Q2 2026 Nomad Foods Ltd Earnings Call - Q&A

August 13, 2026

Operator: Ladies and gentlemen, greetings, and welcome to the Nomad Foods Q2 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.

Speaker #1: Ladies and gentlemen, greetings, and welcome to the Nomad Foods second quarter 2026 earnings Q&A session. At this time, all participants are in listen-only mode.

Speaker #1: 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.

Speaker #1: Thank you. You may begin.

Jason English: Thanks, Max. Hello, and welcome to Nomad Foods' Q2 2026 earnings question and answer session. We have posted the associated press release, prepared remarks, and investor presentation on Nomad Foods' website at nomadfoods.com. I hope you all have had a chance to review them. I am Jason English, Head of Investor Relations and Corporate Strategy, and I am joined by Dominic Brisby, our CEO, and Ruben Baldew, our CFO. During this call, we will 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 risks and uncertainties, which are discussed in our press release, our filings with the SEC, and our investor presentation, which includes cautionary language. We will also discuss non-IFRS financial measures during the call today.

Speaker #2: Thanks, Max. Hello, and welcome to Nomad Foods second quarter, 2026 earnings question-and-answer session. We've posted the associated press release for pair remarks and investor presentation on Nomad Foods' website at nomadfoods.com.

Speaker #2: I hope you all have 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 Valdu, our CFO.

Speaker #2: During this call, we will look forward-looking statements about performance that are based on our view of the company's prospects, expectations, and intentions at this time.

Speaker #2: Actual results may differ due to risk and uncertainties, which are discussed in our press release, our filings to the SEC, and our investor presentation, which includes cautionary language.

Speaker #2: We'll also discuss non-IFRS financial measures during the should not be considered a replacement for and should be read together with IFRS results. Users can find the IFRS to non-IFRS reconciliations within our earnings release and in the appendices at the end of the slide presentation available on our website.

Jason English: These non-IFRS financial measures should not be considered a replacement for and should be read together with IFRS results. Users can find the IFRS to non-IFRS reconciliations within our earnings release and in the appendices at the end of the slide 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, related employer payroll taxes, exceptional items, foreign currency translation charges or gains, and hedge ineffectiveness. Unless otherwise noted, comments from here will refer to those adjusted numbers. With that, Max, let us open the line to questions.

Speaker #2: that certain financial information within this presentation represents adjusted figures. All adjusted figures have been adjusted primarily for when applicable, share-based payment expenses related to employer payroll taxes, exceptional items, foreign currency translation charges or gains, and hedging effectiveness, unless otherwise noted.

Speaker #2: Comments from here will refer to those adjusted numbers. With that, Max, let's open the line to questions.

Operator: Thank you. We will now be conducting a question and answer session. We ask that you please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two 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 pull for questions. Our first question is from Andrew Lazar with Barclays. Please proceed with your question.

Speaker #1: Thank

Speaker #1: question-and-answer session. Please note We ask that you please limit yourself to one question and one follow-up. If you would like to ask a question, please press star 1 on your telephone keypad.

Speaker #1: 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.

Speaker #1: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions.

Speaker #1: Our first question is from Andrew Lazar with Barclays. Please proceed with your question.

Andrew Lazar: Great. Thanks so much. Hi, everybody.

Speaker #3: Great. Thanks so much. Hi, everybody.

Ruben Baldew: Hi, Andrew.

Dominic Brisby: Hi, Andrew.

Speaker #4: Hi Andrew.

Andrew Lazar: Maybe to start, Dominic, I guess as you think through the back part of the year and the cadence of how you expect market share to unfold, because I guess that's the one area as you note in your prepared remarks that some of the disruptions and whatnot in the H1 led market share not to be where you want it despite the category, obviously, accelerating nicely. I guess, is it unreasonable to expect market share to be more neutral by year-end? Or is there something else that would prevent this now that much of the retailer disruption is behind you, competitors are also starting to take price? I'm really just trying to get a sense of whether there is something more structural regarding the ability to hold or gain share as you go forward.

