Premier Foods Plc · LSE:PFD
Premier Foods — FY2025/26 Earnings Presentation
40 slides from Premier Foods's earnings presentation, May 14, 2026
Slide 1: Preliminary results for 52 weeks ended 28 March 2026
Preliminary results for 52 weeks ended 28 March 2026 14 May 2026
Slide 2: Alex Whitehouse, CEO
(Cremer FOODS Alex Whitehouse CEO Ga (-exichine life THROUGH FOOD’
Slide 3: Some key introductory headlines
Some key introductory headlines A strong finish to the year Profits ahead of Currently plan to previously raised introduce an Q4 H2 expectations Interim Dividend +5.1% +5.0% UK Branded Revenue1 1 – constant currency 3
Slide 4: Strong earnings growth, further dividend increase
Strong earnings growth, further dividend increase Revenue1 Branded revenue1 Market share2 Trading profit £1,175m £1,042m £200m FY H2 FY H2 +2.5% +3.8% +3.4% +4.7% +6.7% Adjusted eps Free cash flow Net debt/EBITDA Dividend 15.8p £153m 0.4x +20% Board also currently £48m debt +8.7% +9.1% reduction pla
Slide 5: Further strong progress on our strategic pillars
Further strong progress on our strategic pillars 1 2 3 4 5 Infrastructure Inorganic Grow the UK core Category expansion International investment opportunities 1 FY +3.7% £52m +37% 1 H2 +5.0% +25% vs prior year Strong in-market Sustained investment UK Branded Revenue growth from performances offset b
Slide 6: Strong & consistent 5-year progress translating to value creation
Strong & consistent 5-year progress translating to value creation Branded revenue (£m) Trading profit (£m) Adjusted eps (p) +7.7% 1,042 +9.1% +6.9% 15.8 CAGR 1,008 CAGR 200 CAGR 958 188 14.5 177 13.5 12.9 844 158 12.1 774 141 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 FY21/22 FY22/23 FY23/24 FY24/25 FY
Slide 7: Duncan Leggett
PREMIER FOODS (- vy ~~ ~~ cod) on on cD) ol c © 1S] c > a) Oo me O g life ( enrichin THROUGH FOOD’
Slide 8: Another year of strong financial delivery
Another year of strong financial delivery 1 Trading profit ahead of previously raised expectations; +6.7% vs PY 2 Strong Free cash flow generation; Net debt/Adjusted EBITDA 0.4x 3 Currently plan to introduce an interim dividend in FY26/27 8
Slide 9: Strong progress across the board
Strong progress across the board Branded revenue £1,042m | +3.4% Sweet Treats innovation, and a stronger H2 for Grocery Total revenue £1,175m | +2.5% Branded growth and some non-branded contract exits Trading profit £200m | +6.7% Beat previously raised expectations Adjusted PBT £184m | +8.5% Ahead o
Slide 10: Divisional contribution benefitting from branded mix and efficiencies
Divisional contribution benefitting from branded mix and efficiencies FY25/26 vs PY Branded revenue 791 2.3% Particularly strong growth of acquired brands; H2 up 4.3% Non-branded revenue 69 (7.4%) Exit of lower margin contracts Grocery Total revenue 860 1.4% Divisional contribution 237 3.4% Contribu
Slide 11: Net debt/Adjusted EBITDA of 0.4x
Net debt/Adjusted EBITDA of 0.4x Further demonstrates strength of cash generating capacity Cash flow bridge (£m) 350 46 3 227 300 24 12 250 14 5 16 52 200 144 6 150 100 95 50 0 Net debt Working Capex Interest Tax Pensions Share Dividends Acquisitions Restructuring EBITDA Net debt FY24/25 capital / O
Slide 12: Pension Scheme buy-in valuation now in surplus
Pension Scheme buy-in valuation now in surplus Potential for surplus realisation in due course Benefits & progress delivered to date • Deficit contributions suspended from March 2024, saving c.£38m p.a. vs FY22/23 • Full scheme merger effective March 2025 • Dividend match removed from FY25/26 NEW •
Slide 13: Value creation through effective & disciplined capital allocation
Value creation through effective & disciplined capital allocation Capex M&A Dividends • Strong pipeline of opportunities to • All acquisitions to date have been • Expect to pay a progressive dividend enhance efficiencies through attractive selected very carefully and are & grow ahead of adjusted ear
