Teleconferência de Resultados do 3T26 da Nomad Foods: Inflação em 2027, Economias e Precificação no 4T

Principais destaques

• A Nomad Foods manteve suas projeções para 2026, apesar da inflação adicional no quarto trimestre, relacionada principalmente aos pescados, e da incerteza sobre o padrão de entregas após um segundo aumento fora de ciclo nos preços.
• A diretoria reiterou suas premissas para 2027: inflação bruta de aproximadamente 7%, economias de cerca de 3% e inflação líquida de cerca de 4%, a ser combatida por meio de repasses seletivos de preços e ações de volume.
• A empresa reconfirmou sua projeção de Ebitda para 2027 de 0% a 2% e declarou que seus planos para melhorar o fluxo de caixa, reduzir custos não recorrentes e desalavancar permanecem inalterados.
• Os custos não recorrentes no terceiro trimestre ficaram abaixo de EUR 4 milhões. A administração também informou que os custos indiretos recorrentes caíram após o ajuste dos efeitos de bônus na comparação anual.
• Ataques cibernéticos que afetaram os sistemas de congeladores de supermercados causaram paralisações temporárias, mas os pedidos de reposição compensaram com folga o impacto inicial. A administração descreveu o efeito líquido sobre a Nomad Foods como modesto, levemente positivo e não relevante.
• As discussões com varejistas de desconto europeus continuam em andamento. A administração afirmou estar razoavelmente otimista quanto às conversas, mas não forneceu novas atualizações comerciais.

Principais dados financeiros

Desempenho operacional e dos negócios

A Nomad Foods está reduzindo as despesas com publicidade e promoção (A&P) não direcionadas ao consumidor, enquanto mantém o que a administração descreveu como um nível saudável de A&P voltado ao consumidor. A empresa também destacou a precificação competitiva como um fator importante para a eficácia do marketing.

As despesas indiretas recorrentes caíram após a exclusão dos efeitos de bônus e remuneração por incentivos na comparação anual. As medidas de custos incluem reduções nos custos fixos centrais, mudanças nas organizações locais e o anúncio do fechamento de uma fábrica de menor porte.

No canal de desconto, a administração informou que as conversas com os varejistas continuam. A empresa vê os discounters europeus como um segmento grande e em crescimento, mas não anunciou novas conquistas de distribuição durante a teleconferência.

Projeções da administração

A diretoria manteve suas projeções atuais. Para o 4T 2026, espera-se que o Ebitda sofra pressão da inflação adicional, principalmente em pescados.

A principal fonte de variação no 4T é a resposta dos clientes ao segundo aumento de preços fora de ciclo da Nomad Foods e o efeito resultante no cronograma de entregas e nos volumes. A administração também ressaltou que qualquer resultado acima do planejado poderá ser reinvestido em remuneração por incentivos, fortalecimento do negócio e crescimento sustentável de longo prazo.

Para 2027, a empresa continua prevendo uma inflação bruta de aproximadamente 7% e economias de cerca de 3%, o que resulta em uma inflação líquida de cerca de 4%. A administração planeja responder de forma seletiva, recorrendo a reajustes de preços em alguns casos e buscando oportunidades de volume em outros.

Riscos e pontos de atenção

• Inflação dos custos de insumos: A inflação dos pescados é a principal pressão incremental identificada para o 4T.
• Execução de repasse de preços: A resposta dos clientes ao segundo aumento fora de ciclo nos preços pode gerar oscilações no padrão das remessas.
• Cibersegurança no varejo: Ataques a sistemas de congeladores de supermercados afetaram a disponibilidade de alimentos congelados na França, Bélgica e outros mercados europeus. A Nomad Foods afirmou que suas próprias operações e cadeia de suprimentos não sofreram incidentes cibernéticos até o momento.
• Reinvestimento: Ganhos potenciais acima da meta podem ser redirecionados para remuneração por incentivos e iniciativas de crescimento de longo prazo, em vez de se traduzirem integralmente em lucros no curto prazo.

Destaques da sessão de perguntas e respostas dos analistas

Os analistas focaram na expansão do canal de desconto, nos problemas no varejo provocados por ataques cibernéticos, nas projeções para o 4T, na eficiência de marketing e nas perspectivas de custos para 2027.

A administração informou que os ataques cibernéticos aos sistemas de congeladores reduziram inicialmente a disponibilidade e as vendas no varejo, mas os pedidos posteriores de reposição compensaram a paralisação com folga. O efeito financeiro geral não foi relevante.

