Nomad Foods Limited (NYSE:NOMD) Q4 2022 Results Conference Call February 23, 2023 8:30 AM ET

Company Participants

Anthony Bucalo - IR

Stefan Descheemaeker - CEO

Samy Zekhout - CFO

Conference Call Participants

Andrew Lazar - Barclays

John Baumgartner - Mizuho Securities

Rob Dickerson - Jefferies

Cody Ross - UBS

Stefanos Christ - CGS Securities

Operator

Ladies and gentlemen, greetings, and welcome to the Nomad Foods Fourth Quarter and Full Year 2022 Earnings Call. A brief question-and-answer session will follow the formal presentation [Operator Instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce you to your host, Anthony Bucalo, Investor Relations. Please go ahead.

Anthony Bucalo

Hello, and welcome to the Nomad Foods Fourth Quarter 2022 Earnings Call. I'm Anthony Bucalo, Head of Investor Relations, and I am joined on the call by Stefan Descheemaeker, our CEO; and Samy Zekhout, our CFO. Before we begin, I would like to draw your attention to the disclaimer on Slide two of our presentation. This conference call may 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 risks and uncertainties, which are discussed in our press release, our filings with the SEC, and this slide in our investor presentation, which includes cautionary language. We will also discuss non-IFRS financial measures during the call today. These non-IFRS financial measures should not be considered a replacement for and should be read together with IFRS results. Users can find the IFRS to non-IFRS reconciliations within our earnings release and in the appendices at the end of the slide presentation available on our website. Please note that certain financial information within this presentation represent adjusted figures for 2021 and 2022. All adjusted figures have been adjusted for exceptional items, acquisition-related, share-based payment, and related expenses as well as non-cash FX gains or losses. Unless otherwise noted, comments from here on will refer to those adjusted numbers. With that, I will hand you over to Stefan.

Stefan Descheemaeker

Thank you, Tony, and thank you for joining us on the call today. I am pleased to report that 2022 marked our sixth consecutive year of generating record sales, adjusted EBITDA, and adjusted EPS. I would like to thank all the dedicated people at Nomad who made it possible under historically challenging conditions. Last year, we made significant adjustments to our business model as we evolve to mitigate the impact of COVID-19 and the Ukraine war. Importantly, we maintain our strong foundation speed on world-class people, equating brands in a great category and healthy financials that will allow us to continue investing for the long term. Frozen food remains a great value for consumers with sustainable growth expected ahead. Frozen food is high in nutrition, low in waste and the best value for money across the food category. During periods when consumers are looking for value in nutrition in their food choices, frozen food needs them and more. As the category leader, Nomad is positioned to deliver that value to our millions of consumers. In 2020 and '21, our business excelled during the COVID lockdown as consumers' pantry loaded and had more frozen means at home, adopting many of our products into their everyday lives. I'm happy to say that we have held on to most of these games.