Nomad Foods Ltd (NOMD) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Nomad Foods third quarter of 2025 conference call. (Operator Instructions) Also, please be aware that today's call is being recorded.

大家好，歡迎參加 Nomad Foods 2025 年第三季電話會議。（操作員說明）另請注意，今天的通話將被錄音。

I would now like to turn the call over to your host, Jason English, Head of Investor Relations. Please go ahead.

現在我將把電話交給主持人，投資者關係主管傑森·英格利希。請繼續。

Hello, and welcome to Nomad Foods' third-quarter 2025 earnings question-and-answer session. We've posted the associated press release, prepared remarks, and investor presentation on Nomad Foods website at noomadfoods.com. I hope you've all had a chance to review them. I'm Jason English, Head of Investor Relations, and I'm joined by Stefan Descheemaeker, our CEO; Ruben Baldew, our CFO; and Sir Martin E. Franklin, our Co-Founder and Co-Chairman.

大家好，歡迎參加 Nomad Foods 2025 年第三季財報問答環節。我們已將相關的媒體稿、準備好的演講稿和投資者簡報發佈在Nomad Foods的網站noomadfoods.com上。希望大家都有機會查看這些文件。我是投資者關係主管 Jason English，與我一同出席的還有我們的執行長 Stefan Descheemaeker；我們的財務長 Ruben Baldew；以及我們的共同創辦人兼聯合主席 Martin E. Franklin 爵士。

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 discussed in our press release, our filings with the SEC, and in our investor presentation, which includes cautionary language. We will also discuss non-IFRS financial measures during the call today.

在本次電話會議中，我們將根據我們目前對公司前景、預期和意圖的看法，對公司業績做出前瞻性陳述。實際結果可能會因我們在新聞稿、提交給美國證券交易委員會的文件以及投資者簡報中討論的風險和不確定性而有所不同，這些簡報中包含警示性語言。我們今天也將在電話會議中討論非國際財務報告準則下的財務指標。

These non-IFRS financial measures should not be considered a replacement for and should not 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.

這些非國際財務報告準則財務指標不應被視為國際財務報告準則結果的替代品，也不應與國際財務報告準則結果一起解讀。使用者可以在我們的獲利報告中以及我們網站上提供的幻燈片簡報末尾的附錄中找到 IFRS 與非 IFRS 的調節表。

Please note that certain financial information within the 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. Unless otherwise noted, today's comments from here will refer to those adjusted numbers.

請注意，簡報中的某些財務資訊為調整後的數據。所有調整後的數字均已根據適用情況進行了調整，主要調整內容包括股份支付費用和相關的雇主工資稅、特殊項目、外幣折算費用或收益。除非另有說明，今天在此發表的評論將參考這些調整後的數據。

With that, operator, let's open the line to questions.

好了，接線生，現在開始接受提問。

(Operator Instructions) Andrew Lazar, Barclays.

（操作說明）安德魯·拉扎爾，巴克萊銀行。

Great. Thanks so much, and welcome to Dominic. Maybe to start, one for you, Martin. Nomad discussed quite a bit at our September conference about medium-term goals, productivity, and even said the company expected to deliver positive EBITDA growth in '26.

偉大的。非常感謝，歡迎多明尼克。或許可以先寫一首，馬丁給你。Nomad 在我們 9 月的會議上討論了許多關於中期目標、生產力的問題，甚至表示公司預計在 2026 年實現正的 EBITDA 成長。

Obviously, since then, Nomad has changed CEOs. And investors, I think, are rightfully asking whether those commitments sort of are still relevant, as oftentimes a new CEO appointment can signal the need for some form of a profit reset. So I guess my question is whether Nomad still stands by those recent comments at this stage.

顯然，自那以後，Nomad 更換了 CEO。我認為，投資者有理由質疑這些承諾是否仍然有效，因為新任執行長的任命往往預示著需要某種形式的利潤調整。所以我想問的是，Nomad目前是否仍堅持他最近的那些言論。

Thank you for your question. I would say a few things. First of all, these commitments and, if you like, internal commitments and goals are ones that are approved and studied by our entire Board, not just our CEO. We made a few commitments that I think are important that are consistent and what we've talked about already in our prepared remarks.

謝謝你的提問。我想說幾點。首先，這些承諾，或內部承諾和目標，都是由我們整個董事會批准和研究的，而不僅僅是由我們的執行長批准和研究的。我們做出了一些我認為很重要的承諾，這些承諾與我們在準備好的演講稿中已經談到的內容是一致的。

Our EUR200 million multiyear efficiency target, obviously, it still stands and is still actively being worked on, I think, quite successfully. The second, our medium-term goals to compound EBITDA in low single digits, those goals continue to be in place. And you'll have to excuse me. I have a cold.

