Here are 1-2 brief analogies for Nomad Foods (NOMD):

• It's like the European equivalent of Conagra Brands, but solely focused on owning and growing a portfolio of frozen food brands like Birds Eye and Findus.
• Think of it as a European "house of brands" company, similar to how Mondelez International owns many snack brands, but Nomad Foods does this for iconic frozen foods across Europe.

• Frozen Fish: A wide range of breaded, battered, and natural fish products, including fish fingers and fillets.
• Frozen Vegetables: Offers various convenient frozen vegetable options, such as peas, spinach, and mixed vegetable blends.
• Frozen Poultry & Meat: Provides a selection of frozen poultry and meat-based dishes.
• Frozen Ready Meals: Encompasses a variety of pre-prepared frozen dinners, pasta dishes, and other convenience meals.
• Frozen Potatoes: Features various frozen potato products, including chips, fries, and rostis.
• Frozen Pizza: Offers a selection of frozen pizzas for quick and convenient meals.
• Frozen Baked Goods: Includes items like Yorkshire puddings and other frozen bakery products.

Major Customers of Nomad Foods (NOMD)

Nomad Foods (NOMD) primarily operates on a Business-to-Business (B2B) model, selling its branded frozen food products (including Birds Eye, Findus, iglo, Aunt Bessie's, and Goodfella's) to large retail chains, supermarkets, hypermarkets, convenience stores, and discount stores across Europe.

According to its Annual Report (10-K filing for the fiscal year ended December 31, 2023), Nomad Foods explicitly identifies one major customer:

• Tesco plc (LON: TSCO / LSE: TSCO) - Tesco is the largest customer of Nomad Foods. It accounted for approximately 8.3% of Nomad Foods' consolidated gross revenues for the year ended December 31, 2023.

The report further indicates a broader customer concentration, noting that Nomad Foods' top ten customers accounted for approximately 31.7% of its consolidated gross revenues for the year ended December 31, 2023.

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Stéfan Descheemaeker, Chief Executive Officer

Stéfan Descheemaeker was appointed Chief Executive Officer of Nomad Foods on June 1, 2015. He is set to retire on January 1, 2026. Prior to his current role, he served as Chief Financial Officer (2008-2011) and subsequently Chief Executive Officer of the European division (until October 2013) at Delhaize Group SA, an international food retailer. From 1996 to 2008, Mr. Descheemaeker was Head of Strategy & External Growth at Interbrew (now Anheuser-Busch InBev), where he managed mergers and acquisitions and strategy, notably during the 2004 merger of Interbrew and AmBev. He also held operational management roles as Zone President across various regions. His career began with Cobepa, a Benelux investment company. He has served as an industry advisor to Bain Capital and is currently a professor at the Université Libre de Bruxelles. Mr. Descheemaeker was a Director on the Board of AB InBev from 2008 to 2019 and has been Chairman of the Board of Verlinvest since June 2019.

Dominic Brisby, Chief Executive Officer-Elect and Group Executive President

Dominic Brisby was appointed CEO-Elect and Group Executive President of Nomad Foods on November 3, 2025, and will become CEO on January 1, 2026. He brings over 25 years of experience in consumer products. Most recently, he served as President of Europe and North America for Flora Food Group, a global plant-based food company, since January 2024. In this role, he achieved the highest market share in North America and transformed the European business. Before joining Flora Food Group, Mr. Brisby spent 22 years at Imperial Brands PLC, where his roles included interim co-CEO in 2020 and various regional management positions. At Imperial Brands, he was credited with reversing market share declines and implementing cost-saving measures that led to record profit growth.

Ruben Baldew, Chief Financial Officer

Ruben Baldew has served as Chief Financial Officer of Nomad Foods since June 2024. Before joining Nomad Foods, Mr. Baldew was the Chief Financial Officer of Accell Group from November 2018 until October 2023. During his tenure at Accell Group, he led multiple value creation initiatives that contributed to the successful sale of the business. Prior to Accell Group, he spent over 17 years at Unilever, holding various finance roles across supply chain, procurement, marketing, and sales in European and Asian markets.

Steven Libermann, Group Executive President

Steven Libermann joined Nomad Foods in 2015 as part of the Findus acquisition, where he was CEO of Findus Southern Europe. He has led Nomad Foods' Southern Europe region since July 2018, managed Western Europe since 2016, and added Global Sales to his portfolio in 2021. In January 2023, he assumed responsibility for the UK & Ireland business and Global Sales, before being appointed Executive President FBN (France, Belgium, Netherlands), Southern Europe (Italy, Spain, Portugal), UK & Ireland and Global Sales in July 2023. He was appointed Nomad Foods Group Executive President in August 2024. His earlier career included international marketing positions at Nestlé and BIC, as well as time as Managing Director at Senoble and a Senior Equity Fund Advisor. Mr. Libermann is also a Co-Founder and Non-Executive Board Member of Vintage Watch Story and a Non-Executive Board Member of OLALA!.

