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olivLaw · US equity research

Nomad Foods Limited NOMD

Food and Kindred Products · SIC 2000 · Vertical: Food and Kindred Products (SIC 2000)

12.53USD+2.29% · 1 dayClose 04 Nov 2026

Nomad Foods is Europe's leading savory frozen food company, with brands such as Birds Eye, Findus, iglo and Ledo. In fiscal 2025 it reported revenue of 3032.5 million EUR, while its market share in the countries where it operates fell to 15%. The outlook depends on volume recovery and on its ability to hold margins amid cost pressure and intense competition.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Nomad Foods Limited (NOMD) stock was 12.53 USD (+2.29% on the day), with beta 0.09, 52-week range 9.09–13.04 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
0.09
Volatility (1y) 32%
52-week range
9.0913.04

Price history

Loading chart…

Technical reading

RSI (14)
68.3
strong (55–70)
Bollinger (20, 2)
11.00 – 12.58
in the upper half of the band · %B 0.97 · band width 13.4%
SMA 50 / 200
11.37 / 11.00
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.30 / 0.24
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+17.2%−1.1%+18.3 pp—
3 months+6.1%−0.5%+6.5 pp—
6 months+23.8%+4.4%+19.4 pp—
Year to date+0.2%+12.3%−12.2 pp—
1 year+12.4%+13.5%−1.2 pp−45.6%
3 years−13.3%+76.4%−89.8 pp−72.2%
5 years−50.8%+63.7%−114.5 pp—
Max drawdown (1y)
−30.3%
20 Feb 2026 → 13 May 2026
Max drawdown (5y)
−66.0%
11 Jan 2022 → 13 May 2026
Compound annual growth (5y)
−13.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue2.2 bn2.3 bn2.5 bn2.6 bn2.9 bn3.0 bn3.1 bn3.0 bn
Revenue YoY+11.0%+7.0%+8.2%+3.6%+12.8%+3.6%+1.8%−2.2%
Net income171.2 m154.0 m225.2 m181.0 m249.8 m192.7 m227.1 m136.7 m
Net income YoY+25.4%−10.0%+46.2%−19.6%+38.0%−22.9%+17.9%−39.8%
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %7.9%6.6%9.0%6.9%8.5%6.3%7.3%4.5%
Free cash flow279.7 m268.1 m398.3 m227.1 m224.7 m348.4 m355.1 m252.2 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
unavailable EUR
Financial debt
2.3 bn EUR
Net debt
unavailable EUR
Equity
2.5 bn EUR
Total assets
6.3 bn EUR
Debt / equity
0.92x
Current ratio
1.07x
ROE
5.3%
ROA
2.1%
FCF margin
8.3%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
3.0 bn
2024
3.1 bn
2025
3.0 bn

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
2.2 bn
2024
2.2 bn
2025
2.2 bn

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
858.7 m
2024
917.8 m
2025
823.0 m

SEC (XBRL)· 26 Feb 2026verified

Research & development
2023
20.9 m
2024
20.9 m
2025
23.3 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
340.4 m
2024
387.0 m
2025
325.4 m

SEC (XBRL)· 26 Feb 2026verified

Interest expense
2023
109.6 m
2024
139.2 m
2025
196.3 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
253.6 m
2024
277.9 m
2025
145.3 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
60.9 m
2024
50.8 m
2025
8.6 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
192.7 m
2024
227.1 m
2025
136.7 m

SEC (XBRL)· 26 Feb 2026verified

Dividend per share
2023
0.00
2024
0.57
2025
0.64

SEC (XBRL)· 26 Feb 2026derived

Balance sheet · EUR

Cash
2023
—
2024
—
2025
—

SEC (XBRL)· 23 Feb 2023verified

Receivables
2023
263.4 m
2024
334.6 m
2025
350.8 m

SEC (XBRL)· 26 Feb 2026verified

Inventories
2023
446.4 m
2024
441.5 m
2025
440.6 m

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
1.2 bn
2024
1.2 bn
2025
1.1 bn

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
501.6 m
2024
518.6 m
2025
527.7 m

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
2.1 bn
2024
2.1 bn
2025
2.1 bn

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
2.5 bn
2024
2.5 bn
2025
2.5 bn

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
6.4 bn
2024
6.4 bn
2025
6.3 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
769.8 m
2024
829.1 m
2025
794.9 m

