Premier Foods Plc · LSE:PFD
Premier Foods — H1 2025/26 Earnings Presentation
38 slides from Premier Foods's earnings presentation, Nov 13, 2025
Slide 1: Half year results for 26 weeks ended 27 September 2025
Half year results for 26 weeks ended 27 September 2025 13 November 2025
Slide 2: Alex Whitehouse, CEO
(~~ Woremen FOODS MERCHANT GOURMET Alex Whitehouse _ - ? ee CEO GOURMET MERCHANT GOURMET “ERCHANT MERCHANT QURME GOURMET_ a MEK GOURMET MERCHANT GOURME G enriching life THROUGH FOOD’
Slide 3: UK Branded revenue growth driving profit delivery
UK Branded revenue growth driving profit delivery On track to deliver full year Trading profit expectations; Adjusted PBT now to be slightly ahead Branded revenue1 UK Branded revenue1 UK market share2 £453m H1 +2.0% +1bps +130bps vs prior year vs 3 years ago +1.9% Q2 +3.0% Profit delivery Packaging
Slide 4: Continued good strategic progress in H1
Continued good strategic progress in H1 1 2 3 4 5 Infrastructure Inorganic Grow the UK core Category expansion International investment opportunities H1 +2.0% 1 £23m +41% 1 Q2 +3.0% On track to invest c.£55m this year Sustained investment UK Branded Revenue growth from Strong in-market Merchant Gour
Slide 5: Update on the pillars of our Enriching Life Plan
Update on the pillars of our Enriching Life Plan PRODUCT PLANET PEOPLE Carlton Solar Farm +10% now operational – 47% Graded will provide up to management Non-HFSS sales1 70% of site’s power Gender balance requirements Merchant Charities & social Gourmet Lifton enterprises supports Heat recovery bene
Slide 6: Duncan Leggett
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Slide 7: Progress against all financial metrics
Progress against all financial metrics 1 Trading profit slightly ahead; up c.7% excluding H2 EPR1 levy component 2 FY25/26 Adjusted Profit before tax now expected to be slightly higher 3 Leverage of 1.0x, Merchant Gourmet acquisition in H1 1 - A full year’s effect of Government Extended Producer Res
Slide 8: Continued positive momentum in operating performance
Continued positive momentum in operating performance Branded revenue £453m | +1.9% Strong Sweet Treats innovation, Grocery trend strengthened in Q2 Total revenue £502m | +0.7% Non-branded contract exit impacts expected to dissipate in H2 Divisional contribution £107m | +1.7% Sweet Treats volumes dri
Slide 9: Good margin progression in Grocery & Sweet Treats
Good margin progression in Grocery & Sweet Treats Strong Sweet Treats innovation programme driving Divisional contribution growth £m FY25/26 H1 Change vs PY Branded revenue 337 (0.5%) Strong performance of acquired brands, new categories & premium, warmer Q1 Non-branded revenue 32 (9.0%) Expected lo
Slide 10: Net debt £14m lower after Merchant Gourmet acquisition
Net debt £14m lower after Merchant Gourmet acquisition Now guiding to lower interest costs this year; Adjusted PBT now to be slightly ahead in FY26 Cash flow bridge FY25/26 guidance £m Small 250 £m Working capital outflow 221 77 Depreciation (incl. software amortis’n) 4 £28m 46 207 200 Amortisation
Slide 11: Pensions: over £40m cash benefit delivered since merger
Pensions: over £40m cash benefit delivered since merger Full resolution expected by end of calendar 2026 Re-cap on progress & timeline Full merger announced Segregated £5m Suspension Triennial Triennial merger of reduction Full of full DC1 valuation valuation RHM & PF in DC resolution payments date
Slide 12: Value creation through effective & disciplined capital allocation
Value creation through effective & disciplined capital allocation Capex M&A Dividends Pensions • Deficit payments • Strong pipeline of opportunities to • All acquisitions to date have been • Expect to pay a progressive suspended enhance efficiencies through selected very carefully and are dividend •
Slide 13: M&A remains a key component of our capital allocation framework
