Slide 1: Investor Presentation
Investor Presentation March 2026
Slide 2: Disclaimer
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 presentat
Slide 3: Forward Looking Statements
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 objective
Slide 4: Company Profile
Company Profile 2004 2019 2024 2025 2026P Revenue $0.2b $3.6b $6.5b $7.5b $9.25b - $9.55b Adjusted EBITDA $14.1m $307.7m $593.7m $672.2m $870m - $910m Business platforms 2 6 6 6 6 Geographic reach Western Canada North America North America North America North America Operating facilities 8 76 109 10
Slide 5: Our Vision
Our Vision Our Vision: The Future of Food is in the Past To invest in specialty food businesses featuring: • Entrepreneurial cultures • Great tasting foods made with wholesome ingredients • A passion for both their local communities and what is best for our planet The Future of Food is in the Past 5
Slide 6: Share Price History
Share Price History (in dollars) 4500.00 7.00 4000.00 6.00 3500.00 5.00 3000.00 4.00 Closing share price: Index 2500.00 • Dec 31, 2003 – $8.60 2000.00 3.00 • Mar 20, 2026 – $86.60 1500.00 2.00 1000.00 1.00 500.00 0.00 0.00 PBH share value (LHS) S&P/TSX Composite Index - Total Return (LHS) FCF / Shar
Slide 7: Premium Brands: Entrepreneurship with Accountability
Premium Brands To provide talented proven entrepreneurs with the resources they need to transform their good food businesses into bigger great food businesses ENTREPRENEURSHIP with ACCOUNTABILITY The Future of Food is in the Past 7
Slide 8: Core Strategies
Core Strategies Leading regional brands focused on authenticity and differentiation Highly Focused Capital Allocation White space Platform Targeting Niche Long-term sustainable consumer trends Segments in the Food Industry Stronger pricing power Dedicated to maintaining an entrepreneurial
Slide 9: Group Details
Group Details (in millions except percentages) 2004 2025 Revenue Business group Overview Revenue Proforma (1) % Products include meat sticks, cooked protein, charcuterie, European deli meats, Protein specialty marinated products and premium processed meats0. Businesses have the 125.5 4,463.3 51.6% #
Slide 10: Business Groups
Business Groups Lobster Distribution Protein Sandwich Bakery Culinary Ready Seafood Group C&C Group Oberto Group Sandwich Group PB Bakery Group Kettle Group • L Walker Seafood • IMS • Hempler’s • Quality Fast Foods • Stuyver’s • Global Gourmet • Hancock Gourmet • Viandex • Isernio’s • Hygaard Fine F
Slide 11: Premium Brands' Unique Ecosystem
Premium Brands’ Unique Ecosystem Disciplined Capital Allocation Access to Capital Acquisition Expertise Unique ecosystem Global and Strategic enables Logistics Procurement, Buying Power entrepreneurs to optimize growth and performance Brand Development / Real Estate Investment Fund Marketing Resou
Slide 12: Strategically Located Manufacturing Network with State-of-the-Art Facilities
Strategically Located Manufacturing Network with State-of-the-Art Facilities Well-balanced, coordinated network, with most goods distributed in the country where they are manufactured Top-of-line product lines and irreplicable footprint of facilities, resulting from over $1.0 billion of recent inves
Slide 13: Diversification – 2025 Sales by Channels and Customers
Diversification – 2025 Sales by Channels and Customers SF (68.1%) PFD (31.9%) Chains and large format Foodservice retailers, 6.3% Business distributors, Others, 0.7% 6.6% Trading, 2.5% Customer % Sales Touch ISR, 4.8% Points Foodservice operators, 8.7% Customer A 15.7% 28 Customer B 12.9% 2 Customer
Slide 14: Diversification – 2025 Sales by Geography
Diversification – 2025 Sales by Geography SF (68.1%) PFD (31.9%) Export, 0.4% Canada, 24.7% United States, 45.0% United States, 6.2% Export, 1.0% Canada, 22.7% The Future of Food is in the Past 14
Slide 15: Diversification – Procurement and 2025 Sales by Product Category