顯然，我們2億歐元的多年效率目標仍然有效，並且仍在積極推進中，我認為，目前進展相當順利。第二，我們中期目標是實現 EBITDA 低個位數複合成長，這些目標仍然有效。請原諒我。我感冒了。

And third, accelerating free cash flow growth by delivering EBITDA and also -- and importantly, while reducing exceptional items. So I think all of these goals are in place. Obviously, when we bring in a new CEO, it's our CEO's prerogative to evaluate everything. In fairness to Dominic, he's in the company for three days. He doesn't take over as CEO until the yearend, but we brought in Dominic because of his growth orientation and in the business. So I'm excited to have him and only see this as being a positive in terms of our metrics of performance.

第三，透過提高 EBITDA 來加速自由現金流成長，而且——更重要的是——同時減少特殊項目。所以我覺得這些目標都已經達成。顯然，當我們引入一位新的執行長時，評估一切是執行長的特權。公平地說，多明尼克只在公司待了三天。他要到年底才會正式接任執行長一職，但我們引進多明尼克是因為他具有成長導向，並且對業務非常了解。所以我很高興他能加入我們，而且我認為這對我們的績效指標來說絕對是一件好事。

All right. Thank you for that. And then maybe as a follow up, I know I think private-label trends tends to lag branded price increases when Nomad's led with them. And sometimes that's led to some temporary market share weakness in the past. I guess, how is Nomad balancing sort of the pricing that you're going to be taking next year with keeping share momentum? And maybe can your higher level of productivity help offset some of the inflation such that maybe more modest pricing can be enacted than otherwise that might have had to have been the case? Thank you.

好的。謝謝。然後，作為後續，我知道我認為自有品牌趨勢往往落後於品牌價格上漲，而 Nomad 則率先提高了價格。而過去，這有時會導致市佔率暫時下滑。我想問的是，Nomad 是如何平衡明年定價策略和維持市場佔有率成長勢頭的？或許你們更高的生產力可以幫助抵銷部分通貨膨脹，從而可以實施比原本可能採取的更溫和的價格政策？謝謝。

Yes. Thank you, Andrew. Let me take that question. So first, the kind of price lag and dynamics, if we look at the last three months, last six months, last nine months, we've seen our price index versus competition, and our competition is mainly private label, slightly go down, so 2%, 3%, which is helpful in the context that we have to take pricing. I do have to say that's the average of an average. So of course, you always have to go a bit more in the detail per country and the specific product, but there has been a bit of catching up of private label. So that's one thing.

是的。謝謝你，安德魯。讓我來回答這個問題。首先，我們來看價格滯後和動態，如果我們看一下過去三個月、過去六個月、過去九個月，我們會發現我們的價格指數與競爭對手（主要是自有品牌）相比略有下降，下降了 2%、3%，這在我們必須考慮定價的情況​​下是有幫助的。我必須說，這簡直是平均值中的平均值。當然，每個國家和具體產品都需要更詳細地了解情況，但自有品牌方面已經取得了一些進展。這是其中一件事。

I think, more importantly, and you were already given half of the answer, is what are we seeing for next year. And we've been clear that the inflation we're seeing most of the pricing we're going to take in quarter one '26. Now a couple of things there. The inflation in total is not the same level of inflation. We said it before like two years ago. We're looking around cost price inflation of around single digit. And that's probably at this moment what we're looking at.

我認為，更重要的是（其實你已經得到了一半的答案），我們明年會看到什麼。我們已經明確表示，我們看到的通貨膨脹將導致 2026 年第一季的大部分價格上漲。現在還有幾件事要說。整體通膨率與通膨水準並不相同。我們大概兩年前就說過這話了。我們預期成本價格通膨率在個位數左右。而這大概就是我們目前所面臨的情況。

Second point, also when you compare, and that's also probably the question behind your question on competitiveness and not going too aggressive in terms of pricing and losing share, our RGM capabilities versus two, three years are in a better place. And we said it before. We will do this very surgically.

第二點，當你進行比較時（這可能也是你關於競爭力以及在定價方面不要過於激進而導致市場份額下降的問題背後的原因），我們的 RGM 能力與兩三年前相比有了很大的提升。我們之前就說過。我們將以非常精準的方式進行這項操作。

Third point is what you alluded to. We've launched this cost competitiveness program, and Martin also mentioned of EUR200 million, and we still passionately stand behind it. And by the way, this is not only a forward-looking program. You also heard in our remarks that in quarter three but also in quarter two, we are delivering lower overheads, compensating for inflation even when you correct for the bonus release. So that cost competitiveness program, we will drive forward, and that will help for us to make the right trade-offs in how much should you price versus where actually do we have some offset in savings.

