NOMD - Earnings call 3 2023 | Nomad Foods Limited

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Operator

Greeting. Welcome to the Nomad Foods Third Quarter 2023 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Anthony Bucalo, Head of Investor Relations.

You may begin.

Anthony Bucalo

the Third to Call. XXXX welcome and Nomad Quarter Foods Earnings Hello, CEO; our am Investor call on our of Bucalo, by Samy and Descheemaeker, I Head joined Relations, Anthony CFO. I am Stefan and Zekhout, the

and Before conference to X disclaimer attention draw the the our include may intentions the are uncertainties, this in risks may prospects, Actual which due I and forward-looking release, SEC with cautionary we presentation. presentation, includes are on company's slide This which view based would results in on begin, our filings to differ press your at this our like our discussed of investor language. to call Slide time. statements expectations that our of and

financial non-IFRS and earnings today. non-IFRS the can website. considered our end of the will IFRS read the should be not Users non-IFRS also financial our appendices should replacement with reconciliations measures These presentation release for on a and available find in slide the to together the be discuss call at during results. measures IFRS We within

note XXXX. Please have refer gains adjusted information those certain and payments adjusted represents will to this as costs, losses. as related or been otherwise adjusted acquisition-related exceptional share-based All for items, figures from Unless on XXXX here for expenses that adjusted figures FX numbers. comments presentation well financial and within noncash noted,

Stefan. With that, I will to over you hand

Stéfan Descheemaeker

the you of for following in solid year. quarter, and first us the thank a performance from top today. the excellent you, Thank line posted results half our the bottom Tony, joining on call and Nomad third

expansion. consecutive Sales quarter grew fifth X.X%, organically of organic sales by our

our at XXX lower cash refinanced prices. USD debt charges shares bought own XX million adjusted flow, Additionally, and attractive we million strong EUR free back to generated for interest successfully of

of X have of back shares borrowed months in the than more year. the our We first X%

volumes. and on watching We're teams to bring raising strategic annual weight impact under accomplished guidance. share of repurchases, impact still these food is we growth are development drive and globally long-term again investments commercial positive volumes. examination. drugs us The treatments industry closely Boosted new Our the by deploying back our to EPS of loss possible the this our adjusted while

any is due our unique Nomad in are scenario, looking healthy. we which in eat of target However, products, believe position for to excellent portfolio on to consumers

challenges, In We've year, highly company, XXXX, price our volumes, of several historic business. to to last safeguard resilient a margin cost years, would business. through over reaction managed and our inflation the we lost lose we right protected and that and a that is was past of volumes. maintain necessary to effectively our decision structures Nomad investment this those in we our we in the we and several level crisis. have have Through the integrity but adjusted strength knowing XXXX ensure

we strategic business, our third that most returning growth made to stabilized volume our have the in objective. Now We quarter. progress is important

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our expect fourth volume and growth share to We in ultimately quarter, trends returning in and XXXX improve to beyond. the

our program other laser also to be While on A&P crucial we will driving our plans. focused remain growth, strategic

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our continue revenue to growth expand management we Additionally, capabilities.

from this is made have leading share both We and progress on pull consumers volume to helping significant and recovery. initiatives drive market

our end to about year the ahead prospects. we excited are growth Looking of the year, and next

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new This results. cycle support cost management. and delivered of efficiency Our helping investments. in we positive excellent remain customer service a our A&P is and supply chain

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We moving improving trend forward. expect an

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the our more we crucial repurchase in reducing share on pleased QX. months In While goals the Accretive million, EUR deployed is developments strategy. million shares long-term share we to to million. than of of are capital significant allocation capital year, our to at our topic capital count allocation, XX the allocation Nomad. X.X EUR in first have a XXX of total invested our by X We

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early share in will further XXXX. We details

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Samy With review Samy? will call hand to financial the results detail. that, now in over more I and to guidance our

Samy Zekhout

you, Stefan, call Thank thank participation on and your today. all the for you

provide on Turning third with detail will our reported which metrics, to grew increased more X.X%. operating roughly XXX beginning to Sales Slide key million. revenues, X. EUR I quarter organically X%

unfavorable ahead by We Third This of supported gross margin pricing was control. of our X.X% result quarter revenues plan. were by of XX.X% negatively and impacted cost delivered FX.

quarter to from quarter As the challenging the discussed, third gross previously year for due was the for margins XXXX. most of comparison the QX

by year. This execution. track the QX, deliver strong margin improving will remain volume and an Looking to trend, robust discipline on we RGM to stable out supported pricing, for be cost gross

to down the P&L. the of Moving rest

up gross up XXX sold stepped-up year-over-year, EUR versus EUR expense last to Adjusted A&P X an million came operating at EUR of XX% goods EUR year. increase million, reflecting million XXX million in Cost Our quarter. of third X%, was increased investment. profit of XXX the

adjusted adjusted EBITDA XXX XX.X%. As was EUR a result, with million at EBITDA margin

adjusted posted USD QX. EUR per in This of translates EPS at we X.XX current share X.XX spot per share to Finally, rates.