Speaker #3: Maybe to start, Dominic, I guess as you think through the back part of the year and the cadence of how you expect sort of market share to unfold, because I guess that's the one area where, as you note in your prepared remarks, that some of the disruptions and whatnot, in the first half, led market share not to be where you wanted, despite the category, obviously, accelerating nicely.

Speaker #3: So I guess, is it unreasonable to expect market share to be more neutral by year-end, or is there something else that would prevent this?

Speaker #3: Now that much of the retailer disruption is behind you, competitors are also sort of starting to take price. I'm really just trying to get a sense of whether there is something more structural regarding the ability to hold or gain share as you go forward.

Dominic Brisby: Hi, Andrew, and thanks for the question. The retail disruptions were a meaningful headwind to our share in the quarter. We certainly expect our performance to improve in the H2. As you pointed out, those disruptions are now behind us, and we're also encouraged to see the recent pricing actions of private label. That said, we still have more work to do to improve our competitiveness. We're making significant progress. We expect to deliver better sales and market share performance in the Q3 and Q4, but it's probably going to take more time to get back to market share neutrality. I don't, however, see any reason that we cannot get there over time. In fact, we've developed what we think are very compelling plans that are designed to achieve just that.

Speaker #4: So hi Andrew, and thanks for the question. So the retail disruptions were a meaningful headwind to our share in the quarter. And we certainly expect our performance to improve in the second half.

Speaker #4: As you pointed out, those disruptions are now behind us. And we're also encouraged to see the recent pricing actions of private label. That said, we still have more work to do to improve our competitiveness.

Speaker #4: progress. We expect to deliver better sales and market share performance in the third and fourth quarter. But it's probably going to take more time to get back to market share neutrality.

Speaker #4: I don't, however, see any reason that we cannot get there over time. In fact, we've developed what we think are very compelling plans that are designed to achieve just that.

Dominic Brisby: We're looking forward to sharing those plans with you at our analyst day in October.

Speaker #4: And we're looking forward to sharing those plans with We're making significant you at our analyst day in October.

Andrew Lazar: Got it. All right. Thank you. What sort of elasticity are you seeing thus far, on your more recent pricing actions? Just how do those compare relative to maybe historical levels?

Speaker #3: Got it. All right. Thank you. And then what sort of elasticity are you seeing thus far on your sort of more recent pricing actions and just how do those compare relative to maybe historical levels?

Dominic Brisby: So, it is a little early to talk about where price elasticity is. Of course, in most cases, private labels have only just increased prices. Although we are starting to see quite meaningful price increases coming through. For example, in the UK, certain retailers increasing 20% or 30% mid-July. Carrefour increasing on certain SKUs in France by 32%. In Germany, Aldi, Edeka, and Rewe all raised prices by about 20% in most of the fish categories. However, we are still analyzing what the real sellout data is. So at this point, it is a little too early to draw any meaningful conclusion.

Speaker #4: So it's a little early to talk about where price elasticity is. Of course, in most cases, private label have only just increased prices. Although we are starting to see quite meaningful price increases coming through, for example, in the UK, certain retailers increasing 20 or 30 percent mid-July.

Speaker #4: Carrefour increasing on certain SKUs in France, by 32 percent. In Germany, Aldi, Edeka, and Rever all raised prices by about 20 percent in categories.

Speaker #4: However, we're still analyzing what the real sell-out data is. So at this point, it's a little too early to draw any meaningful conclusion.

Andrew Lazar: Okay, but it sounds like you are being at least, or correct me if I am wrong, prudent with respect to elasticity assumptions in the way that you guided to the full year around organic sales. Thanks again.

Speaker #3: Okay. But it sounds like you’re being, at least—correct me if I’m wrong—prudent with respect to elasticity assumptions in the way that you sort of guide into the full-year around organic sales.

Speaker #3: Thanks again.

Dominic Brisby: Thank you.

Speaker #4: Thank you.

Operator: Our next question is from Steve Powers with Deutsche Bank. Please proceed with your question.

Speaker #1: Our next question is from Steve Powers with Deutsche Bank. Please proceed with your question.