第三點就是你剛才提到的那一點。我們已經啟動了這項成本競爭力計劃，馬丁也提到了2億歐元，我們仍然堅定地支持這項計劃。順便說一句，這不僅僅是一個具有前瞻性的項目。你們也從我們的發言中了解到，在第三季度以及第二季度，我們的營運成本都在降低，即使考慮到獎金發放，也能彌補通貨膨脹的影響。因此，我們將推進成本競爭力計劃，這將有助於我們在定價和實際節省成本之間做出正確的權衡。

We will also look at pricing, how that links with the renovation. So if we're looking at some renovation with different superiority, different product quality, we try to link that to pricing. So there's also new news both for retailers as well as consumers. And the last remark, just to be clear, I think it's just too early days to really see what the effects are. We are sending out the price as we speak. We have already sent to certain customers in certain countries. There's a bit of difference overall. And we can come back more on that when we release our quarter four results in the new year.

我們也會研究價格，以及價格與翻新工程的關係。因此，如果我們看到一些翻新項目具有不同的優勢、不同的產品質量，我們會嘗試將這些優勢與價格聯繫起來。所以，零售商和消費者都有新的消息要宣布。最後我想澄清一點，我認為現在判斷其影響還為時過早。我們正在立即發出報價。我們已經向某些國家的特定客戶出貨。整體上還是有些差別的。我們將在新年發布第四季業績報告時對此進行更詳細的討論。

Thanks so much.

非常感謝。

Scott Marks, Jefferies.

斯科特馬克斯，傑富瑞集團。

Hey, good morning. Thanks so much for taking our questions. I just wanted to follow up on a question that Andrew asked about reiterating some of the medium-term targets. I think as we think about '26, with pricing coming in, Dominic taking over, and some of the other dynamics that you've laid out, just wondering how we should be thinking about '26 preliminarily in terms of maybe cadence of the year or when we should be thinking about some of these newer initiatives kind of that are kicking in. Thanks.

嘿，早安。非常感謝您回答我們的問題。我只是想就安德魯提出的關於重申一些中期目標的問題做個後續說明。我認為，當我們展望 2026 年，考慮到定價、多米尼克接任以及您提到的其他一些動態時，我想知道我們應該如何初步考慮 2026 年，例如這一年的節奏，或者我們應該何時考慮一些正在啟動的新舉措。謝謝。

Ruben, do you want me to take that?

魯本，你想讓我接過來嗎？

Well, I can do it. Let me just build on what Martin already said. So I think what Martin just said, and it's also your question, Scott, we launched a program strategy in September, which is not only the program of Stefan or of a CEO. It's something endorsed by the entire Board and our whole internal program.

嗯，我可以做到。我只想在馬丁剛才說的基礎上補充一些內容。所以我覺得馬丁剛才說的，還有史考特你的問題，我們在九月啟動了一項計畫策略，這不僅僅是斯特凡或執行長的計畫。這是整個董事會和我們整個內部專案小組都認可的。

What Martin just said, look, we will passionately drive a EUR200 million competitiveness program. We will see the benefits of cash flow. But it would also be unfair to make a lot of additional comments concretely on '26 with Dominic just coming into the role. But there is a clear focus on the top-line recovery, and some of the effects we're seeing this year will help also for next year. And overall, we expect results to be better next year than this year. How much that will be completely is more for when we announce our full-year results in early next year.

正如馬丁剛才所說，我們將全力推動一項價值 2 億歐元的競爭力提升計畫。我們將看到現金流帶來的好處。但是，鑑於多明尼克剛剛接任這一職位，現在就對 26 號球員發表太多具體的評論也是不公平的。但很明顯，重點在於提升整體經濟復甦，而我們今年看到的一些成效也將對明年有所幫助。整體而言，我們預計明年的業績會比今年好。具體金額將在明年初公佈全年業績時公佈。

Okay. Appreciate the answer. And then second question from me would be, you called out, obviously, some challenging dynamics in the UK with the expectation for some of those to stabilize. As we think towards the Q4 and low end into the guide, if results were to come in, let's say, below what you're anticipating or above what you're anticipating, maybe what would be the reasons for that? How should we be thinking about kind of like the risks and the potential upside risks as well?