Em relação às despesas, a administração atribuiu a melhoria nos custos indiretos recorrentes a reestruturações e iniciativas de economia. Reiterou também que as reduções em A&P estão concentradas em gastos não direcionados ao consumidor, e não no marketing visível ao consumidor.

Sobre 2027, a administração afirmou que as bases para inflação, economias, Ebitda e fluxo de caixa apresentadas em seu Analyst Day permanecem inalteradas.

Transcrição completa da teleconferência de resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

Operator

Ladies and gentlemen, greetings, and welcome to the Nomad Foods Third Quarter 2026 Earnings Q&A Session.

[Operator Instructions]

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.

Jason English

Thank you, and hello, everyone. Welcome to Nomad Foods Third Quarter 2026 Earnings Question-and-Answer Session. We posted the associated press release, prepared remarks and investor presentation on Nomad Foods website at nomadfoods.com. I hope you've all 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 Baldew, our CFO.

During this call, we'll 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 in our investor presentation, which includes cautionary language. We'll also discuss non-IFRS financial measures during the call today. 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 and 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, operator, let's open the line to questions.

Operator

[Operator Instructions]

The first question is from Jon Tanwanteng from CJS Securities.

Perguntas e respostas

Jonathan Tanwanteng

Congrats on getting back to the organic growth in the quarter. My first question is, I think you mentioned in your recent Investor Day that you were making significant progress in getting products into the discounters with one win and more in the pipeline. I was wondering if you could update us on that progress and how you're seeing that thrust into these new market segments evolve.

Dominic Brisby

Yes. Thank you very much for the question, and thanks for the congratulations on the results as well. We're always very happy to deliver for our shareholders. So we did talk about getting into discounters. And as you know, discounters is a massive segment in Europe, and it's a heavily growing one. We're still in conversations with them. So there's not that much new to talk about at the moment. But we're reasonably positive in how those discussions go. And as we have new news to report, we'll let you know what's going on there.

Jonathan Tanwanteng

Okay. Fair enough. And then just we've seen several reports in the media of cyberattacks on grocery stores in Europe. I think there have been 2 major ones so far. Can you talk about the impact that might be having on your results, your discussions with your customers and if that would be a negative or a positive for you as they restock or if there's going to be a financial issue with your customers?

Dominic Brisby

Yes, definitely. So for those who may not be familiar with the situation, cyberattacks on freezer systems occurred on certain supermarkets in France on October 11 and October 12 and caused disruptions to frozen food availability there. This also happened again earlier this week to numerous smaller retailers, mostly franchises, some of whom have not followed recommended security guidelines. And this occurred in Belgium and it occurred in various other European markets as well.

I think the first thing to say is these incidents are very unfortunate and highlight the importance of resilience across the frozen food chain. Our immediate priority has been to support our customers and support our consumers by leveraging the flexibility of our manufacturing and our supply network to restore product availability. More broadly, we're focused on strengthening supply chain resilience throughout our supply chain. This includes maintaining robust cybersecurity across our own operations, ensuring we have appropriate safeguards, ring-fencing capabilities, response protocols in place and so on. And it's worth noting we haven't experienced any cyber incidents within our own operations or our own supply chain to date.

We're also working very closely with our retail partners and logistics providers and suppliers to support efforts to strengthen resilience across the broader frozen food ecosystem. In terms of absolute business impact on Nomad, the net effect has not been material. So temporary freezer outages have reduced category availability and retail sales in the immediate aftermath of these attacks. But that impact has been more than offset by subsequent replenishment orders as customers have had to restock inventories. So as a result, the overall impact on our business has been modest and slightly positive, but not material.

Operator

The next question is from Scott Marks from Jefferies.

Scott Marks

I wanted to just ask first about the holding the guidance and the implications for Q4 because I think it implies a pretty wide range of outcomes for the quarter. So wondering if you can just walk us through some of the puts and takes as we think about the quarter as well as how to think about magnitude of impact or reversal from the tough prior year compares that you called out in the prerecorded remarks.

Ruben Baldew

Yes. Thank you, Scott. Let me take that question. So we have a range and also the guidance, if you look at quarter 4, there's a negative EBITDA. Now the main driver impacting EBITDA is the additional inflation in quarter 4, which we already alluded to earlier, which is mainly driven by the additional inflation on fish. And despite that, we're actually pleased that we have been able to maintain our EBITDA guidance.

