Nomad Foods Ltd (NOMD) 2025 Q1 法說會逐字稿

Good day ladies and gentlemen, and welcome to the Nomad Foods first quarter 2025 conference call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. Please note that this conference has been recorded. I would now like to turn the conference over to Mr. Jason English, head of investor relations. Please go ahead.

女士們、先生們，大家好，歡迎參加 Nomad Foods 2025 年第一季電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。請注意，本次會議已被記錄。現在，我想將會議交給投資者關係主管 Jason English 先生。請繼續。

Hello and welcome to Nomad Food's first quarter 2025 earnings call. I am Jason English, head of investor relations, and I'm joined on the call by Stéfan Descheemaeker, our CEO, and Reuben Balde, our CFO. By now everyone should have access to the earnings release for the period ending March 30th, 2025, that was published at approximately 6:45 a.m. Eastern time. The press release and investor presentation are available on Nomad Foods' website at Nomadfoods.com. This call is being webcast, and a replay will be available on the company's website. This conference call will include forward-looking statements that are based on our view of the company's prospects, expectations, and intentions at this time. Actual results may differ due to the risk and uncertainties which are discussed in our press release, our filings for the SEC and our investor presentation, which includes cautionary language.

您好，歡迎參加 Nomad Food 2025 年第一季財報電話會議。我是投資者關係主管 Jason English，與我一起參加電話會議的還有我們的執行長 Stéfan Descheemaeker 和我們的財務長 Reuben Balde。現在，每個人都應該可以看到截至 2025 年 3 月 30 日的收益報告，該報告於美國東部時間上午 6:45 左右發布。新聞稿和投資者簡報可在Nomad Foods網站Nomadfoods.com上查閱。本次電話會議將進行網路直播，重播將在公司網站上提供。本次電話會議將包括基於我們對公司當前前景、預期和意圖的看法的前瞻性陳述。由於我們在新聞稿、提交給美國證券交易委員會的文件和投資者介紹中討論過的風險和不確定性（包括警告性語言），實際結果可能會有所不同。

We will discuss non IFRS financial measures during the call today. These non-IFRS financial measures should not be considered replacement for. It should be read together with IFRS results. Users can find the IRFRS 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 for the first quarter of 2024 and 2025. All adjusted figures have been adjusted primarily for, when applicable, share-based payment expenses and related employer payroll taxes, exceptional figures, and foreign currency translation charges, or gains unless otherwise noted, comments from here on refer to those adjusted numbers. With that, I will hand it over to Stan.

我們將在今天的電話會議中討論非國際財務報告準則的財務指標。這些非國際財務報告準則的財務指標不應被視為替代指標。它應該與 IFRS 結果一起閱讀。使用者可以在我們的收益報告和我們網站上幻燈片演示末尾的附錄中找到 IRFRS 與非 IFRS 的對帳。請注意，本簡報中的某些財務資訊代表 2024 年和 2025 年第一季的調整後資料。所有調整後的數字主要根據適用的股份支付費用和相關雇主工資稅、特殊數字和外幣折算費用或收益進行了調整，除非另有說明，從此處開始的評論均指這些調整後的數字。說完這些，我就把它交給史丹。

Thank you, Jason. Nomad Foods has now entered its 10th year as a public company, and the environment in which we celebrate our 10th anniversary is so far proving to be anything but boring. The good news is that we have built a resilient organization and portfolio that is willing to weather the current economic environment. Our leading brands remained healthy and as I will illustrate a few moments, our category in Europe is strong. Furthermore, I remain confident in our strategy. Our commercial flywheel is spinning at a good rate, producing attractive innovation, impactful merchandizing and compelling advertising. And while performance can be choppy month to month or even quarter to quarter, I think you would agree that the trend line of our underlying improvement highlights the strength of our business model. And with that, let me turn my attention to result on slide 3.

謝謝你，傑森。Nomad Foods 作為上市公司現已進入第十個年頭，到目前為止，我們慶祝十週年的環境一點也不無聊。好消息是，我們已經建立了一個有韌性的組織和投資組合，願意經得起當前經濟環境的考驗。我們的領先品牌保持健康，正如我稍後將說明的那樣，我們在歐洲的類別很強大。此外，我對我們的策略仍然充滿信心。我們的商業飛輪正以良好的速度旋轉，產生有吸引力的創新、有影響力的商品推銷和引人注目的廣告。儘管業績可能每個月甚至每季都會波動，但我想您會同意，我們潛在改善的趨勢線凸顯了我們商業模式的優勢。現在，讓我將注意力轉向幻燈片 3 上的結果。

Retail sell through rose modestly in the quarter, which was in line with expectations. Recall last quarter that we got it to a slower start of the year, given the timing of our growth initiatives as well as the later Easter this year. This largely played out as expected. And I'm pleased that the organization was able to deliver another 25% of gross margin expansion. This, as well as overweight savings that we are just now beginning to realize help fund a double digit increase in the ANP this quarter. And our strong cash flow has allowed us to continue returning cash to shareholders and reinvest in our business. In fact, in the first quarter, we repurchased EUR49 million of shares and paid our EUR25 million of dividends. It collected EUR74 million in the first quarter marks a 152% increase versus what we return to shareholders in the first quarter last year.

本季零售額小幅上漲，符合預期。回想一下上個季度，由於我們成長計畫的時間安排以及今年復活節較晚，我們今年的開局比較緩慢。這基本上符合預期。我很高興公司能夠再實現 25% 的毛利率成長。這一點，以及我們剛開始意識到的超額儲蓄，有助於資助本季 ANP 的兩位數成長。強勁的現金流使我們能夠繼續向股東返還現金並對我們的業務進行再投資。事實上，在第一季度，我們回購了價值 4,900 萬歐元的股票，並支付了 2,500 萬歐元的股息。第一季我們向股東返還的金額為 7,400 萬歐元，比去年第一季成長了 152%。

We have a lot to celebrate, but at the same time I recognize that our industry is facing headwinds to overcome. Our net sales, for example, lag sells through by a larger negative than expected amount in the 1st quarter, as we see it is greater than expected retailing events really stocking across Europe. Meanwhile, we are seeing some increased value-seeking behavior by consumers, and the input cost outlook has modestly increased. We will also cost pressure with targeted pricing as we have successfully done in the past. But these increases will take time to fully implement and rather than curtail investment to mitigate some of these headwinds, we continue to invest behind our brands and products for the long-term health of our business.

