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Nomad Foods Nomad Foods Reports First Quarter 2021 Financial Results First Quarter Results Represent Record Quarterly Revenues , Adjusted EBITDA and Adjusted EPS Management Reiterates Full Year Guidance Following a Strong Start to the Year FELTHAM , England - May 6 , 2021 - Nomad Foods Limited ( NYSE : NOMD ) , today reported financial results for the three month period ended March 31 , 2021. Key operating highlights and financial performance for the first quarter 2021 , when compared to the first quarter 2020 , include : • Reported revenue increased 3.6 % to € 707 million • Organic revenue growth of 1.8 % • Reported Profit for the period of € 49 million • Adjusted EBITDA of € 138 million • Adjusted EPS of € 0.47 Management Comments Stéfan Descheemaeker , Nomad Foods ' Chief Executive Officer , stated , “ This year is off to a strong start with first quarter revenue and Adjusted EPS marking a record level of quarterly performance . We achieved healthy organic revenue growth notwithstanding year- ago comparisons which reflected elevated growth resulting from pantry loading at the onset of the pandemic . This was complemented by 180 basis points of Adjusted EBITDA margin expansion driven by strong gross margins and expense discipline . The combination of strong base business performance , the inclusion of Findus Switzerland and accretion from share repurchases in 2020 led to Adjusted EPS growth of 42 % in Q1 . These results have us on pace to deliver another stellar year for Nomad Foods . " Noam Gottesman , Nomad Foods ' Co - Chairman and Founder , commented , " Organic growth , margin expansion and capital allocation all contributed to robust first quarter results . This strong performance gives us further confidence in our 2021 guidance which will mark our 5th consecutive year of organic revenue and Adjusted EPS growth . While we are proud of these results , we remain excited about the future as we work to capitalize on our momentum , integrate Findus Switzerland and close the acquisition of Fortenova's Frozen Food Business Group later this year . This latest acquisition will expand our frozen food leadership into eight new markets , introduce us to the ice cream category and present multiple avenues for value creation in the coming years . Meanwhile , we have the financial flexibility to remain opportunistic as we explore new opportunities to build value for shareholders . ” First Quarter of 2021 results compared to the First Quarter of 2020 • • • • Revenue increased 3.6 % to € 707 million . Organic revenue growth of 1.8 % was comprised of 1.9 % increase in volume / mix and a 0.1 % decrease in price . Adjusted Gross profit increased 8 % to € 215 million . Adjusted gross margin increased 130 basis points to 30.4 % as favorable mix in the base business , strong procurement execution and lower promotional activity more than offset dilution from the inclusion of the Findus Switzerland acquisition . Adjusted operating expenses decreased 2 % to € 94 million , reflecting a normalization of spend versus the prior year period where operating expense growth was relatively elevated . Adjusted EBITDA increased 15 % to € 138 million and Adjusted Profit for the period increased 24 % to € 84 million due to the aforementioned factors . Adjusted EPS increased 42 % to € 0.47 , reflecting growth in Adjusted Profit after tax and the cumulative effect of share repurchases conducted during the prior year . Reported EPS increased 22 % to € 0.28 . 2021 Guidance The Company is reiterating 2021 guidance . Revenue and Adjusted EBITDA are expected to grow approximately 3-5 % and Adjusted EPS is expected to be approximately € 1.50 to € 1.55 , representing 11-15 % growth . Full year guidance assumes organic revenue growth of approximately 1-2 % . Guidance does not yet include the pending acquisition of Fortenova's Frozen Food Business Group , which is expected to close during the third quarter of 2021 .