Nomad Foods has revised its revenue and adjusted EBITDA forecasts for 2025, citing weaker-than-expected first-half results.
Announcing the frozen-food group’s second-quarter results, CEO Stéfan Descheemaeker said 2025 is “proving to be more challenging than expected”.
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The UK-based business now projects its full-year organic revenue will at best be flat in 2025, or, at worst, fall 2%. It had previously forecast a range of flat to up 2%.
Nomad now sees its annual adjusted EBITDA declining 3-7%, down from its previous forecast of flat to up 2%.
The Findus’ owner’s adjusted earnings per share (EPS) is now anticipated to be between €1.64 and €1.76, compared to the previous range of €1.82 to €1.89.
Nomad said the lower guidance will also “enhance its ability to absorb other unforeseen disruptions” in the latter half of the year.
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By GlobalDataDescheemaeker said: “Record-setting warm weather across many western European markets has disrupted consumer behaviour, leading to changes in retailer merchandising strategies and contributing to volume declines, particularly within our savoury frozen categories.”
In the second quarter, Nomad’s revenue decreased by 0.8% to €747m, with organic revenue declining by 1.1%.
Nomad, which also owns the Birds Eye, Ledo, and Frikom brands, attributed the decline to a volume decrease of 1% and a price/mix decline of 0.1%.
Adjusted EBITDA decreased by 7.2% to €129m. Operating profit stood at €87.5m, down from €101.1m in the second quarter of 2024. Net profit dropped 19.5% to €57.1m.
In the first half of the year, revenue decreased by 1.9% to €1.51bn. Adjusted EBITDA decreased by 4.7% to €249m. Operating profit was down 6.8% at €161.3m. Net profit slid 14.8% to €89.8m.
Descheemaeker said the market conditions were “unfortunate” but “transitory” as the company’s “commercial flywheel remains effective”, with its “innovation and renovation initiatives gaining momentum”.