我們有很多值得慶祝的事情，但同時，我意識到我們的行業正面臨著需要克服的阻力。例如，我們的淨銷售額在第一季落後於銷售量，比預期的負值要大，因為我們看到它比預期的整個歐洲的零售活動庫存要大。同時，我們看到消費者尋求價值的行為增加，投入成本前景也略有上升。我們還將透過有針對性的定價來應對成本壓力，就像我們過去成功做到的那樣。但這些成長需要時間才能完全實施，我們不會削減投資來緩解一些不利因素，而是繼續投資我們的品牌和產品，以確保我們業務的長期健康發展。

Based on these factors, we believe it is prudent to lower our full year organic revenue, adjusted and adjusted the EPS growth ranges for the full year 2025. Ruben will share more details on the quarter and full year outlook in a few minutes. I do not want this non-volatility and retailer inventory destocking to detract from the bigger picture. As you have heard us say before, we have a category and portfolio advantage that positions us for long term success. As you can see on slide 4, the frozen category in Europe remains healthy. Growth of the category slowed in 2024, but it has recently accelerated, driven by improved volume and value gains, and is once again outpacing the overall food market.

基於這些因素，我們認為降低全年有機收入、調整並調整 2025 年全年每股收益成長範圍是謹慎的做法。幾分鐘後，魯本將分享有關本季和全年展望的更多細節。我不希望這種非波動性和零售商庫存去庫存現象損害整體前景。正如您之前聽到我們所說的，我們擁有類別和產品組合優勢，這使我們能夠取得長期成功。正如您在幻燈片 4 上看到的，歐洲的冷凍食品類別仍然保持健康。2024 年，該類別的成長速度有所放緩，但最近在銷售和價值成長的推動下有所加速，並再次超過整體食品市場。

We expect the category growth in the near term to remain choppy, especially in markets like the UK, where industry-wide promotion activity is being reduced to offset inflation. But we do believe the categories of performance versus the whole overall food industry is a long-term dynamic. The frozen category has outgrown the overall food industry by nearly 1% point over the past decade, and we are happy to see it resuming its leadership position. The category continues to benefit from the secular trends of convenience, sustainability, value, and great tasting food.

我們預計短期內該類別的成長仍將保持波動，尤其是在英國這樣的市場，該行業的促銷活動正在減少，以抵消通貨膨脹。但我們確實相信，績效類別與整個食品產業相比是一個長期動態。過去十年，冷凍食品類別的成長率比整體食品產業高出近 1%，我們很高興看到它恢復了領導地位。該類別繼續受益於便利性、永續性、價值和美味食品的長期趨勢。

In fact, with the adoption of air fryers, we are increasingly able to deliver restaurant quality food from the freezer with lower preparation times and higher consumer satisfaction than prior preparation methods, while saving consumers substantial money relative to the restaurant's alternative. We are excited about the long-term growth of Partino category, and we especially appreciate how our portfolio is positioned within it. As a reminder, 2/3 of our revenue is generated from lean proteins and vegetables, and 94% of our UK and Western Europe revenue is generated from products deemed a healthy meal choice by the UK government.

事實上，隨著氣炸鍋的採用，我們越來越能夠從冰箱中提供餐廳品質的食物，與以前的準備方法相比，準備時間更短，消費者滿意度更高，同時相對於餐廳的替代方案，消費者還可以節省大量資金。我們對 Partino 類別的長期成長感到興奮，我們特別欣賞我們的產品組合在其中的定位。提醒一下，我們的 2/3 收入來自瘦蛋白和蔬菜，我們英國和西歐 94% 的收入來自英國政府視為健康膳食選擇的產品。

We believe we are well positioned to meet consumers' evolving nutritional needs. We believe this sports advantage combined with our effective strategy and go to market playbook. Was a key contributor to the improved market share performance we achieved over the last six months of 2024, as you can see on slide 5. These share gains have stalled in the first quarter of 2025, but this was largely as expected. As I mentioned earlier, many of our key growth initiatives are scheduled to begin the 2nd quarter. These initiatives are centered around our mushroom battles, especially fish, while our investment behind our growth platforms has continued at a steady pace. And that investment is paying off. Net sales for gross platforms rose 36% year over year in the first quarter.

我們相信我們有能力滿足消費者不斷變化的營養需求。我們相信，這一體育優勢與我們有效的策略和市場策略相結合。正如您在幻燈片 5 中看到的那樣，這是我們在 2024 年最後六個月實現市場份額提升的關鍵因素。這些份額的成長在 2025 年第一季停滯不前，但這基本上是意料之中的。正如我之前提到的，我們的許多關鍵成長計劃都計劃在第二季開始。這些舉措都圍繞著我們的蘑菇之戰，特別是魚類之戰，同時我們對成長平台的投資也一直保持著穩定的速度。這項投資正在獲得回報。第一季度，各平台淨銷售額較去年同期成長36%。

Chicken remains a success story for us, and the team has also delivered impressive wins in other categories. In the UK, for example, we now have a nearly 2% share of the frozen sheep market versus 0% this time last year and in Germany we have doubled our retail sales of prepared meals year on year in the 1st quarter. We will continue to invest behind these growth platforms to keep our momentum going. But at the same time, we will not lose focus on our battles. So, let's pivot to acceleration plans behind our battles. We have exciting plans to drive growth behind all our Muslim battles, but I'm especially excited about the new news we have this year to grow our portfolio. Fish is critical to our success. It accounts for 1/3 of a review and is margin equity. We have; we are fortunate that this nutrition profile plays so well into the evolving consumer nutritional demands as a nutrient-rich source of lean protein that tastes great. It is our job to ensure that it remains exciting and top of mind for consumers, and we have a fully integrated playbook designed to do just that.

