Nomad Foods Limited, the frozen foods giant behind Birds Eye and other leading brands, reaffirmed its 2025 outlook while unveiling new efficiency measures and medium-term financial goals ahead of its presentation at the Barclays Global Consumer Staples Conference.
The company reiterated that it expects full-year 2025 organic revenue to come in flat to down 2% year-on-year. Nomad also maintained its target of converting 90% or more of adjusted free cash flow in fiscal 2025.
Looking further ahead, management announced a broad-based efficiency program aimed at delivering EUR200 million in operational savings between 2026 and 2028. The largest contribution is expected from a new procurement transformation effort, supported by improvements in factory utilization, lower logistics costs, and streamlined overhead. The savings are intended to finance reinvestment, offset inflation, and support earnings growth.
For the three-year period from 2026 to 2028, Nomad is targeting compound annual adjusted EBITDA growth of 1% to 3% and free cash flow growth of roughly 15% compared with the 2023 to 2025 timeframe. The company said the improvement would stem from reduced exceptional cash expenses, strict working capital discipline, and underlying profit growth. While it did not set explicit revenue targets, Nomad said it expects sales to expand in line with the broader European frozen food category, which has historically grown in the low-single digits.
On the commercial front, Nomad will launch a multimedia masterbrand campaign in the UK and Ireland this fall to reinforce Birds Eye’s nutrition and taste credentials, supported by recipe inspiration for core products such as Fish Fingers, Peas, Chicken Dippers and Potatoes. The initiative is expected to roll out across Europe in 2026.
Innovation will also play a central role, with new launches ranging from the “get Real” protein meal bowls to McDonald’s Veggie Nuggets in the Nordic region. The company is also expanding its chicken portfolio, introducing a Chicken Station sub-brand in Italy, Chicken Fries under the Chicken Shop label in the UK, and new additions to the Chicken Stripes range in Germany.
“While we have faced challenges in 2025, we are proud to have successfully stabilized market share, demonstrating that our Commercial Flywheel is working,” said Chief Executive Stéfan Descheemaeker. “We have numerous initiatives underway to drive profitable sales growth for the remainder of 2025 and into 2026. I’m excited about the new and impactful Masterbrand campaign that we will be launching in the Fall.”
Chief Financial Officer Ruben Baldew added: “Our sales and marketing teams are developing strong commercial plans and we are taking additional steps to increase our ability to deliver consistent and predictable bottom line growth. Today we are unveiling a new efficiency program that will help us mitigate inflation, fund investments and drive Adjusted EBITDA growth. We are also aiming to reduce exceptional expenses and thereby improve Free Cash Flow to enhance our ability to pursue strategic actions or return cash to shareholders.”
Find out more at: https://www.nomadfoods.com/