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Nomad Foods Nomad Foods Reports Third Quarter 2021 Financial Results Adjusted EPS Increased 17 % to a New Record of € 0.35 Reiterates Full Year Adjusted EPS Guidance of € 1.50 - € 1.55 FELTHAM , England - November 4 , 2021 - Nomad Foods Limited ( NYSE : NOMD ) , today reported financial results for the three and nine month period ended September 30 , 2021. Key operating highlights and financial performance for the third quarter 2021 , when compared to the third quarter 2020 , include : • Reported revenue increased 4 % to € 599 million • Organic revenue decline of 1.4 % • Reported Profit for the period of € 52 million • Adjusted EBITDA increased 4 % to € 113 million Adjusted EPS increased 17 % to € 0.35 Management Comments Stéfan Descheemaeker , Nomad Foods ' Chief Executive Officer , stated , “ Third quarter results demonstrate the resilience of our business model in the context of dynamic macro cross currents , notably the normalization of demand trends alongside industry - wide inflation , supply chain and logistics challenges . We achieved record third quarter results against this backdrop with revenue growth of 4 % and Adjusted EPS growth of 17 % , and we remain on pace to achieve another year of double - digit Adjusted EPS growth in 2021 . We are navigating the current environment by delivering on our near - term objectives while strengthening our foundation in support of sustainable long - term growth . " Noam Gottesman , Nomad Foods ' Co - Chairman and Founder , commented , “ Our growth algorithm is based on strong base business fundamentals augmented with strategic acquisitions . We are pleased to see both elements of our strategy performing well . Our market share continues to trend in a positive trajectory , and we are investing in our future while maintaining strong levels of profitability . Our acquisition strategy is also yielding strong results : Findus Switzerland is performing well since being integrated earlier this year , and we are encouraged by the recent performance of Fortenova's frozen food business which is expected to be a meaningful growth driver in the years to come . Our brands are in great health , we have a strong balance sheet , and we are actively pursuing opportunities to grow our portfolio . " Third Quarter of 2021 results compared to the Third Quarter of 2020 • • Revenue increased 4.0 % to € 599 million . Organic revenue decline of 1.4 % was comprised of a 1.0 % decline in volume / mix and a 0.4 % decline in price . Gross profit decreased 4.3 % to € 168 million . Gross margin decreased 240 basis points to 28.0 % , driven by higher raw material costs and the inclusion of the Findus Switzerland acquisition whose gross margins are below that of the base business . Adjusted operating expenses decreased 14 % to € 72 million , reflecting comparable Advertising & Promotion spend versus the prior year and a decline in Indirect costs . Adjusted EBITDA increased 4 % to € 113 million and Adjusted Profit for the period increased 7 % to € 63 million due to the aforementioned factors . Adjusted EPS increased 17 % to € 0.35 , reflecting growth in Adjusted Profit after tax and the cumulative effect of share repurchases conducted during the prior year . Reported EPS was unchanged at € 0.29 . First Nine Months of 2021 results compared to the First Nine Months of 2020 • Revenue increased 2.4 % to € 1,903 million . Organic revenue decline of 1.3 % was comprised of a 1.1 % decline in volume / mix and a 0.2 % decline in price .