067.6 2,069.0 2,056.3

Provisions (Tables)

Provisions (Tables)	3 Months Ended
	Mar. 31, 2024
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]
Summary of Provisions	Restructuring Provisions Other Total €m €m €m €m Balance as of January 1, 2024 12.7 7.6 16.2 36.5 Additional provision in the period 0.6 — 0.8 1.4 Release of provision (0.5) (0.2) (0.7) (1.4) Utilization of provision (3.6) — (0.1) (3.7) Foreign exchange (0.1) — 0.2 0.1 Balance as of March 31, 2024 9.1 7.4 16.4 32.9 Analysis of total provisions: March 31, 2024 December 31, 2023 Current 31.5 35.1 Non-current 1.4 1.4 Total 32.9 36.5

Employee benefits (Tables)

Employee benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Employee Benefits [Abstract]
Schedule of Net Employee Benefit Obligations	The total net employee benefit obligations as at March 31, 2024 is as follows: €m Balance as of January 1, 2024 158.3 Service cost 0.5 Net interest expense 1.2 Actuarial gain on pension scheme valuations (3.9) Benefits paid (0.9) Other movements (1.0) Foreign exchange differences on translation (2.1) Balance as of March 31, 2024 152.1

Share based compensation reserv

Share based compensation reserve (Tables)	3 Months Ended
	Mar. 31, 2024
Share Capital, Reserves and Other Equity Interest [Abstract]
Summary of Management Share Awards	As part of its long term incentive initiatives, the Company has awarded restricted shares to the management team (the “Management Share Awards”) as of the following award dates. January 1, 2021 Award January 1, 2022 Award January 1, 2023 Award January 1, 2024 Award Other Awards Total Number of awards outstanding at January 1, 2024 605,600 730,594 1,003,808 — 163,000 2,503,002 New awards granted in the period — — — 1,112,460 — 1,112,460 Forfeitures in the period — (9,222) (11,301) — (7,000) (27,523) Awards lapsed in the period (129,048) — — — — (129,048) Number of awards outstanding at March 31, 2024 476,552 721,372 992,507 1,112,460 156,000 3,458,891
Summary of Management Share Award Inputs and Assumptions	Based on the latest revision to schemes, the inputs and assumptions underlying the Monte Carlo models for all awards outstanding as of valuation date are as follows: January 1, 2021 Award January 1, 2022 Award * January 1, 2023 Award * January 1, 2024 Award * Grant date price $ 25.42 $ 25.39 $ 17.24 $ 16.95 Exercise price $ — $ — $ — $ — Expected life of restricted share 3.00 years 3.00 years 3.00 years 3.00 years Expected volatility of the share price 30.0 % 28.0 % N/A N/A Dividend yield expected — % — % N/A N/A Risk free rate 0.24 % 1.15 % N/A N/A Employee exit rate 14.0 % 14.0 % 18.0 % 15.0 % EBITDA Performance Target Conditions 35.0 % 35.0 % 75.0 % 75.0 % *Note: The table above does not include details on awards that only require continued employment over the vesting period and have only non-company wide specific performance conditions.
Schedule of Reserves within Equity	Share based compensation reserve 2024 2023 €m €m Balance as of January 1 31.4 13.8 Non-Executive Directors' restricted share awards charge 0.1 0.1 Directors' and Senior Management share awards charge 3.0 12.2 Reclassification of awards for settlement of tax liabilities — (4.0) Balance as of March 31 34.5 22.1

Share Capital and Capital reser

Share Capital and Capital reserve (Tables)	3 Months Ended
	Mar. 31, 2024
Share Capital, Reserves and Other Equity Interest [Abstract]
Schedule of Share Capital and Capital Reserve	Shares March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 €m €m Authorized Share Capital issued and fully paid: Ordinary Shares with nil nominal value 162,719,172 163,167,134 1,446.3 1,453.4 Total share capital and capital reserve 1,446.3 1,453.4 Listing and share transaction costs (27.3) (27.3) Total net share capital and capital reserve 1,419.0 1,426.1

Basis of preparation (Details)