Steve Powers: Hey, thank you very much. Good morning, good afternoon. Going back to the retailer disruptions in Germany and France. I guess in the prepared remarks, you talked about them as being behind you, being resolved as you did in response to Andrew's question, but then you also used language that alluded to largely resolved. I guess the question is, can you be a little bit more specific on exactly where we are today versus full resolution? If not fully resolved, how much allowance that you've made for carryover disruption in Q3, in the H2?

Speaker #3: Okay. Thank you very much. Good morning, good afternoon. Going back to the retailer disruptions in Germany and France, I guess in the prepared remarks, you talked about them as being behind you, being resolved, as you did in response to Andrew's question.

Speaker #3: But then you also used language that alluded to "largely resolved." So I guess the question is, can you be a little bit more specific on exactly where we are today versus full resolution?

Speaker #3: And if not fully resolved, how much allowance have you made for carryover disruption in the third quarter and second half?

Dominic Brisby: I think with the exception of certain tiny retailers and tiny markets, these are fully resolved. Certainly in the case of Germany and France, we are now in good shape. I think you can consider these as resolved.

Speaker #4: So, I think with the exception of certain tiny retailers and tiny markets, these are fully resolved. So, certainly in the case of Germany and France, we're now in good shape.

Speaker #4: So, I think you can consider these as resolved.

Steve Powers: Okay. Very good. Maybe you could also just talk a little bit about the ongoing productivity work that is going on within the business. As I think about the early earnings bridge into 2027, I guess I am trying to get a sense of the biggest contributors to profit growth. Just, I guess, the ability of you to drive incremental productivity as part of that bridge, just how you are thinking about that and how your plans are evolving on that front. Thank you.

Speaker #3: Okay. Very good. Maybe you could also just talk a little bit about the ongoing productivity work that is going on within the business. As I think about the early earnings bridge into '27, I guess I'm trying to get a sense of the biggest contributors to profit growth.

Speaker #3: guess, the ability of you to drive incremental productivity as part of that bridge, just how you're thinking about that and how your plans are evolving on that front.

Speaker #3: Thank you.

Ruben Baldew: No, thanks, Steve. It is a good question, and let me also make the link to the question Andrew just made. We are on track with our EUR 200 million productivity program. Also, if you look what we post in terms of our non-recurring spend, you see, by the way, that has gone down. But what we are spending, we are spending on programs linked to productivity. We announced a restructuring in some of our marketing function. You have seen that in Q2, we announced a factory closure. So we are moving ahead, and it is in line with the planning. I think the other point to make is also linked to the elasticity, is we are not pricing as much as what we used to do like 2022, 2023. We are using our productivity program to have competitive pricing to make sure that our price index does not go up further.

Speaker #4: Nope. No, thanks, Steve. That's a good question. And let me also make the link to the question Andrew just made. So we are on track with our 200 million productivity program.

Speaker #4: Also, if you look at what we post in terms of our non-recurring spend, you see, by the way, that that has gone down. But what we are spending, we’re spending on programs linked to productivity.

Speaker #4: Also, if you look, what we post in terms of our non-recurring spend, you see, by the way, that that has gone down. But what we are spending, we're spending on programs linked to

Speaker #4: ahead, and it is in line with the planning. And I think the other point to make is also linked to the elasticity is we're not pricing as much And just, I as what we used to do like '22, '23.

Speaker #4: We're using our productivity program to have competitive pricing and to make sure that our price index doesn't go up further. We have actually seen our price index go down a bit, and that is because of that productivity program.

Ruben Baldew: We actually have seen our price index going down a bit, and that is because of that productivity program. So I think the overall message is we will continue to drive it. It is on track, and we will use it to be competitive in terms of pricing, and we are seeing the first results of that in the market.

Speaker #4: So I think the overall message is we will continue to drive it, and it is on track. And we'll use it to be competitive in terms of pricing.

Speaker #4: And we're seeing the first results of that in the market.

Steve Powers: Okay. Very good. Thank you.

Speaker #3: Okay. Very good. Thank you.