好的。感謝您的解答。那麼我的第二個問題是，您顯然指出了英國的一些挑戰性動態，並期望其中一些動態能夠穩定下來。當我們展望第四季以及業績指引的下限時，如果結果低於或高於您的預期，那麼可能的原因是什麼呢？我們該如何看待風險以及潛在的上漲風險呢？

Yes, so we've said today, we're confirming, reiterating the guidance, albeit at the low end of the guidance. The low end of the guidance on the top line implies a quarter four between minus 1.5% and minus 2%. And let's just take a step back. If we look at our sellout, our sellout year to date is plus 0.2%. If you look at our sellout -- and by the way, that's plus 0.2% in a year where we're not happy. It's a year where we've seen the impact of the weather, both as well in our savory business, savory frozen food in Northwestern Europe. As well, we're not so happy with the ice cream performance more in quarter three.

是的，正如我們今天所說，我們確認並重申了先前的指導意見，儘管是在指導意見的下限範圍內。營收預期下限意味著第四季營收將下降 1.5% 至 2%。我們不妨退後一步。如果我們看一下我們的售罄情況，今年迄今為止我們的售罄率增長了 0.2%。如果你看看我們的售罄情況——順便說一句，這還是在我們並不滿意的一年裡增長了 0.2%。今年，我們感受到了天氣的影響，無論是對我們在西北歐的鹹味冷凍食品業務，還是對我們自身的鹹味食品業務，都是如此。此外，我們對第三季冰淇淋的銷售表現也不太滿意。

Despite that, our sellout is plus 0.2%. We also said part of that is transitory, and we see the market recovering and also our own sellout numbers. If you look at the last three months, value is plus 0.5%. Our last three months volume growth is plus 0.7%. So our sellout is not where we want it to be, but it is positive and actually it's slightly improving. And that you have to see then to an implied guidance of minus 1.5%, minus 2%.

儘管如此，我們的售罄率仍提高了 0.2%。我們也說過，其中一部分是暫時的，我們看到市場正在復甦，我們自己的銷售數據也證實了這一點。如果看過去三個月，該數值增加了0.5%。我們過去三個月的銷售成長率為0.7%。所以，我們的售罄率還沒有達到我們想要的水平，但情況良好，而且實際上還在略微改善。因此，你必須看到隱含的指導價為 -1.5% 或 -2%。

Now what gives us confidence that we're able to hit that, if you look at our difficulty plan, and you've also seen that some of it in the prepared remarks, we improved the product quality of our pizza business in the UK. That's one. We started around September with our new campaign in the UK. It's a bit too early to tell, but the first positive -- the first signals are positive. We see distribution increases in Italy, but also in France.

現在，是什麼讓我們有信心實現這個目標呢？如果你看看我們的困難計劃，你也會在準備好的發言稿中看到，我們提高了英國披薩業務的產品品質。這是其中之一。我們大約在九月在英國啟動了新的宣傳活動。現在下結論還為時過早，但第一個積極的信號是積極的。我們看到義大利和法國的銷售額都在成長。

So we're now -- one-third of the quarter is now behind us. To your question, what needs to go well, wrong, what could change it, there's a bit where you could look at pricing. We've increased the prices of our chicken range in the UK because we said a lot of the pricing will be taken next year. It's a bit depending what competition will do, so that could go up or down a bit, but I think those are probably the big ones.

所以現在——這個季度已經過了三分之一。至於你的問題，哪些方面需要順利進行，哪些方面需要出錯，哪些因素可能會改變現狀，這其中或許可以考慮一下定價問題。我們提高了英國雞肉產品的價格，因為我們說明年許多價格因素都會影響產品定價。這在某種程度上取決於競爭對手的動向，所以可能會略有上升或下降，但我認為這些可能是最重要的因素。

Appreciate it. We'll pass it on. Thank you.

謝謝。我們會轉達。謝謝。

John Baumgartner, Mizuho.

John Baumgartner，瑞穗銀行。

Good morning. Thanks for the question. I'd like to stick with private label, but I'm curious more about the competitive aspects because market share has always been high, but it hasn't really increased in your categories for the better part of the decade prior to the cost-of-living crisis. And even now, it seems to have sustained momentum even as price inflation has moderated.

早安.謝謝你的提問。我想堅持自有品牌，但我更想了解競爭方面的情況，因為市場份額一直很高，但在生活成本危機之前的近十年裡，你們的品類市場份額並沒有真正增長。即使現在物價上漲放緩，這種成長動能似乎依然保持良好。

So I'm curious, what are you seeing from retailers? Is private label competing differently aside from price? Is the innovation more refined? Is the quality improving? Are there differences in non-price factors that you're seeing over the past 24, 36 months? Because it does seem that maybe there's an evolution here from store brands.

