Aug 13, 2026 earnings call — Turnaround, productivity and pricing actions
Management says they are on track with their EUR 200 million productivity program.
Revenue $0.8B (est $0.8B) · EPS $0.45 (est $0.44)
Key quotes
"So I think with the exception of certain tiny retailers and tiny markets, these are fully resolved."
"So we are on track with our EUR 200 million productivity program."
"For example, in the U.K., certain retailers increasing 20% or 30% mid-July, Carrefour increasing on certain SKUs in France by 32%."
Analyst Q&A 6
market share recovery timing
Q (Andrew Lazar · Barclays): Is it reasonable to expect market share to be neutral by year-end? Also asked about recent price elasticity and how it compares to historical levels.
A: They said retail disruptions were a meaningful headwind but are now behind them. They expect better sales and market share in Q3 and Q4 but said it will take more time to reach market share neutrality and they will present detailed plans at Analyst Day in October. On elasticity they said it is too early to draw conclusions.
"So the retail disruptions were a meaningful headwind to our share in the quarter." — Dominic Brisby (CEO)
retailer disruptions resolved?
Q (Stephen Robert Powers · Deutsche Bank): Are the retailer disruptions in Germany and France fully resolved or only largely resolved? If not fully, how much carryover disruption did you assume for Q3 and H2?
A: They said, except for certain tiny retailers and tiny markets, the disruptions are fully resolved and Germany and France are now in good shape. They therefore said you can consider these as resolved. For the productivity and carryover questions they discussed their EUR 200 million program in the next exchange.
productivity program progress
Q (Ruben Baldew): Can you describe the ongoing EUR 200 million productivity program and how it will drive profit growth and pricing competitiveness?
A: They said the EUR 200 million productivity program is on track. They are reducing nonrecurring spend but still investing in productivity, have announced restructuring in marketing and a factory closure, and are using productivity to keep pricing competitive. They also said the price index has come down a bit as a result and they are seeing early market results.
margins, pricing, and buybacks
Q (Scott Marks · Jefferies): Which one-time or phasing items helped margins this quarter and when might they reverse? Have you started asking retailers for incremental price increases and how did they react? Also asked about target leverage and timing for deleveraging.
A: They said gross margin improvement is returning and is driven by pricing kicking in, with only a couple of million of A&P/overhead phasing and EUR 1 million to EUR 2 million of recipe variances. They have started pricing conversations with retailers, see private label price increases in several countries, and said their price increases are cost-justified and they feel confident taking them late this year. On leverage they declined to give a target ratio now and said they will discuss details at Analyst and Investor Day this fall; they are pausing buybacks to focus on deleveraging while continuing the dividend.
"The price increases we're talking about are cost-justified price increases." — Dominic Brisby (CEO)
market share timing and external risks
Q (Jonathan Tanwanteng · CJS): When do you expect to return to market share neutrality and then start growing share above the market? Also asked about weather or water shortages affecting supply or demand this quarter.
A: They said it is in their plan ultimately to start taking market share and they expect better share performance in Q3 and Q4, but they would not give a specific timing for when neutrality will be restored. They noted the frozen category is growing (year-to-date and in the last 3 months) and said they are not seeing direct impacts from water shortages today; some additional inflation is coming from fish and proteins.
"So it's absolutely in our plan ultimately to start taking market share." — Dominic Brisby (CEO)
turnaround surprises and next focus
Q (Peter Saleh · BTIG): What has surprised you in the turnaround and how has your thinking changed? Over the next 6 months, will focus be on innovation, marketing, or something else?
A: He said two positive surprises were the robust health of the category and the strong brand equity versus competitors and private label. He also said Nomad needed significant organizational changes, including leadership changes, and that they have built a comprehensive value creation plan covering innovation, marketing, sales, and productivity which they will present at Analyst Day in October.
"So we've now produced what we think is a pretty compelling value creation plan for Nomad for the following years." — Dominic Brisby (CEO)