Operator: Our next question is from Scott Marks with Jefferies. Please proceed with your question.

Speaker #1: Our next question is from Scott Marks with Jefferies. Please proceed with your question.

Scott Marks: Hey, good morning, all. Thanks very much for taking our questions. First thing I wanted to ask about, in the prepared remarks, you called out some of the things that help support your margin expansion in the quarter. You actually spoke to some, I think, one-time benefits or phasing benefits that might reverse out later this year. So wondering if you can help us understand maybe what those are, what the magnitude is, and how should we think about timing for those to reverse.

Speaker #5: Hey, good morning, all. Thanks very much for taking our questions. The first thing I wanted to ask about—in the prepared remarks, you called out some of the things that helped support your margin expansion.

Speaker #5: In the quarter, and you actually spoke to some I think one-time benefits or phasing benefits that might reverse that later this year. So wondering if you can help us understand maybe what those are, what the magnitude is, and how should we think about timing for those to reverse.

Ruben Baldew: Yeah. Thanks, Scott. Clear. I think the main message is you see a return to gross margin growth that is driven by pricing kicking in, as we also said after our Q1 results. So that is fully going to plan. That said, there is a bit of phasing. So we see a couple of men of phasing in our phasing of A&P and overheads. We had a bit of variances on some technical stuff related to variances to your recipes, which is also one or two men. But overall, I think the gross margin improvement is coming through to pricing, and there is nothing of a phasing effect there.

Speaker #4: Yeah. I think thanks, Scott. Clear. I think the main message is you see a return to gross margin growth. That is driven by pricing kicking in, as we also said after our quarter one results.

Speaker #4: So that's fully going to plan. That's it. There's a bit of phasing. So we see a couple of million of phasing in our phasing of A&P and overheads.

Speaker #4: And we had a bit of variance on some technical stuff related to variances to your recipes, which is also one or two million. But overall, I think the gross margin improvement is coming through to pricing, and there's nothing of a phasing effect there.

Scott Marks: Okay, understood. Appreciate the thoughts there. Regarding the pricing actions, I think there were some comments in the prepared remarks about your team feeling confident in being able to take incremental pricing as we get to Q4 into next year, just given what competitors have been doing, what they are seeing on the inflationary front. So just wondering if you can help us understand, maybe have you started having those conversations yet, and if so, what has been the response from retailers?

Speaker #5: Okay, understood. I appreciate the thoughts there. And then, regarding the pricing actions, I think there were some comments in the prepared remarks about your team feeling confident in being able to price as we get to Q4 and into next year.

Speaker #5: Just given what competitors have been doing and what you're seeing on the inflationary front, I'm just wondering if you can help us understand—maybe have you started having those conversations yet, and if so, what's been the response from retailers?

Dominic Brisby: Yeah. We have started having those conversations. Of course, it is worth saying that most of the inflation that we are seeing, hence most of the pricing, is centered around fish. As I pointed out, we have started to see private label increase already over the past few weeks in a number of countries. We have used some of this opportunity to allow our own price index to go down slightly. So the price increases we are talking about are cost-justified price increases. We feel fairly confident in our ability to take these successfully towards the end of this year.

Speaker #4: Yeah. So we have started having those conversations. And of course, it's worth saying that most of the inflation that we're seeing, so hence most of the pricing, is centered around fish.

Speaker #4: As I pointed out, we've started

Speaker #4: to see private label increase already over the past few weeks. In a number of countries. And we've used some of this opportunity to allow our own price index to go down slightly.

Speaker #4: So the. Increase as we're talking about a cost-justified price increases. And so we feel fairly confident in our ability to take these successfully towards the end of this year.

Scott Marks: Understood. Then maybe if I could just sneak in one more just on capital allocation. You noted a suspension of share buybacks to pay down debt. What leverage ratio do you believe is appropriate in the current environment, and do you have a timeline to get there? Thanks.

Speaker #5: Understood. And then maybe if I could just sneak in one more, just on capital allocation.

Speaker #5: leverage ratio do you believe is appropriate in the current environment? And do you have a timeline to get there? Thanks.