Basis of preparation (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2023 EUR (€)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022	Nov. 08, 2022 EUR (€)	Nov. 08, 2022 USD ($)
Common Table Line Items [Line Items]
Other reserves	€ (11.8)			€ (24.6)
Translation reserve	€ 104.6			101
Description of nature of impending change in accounting policy	Recently issued and not yet adopted accounting pronouncements under IFRSOn April 9, 2024, the IASB issued IFRS 18 'Presentation and Disclosure in Financial Statements'. IFRS 18 replaces IAS 1 'Presentation of Financial Statements'. The new Accounting Standard introduces a number of changes to the structure of the Statement of Profit or Loss, more transparency in the presentation of management's own performance measures and more granularity in reporting of financial information. The main impacts of the new Accounting Standard include:•    Improved comparability in the Statement of Profit or Loss by introducing a set of clearly defined categories based on main business activities (i.e. operating, investing and financing);•    Requiring disclosure about management-defined performance measures; and•    Adding new principles for aggregation and disaggregation of information. IFRS 18 applies for annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. The Company is still assessing the full impact of the standard.There are no other accounting pronouncements with a material impact on the Company.
Cash flow hedges
Common Table Line Items [Line Items]
Other reserves	€ (14.8)			€ (27.5)
Senior EURO Debt
Common Table Line Items [Line Items]
Notional amount	€ 553.2
Interest rate	3.50%		3.50%
Senior USD Debt
Common Table Line Items [Line Items]
Notional amount	€ 642.3		$ 693			€ 700.6	$ 700
Interest rate	2.50%		2.50%	3%	3.75%
Other reserves
Common Table Line Items [Line Items]
Deferred hedging losses and costs of hedging transferred to the carrying value of inventory	€ 4.3	€ (0.1)

Segment reporting - Segment as

Segment reporting - Segment as Adjusted EBITDA (Details) - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disclosure of operating segments [line items]
Profit for the period	€ 34.5	€ 41.2
Taxation	7.4	9.4
Net financing costs	30.1	29
Depreciation & amortization	23.1	22.3
Exceptional items	23.5	30.1
Material reconciling items
Disclosure of operating segments [line items]
Exceptional items	23.5	30.1
Other add-backs	3.7	14.3
Adjusted EBITDA	€ 122.3	€ 146.3

Segment reporting - Additional

Segment reporting - Additional Information (Details) - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Segments [Abstract]
Adjustments for share based payments including employer tax	€ 3.4	€ 13.9
Acquisition related costs	€ 0.3	€ 0.4

Segment reporting - Geographica

Segment reporting - Geographical information (Details) - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disclosure of geographical areas [line items]
Revenue	€ 783.7	€ 775.1
United Kingdom
Disclosure of geographical areas [line items]
Revenue	225.3	216.4
Germany
Disclosure of geographical areas [line items]
Revenue	112.6	117.6
Italy
Disclosure of geographical areas [line items]
Revenue	110.6	109.1
France
Disclosure of geographical areas [line items]
Revenue	53.9	52.9
Sweden
Disclosure of geographical areas [line items]
Revenue	35.8	38.1
CROATIA
Disclosure of geographical areas [line items]
Revenue	20.8	19.6
Austria
Disclosure of geographical areas [line items]
Revenue	38.5	37.9
Norway
Disclosure of geographical areas [line items]
Revenue	30.8	33.7
SERBIA
Disclosure of geographical areas [line items]
Revenue	19	18.4
Spain
Disclosure of geographical areas [line items]
Revenue	22.3	20.6
SWITZERLAND
Disclosure of geographical areas [line items]
Revenue	21.6	21.2
Rest of Europe
Disclosure of geographical areas [line items]
Revenue	€ 92.5	€ 89.6

Exceptional Items - Schedule (D

Exceptional Items - Schedule (Details) - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Analysis of income and expense [abstract]
Business transformation program (1)	€ 20.5	€ 28.1
Fortenova Acquisition integration costs (2)	0	1.8
Information Technology transformation program (3)	0	0.2
Settlement of legacy matters (4)	3	0
Exceptional items	€ 23.5	€ 30.1

