Nomad Foods Ltd (NOMD) 2025 Q3 法說會逐字稿

Greetings and welcome to the Nomad Foods 3rd quarter of 2025 conference call.

各位好，歡迎參加 Nomad Foods 2025 年第三季電話會議。

At this time, all participants will be in a listen-only mode, and should you need any assistance on today's call, please signal a conference specialist by pressing the star key followed by 0.

此時，所有參與者都將處於唯讀模式，如果您在今天的通話中需要任何幫助，請按星號鍵，然後按 0 向會議專家發出信號。

After today's presentation, there will be an opportunity to ask questions.

今天的報告結束後，將有機會提問。

To ask a question, you may press star, then 1 on your telephone keypad, and to withdraw a question, please press star, then 2.

若要提問，請按星號鍵，然後按電話鍵盤上的 1；若要撤回問題，請按星號鍵，然後按 2。

Also, please be aware that today's call is being recorded.

另外，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 nomadfoods.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 Stéfan Descheemaeker, our CEO, Ruben Baldew, our CFO, and Sir Martin E. Franklin, our co-founder and co-chairman. 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 risk and uncertainty, which we 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.

您好，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nomadfoods.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 Stéfan Descheemaeker、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。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。實際結果可能因風險和不確定性而有所不同，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演示文稿中對此進行了討論，其中包含警示性語言。我們也將在今天的電話會議中討論非國際財務報告準則財務指標。

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

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。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，否則今天在此發表的評論將參考這些調整後的數字。好了，接線生，我們開始接受提問吧。

(Operator Instructions)

（操作說明）

our first question here will come from Andrew Lazar of Barclays. Please go ahead.

我們的第一個問題將來自巴克萊銀行的安德魯·拉扎爾。請繼續。

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. 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. My question is whether Nomad still stands by those recent comments at this stage.

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。顯然，自那以後，Nomad 取代了 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 CEO 的任命往往意味著需要某種形式的利潤調整。我的問題是，Nomad目前是否仍然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, I feel like, internal commitments and. Goals are. Ones that are proved 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. Our €200 million multi-year efficiency target, obviously, 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 have to excuse me, I have a cold. And third. Accelerating free cash flow growth by delivering EBITDA and also, 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 year end. But we brought in Dominic because of his growth orientation 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.

謝謝你的提問。我想說幾點。首先。這些承諾，以及我覺得的內在承諾，以及。目標是。經過我們整個董事會（而不僅僅是我們董事會）的驗證和研究。我們的首席執行官。我們做出了一些我認為很重要的承諾。重要的是，這些觀點是前後一致的，也是我們在準備好的演講稿中已經談到的內容。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，我們的媒介。長期目標是實現 EBITDA 複合成長。極低的個位數。這些目標依然不變。請原諒，我感冒了。第三。透過提高 EBITDA 來加速自由現金流成長，更重要的是，還要減少特殊項目。所以我認為以上所有選項都正確。目標已經制定。顯然，當我們引入一位新的執行長時，評估一切是執行長的職責。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促進業務成長的意識。所以我是。很高興他能加入我們，而且就我們的績效指標而言，這絕對是一件好事。

All right. Thank you for that. And then maybe as a follow-up, I know. I think private label trends tend 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’s 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 might have had to have been the case? Thank you.

好的。謝謝。然後也許可以作為後續，我知道了。我認為，當 Nomad 率先漲價時，自有品牌趨勢往往會落後於品牌價格上漲。而過去，這有時會導致市佔率暫時下滑。我想問的是，Nomad 明年將如何平衡定價策略並維持股價上漲動能？或許，你們較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定價策略？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. 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 digits. And that’s probably at this moment what we’re looking at. 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 certainly. Third point is what you alluded to. We’ve launched. This cost competitiveness program, and Martin also mentioned of 200 million, and we still passionately stand behind it.

