Operator

Hello, and welcome to the pre-recorded discussion of Nomad Foods First Quarter 2026 Earnings Results. We have posted the accompanying press release and investor presentation on Nomad Foods website at noomadfoods.com. I’m Jason English, Head of Investor Relations and Corporate Strategy, and I’m joined by Dominic Brisby, our CEO; and Ruben Baldew, our CFO.

In addition to these remarks, we’ll host an analyst Q&A session today at 8:30 a.m. Eastern. A replay of this webcast and our subsequent Q&A session will be available on the Investor Relations section of our website. These prepared remarks 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 risks and uncertainties which are 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. 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 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 and hedge ineffectiveness. Unless otherwise noted, comments from here will refer to those adjusted numbers.

With that, I’ll hand it over to Dominic.

Dominic Brisby
CEO & Director

Thank you, Jason, and hello, everyone. I’m happy

NEW YORK — ESPN analyst Kendrick Perkins delivered a provocative take Tuesday on “Get Up,” declaring that LeBron James, Stephen Curry and Kevin Durant have no realistic path to another NBA championship for the rest of their careers, labeling the three future Hall of Famers as “dead birds” in the title conversation.

“Let’s have a moment of silence for the ones that passed away, the dead,” Perkins said on the May 12, 2026, episode. “LeBron, Steph, and KD, they’re dead birds, tall grass when it comes to them ever stepping foot on the big stage again as far as winning a NBA championship. Those days are over. Neither one of those guys for the rest of their NBA careers will win another championship.”

The comments immediately ignited debate across sports media and social platforms, spotlighting the twilight years of three transcendent stars who have combined for 11 championships and reshaped the NBA over nearly two decades. At ages 41 (James), 38 (Curry) and 37 (Durant), all three remain active but face mounting questions about their ability to lead contenders deep into the postseason.

James, the NBA’s all-time leading scorer, is weighing his future with the Los Angeles Lakers after another early playoff exit. Speculation swirls about whether he will return for a 24th season or retire as the league’s most accomplished player. Perkins’ remarks come as James navigates father-son dynamics with Bronny and contemplates legacy preservation.

Curry, the greatest shooter ever, led the Golden State Warriors to another competitive season but fell short of championship contention. The Warriors’ window appears narrower despite Curry’s enduring brilliance and leadership. His four titles, all with Golden State, cemented his dynasty status, yet Perkins suggests that chapter has closed.

Durant, now with the Houston Rockets after stints in Brooklyn and Phoenix, continues posting elite scoring numbers but has not advanced past early playoff rounds since leaving the Warriors. Perkins has previously questioned Durant’s post-Golden State legacy, amplifying scrutiny around his championship hopes.

Perkins, a former Boston Celtics champion and vocal ESPN personality, built his media career on blunt, headline-grabbing opinions. His latest take aligns with a pattern of challenging aging superstars’ futures while praising the league’s younger generation. Critics quickly accused him of seeking attention, while supporters argued the assessment reflects current roster realities and injury risks.

The NBA landscape has shifted dramatically. Younger stars like Nikola Jokic, Luka Doncic, Giannis Antetokounmpo, Jayson Tatum and Anthony Edwards now anchor true contenders. Teams prioritize athleticism, two-way versatility and depth over individual brilliance in the twilight of long careers. Play-in chaos and parity further complicate paths for veteran-led squads.

James’ Lakers, despite flashes of brilliance, struggle with consistency and supporting cast questions. Curry’s Warriors rely heavily on his gravity but lack the firepower of their 2010s peak. Durant’s Rockets show promise but remain a work in progress amid roster transitions. None currently project as clear favorites in upcoming playoffs.

Yet history cautions against writing off legends prematurely. James dragged undermanned teams to Finals appearances late in his 30s. Curry reinvented offenses at an advanced age. Durant’s scoring touch remains unmatched. All three have defied Father Time before, fueling pushback against Perkins’ finality.

