Slides
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Third Quarter Conference Call November 10, 2025
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1 1 1The Future of Food is in the Past Disclaimer This presentation is not intended to form the basis of any investment decision and should not be considered as a recommendation by Premium Brands Holdings Corporation (the “Company”) or any other person in relation to the Company’s business or the securities of the Company. This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of the securities of the Company, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any of the Company’s securities in any jurisdiction. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate.
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2 2 2The Future of Food is in the Past Forward Looking Statements This presentation contains forward looking statements with respect to the Company, including, without limitation, statements regarding its business operations, financial performance and condition, acquisition opportunities, capital projects and plans, outlook and objectives of or involving the Company. While management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company’s internal expectations and belief as of the date of this presentation, there can be no assurance that such expectations will prove to be correct as such forward looking statements involve unknown risks and uncertainties beyond the Company’s control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements. Forward looking statements generally can be identified by the use of the words “may”, “could”, “should”, “would”, “will”, “expect”, “intend”, “plan”, “estimate”, “project”, “anticipate”, “believe” or “continue”, or the negative thereof or similar variations. Forward looking statements in this presentation include statements with respect to the Company’s expectations and/or projections regarding margins; sales guidance; adjusted EBITDA guidance; acquisition opportunities and pipeline; capital expenditures and related returns; growth investment; and tax impacts. Forward looking statements are based on a number of key expectations and assumptions made by the Company, including, without limitation the expectations and assumptions outlined in the Company’s Management’s Discussion and Analysis for the 13 and 39 weeks ended September 27, 2025, a copy of which is filed electronically through SEDAR+ and is available online at www.sedarplus.ca. Although the forward looking statements contained in this presentation are based on what the Company’s management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Forward looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results. Factors that could cause actual results to differ materially from the Company’s expectations as referenced in the Company’s Management’s Discussion and Analysis for the 13 and 39 weeks ended September 27, 2025. Readers are cautioned that the foregoing risks and uncertainties are not exhaustive. Forward looking statements reflect management’s current beliefs and are based on information currently available to the Company. Unless otherwise indicated, the forward looking statements in this presentation are made as of the date of this presentation and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking statements in this presentation. By delivery of this presentation, the Company is not making any representation or warranty, express or implied, as to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. By accepting this presentation, the recipient agrees that the Company shall not have any liability for any representation or warranty, express or implied, contained in, or for any omission from, this presentation.
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3 3 3The Future of Food is in the Past Key Highlights for the Quarter • Record third quarter sales and adjusted EBITDA • Solid growth in adjusted earnings and EPS • Record third quarter free cash flow per share • Core U.S. growth initiatives in protein, bakery and sandwiches generated organic volume growth of $145.7 million representing an organic volume growth rate of 24.3% • Premium Food Distribution’s revenue increased by $64.2 million or 10.7% with organic volume growth of 4.9% • Specialty Foods’ margins temporarily impacted by beef raw material cost inflation • Subsequent to the quarter, completed the single largest new product launch in the Company's history • Increased 2025 sales guidance based on momentum of US initiatives and decreased adjusted EBITDA guidance based on temporary impacts of beef raw material cost inflation • Strong active acquisitions pipeline
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4 4 4The Future of Food is in the Past Acquisition Opportunities (millions of dollars except transactions) Agreed to terms and in due diligence In negotiations In discussions Identified future opportunity Past discussions and currently on hold Platform Advanced Active Early Stage Opportunity Inactive Total # Sales # Sales # Sales # Sales # Sales # Sales Seafood - - 1 500 1 70 - - 5 675 7 1,245 Distribution - - 1 95 2 490 - - 4 1,215 7 1,800 Protein - - 2 1,671 8 384 4 826 10 854 24 3,735 Sandwich - - - - 1 278 4 905 1 1,392 6 2,575 Bakery - - 1 95 - - - - 3 89 4 184 Culinary - - 1 50 1 50 3 1,701 1 52 6 1,853 - - 6 2,411 13 1,272 11 3,432 24 4,277 54 11,392