Ruben Baldew: Yeah. We are not putting out a leverage ratio. As Dominic said also, when you go look ahead of the next years, we will come back with our analyst and investor day, which will be this fall. Allow me not to answer that fully. I just want to be clear also what we made in our prepared remarks, that we have not done buybacks in the last quarter. We continue to do the dividends. We just announced that again, and we made it clear that, we now will focus on deleveraging us to bring the interest payments and the interest costs down.

Speaker #4: Yeah. So we're not putting out a leverage ratio. As Dominic said, also when you go look ahead of the next years, we'll come back with our analyst and investor day which will be this fall.

Speaker #4: So allow me not to answer that fully. But I just want to be clear also what we made in our prepared remarks. That we haven't done buybacks in the last quarter.

Speaker #4: We continue to do the dividends. We just announced that again. And we made it clear that we're now will focus on deleveraging also to bring the interest payments and the interest costs down.

Scott Marks: Appreciate it. I will pass it on.

Speaker #5: Appreciate it. I'll pass it on.

Operator: Our next question is from Jon Tanwanteng with CJS Securities. Please proceed with your question.

Speaker #1: Our next question is from John Tawantang with CGS Securities. Please proceed with your question.

Jon Tanwanteng: Hi. Good morning. Thank you for taking my questions. I was wondering if you could go a little bit more into detail on your market share expectations. I think you said it might take a while to get back to neutral in terms of market share. I was wondering if you have any more specificity on when you expect to get there. Is it Q1 of next year? Is it in your plan at some point to start retaking market share and have growth above the market? Thank you.

Speaker #6: Hi, good morning. Thank you for taking my questions. I was wondering if you could go a little bit more into detail on your market share expectations.

Speaker #6: I think you might I think you said it might take a while to get back to neutral in terms of market share. I was wondering when you if you have any more specificity on when you expect to get there.

Speaker #6: Is it Q1 of next year, and is it in your plan at some point to start retaking market share and have growth above the market?

Speaker #6: Thank you.

Dominic Brisby: So it's absolutely in our plan ultimately to start taking market share. We'll be talking through those plans as we come to our analyst and investor day in October. As I said before, whilst we're making good progress, we certainly expect to be able to deliver better share performance in the Q3 and Q4, it's going to take a little more time to get back to market share neutrality. Of course, that's against the backdrop of very strong category growth as well. So it is also worth pointing out that if you look at the category, the frozen category, in our markets year to date, it's up 3.4% in value terms and up 1.6% in volume terms. Even in the last 3 months, by the way, up 2.8% in value and 1.1% in volume.

Speaker #4: So it's absolutely in our plan, ultimately, to start taking market share. We also and we'll be talking through those plans as we come to our analysts and investor day in October.

Speaker #4: But as I said before, whilst we're making good progress, and we certainly expect to be able to deliver better share performance in the third and fourth quarters, it's going to take a little more time to get back to market share neutrality.

Speaker #4: Of course, that's against the backdrop of very strong category growth as well. So it is also worth pointing out that if you look at the category, the frozen category in our markets year to date, it's up 3.4% in value terms.

Speaker #4: And up 1.6% in volume terms. Even in the last three months, by the way, up 2.8% in value and 1.1% in volume. So once we do get to that point, that we're holding share or indeed growing share, it can have a significant impact.

Dominic Brisby: Once we do get to that point that we're holding share or indeed growing share, it can have a significant impact. What we're not doing today is giving clarity about when that will be.

Speaker #4: What we're not doing today is giving clarity about when that will be.

Jon Tanwanteng: Okay. Fair enough. Thank you. I was wondering if you could talk about any potential impacts from things like weather or other external issues like water shortages, and how that might be impacting supplier demand in the current quarter, if that's anything more than you'd normally see.

Speaker #6: Okay. Fair enough. Thank you. And then I was wondering if you could talk about any potential impacts from things like weather or other external issues like water shortages and how that might be impacting supplier demand in the current quarter if that anything is if that's anything more than you would normally see.