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、六個月、九個月的數據，就會發現我們的價格指數相對於競爭對手（主要是自有品牌）略有下降，下降了2%到3%，這對於我們必須考慮定價的背景下是有幫助的。我必須說，這簡直是平均值的平均值。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。我認為更重要的是，而且你已經得到了一半的答案，那就是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，大部分價格上漲將在第一季發生，—26。現在，有幾件事需要說明。整體通膨率與各通膨水準並不相同。我們之前說過，大概兩年前，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看到的。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失去市場份額的問題背後的原因），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，我們一定會做到。第三點就是你剛才提到的那一點。我們已經上線了。這項成本競爭力計劃，馬丁也提到了2億美元，我們仍然堅定地支持它。

And by the way, it is not only a forward-looking program. You also heard in our remarks that in quarter three, but also 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 offsets in saving. 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 list 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.

順便說一句，這不僅僅是一個具有前瞻性的項目。你們也從我們的演講中了解到，在第三季度，以及第二季度，我們的營運成本都在降低，以彌補通貨膨脹的影響，即使考慮到獎金發放也是如此。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。我們也會研究價格，以及價格與翻新工程的關係。所以，如果我們正在查看一些。翻新工程各有優劣，產品品質也各不相同，我們試圖將這些因素與價格掛鉤。因此，零售商和消費者都有了新的消息。最後我想澄清一點，我認為現在判斷其影響還為時過早。我們正在發出價格表。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。

And our next question will come from Scott Marks with Jefferies. Please go ahead.

接下來的問題將來自傑富瑞集團的史考特·馬克斯。請繼續。

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 kicking in. Thanks.

嘿，早安。非常感謝您回答我們的問題。我只是想就一個問題進行後續討論。安德魯問起這件事。重申一些中期目標。我認為，當我們考慮âHel 26時，定價即將出台。多明尼克接任，以及你提到的其他一些動態，我只是想知道我們應該如何考慮。初步來看，例如今年的節奏，或者我們應該考慮何時讓一些新的措施開始實施。謝謝。

Ruben, do you want me to take. That?

魯本，你想讓我帶走嗎？那？

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. What Martin just said, look, we will passionately drive a 200 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 are clear folks 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 concretely is more for when we announce our full year results in early next year.

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。所以我認為馬丁剛才說的，也是你的問題，斯科特，我們在9月份啟動了一項計劃戰略，這不僅僅是斯特凡或首席執行官的計劃。這是整個董事會和我們整個內部計劃所認可的。正如馬丁剛才所說，我們將全力推動一項價值 2 億美元的競爭力提升計畫。我們將看到現金流帶來的好處。但是，鑑於多明尼克剛加入，現在就對「痛苦的膀胱26」發表更多具體的評論也是不公平的。角色。但很明顯，經濟正在全面復甦，我們今年看到的一些影響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確定。

Okay. Appreciate the answer. And then second question for 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 lower 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 the. Risks and the potential upside risks as well?

好的。感謝您的解答。那我的第二個問題是：顯然，您指出了英國一些具有挑戰性的動態，並期望其中一些動態能夠趨於穩定。當我們思考時。如果第四季及之後的業績結果低於或高於您的預期，那麼可能的原因是什麼呢？我們該如何看待這種…風險以及潛在的上漲風險？

Yeah. 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 one and a half and minus two. 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 too happy with the ice cream performance more in quarter three. 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 imply guidance of minus one and a half, minus two. 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 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. So. We’re now. One-third of the quarter is now behind us.

是的。所以。我們今天說過。我們確認並重申了先前的指導意見，儘管是按照指導意見的下限來定。營收預期下限意味著第四季業績將在-1.5到-2之間波動。讓我們退後一步。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，這比我們今年的業績增長了0.2%，而我們今年的業績並不理想。今年我們已經感受到了天氣的影響，無論是在西北歐的鹹味冷凍食品業務方面，還是在第三季度的冰淇淋業務方面，我們都不太滿意。儘管如此，我們的售罄率仍為+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，我們自己的售罄率也在回升。如果看過去三個月的數據，價值增加了0.5。過去三個月的銷量成長了0.7。因此，我們的銷售業績還沒有達到預期，但整體呈現正成長，而且實際上略有改善。因此，你必須明白，這暗示著負一又二分之一、負二的指導意義。那麼，是什麼讓我們充滿信心呢？我們能夠達到那個目標嗎？如果你看一下我們的困難計劃，你也會看到一些準備好的說明，我們提高了我們在英國的披薩業務的產品品質。那是其中之一。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。所以。我們現在。本季已經過去三分之一了。

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 price will be taken next year. It’s a bit depending what competition will do so that it could go up or down a bit. But I think those are probably the big ones.

