Slide 1: First Quarter Conference Call
First Quarter Conference Call May 7, 2025
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: Key Messages
Key Messages • Record first quarter sales and adjusted EBITDA • Solid improvement in adjusted earnings and EPS • U.S. focused growth initiatives in protein, sandwiches and bakery all delivered strong volume growth • Canadian market continues to stabilize • Maintained 2025 sales and adjusted EBITDA g
Slide 5: 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 6: 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 it is manufactured; top-of- line product lines and irreplicable footprint of facilities, result of almost $860 million of recent investmen
Slide 7: Bakery
Bakery 6 Transformational Growth 6 6
Slide 8: Bakery
Bakery 7 Transformational Growth 7 7
Slide 9: Bakery
Bakery 8 Transformational Growth 8 8
Slide 10: Q1-2025 Financial Update
Q1-2025 Financial Update 9 Transformational Growth 9 9
Slide 11: Quarter Sales Performance
Quarter Sales Performance (millions of dollars except percentages) 1,800.0 35% 1,600.0 30% • Targeted long-term annual organic volume growth rate range is 4% to 6% 1,400.0 25% Positive Factors 1,200.0 20% • Selling price inflation – $46.1m 1,000.0 • Growth in Specialty Foods’ sales – $58.2m 15% or 5
Slide 12: U.S. Sales Analysis
U.S. Sales Analysis (millions of dollars except percentages) FX and Volume Q1-2024 Pricing Acquisition Growth Q1-2025 OVGR Core U.S. sales growth initiatives: Protein Group 219.9 18.7 74.9 21.9 335.4 10.0% Sandwich Group 335.8 21.7 - 26.8 384.3 8.0% Bakery Group 26.9 2.8 - 9.1 38.8 33.6% 582.6 43.2
Slide 13: Quarter Adjusted EBITDA Performance
Quarter Adjusted EBITDA Performance (millions of dollars except percentages) 160.0 11.0% • Targeted mid-term annual adjusted EBITDA margin – 10% 140.0 10.0% • Specialty Foods’ adjusted EBITDA margin for 120.0 the quarter – 9.1% vs PY 9.5% 9.0% • Premium Food Distribution’s adjusted EBITDA 100.0 8.0%
Slide 14: Quarter Adjusted Earnings Performance
Quarter Adjusted Earnings Performance (millions of dollars except per share amounts) 45.0 $1.60 40.0 $1.40 35.0 $1.20 Major Drivers 30.0 $1.00 25.0 • Positive: adjusted EBITDA growth $0.80 20.0 15.0 $0.60 • Positive: lower interest rates 10.0 $0.40 • Negative: growth investment 5.0 $0.20 - $- 2019 2
Slide 15: Capital Expenditures
Capital Expenditures (millions of dollars except percentages) Q1-2025 • An unlevered, after-tax IRR of 15% or greater is Major project capex 38.3 expected on project capex generally from incremental production capacity and improved Other project capex 13.6 operating efficiencies Project capex 51.9 •
Slide 16: Liquidity
Liquidity (millions of dollars except ratios) 1,020.0 5.5 920.0 5.0 820.0 4.5 • Long-term targeted senior debt to 720.0 4.0 EBITDA ratio – 2.5:1 to 3.0:1 620.0 3.5 • Long-term targeted total debt to 520.0 3.0 EBITDA ratio – 3.5:1 to 4.0:1 420.0 2.5 • Convertible debentures make up the difference bet
Slide 17: Free Cash Flow
Free Cash Flow (millions of dollars except per share amounts and percentages) $1,135 million in declared dividends since first dividend in July 2005 $8.00 320.0 $7.00 280.0 $6.00 240.0 10.25-year FCF per share CAGR of 8.1% 200.0 $5.00 10.25-year FCF CAGR of 15.8% 160.0 $4.00 10.25-year dividend CAGR
Slide 18: Transformational Growth
17 Transformational Growth 17 17