Diversification – Procurement and 2025 Sales by Product Category SF (68.1%) PFD (31.9%) Baked goods, 4.0% Others, 1.1% Seafood, 16.6% Commodity % Sales Sandwiches, 19.5% Beef 18.4% Seafood 14.3% Pork 9.0% Protein, 13.7% Poultry 6.9% Bread 3.5% Eggs 2.6% Others, 1.7% Cheese 2.1% Turkey 1.3% Protein,
Slide 16: Diverse Ecosystem of Sales and Procurement Channels
Diverse Ecosystem of Sales and Procurement Channels Procurement Sources Total Procurement Sources by SCOTLAND NETHERLANDS Beef, Seabass, Cod Fillets, Country (2025) Seafood Misc. Halibut, Plaice & Salmon GERMANY Canada – 44.0% Beef & Pork USA – 46.3% ICELAND Other – 9.7% Cod, Salmon, DENMARK Plaice,
Slide 17: Organic Growth Strategies
Organic Growth Strategies • On trend product categories • Emerging trends • History of demand exceeding supply • “White space” driven innovation • U.S. roll out strategy • Focus on individual differentiated SKUs rather than categories • Export markets in focus • PB Corporate sponsored innovation pre
Slide 18: Major Organic Growth Initiatives
Major Organic Growth Initiatives Lobster Distribution Protein Sandwich Bakery Culinary Branded value-added Non-distributive foodservice Branded meat snack sticks Supporting Starbucks’ Naturally fermented / clean Expansion of kettle lobster products including sales of differentiated programs in the U
Slide 19: Acquisitions Growth Strategy
Acquisitions Growth Strategy Considerations Resources • Management team strength • Comprehensive in-house financial modeling, due diligence and • Cultural fit – core entrepreneurial focused values transaction closing capabilities • Differentiation of products and / or services • Access to a range of
Slide 20: Acquisitions Activity
Acquisitions Activity 2005 to 2010 to 2015 to 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2009 2014 2016 $147.5m $260.9m $295.9m $246.2m $753.0m $118.6m $168.2m $858.0m $125.0m $9.5m $91.5m $30.6m $1,029.8m Harlan Maximum Expresco Raybern Oberto Mavros Inform Clearwater Beechgrove McLean’s NSP
Slide 21: Acquisition Opportunities
Acquisition Opportunities (millions of dollars except transactions) Agreed to terms and in Identified future Past discussions and In negotiations In discussions due diligence opportunity currently on hold Platform Advanced Active Early Stage Opportunity Inactive Total # Sales # Sales # Sales # Sales
Slide 22: A Leader in ESG and Food Safety Practices
A Leader in Environmental, Social, Governance, and Food Safety Practices 2025 ESG Report – Foundational Principles Clean ingredients, sustainable supply chains, animal Nutritious welfare standards, responsible labeling, excellence in Food food safety Employee safety-first culture, prioritizing e
Slide 23: Future of Food in the Past
Stampede Culinary Partners SK Food Group - Cleveland, TN Bridgeview, IL Maid-Rite Specialty Foods - Dunmore, PA Alma, GA Sunland Park, NM Kings Command Foods - Versailles, OH 23 TheThe Future Future of Food of Food is inisthe in the PastPast 23 23
Slide 24: The Future of Food is in the Past
The Future of Food is in the Past 24
Slide 25: The Future of Food is in the Past
The Future of Food is in the Past 25
Slide 26: The Future of Food is in the Past
The Future of Food is in the Past 26
Slide 27: The Future of Food is in the Past
The Future of Food is in the Past 27
Slide 28: Future of Food in the Past
28 TheThe Future Future of Food of Food is inisthe in the PastPast 28 28
Slide 29: Financial Update
Financial Update The Future of Food is in the Past 29
Slide 30: Annual Revenue
Annual Revenue (millions of dollars except percentages) 10,000.0 70.0% 9,000.0 60.0% 8,000.0 7,000.0 50.0% • 2026 guidance is $9.25 billion to $9.55 billion after 6,000.0 40.0% reflecting the sale of Shaw Bakers 5,000.0 30.0% • 2018 to 2025 CAGR – 13.8% 4,000.0 3,000.0 20.0% 2,000.0 10.0% 1,000.0 -
Slide 31: US Sales Analysis
US Sales Analysis (millions of dollars except percentages) Q4-2025 Bridge FX & Q4-25 2025 2024 Q4-24 Pricing Acquis OVG Q4-25 OVGR OVGR OVGR Core US growth initiatives: Protein Group 259.7 7.1 75.0 52.2 394.0 20.1% 16.8% 11.4% Sandwich Group 356.2 (6.2) - 44.6 394.6 12.5% 10.0% 3.3% Bakery Group 32.