M&A remains a key component of our capital allocation framework Brand equity ▪ We are focused on ▪ Assets of most acquiring brands with Application of interest are where Product innovation strong potential Branded we believe we can Branded Growth add value by applying assets ▪ The Spice Tailor, FUEL
Slide 14: Alex Whitehouse
(~ Woremen FOODS Alex Whitehouse CEO Ga (-exichine life THROUGH FOOD’
Slide 15: Our strategy and purpose
Our strategy and purpose Extending our brand building capabilities beyond our UK core 1 2 3 4 5 Continue Supply chain Expand UK into Build International Inorganic to grow the UK core investment new categories businesses with opportunities critical mass A strong and growing Invest in operational Buil
Slide 16: Our branded growth model is at the core of what we do
Our branded growth model is at the core of what we do 1 Leading brand positions 2 Insight driven new products • Our brands are leaders in their core categories • Launch new products linked to key consumer trends, • High household penetration including premiumisation 3 Sustained marketing investment
Slide 17: UK branded revenue trend demonstrates success of Branded Growth Model
1 UK branded revenue trend demonstrates success of Branded Growth Model Branded sales mix now reached 90% UK Branded Revenue Growth1 UK market share2 YoY growth by quarter H1 value share trend 3.0% 21.9 21.9 21.0 1.0% 20.6 Q1 Q2 FY22/23 FY23/24 FY24/25 FY25/26 ▪ Strong comparatives in prior year ▪ P
Slide 18: Our Branded Growth Model in action
1 Our Branded Growth Model in action New products aligned to consumer trends Particularly strong pipeline of new product development Consumer trends New products in H1 Health & Nutrition Convenience Snacking & On the go Premium & Indulgence Packaging sustainability 18
Slide 19: Our Branded Growth Model in action
1 Our Branded Growth Model in action Deploying an evolving blend of marketing strategies • Mass-market TV advertising • Wide reach builds & maintains long-term brand equity • Used as part of a balanced media strategy Out of home • Selected, specific locations • Typically bus stops and supermarket ap
Slide 20: Further distribution gains & promotional activity
1 Further distribution gains & promotional activity Supported by strong retailer relationships 1 Distribution points Impactful Gondola End activity Outdoor sampling 14.8% 4.7% 3.1% Grocery Sweet Treats Total ▪ Exceptional Sweet Treats distribution gains reflect strength of innovation launched in mar
Slide 21: Deep pipeline of attractive payback capital projects
2 Deep pipeline of attractive payback capital projects Substantially higher investment levels £m 55 Growth +206% • New 4 pack format kit on pie lines • Delivering product innovation at new price point 18 FY19/20 FY25/26 Guide Cost reduction ▪ FY25/26 capex guidance now c.£55m • Enhancing the cooling
Slide 22: New category sales up +41%
3 New category sales up +41% Ambrosia Porridge Cape Herb & Spice FUEL10K Yogurt & Granola H1 Sales growth trend H1 Sales growth trend +65% +58% 3yr CAGR 3yr CAGR £m £m [Insert sales growth chart] 1 2 FUEL10K 1st Protein entry into chilled enriched FY22/23 FY23/24 FY24/25 FY25/26 FY22/23 FY23/24 FY24
Slide 23: International: Strong strategic progress
4 International: Strong strategic progress H1 revenue1 down (0.4%); retailers reduced stock buffer levels in Australian market Australia & • +17% in-market retail sales2 growth not reflected in North • Q2 double-digit revenue growth New Zealand Turnover America • Launching Mini Apple Pies in USA • M
Slide 24: The Spice Tailor & FUEL10K benefiting from Branded Growth Model
5 The Spice Tailor & FUEL10K benefiting from Branded Growth Model Performance New product development Performance New product development Market share Revenue Market share Revenue Ready to eat Yogurt & Granola Porridge pots Brand Brand investment investment UK Social media and Australia mainstream T
Slide 25: Acquisition of Merchant Gourmet presents high growth opportunities