雞肉對我們來說仍然是一個成功的故事，而且團隊在其他類別中也取得了令人矚目的勝利。例如，在英國，我們現在佔有冷凍羊肉市場的近 2% 份額，而去年同期為 0%；在德國，我們第一季的熟食零售額比去年同期成長了一倍。我們將繼續投資這些成長平台，以保持我們的發展勢頭。但同時，我們也不會忘記自己的戰鬥。因此，讓我們轉向戰鬥背後的加速計劃。我們制定了令人興奮的計劃來推動所有穆斯林戰鬥的成長，但我對今年擴大投資組合的新消息感到特別興奮。魚對於我們的成功至關重要。它佔評論的1/3，是保證金權益。我們有；我們很幸運，這種營養成分能夠很好地滿足消費者不斷變化的營養需求，成為一種營養豐富、味道鮮美的瘦肉蛋白來源。我們的工作是確保它始終讓消費者感到興奮並始終關注它，我們有一個完全整合的劇本來做到這一點。

Starting with advertising. Later this year, we will be launching a new master brand advertising campaign that reinforces the taste appeal and positive nutrition profile of our frozen food brands. And of course, our fish portfolio will be one of the stars in the campaign. As these ads are airing, we will simultaneously be executing impactful merchandizing activity to drive import purchases at retail while ensuring the optimal value equation for consumers and we are investing in our products. Renovation plays an important role.

從廣告開始。今年晚些時候，我們將推出一項新的主品牌廣告活動，以強化我們冷凍食品品牌的口味吸引力和積極的營養狀況。當然，我們的魚類產品組合將成為活動的明星之一。在這些廣告播出的同時，我們將同時進行有影響力的商品推銷活動，以推動零售進口購買，同時確保消費者獲得最佳價值，並對我們的產品進行投資。翻新起著重要作用。

We are committed to always delivering the best quality and are currently investing in renovating our fish fingers to deliver more taste, more crunch, more delight. These new improved products will be rolling out through this year. Innovation is also a critical part of the plan, and we have a long history of developing better tasting, more appetizing offerings that are proven to drive consumer demand. We remain on track to increase our innovation as a percentage of sales ratio again in 2025 and fish is an important part of this plant.

我們致力於始終提供最優質的產品，目前正在投資改進我們的魚條，以提供更多口味、更脆、更美味的產品。這些新改進的產品將在今年推出。創新也是該計劃的關鍵部分，我們長期以來一直致力於開發味道更好、更誘人的產品，事實證明這些產品能夠滿足消費者的需求。我們仍有望在 2025 年再次提高創新佔銷售額的百分比，而魚類是工廠的重要組成部分。

On slide 6, you can see the new captain's discovery line that has recently launched in the UK. These products are anchored in flavor excitement and help us keep ours for the modern, with great tasting products and new varieties for consumers to spice up their dinner. Also on this slide, you can see our fish baths a brand of products that we launched in Italy last year. Italy is an interesting case study for us. This time last year, the country management team was embarking on the same path that we are now pursuing across many markets. They sought to accelerate fish growth through a playbook very similar to what I have been describing. Italian team leaned in with a fully integrated plan, strong media investment was overlaid with impactful merchandizing events that hit relevant price points while being integrated with theatrical promotions such as a Playmobil event. And it was supported by both renovation and innovation behind of a brand. You can see some of these of these products on this slide. And results speak for themselves.

在第 6 張投影片上，您可以看到最近在英國推出的全新船長探索系列。這些產品以刺激的口味為基礎，幫助我們保持現代感，為消費者提供美味的產品和新品種來為他們的晚餐增添風味。另外，在這張投影片上，您可以看到我們去年在義大利推出的魚浴產品品牌。對我們來說，義大利是一個有趣的案例研究。去年這個時候，國家管理團隊正走上我們現在在許多市場所追求的相同道路。他們試圖透過與我所描述的非常相似的策略來加速魚類的生長。義大利團隊傾力打造了一套全面整合的計劃，強大的媒體投資與具有影響力的商品推銷活動相結合，達到了相關的價格點，同時也與 Playmobil 活動等戲劇促銷活動相結合。而這背後，是品牌的革新與創新支撐。您可以在這張投影片上看到其中一些產品。結果不言而喻。

Growth improved for both arsenal categories. Retail sales for fish products accelerated to 6% in Italy in the fourth quarter of last year and rose 9% in the first quarter of this year. And while we're gaining share, we're also supporting category growth, which is up 6% so far this year. Fish has been a meaningful contributor to this growth, and the brand is helping us expand cattle consumption with offerings for a snack or mini meal occasion. Occasions where fish and especially fish fingers, have not historically been considered an attractive option. We are seeing the brand's buy rate among existing fish consumers grow while at the same time fish bar is attracting new consumers to the category. We are growing penetration with younger and higher income consumers. We are breathing new life and relevance into fish fingers in Italy, and I'm excited to see what we can accomplish in other markets this year.

兩種武器類別的成長均有所改善。去年第四季度，義大利魚類產品零售額成長 6%，今年第一季成長 9%。在我們擴大市場份額的同時，我們也在支持品類成長，今年迄今品類成長了 6%。魚類對這一增長做出了重要貢獻，該品牌透過提供零食或小餐來幫助我們擴大牛肉消費。在某些情況下，魚，尤其是魚條，在歷史上並不被認為是一種有吸引力的選擇。我們看到該品牌在現有魚類消費者中的購買率正在成長，同時魚吧也吸引新的消費者。我們正在不斷提高年輕和高收入消費者的滲透率。我們正在為義大利的魚條注入新的活力和意義，我很高興看到今年我們在其他市場的成就。

So, while the environment is not easy and we are facing some headwinds, we have a lot to look forward to. We are confident that organic sales will return to growth beginning in the 2nd quarter, and we expect to achieve profitable growth for the remainder of the year and beyond. With that, let me turn it to Reuben to take you through our results and not look in more detail, Reuben.

因此，儘管環境並不容易，我們也面臨一些阻力，但我們仍有許多值得期待的事情。我們相信，有機銷售額將從第二季開始恢復成長，我們預計今年剩餘時間及以後將實現獲利成長。有了這些，讓我把話題轉到魯本身上，讓他向你介紹我們的結果，而不是更詳細地介紹，魯本。

Thank you, Stefan, and good morning everyone. Let me get right into the results. As you can see on slides 7 and 8 for the first quarter, reported net revenues decreased by 3% to EUR760 million. Organic sales declined 3.6% with volume declining minus 3.7%, while price make inflected into slight positive territory. Retail sell through though was slightly positive in the quarter and plus 0.2%, which means that our selling let sell through by nearly 4% points in the quarter. We believe that the later timing of Easter this year accounted for roughly 1% point of the GAAP, and we expect to recover that in the second quarter.