Ruben Baldew: I think Dominic just said it, that the last 3 months, we've seen actually the category roughly in line where it is year to date. I think 3.4 versus maybe now the last 3 months, 2.8. So it has gone down a bit, but I wouldn't say it's a big difference. So that is one. Category remains strong. Second point is, water shortages, we're not seeing that directly. We're having the harvest now. It's to be seen what that will mean. Again, I need to also come back to the point, the additional inflation we're seeing this year is on fish. If you also look at our cost of goods, big part of there is related to proteins, which is basically chicken and fish, and that is less related to water shortages.

Speaker #4: I think Dominic just said it, that the last three months, we've seen actually the category roughly in line where it is year to date.

Speaker #4: I think 3.4 versus maybe, now the last three months, 2.8. So it has gone down a bit, but I wouldn't say it's a big difference.

Speaker #4: So that is one category that remains strong. Second point is water shortages—we're not seeing that directly. We're having the harvests now. It's to be seen what that will mean.

Speaker #4: And again, I need to also come back to the point, the additional inflation we're seeing this year on fish, if you also look at our cost of goods, big part is there is related to proteins, which is basically chicken and fish.

Speaker #4: And that is less related to water shortages.

Jon Tanwanteng: Understood. Thank you.

Speaker #6: Understood. Thank you.

Operator: Once again, if you would like to ask a question, please press star one on your telephone keypad. Our next question is from Peter Saleh with BTIG. Please proceed with your question.

Speaker #1: Once again, if you would like to ask a question, please press star one on your telephone keypad. Our next question is from Peter Selal with BTIG.

Speaker #1: Please proceed with your question.

Peter Saleh: Great. Thanks and good morning. Dominic, I wanted to ask, you've been in the seat for a couple of quarters now, progressing through this turnaround. What, if anything, has surprised you as you progressed, and maybe how has your thinking changed on the turnaround over the past couple of quarters? Anything you can share would be helpful. Thanks.

Speaker #2: Great, thanks, and good morning. Dominic, I wanted to ask— you've been in the seat for a couple of quarters now, progressing through this turnaround.

Speaker #2: What, if anything, has surprised you as you progressed? And maybe how has your thinking changed on the turnaround over the past couple of quarters?

Speaker #2: Anything you can share would be helpful. Thanks.

Dominic Brisby: Yeah, happy to. I think, a couple of things which I was aware of before, but have really been clear over the past couple of quarters. Firstly, the robust health that the category is in. So the fact that the category is in very decent levels of both value and volume growth. I think, I was aware of it to some extent before I came, but actually, the fact that this has continued through all the geopolitical uncertainty that we've had, the consumer uncertainty we've had, and so on, that's been something which has been a very positive thing which has come through. Secondly, of course, during this time, I've had the chance to get to know the brands well.

Speaker #4: Yeah. Happy to. I think a couple of things which I was aware of before, but have really been clear over the past couple of quarters.

Speaker #4: Firstly, the robust health of the category is in. So the fact that the category is at very decent levels of both value and volume growth.

Speaker #4: I think I was aware of it to some extent before I came, but actually the fact that this is continued through all the geopolitical uncertainty that we've had, the consumer uncertainty we've had, and so on, that that's been something which has been a very positive a very positive thing which has come through.

Speaker #4: Secondly, of course, during this time, I've had the chance to get to know the brands well. I've always known the brands as a consumer, but getting to see the real data behind the brands—the strength of the brand equity versus our competitive brands, versus our private label brands—has also been very positive.

Dominic Brisby: I've always known the brands as a consumer, but getting to see the real data behind the brands, the strength of the brand equity versus our competitive brands versus our private label brands, has also been a very positive. So essentially, we're in a very strong category, and we have the best brands in the category. So those things are great. It's also been clear to me, though, that within Nomad, to make ourselves a much more competitive company and a much more successful company, there have been significant changes which have had to come through. You'll have seen, particularly in terms of the changes I've made to the leadership team and the executive team of the business, there was a need to bring in some very strong new talent whilst keeping the existing very strong talent that we had.

