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Management attributes recent market share headwinds primarily to retail disruptions in Germany and France, which are now considered fully resolved.

Performance is being supported by robust category health, with frozen food markets showing 3.4% value growth and 1.6% volume growth year-to-date.

The company is leveraging a EUR 200 million productivity program to fund competitive pricing and prevent further expansion of the price index relative to competitors.

Gross margin recovery is being driven by the successful implementation of pricing actions, particularly in the fish category where inflation remains most persistent.

Strategic leadership changes and a restructuring of the marketing function are being implemented to shift corporate culture and improve market competitiveness.

Management highlights that private label competitors have recently begun significant price increases, ranging from 20% to 32% across key European markets, which improves the company's relative value proposition.

The company expects improved sales and market share performance in the second half of the year, though reaching market share neutrality is expected to take more time.

Management plans to take additional cost-justified price increases in the fourth quarter, specifically targeting fish-based products to offset ongoing protein inflation.

Capital allocation will pivot toward deleveraging and reducing interest costs, resulting in a temporary suspension of share buybacks while maintaining dividend payments.

A comprehensive value creation plan covering innovation, marketing, and sales execution will be formally unveiled at the Analyst Day in October.

Management noted that recent price increases by private label competitors have allowed Nomad to slightly lower its own price index, though they remain prudent regarding elasticity assumptions in their full-year guidance.

A factory closure and marketing function restructuring were initiated in Q2 as part of the broader EUR 200 million productivity initiative.

Non-recurring spend has trended downward as the company shifts focus toward execution of the productivity program.

Q2 gross margin included a couple of million euros in phasing of A&P and overheads, along with EUR 1 million to EUR 2 million in technical variances related to recipe changes.

Management noted that while water shortages are a macro concern, they have not yet directly impacted supply chains or the current harvest.

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Management expects share performance to improve in H2 now that retail disruptions are resolved, but cautioned that returning to neutrality will be a gradual process.

The company is encouraged by private label price hikes (20-30% in some regions), which provides room for Nomad to improve its price competitiveness.

The EUR 200 million productivity program is on track and is being used to offset inflation rather than relying solely on aggressive pricing.

This strategy has allowed the company's price index to actually decrease slightly, improving its competitive position against private labels.

Management declined to provide a specific target leverage ratio ahead of the October Analyst Day.

Confirmed a strategic shift to prioritize debt repayment over share buybacks to lower interest expense in the current environment.

Dominic Brisby noted that while brand equity remains strong, significant leadership changes were necessary to improve organizational agility.

The focus for the next six months is the execution of a new 'value creation plan' that addresses historical gaps in innovation and sales execution.