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5 5 5The Future of Food is in the Past Hempler Foods Group – Ferndale, WA • Meat snack production facility in Ferndale, Washington • 154,000 sq. ft. • 317 employees • Since 2022, Premium Brands invested over US$90 million in the expansion and modernization of this facility to increase capacity by 140% Product Launch Grass-Fed Beef Sticks
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6 6 6The Future of Food is in the Past Piller's Fine Foods – Brantford, ON • Meat snack production facility in Brantford, Ontario • 90,000 sq. ft. • 170 employees • Premium Brands invested $30 million in the expansion and modernization of this facility to increase capacity by 30% Product Launch Grass-Fed Beef Sticks
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7 7 7The Future of Food is in the Past Q3-2025 Financial Update
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8 8 8The Future of Food is in the Past Quarter Sales Performance (millions of dollars except percentages) • Targeted long-term annual organic volume growth rate range of 4% to 6% Q3 Growth Drivers • Organic volume growth – $171.5m or 10.3% • Acquisitions – $73.3m • Selling price inflation – $61.9m • A weaker CAD relative to the USD – $12.4m -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% - 500.0 1,000.0 1,500.0 2,000.0 2,500.0 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (LHS) Growth rate (RHS) Organic Volume Growth rate (RHS)
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9 9 9The Future of Food is in the Past U.S. Sales Analysis (millions of dollars except percentages) Q3-24 FX & Pricing Acquis OVG Q3-25 Q3-25 OVGR Q3-25 YTD OVGR 2024 OVGR Core US growth initiatives: Protein Group 249.7 16.9 72.0 53.5 392.1 21.4% 15.7% 11.4% Sandwich Group 323.6 9.1 - 76.8 409.5 23.7% 9.1% 3.3% Bakery Group 27.1 0.5 - 15.4 43.0 56.6% 59.5% 28.2% 600.4 26.5 72.0 145.7 844.6 24.3% 13.7% 7.3%
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10 10 10The Future of Food is in the Past Quarter Adjusted EBITDA Performance (millions of dollars except percentages) • Targeted mid-term annual adjusted EBITDA margin – 10% • Adjusted EBITDA and adjusted EBITDA margin after normalizing for margin erosion associated with raw material cost inflation in SF’s protein businesses – $188 million and 9.5%, respectively Major Drivers • Positive: organic sales volume growth • Positive: production efficiency gains • Negative: commodity cost inflation – mainly for beef products • Negative: overhead associated with new capacity and additional production shifts 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA Margin (RHS)
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11 11 11The Future of Food is in the Past Start-Up and Restructuring Costs (millions of dollars) - 4.0 8.0 12.0 16.0 20.0 Q1-2025 Q2-2025 Q3-2025 Start-up and Restructuring Costs
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12 12 12The Future of Food is in the Past Quarter Adjusted Earnings Performance (millions of dollars except per share amounts) Major Drivers • Positive: EBITDA growth • Positive: lower interest rates • Negative: growth investment Estimated after tax impact of growth investment is $13.3 million or $0.30 / share (Interest $2.0m – Depreciation $3.5m – Lease Costs $7.8m) $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 2019 2020 2021 2022 2023 2024 2025 Adjusted Earnings (LHS) Adjusted EPS (RHS)
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13 13 13The Future of Food is in the Past Quarter Capital Expenditures (millions of dollars except percentages) Q3-2025 Major project capex 15.2 Other project capex 17.8 Project capex 33.0 Maintenance capex 13.0 46.0 • An unlevered, after-tax IRR of 15% or greater is expected on project capex generally from incremental production capacity and improved operating efficiencies
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14 14 14The Future of Food is in the Past Project Capital Expenditures Trend (millions of dollars except percentages) • Expect to spend an additional $92 million on approved major project capex over the next four quarters ~$981 million of project capital investments between 2022 and Q3-2025 has created ~$1.6 billion of incremental sales capacity 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 Project Capex (LHS)
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15 15 15The Future of Food is in the Past Liquidity (millions of dollars except ratios) • Mid-term targeted senior debt to EBITDA ratio – 2.5:1 to 3.0:1 • Mid-term targeted total debt to EBITDA ratio – 3.5:1 to 4.0:1 • Convertible debentures make up the difference between the two ratios 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 20.0 120.0 220.0 320.0 420.0 520.0 620.0 720.0 820.0 920.0 1,020.0 Available Credit (LHS) Total Debt to EBITDA (RHS) Senior Debt to EBITDA (RHS) Long-term targeted total debt-to-EBITDA ratio of 3.0:1 or better
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16 16 16The Future of Food is in the Past Free Cash Flow (millions of dollars except per share amounts and percentages) $1,211 million in declared dividends since first dividend in July 2005 • 10.75-year free cash flow CAGR of 15.7% • 10.75-year free cash flow per share CAGR of 8.4% • 10.75-year dividend CAGR of 9.8% $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 - 40.0 80.0 120.0 160.0 200.0 240.0 280.0 320.0 Free Cash Flow (LHS) Dividend per share (RHS) Free Cash Flow per share (RHS)
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17 17 17The Future of Food is in the Past