Slide 1: Third Quarter Conference Call
Third Quarter Conference Call November 10, 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 Highlights for the Quarter
Key Highlights for the Quarter • Record third quarter sales and adjusted EBITDA • Solid growth in adjusted earnings and EPS • Record third quarter free cash flow per share • Core U.S. growth initiatives in protein, bakery and sandwiches generated organic volume growth of $145.7 million representing
Slide 5: 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 6: Product Launch
Product Launch Grass-Fed Beef Sticks Hempler Foods Group – Ferndale, WA • Meat snack production facility in Ferndale, Washington • 154,000 sq. ft. • 317 employees • Since 2022, Premium Brands invested over US$90 million in the expansion and modernization of this facility to increase capacity by 140%
Slide 7: Product Launch
Product Launch Grass-Fed Beef Sticks Piller's Fine Foods – Brantford, ON • Meat snack production facility in Brantford, Ontario • 90,000 sq. ft. • 170 employees • Premium Brands invested $30 million in the expansion and modernization of this facility to increase capacity by 30% 6 The Future of Food
Slide 8: Q3-2025 Financial Update
Q3-2025 Financial Update 7 The Future of Food is in the Past 7 7
Slide 9: Quarter Sales Performance
Quarter Sales Performance (millions of dollars except percentages) 2,500.0 45% 40% 2,000.0 35% • Targeted long-term annual organic 30% volume growth rate range of 4% to 6% 1,500.0 25% Q3 Growth Drivers 20% • Organic volume growth – $171.5m or 10.3% 1,000.0 15% • Acquisitions – $73.3m 10% • Selling p
Slide 10: 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 11: Quarter Adjusted EBITDA Performance
Quarter Adjusted EBITDA Performance (millions of dollars except percentages) 180.0 12.0% • Targeted mid-term annual adjusted EBITDA margin – 10% 160.0 11.0% • Adjusted EBITDA and adjusted EBITDA margin 140.0 after normalizing for margin erosion associated 10.0% with raw material cost inflation in SF
Slide 12: Start-Up and Restructuring Costs
Start-Up and Restructuring Costs (millions of dollars) 20.0 16.0 12.0 8.0 4.0 - Q1-2025 Q2-2025 Q3-2025 Start-up and Restructuring Costs 11 The Future of Food is in the Past 11 11
Slide 13: Quarter Adjusted Earnings Performance
Quarter Adjusted Earnings Performance (millions of dollars except per share amounts) 70.0 $1.80 60.0 $1.60 Major Drivers 50.0 $1.40 $1.20 • Positive: EBITDA growth 40.0 $1.00 30.0 $0.80 • Positive: lower interest rates 20.0 $0.60 $0.40 • Negative: growth investment 10.0 $0.20 - $- 2019 2020 2021 202
Slide 14: Quarter Capital Expenditures
Quarter Capital Expenditures (millions of dollars except percentages) Q3-2025 Major project capex 15.2 • An unlevered, after-tax IRR of 15% or greater Other project capex 17.8 is expected on project capex generally from incremental production capacity and improved Project capex 33.0 operating effici
Slide 15: 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 16: 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 17: 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 18: The Future of Food is in the Past
17 The Future of Food is in the Past 17 17