Social media erupted with memes, polls and counterarguments. #DeadBirds trended alongside defenses of each player’s remaining prime. Former players and analysts weighed in, with some agreeing the window has narrowed while others highlighted motivation and potential roster moves. James’ camp has not responded directly, maintaining focus on family and business ventures.

Perkins’ history with these stars adds context. A Celtics rival during Boston’s 2008 title run, he later developed relationships through media and player circles. His commentary often blends respect with tough love, though detractors label it overly pessimistic or performative. Earlier this season, he stirred debate by suggesting a 41-year-old James beating Durant’s Rockets would solidify GOAT status over Michael Jordan.

League insiders note shifting dynamics. Free agency and draft capital favor youth movement. Luxury tax concerns and load management limit veteran minutes. Medical advancements extend careers, but playoff intensity exposes decline. Only exceptional supporting casts can elevate aging cores to contention.

For James, retirement speculation intensified after recent postseason disappointment. A potential 2026-27 return could pair him with younger talent, but championship odds remain long. Curry signed extensions signaling commitment to Golden State’s rebuild-around-veterans approach. Durant’s future appears fluid amid Houston’s youth movement.

Perkins’ declaration underscores broader NBA storytelling. The league thrives on narratives of rise, peak and decline. Legends transitioning from contenders to mentors or role players marks natural evolution. Fans cherish final chapters even without fairy-tale endings.

Defenders of the trio point to intangibles. Leadership, basketball IQ and experience compensate for lost explosiveness. Strategic rest, specialized training and rule changes favoring offense could extend windows. Roster construction around complementary pieces remains possible in a star-driven league.

Critics counter with data. Advanced metrics show declining efficiency in key areas for all three. Playoff win probabilities drop sharply for teams led by players over 35 without elite support. Recent seasons reinforce the trend toward younger dynasties.

The comments arrive amid 2026 playoffs, heightening stakes. As contenders battle without these icons dominating headlines, Perkins’ words reflect a perceived passing of the torch. Yet NBA history is littered with premature eulogies. Michael Jordan, Kobe Bryant and others delivered late-career magic.

Perkins framed his take as realism rather than disrespect. “Those days are over,” he repeated, urging acceptance of new realities. Whether prophetic or premature, the statement guarantees continued debate as each star navigates his final seasons.

James, Curry and Durant have already secured legacies few athletes match. Multiple MVPs, scoring titles, Olympic gold and cultural impact transcend additional rings. Their influence on today’s game — from spacing to player empowerment — endures regardless of future hardware.

As the NBA evolves, Perkins’ bold call serves as a flashpoint. It forces reflection on greatness, mortality in sports and the difficulty of sustaining excellence. Fans will watch closely to see if any of the three can prove the analyst wrong one final time.

For now, the moment of silence Perkins requested echoes loudly. The stars he declared finished retain agency to author different endings. In a league built on drama, their responses — on or off the court — will write the next chapter.

The Trump administration’s plan for a “Golden Dome” national missile defense system could cost more than $1 trillion to develop and operate over the next two decades, according to an estimate by the nonpartisan Congressional Budget Office (CBO).

The CBO on Tuesday published a report which estimated that developing, deploying and operating a Golden Dome missile defense in line with what President Donald Trump outlined in his executive order would cost about $1.2 trillion over 20 years. 

Per the order, the Golden Dome would be designed to defend against ballistic, hypersonic and cruise missiles, as well as other aerial threats. It would cover the entire U.S., including Alaska and Hawaii, with the capacity to engage a regional adversary or a small-scale attack by a peer, though it could be overwhelmed by a full-scale attack by a peer or near-peer adversary, CBO said.

In the report, the CBO considered a national missile defense system with four layers of interceptors, including a space-based layer, two wide-area surface layers – including an upper layer and a lower layer, and a surface-based regional sector layer. 

HOW MUCH WILL TRUMP’S ‘GOLDEN DOME’ MISSILE DEFENSE SYSTEM COST?