Slide 14: A strong platform for growth
A strong platform for growth Strong margins Free cash flow Capital allocation 17.0% £153m Trading profit margins Before M&A, Dividends, Tax Clear approach to Capex, M&A commensurate with and restructuring and Dividend multinational peer set 14
Slide 15: Alex Whitehouse
(~ Woremen FOODS Alex Whitehouse CEO Ga (-exichine life THROUGH FOOD’
Slide 16: Our strategy
Our strategy 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 Build sustainabl
Slide 17: Our branded growth model is at the core of what we do
Our branded growth model is at the core of what we do Leading brand positions 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 • Resilient brand portfolio Sustained
Slide 18: UK branded revenue trend demonstrates success of Branded Growth Model
1 UK branded revenue trend demonstrates success of Branded Growth Model H2 performance in line with medium-term expectation UK Branded Revenue Growth1 UK market share2 YoY % growth by quarter H2 5.0% 23.0 Value share trend 22.5 5.0% 5.1% 22.0 21.5 3.0% 21.0 1.0% 20.5 20.0 Q1 Q2 Q3 Q4 FY22/23 FY23/24
Slide 19: Revenue growth driven by our strong innovation programme
1 Revenue growth driven by our strong innovation programme Aligned to established and current consumer trends New ranges Consumer trends Health & Nutrition Convenience & on the go Premium & Indulgence Packaging sustainability 19
Slide 20: Cross-channel marketing strategies
1 Cross-channel marketing strategies Ensuring we’re targeting broad demographics, incorporating more digital & social • Mass-market TV advertising • Wide reach builds long-term brand equity • Used as part of a balanced media strategy Out of home • Selected, specific locations • Typically bus stops a
Slide 21: Increased distribution points supported by strong innovation
1 Increased distribution points supported by strong innovation Continued strong instore execution including Batchelors brand relaunch activity 1 Distribution points Excellence in instore execution Points change Batchelors brand relaunch Cross–brand roast dinner activity vs PY 12.1% 4.7% 3.5% Grocery
Slide 22: Expected upside from GLP-1 medications
1 Expected upside from GLP-1 medications Portfolio opportunities and resilience Expected upside in meal maker Protein, fibre & seasonings to Sweet Treats performing brands supplement diet very strongly Last 10 quarters branded revenue growth Families continue to prepare evening meals GLP-1 users vis
Slide 23: Further value enhancing infrastructure investment
2 Further value enhancing infrastructure investment Gross margin accretion from efficiencies provide P&L space to increase marketing Capital investment progression (£m) Cake line replacement • Also delivers improved 52 efficiency +37% 3yr CAGR • Substantially enhances 41 product quality Cost 33 redu
Slide 24: New category sales up 37%
3 New category sales up 37% Ambrosia Porridge Cape Herb & Spice FUEL10K Yogurt & Granola +19% +23% Revenue growth Revenue growth 1st entry Convenience Protein into chilled trend enriched • Listed in all major retailers, with 5 • Additional distribution achieved in • Rate of sale instore very strong
Slide 25: Further strategic progress in overseas markets
4 Further strategic progress in overseas markets Revenue (1.8%) lower, impacted by Australia cake stockholding reductions; up c.10% excluding this Australia & North America Europe New Zealand Mr Kipling in market performance remains strong USA Europe Retail sales growth1 Household penetration1 Reven
Slide 26: M&A remains a key component of our capital allocation framework