Exceptional items - Additional

Exceptional items - Additional Information (Details) - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Analysis of income and expense [abstract]
Business transformation program (1)	€ 20.5	€ 28.1
Exceptional Items, Tax Expense (Income), Continuing Operations	(5.7)	(7)
Payments relating to exceptional items	€ (24)	€ (14)

Finance income and costs (Detai

Finance income and costs (Details) - EUR (€) € in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Analysis of income and expense [abstract]
Interest income	€ 1.8	€ 1.1
Net gain on refinancing	4.1	0	€ 17.2
Total finance income	5.9	1.1
Interest expense (b)	(22.7)	(21.5)
Net foreign exchange losses arising on translation of financial assets and liabilities	(10.2)	(5.8)
Net pension interest costs	(1.2)	(1.1)
Amortization of debt discounts and borrowing costs	(1.7)	(1.6)
Net fair value losses on derivatives held at fair value through profit or loss	(0.2)	(0.1)
Total finance costs	(36)	(30.1)
Net financing costs	€ (30.1)	€ (29)

Taxation (Details)

Taxation (Details) - EUR (€) € in Millions		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Taxes [Abstract]
Tax expense		€ 7.4	€ 9.4
Applicable tax rate	2,500%	1,900%

Earnings per share - Computatio

Earnings per share - Computation (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic earnings per share
Profit for the period attributable to equity owners of the parent (€m)	€ 34.5	€ 41.2
Weighted average Ordinary Shares and shares issuable solely after the passage of time in millions	163.2	174.5
Basic earnings per share	€ 0.21	€ 0.24
Diluted earnings per share
Profit for the period attributable to equity owners of the parent (€m)	€ 34.5	€ 41.2
Weighted average Ordinary Shares, shares issuable solely after the passage of time and potential ordinary shares in millions	163.3	174.5
Diluted earnings per share	€ 0.21	€ 0.24

Earnings per share - Additional

Earnings per share - Additional Information (Details)		3 Months Ended	12 Months Ended
	Jul. 06, 2023	Mar. 31, 2024 shares	Dec. 31, 2023
Non-Executive Director
Earnings per share [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement	29,676		18,450
Key management personnel of entity or parent
Earnings per share [line items]
Dilutive effect of restricted share awards on number of ordinary shares (in shares)		292,687
Dilutive effect of share options on number of ordinary shares		109,322

Financial instruments - Categor

Financial instruments - Categories of financial instruments (Details) - EUR (€) € in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial assets at amortized cost	€ 390.7	€ 412.9	€ 370.9	€ 366.8
Financial assets at amortised cost	547.8	502
Financial assets at fair value through profit or loss	135.2	137.8
Financial liabilities at amortised cost	(2,908.8)	(2,854.2)
Financial assets (liabilities) at fair value through other comprehensive income	(71.3)	(108.1)
Total	(2,297.1)	(2,322.5)
Derivative financial instruments
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial liabilities at amortised cost	0	0
Financial liabilities	(78.7)	(110)
Financial Liabilities At Fair Value Through Other Comprehensive Income	(78.7)	(110)
Trade and other payables excluding non-financial liabilities
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial liabilities at amortised cost	(755.7)	(719.1)
Financial liabilities	(755.7)	(719.1)
Financial Liabilities At Fair Value Through Other Comprehensive Income	0	0
Loans and borrowings
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial liabilities at amortised cost	(2,153.1)	(2,135.1)
Financial liabilities	(2,153.1)	(2,135.1)
Financial Liabilities At Fair Value Through Other Comprehensive Income	0	0
Derivative financial instruments
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial assets	7.4	1.9
Derivative financial assets held for hedging	7.4	1.9
Trade and other receivables
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial assets at amortised cost	292.3	226.9
Financial assets	292.3	226.9
Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial assets at amortised cost	255.5	275.1
Financial assets at fair value through profit or loss	135.2	137.8
Financial assets	€ 390.7	€ 412.9