The Golden Dome would build off capabilities like the Aegis Ashore Missile Defense System. (Ashley Whitney/DVIDS)

It would also include additional sensors, communication systems, and battle management systems to coordinate the collective action between the system’s layers.

The most expensive portion of the Golden Dome system would be the space-based interceptor layer, which the CBO said would account for about 70% of acquisition costs and 60% of total costs.

Acquisition costs for the Golden Dome system as a whole would total a little over $1 trillion over the 20-year period, while average operation and support costs would average more than $8 billion per year.

US NATIONAL DEBT SURPASSES SIZE OF THE ECONOMY FOR FIRST TIME SINCE WORLD WAR II

The THAAD missile defense system is a mobile system deployed around the world that has some of the capabilities sought in the Golden Dome system. (Lockheed Martin)

The CBO’s estimate notes that there are substantial uncertainties about how quickly components of a national missile defense system could be deployed. 

CBO’s operation and support costs are based on a 20-year period starting in 2028 for surface-based systems and in 2030 for space-based systems. It noted that operation and support costs are likely to be slightly higher if deployments occur later.

US NATIONAL DEBT BREACHES $39 TRILLION MILESTONE FOR FIRST TIME AMID SPENDING SURGE

CBO said there was substantial uncertainty about the timelines to acquire Golden Dome equipment. (Lockheed Martin)

CBO noted that the director of the Office of Golden Dome for America in recent public statements estimated the cost of the program’s objective architecture would cost $185 billion to deploy over the next decade.

The White House’s 2027 budget request documents call for the Golden Dome for America Fund to receive an average of $15 billion per year for the next five years.

As a result, CBO noted the difference “raises the possibility that either GDA’s objective architecture is more limited than CBO’s notional NMD system or DoD expects funding from other accounts to contribute to GDA (or both).”

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CBO added that because of the “limited information available about the Administration’s planned NMD architecture, a direct comparison of DoD’s and CBO’s NMD systems and their costs is difficult,” as many aspects of the plan could ultimately differ from those of its analysis or the objectives of the executive order.

NEW YORK — GameStop’s audacious $56 billion bid to acquire eBay appeared all but dead Wednesday after the online marketplace formally rejected the unsolicited offer, though CEO Ryan Cohen signaled he may not walk away quietly, leaving a narrow path for a prolonged proxy fight or sweetened proposal.

eBay’s board delivered a blunt dismissal Tuesday, calling GameStop’s non-binding proposal “neither credible nor attractive” in a strongly worded letter to Cohen. The rejection cited financing uncertainties, operational risks, leadership concerns and doubts about the combined company’s long-term growth prospects.

The drama began May 3 when GameStop, led by activist investor-turned-CEO Cohen, proposed buying eBay at $125 per share — roughly half in cash and half in GameStop stock. The offer valued the larger e-commerce platform at about $55.5 billion and represented a significant premium to recent trading levels. GameStop had quietly built a roughly 5% stake in eBay beforehand.

Cohen framed the deal as a transformative opportunity to create a retail powerhouse combining eBay’s global marketplace with GameStop’s physical stores and collectibles expertise. He envisioned cost synergies, authentication services through GameStop locations and a stronger challenge to Amazon in secondhand and specialty goods.

Financing questions emerged immediately. GameStop planned to fund the cash portion with its roughly $9.4 billion in cash and investments plus up to $20 billion in debt financing backed by TD Securities. Analysts quickly highlighted potential gaps, dilution risks for GameStop shareholders and challenges securing investment-grade ratings for the merged entity.

eBay’s swift rejection underscored those concerns. Chairman Paul Pressler emphasized the company’s strong standalone performance, recent strategic improvements and confidence in its independent path. The board, supported by financial and legal advisers, saw limited upside in partnering with a smaller, more volatile retailer still transitioning from its meme-stock era.