5 M&A remains a key component of our capital allocation framework ▪ We are focused on Brand equity ▪ Assets of most acquiring brands with interest are where strong potential and which Application of Product innovation Branded we believe we can are ‘future-focused’ Branded Growth add value by assets
Slide 27: All our acquired brands continue to grow double-digit
5 All our acquired brands continue to grow double-digit Combined FY26/27 sales expected to be c.£100m • FY25/26 ahead of original expectations Revenue £30m1 Revenue Revenue • Strong fibre and protein credentials % growth vs LY % growth vs LY Double-digit Double-digit Key opportunities Market Market
Slide 28: Strong plans for this coming year
Strong plans for this coming year UK branded core Infrastructure investment New categories International New product launches Growth/Capacity Ambrosia porridge North America Build Mr Kipling Pies and Slices in USA & Canada New Ambrosia plant capacity expansion Extending Ambrosia porridge range to in
Slide 29: Another good year and well placed for further strong progress
Another good year and well placed for further strong progress 1 Good branded revenue growth, particularly in H2 2 Strong earnings progression, Trading profit increasing to over £200m Summary 3 Strong free cash flow generation and leverage of 0.4x Net debt/Adjusted EBITDA, plus 20% dividend increase
Slide 30: Q&A
( NPremes Q&A Ga (-exichine life THROUGH FOOD’
Slide 31: Appendix
PREMIER FOODS Appendix
Slide 32: 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 33: Definitions
Definitions ▪ The period ‘FY25/26’ refers to the 52 weeks ended 28 March 2026, unless where otherwise stated. The period ‘FY24/25’ refers to the 52 weeks ended 29 March 2025, unless where otherwise stated. ▪ Trading profit is defined as Profit/(loss) before tax before net finance costs, amortisation
Slide 34: 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 • 90% of UK branded revenue 5.1% large-cap pee
Slide 35: Strong category positions & market share
Strong category positions & market share Category Brands Category size Position Penetration Share Own label share Flavourings & Seasonings £508m 1 57% 45% 16% Quick & Easy Meals £587m 1 43% 36% 5% Global Cuisines £1,277m 1 40% 14% 32% Ambient Desserts £353m 1 50% 41% 20% Breakfast on the go £304m 2
Slide 36: Adjusted earnings per share
Adjusted earnings per share £m FY25/26 FY24/251 Trading profit 200 188 Net regular interest (16) (19) Adjusted PBT 184 169 Tax (25%) (46) (42) Adjusted earnings 138 127 Weighted average shares in issue (million) 872.5 874.4 Adjusted earnings per share (pence) 15.8p 14.5p 1 – Excludes Charnwood 36
Slide 37: Interest and taxation
Interest and taxation £m FY25/26 FY24/25 Change Senior secured notes interest 12 12 - Bank debt interest 3 5 2 15 17 2 Interest Amortisation of debt issuance costs 2 2 - Net regular interest 17 19 2 ▪ Bridging facility agreed which provides flexibility of funding beyond maturity of October 2026 Fixe
Slide 38: Pensions
Pensions Accounting valuation 28 March 2026 29 March 2025 Change Assets 3,065 3,213 (148) Liabilities (2,563) (2,564) 1 Surplus/(Deficit) 502 649 (147) Discount rate 6.20% 5.75% Inflation rate (RPI) 3.20% 3.05% ▪ Liabilities decreased by £1m to £2,563m ▪ Asset values £148m lower at £3,065m ▪ Assets
Slide 39: FY26/27 cash guidance
FY26/27 cash guidance FY26/27 cash guidance Comments Working capital Outflow ▪ Financial year FY26/27 will be 53 weeks ending 3 April 2027; Depreciation (including software amortisation) £28m working capital outflow due to additional creditor payments in year Brand amortisation £21m Capital expendit
Slide 40: Summarised balance sheet
Summarised balance sheet £m 28 March 2026 29 March 2025 Property, plant & equipment 228 204 Intangibles / Goodwill 1,009 974 Deferred tax asset 11 17 Retirement benefit assets 502 649 Non-current Assets 1,750 1,844 Working Capital - Stock 118 102 - Debtors 115 115 - Creditors (274) (260) Total Worki