SEC (XBRL)· 26 Feb 2026verified

Short-term debt
2023
21.4 m
2024
26.0 m
2025
32.6 m

SEC (XBRL)· 26 Feb 2026verified

Long-term debt
2023
2.1 bn
2024
2.2 bn
2025
2.3 bn

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
1.0 bn
2024
1.1 bn
2025
1.1 bn

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
3.8 bn
2024
3.8 bn
2025
3.8 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
2.6 bn
2024
2.7 bn
2025
2.5 bn

SEC (XBRL)· 26 Feb 2026verified

Shares outstanding at year end
2023
163.2 m
2024
156.1 m
2025
142.4 m

SEC (XBRL)· 26 Feb 2026verified

Cash flow · EUR

Operating cash flow
2023
430.8 m
2024
435.4 m
2025
330.7 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
82.4 m
2024
80.3 m
2025
78.5 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
348.4 m ≈
2024
355.1 m ≈
2025
252.2 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-76.8 m
2024
-64.4 m
2025
-74.6 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-321.5 m
2024
-366.4 m
2025
-332.1 m

SEC (XBRL)· 26 Feb 2026verified

Dividends paid
2023
0
2024
89.2 m
2025
91.3 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-2.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
1.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
3.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-15.9%
computed by olivLawFY 2025
Net income growth (YoY)
-39.8%
computed by olivLawFY 2025
Net income CAGR 3Y
-18.2%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-9.5%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-29.0%
computed by olivLawFY 2025

Profitability

Gross margin
27.1%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
10.7%
computed by olivLawFY 2025
Net margin
4.5%
computed by olivLawFY 2025
FCF margin
8.3%
computed by olivLawFY 2025

Returns

ROE
5.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
2.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
6.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
36.2%
computed by olivLawFY 2025

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.9x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
1.7x
computed by olivLawFY 2025

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
330.7 m EUR
computed by olivLawFY 2025
Capital expenditure
78.5 m EUR
computed by olivLawFY 2025
Free cash flow
252.2 m EUR
computed by olivLawFY 2025
FCF conversion
184.5%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
41 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
73 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
134 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
-20 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 35.4% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

12.53 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
5.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
4.5%
computed by olivLawFY 2025
Revenue growth (YoY)
-2.2%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 26 Feb 2026
verified 322derived 3

Score by group

35% · Insufficient data

Estimated value range

Low
12.88
EUR per share
Mid
15.22
EUR per share
High
19.04
EUR per share
Price: unavailable
Potential to the central value: unavailable (value / price − 1)
Margin of safety: unavailable (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.72 – 26.19 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E17.04 – 26.19 (Mid 20.37)
    5 companies used · median multiple 21.2x · quartiles 17.8x – 27.3x
    BRBR, CPB, FLO, MDLZ, UCFI
  • Dividend discount (DDM)8.72 – 11.89 (Mid 10.06)
Multiple comparisons use the SIC vertical: Food and Kindred Products (SIC 2000)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 35.4% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality4.5%79 (vs peers)18%
FCF conversion · Quality184.5%100 (on a fixed band)18%
Revenue CAGR 3Y · Growth1.0%9 (on a fixed band)24%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet1.7x2 (on a fixed band)18%
Current ratio · Balance sheet1.1x23 (on a fixed band)12%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returns36.2%100 (on a fixed band)12%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet11/100 · 2/3 factors with a value
  • Growth· partial9/100 · 1/2 factors with a value
  • Quality89/100 · 2/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Nomad Foods Limited (NOMD). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 3.0 bn EUR in 2025; YoY growth -2.2%; net margin 4.5%; ROE 5.3%.

The estimated value range is 12.88–19.04 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 35.4% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 4.5%
  • FCF conversion: 184.5%
  • Payout ratio (FCF): 36.2%

What contradicts it

  • Revenue CAGR 3Y: 1.0%
  • Interest coverage: 1.7x
  • Current ratio: 1.1x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).