所以我很好奇，你從零售商看到了什麼？除了價格之外，自有品牌在競賽上是否有所不同？這項創新是否更完善？品質是否有所提升？在過去的 24 個月、36 個月裡，您是否觀察到非價格因素有差異？因為看起來這或許是自有品牌的一種演變。

Thanks for the question, John. I think it's -- when you think about this category, frozen food, it's a very good category. Category is growing nicely year after year. But definitely, private label is a big thing. And I think the learning from my 10 years is basically, you have to be -- I mean, every day, you have to be non-complacent. And you have to make sure that you have the right value equation, which is partly price and partly, obviously, renovation, A&P, and all the rest of it.

謝謝你的提問，約翰。我認為——當你想到冷凍食品這個類別時，你會發現它是一個非常好的類別。該品類每年都在穩定成長。但可以肯定的是，自有品牌非常重要。我覺得我從這十年中學到的最基本的一點是，你必須——我的意思是，每一天，你都必須保持謙遜，不能自滿。你必須確保你擁有正確的價值等式，這一部分是價格，一部分顯然是翻新、廣告和促銷以及其他所有方面。

And when you think about, let's say, this year in the UK, for example, we lost it a bit. And I think exactly what Ruben mentioned in terms of renovation of fish fingers, in terms of renovation of pizza, in terms of some renovations of packaging in peas, for example, that's exactly what we're doing right now, which is to come back with the right value equation.

想想看，比如說今年英國的情況，我們就有點失控了。我認為魯本提到的關於魚柳條的改良、披薩的改良、豌豆包裝的改良等等，正是我們現在正在做的，那就是找到正確的價值等式。

That, together obviously with to Ruben's point, which is pricing wise, we are slightly better compared to where we were a few months ago, a few quarters ago. I think that's where we think we can do a better job. But definitely, to your point, it's not only pricing. It's the non-pricing piece. And that piece is when I compare '26 with '25. Starting now actually, I mean, our program is much better.

這一點，再加上魯本提到的價格因素，顯然我們現在的情況比幾個月前、幾季前要好。我認為這是我們可以做得更好的地方。但正如你所說，這不僅僅是價格問題。這是不涉及價格的部分。那一部分是我將 2026 年與 2025 年進行比較。實際上，從現在開始，我們的專案已經好多了。

And let's face it, I think we can be hard with ourselves. I think, '25, I don't think we've been good enough in terms of value equation. And that's why we're doing all these renovation in pizza, for example. And what we can see is in the UK, well, even we've compare ourselves with premium, we are superior with the takeaways. We intend to do the same with the second part, which is thin.

說實話，我覺得我們對自己要求太高了。我認為，25 年，我們在價值等式方面做得還不夠好。這就是為什麼我們要對披薩產業進行各種改革的原因。我們可以看到，在英國，即使我們把自己與高端品牌進行比較，我們在外賣方面也更勝一籌。我們打算對第二部分（較薄的部分）也採取同樣的方法。

We intend to come with the renovation, a superior fish finger, which is a big thing for us. The fish finger is around 40% of our fish business, which is really big. And it's going to hit the market together with the sizing in Q1. So that's the kind of things we're doing. We're doing things. We're renovating the packaging in peas. Peas we have -- definitely, we have a superior product. But definitely, I don't think it can do better in terms of packaging.

我們計劃在翻新後推出更優質的炸魚柳，這對我們來說意義重大。魚柳條占我們魚類業務的約 40%，相當大了。它將與尺寸一起在第一季上市。這就是我們正在做的事情。我們正在做一些事情。我們正在改進豌豆的包裝。我們擁有的豌豆——絕對，我們的產品品質優良。但就包裝而言，我認為它已經做得非常好了。

So it's -- philosophically, it's very simple. I think our job as branded people, we need to bring additional value compared to private label. And if we don't do that, obviously, we lost our relevance. And that's -- I think the program for '25, '26, second half of '25 and definitely '26 is going to be much better than what we have.

所以——從哲學角度來說，這很簡單。我認為身為品牌從業者，我們的職責是創造比自有品牌更高的價值。如果我們不這麼做，很顯然，我們就失去了存在的意義。而且——我認為 2025 年、2026 年、2025 年下半年以及 2026 年的計劃肯定會比我們現在的要好得多。

Okay, thank you.

好的，謝謝。

(Operator Instructions) John Tanwanteng, CJS Securities.