謝謝你，史蒂芬，大家早安。讓我直接看看結果。正如您在第一季的第 7 張和第 8 張投影片中看到的那樣，報告的淨收入下降了 3%，至 7.6 億歐元。有機銷售額下降 3.6%，銷量下降 3.7%，但價格略有上漲。不過，本季零售額略有成長，成長了 0.2%，這意味著本季我們的銷售額成長了近 4%。我們認為，今年復活節的較晚時間約佔 GAAP 的 1%，我們預計第二季將恢復這一水平。

We attribute the remainder of the GAAP to retailer inventory destocking, which was greater than we had expected. We believe that retailers are likely to keep inventory levels at this now lower level. As a result, we do not expect to benefit from retailers building inventory back up in the future. Despite the Top10 leverage in the quarter, we were pleased to grow our growth margin by 90 basis year on year to 27.8%. Productivity savings from our supply chain team contributed to the gross margin extension, as did lapping and negative inventory revaluation had been in the first quarter of 24.

我們將 GAAP 的剩餘部分歸因於零售商庫存去庫存，這一數字超出了我們的預期。我們相信零售商可能會將庫存水準維持在目前較低的水準。因此，我們預期未來零售商增加庫存不會帶來任何好處。儘管本季槓桿率排名前十，但我們仍很高興看到我們的成長幅度年增 90 個基點，達到 27.8%。我們的供應鏈團隊的生產力節省有助於提高毛利率，24 年第一季的搭接和負庫存重估也起到了同樣的作用。

Moving down the P&L, adjusted operating expenses rose 3% year on year in the first quarter. This was entirely driven by a double digit increase in A&P. In fact, our overhead expands modestly contracted year on year despite underlying inflation. Over the past 2 years we have made meaningful investments in areas such as cybersecurity and revenue growth management capabilities. With these capabilities now established, we have begun to drive inefficiencies out of our overhead expenses. We were happy to see these efforts begin to drive returns this quarter. But despite these savings, our adjusted EBITDA decreased 1.8% year on year to EUR120 million while adjusted EPS fell 5.4% to EUR0.35 given the net sales contraction.

損益表中，第一季調整後的營運費用年增 3%。這完全是由廣告和宣傳費用的兩位數增長所推動的。事實上，儘管有潛在通貨膨脹，但我們的管理費用比去年同期卻略有增加。在過去的兩年裡，我們在網路安全和收入成長管理能力等領域進行了有意義的投資。隨著這些能力的建立，我們已經開始消除管理費用的低效率。我們很高興看到這些努力開始推動本季的回報。但儘管有這些節省，由於淨銷售額萎縮，我們的調整後 EBITDA 年比下降 1.8% 至 1.2 億歐元，而調整後 EPS 下降 5.4% 至 0.35 歐元。

Turning to cash flow on slide 9, higher working capital pressure free cash flow in the quarter, causing our adjusted free cash flow conversion ratio as a percentage of after-tax profits to fall to 24%. The primary driver of the unfavorable working capital was higher finished goods inventories. We produced products for East in the quarter, but those did not ship until the second quarter. The greater than expected retailer inventory destocking also contributed to higher inventory levels given the associated sales shortfall. Neither of these dynamics should have an impact on the full year cash flow. Turning to use of cash, as Stefan mentioned, we continue to return cash to shareholders. In the first quarter, we repurchased roughly EUR49 million of shares while paying out slightly more than EUR25 million dividends. The collective return of nearly EUR75 million was only 52% higher than the first quarter of 24. And last week we declared a quarterly dividend of $17 cents, which is 13% higher than the same dividend last year.

談到第 9 張投影片上的現金流，本季更高的營運資本給自由現金流帶來壓力，導致我們調整後的自由現金流轉換率佔稅後利潤的百分比下降至 24%。營運資本不利的主要原因是成品庫存增加。我們在本季為東部生產了產品，但這些產品直到第二季才出貨。由於銷售額不足，零售商庫存去化程度超出預期，也導致庫存水準上升。這兩種動態都不會對全年現金流產生影響。談到現金的使用，正如史蒂芬所提到的，我們繼續向股東返還現金。第一季度，我們回購了約 4,900 萬歐元的股票，同時支付了略高於 2,500 萬歐元的股息。集體回報近 7,500 萬歐元，僅比 24 年第一季高出 52%。上週我們宣布季度股息為 17 美分，比去年同期股息高出 13%。

Turning to our guidance for 2025 on slide 10. As I previously mentioned, we do not expect to recover the sales we lost in the first quarter due to retailer inventory de stocking. In addition, the macro uncertainty has caused us to risk adjust our forecast further, especially in the UK, where the category is cycling a tough comparison in the 2nd quarter and where we are seeing some downturn from consumers. As a result, we have lowered a full year organic sales growth outlook to 0 to 2% growth versus a prior outlook of 1 to 3% growth. On top of the lower sales outlook, we also now foresee slightly more cost pressure coming from some of our input costs. We expect to be able to accept much of these higher costs with incremental pricing. As those of you who have followed us for a while know, we have a long track record of successfully taking price to recover cost increases. We expect these increases will take time to implement and the cost price lag is likely to result in cross margin pressure in the near term.