Versus the vertical median

Food and Kindred Products (SIC 2000) · same industry (4-digit SIC) · compared with 20 companies

Multiples and returns vs the median

P/E
—
vertical median 24.3x
EV/EBITDA
—
vertical median 10.1x
P/S
—
vertical median 0.8x
P/B
—
vertical median 2.4x
ROE
5.3%
vertical median -22.9%
above median
Net margin
4.5%
vertical median -4.0%
above median
EBIT margin
10.7%
vertical median -10.3%
above median
Revenue YoY
-2.2%
vertical median 5.2%
below median (−141.5%)
Net debt/EBITDA
—
vertical median 3.3x
Dividend yield
—
vertical median 8.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MDLZMondelez International, Inc.85.3 bn21.215.5%10.2%+5.8%+17% / −5%
CAGConagra Brands, Inc.7.3 bn—-24.9%-17.0%−2.9%−14% / −46%
CPBThe Campbell’s Company6.9 bn17.810.4%4.1%−5.0%−24% / −42%
OTLYOatly Group AB5.1 bn—-247.9%-17.7%+4.7%−34% / −55%
BYNDBeyond Meat, Inc.3.7 bn——111.7%−15.6%−76% / −97%
STKHSteakholder Foods Ltd.2.3 bn—-266.3%-112,470.0%unavailable−95% / −100%
FLOFlowers Foods Inc1.5 bn27.34.0%1.1%unavailable−34% / −66%
BRBRBellRing Brands, Inc.1.2 bn7.2—7.3%+16.1%−67% / −81%
SMPLThe Simply Good Foods Company1.2 bn—-9.6%-11.5%−6.5%−32% / −66%
VITLVital Farms, Inc.450.8 m—-7.4%-3.0%+25.3%−68% / −21%
UCFICN Healthy Food Tech Group Corp.287.8 m36.739.2%24.6%+144.6%−46% / unavailable
BGSB&G Foods, Inc.208.9 m—-15.8%-4.0%unavailable−44% / −72%
CHSNChanson International Holding131.0 m112.00.5%1.0%+0.2%−99% / −100%
SOWGSow Good Inc.44.4 m—-346.4%—unavailable−75% / −98%
MLECMoolec Science SA32.7 m—-86.4%-130.0%+521.5%−86% / −100%
LSFLaird Superfood, Inc.26.9 m—-22.9%-3.4%+15.2%−12% / +129%
BOFBranchOut Food Inc.25.9 m—-202.6%-56.8%+113.3%−45% / +8%
BRLSBorealis Foods Inc.24.7 m——-56.5%+8.2%−38% / −90%
HAINThe Hain Celestial Group, Inc.13.7 m—-96.8%-22.5%−13.2%−86% / −99%
NOMDNomad Foods Limited——5.3%4.5%−2.2%+12% / −13%
DDCDDC Enterprise Limited——-124.4%-123.3%+4.6%−96% / −100%

1- and 3-year price returns: for NOMD from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (04 Nov 2026), 6-K (30 Oct 2026), 6-K (06 Oct 2026), 6-K (13 Aug 2026), 6-K (30 Jul 2026), 6-K (22 Jul 2026).

In brief

Nomad Foods is Europe's leading savory frozen food company, with brands such as Birds Eye, Findus, iglo and Ledo. In fiscal 2025 it reported revenue of 3032.5 million EUR, while its market share in the countries where it operates fell to 15% 1. The outlook depends on volume recovery and on its ability to hold margins amid cost pressure and intense competition.

SWOT

Strengths

  • The company holds a leading European position in savory frozen food and brands recognised in several countries 1.
  • A network of factories close to main markets and a diversified supplier base support efficient costs and good customer service 1.
  • The management team has experience in acquisitions and integration, which supports the growth-through-acquisition strategy 1.

Weaknesses

  • Dependence on a small number of large retailers means that losing one important customer would have a considerable effect on sales 1.
  • The level of debt and high finance costs limit flexibility in difficult periods 1.
  • The company has reported unremediated material weaknesses in internal control over financial reporting 1.

Opportunities

  • Growth in healthy, vegetarian and sustainable categories could open new innovation opportunities 1.
  • Acquisitions of food businesses could extend the portfolio and geographic reach, if conditions are favourable 1.
  • Developing e-commerce and partnerships with discounters could support sales through new channels 1.

Threats

  • Intense competition and pressure from private label products could reduce prices and margins 1.
  • Changes in consumer preferences or buying habits could affect demand for existing products 1.
  • Geopolitical conflicts and rising energy and raw material costs could affect operations 1.

Risks

  • Intense competitionhigh

    Competitive pressure could lead to loss of market share or lower prices 1.