（操作員說明）John Tanwanteng，CJS Securities。

Good morning. Thank you for taking my questions. I was wondering if you could talk about the decision to keep the majority of your repricing to next year. You've previously demonstrated the ability to go to your retailers and make adjustments ahead of that annual negotiation. Maybe first, what drove that decision this year not to do so? And second, does that give you any incremental leverage or ability to make up a portion of that inflation that you ate in '25 as you talk to your retail next year and within, obviously, the context of end-demand elasticity?

早安.謝謝您回答我的問題。我想請您談談將大部分重新定價措施推遲到明年的決定。您之前已經證明過有能力在年度談判之前與零售商進行調整。首先，是什麼原因促使他們今年決定不這麼做？其次，這是否能讓你在明年與零售商溝通時，在最終需求彈性的背景下，獲得一些額外的槓桿作用或能力來彌補你在 2025 年承受的部分通貨膨脹？

Well, let me contextualize a bit, this decision. Put yourself back in 2022, where between March and June, every month, we had another $50 million additional COGS. And so whilst all the negotiations, the pre-negotiations with all the retailers in Europe were behind us, well, it was simple. It was force majeure, and we decided to reopen everything. And by the way, we not only reopened it once, but sometimes twice, even three times. And we did it, and it worked overall even in countries that are probably a bit more difficult like France and Germany.

讓我稍微解釋一下這個決定的背景。想像 2022 年 3 月到 6 月期間，每個月我們都要增加 5,000 萬美元的銷售成本。因此，當與歐洲所有零售商的所有談判、預先談判都已完成時，事情就變得簡單了。這是不可抗力因素，我們決定重新開放所有業務。順便說一句，我們不僅重新開放過一次，有時甚至兩次、三次。我們做到了，而且總體上也取得了成功，即使在像法國和德國這樣可能比較困難的國家也是如此。

This time, it's very different. It's not force majeure. It's just an additional COGS that came in the middle of the year and the negotiations were behind us. And quite frankly, we took the commercial decision not to take it this year. I think it would have been a mistake to reopen the negotiation for something which was not considered as a hyperinflation. So that's why we did it. But definitely now, obviously, we need to take a more holistic approach for next year, how much we need to price, also combine also with the renovation program and the whole 360 approach. That's obviously for next year.

這一次，情況截然不同。這不是不可抗力。這只是年中新增的銷售成本，談判已經結束了。坦白說，我們出於商業考慮，決定今年不參加。我認為，如果某種情況不被認為是惡性通貨膨脹，那麼重新開啟談判將是個錯誤。所以這就是我們這麼做的原因。但顯然，明年我們需要採取更全面的方法，確定價格，還要結合翻新計畫和全方位的方法。那顯然是明年的事了。

Okay, great. Thank you, Stefan. And then second, could you talk a little bit more about some of the cost-saving items over the next quarter and year and how they phase in and possibly net out between your cost restructure, the resumption of bonus accruals, and then how that nets out with also the savings realizations as well?

好的，太好了。謝謝你，斯特凡。其次，您能否再詳細談談未來一個季度和一年中的一些節約成本的項目，以及它們如何逐步實施，並在成本重組、恢復獎金累積以及最終實現的節約之間如何相互抵消？

Yes, so it links a bit to our overall $200 million program. That $200 million program, vast majority of that sits in supply chain, around $170 million invested in overheads. Overheads, you already see some savings coming through this year, which is really about making the organization simpler. We've done restructuring in some of our functional support areas. We're also looking at non-people costs where we also now started with the indirect procurement team and getting savings out of that one. So that's the first part.

是的，這與我們總共 2 億美元的計畫有一定的關聯。這項耗資 2 億美元的計劃，其中絕大部分用於供應鏈，約 1.7 億美元用於管理費用。今年在營運成本方面，您已經可以看到一些節省，這實際上是為了簡化組織結構。我們對部分職能支援部門進行了重組。我們也關注非人力成本，目前我們從間接採購團隊著手，希望從中節省開支。這是第一部分。

Then if you look at supply chain, we actually have already been delivering quite a bit. It's a step up in supply chain from EUR145 million to kind of EUR180 million, EUR175 million. The big step up there is procurement. And it's not that in procurement we're all tomorrow going to have huge consolidation in the fish supply base. But if we look at elements like ingredients, like packaging, some other ingredient base, we think we can further consolidate our supplier base. And that's the big driver of the savings there.