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022	Nov. 08, 2022 EUR (€)	Nov. 08, 2022 USD ($)
Disclosure of detailed information about borrowings [line items]
Contract liabilities	€ 227.6			€ 231.4
Liability relating to IFRS 16
Disclosure of detailed information about borrowings [line items]
Lease liabilities	84.1			€ 78.8
Senior EURO Debt
Disclosure of detailed information about borrowings [line items]
Notional amount	€ 553.2
Interest rate	3.50%		3.50%
Senior USD Debt
Disclosure of detailed information about borrowings [line items]
Notional amount	€ 642.3		$ 693			€ 700.6	$ 700
Repayments of non-current borrowings	€ 6.5	$ 7
Interest rate	2.50%		2.50%	3%	3.75%

Financial Instruments - Interes

Financial Instruments - Interest bearing loans and borrowings (Details) € in Millions, $ in Millions		3 Months Ended			12 Months Ended
	Nov. 08, 2022 EUR (€)	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2023 EUR (€)	Mar. 31, 2024 USD ($)	Dec. 31, 2022	Nov. 08, 2022 USD ($)
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Discount on issuance of debt	€ 31.3
Borrowing costs capitalised					€ 2.4
Net gain on refinancing		€ 4.1		€ 0	€ 17.2
Senior USD Debt
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Notional amount	700.6	€ 642.3				$ 693		$ 700
Interest rate		2.50%			3%	2.50%	3.75%
Repayments of non-current borrowings		€ 6.5	$ 7
Repayments Of Non-current Borrowings - percentage of original issued notional		1%				1%
Interest rate floor		0.50%				0.50%
Senior EURO Debt
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Notional amount		€ 553.2
Interest rate		3.50%				3.50%
Borrowing costs capitalised	€ 5.1
Senior Eur Debt
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Notional amount		€ 130
Interest rate		2.75%				2.75%
Loans and Borrowings
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value		€ 2,076.8			€ 2,067.6
Carrying value		2,069			2,056.3
Loans and Borrowings | Deferred borrowing costs
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value		0			0
Carrying value		(36.1)			(37.8)
Loans and Borrowings | Senior EUR/USD loans
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Carrying value		1,304.8			1,293.8
Loans and Borrowings | Senior EUR/USD loans | Level 2
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value		1,328.5			1,314.5
Loans and Borrowings | Other borrowings [Domain]
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value		0.3			0.3
Carrying value		0.3			0.3
Loans and Borrowings | Twenty Twenty-Eight Fixed Rate Senior Secured Notes
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Carrying value		800			800
Loans and Borrowings | Twenty Twenty-Eight Fixed Rate Senior Secured Notes | Level 1
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value		€ 748			€ 752.8

Provisions - Schedule (Details)

Provisions - Schedule (Details) - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Disclosure of other provisions [line items]
Other provisions at beginning of period	€ 36.5
Additional provision in the period	1.4
Release of provision	(1.4)
Utilization of provision	(3.7)
Foreign exchange	0.1
Other provisions at end of period	32.9
Current	31.5	€ 35.1
Non-current	1.4	1.4
Provisions	32.9	€ 36.5
Restructuring
Disclosure of other provisions [line items]
Other provisions at beginning of period	12.7
Additional provision in the period	0.6
Release of provision	(0.5)
Utilization of provision	(3.6)
Foreign exchange	(0.1)
Other provisions at end of period	9.1
Provisions related to other taxes
Disclosure of other provisions [line items]
Other provisions at beginning of period	7.6
Additional provision in the period	0
Release of provision	(0.2)
Utilization of provision	0
Foreign exchange	0
Other provisions at end of period	7.4
Other
Disclosure of other provisions [line items]
Other provisions at beginning of period	16.2
Additional provision in the period	0.8
Release of provision	(0.7)
Utilization of provision	(0.1)
Foreign exchange	0.2
Other provisions at end of period	€ 16.4