Slide on by EBITDA months the improvements working flow flow primarily of We and delivered first the cash capital to XX. driven in growth. X year, Turning strong cash

capital cash and collection highly performance. we've our effective working focused been helping on management Additionally, inventory

paramount guidance XXX EUR at is of XX%. for to beyond. We adjusted consider Maintaining and capital for conversion a as the are strategies well XX% cash on conversion target our flow we high track this year annual level rate allocation million of of

up our XXXX. EUR a generated conversion of million Working for flow X first [ ] since adjusted to was within first XX highly interest EUR strategic XXX million, XX million million in a XX CapEx by the investments months, interest to supporting free XX%, of our decreased X last X million In as EUR of on Changes by increased business. highest activities. XX and EUR to cash conversion million our repricing X-month refinancing. million remain driven ratio EUR we year year's refinancing EUR EUR was while driven million, more we million, million offsetting XXX increase than XX cash cash cash capital tax in rate EUR versus long-term last up XXX EUR disciplined EUR

are that, exchange on turn review foreign to November is to guidance of we guidance, This let's updating which With based Slide our XX rates XXXX today. X, XXXX. as

we are First, pricing projection revenue maintaining declines. our more of XXXX volume for our growth than organic again offsetting mid-single-digit with

current a volume. balanced in approach the market we will is hold of that XXXX, and our our A&P price develop investment we As takes expectation and more mix

to beginning rolling We recovery see XXXX. QX the volume of expect in into

guidance approximately free cash adjusted EUR million. XXX our are We flow keeping of

to consistent ratio range averages. be the historical conversion cash to our expect with XX% in XX%, of We

now rates. future This in performance repurchase X.XX months in share per updated underlying or EPS with expectations, in $X.XX any at with spoke additional raising share Stefan across X potential expect are range guidance to As spot our business in of we August. year, per EUR $X.XX earlier excludes EPS our the to our of our the first share the the impact X.XX current We last XXXX line EUR to adjusted and of capital allocation. presentation, adjusted

Stéfan Descheemaeker

you. Operator, I will the now over turn back to session Q&A. to

Operator

[Operator with comes the Instructions] from line Our English Sachs. of first Jason Goldman question

Jason English

more et I early of in Great in news new look on cetera, come terms the magnitude, to to ratio, dividend. payout year. forward the details

On X-year looking the by and disputes. of strange year And surprised to I price a see stack P&L, time itself, was disputes, growth accelerated quarter your retail a retail at basis. X on

assume a magnitude? can to of us fair in so, if order disputes? are sense it give you've of increases the implemented the is Those new the So cause that price And you of quarter.

Stéfan Descheemaeker

In Well, had with for year, we Jason. I past, of to per the these volatile Thanks last up. Europe, increased have the Thanks, at And the remember times bit. the in then and has world you Xx. price year, we think going negotiation beginning question. year the changed a one X we inflation

to had X X one of negotiations. you instead So X negotiation, the to

other So this volatile inflation year way of is which is the coming around. for Obviously, great a but bit all time. is a us, down, still

healthy of guys. we conversation that the conflict have this surprised dialogue we stopped not conversation I'm So -- these because instead never with

So I to and absolutely terms make some unavoidable necessary to sure think extent, the we sometimes have of that it's in integrity pricing.

I way to I think this the is key piece for do business. us is to integrity we've we want protect long-term how say, the because can the decided of

And coming us a we listed prevent us negotiation. absolutely right for decision not for that are obviously And fundamental we our and sometimes, that's easy and the not the quarter terms in making should because in and future had for retailers. it's of from

So that's we had. what

these negotiations. in did with "lost" of terms plus were in around of In in what it terms X% QX, of revenues revenues, QX

most still will obviously impact us. the a But going -- I of have during for We bit QX the of of positively remaining, going more so margin. month. QX, even think over. it's to definitely, you of with more obviously and level have QX it's right these left ahead the then negotiations definitely first are

that. that's So

the But going So more is bit world And that's stable in have increased. to the I negotiations the number changing, think it's probably be future. a -- Jason. of