請參閱第 10 張投影片，以了解我們對 2025 年的指導。正如我之前提到的，我們預計第一季因零售商庫存減少而損失的銷售額不會得到彌補。此外，宏觀不確定性導致我們進一步調整預測的風險，特別是在英國，該類別在第二季度經歷了艱難的比較，並且我們看到消費者的消費有所下滑。因此，我們將全年有機銷售額成長預期從先前的 1% 至 3% 下調至 0% 至 2%。除了銷售前景下降之外，我們也預期部分投入成本將帶來略大的成本壓力。我們期望能夠透過增量定價來接受大部分更高的成本。正如那些關注我們一段時間的人所知，我們在透過降價來收回成本上漲方面有著長期的成功記錄。我們預計這些成長將需要一些時間來實現，並且成本價格滯後可能會在短期內導致交叉利潤壓力。

We have the flexibility within our P&L to upset the impact of the incremental cost pressure and slightly lower sales growth by curtailing some of our investments in our brands and product renovations, but we are focused on ensuring that we continue to invest in the long-term health of our business. As a result, we are lowering our full year adjusted EBITDA guidance to 0% 2% year on year growth from a prior outlook of 2 to 4% growth. The impact of the low EBITDA outlook is partially offset at the APS line per share repurchases. As a result, we have widened our EPS growth outlook at the low end, resulting in a range of 2 to 6% growth versus a prior outlook of 4 to 6% growth. This equates to EUR1.82 to EUR1.89 or $2.07 to $2.15 at recent exchange rates. Turning to free cash flow, we continue to expect a conversion ratio of 90% or greater as we expect the timing related heads to cash flow in the first quarter to reverse throughout the year.

我們的損益表具有靈活性，可以透過減少對品牌和產品革新的部分投資來抵消增量成本壓力和略低的銷售成長帶來的影響，但我們專注於確保繼續投資於業務的長期健康。因此，我們將全年調整後 EBITDA 預測從先前的 2% 至 4% 的成長下調至 0% 至 2% 的年成長。EBITDA 前景較低帶來的影響被 APS 每股回購部分抵銷。因此，我們擴大了每股盈餘成長預期的低端範圍，實際成長範圍為 2% 至 6%，而先前預期的成長範圍為 4% 至 6%。以最近的匯率計算，這相當於 1.82 歐元兌 1.89 歐元或 2.07 美元兌 2.15 美元。談到自由現金流，我們繼續預計轉換率將達到 90% 或更高，因為我們預計第一季與現金流相關的時間因素將在全年逆轉。

All in while we face some incremental headwinds that we had not expected at the start of the year, we continue to feel good about the underlying health of our business. Our flywheel is working and we have compelling and well funded marketing, merchandizing, innovation, and renovation plan scheduled for the remainder of the year. We expect these plans to drive resumed top line growth beginning in the 2nd quarter and sustain improved momentum throughout the remainder of the year. While the macro environment has become increasingly uncertain, we believe that our updated outlook affords us the flexibility to navigate incremental headwinds should they arise. With that, I will now turn the call back to the operator to open the line for questions.

儘管我們面臨著年初未曾預料到的一些漸進式阻力，但我們對業務的基本健康狀況仍然感到樂觀。我們的飛輪正在運轉，我們為今年剩餘時間制定了引人注目且資金充足的行銷、銷售、創新和革新計劃。我們預計這些計劃將從第二季開始推動恢復收入成長，並在今年剩餘時間內保持成長動能。儘管宏觀環境變得越來越不確定，但我們相信，更新後的展望將使我們能夠靈活地應對可能出現的逐步增加的逆風。說完這些，我現在將電話轉回給接線生，以便開通問答熱線。

Thank you. We will now begin the question-and-answer session. To ask a question, you may press 1 on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then too. At this time, we will pause momentarily to assemble a roster. The first question comes from Scott Marks with Jeffrey. Please go ahead.

謝謝。我們現在開始問答環節。要提問，您可以按下電話鍵盤上的 1。如果您使用的是揚聲器電話，請在按下按鍵之前拿起聽筒。如果您的問題已得到解答並且您想撤回您的問題，也請按星號。此時，我們將暫時暫停以整理名冊。第一個問題來自 Jeffrey 的 Scott Marks。請繼續。

Hey, good morning, guys. Thanks so much for taking our questions this morning. First question for me is morning. First question for me, the retailer destock that you mentioned, I know we've heard, a lot about that. I think here in the US, maybe not as much in Europe. So just wondering if you can kind of share some color on that in terms of, were there any particular countries or any specific categories of yours where you saw more of an impact?

嘿，大家早安。非常感謝您今天上午回答我們的問題。我的第一個問題是早上。我的第一個問題是，您提到的零售商去庫存，我知道我們已經聽說過很多關於這個主題。我認為在美國，情況可能沒有在歐洲那麼嚴重。所以我想知道您是否可以分享一些這方面的情況，您是否看到在哪些特定國家或哪些特定類別中影響更大？

Yeah, thank you, Scott. That was indeed an impact we've seen in the quarter. Having said that, we already before the quarter saw some facing between, new year and the old year. So, we already said, look, we expect the quarter to be a bit soft, but it was more salt than we expected and back to your question. It was quite broad. So, in most of our countries we've seen that we're checking 15 countries, and I would say 12 to 13 of those countries we've seen a destocking. It was also quite broad based, across segments and also across battles. We do track stock. We have actually now also tracking of stock look at pro-Muslims, so we think also that the vast amount of this destocking is now behind us, maybe one or two markets like potentially the UK, but that's what we've seen. So it was broad based.

是的，謝謝你，斯科特。這確實是我們在本季看到的影響。話雖如此，我們在本季之前就已經看到了新年和舊年之間的一些衝突。所以，我們已經說過，看，我們預計本季會有點疲軟，但比我們預期的要多，回到你的問題。它相當寬廣。因此，在大多數國家，我們看到我們正在檢查 15 個國家，我想說其中 12 到 13 個國家出現了去庫存現象。它的基礎也相當廣泛，跨越各個領域，也跨越各種戰鬥。我們確實跟踪庫存。實際上，我們現在也在追蹤親穆斯林的庫存情況，因此我們認為，大量的去庫存現像已經過去，可能只有一兩個市場，例如英國，但這就是我們所看到的。因此它具有廣泛的基礎。

But it was broad based. It was also not limited to December, Jan took a bit of a bit later in the quarter, which was probably the part that wasn't expected.

但它的基礎是廣泛的。這也不局限於 12 月，1 月在本季稍晚一些，這可能是沒有預料到的部分。

Understood, thanks for that. And then I guess with the new revised outlook for the year, wondering if you can just kind of speak to expectations for category growth. I know you talked about still, healthy category, maybe a little choppy given some of the macro uncertainty but just wondering if you can update us on your outlook for kind of category growth and your, market share performance within it for the year. Thanks so much.