Provisions - Additional Informa

Provisions - Additional Information (Details) - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Disclosure of other provisions [line items]
Other provisions	€ 32.9	€ 36.5
Provision used, other provisions	3.7
Restructuring
Disclosure of other provisions [line items]
Other provisions	€ 9.1	12.7
Estimated completion of activities	12 months
Provision used, other provisions	€ 3.6
Other
Disclosure of other provisions [line items]
Other provisions	16.4	16.2
Provision used, other provisions	0.1
Provisions related to other taxes
Disclosure of other provisions [line items]
Other provisions	7.4	€ 7.6
Provision used, other provisions	€ 0

Employee Benefits (Details)

Employee Benefits (Details) - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Employee Benefits [Abstract]
Net defined benefit liability (asset) at beginning of period	€ 158.3
Service cost	0.5
Net interest expense	1.2
Actuarial gain on pension scheme valuations	(3.9)
Benefits paid	(0.9)
Increase (decrease) in net defined benefit liability (asset) resulting from other changes	(1)
Foreign exchange differences on translation	(2.1)
Net defined benefit liability (asset) at end of period	€ 152.1
Germany
Disclosure of defined benefit plans [line items]
Actuarial assumption of discount rates	3.50%	3.40%
Sweden
Disclosure of defined benefit plans [line items]
Actuarial assumption of discount rates	3.20%

Share based compensation rese_2

Share based compensation reserve - Director and Senior Management Share Awards (Details) - Restricted shares - shares				1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 01, 2023	Jan. 01, 2023	Jan. 01, 2022	Jan. 31, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period		2,699,157			2,503,002	2,699,157	2,699,157
New awards granted in the period (in shares)					1,112,460
Forfeitures in the period (in shares)					(27,523)	(209,938)
Number of other equity instruments expired in share-based payment arrangement					129,048	171,579
Awards vested and issued in period (in shares)						(761,544)
Number of other equity instruments outstanding (in shares) at end of period					3,458,891	1,556,096	2,503,002
New awards granted in the period (in shares)					1,112,460
Management Award 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Awards vested and issued in period (in shares)		(152,695)
Liabilities from share-based payment transactions (in shares)		73,120
January 1, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
New awards granted in the period (in shares)				820,202
New awards granted in the period (in shares)				820,202
January 1, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
New awards granted in the period (in shares)			1,140,518
New awards granted in the period (in shares)			1,140,518
Management Award 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Awards vested and issued in period (in shares)	(414,859)
Liabilities from share-based payment transactions (in shares)	192,079
January 1, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period		193,990				193,990	193,990
Forfeitures in the period (in shares)						0
Number of other equity instruments expired in share-based payment arrangement						0
Awards vested and issued in period (in shares)						(193,990)
Number of other equity instruments outstanding (in shares) at end of period						0
January 1, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period		152,695				152,695	152,695
Forfeitures in the period (in shares)						0
Number of other equity instruments expired in share-based payment arrangement						0
Awards vested and issued in period (in shares)						(152,695)
Number of other equity instruments outstanding (in shares) at end of period						0
January 1, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period		598,173				598,173	598,173
Forfeitures in the period (in shares)						(11,735)
Number of other equity instruments expired in share-based payment arrangement						171,579
Awards vested and issued in period (in shares)						(414,859)
Number of other equity instruments outstanding (in shares) at end of period						0
January 1, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period		683,549			605,600	683,549	683,549
New awards granted in the period (in shares)					0
Forfeitures in the period (in shares)					0	(40,620)
Number of other equity instruments expired in share-based payment arrangement					129,048	0
Awards vested and issued in period (in shares)						0
Number of other equity instruments outstanding (in shares) at end of period					476,552	642,929	605,600
New awards granted in the period (in shares)					0
January 1, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period		894,750			730,594	894,750	894,750
New awards granted in the period (in shares)					0
Forfeitures in the period (in shares)					(9,222)	(92,583)
Number of other equity instruments expired in share-based payment arrangement					0	0
Awards vested and issued in period (in shares)						0
Number of other equity instruments outstanding (in shares) at end of period					721,372	802,167	730,594
New awards granted in the period (in shares)					0
Other Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period		176,000			163,000	176,000	176,000
New awards granted in the period (in shares)					0
Forfeitures in the period (in shares)					(7,000)	(65,000)
Number of other equity instruments expired in share-based payment arrangement					0	0
Awards vested and issued in period (in shares)						0
Number of other equity instruments outstanding (in shares) at end of period					156,000	111,000	163,000
New awards granted in the period (in shares)					0
January 1, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period					1,003,808
New awards granted in the period (in shares)					0
Forfeitures in the period (in shares)					(11,301)
Number of other equity instruments expired in share-based payment arrangement					0
Number of other equity instruments outstanding (in shares) at end of period					992,507		1,003,808
New awards granted in the period (in shares)					0
January 1, 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period					0
New awards granted in the period (in shares)					1,112,460
Forfeitures in the period (in shares)					0
Number of other equity instruments expired in share-based payment arrangement					0
Number of other equity instruments outstanding (in shares) at end of period					1,112,460		0
New awards granted in the period (in shares)					1,112,460

