Ladies and gentlemen, greetings and welcome to the Nomad Foods third quarter 2026 earnings Q&A session. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Jason English, head of corporate strategy and investor relations. Thank you. You may begin.

Thank you. And hello, everyone. Welcome to Nomad Foods third quarter 2026 earnings question and answer session. We've posted the associated press release, prepared remarks, and investor presentation on Nomad Foods' website at nomadfoods.com. I hope you've all had a chance to review them. I'm Jason English, head of investor relations and corporate strategy, and I'm joined by Dominic Brisby, our CEO, and Ruben Baldew, our CFO. During this call, we'll make forward-looking statements about performance that are based on our view of the company's prospects, expectations, and intentions at this time. Actual results may differ due to risk and uncertainties, which we discuss in our press release, our volumes with SEC, and in our investor presentation, which includes cautionary language. We'll also discuss non-IFRS financial measures during the call today. These non-IFRS financial measures should not be considered replacement for. It should be read together with IFRS results. Users can find the IFRS to non-IFRS reconciliations with our earnings release and the appendices at the end of the slide of presentation available on our website. Please note that certain financial information within this presentation represents adjusted figures. All adjusted figures have been adjusted primarily for, when applicable, Share-based payment expenses and related employer payroll taxes, exceptional items, foreign currency translation charges or gains, and hedge ineffectiveness. Unless otherwise noted, comments from here refer to those adjusted numbers. With that, operator, let's open the line to questions.

Thank you. We'll now be conducting the question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

One moment, please, while we poll for questions.

The first question is from John Tenuentag from CJS Securities. Please go ahead.

Hey, good morning. Thank you for taking my questions and congrats on getting back to the organic growth in the quarter. My first question is, I think you mentioned in your recent investor day that you were making significant progress in getting products into the discounters with one win and more in the pipeline. I was wondering if you could update us on that progress and how you're seeing that thrust into the new market segments evolve.

Yeah, thank you very much for the question, and thanks for the congratulations on the results as well. We're always very happy to deliver for our shareholders. So we did talk about getting into discounters, and as you know, discounters is a massive segment in Europe, and it's a heavily growing one. We're still in conversations with them, so there's not that much new to talk about at the moment, but we're reasonably positive in how those discussions go, and as we have new news to report, we'll let you know what's going on there.

Okay, fair enough. And then just, we've seen several reports in the media of cyber attacks on grocery stores in Europe. I think there's been two major ones so far. Can you talk about the impact that might be having on your results, your discussions with your customers, and if that would be a negative or a positive for you as a restock, or if there's gonna be a financial issue with your customers?

Yes, definitely. So for those who may not be familiar with the situation, Cyber attacks on freezer systems occurred on certain supermarkets in France on October the 11th and October the 12th and caused disruptions to frozen food availability there. This also happened again earlier this week to numerous smaller retailers, mostly franchises, some of whom had not followed recommended security guidelines. And this occurred in Belgium and it occurred in various other European markets as well. I think the first thing to say is these incidents are very unfortunate. and highlight the importance of resilience across the frozen food chain. Our immediate priority has been to support our customers and support our consumers by leveraging the flexibility of our manufacturing and our supply network to restore product availability. More broadly, we're focused on strengthening supply chain resilience throughout our supply chain. This includes maintaining robust cybersecurity across our own operations, ensuring we have appropriate safeguards, ring fencing capabilities and so on. And it's worth noting we haven't experienced any cyber incidents within our own operations or our own supply chain to date. We're also working very closely with our retail partners and logistics providers and suppliers to support efforts to strengthen resilience across the broader frozen food ecosystem. In terms of absolute business impact on Nomad, the net effect has not been material. So temporary freezer outages have reduced category availability and retail sales in the immediate aftermath of these attacks. But that impact has been more than offset by subsequent replenishments orders as customers have had to restock inventories. So as a result, the overall impact on our business has been modest and slightly positive, but not material.

Got it. Thank you very much.

The next question is from Scott Marks from Jefferies. Please go ahead.

Hey, good morning all. Thanks for taking our questions. I wanted to just ask first about the holding the guidance and the implications for Q4 because I think it implies a pretty wide range of outcomes for the quarter. So wondering if you can just walk us through some of the puts and takes as we think about the quarter as well as how to think about magnitude of impact or reversal from the tough prior year compares that you called out in the pre-recorded remarks.