明白了，謝謝。然後我想，根據今年新修訂的展望，我想知道您是否可以談談對類別成長的預期。我知道您談到了仍然健康的類別，考慮到一些宏觀不確定性，可能會有點波動，但我只是想想知道您是否可以向我們介紹一下您對該類別增長的展望以及今年的市場份額表現。非常感謝。

Well, the thing is, to your point, I think the category remains healthy, so which is which is really good news for us. To your point, I think we have slightly reduced our line, which means that, by the way, as a result with the starting point, yes, we will go in the next quarters, and we'll grow market share as well. That's the point. I think what we've seen is interesting to see is probably a more slightly more difficult. Quarter in terms of market share. Q4 is starting to be now slightly positive in terms of value and it's 0.3% in volume, so which is which is good news for us. I think the only thing is we know it's going to take a bit more time is in the UK because basically you have also a lot of promo in Q2. So last year, so basically the coms are more difficult. And the second, something we need to also take into account for the new future is last year due to Adriatics, the weather was fantastic and as you know we have a part of our business is the ice cream. We love it, but definitely something we can't plan the same way. But overall, by the way, the ice cream business remains extremely healthy.

嗯，事實是，就你的觀點而言，我認為該類別仍然健康，所以這對我們來說確實是個好消息。對於你的觀點，我認為我們已經略微減少了我們的產品線，順便說一句，這意味著，從起點來看，是的，我們將在接下來的幾個季度繼續前進，並且我們的市場份額也會增加。這就是重點。我認為我們所看到的有趣的事情可能稍微有點困難。就市場佔有率而言，佔四分之一。從價值方面來看，第四季現在開始略有成長，從數量來看，成長了 0.3%，這對我們來說是個好消息。我認為唯一的問題是我們知道這在英國需要更多時間，因為基本上你在第二季也有很多促銷活動。所以去年，基本上通訊更加困難。第二，我們還需要考慮新的未來，去年由於亞得里亞海的影響，天氣非常好，而且如你所知，我們的業務的一部分是冰淇淋。我們喜歡它，但絕對不能以同樣的方式計劃。但總體而言，冰淇淋業務仍然非常健康。

Yeah, and just to build on that, so again, as we said before, this remains a strong category has outperformed. Total foods in Europe by more than 1% if you look at more in the longer term. If you look at the kind of year today, we see categories like continue to grow very well. We see fish relatively strong growth in the line, so that's also good back to Stefan's point, a lot of countries are growing. We see some softness in the UK also in and then a bit of the ice also important to know that we knew from the start that, when we see the. The quantity of programs in renovation, innovation and also, obviously at the low level and in terms of price was very much, more in Q2, Q3, Q4 as opposed to Q1. So, we knew from the start that Q1 was probably the shortest quarter of the year.

是的，只是為了在此基礎上再進一步，正如我們之前所說，這仍然是一個表現優異的強勁類別。如果從長遠來看，歐洲的食品總量將增加 1% 以上。如果你看看今天的年份，我們會看到諸如繼續保持良好成長勢頭的類別。我們看到魚類產量成長相對強勁，這也很好地回應了史蒂芬的觀點，許多國家都在成長。我們也看到英國的情況有些疲軟，然後還有一點冰，同樣重要的是要知道，我們從一開始就知道，當我們看到時。與第一季相比，第二季、第三季和第四季的翻新、創新項目數量以及低水準和價格方面的項目數量明顯更多。因此，我們從一開始就知道第一季可能是一年中最短的一個季度。

Understood. I'll pass it on. Thanks so much.

明白了。我會傳達的。非常感謝。

Thank you. The next question comes from John Baumgartner with Msoho. Please go ahead.

謝謝。下一個問題來自 Msoho 的 John Baumgartner。請繼續。

Good morning. Thanks for the question. Maybe to stick with the destocking, you're looking at the Nielsen data, the volumes for the quarter, the categories didn't look too bad. I mean, do you have a sense that its working capital related or retailers sort of bracing for incremental weakness going forward? It's just, it didn't seem to align with the measure channel data and maybe it's Nomad specific, any color on that front.

早安.謝謝你的提問。也許要堅持去庫存，你看看尼爾森的數據，本季的交易量、類別看起來並不太糟。我的意思是，您是否覺得這與營運資本有關，或者零售商正在為未來的逐步疲軟做好準備？只是，它似乎與測量通道數據不一致，也許它是 Nomad 特有的，前面有任何顏色。

So, we've seen, so just if you take a step back also to understand this quarter, we grew in the quarter in sell out with 0.2% in sell out. We did you also seen in the presentation, lost market share in certain categories. Some of that was expected in terms of phasing activities, but we did see that our sellout has been less than the total category and to Stefan's point, we see the recovery now before with this context that's the overall market is a bit more. Salt and we see ice cream, so we did have a difference between us and category. In the border and the big difference on the plus 0.2 and what to sell in 3.6, a big part of that is fossil that is destocking in.

所以，我們已經看到，如果你退一步來了解這個季度，我們本季的銷售額成長了 0.2%。我們確實在演示中看到了我們在某些​​類別中失去了市場份額。從分階段活動的角度來看，其中一些是可以預料到的，但我們確實看到我們的銷售量低於總體類別，正如斯蒂芬所說，在這種背景下，我們現在看到了復甦，即整體市場有所回升。我們看到鹽和冰淇淋，所以我們和類別之間確實存在差異。在邊境和加0.2上的巨大差異以及在3.6上出售的東西，其中很大一部分是正在去庫存的化石。

Okay, thanks, Ruben. And then, to follow up in terms of the new products, the innovation, the new geographies, you mentioned you're pulling new consumers both new to the category, new to the brand. I'm curious at this point if you have enough information on that, do you have a sense as to, number one. Where your consumers are shifting from, is it from smaller brands or from private label? And then #2, for those consumers new to the category, are those consumers coming to the category from different temperature states like fresh produce, fresh fish, or is it from other frozen categories?