Share based compensation rese_3

Share based compensation reserve - Director and Senior Management Share Awards (Narrative) (Details) $ / shares in Units, € in Millions, $ in Millions

1 Months Ended

3 Months Ended

Mar. 01, 2024 shares $ / shares

Jan. 01, 2024 USD ($) shares

Feb. 01, 2023 shares $ / shares

Jan. 01, 2023 USD ($) shares $ / shares

Jan. 01, 2022 USD ($) shares

Jan. 31, 2021 shares

Mar. 31, 2024 USD ($) shares $ / shares

Mar. 31, 2024 EUR (€) shares

Mar. 31, 2023 EUR (€) shares

Jan. 01, 2024 EUR (€)

Dec. 31, 2023 $ / shares

Jan. 01, 2023 EUR (€)

Dec. 31, 2022 $ / shares

Jan. 01, 2022 EUR (€)

Dec. 31, 2021 $ / shares

Jan. 01, 2021 USD ($)

Jan. 01, 2021 EUR (€)

Disclosure of terms and conditions of share-based payment arrangement [line items]

Key management personnel compensation | €

€ 3

€ 12.2

Ordinary shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Shares issued, price per share (in dollars per share) | $ / shares

$ 17.31

$ 16.33

$ 26.23

$ 24.5

January 1, 2021

Disclosure of terms and conditions of share-based payment arrangement [line items]

Weighted average fair value at measurement date, other equity instruments granted

$ 16

€ 15.1

January 1, 2022

Disclosure of terms and conditions of share-based payment arrangement [line items]

Weighted average fair value at measurement date, other equity instruments granted

$ 19

€ 17.9

Other Awards

Disclosure of terms and conditions of share-based payment arrangement [line items]

Weighted average fair value at measurement date, other equity instruments granted

$ 3.8

€ 3.4

January 1, 2023

Disclosure of terms and conditions of share-based payment arrangement [line items]

Weighted average fair value at measurement date, other equity instruments granted

$ 8.8

$ 7.5

€ 8

€ 7

Restricted shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

761,544

New awards granted in the period (in shares)

1,112,460

1,112,460

New awards granted in the period (in shares)

1,112,460

1,112,460

Restricted shares | Management Award 2019

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

152,695

Liabilities from share-based payment transactions (in shares)

73,120

Shares issued, price per share (in dollars per share) | $ / shares

$ 17.24

Restricted shares | Management Award 2019 | Ordinary shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

79,575

Restricted shares | Management Award 2020

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

414,859

Liabilities from share-based payment transactions (in shares)

192,079

Shares issued, price per share (in dollars per share) | $ / shares

$ 17.77

Restricted shares | Management Award 2020 | Ordinary shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

256,687

222,780

Restricted shares | January 1, 2018

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

193,990

Liabilities from share-based payment transactions (in shares)

83,209

Shares issued, price per share (in dollars per share) | $ / shares

$ 17.24

Restricted shares | January 1, 2018 | Ordinary shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

110,781

Restricted shares | January 1, 2021

Disclosure of terms and conditions of share-based payment arrangement [line items]

