Full year Adjusted EPS of €1.55 represents 15% growth, and at the top end of guidance

Completes a 5th consecutive year of record annual reported revenue, Adjusted EBITDA and Adjusted EPS

Anticipates a sixth consecutive year of reported revenue growth, organic revenue growth and Adjusted EPS growth in 2022

Nomad Foods Limited (NYSE: NOMD), today reported financial results for the three and twelve-month periods ended December 31, 2021.

Key operating highlights and financial performance for the fourth quarter 2021, when compared to the fourth quarter 2020, include:

• Reported revenue increased 7.0% to €704 million

• Organic revenue decline of 4.5%

• Reported Profit for the period of €29 million

• Adjusted EBITDA decreased 5% to €113 million

• Adjusted EPS of €0.33

Key operating highlights and financial performance for the full year 2021, when compared to the full year 2020, include:

• Reported revenue increased 3.6% to €2,607 million

• Organic revenue decline of 2.1%

• Reported Profit for the period of €181 million

• Adjusted EBITDA increased 4% to €487 million

• Adjusted EPS of €1.55

Management Comments

Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, “We are pleased to report strong operational and financial performance in 2021 and a fifth consecutive year of revenue, Adjusted EBITDA and Adjusted EPS growth. Following an exceptional year of growth in 2020, we focused this year on consolidating our consumer gains through product innovation and impactful promotion, while ensuring our supply chain was fit for purpose as we drove investments in capacity expansion and efficiency programs. Despite a difficult operating environment, we delivered a 4% increase in Adjusted EBITDA to €487 million and a 15% increase in Adjusted EPS to €1.55, reflecting the resilience of our operating model, the strength of our brands and our focus on maximizing value for our shareholders.”

Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “Our 2021 results mark a new record level of financial performance for our company. In addition to delivering Adjusted EPS at the top-end of guidance, this year's notable achievements include a successful refinancing of our debt, the integration of Findus Switzerland, the acquisition of Fortenova's frozen food business for €615 million, as well as over $75 million of share repurchases during the fourth quarter. Having established a strong platform for growth over the last five years, we are confident our business is well-positioned to repeat this pattern of growth in 2022 and beyond."

Fourth Quarter of 2021 results compared to the Fourth Quarter of 2020

• Revenue increased 7.0% to €704 million. Organic revenue decline of 4.5% was driven by a 3.1% decline in volume/mix and a 1.4% decline in price.

• Adjusted gross profit decreased 10% to €186 million. Adjusted Gross margin declined 500 basis points to 26.5% due to cost of goods inflation and promotions. The inclusion of Findus Switzerland and Fortenova Frozen, whose margins are seasonally low during the fourth quarter, diluted gross margins by 150 basis points. Fortenova Frozen's gross margins are expected to be slightly accretive on a full year basis in 2022.

• Adjusted operating expenses decreased 9% to €94 million, reflecting a more normalized level of Advertising and promotion spend relative to the prior year where the company invested €10 million behind new consumer retention and brand building activities. Indirect expenses increased in-line with revenues.

• Adjusted EBITDA decreased 5% to €113 million and Adjusted Profit after tax decreased 15% to €58 million due to the aforementioned factors.

• Adjusted EPS decreased 13% to €0.33, reflecting growth in Adjusted Profit after tax. Reported EPS decreased 50% to €0.16.

Year Ended 2021 results compared to the Year Ended of 2020

• Revenue increased 3.6% to €2,607 million. Organic revenue decline of 2.1% was driven by a 1.6% decline in volume/mix and a 0.5% decline in price.

• Adjusted gross profit decreased 1% to €753 million. Adjusted Gross margin declined 140 basis points to 28.9% due to cost of goods inflation and mix from the acquisitions of Findus Switzerland and Fortenova Frozen.

• Adjusted operating expenses decreased 7% to €338 million reflecting a decline in both Advertising and promotion and Indirect expense.

• Adjusted EBITDA increased 4% to €487 million and Adjusted Profit after tax increased 5% to €277 million, due to the aforementioned factors.

• Adjusted EPS increased 15% to €1.55 and Reported EPS decreased 11% to €1.02.

2022 Guidance

For the full year 2022, management expects double digit growth in Adjusted EPS to a range of €1.71 to €1.75. Full year guidance assumes reported revenue growth of high single-digit percentage and organic revenue growth at a low-single digit percentage.

