Slide 1: Investor Presentation
Investor Presentation November 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: Company Profile
Company Profile 2004 2019 2024 Q3-2025 TTM 2025P Revenue $0.2b $3.6b $6.5b $7.2b $7.4b - $7.5b Adjusted EBITDA $14.1m $307.7m $593.7m $641.3m $670m - $680m Business platforms 2 6 6 6 Geographic reach Western Canada North America North America North America Operating facilities 8 76 109 110
Slide 5: Our Vision: The Future of Food is in the Past
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 Long-term Trends Position Premium Brands Favorably f
Slide 6: Share Price History (in dollars)
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 • Nov 21, 2025 – $91.91 1500.00 2.00 1000.00 1.00 500.00 0.00 0.00 PBH share value (LHS) S&P/TSX Composite Index - Total Return (LHS) FCF / Shar
Slide 7: Premium Brands: Entrepreneurship with Accountability
Premium Brands To provide talented proven entrepreneurs with the resources they need to transform their good food businesses into bigger great food businesses ENTREPRENEURSHIP with ACCOUNTABILITY The Future of Food is in the Past 7
Slide 8: Core Strategies
Core Strategies Leading regional brands focused on authenticity and differentiation Highly Focused Capital Allocation White space and long-term sustainable consumer trends – significant organic growth Platform Targeting Niche opportunities Segments in the Food Industry Stronger pricing power
Slide 9: Premium Brands Snapshot 2004 – 2024
Premium Brands Snapshot 2004 – 2024 A diverse product portfolio with significant competitive advantages 2024 Revenue Segments Overview Highlights REVENUE CAGR (C$mm) Meat sticks, cooked protein, charcuterie, European deli meats, specialty marinated #1 brand and largest manufacturer in many speci
Slide 10: Business Groups
Business Groups Seafood Distribution Protein Sandwich Bakery Culinary Canadian Seafood Group Centennial Group Oberto Group Sandwich Group PB Bakery Group Kettle Group • Medex Group • Worldsource • Hempler’s • Quality Fast Foods • Stuyver’s • Global Gourmet • Ocean Miracle • Eleven • Isernio’s • Hyga
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 it is manufactured; top-of- line product lines and irreplicable footprint of facilities, result of ~$981 million of recent investments SPE
Slide 13: Diversification – Channels and Customers
Diversification – Channels and Customers 2024: SF (66.2%) PFD (33.8%) Foodservice distributors, Others, 0.8% 4.9% Customer % Sales Trading, 2.3% ISR, 5.7% Chains and large Customer A 14.4% format retailers, Customer B 13.5% Foodservice operators, 6.5% 10.9% Customer C 5.2% Customer D 4.4% Foodservic
Slide 14: Diversification – Geographically
Diversification – Geographically 2024: SF (66.2%) PFD (33.8%) 2024: SF (60.8%) PFD including Clearwater (39.2%) Clearwater, 8.2% Export, 0.3% Export, 0.3% Canada, 25.6% Canada, 23.5% United States, 40.7% United States, United States, United States, 6.2% 37.3% 6.7% Export, 1.3% Export, 1.4% Canada, 2
Slide 15: Diversification – Products and Procured Commodities
Diversification – Products and Procured Commodities 2024: SF (66.2%) PFD (33.8%) Baked goods, 3.3% Others, 1.1% Commodity % Sales Sandwiches, 20.0% Seafood, 18.0% Seafood 16.2% Beef 15.4% Pork 8.6% Poultry 5.6% Protein, 13.8% Bread 3.4% Eggs 2.8% Cheese 1.8% Others, 2.0% Turkey 1.3% Protein, 41.7% T
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 (2024) Seafood Misc. Halibut, Plaice & Salmon GERMANY Canada – 51.2% Beef & Pork USA – 42.0% ICELAND Other – 6.8% Cod, Salmon, DENMARK Plaice,
Slide 17: Organic Growth Strategies
Organic Growth Strategies • On trend product categories • Emerging trends • History of demand exceeding supply • “Search for white space” • U.S. roll out strategy • Leading innovation in high growth categories • Differentiation • Brand development • Green shoots in new export markets • PB sponsored
Slide 18: Major Organic Growth Initiatives