然後，如果你看一下供應鏈，我們實際上已經交付了相當多的貨物。供應鏈規模從 1.45 億歐元提升到了 1.8 億歐元或 1.75 億歐元。晉升到更高層級的關鍵在於採購。這並不意味著明天魚類供應鏈就會發生大規模的整合。但如果我們從成分、包裝、其他原料基礎等因素來看，我們認為可以進一步鞏固我們的供應商基礎。這就是節省成本的主要原因。

The other part is in our factory footprint. We've lost volumes. So there, we're going to do three things. 22% of our volume still sits at CoCopac, and we think we can in-source that. So we'll do that. Secondly, we see some of our bigger factories where we have an opportunity to rightsize both cost and asset base.

另一部分則在我們工廠的佔地面積內。我們損失了銷量。所以，我們打算做三件事。我們目前仍有 22% 的業務量在 CoCopac 處理，我們認為可以把這部分業務收回來。所以我們會這麼做。其次，我們發現一些規模較大的工廠有機會調整成本和資產規模。

And thirdly, and again, it's not only promising. You've seen in our year-to-date results that we announced a closure in one of our smaller factories, which not only helps from a profit perspective, but also from a cash perspective. So we're doing that, and we will continue to do that.

第三，而且再次強調，它不僅僅是前景光明。從我們今年迄今為止的業績報告中，您已經看到我們宣布關閉一家規模較小的工廠，這不僅有助於提高利潤，而且有助於改善現金流。所以我們正在這樣做，而且我們會繼續這樣做。

How we allocate that to the P&L is exactly linked to the question of Andrew. We're going to be surgical where we think that saving needs to be used not to price for the last piece of inflation and dampen some of the supply chain impact. Or we say, look, in areas like, for example, peas, where we know we have good quality, we're going to invest more in communication. Or like what Stefan mentioned, we see in fish thing is that we have an opportunity to improve quality, and we're going to use those savings to improve product quality.

如何將這部分資金分配到損益表中，與安德魯的問題息息相關。我們將採取精準策略，將儲蓄用於避免最後一點通貨膨脹的影響，並緩解供應鏈受到的部分衝擊。或者我們會說，例如在豌豆這類我們知道品質好的領域，我們會加大宣傳投入。或者就像 Stefan 提到的那樣，我們在魚類方面看到的是，我們有機會提高質量，我們將利用節省下來的資金來提高產品品質。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Hey, guys. Good morning. Thank you. Good afternoon. So you've spoken a little bit about this indirectly, but the implied fourth-quarter guidance does contemplate an acceleration on a two-year basis. And I guess you've spoken a little bit about where your confidence comes from that. But I guess just a little bit more clarity or a little bit more color as to how you think you're protected against downside just because the comparison is a bit more difficult.

嘿，夥計們。早安.謝謝。午安.您已經間接地談到了這一點，但隱含的第四季度業績指引確實考慮到了兩年內增速加快。我想你已經稍微談到你的自信源自於何處。但我想，您能否更清楚地說明一下您認為您是如何防範下行風險的，或者能否提供更詳細的信息，因為這種比較有點困難。

I understand the question. Maybe it's also good to understand '24 comparator, and it's how far back do you want to go versus '23 comparator because we had the same discussion, I think, last year when we delivered a 3% growth in quarter four, which is the background of your question. If you look at the year before, actually H1, the year before was minus 2%. And in H2, we had a minus 8%. So you also have to look at the comparator of the comparator, which sounds a bit as we're going back very many years. But in the end, it's looking at run rates, and we knew that the comparison run rate wasn't the strongest.

我明白這個問題。或許了解 2024 年的比較數據也很有幫助，而且你想追溯到 2023 年的比較數據多久以前，因為我認為我們去年也討論過同樣的問題，當時我們在第四季度實現了 3% 的增長，這就是你問題的背景。如果看前一年，其實是上半年，前一年是負 2%。下半年，我們的降幅為-8%。所以你還要看看比較對象的比較對象，這聽起來有點像我們要追溯到很多年前。但歸根究底，還是要看勝率，而我們知道，比較勝率不是最強的。

The second point, which for me is a crucial point, we are not happy with this year. We know we had the destocking. We had not the greatest ice cream season, but our sellout is plus 0.2%. If you look at the last three months, it's a plus 0.5% growth in volume plus 0.7%. That is vis-a-vis a guidance implied of minus 1.5%, minus 2%. So there's -- some call it buffer, but some difference there.