  • Dependence on large retailershigh

    A small number of customers generates a significant part of revenue, and losing one could affect sales 1.

  • Indebtednesshigh

    High debt could limit the company's ability to withstand adverse market conditions 1.

  • Internal control weaknessesmedium

    Unremediated weaknesses in internal control could affect the accuracy and timeliness of financial reporting 1.

  • Acquisition risksmedium

    Future acquisitions could prove difficult to integrate or hide undisclosed liabilities not found in due diligence 1.

Investment thesis

What would need to be true (bull case)

  • A leading European position and well-known brands could support revenue if demand for frozen food remains stable 1.
  • The supply chain optimisation programme could improve margins over the longer term 1.
  • If acquisitions are well executed, the company could extend its portfolio and market share 1.

What would break the thesis

  • A decline in market share and competitive pressure could continue to weigh on volumes and margins 1.
  • High debt and large finance costs could limit the company's flexibility 1.
  • If discounters and private label products gain ground, branded sales could decline 1.

What to watch

  • Trend in adjusted gross margin and adjusted EBITDAQ1 2027
  • Progress in remediating internal control weaknesses2027
  • Evolution of market share in main countriesnext 10-K
  • Execution of the share repurchase programme and debt reduction plan2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (04 Nov 2026), 6-K (30 Oct 2026), 6-K (06 Oct 2026), 6-K (13 Aug 2026), 6-K (30 Jul 2026), 6-K (22 Jul 2026).

The business

Nomad Foods, a company incorporated in the British Virgin Islands, leads the European savory frozen food market, with products in fish, vegetables, chicken, meals, pizza and ice cream 1. Sales are made mainly through large grocery chains, and the food service channel is a smaller part of sales 1. The company operates seventeen owned factories located close to its main markets 1.

Strategy rests on three pillars: expanding the category, growing core products and accelerating innovation, supported by strategic acquisitions 1. In fiscal 2025 gross margin and profit declined, in the context of a multi-year supply chain optimisation programme 1.

The financial structure is dominated by debt and loan refinancing, and the company has also used a share repurchase programme of up to 500 million USD 1. The balance between investment, debt and returns to shareholders remains central to the company's profile 1.

Segments

Fish, vegetables and meals

Fish is the largest revenue category, and vegetables, meals and chicken together form the core products, representing 73% of branded retail sales 1.

Ice cream, pizza and other products

Ice cream, pizza, soups and bakery goods form smaller categories that add diversification, and the company treats them separately in its innovation strategy 1.

Market context

The European savory frozen food market was estimated at 26 billion EUR in retail sales value in 2025, and the company's share in its operating countries is 15% 1. Six countries, the UK, Italy, Germany, France, Croatia and Serbia, account for about 75% of this market 1.

Market growth has been modest over the longer term, with a spike during the pandemic, and the shelf space occupied by frozen products in stores remains relatively stable 1.

Trends

  • Demand for convenience and valuetailwind

    Consumers seek quick, healthy products that are good value for money, which favours frozen food 1.

  • Growth of discounter channelheadwind

    If discounters keep growing, sales of branded products could be affected, since discounters focus more on non-branded products 1.

  • Shifts in diet from GLP-1 drugsmixed

    Rising use of weight loss drugs could change eating habits and demand for certain products 1.

  • Inflation pressure on household budgetsheadwind

    Inflation makes consumers more price sensitive, which may push the company to spend more on promotions or reduce prices 1.

Competitive position

Competition comes from national and international branded producers, retailers' private label products, and distributors of chilled and fresh products 1. Some competitors have much greater financial and marketing resources, which could pressure prices and shelf space 1.

Retailers, most of which promote their own private label products, control shelf space allocation in their stores, and a reduction in that space could limit the company's sales 1.

  • National and international branded producers

    Competitors operating in one or more frozen food categories, with national or international reach 1.

  • Retailers' private label products

    Store brands of large grocery chains that can gain shelf space at the expense of the company's brands 1.

  • Distributors of chilled and fresh products

    Competitors in chilled, bakery and ready-made meal categories 1.

  • Discounter supermarkets

    A channel with a narrow range at low prices that could draw shoppers away from branded goods 1.

News & filings

In the press

The latest news item in our archive is from 12 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Nomad Foods Limited · 26 Feb 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.