Major Organic Growth Initiatives Seafood Distribution Protein Sandwich Bakery Culinary Processed lobster and crab Non-distributive foodservice Branded meat snack stick Leveraging IP and North Naturally fermented / clean Gusseted broth and soup initiatives in foodservice and sales of differentiated p
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 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 Harlan Maximum Expresco Raybern Oberto Mavros Inform Clearwater Beechgrove McLean’s NSP Quality Denmar
Slide 21: Acquisition Opportunities
Acquisition Opportunities (millions of dollars except transactions) Agreed to terms and Identified Past discussions In negotiations In discussions in due diligence future opportunity and currently on hold Platform Advanced Active Early Stage Opportunity Inactive Total # Sales # Sales # Sales # Sales
Slide 22: A Leader in Environmental, Social, Governance, and Food Safety Practices
A Leader in Environmental, Social, Governance, and Food Safety Practices 2024 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 m
Slide 23: The Future of Food is in the Past
The Future of Food is in the Past 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: The Future of Food is in the Past
The Future of Food is in the Past 28
Slide 29: Financial Update
Financial Update The Future of Food is in the Past 29
Slide 30: Revenue
Revenue (millions of dollars except percentages) 8,000.0 7,000.0 6,000.0 5,000.0 • 10.75-year organic CAGR of 12.5% • 10.75% organic volume CAGR is 8.7% 4,000.0 • 10.75-year total CAGR of 18.0% 3,000.0 2,000.0 1,000.0 - 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TTM 2025P Revenue (LHS) L
Slide 31: U.S. Sales Analysis
U.S. Sales Analysis (millions of dollars except percentages) Q3-25 FX & Q3-25 YTD 2024 Q3-24 Pricing Acquis OVG Q3-25 OVGR OVGR 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
Slide 32: Adjusted EBITDA
Adjusted EBITDA (millions of dollars except percentages) 700.0 11.0% 600.0 10.0% 500.0 9.0% • 10.75-year CAGR of 21.7% or 400.0 8.0% 19.8% ex IFRS-16 impact 300.0 7.0% 200.0 6.0% 100.0 5.0% - 4.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TTM 2025P EBITDA (LHS) IFRS-16 impact (LHS) Marg
Slide 33: Commodity Trends
Commodity Trends Beef Index Chart Chicken Index Chart 40.0 3.0 35.0 30.0 2.4 25.0 20.0 1.8 15.0 1.2 10.0 5.0 0.6 0.0 2024 2025 5yr Avg 2024 2025 5yr Avg • Index is comprised of a weighted basket of the following beef products: • Index is comprised of chicken: east jumbo boneless/skinless breasts str
Slide 34: Adjusted Earnings
Adjusted Earnings (millions of dollars except per share amounts) 250.0 $6.00 $5.00 200.0 $4.00 • 10.75-year adjusted EPS CAGR 150.0 of 12.6% $3.00 100.0 $2.00 50.0 $1.00 - $- Adjusted Earnings Reported (LHS) Adjusted EPS (RHS) The Future of Food is in the Past 34
Slide 35: Project Capital Expenditures Trend
Project Capital Expenditures Trend (millions of dollars except percentages) 140.0 120.0 100.0 • Expect to spend an additional $92 million on 80.0 approved major project capex over the next 60.0 four quarters 40.0 20.0 0.0 Project Capex (LHS) ~$981 million of project capital investments between 2022
Slide 36: Liquidity
Liquidity (millions of dollars except ratios) 1,020.0 5.5 920.0 5.0 820.0 4.5 720.0 4.0 • Mid-term targeted senior debt to EBITDA ratio – 2.5:1 to 3.0:1 620.0 3.5 • Mid-term targeted total debt to EBITDA 520.0 3.0 ratio – 3.5:1 to 4.0:1 420.0 2.5 • Convertible debentures make up the difference betwe
Slide 37: Free Cash Flow
Free Cash Flow (millions of dollars except per share amounts and percentages) $8.00 320.0 $7.00 280.0 $6.00 240.0 • 10.75-year free cash flow CAGR of $5.00 15.7% 200.0 160.0 $4.00 • 10.75-year free cash flow per share CAGR of 8.4% 120.0 $3.00 • 10.75-year dividend CAGR of 9.8% 80.0 $2.00 40.0 $1.00
Slide 38: 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 39: Questions
Questions The Future of Food is in the Past 39