Market reactions reflected skepticism. eBay shares rose modestly on the initial bid news but stabilized after the rejection. GameStop stock, known for extreme volatility, swung on headlines but showed limited sustained gains, with investors wary of execution risks and potential shareholder dilution.

Cohen has a history of bold moves. As Chewy co-founder, he built a successful e-commerce model before taking the helm at GameStop and steering it toward cash preservation and digital transformation. His activist approach previously delivered results, but acquiring a company nearly four times larger presents unprecedented challenges.

In response to the rejection, Cohen has hinted at taking the fight directly to eBay shareholders. He previously indicated willingness to launch a proxy contest or hostile tender offer if the board remained unreceptive. However, success would require rallying institutional investors and navigating significant regulatory hurdles, including antitrust scrutiny over marketplace concentration.

Analysts remain divided on any remaining chances. Some see a low-probability scenario where Cohen raises his offer, secures additional backing or exploits eBay shareholder discontent over recent performance. Others view the bid as effectively over, predicting eBay will focus on its core business while GameStop pursues smaller acquisitions or organic growth.

The saga has captivated retail investors and meme-stock communities. Social media buzzed with memes, speculation and debates over Cohen’s vision versus practical realities. Supporters cheered the ambition; critics called it unrealistic or a distraction from GameStop’s core challenges in a declining physical retail environment.

Broader industry implications extend beyond the two companies. A successful combination could reshape secondhand markets, collectibles and e-commerce logistics. Failure highlights difficulties smaller players face in pursuing mega-deals amid high interest rates, regulatory caution and valuation gaps.

eBay has strengthened its position in recent years through marketplace enhancements, advertising growth and international expansion. The company reported solid results and returned capital to shareholders, reinforcing its board’s confidence in rejecting external pressure.

For GameStop, the episode underscores Cohen’s aggressive style. The company has amassed significant cash reserves, reducing debt and exploring new revenue streams like collectibles and digital initiatives. Yet its core video game retail business faces structural headwinds from digital downloads and competition.

Wall Street largely views the deal as a long shot from the start. Investment banks questioned the math, while governance experts flagged potential conflicts with Cohen leading the combined entity. Antitrust authorities would likely scrutinize any eventual agreement given eBay’s dominant position in online auctions.

As of mid-May 2026, no new proposals have surfaced. Cohen has engaged publicly, including lighthearted social media posts about selling items on eBay to “pay for eBay,” even briefly facing account restrictions before resolution. The theatrics keep the story alive but do little to resolve substantive financing and strategic concerns.

Observers note parallels to past activist campaigns. Cohen’s track record suggests persistence, yet eBay’s firm stance and superior size tilt odds heavily against completion. A white knight bidder or revised GameStop approach could emerge, but momentum has clearly shifted toward rejection.

The outcome carries lessons for corporate America. Unsolicited bids from cash-rich but smaller entities can generate headlines and short-term stock pops, yet closing requires credible financing, strategic alignment and board support — elements currently lacking here.

For now, the chance of the eBay-GameStop deal closing appears remote. Cohen may continue pressing, but eBay’s rejection marks a significant setback. Investors in both companies will watch closely for the next chapter in this unlikely saga, whether it ends in retreat, escalation or quiet withdrawal.

NEW YORK — eBay Inc. shares traded near $110 Wednesday as investors weighed whether to buy, sell or hold the stock in 2026 following robust first-quarter results and the swift rejection of GameStop’s unsolicited $56 billion takeover bid.

The online marketplace reported strong Q1 2026 performance on April 29, with revenue reaching $3.1 billion, up 19% year-over-year on an as-reported basis and 17% on a foreign-exchange neutral basis. Gross merchandise volume climbed 14% to $22.2 billion, while non-GAAP earnings per share hit $1.66, beating estimates by 5%. The company raised its full-year outlook, signaling confidence amid macroeconomic uncertainty.

eBay’s board formally rejected GameStop’s May 3 proposal for $125 per share — half cash, half stock — on May 12, calling it “neither credible nor attractive” due to financing uncertainties, operational risks and governance concerns. The decision removed immediate takeover premium but left shares elevated on solid fundamentals and potential for strategic alternatives.