Slide 32: Annual EBITDA
Annual EBITDA (millions of dollars except percentages) 1,000.0 11.0% 900.0 10.0% 800.0 700.0 9.0% • 2026 guidance is $870 million to $910 million after reflecting the 600.0 sale of Shaw Bakers 8.0% 500.0 • 2018 to 2025 CAGR – 13.3% 7.0% • Targeted mid-term annual 400.0 adjusted EBITDA margin – 10% 3
Slide 33: Commodity Trends – Manufacturing Beef
Commodity Trends – Manufacturing Beef Beef Index Chart 25.0 23.0 21.0 19.0 17.0 USD Based 15.0 Index Per lb 13.0 11.0 9.0 7.0 5.0 week 13 week 26 week 39 week 52 2022 2023 2024 2025 5yr Avg • Index is comprised of a weighted basket of the following beef products: 100% lean inside round, outside roun
Slide 34: Start-Up and Restructuring Cost Analysis
Start-Up and Restructuring Cost Analysis (millions of dollars) 5.5 2.2 Ferndale plant expansion startup 2.1 1.6 0.7 San Leandro new plant startup Projects are all completed 2.5 1.5 New cooked lines startup 0.4 4.5 4.5 2.9 4.3 4.8 Project is expected to be Piller’s plant reconfiguration 1.6 completed
Slide 35: Annual Adjusted Earnings and EPS
Annual Adjusted Earnings and EPS (millions of dollars except per share amounts) 250.0 $6.00 $5.00 200.0 • Adjusted earnings 2018 to $4.00 2025 CAGR – 8.2% 150.0 • Adjusted EPS 2018 to 2025 $3.00 CAGR – 3.4% 100.0 • 2023 to 2025 earnings heavily impacted by recent growth- $2.00 related investment, i.
Slide 36: Project Capital Expenditures
Project Capital Expenditures (millions of dollars except percentages) 140.0 120.0 100.0 • Expect to spend an additional $67 million on 80.0 approved major project capex over the next three quarters 60.0 • Over $1.0 billion has been invested in project 40.0 capex since 2022 creating ~$1.6 billion of
Slide 37: Liquidity
Liquidity (millions of dollars except ratios) 5.5 5.0 4.5 4.0 • Mid-term targeted senior debt to EBITDA ratio – 2.5:1 to 3.0:1 3.5 • Mid-term targeted total debt to EBITDA 3.0 ratio – 3.5:1 to 4.0:1 2.5 • Long-term targeted total debt to EBITDA ratio 3.0:1 or better 2.0 • Convertible debentures make
Slide 38: Free Cash Flow
Free Cash Flow (millions of dollars except per share amounts and percentages) $8.00 320.0 $7.00 • 2018 to 2025 free cash flow CAGR 280.0 of 8.7% $6.00 240.0 • 2018 to 2025 free cash flow per share CAGR of 3.8% $5.00 200.0 • $1,249.5m in declared dividends 160.0 $4.00 since July 2005 $3.00 • 2023 to
Slide 39: 5-Year Plan
5-Year Plan (millions of dollars) 5 Year 5 Year 5 Year Target Adjusted Targeted Base Year Sales Targeted Year EBITDA Adjusted Sales EBITDA 2010 2015 535 42 1,000 n/a 2014 2019 1,222 78 2,000 n/a 2018 2023 3,026 251 6,000 600 2022 2027 6,030 504 10,000 1,000 2023 6,261 559 2024 adjusted for acquisiti
Slide 40: Questions
Questions The Future of Food is in the Past 40