Harriet Hounsell, Chief People Officer

Harriet Hounsell joined Nomad Foods as Chief People Officer in October 2020. She has extensive experience in the Retail and Hospitality sectors, having worked with various brands and business models. Ms. Hounsell has held various HR and Communication roles at companies such as John Lewis, Fenwick, McDonald's, and Marks and Spencer, where she supported leadership teams in achieving growth and transformation plans. She also has considerable business experience, having previously held roles in General Management and Buying before focusing her career on HR and Organization Development.

Nomad Foods (symbol: NOMD) operates primarily in the European frozen food sector, with a portfolio encompassing frozen fish, vegetables, ready meals, poultry, and pizza. The company states that its addressable market is Western Europe's savoury frozen food market.

• Western Europe's Savoury Frozen Food Market: Nomad Foods identifies the total addressable market for savoury frozen food in Western Europe as €22 billion (approximately USD 23.54 billion, using an approximate conversion rate of 1 EUR = 1.07 USD).

For its main product categories, the addressable market sizes in Europe are as follows:

• Frozen Fish and Seafood Market (Europe): The European frozen seafood market size reached USD 25.7 billion in 2024, with projections to grow to USD 32.5 billion by 2033.
• Frozen Vegetables Market (Europe): The market for frozen processed fruit and vegetables in Western Europe was valued at USD 12.43 billion in 2024, and in Eastern Europe, it reached USD 2.53 billion in the same year. This totals approximately USD 14.96 billion for Europe in 2024.
• Frozen Ready Meals Market (Europe): The overall Europe ready meals market was estimated at USD 71.86 billion in 2024. The frozen ready meals segment constituted 40.12% of this market in 2024, equating to an approximate addressable market of USD 28.84 billion in Europe for frozen ready meals.

Expected Drivers of Future Revenue Growth for Nomad Foods (NOMD)

Over the next 2-3 years, Nomad Foods (NOMD) is expected to drive revenue growth through several key initiatives:

1. Organic Revenue Growth through Volume and Price/Mix: Nomad Foods consistently emphasizes a strategy of achieving organic revenue growth by focusing on both volume increases and favorable price/mix strategies. The company reported organic revenue growth with positive volume in recent quarters and projects 1-3% organic sales growth for 2025.
2. Product Innovation and Brand Investment: Nomad Foods is committed to investing in its iconic brands, product innovation, and marketing efforts to enhance market share. This includes focusing on "Must Win Battles" and "Growth Platforms," and developing new products, such as its Green Cuisine plant-based range, to meet evolving consumer preferences.
3. Strategic Acquisitions: A core component of Nomad Foods' long-term strategy is to act as a consolidator within the European frozen food industry. The company actively evaluates opportunities to acquire new businesses, expand its geographic reach, and diversify its product portfolio, as demonstrated by past acquisitions that have introduced it to new markets and categories like ice cream.
4. Operational Efficiency and Margin Expansion: Nomad Foods is undertaking a multi-year efficiency program aimed at achieving significant savings (e.g., €200 million over five years). Improvements in supply chain productivity and a focus on positive product mix contribute to gross margin expansion, which in turn provides capital for reinvestment into growth-driving activities like marketing and innovation.

Share Repurchases

• In 2020, Nomad Foods repurchased approximately $655 million of its ordinary shares through a $300 million program and a $482.9 million tender offer, leading to a 14% reduction in share count.
• In August 2021, the company authorized a new share repurchase program of up to $500 million.
• In 2024, Nomad Foods returned €208 million to shareholders via dividends and share repurchases, resulting in a 4% decrease in basic shares outstanding from 2023.

Share Issuance

• In February 2025, 349,823 new ordinary shares were issued due to the vesting of the 2022 Management Share Award.
• During 2024, 1,193,261 share awards were granted as part of the 2024 Management Share Award.

Outbound Investments

• On December 31, 2020, Nomad Foods acquired Findus Switzerland AG for €112.8 million, which expanded its presence in the Swiss market and unified the Findus brand under its ownership.
• On September 30, 2021, the company acquired the Frozen Food Business Group (FFBG) from Fortenova Group for €641.6 million, extending its portfolio into Central and Eastern European markets and the ice cream category.

Capital Expenditures

• Nomad Foods' capital expenditures were €58.7 million in 2020, €79.2 million in 2021, €79.1 million in 2022, €82.4 million in 2023, and €80.3 million in 2024.
• Projected capital expenditures are €79.21 million for 2025, €94.76 million for 2026, and €98.67 million for 2027.
• A "business transformation program," including the implementation of a new ERP system, incurred €68 million in costs in 2024 and is expected to continue beyond 2026. For 2025, the company plans to meaningfully increase investment in its products and brands.