Frozen food giant Nomad Foods, parent company of seafood brands Birds Eye, Findus and Iglo, said it is seeing some softening in raw material prices.

The company has locked in around half of its raw material needs for 2023 on contracts, but is watching the market closely and won't be looking necessarily to raise the threshold above 50 percent with prices falling.

"There are downtrends in the market, and we want to opportunistically take the action for us to source at lower cost when effectively ingredient prices are going down," Nomad Foods CFO Samy Zekhout told analysts during the company's fourth quarter earnings call.