Wall Street’s consensus leans “Hold.” Of roughly 30 analysts covering the stock as of mid-May, ratings split with about 14 Buy, 18 Hold and a handful Sell. The average 12-month price target sits around $106 to $115, implying modest downside or limited upside from current levels near $110. Highest targets reach $130; lowest dip to $65.

Positive drivers include eBay’s focus on recommerce, AI-powered tools, advertising growth and international expansion. First-party advertising revenue jumped 33% in Q1. The company continues returning capital aggressively, repurchasing $500 million in shares and paying $139 million in dividends during the quarter. Its Climate Transition Plan and investments in live commerce and authenticated goods position it for sustainable growth.

Challenges persist. eBay faces stiff competition from Amazon, emerging platforms and shifting consumer habits. Valuation concerns have emerged after the recent rally, with some analysts downgrading to Hold citing stretched multiples. Macro headwinds, including inflation and geopolitical tensions, could pressure GMV growth. The rejected bid introduces short-term volatility, though many view it as a distraction from core execution.

Technical signals remain mixed but lean positive in the short term. The stock has gained on three consecutive days as of May 12, supported by rising volume and buy signals from moving averages. Analysts project potential 3-month gains toward $128-$142 in optimistic scenarios, though broader 2026 forecasts range from $86 to $120 depending on the model.

For buyers, the case rests on eBay’s resilient business model and capital return program. At current levels, the dividend yield hovers near 2%, with consistent increases over seven years. Free cash flow generation remains healthy, supporting further buybacks or potential special returns. Long-term bulls highlight AI innovations and marketplace enhancements as catalysts for mid-single-digit growth.

Sellers or cautious holders point to limited organic growth potential and execution risks. Some models forecast only modest total returns through 2030 absent a major catalyst. The failed GameStop bid highlights governance and financing hurdles for transformative deals, potentially capping near-term multiple expansion.

Institutional ownership remains solid, though activist pressure could resurface if performance falters. Ryan Cohen’s GameStop has built a 5% stake and may pursue a proxy fight or revised approach, adding event-driven upside risk. However, eBay’s board has expressed strong faith in its independent strategy.

Broader market context favors selective buying in e-commerce. While growth stocks face rate sensitivity, eBay’s defensive qualities — established user base of 136 million active buyers and diversified revenue — provide ballast. International exposure, representing about 44% of revenue, offers diversification but also currency volatility.

Analysts recommend a balanced approach. Conservative investors might wait for pullbacks toward $100-$105 support levels before initiating positions. Growth-oriented traders could view current momentum as an entry point if Q2 guidance holds. Long-term holders benefit from the dividend and potential for strategic acquisitions, such as the pending Depop deal.

Risks include regulatory scrutiny on marketplace practices, intensifying competition in secondhand goods and potential economic slowdowns affecting discretionary spending. On the upside, successful AI integration, live commerce expansion and stronger advertising could drive beats and re-rate the stock higher.

Portfolio allocation matters. eBay suits income-focused or value-oriented accounts rather than high-growth aggressive strategies. Diversification across tech and consumer sectors mitigates single-stock risk. Options strategies or covered calls can enhance yield for moderate bulls.

As 2026 progresses, eBay’s trajectory depends on execution amid evolving retail dynamics. The company has proven resilient post-pandemic, consistently delivering when macro conditions stabilize. Whether the GameStop episode becomes a footnote or sparks renewed interest remains uncertain.

For now, the consensus tilts toward cautious optimism. Neither a screaming buy nor urgent sell, eBay offers a stable e-commerce play with capital return appeal. Investors should monitor Q2 results, any further takeover developments and macroeconomic indicators before committing capital. The stock’s fate in 2026 will hinge on whether fundamentals can sustain the post-bid glow or if valuation gravity pulls it lower.