Conference Call and Webcast

The Company will host a conference call with members of the executive management team to discuss these results today, Thursday, February 24, 2022 at 1:30 p.m. GMT (8:30 a.m. Eastern Standard Time). A live audio webcast of the conference call and an accompanying presentation will both be available at Nomad Foods’ website at www.nomadfoods.com under Investor Relations. A replay of the webcast will be available on the Company website for two weeks following the event. Additionally, participants in North America may access the live call by dialing +1-877-451-6152 and international participants may dial +1-201-389-0879; the passcode is 13726325#.

About Nomad Foods

Nomad Foods (NYSE: NOMD) is Europe’s leading frozen food company. The Company’s portfolio of iconic brands, which includes Birds Eye, Findus, iglo, Ledo and Frikom, have been a part of consumers’ meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad Foods is headquartered in the United Kingdom. Additional information may be found at www.nomadfoods.com.

Financial Information

The audit of the financial information included in this press release has not been completed. As a result, such financial information is preliminary, constitutes forward-looking statements and is subject to adjustment based on completion of the audit process. The Company expects to file its audited financial results in early March.

Nomad Foods is presenting Adjusted and Organic financial information, which is considered non-IFRS financial information, for the three and twelve months ended December 31, 2021 and for comparative purposes, the three and twelve months ended December 31, 2020.

Adjusted financial information for the three and twelve months ended December 31, 2021 and 2020 presented in this press release reflects the historical reported financial statements of Nomad Foods, adjusted primarily for share based payment expenses and related employer payroll taxes, non-operating M&A related costs, acquisition purchase price adjustments, exceptional items and foreign currency exchange charges/gains.

Adjusted EBITDA is profit or loss for the period before taxation, net financing costs, depreciation and amortization, adjusted to exclude, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges and other unusual or non-recurring items. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EBITDA provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.

Adjusted EBITDA should not be considered as an alternative to profit/(loss) for the period, determined in accordance with IFRS, as an indicator of the Company’s operating performance.

Adjusted Profit for the period is defined as profit for the period excluding, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, unissued preferred share dividends, as well as certain other items considered unusual or non-recurring in nature. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted Profit after tax provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.

Adjusted EPS is defined as basic earnings per share excluding, when they occur, the impacts of exited markets, acquisition purchase price adjustments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, unissued preferred share dividends, as well as certain other items considered unusual or non-recurring in nature. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EPS provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.

Organic revenue growth/(decline) is an adjusted measurement of our operating results. The comparison for the three and twelve months ended December 31, 2021 and 2020 presented in this press release takes into consideration only those activities that were in effect during both time periods. Organic revenue growth/(decline) reflects reported revenue adjusted for currency translation and non-comparable trading items such as expansion, acquisitions, disposals, closures, trading day impacts or any other event that artificially impacts the comparability of our results.

Adjusted Gross Profit and adjusted gross margin exclude acquisition purchase price adjustments within cost of goods sold.

Adjustments for currency translation are calculated by translating data of the current and comparative periods using a budget foreign exchange rate that is set once a year as part of the Company's internal annual forecast process.

Adjusted and Organic non-IFRS financial information should be read in conjunction with the unaudited financial statements of Nomad Foods included in this press release as well as the historical financial statements of the Company previously filed with the SEC.

Nomad Foods believe its non-IFRS financial measures provide an important additional measure with which to monitor and evaluate the Company’s ongoing financial results, as well as to reflect its acquisitions. Nomad Foods’ calculation of these financial measures may be different from the calculations used by other companies and comparability may therefore be limited. The Adjusted and Organic financial information presented herein is based upon certain assumptions that Nomad Foods believes to be reasonable and is presented for informational purposes only and is not necessarily indicative of any anticipated financial position or future results of operations that the Company will experience. You should not consider the Company’s non-IFRS financial measures an alternative or substitute for the Company’s reported results and are cautioned not to place undue reliance on these results and information as they may not be representative of our actual or future results as a Company.

Please see on pages 8 to 16, the non-IFRS reconciliation tables attached hereto and the schedules accompanying this release for an explanation and reconciliation of the Adjusted and Organic financial information to the most directly comparable IFRS measure.

Nomad Foods Limited

Reconciliation of Non-IFRS Financial Measures

(In € millions, except per share data)

The following table reconciles adjusted financial information for the three months ended December 31, 2021 to the reported results of Nomad Foods for such period.