The main driver of the range in the fourth quarter is the customer response to our second off-cycle price increase and the associated variability in our shipment patterns. As you know, we have the inflation coming into quarter 4. As we speak, we are taking the pricing, but there's a variability on the impact, how that could play out on our shipments. In addition, as we consistently communicate, any upside relative to our plan will be thoughtfully reinvested to restore incentive compensation, strengthening the business and also supporting sustainable long-term growth. Now -- and to the range, all of those factors appear to already be reflected in current market expectation. And as a result, we don't see a need to alter our outlook at this point.

Scott Marks

Okay. Understood. And then maybe just moving down, if we think about the operating expenses in the quarter, you held them pretty flat versus last year. And you also noted A&P being down in the year as you pulled back on some of the nonworking media. I'm wondering if you can help us understand some of the puts and takes there because previously, I think you had mentioned feeling comfortable about level of marketing spend, but maybe just shifting where it was spent. So wondering if you could just walk us through maybe both puts and takes on SG&A in addition to the A&P.

Dominic Brisby

Yes. So I'll start on the A&P point. So you remember that historically, Nomad spent a very large chunk of its total A&P on what we call nonworking, so essentially things which consumers don't see. As a result of this, we've been able to make sure that the level of working A&P through the course of this year and indeed in this quarter has remained pretty healthy. But we're not afraid to cut A&P when it's not working, when it's not something that consumers see and it's not something that's been visible.

The other thing that's worth saying, of course, as well is that if pricing is wrong, you can spend as much A&P as you like, and it's not going to have much of an impact. And we put enormous effort during the course of this year to make sure that our prices are competitive in the market, and this is something that we're benefiting from in certain areas. In terms of the SG&A, Ruben, maybe you'd like to handle that.

Ruben Baldew

No, sure, Dominic. So if you look at our indirect, and we've spoken before on the bonus rebuild. So if you completely compare SG&A this quarter versus last quarter, there is a kind of year-on-year impact of bonus and bonus rebuild versus what was done last year. If you correct for that, actually, our indirects are down, and that is a result of the fact that we're driving indirect restructuring. We shared at the Analyst Day and also, I think, in previous quarterly calls that we've taken steps on our central overhead costs. We've taken steps on our local organization. We've spoken about marketing. So those are things we're driving down in terms of savings in the indirect. By the way, then it's beyond savings in indirect. As you might have seen, we've also announced a smaller factory closure. So we're also tackling the cost base, excluding indirects, whilst making sure we don't spend a high amount of nonrecurring. And hopefully, you've also seen our nonrecurring, which was down quite a bit. So we're driving all those things. And underlying, we see a reduction of indirect driven by savings.

Operator

The next question is from Angeline Goh from Deutsche Bank.

Voon Pang Goh

This is Angeline on for Steve. Just a quick question on your '27 outlook. Any updates on your inflation targets or savings targets since we last spoke? Oil has moved a little bit from where it was.

Ruben Baldew

Yes, I can answer that. What you see today, also what we reiterated in our prepared remarks, is that we are reiterating the guidance, which we also gave during our Analyst Day. Within that, the assumptions we've given to you during the Analyst Day are unchanged. So you see inflation of around 7%. We -- that's gross inflation. We're driving savings hard, as I just mentioned, and it's not -- it's the biggest amount, but it's, I think, an example of us being decisive and tackling the cost base of small factory closure. So we're estimating savings to be around 3%. With that, we're looking at a net inflation of 4%. We'll tackle that through pricing. But as I said before, it's not only one-dimensional price discussion. We will be quite surgical. In some cases, we'll go to price. In some cases, we go a bit more on volume if we see a volume opportunity.

So I think the overall construct of our plan hasn't changed also in terms of the EBITDA guidance, which we reconfirm to 0% to 2%, and also in terms of driving cash in terms of lower nonrecurring. You've seen our nonrecurring this quarter was less than EUR 4 million. There was a kind of underlying help, maybe underlying was more like EUR 6.5 million, EUR 7 million. So I think the building blocks we've set out to drive top line growth to drive EBITDA growth in a sustainable manner to drive cash flow growth also by lower nonrecurring and therefore, better quality of earnings and therefore, also deleveraging have not changed versus what we set out around a month ago.

Operator

[Operator Instructions]

There are no further questions at this time. I'd like to turn the floor back over to Dominic Brisby for closing comments.

Dominic Brisby

Thank you all very much for joining us today, and thank you for your interest in Nomad Foods.

Operator

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