Yes, thank you, Scott. Let me take that question. So we have a range and also the guidance, if you look at quarter four, there's a negative EBDA. Now, the main driver impacting EBDA is the additional inflation in quarter four, which we already alluded to earlier, which is mainly driven by the additional inflation on fish. And despite that, we're actually pleased that we have been able to maintain our EBDA guidance. The main driver of the range in the fourth quarter is the Custom response to our second off-cycle price increase and the associated variability in our shipment patterns. As you know, we have the inflation coming into quarter four. As we speak, we are taking the pricing, but there's a variability on the impact, how that could play out on our shipments. In addition, as we consistently communicate, any upside relative to our plan will be thoughtfully reinvested to restore incentive compensation, strengthen the business, and also supporting sustainable long-term growth. Now, and to the range, all of those factors appear to already be reflected in current market expectation and as a result, we don't see a need to alter our outlook at this point.

Okay, understood. Thanks for the thoughts there. And then maybe just moving down, if we think about the operating expenses in the quarter, you held them pretty flat first last year. And you also noted A&P being down in the year as you pulled back on some of the non-working media. Wondering if you can help us understand some of the puts and takes there, because previously I think you had mentioned feeling comfortable about level of marketing spend, but maybe just shifting where it was spent. So wondering if you could just walk us through maybe both puts and takes on SG&A in addition to the A&P front. Thanks.

Yeah, so I'll start on the A&P points. So you'll remember that historically Nomad spent a very large chunk of its total A&P and what we call non-working. So essentially things which consumers don't see. As a result of this, we've been able to make sure that the level of working A&P through the course of this year and indeed in this quarter has remained pretty healthy. But we're not afraid to cut A&P when it's not working, when it's not something that consumers see and it's not something that's been visible. The other thing that's worth saying, of course, as well, is that if pricing is wrong, You can spend as much A&P as you like and it's not going to have much of an impact. So we put enormous effort during the course of this year to make sure that our prices are competitive in the market and this is something that we're benefiting from in certain areas. In terms of the SG&A, Ruben, maybe you'd like to handle that.

No, sure, Dominic. So if you look at our indirects, and we spoke before on the bonus we built, so if you completely compare HG&A, this quarter versus last quarter, there is a kind of year-on-year impact of bonus, and bonus we built first of all was done last year. If you're correct for that, actually our indirects are down, and that is a result of the fact that we're driving indirects restructuring. We shared at the end of this day, and also I think in previous quarterly calls, that we've taken steps on our central overhead costs, we've taken steps on our local organization, we've spoken about marketing. So those are things we're driving down in terms of savings in indirects. By the way, that is beyond As you might have seen, we've also announced a small factory closure. So we're also tackling the cost base, excluding indirects, while making sure we don't spend a high amount of non-recurring. And hopefully you've also seen our non-recurring, which was down quite a bit. So we're driving all those things. And in the line, we see a reduction of indirects driven by savings.

Appreciate the thoughts. I'll pass it on.

As a reminder, to ask a question, please press star one. The next question is from Angeline Goh from Deutsche Bank. Please go ahead.

Hi, this is Angeline on for Steve. Just a quick question on your 27 outlook. Any updates on your inflation targets or saving targets since we last spoke? Oil has moved a little bit from where it was.

Yeah, I can answer that.

What you see today also, what we reiterated in our prepared remarks is that we are reiterating the guidance which we also gave during our analyst day. Within that, the assumption we've given to during the analyst day are unchanged. So you see inflation of around 7%. That's gross inflation. We're driving savings hard, as I just mentioned, and it's not, it's the biggest amount, but it's, I think, an example of us being decisive in tackling the cost base, a small factory closure. So We're estimating a savings to be around 3%. With that, we're looking at a net inflation of 4%. We'll tackle that through pricing, but as I said before, this is not only a one-dimensional price discussion. We'll be quite surgical. In some cases, we'll go for price. In some cases, we'll go a bit more in volume if we see a volume opportunity. So I think the overall construct of our plan hasn't changed, also in terms of the EVDA guidance, which we reconfirmed from zero to two, and also in terms of driving cash in terms of lower non-recurring. You've seen unknown recurring this quarter was less than four men. There was a kind of underlying health maybe underlying was more like six and a half, seven men. So I think the building blocks we've set out to drive top line growth, to drive EBDA growth in a sustainable manner, to drive cash flow growth also by lower non-recurring and also therefore better quality of earnings and therefore also deleveraging have not changed versus what we set out around a moment ago.

Sounds good, thank you.

As a reminder to ask a question, please press star one. Again, it is star one to ask a question. There are no further questions at this time.

I'd like to turn the floor back over to Dominic Brisby for closing comments.

Thank you all very much for joining us today and thank you for your interest in Nomad Foods.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.