Speaker #4: So essentially, we're in a very strong category, and we have the best brands in the category, so those things are great. It's also been clear to me, though, that within Nomad, to make ourselves a much more competitive company and a much more successful company, there have been significant changes which have had to come through.

Speaker #4: And you'll have seen, particularly in terms of the changes I've made to the leadership team and the executive team of the business, there was a need to bring in some very strong new talent.

Speaker #4: ...whilst keeping the existing, very strong talent that we had. And that's meant making a number of quite significant changes to the top of the organization, and that'll also have corresponding changes to the culture that we bring about in the organization.

Dominic Brisby: That's meant making a number of quite significant changes to the top of the organization, and that'll also have corresponding changes to the culture that we bring about in the organization. But overall, I've been pretty happy with what I've seen. Great category, the best brands in the category, and now starting to get the organization to where we need to get to so we can be really competitive in the market in a way that perhaps we haven't been so much historically.

Speaker #4: But overall, I've been pretty happy with what I've seen—great category, the best brands in the category, and now starting to get the organization to where we need to get to so we can be really competitive in the market in a way that perhaps we haven't been so much historically.

Peter Saleh: Yeah. Thank you for that. Then just my second question. The retail disruptions appear to be behind you. You've implemented some more price. You've changed some of the leadership. I guess, over the next couple of quarters, what's the next area of focus for you? Is it more around innovation, the marketing side? Just help us understand where you'll be focusing your attention over the next six months or so.

Speaker #2: Yeah. Thank you for that. And then just my second question, the retail disruptions appear to be behind you. You've implemented some more price. You've changed some of the leadership.

Speaker #2: I guess over the next couple of quarters, what's the next area of focus for you? Is it more around innovation, the marketing side? Just help us understand where you'll be focusing your attention over the next six months or so.

Dominic Brisby: We've now produced what we think is a pretty compelling value creation plan for Nomad for the following years. That includes really every aspect of the business, from innovation to how we manage our marketing approach, how we drive our sales organizations across the business, how we improve our productivity, and so on. As you can imagine, there's been an enormous amount of very intense work that we've put into this over the past six months. I think we've got to a point where we consider the plan we've got is a very good one, a plan that we're excited about, and makes us quite excited about the future of the business. That's what we're going to be presenting when we have our Analyst Day in October. This will cover really every aspect of the business.

Speaker #4: So we've now produced what we think is a pretty compelling value creation plan for Nomad for the following years. And that includes really every aspect of the business from innovation to how we manage our marketing approach, how we drive our sales organizations across the business, how we improve our productivity and so on.

Speaker #4: As you can imagine, there's been an enormous amount of very, very intense work that we've put into this over the past six months. And I think we've got to a point where we consider the plan we've got to be a very good one—a plan that we're excited about.

Speaker #4: And it makes us quite excited about the future of the business. And that's what we're going to be presenting when we have our analysts day in October.

Speaker #4: But this will cover really, really every aspect of the business. So, it's not the fact that we've had some things to cover for the moment, then we're going to cover others.

Dominic Brisby: It's not the fact that we've had some things to cover for the moment, then we're going to cover others. This will cover the entire spectrum of what we're doing, and we hope that you'll all be as excited about it as we are.

Speaker #4: This will cover the entire spectrum of what we're doing and we hope that you'll all be as excited about it as we are.

Peter Saleh: Thank you very much.

Speaker #2: Thank you very much.

Operator: We have reached the end of the question and answer session. I would like to turn the floor back over to Dominic Brisby for closing comments.

Speaker #1: We have reached the end of the question and answer session. I would like to turn the floor back over to Dominic Brisbee for closing comments.

Dominic Brisby: Thank you all for joining us today and for your interest in Nomad Foods. I look forward to speaking with many of you in the days and weeks ahead, and then seeing many of you at our Analyst Day this October.

Speaker #4: Thank you all for joining us today and for your interest in Nomad Foods. I look forward to speaking with many of you in the days and weeks ahead.

Speaker #4: And then seeing many of you at our analysts day this October.

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