對於你的問題，哪些方面需要順利進行，哪些方面需要出錯，以及哪些因素可以改變現狀？這裡有一些地方可以查看價格。我們提高了英國雞肉產品的價格，因為我們預計明年大部分成本將被抵消。這在一定程度上取決於競爭對手的動向，所以價格可能會略有上漲或下跌。但我認為這些可能是最重要的問題。

Appreciate it we'll pass it on thank you.

非常感謝，我們會轉達的。

And our next question will come from John Baumgartner with Mizzou. Please go ahead.

接下來的問題將來自密蘇里大學的約翰·鮑姆加特納。請繼續。

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 hadn’t really increased in your categories for the better part of a decade prior to the cost of living crisis. And even now, it seems to have sustained momentum even as price inflation is moderated. 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.

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，因為市佔率一直很高，但在生活成本危機之前的近十年裡，你們品類的市佔率並沒有真正成長。即使現在物價上漲放緩，這種成長動能似乎依然保持良好。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 the big thing. And I think the learning for 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, E&P, and all the rest of it. And when you think about. Let’s say. This year in the UK, for example, we lost it a bit.

謝謝你的提問，約翰。我認為是。說到冷凍食品這個品類，它其實是一個非常好的品類。該品類每年都在穩定成長。但毫無疑問，自有品牌才是重頭戲。我認為我這十年學到的東西基本上就是，你必須每天保持謙遜，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、勘探與生產以及其他所有方面。當你思考的時候。比如說。例如，今年在英國，我們就有點失控了。

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 piece, for example, that’s exactly what we’re doing right now, which is to come back with the right value equation. 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 and 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, absolutely, I mean, our program is much better. 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.

我認為魯本提到的關於魚柳條的改良、披薩的改良、以及一些包裝改良等方面的改進，正是我們現在正在做的，那就是找到正確的價值等式。顯然，這兩者結合起來。就 Ruben 的觀點而言，從價格方面來看，我們比幾個月前和幾個季度前的情況略好。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。而當我將「健康26」與「健康25」進行比較時，從現在開始，絕對是這樣，我的意思是，我們的專案要好得多。說實話，我覺得我們對自己要求太高了。我認為“第25條”，我認為我們在價值等式方面做得還不夠好。

And that’s why we’re doing all these renovations in pizza, for example. And what we can see is in the UK, well, even we’ve compared ourselves with premium, we are superior with the takeaways. We intend to do the same with the second part, which is. Thin. We intend to come with the renovation, the 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 renovating the packaging in piece. Piece, definitely, we have a superior product. But definitely, I don’t think it can do better in terms of packaging. 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.

這就是為什麼我們要對披薩產業進行所有這些改革的原因。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也採取同樣的做法，即：薄的。我們打算在翻新後推出更優質的魚柳，這對我們來說意義重大。魚柳條約佔40%。我們的魚類生意規模非常大。它將與尺寸一起在第一季上市。這就是我們正在做的事情。我們正在分階段翻新包裝。就品質而言，我們絕對擁有卓越的產品。但就包裝而言，我認為它已經做得非常好了。所以它。從哲學角度來看，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。

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.

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年的節目安排肯定會比我們現在的要好得多。

Okay, thank you.

好的，謝謝。

And again, if you have a question, you may press star then one to join the queue.

再次提醒，如果您有疑問，可以按星號鍵再按數字鍵1加入佇列。

Our next question will come from John Penguin Tang with CGS Securities. Please go ahead.