Jason English

the price the with And last been was closely gaps the or that private following as Okay. year you they One quickly as that's the in as also private note thing changed price slides label stable. in remain longer you no increases. label or past in is so had

of followed more you're that sort that on still; case? are can And that's if you rounds. through last are price you're of slide your putting if follow now So the still a, them gaps haven't kind But -- seeing in they the you them would assume I confirm suggest stable. seeing

activity price price a But lot of rectify look more makes retailers, retailers? tension to ] to on improve you're sense, any net between And rectifying been lot you give the then talking about fund you're of merch as the has effectively second disputes merchandising that the that or forward, which of of to and that back sort [ the it, -- there of some part volume. the a having with

Samy Zekhout

but -- Jason to bit my extension, try your for a sorry voice question. I'll voice, I've answer

label On for them order we can where the from that growth important reaching reignite private with stay [indiscernible] to our that stabilization, is now, a effectively while that we think competitive frankly, aspects and a operate still point, the I versus is what's mainly gap think we promotion point other in us and basis. all of very of have leveraging but

up So and are go it down within can X-plus the now level same the and that see inflation as the price is all versus the gap recall, then we where consideration play prior has in our to reached what are and double-digit And let's is A&P -- change we you there. was effectively that, it a negotiation taking of the the into actual at if gap, compensation the started it level, time right acting we And at this increase taking what beefing the really double dynamics the for taking promotion digit, and say, the to percent. future. well,

recovery point We effectively see stabilized, stage I growth. revert QX, it share by an back mean, and In want we'll improvement. QX volume trend, way which reorganize at that its on effective to see time. this want a turnaround at in clearly and QX, We to the has to we'll

Operator

question from Baumgartner Mizuho John with line the next of comes Our Securities.

John Baumgartner

promo data, become it. Nielsen Just ability more consumers been the or mean, pricing is number take still relative take for eye think the the required trying the Nomad promo this the Stefan, your sort it's understand of you're countries, categories? a though I advantage market latest improve advantage of consumers X of where willingness has in it pricing of in I Is once what's do seen soft shares weeks? about it troublesome. to has for market shop -- How Italy that's to across guess, you weeks? to X think Is the of once time as it natural the purchase some but and run and of aware I cycle better market? looks in for

Stéfan Descheemaeker

is the by is to But aisle country but such. per X give think destination point, average say, like country, let's or And frozen your as I your something is Xx obviously to around more take, year.

is you So you're expecting. starting market, the and we some the green we very of what we promotion see line moment in it time, can were thing Italy, between course. your imagine It's the at bit to impact takes with it then do a we has shoots. to so what with the change And much need see last in in basically,

taken say, complemented let's it's starting some So going that's fish where we've and what by to definitely to the especially A&P the shoots, very fastest, be the, top. green we're RGM our with in we've program, see started but say, [indiscernible] the let's deep, on

that are terms X is definitely very to So confident stabilization definitely reverse they're QX living take fish. well, good and starting the in year, end the as COGS, especially will of of we like labor in trends, this some A&P, the on of of we especially Italy of is in And do, -- quarter starting cost is end see quarter next to with increase. that But they Italy. which that obviously, of Xx this also country then top to what with the a cost progress of extent, to stabilization

John Baumgartner

that consumers' persistent consumers. -- thinking macro about these shifts I guess for an food the the and How some you'll food and categories? here incremental volume in you in for there how going impact then the Are brand up you capture alternatives from home? I spending, source your against forward? to lining and Okay. angle try into on are budgets competition XXXX guess are And Europe in-store frozen mostly you're expectations or about other outside inflation spend when focused on the investments? or more and thinking just where winning from also the what fresh Is

Stéfan Descheemaeker

Well, the first share. thing market is we've some lost

] think of the have, the disproportionate we to that they're Western to definitely, want supposed that so have first that the way a and also, a doing. That's programs believe we [ is That's we And program grow we regain. thing. this, the this of area we we've that we what there but That's battle, with others. compared in to can been within piece the do

category very far happened see new well everything. we're a like to way in and years One work was be on from to going on country, you bit which something pleasing think where very in could selective be some by a in is categories more XX will poultry other. of could a what ago, thing countries that country But as we country, start definitely, this a

We the be have investment. going right long-term to do it. to a win. to going there's so We're

of combination a things. that's So different

a When contest but example, with you you poultry frozen have about to think definitely, the framework you with only not be that's chills], [ so us. about also with going pizza, for competition think and or for

the are share. top on And of that, that, with focused So definitely to RGM in market this but many gain very obviously will then something and frame, food, with we new way, other compared definitely also which A&P, the beyond that is on to we're behind frozen impact we the think which in going of categories, that doing and focused well battles with again, within food, above starting almost and frozen is, categories. and by itself,

