v3.26.3
Segment reporting
9 Months Ended
Sep. 30, 2026
Operating Segments [Abstract]  
Segment reporting Segment reporting
The Chief Operating Decision Maker (“CODM”) of the Company considers there to be one reporting and operating segment, being “Frozen” which is reflected in the segment presentation below for the periods presented. The CODM primarily uses “Adjusted EBITDA”, as the key measure of the segment’s results, which is considered non-IFRS financial information.

Segment Adjusted EBITDA
For the three months ended September 30,For the nine months ended September 30,
2026202520262025
Note€m€m€m€m
Profit for the period66.6 57.6 144.0 147.4 
Taxation14.9 12.8 32.9 33.3 
Net financing costs632.5 23.2 82.4 74.2 
Depreciation & amortization26.5 29.6 76.7 79.9 
Exceptional items53.9 16.9 26.8 48.9 
Other add-backs(3.9)2.6 (6.0)8.4 
Adjusted EBITDA140.5 142.7 356.8 392.1 

Other add-backs include the elimination of share-based payment credit and related employer payroll tax of €4.2 million for the three months ended September 30, 2026 (2025: charge of €2.3 million) and a credit of €6.8 million for the nine month period to September 30, 2026 (2025: charge of €7.6 million), as well as the elimination of non-operating M&A related costs, professional fees and transaction costs of €0.3 million for the three months ended September 30, 2026 (2025: €0.3 million) and €0.8 million for the nine month period to September 30, 2026 (2025: €0.8 million). We exclude these costs because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance.

No information on segment assets or liabilities is presented to the CODM.

External revenue by geography
For the three months ended September 30,For the nine months ended September 30,
2026202520262025
€m€m€m€m
United Kingdom197.3 190.2 583.3 606.4 
Italy85.6 90.5 261.6 278.7 
Germany82.4 81.0 254.4 271.3 
France48.4 51.2 140.1 153.6 
Croatia59.2 56.7 129.6 124.2 
Sweden35.5 34.0 103.8 103.4 
Serbia45.6 42.7 115.3 115.3 
Austria26.9 27.1 91.9 92.8 
Norway37.0 31.6 101.0 89.9 
Spain19.4 20.8 57.3 61.1 
Switzerland18.2 19.5 55.2 56.0 
Rest of Europe114.5 107.1 315.4 306.7 
Total external revenue by geography770.0 752.4 2,208.9 2,259.4