Nomad Foods Limited

Reconciliation of Non-IFRS Financial Measures (continued)

The following table reconciles Adjusted EBITDA for the three months ended December 31, 2021 to the reported results of Nomad Foods for such period.

Nomad Foods Limited

Reconciliation of Non-IFRS Financial Measures (continued)

The following table reconciles Adjusted financial information for the three months ended December 31, 2020 to the reported results of Nomad Foods for such period.

Nomad Foods Limited

Reconciliation of Non-IFRS Financial Measures (continued)

The following table reconciles Adjusted EBITDA for the three months ended December 31, 2020 to the reported results of Nomad Foods for such period.

Adjusted EBITDA (unaudited)

Three Months Ended December 31, 2020

Nomad Foods Limited

Reconciliation of Non-IFRS Financial Measures (continued)

The following table reconciles adjusted financial information for the twelve months ended December 31, 2021 to the reported results of Nomad Foods for such period.

Nomad Foods Limited

Reconciliation of Non-IFRS Financial Measures (continued)

The following table reconciles Adjusted EBITDA for the twelve months ended December 31, 2021 to the reported results of Nomad Foods for such period:

Nomad Foods Limited

Reconciliation of Non-IFRS Financial Measures (continued)

The following table reconciles Adjusted financial information for the twelve months ended December 31, 2020 to the reported results of Nomad Foods for such period.

Nomad Foods Limited

Reconciliation of Non-IFRS Financial Measures (continued)

The following table reconciles Adjusted EBITDA for the twelve months ended December 31, 2020 to the reported results of Nomad Foods for such period:

Nomad Foods Limited

Adjusted Financial Information (continued)

Appendix 1: Reconciliation from reported to organic revenue growth/(decline)

Year on Year Growth - December 31, 2021 compared with December 31, 2020:

Forward-Looking Statements

Forward-Looking Statements and Disclaimers

Certain statements in this announcement are forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts, including expectations regarding future operating and financial performance of the Company, including the Company's 2022 preliminary guidance with respect to reported revenue growth, organic revenue growth, Adjusted EPS and Adjusted EPS growth. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) the Company’s ability to successfully identify suitable acquisition targets and adequately evaluate the potential performance of such acquisition targets; (ii) the Company’s ability to successfully implement its strategies (including its M&A strategy) and strategic initiatives and to recognize the anticipated benefits of such strategic initiatives; (iii) the Company’s ability to accurately predict the performance of its Green Cuisine brand and the Findus Switzerland and Fortenova Frozen businesses' and their impact on the Company’s growth; (iv) the Company’s ability to effectively compete in its markets, including the ability of Green Cuisine to effectively compete in Continental Europe; (v) changes in consumer preferences, such as meat substitutes, and the Company’s failure to anticipate and respond to such changes or to successfully develop and renovate products; (vi) the effects of reputational damage from unsafe or poor quality food products; (vii) the risk that securities markets will react negatively to actions by the Company; (viii) the adequacy of the Company’s cash resources to achieve its anticipated growth agenda; (ix) increases in operating costs, including labor costs, and the Company’s ability to manage its cost structure; (x) fluctuations in the availability of food ingredients and packaging materials that the Company uses in its products; (xi) the Company’s ability to effectively mitigate factors that negatively impact its supply of raw materials; (xii) the Company’s ability to protect its brand names and trademarks; (xiii) uncertainty about the terms of the trade agreement between the UK and the EU associated with Brexit, as well as the potential adverse impact of Brexit on currency exchange rates, global economic conditions and cross-border agreements that affect the Company’s business; (xiv) loss of the Company’s financial arrangements with respect to receivables factoring; (xv) the loss of any of the Company’s major customers or a decrease in demand for its products; (xvi) economic conditions that may affect the Company’s future performance including exchange rate fluctuations; (xvii) the Company’s ability to successfully interpret and respond to key industry trends and to realize the expected benefits of its responsive actions; (xviii) the Company’s failure to comply with, and liabilities related to, environmental, health and safety laws and regulations; (xix) changes in applicable laws or regulations; and (xx) the other risks and uncertainties disclosed in the Company’s public filings and any other public disclosures by the Company. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This release and referenced conference call is provided for informational purposes only and does not constitute an offer to sell, or an invitation to subscribe for, purchase or exchange, any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this press release in any jurisdiction in contravention of applicable law.

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

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