Operator

Our the Jefferies. Dickerson next from of with question Rob comes line

Robert Dickerson

follow maybe kind to just of just on up what said. Stefan, you

it broader pricing the growth, XX of some in I category also you're remarks, then incremental through I kind back guess, volume I is the that the a XX out gone think things in QX posting in on clearly, mean few growth market. that's markets. the volume going stated not of was like frozen but for prepared sounds you'd there

end you think the mean, should volume I say, toward Like through be thinking you get get we as into that there could hopefully, like are to trajectory as you be QX, as ongoing year the the we despite win improves, pricing QX? you So quarter, of and the stabilize, because actually you that therefore, battles? next growth volumes higher see start A&P, volume must of

Stéfan Descheemaeker

point, macros, believe the say, more EBITDA sales programs we're than let's your we higher to to stable ], the back you algos than think we obviously, definitely, to I growth, we which the Well, [ that volume have definitely of, higher -- obviously going based have with come was on, then obviously combination previous double-digit EPS.

So A&P, combination that's come with the a lot -- really invested idea. milder, definitely what have said to That's we which is RGM, want that back we've the let's something macro. as we we and say, however,

gain -- The we're gain to we volume tell year, do now. very week, year. get absolutely. and gain next which we're going market to happen and going that in back going they to But growth share going can't to that concept next believe I are you share volume that market to Where right of we're we're definitely, confident

Robert Dickerson

gross Samy, the the just All QX guess, I right. gross line And essentially Super. then, margin, said flat margin have gross of in kind on I for year. had margin you think

kind I time, QX But I'm and initiatives about productivity. essentially RGM of same some and stuff the pricing flat. hearing gross there's sure think that implies at margins

that coming is sounds of be I'm kind margin gross of So with offsetting just like it up. higher I costs. kind pricing would through, Otherwise, maybe clearly would some some curious think

Samy Zekhout

bit the When the fourth and see there, trends, have versus let's cream say, flat which had a don't if at the QX, margin, would as because on had the well year of you an look you but started year. you quarter, we then quarters the to effect in say, some mean, projection ice improvement ice is I -- first cream for gross of to mix have in going I we ago, X to comfort QX. a you You of,

the So to the average then an for were that ago. slightly to But effectively going has X QX, lower that. that's quarters of first be XX%. slightly the flat year in cycle be versus And technically, been it's than year, going a above

of We clearly productivity, [indiscernible] start it's year, investment are year. in particularly we our So on to our core in most into next pay going year. the category. core the off. this investment we making gross for terms definitely to our starting of terms definitely mix maintain and brand to But trajectory the effectively flat behind on margin see for And improve in the

Operator

Powers next the of question Bank. Steve comes Deutsche Our with line from

Stephen Robert Powers

actually, here, XQ On you Was it in the ahead. the your mentioned of ice gross Is upside? sales? margin, was source what expectations? the other that of were while drivers we're came -- versus cream upside the there Or that better

Samy Zekhout

this Well, is expectation.

been combination for on getting flat a mean, savings as the giving a to and mix it's look I expect I effectively But have year a a securing [indiscernible] there, of you invested at our slightly line that a it's I has behind the starts cream top initiatives. we put not about in are the in that, to and cost mean saving our by think effectively but and particular. must-win as behind only combo the just go really see. been a the effort we've effectively really higher, all I and because a ice continuation know, there. better putting [indiscernible], yes, know, we're that expectation. if a of there you we really mix focus had on of the return of performance of and bit in, up of doing must-win you in battle, us elements, on itself, stepping again, the which we're lot you factor we the lot And margin. at well to There's projects maintain breathing RGM a on get bit gross of continue motion hypothesis battle. is which space in focusing productivity

Stephen Robert Powers

Yes.

color of cost the And visibility good. you kind can into overall Is an there coverage year? of on into outlook? next mentioned on Very you anything expected any and timing costs us terms offer Or curve Okay. in 'XX. of XXX% strong cost the

