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Nomad Foods Nomad Foods Reports Second Quarter 2021 Financial Results Adjusted EPS of € 0.40 Represents 18 % Growth versus 2020 and a 22 % CAGR versus 2019 Company Reiterates Full Year Guidance Announces a New Share Repurchase Authorization of up to $ 500 million FELTHAM , England - August 5 , 2021 - Nomad Foods Limited ( NYSE : NOMD ) , today reported financial results for the three and six month period ended June 30 , 2021. Key operating highlights and financial performance for the second quarter 2021 , when compared to the second quarter 2020 , include : • Reported revenue decreased 1 % to € 596 million • Organic revenue decline of 4.5 % • Reported Profit for the period of € 51 million • Adjusted EBITDA increased 4 % to € 123 million • Adjusted EPS increased 18 % to € 0.40 Management Comments Stéfan Descheemaeker , Nomad Foods ' Chief Executive Officer , stated , " We achieved strong results during the second quarter notwithstanding easing of restrictions across Europe and the anniversary of peak COVID - related demand . Second quarter 2021 Adjusted EPS of € 0.40 represents 18 % growth versus 2020 and 22 % on a two - year basis . Results were driven by improving market share trends , a recovering foodservice business , accretive allocation of capital and successfully navigating a dynamic inflationary backdrop . With more than half of the year behind us , we remain confident in achieving our 2021 guidance . " of Noam Gottesman , Nomad Foods ' Co - Chairman and Founder , commented , “ Second quarter results clearly demonstrate the power our value creation model as resilient base business performance was complemented by accretion from the Findus Switzerland acquisition and the effect of last year's share repurchases . We are eager to close on the acquisition of Fortenova's Frozen Food Business Group , a transaction that is expected to result in 2021 Adjusted EPS in excess of $ 2.00 on a combined and annualized basis and set a new baseline for growth . We have exciting growth opportunities , both organically and inorganically , and the approval of a new share repurchase authorization provides added flexibility to enhance shareholder value while maintaining a reasonable leverage profile . " Second Quarter of 2021 results compared to the Second Quarter of 2020 • • • • Revenue decreased 1 % to € 596 million . Organic revenue decline of 4.5 % was comprised of a 4.4 % decline in volume / mix and a 0.1 % decline in price . Gross profit increased 1 % to € 184 million . Gross margin increased 50 basis points to 30.8 % driven by productivity and transactional FX which more than offset dilution from the inclusion of the Findus Switzerland acquisition . Adjusted operating expenses decreased 3 % to € 77 million , reflecting growth in Advertising & Promotion and a decline in Indirect costs . Adjusted EBITDA increased 4 % to € 123 million and Adjusted Profit for the period increased 6 % to € 72 million due to the aforementioned factors . Adjusted EPS increased 18 % to € 0.40 , reflecting growth in Adjusted Profit after tax and the cumulative effect of share repurchases conducted during the prior year . Reported EPS decreased 9 % to € 0.29 . First Six Months of 2021 results compared to the First Six Months of 2020 • • Revenue increased 2 % to € 1,303 million . Organic revenue decline of 1.2 % was comprised of a 1.1 % decline in volume / mix and a 0.1 % decline in price . Adjusted Gross profit increased 4.9 % to € 399 million . Adjusted gross margin increased 90 basis points to 30.6 % driven by productivity and transactional FX which more than offset dilution from the inclusion of the Findus Switzerland acquisition . Adjusted operating expenses decreased 3 % to € 172 million , reflecting comparable Advertising & Promotion spend versus the prior year and a decline in Indirect costs . Adjusted EBITDA increased 9 % to € 261 million and Adjusted Profit for the period increased 15 % to € 155 million due to the aforementioned factors . 1