Nomad Foods Limited, a leading frozen food company, announced robust financial results for the fiscal year 2024, ended December 31, 2024, highlighting accelerated organic sales growth, margin expansion, and market share gains. The company also projected continued growth for fiscal year 2025.
Nomad Foods reported a 1.8% increase in reported revenue for the full year 2024, reaching €3.1 billion. Organic revenue growth reached 1.0%, driven by a 1.3% increase in volume. Adjusted EBITDA rose 5.6% to €565 million, and adjusted EPS increased 11% to €1.78. The company also generated a strong adjusted free cash flow of €292 million, representing a 101% conversion rate.
The fourth quarter of 2024 saw even stronger performance, with reported revenue up 4.3% to €793 million and organic revenue growth of 3.1%, fueled by a 4.7% increase in volume. Adjusted EBITDA for the quarter jumped 17.6% to €137 million, and adjusted EPS soared 31% to €0.42.
Looking ahead to 2025, Nomad Foods anticipates organic revenue growth of 1%-3% and adjusted EBITDA growth of 2%-4%, while increasing investments in its products and brands.
Adjusted EPS is now projected to be between €1.85 and €1.89, representing a 4-6% increase, compared to the previous outlook of €1.81-€1.85. This translates to $1.94-$1.98 based on current exchange rates. The company also expects adjusted free cash flow conversion of 90% or greater.
“Our 2024 results demonstrate the impact of our focused brand investments and operational excellence, marking our ninth consecutive year of sales and Adjusted EBITDA growth,” said Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer. He highlighted the company’s strengthened innovation engine and impactful merchandising programs.
Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, expressed optimism about the company’s future. “As we enter our tenth year as a public company, I have never been more optimistic about the growth potential of Nomad Foods,” he stated. “We expect this outperformance to continue.”
The Board of Directors also approved a 13% increase to the company’s first quarter 2025 cash dividend, demonstrating confidence in its strong cash generation and growth prospects. Throughout 2024, Nomad Foods returned €208 million to shareholders through dividends and share repurchases. Sources and related content