Samy Zekhout

nature, I getting some -- mean, the mean, are guidance we're of have others. But some some because on where of the there to far, more we obviously give fish, are. of we deflation frankly, year, starting at frankly, available the because market, in inflation so to lock them some say, for we effective I have that's is we the I now, we time effectively there the deals course, slight covered, Yes, into level at than I the mean the some of veggies, indeed the on

frankly, we And enabled we through to in we that forward But the and trying X to move the decline competitive remain make frankly, n example, promotion necessary us fish players And a seeing versus there. are dynamics the a on the some as increase the at categories. definitely, we of inflation, to look market. after rent. mean, the competitive price structure of adjust as and in bit an we of a market that effectively a as flattening really are heavy other years to COGS I sure have stay

we'll stage, order rest much maintaining So we invest in to of market this in but assured to help to as we as from the date, grasp really you business. the at to I trying can create mean, keep up are strategy value

Stephen Robert Powers

make on you're try trying a The question, I improvement to kind to if everyone on recovery share -- of track get That's progress Okay. you volume pulse and very that the helpful. could. your market I as is and And making. last think investments currently good

that your either total reason good there that barometer tracked outside, performance? portfolio the track performance believe we from is channel to is of channel Or lag data lead do progress? As or a a will

Stéfan Descheemaeker

you some then it's the absolutely. and directionally, sell in when have obviously, But difference out. okay, puts sell they and between have Well, takes

we the with as not numbers piece. mean, the okay. You then say, help And can the you I between, covered are to as Then also obviously bit more that get difference Tony, are some precise and -- directionally, a with be definitely the publicly further then directionally, But the have available final food to let's service, how number. But well. countries okay. it's such to it's

Operator

line from Jon with Our Instructions] Tanwanteng next of [Operator comes Securities. question the CJS

Peter Lukas

Jon. for Lukas Peter It's

to working stuff capital takes of kind and prepared of in covered cash seeing guys remarks You most biggest going forward. puts just and could you in but and regards expectations Q&A, if flow you're summarize maybe the the the here

Samy Zekhout

Yes.

lot absolutely it to value we [indiscernible] as allocation. a capital measure have through critical for have because essential us shareholder commitment drives effective we think I an mentioned and the driving of tiny

clearly the our in capital. let been up we of order mean all get me of them areas in to step efforts of one. working a So investing I performance by have lot one

want, clearly get you to the and on is If the I have mean between clearly perfect overall where receivable something the match we collection. receivables

team to chain in very have because itself, journey of issue, in we're the effectively performance, up beyond of have we mean, some in payables, have this receivable. are conditions down our with mean, honestly, of our done really that order recall, collecting the very to disruption supply but requirement. with all year we you a that inventory drive money point progress our the the in I with an we work I specific not that our inventory, the extraordinary a customer necessarily inventory And change there supply, in at our service level supply ago, of the mean, have to end, good. really of And stage, from taken making you and efficiency war stepped the On see as in business relating set there has and good I support was, of a and ingredients the

And overall past, trade particularly improvement you've you with the in now a the that practice change our same of the our and if receivable together inventory an at step seen has dragged payables. been have the one-off down on unfair integrated in has time, that the impact effect

So market top performance clearly, expectations. journey Inventory with sure while of the enabling that of maintain basis on level enabling taking making the perform you to on a focus totality receivable, make down per cash of really line customer overall is to in service in we inventory huge we amount all a sure net-net, want that our performance. of that is up area of an free the and if

I point just and this we XX% care and standpoint, to million more conversion, to and reiterate that year, is designed do this top beyond to each to of in years. beyond cash every that -- and out this intend even effort and on we to XX% continue generate the a EUR from for XXX flow to business mean, deliver to that flow So which, amounts cash free do

Peter Lukas

repricing. Very helpful. expense me. the And then one net just interest your for expected last following What is

Samy Zekhout

the back probably XXXX me mean overall expense [ [ for for be repricing, EUR the the expecting ], the million you, you let to I around million, we'll get XXX In tell we'd with ]. year, overall EUR interest EUR XXX XXX million,

Operator

over the for the turn question-and-answer And call And closing we remarks. have back Stefan now session. the Descheemaeker reached I'll to of end

Stéfan Descheemaeker

call. protecting growth unique for XXXX, today's continue of to sales deliver the we while of and health investing the the organic participation you Thank margins After long-term our your on in business. challenges

program A&P is drive poised Our growth. to

new shape are supply our in each expanding capabilities and is great Our RGM quarter. chain with

forward looking We all. we of and already on again, to an deliver exciting financial market to Operator, recovery. and Once back to Thank objective share you. for track XXXX you XXXX volume beyond. ambitious our are are

Operator

lines may this this And you. at you your conference, Thank you participation. concludes disconnect for today's your Thank and time.

Nomad Foods Limited (NOMD) 9 Nov 232023 Q3 Earnings call transcript