第二點，也是對我來說至關重要的一點，是我們今年的表現不如預期。我們知道我們進行了去庫存操作。我們的冰淇淋銷售季業績不算最好，但售罄率提高了 0.2%。如果看過去三個月，銷量成長了 0.5% 到 0.7%。這與預期的下調幅度為-1.5%或-2%相比。所以這裡有——有些人稱之為緩衝，但兩者之間存在一些差異。

And secondly, if you then look at our activity program for the fourth quarter, there is a lot with additional distribution. There's a lot where we're stepping up quality in pizza. There is the mass brand in the UK. UK specifically because we're not happy with the UK performance. And that's not something which will be solved in 4 to 12 weeks, but we see stabilization of shares, which also gives confidence. I think, yes, that's probably all the context and color I can give at this moment.

其次，如果你看我們第四季的活動計劃，你會發現有很多額外的分發活動。我們在披薩品質方面做了很多改進。英國有大眾品牌。尤其針對英國，因為我們對英國的表現不滿意。這不是4到12週內就能解決的問題，但我們看到股價趨於穩定，這也提振了市場信心。我想，是的，目前我大概只能提供這些背景資訊和細節了。

Perfect. Okay. That makes a ton of sense and it's confirming. I guess the other question I wanted to ask about was just around capital allocation priorities. I think your comments, over the course of time, especially recently have been pretty consistent about how you plan to deploy capital, obviously, supporting the dividend and prioritizing share repurchases, it seemed like in the prepared remarks that there was even more emphasis on that capital allocation prioritization.

完美的。好的。這很有道理，也印證了這一點。我想問的另一個問題是關於資本配置優先事項的。我認為，隨著時間的推移，尤其是在最近一段時間，您在如何部署資本方面的評論一直相當一致，顯然，您計劃支持分紅並優先考慮股票回購。在準備好的發言稿中，似乎更強調了這種資本配置的優先性。

And I do note that in the recent refinancing that you executed, I think there was an extra $150 million or so raised with that. So should we infer that that will be deployed towards buybacks? Or are there other uses of that extra capital? Thank you.

我注意到，在您最近的再融資中，我認為額外籌集了約 1.5 億美元。所以我們可以推論這筆資金將用於股票回購嗎？或者，這筆額外的資金還有其他用途嗎？謝謝。

I'll take this one. It's Martin. I don't know how many companies you're able to buy at 6.5 PE, but I think while we're in that ZIP code, we're going to be buying back our own stock. We see obviously a far higher intrinsic value of the company than the equity markets give us credit for. I think we said that in our prepared remarks.

我選這個。是馬丁。我不知道你能以 6.5 倍市盈率買到多少家公司，但我認為，既然我們身處這個區間，我們就會回購我們自己的股票。顯然，我們認為該公司的內在價值遠高於股票市場所給予的估值。我想我們在準備好的發言稿中已經說過這​​一點了。

And obviously, the credit markets really do recognize the strength of the company and its cash flow. So we will be continuing to be bought by stock in the past. We're going to continue to buy back stock until we feel that the markets are fairly valuing the company. And obviously, the extra $150 million of cash that we have gives us more liquidity to do so.

顯然，信貸市場確實認可了該公司的實力和現金流。所以，我們將繼續被過去的股票買進。我們將繼續回購股票，直到我們認為市場對公司估值合理為止。顯然，我們額外擁有的 1.5 億美元現金也給了我們更多的流動資金來做到這一點。

Okay, perfect. Thank you.

好的，完美。謝謝。

Thank you.

謝謝。

And with no remaining questions, I'd like to turn the call back over to Stefan Descheemaeker.

既然沒有其他問題了，我想把電話交還給斯特凡·德舍梅克。

Well, thank you all for joining us today. This has been my 40th earnings call with the company, and it will be my last. The past 10 years have been dynamic with the good, but also challenging times. But the company has persevered through it all, emerging from each challenge stronger than before. It held true during Brexit, Russia's invasion of Ukraine, the more recent period of hyperinflation, and it will be true again this year.

謝謝各位今天蒞臨。這是我參加該公司的第 40 次財報電話會議，也將是最後一次。過去十年風雲變幻，既有順境，也有挑戰。但該公司堅持不懈地挺過了所有難關，每次挑戰過後都變得比以前更強大。在英國脫歐、俄羅斯入侵烏克蘭、最近的惡性通貨膨脹時期，這項規律都得到了驗證，今年也將繼續驗證。

This year was more challenging than we initially expected, but I'm already seeing the company begin to bounce back. The foundation for improvement has been laid, and I'm excited to see Dominic build upon it as the next CEO. The best is still ahead for Nomad Foods. And with that, thank you and goodbye.

今年比我們最初預想的更具挑戰性，但我已經看到公司開始復甦。改進的基礎已經奠定，我很高興看到多明尼克作為下一任執行長在此基礎上繼續發展。Nomad Foods的未來一片光明。那麼，就此道別，謝謝大家。