Award vesting period

3 years

3 years

EBITDA and cumulative net sales tranches as percent of total award

3,750%

3,750%

Share price tranche as percent of total award

2,500%

2,500%

Incremental fair value granted, modified share-based payment arrangements

$ 9

€ 8.5

New awards granted in the period (in shares)

820,202

New awards granted in the period (in shares)

820,202

Restricted shares | January 1, 2022

Disclosure of terms and conditions of share-based payment arrangement [line items]

Incremental fair value granted, modified share-based payment arrangements

$ 11.4

€ 10.8

New awards granted in the period (in shares)

1,140,518

New awards granted in the period (in shares)

1,140,518

Restricted shares | January 1, 2023

Disclosure of terms and conditions of share-based payment arrangement [line items]

New awards granted in the period (in shares)

1,209,137

New awards granted in the period (in shares)

1,209,137

Restricted shares | Other Awards

Disclosure of terms and conditions of share-based payment arrangement [line items]

New awards granted in the period (in shares)

87,000

New awards granted in the period (in shares)

87,000

Restricted shares | January 1, 2024

Disclosure of terms and conditions of share-based payment arrangement [line items]

New awards granted in the period (in shares)

1,112,460

New awards granted in the period (in shares)

1,112,460

Restricted shares | Management Award 2021

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

476,552

Liabilities from share-based payment transactions (in shares)

219,865

Shares issued, price per share (in dollars per share) | $ / shares

$ 18.89

Restricted shares | January 1, 2018

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

193,990

Restricted shares | January 1, 2020

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

414,859

Restricted shares | January 1, 2021

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

0

New awards granted in the period (in shares)

0

0

New awards granted in the period (in shares)

0

0

Restricted shares | January 1, 2022

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

0

New awards granted in the period (in shares)

0

0

New awards granted in the period (in shares)

0

0

Restricted shares | Other Awards

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

0

New awards granted in the period (in shares)

0

0

New awards granted in the period (in shares)

0

0

Restricted shares | January 1, 2023

Disclosure of terms and conditions of share-based payment arrangement [line items]

New awards granted in the period (in shares)

0

0

New awards granted in the period (in shares)

0

0

Share based compensation rese_4

Share based compensation reserve - Valuation Assumptions (Details) - Restricted shares	3 Months Ended
	Mar. 31, 2024 $ / shares
January 1, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date price	$ 25.42
Exercise price	$ 0
Expected life of restricted share	3 years
Expected volatility of the share price	30%
Dividend yield expected	0%
Risk free rate	0.24%
Employee exit rate	14%
EBITDA Performance Target Conditions	35%
January 1, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date price	$ 25.39
Exercise price	$ 0
Expected life of restricted share	3 years
Expected volatility of the share price	28%
Dividend yield expected	0%
Risk free rate	1.15%
Employee exit rate	14%
EBITDA Performance Target Conditions	35%
January 1, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date price	$ 17.24
Exercise price	$ 0
Expected life of restricted share	3 years
Employee exit rate	18%
EBITDA Performance Target Conditions	75%
January 1, 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date price	$ 16.95
Exercise price	$ 0
Expected life of restricted share	3 years
Employee exit rate	15%
EBITDA Performance Target Conditions	75%

Share based compensation rese_5

Share based compensation reserve - Non-Executive Director Restricted Share Awards (Details) $ / shares in Units, € in Millions			3 Months Ended			12 Months Ended
	Jul. 06, 2023 $ / shares shares	Jul. 01, 2022 $ / shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2024 EUR (€) shares	Mar. 31, 2023 EUR (€) shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Non-Executive Director
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	29,676					18,450
New awards granted in the period (in shares)	35,082	29,676
Liabilities from share-based payment transactions (in shares)	11,226
Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)					761,544
New awards granted in the period (in shares)			1,112,460	1,112,460
Number of other equity instruments outstanding (in shares)			3,458,891	3,458,891	1,556,096	2,503,002	2,699,157
Restricted shares | Non-Executive Director
Disclosure of terms and conditions of share-based payment arrangement [line items]
Other equity instruments granted in share-based payment arrangement, per director | $			$ 100,000
Expense from share-based payment transactions with employees | €				€ 0.1	€ 0.1
Shares issued, price per share (in dollars per share) | $ / shares	$ 17.1	$ 20.22

