Nomad Foods reported third‑quarter 2025 revenue of €752 million, a 2.2% decline from €769.6 million in the same period a year earlier. Adjusted earnings per share rose to €0.49 from €0.44 in Q3 2024, beating consensus estimates of €0.47 by €0.02 (4.3%). The earnings beat was driven by disciplined cost management and a favorable mix shift toward higher‑margin frozen‑food categories, offsetting the impact of weather‑related demand weakness in the UK and a 0.5% volume decline in the core frozen‑food segment.
For the first nine months of 2025, adjusted revenue totaled €2.259 billion versus €2.306 billion in 2024, while adjusted EPS reached €1.22 compared with €1.36 a year earlier. The YoY revenue drop reflects a 1.6% decline in organic sales, largely driven by a 1.1% price/mix decline and a 0.5% volume decline. The EPS improvement, however, indicates that the company’s cost‑control initiatives and higher‑margin product mix have partially offset the revenue slowdown.
Adjusted gross margin contracted 420 basis points to 28.1% in Q3 2025, the largest decline in the company’s history. The compression was largely caused by supply‑chain inflation that pushed raw‑material costs higher, while the company’s decision to defer most price increases to fiscal 2026 limited its ability to pass costs onto consumers. Management noted that the margin pressure is transitory and that pricing power will improve once the 2026 price increases take effect.
Full‑year guidance remains near the low end of the existing ranges. Nomad Foods expects organic revenue to be flat to –2 %, adjusted EBITDA to be near the low end of a –3 % to –7 % range, and adjusted EPS to be near the low end of €1.64 to €1.76. The guidance signals management’s cautious outlook amid ongoing macro headwinds, but also confidence that the company’s efficiency program and pricing strategy will stabilize profitability over the remainder of 2025.
Management emphasized that the headwinds experienced in Q3 were transitory and that growth had returned to healthy levels by the end of the quarter. CEO‑elect Dominic Brisby will join the board in 2026, and the company’s €200 million efficiency program, launched in September, remains on track. These initiatives underscore Nomad Foods’ focus on margin expansion and operational discipline as it navigates the current market environment.
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