Nomad Foods Limited, a multinational frozen food company that owns brands such as Findus, has announced its financial results for the three- and six-month periods ended June 30, 2025. Financial performance for the second quarter of 2025, compared to the second quarter of 2024, includes revenue down 0.8% to €747 million and organic revenue down 1.1%, with a 1% decline in volumes. Adjusted gross margin decreased by 310 basis points, and adjusted EBITDA decreased by 7.2% to €129 million. Adjusted EPS decreased by 9.1% to €0.40.

The results for the first half of 2025, compared to the first six months of 2024, show revenues down 1.9% to €1.507 billion. Organic revenue decreased 2.4%, driven by a 2.3% decline in volumes and a 0.1% decline in price/mix. Adjusted gross profit decreased 5.5% to €419 million, while adjusted gross margin decreased 110 basis points to 27.8%, "due to inflationary winds in the supply chain." Adjusted operating expenses decreased 4.2% to €219 million, "thanks to lower overhead costs, which more than offset the low-single-digit increase in advertising and promotion expenses." Adjusted EBITDA decreased by 4.7% to €249 million, and adjusted profit for the period decreased by 14% to €114 million. Adjusted EPS decreased by €0.07 to €0.74, "due to the decrease in adjusted profit for the period and the lower number of shares outstanding."

"This year is proving more challenging than expected," explains Stéfan Descheemaeker , CEO of Nomad Foods. "Record-breaking warm weather in many Western European markets has disrupted consumer behavior, leading to changes in retailers' merchandising strategies and contributing to declining volumes, particularly in our savory frozen food categories. While this is unfortunate, we recognize that this is a temporary phenomenon and are focusing on what we can control."

"Our commercial engine remains effective, and our innovation and renewal initiatives are gaining momentum," the manager added. "This allowed us to improve market share in the quarter and accelerate retail sell-out growth as measured by Nielsen and Circana to +1%, bringing retail sell-out growth year-to-date to +0% through mid-June. We are excited about our innovation and activation plans and, assuming a normal climate, expect organic sales to return to growth in the second half of the year. We are also taking incremental productivity actions to better equip ourselves to control our destiny and deliver consistent bottom-line growth and solid cash generation."

Noam Gottesman , co-chairman and founder of Nomad Foods, added: "While Nomad Foods has faced a number of external headwinds this year, I am encouraged by the company's improved market performance. The ability to stabilize market share this quarter demonstrates that its business plans are working. Furthermore, Nomad's growth initiatives for the remainder of this year and next are impressive, and I believe category growth will rebound and translate into strong financial results going forward. The company's underlying health is solid."

Regarding full-year 2025 guidance, the official statement states that "the company is lowering its full-year guidance due to weaker-than-expected first-half results and to improve its ability to absorb further unexpected disruptions in the second half of the year, should they occur. For the full year, organic revenue is expected to be flat or -2% versus the previous guidance of 0%-2% year-over-year."

The guidance range for full-year adjusted EBITDA is now -3% to -7% year-over-year, compared to the previous guidance of 0% to 2% year-over-year. Adjusted EPS is now expected to be between €1.64 and €1.76, compared to the previous range of €1.82 to €1.89. Based on the USD/EUR exchange rate as of July 30, 2025, this translates into a 2025 adjusted EPS range of $1.89 to $2.02. The company maintains its full-year adjusted free cash flow conversion guidance of 90% or higher.