Share based compensation rese_6

Share based compensation reserve - Reserve Summary (Details) - EUR (€) € in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Reserve of share-based payments	€ 31.4
Reserve of share-based payments	34.5
Share based compensation reserve
Disclosure of terms and conditions of share-based payment arrangement [line items]
Reserve of share-based payments	31.4	€ 13.8
Reserve of share-based payments	34.5	22.1
Share based compensation reserve | Non-Executive Director
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment charge	0.1	0.1
Share based compensation reserve | Key Management Personnel Of Entity Or Parent, Reclassification to tax liability
Disclosure of terms and conditions of share-based payment arrangement [line items]
Reclassification of awards for settlement of tax liabilities	0	(4)
Share based compensation reserve | Key management personnel of entity or parent
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment charge	€ 3	€ 12.2

Share Capital and Capital res_2

Share Capital and Capital reserve - Narrative (Details)			3 Months Ended			5 Months Ended		12 Months Ended
	Nov. 06, 2023 USD ($)	Aug. 05, 2021 USD ($)	Mar. 31, 2024 EUR (€) shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 EUR (€)	Dec. 31, 2021 EUR (€) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Disclosure of classes of share capital [line items]
Other reserves			€ (11,800,000)					€ (24,600,000)
Purchase of treasury shares | $	$ 500	$ 500,000,000
Payments to acquire or redeem entity's shares			7,100,000		€ 0
Dividends paid, ordinary shares per share | $ / shares				$ 0.15
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | $ / shares				$ 0.15
Dividends paid, ordinary shares			22,300,000	$ 24,400,000
Cash flow hedges
Disclosure of classes of share capital [line items]
Other reserves			(14,800,000)					(27,500,000)
Cost of hedging reserve
Disclosure of classes of share capital [line items]
Reserve of change in value of forward elements of forward contracts			€ 3,000,000					2,900,000
Ordinary shares
Disclosure of classes of share capital [line items]
Shares issued, price per share (in dollars per share) | $ / shares							$ 24.5				$ 26.23	$ 17.31	$ 16.33
Transaction costs						€ 0.1		€ 0.2
Number of shares repurchased | shares			447,962	447,962		3,090,082	3,090,082	11,314,705	11,314,705	1,160,547	1,160,547
Payments to acquire or redeem entity's shares			€ 7.1	$ 7.8		€ 67.1	$ 75.8	€ 170.9	$ 185	€ 26.8	$ 30.5
Ordinary shares | Issued Capital and Capital Reserve
Disclosure of classes of share capital [line items]
Par value per share (in usd per share) | $ / shares												$ 10

Share Capital and Capital res_3

Share Capital and Capital reserve - Schedule (Details) - EUR (€) € in Millions	Mar. 31, 2024	Dec. 31, 2023
Disclosure of classes of share capital [line items]
Total share capital and capital reserve	€ 1,446.3	€ 1,453.4
Listing and share transaction costs	(27.3)	(27.3)
Total net share capital and capital reserve	1,419	1,426.1
Ordinary shares
Disclosure of classes of share capital [line items]
Total share capital and capital reserve	€ 1,446.3	€ 1,453.4
Issued Capital and Capital Reserve | Ordinary shares
Disclosure of classes of share capital [line items]
Issued and fully paid (in shares)	162,719,172	163,167,134

Related parties (Details)

Related parties (Details) € in Millions		3 Months Ended
	Jan. 01, 2022 USD ($)	Mar. 31, 2024 EUR (€)	Mar. 31, 2023 EUR (€)
Non-Executive Director
Disclosure of transactions between related parties [line items]
Fees and expenses | €		€ 0.1	€ 0.1
Mariposa Capital and TOMS Capital | Affiliate of Founder Entities
Disclosure of transactions between related parties [line items]
Services Agreement, Annual Fee, Related Party Transactions | $	$ 4