下一個問題將來自 CGS Securities 的 John Penguin Tang。請繼續。

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，這是否能為你帶來任何額外的槓桿作用或能力，來彌補你在明年與零售商交談時所承受的通貨膨脹的一部分，而且顯然是在這樣的背景下？最終需求彈性是多少？

Well, let me contextualize a bit this. Decision. Put yourself back in 2022. Where between March and. June, every month we had another 15 million additional COGS. And so while. All the negotiations, the pre-negotiations with all the retailers in Europe were behind us, well, it was simple. It was post-measure. 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. 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.

讓我稍微解釋一下背景。決定。想像一下自己回到2022年。3 月到 1 月之間。六月份，每個月我們的銷售成本增加了1500萬。所以，同時。與歐洲所有零售商的所有談判和預先談判都已經結束了，這很簡單。這是事後測量。於是我們決定重新開放所有場所。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。而且奏效了。總的來說，即使在像法國和德國這樣可能比較困難的國家也是如此。這一次，情況截然不同。這不是不可抗力。這只是年中新增的一項銷售成本。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。

I think it would have been a mistake to reopen the negotiation for something which was not considered as 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 combined also with the renovation program and the whole 360 approach. That’s obviously for next year.

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。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。那顯然是為明年準備的。

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。偉大的。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內的一些節約成本的項目，以及它們如何逐步實施，以及在您的成本結構調整、恢復獎金累積等方面可能產生的相互抵消的情況？是否也包括節省的成本？

Yeah. So. It links a bit to our overall 200 million program. The 200 million program. False majority. That sits in supply chain, around 170 million invested in overheads. Overhead, 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. 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 145 to kind of 180, 175. The big step up there is procurement. And it’s not that in procurement, we’re all tomorrow going to have huge consolidation in a fish supply base. But if we look at elements like ingredients, like packaging, some other ingredient base, we think we can further consolidate a supply base. And that’s the big drive of the savings there. The other part is in our factory footprint, we’ve lost volume. So there we’re going to do three things. 22% of our volume still sits at COPAC, and we think we can insource that, so we’ll do that. Secondly, we see some of our bigger factories where we have an opportunity to right-size both cost and asset base. 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. How we allocate that to the P&Ls, exactly it links 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, peach, where we know we have good quality, we’re going to invest more in communication." Or like what Stefan mentioned, we see in fish things that we have an opportunity to improve quality, and we’re going to use those savings to improve product quality.

是的。所以。它與我們總額達 2 億美元的計劃略有關聯。這項耗資2億美元的計畫。虛假多數。這部分成本位於供應鏈中，約有 1.7 億用於營運費用。今年在營運成本方面已經可以看到一些節省，這主要得益於簡化組織結構。我們對部分職能支援領域進行了重組。我們也關注非人力成本，目前我們從間接採購團隊著手，力求從中節省開支。這是第一部分。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。這是供應鏈從 145 級提升到 180 級、175 級的步驟。晉升到更高層級的關鍵在於採購。這並不意味著採購方面，我們明天就會在魚類供應基地進行大規模整合。但如果我們從成分、包裝、其他原料基礎等因素著手，我們認為可以進一步鞏固供應鏈。這就是節省開支的主要驅動力。另一部分原因是我們的工廠佔地縮小了，產量也下降了。所以，我們打算做三件事。我們22%的業務量仍然在COPAC處理，我們認為可以把這部分業務轉回公司內部處理，所以我們會這麼做。其次，我們看到一些規模較大的工廠有機會調整成本和資產規模。第三，而且再次強調，它不僅僅是充滿希望。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。我們如何將這些資金分配到損益表中，這與安德魯的問題密切相關。我們將採取精準的措施，在我們認為需要節省開支的地方，避免將資金用於應對最後一點通貨膨脹，並緩解供應鏈受到的一些衝擊；或者我們會說：“例如，在我們知道質量好的桃子領域，我們將加大宣傳投入。”或者就像 Stefan 提到的那樣，我們在魚類產品方面看到了提升品質的機會，我們將利用節省下來的資金來提高產品品質。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

And our next question will come from Steve Bowers with Deutsche Bank. Please go ahead.