好的，謝謝，魯本。然後，關於新產品、創新和新地域的後續情況，您提到您正在吸引新消費者，包括新類別的新消費者和新品牌的新消費者。我很好奇，如果您對此有足夠的信息，您是否對第一點有所了解。您的消費者是從哪裡轉移的？是來自小品牌還是自有品牌？然後#2，對於那些新接觸該類別的消費者，這些消費者是否來自不同的溫度狀態，例如新鮮農產品，新鮮魚類，還是來自其他冷凍類別？

Well, the thing is, it's interesting, you know that we're very strong, John, in terms of family time, and I think it's what's what we're seeing right now and it's very interesting, a lot of innovations, even to some extent, our innovations are going more and more to the to the snacking side. And we as leaders in the category, we believe, that frozen food can play a fantastic role. In terms of snacking, so we've seen, for example, in that's interesting to see, we have a lot of idol queues, and we put them together as a category in terms of snacking, no real innovation, just you know put them together. It's working extremely well. Second piece is, well, we have fish fingers, which is really the iconic, family mealtime across Europe. Now we're moving into what we call fish bar, which is much more. Lacking occasion and we're starting in Italy and it's doing extremely well, so we know that there is a space to gained for us in that category independently from where they're coming from, first we've been frozen, but also from obviously from cheese and from ambience, but definitely for us it's a white space and it's a space where we have all the intent to gain over time starting now, but definitely you will hear more about snacking and Informally eating whatever the denomination in the coming quarters.

嗯，事情是這樣的，有趣的是，約翰，你知道我們在家庭時間方面非常強大，我認為這就是我們現在所看到的，而且非常有趣，很多創新，甚至在某種程度上，我們的創新越來越多地轉向零食方面。作為該領域的領導者，我們相信冷凍食品可以發揮重要作用。在零食方面，我們看到，例如，有趣的是，我們有很多偶像隊列，我們將它們放在一起作為零食的一個類別，沒有真正的創新，只是把它們放在一起。它運行得非常好。第二道菜是炸魚條，這是歐洲各地的標誌性家庭聚餐。現在，我們正在轉向所謂的魚吧，它的意義遠不止於此。缺乏機會，我們是從義大利開始的，而且做得非常好，所以我們知道在這個類別中我們有一個可以獲取的空間，無論它們來自哪裡，首先我們是冷凍的，而且做得非常好，所以我們知道在這個類別中我們有一個可以獲取的空間，無論它們來自哪裡，首先我們是冷凍的，但顯然也來自奶酪和氛圍，但對我們來說，這絕對是一個空白，而且我們有意圖從現在開始隨著時間的推移而獲取這個空間，但在接下來的幾個季度裡，無論你肯定會更多飲食金額的消息。

And to build on and we've proven to do that in Italy where actually with chicken we've been able to grow the frozen food category really came as grow on top for the retail as well, and we're making steps for example with secondary placements of frozen freezes next to chill to drive that conversion. I mean that will be step by step so that we can do that on a massive amount in Europe, but we're making those steps to drive growth and.

在此基礎上，我們已經在義大利證明了這一點，實際上，透過雞肉，我們已經能夠發展冷凍食品類別，這在零售業中也確實取得了增長，我們正在採取措施，例如，將冷凍食品放在冷藏食品旁邊進行二次投放，以推動這種轉變。我的意思是，這將是一步一步的，以便我們可以在歐洲大規模地做到這一點，但我們正在採取這些步驟來推動成長。

Transferring consumers from other you know air fryer where the penetration in Europe is right now in the UK I think it's 80%, so its really big utilization rate is very high as well. That's the kind of thing that does well for frozen food. So, this combination of things, definitely we want to invest in snacking, and we think we have the right to play there. Great. Thanks for your time. You're welcome. Thanks, John.

從其他地方轉移消費者，你知道氣炸鍋目前在歐洲的普及率在英國是80%，所以它的利用率真的很高。這對於冷凍食品來說是件好事。所以，綜合考慮這些因素，我們肯定想在零食方面進行投資，我們認為我們有權在那裡發揮作用。偉大的。感謝您的時間。不客氣。謝謝，約翰。

Thank you. Again, if you have a question, please press the then one. The next question comes from John Tanwan Teng with CJS Securities. Please go ahead.

謝謝。再次強調，如果您有疑問，請按下一個。下一個問題來自 CJS Securities 的 John Tanwan Teng。請繼續。

Hi, good morning and thank you for taking my questions. You guys mentioned being able to adjust. Hi Stefan, you mentioned being able to adjust the intensity of your brand and A&P investment. To be clear, is that included in your guidance already, or is it just a lever to pull if you see incremental headwind at this point?

大家好，早安，感謝您回答我的問題。你們提到了能夠調整。你好，Stefan，你提到能夠調整品牌和 A&P 投資的強度。需要明確的是，這是否已經包含在您的指導中，或者如果您此時看到增量逆風，這只是一個可以拉動的槓桿？

It's guidance to make it very simple, so we keep the job, I think it's obviously there is sometimes a bit more pressure, but definitely, we are leaders, so we want to keep it that way. But again, we shouldn't limit it to NP. I think it's a combination of different things, we've seen what our cycle is, 360 approach, so NP is part of it.

這是為了讓事情變得非常簡單的指導，所以我們保住了工作，我認為顯然有時會有更多的壓力，但毫無疑問，我們是領導者，所以我們想保持這種狀態。但同樣，我們不應該將其限制在 NP。我認為這是不同事物的組合，我們已經看到了我們的週期是什麼，360 方法，所以 NP 是其中的一部分。

But definitely, it's part of it, but it's not, it's a combination of VMs for sometimes price investments, renovation in some categories, innovation in others. So, it's a lot of things but definitely plays an important role and we have only intended to keep investing.

但肯定的是，它是其中的一部分，但事實並非如此，它是虛擬機的組合，有時是價格投資，某些類別的翻新，其他類別的創新。所以，它有很多作用，但它肯定發揮著重要作用，我們只打算繼續投資。

Okay, great. Thank you. And then just any more color on where your inputs are increasing, is that a trade or tariff or currency issue or is it something else specific to a specific input?