5 Acquisition of Merchant Gourmet presents high growth opportunities Great tasting, convenient, premium, healthy products with a loyal consumer base fibre healthy premium convenience whole foods +++ 1 2 3 4 5 Strong double-digit Proven ability to Exceptionally high sales growth & Strong consumer Com
Slide 26: Opportunity to leverage our Branded Growth Model
5 Opportunity to leverage our Branded Growth Model As we have done with The Spice Tailor & FUEL10K 1 Further retailer distribution opportunities 2 Strong product innovation pipeline to come Profitability to build further as brand increases scale 3 Further category expansion potential 4 Upweight bran
Slide 27: Further progress expected in H2
Further progress expected in H2 1 UK branded core 2 Infrastructure investment 3 New categories 4 International Strong innovation plans Growth FUEL10K ANZ • The Spice Tailor: Launch of big packs • Cake: retailer stock buffer levels impact to dissipate in H2 Cake re-platforming: substantially Further
Slide 28: Good progress so far this year & looking forward to the second half
Good progress so far this year & looking forward to the second half 1 ― UK Branded revenue growth despite warmer weather 2 ― Particularly strong Sweet Treats performance led by innovation programme Summary 3 ― Further capital investment with attractive returns 4 ― The Spice Tailor & FUEL10K continue
Slide 29: Q&A
( NPremes Q&A Ga (-exichine life THROUGH FOOD’
Slide 30: Appendix
PREMIER FOODS Appendix
Slide 31: Cautionary statement
Cautionary statement This presentation may contain "forward-looking statements" that are based on estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements are all statements other than statements of historical fact or statements in the present tense, and can b
Slide 32: Definitions
Definitions ▪ The period ‘FY25/26 H1’ refers to the 26 weeks ended 27 September 2025, unless where otherwise stated. The period ‘FY24/25 H1’ refers to the 26 weeks ended 28 September 2024, unless where otherwise stated. ▪ Trading profit is defined as Profit/(loss) before tax before net finance costs
Slide 33: Why invest in Premier Foods?
Why invest in Premier Foods? 1 Portfolio of category leading brands 2 Proven branded growth model 3 Strong margin profile • Market leaders in • Sector leading the UK in our five • Strong track record margins main categories of delivering comparable with • 89% of UK branded revenue 8.8% large-cap pee
Slide 34: Statutory vs Headline Revenue
Statutory vs Headline Revenue Quarter 2 Half year £m Headline @ Headline @ Statutory Headline constant Statutory Headline constant currency currency Grocery Branded revenue 178.7 178.7 178.8 337.1 337.1 337.5 Non-branded 15.9 15.9 15.9 31.9 31.9 31.9 revenue Total revenue 194.6 194.6 194.7 369.0 369
Slide 35: Adjusted earnings per share
Adjusted earnings per share £m FY25/26 H1 FY24/25 H1 Trading profit 71 70 Net regular interest (8) (9) Adjusted PBT 63 61 Tax (25%) (16) (15) Adjusted earnings 47 46 Weighted average shares in issue (million) 872.6 863.3 Adjusted earnings per share (pence) 5.4p 5.3p 1 – Excludes Charnwood 35
Slide 36: Interest and taxation
Interest and taxation £m FY25/26 H1 FY24/25 H1 Change Senior secured notes interest 6 6 - Bank debt interest 1 2 1 7 8 1 Interest Amortisation of debt issuance costs 1 1 - Net regular interest 8 9 1 ▪ Bridging facility agreed which provides flexibility of funding beyond maturity of October 2026 Fixe
Slide 37: Pensions
Pensions Accounting valuation 27 September 2025 29 March 2025 Change ▪ Liabilities decreased by £38m to £2,526m ▪ Asset values £114m lower at £3,098m Assets 3,098 3,213 (114) ▪ Assets reduced due to reduction in private equity, global Liabilities (2,526) (2,564) 38 property and other illiquid assets
Slide 38: Summarised balance sheet
Summarised balance sheet £m 27 September 2025 29 March 2025 Property, plant & equipment 213 204 Intangibles / Goodwill 1,012 974 Deferred tax asset 17 17 Retirement benefit assets 572 649 Non-current Assets 1,814 1,844 Working Capital - Stock 147 102 - Debtors 119 115 - Creditors (277) (260) Total W