接下來，我們將向德意志銀行的史蒂夫鮑爾斯提問。請繼續。

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 spoke a little bit about where your confidence comes from in 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.所以你已經間接地談過這一點，但是…隱含的第四季業績指引。考慮加速。為期兩年。我想您已經稍微談到了您的信心來源，但我想請您更清楚地說明一下，或者更詳細地說明一下您認為您是如何防範下行風險的，因為這種比較有點困難。

Understand that question. Maybe it’s also good to understand ’24 comparator and 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 the year before, actually, H1. The year before was minus two, and in H2, we had a minus eight. 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. 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-à-vis a guidance implied of minus one and a half, minus two. So there’s some, I’ll call it buffer, but some difference there. 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, 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, yeah, that’s probably all the context and color I can give at this moment.

我明白這個問題。或許了解「24 比較器」以及你想追溯到多久以前與「23 比較器」相比也是有益的，因為我認為我們去年也討論過同樣的問題。我們在第四季度實現了 3% 的成長，這就是您問題的背景。實際上，如果你看一下前一年，H1。前一年是零下2度，而下半年是零下8度。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，但最終，我們還是要看運行率。我們知道，比較勝率並不是最高的。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清倉處理。我們的冰淇淋銷售季業績不算最好，但售罄率增加了0.2%。如果看過去三個月，銷量成長了0.5%，比預期成長了0.7%。而先前的預期是下降1.5%到2%。所以這裡有一些，我稱之為緩衝，但確實存在一些差異。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。有很多方面我們都在加倍努力。披薩的品質。之所以在英國推出大眾品牌，主要是因為我們對英國市場的表現不滿意。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，這大概就是我現在能提供的全部背景和資訊了。

Perfect. Okay. That makes a lot of sense and is 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 purchases. It seemed like in the prepared remarks that there was even more emphasis on that capital allocation prioritization. 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.

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。我認為你這些年來的評論，特別是最近的評論，一直都相當一致。您計劃如何部署資金，顯然是為了支持分紅並優先考慮股票購買。從準備好的發言稿來看，似乎更強調了資本配置的優先順序。而且我注意到最近確實如此。我認為，你執行的再融資計畫額外籌集了大約 1.5 億美元。所以我們可以推斷，這將部署在…方向。回購股票，還是將這筆額外資金用於其他用途？謝謝。

I’ll take this one. It’s Martin. I don’t know how many companies you’re able to buy at six and a half 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 in the company. Than the equity markets give us credit for. I think we said that in our prepared remarks. 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.

我選這個。是馬丁。我不知道你能以 6.5 倍的本益比買到多少家公司，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，我們看到該公司具有更高的內在價值。比股票市場給予我們的評價高。我想我們在準備好的發言稿裡已經說過這​​一點了。當然，還有信貸市場。確實認可這家公司的實力和現金流。所以我們會的。過去一直被股票買入。我們將繼續回購股票。直到我們認為市場對公司的估值是合理的。當然，還有我們額外的1.5億美元現金。這樣我們就有更多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 fourth 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. The company has persevered through it all. Emerging from each challenge stronger than before. It held through during Brexit. Russia’s invasion of Ukraine, the more recent period of hyperinflation. And it will be true again this year. This year was more challenging than we initially expected. But I’m already seeing the companies 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.

謝謝各位今天蒞臨。這是我第四次參加該公司的財報電話會議。這將是我最後一份。過去十年風雲變幻，既有順境，也有挑戰。公司一路堅持了下來。每次挑戰過後，他們都變得比以前更強大。它在英國脫歐期間經受住了考驗。俄羅斯入侵烏克蘭，以及最近惡性通貨膨脹的時期。今年也將如此。今年比我們最初預想的更具挑戰性。但我已經看到這些公司開始復甦了。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。