好的，太好了。謝謝。然後，能否進一步說明哪些投入在增加，這是貿易、關稅或貨幣問題，還是特定投入特有的其他問題？

No, that is not, thanks for the question. That's not a tariff impact, by the way, on that point, we're not impacted by tariff. You never know what happens in the future, but this moment we don't see that. We might have more medium long-term impacts, but also that at the moment we don't see the impact we're seeing as much on proteins, so it's in chicken and in red meat. And part of that is demand for proteins. Part of that is also that we've seen in Europe, Asian flu on the poultry side impacting us. And as we sat, just when going through the presentation.

不，不是這樣的，謝謝你的提問。順便說一句，這不是關稅的影響，就這一點而言，我們沒有受到關稅的影響。你永遠不知道未來會發生什麼，但此刻我們看不見。我們可能會有更多的中長期影響，但目前我們還沒有看到對蛋白質的影響那麼大，所以它存在於雞肉和紅肉中。其中一部分是對蛋白質的需求。部分原因是我們看到歐洲的亞洲流感對我們家禽產生了影響。當我們坐下來，正在做演示的時候。

This company has proven to have the pricing power and taken quite some pricing in the past, but we've also have chosen not to go into big clashes with trade in here also because this inflation was creeping up in the last couple of months. So, we will take pricing, but a lot of this higher inflation will be compensated.

事實證明，該公司擁有定價權，並且在過去獲得了相當多的定價，但我們也選擇不在這裡發生大的以舊換新衝突，因為過去幾個月通貨膨脹率一直在上升。因此，我們將採取定價措施，但大部分較高的通膨將得到補償。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you.

謝謝。

Anyone who wishes to ask a question, please press start, then one. We have a follow-up question from John Tanan Teng with CJS Securities. Please go ahead.

任何想要提問的人，請按“開始”，然後按“一”。我們有來自 CJS Securities 的 John Tanan Teng 的後續問題。請繼續。

Hi, thanks for the follow up. Just wanted to follow up on the question of being able to pass pricing through. You mentioned the consumers were trading down a little bit as well at the same time. I'm wondering if there's maybe a little bit more elasticity in your ability or price, as you look forward, #1 and #2, just, if you have any color on what the private labels and the discounters are doing, that would be helpful as well.

你好，謝謝你的跟進。只是想繼續探討能否傳遞定價的問題。您提到，同時，消費者的消費支出也稍微下降。我想知道，當您展望未來時，您的能力或價格是否會更有彈性，#1 和#2，如果您對自有品牌和折扣店的做法有任何了解，那也會有所幫助。

Well, I think to your point, I think when the situation is a bit volatile and, I think people obviously are looking a bit more. I mean seeking obviously price as opposed to anything else at the same time, as I said, we are we are back to stable to slightly positive market cha, which is good news. And our job, is to find the right equation. So sometimes there will be a price investments. We did it last year, for example, in Italy in fish, but that's the combination of many different things most of the time we never go for any price. It's going to be a combination of renovation of a new advertising campaign together with install activation. So that's the kind of things we're going to do. And as I said, with, I think what we see right now is, yes, these charges have been a bit of keyway during the first quarter, but as far as we are concerned, we back on track in terms of market share and slightly positive in terms of volume market share.

嗯，我認為就你的觀點而言，當情況有點不穩定時，我認為人們顯然會看得更多。我的意思是，顯然尋求價格而不是其他任何東西，正如我所說的，我們正回到穩定到略微積極的市場變化，這是好消息。我們的工作就是找出正確的方程式。所以有時候投資就會有代價。例如，去年我們在義大利就做過魚，但那是很多不同事物的組合，大多數時候我們都不會考慮價格。這將是新廣告活動的革新與安裝啟動的結合。這就是我們要做的事情。正如我所說的，我認為我們現在看到的是，是的，這些費用在第一季有點關鍵，但就我們而言，我們的市場份額已回到正軌，銷售市場份額也略有上升。

Okay.

好的。

Okay, great, thank you. Just in the outlook, the updated outlook with, the 0 to 2% organic growth is there any specific expectation for volume versus price in there?

好的，太好了，謝謝。僅在展望中，更新後的展望中，0 至 2% 的有機成長對於數量與價格有何具體預期？

Yeah, so you've seen that in last year the buildup of volume and price we expect in quarter 2, and we said before that quarter 2, there's this phasing of Easter. We think that's around 1%. We already said look, the growth of the market, we do also see some softness in the UK and the start of the ice cream in April, which doesn't help on the margin mix, but we expect quarter 2 to be the volume and then back to the point in pricing, but also RGM activities that will kick in in the second half of the year. So we expect. Pricing the growth in the second half to be more being built on price and according to more onboard, but overall, a full year is going to be a combination of both.

是的，所以你已經看到，去年我們預計第二季銷售和價格將會增加，而且我們在第二季之前就說過，復活節將分階段到來。我們認為這個比例大約是 1%。我們已經說過，市場正在成長，我們也看到英國市場有些疲軟，而且 4 月冰淇淋開始上市，這對利潤組合沒有幫助，但我們預計第二季銷量將回升，然後回到定價點，而且 RGM 活動也將在下半年開始。我們也期待如此。下半年的成長預期將更多地基於價格和更多的參與度，但總體而言，全年的成長將是兩者的結合。

Okay, great. Thank you.

好的，太好了。謝謝。

You're welcome. Thank you.

不客氣。謝謝。

This concludes our question and answer session. I would now like to turn the conference back over to Mr. Stephan De Saker for any closing remarks.

我們的問答環節到此結束。現在，我想將會議交還給 Stephan De Saker 先生，請他作最後發言。

Thank you. So yeah, I'm proud of the progress our company has made over the past 9 years and confident that we are on track to deliver another relatively strong year in 2025. Our strategy is working, and our teams have developed compelling plans to deliver improved growth for the remainder of this year. I look forward to demonstrating that with results when we're again next quarter. And thank you for your time and interest.

謝謝。是的，我為公司過去 9 年的進步感到自豪，並相信我們預計在 2025 年再創相對強勁的一年。我們的策略正在發揮作用，我們的團隊已經制定了令人信服的計劃，以在今年剩餘時間內實現更好的成長。我期待下個季度再次用結果來證明這一點。感謝您的時間和關注。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。