Slide 1: Annual General Meeting
Annual General Meeting May 6, 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, strategy and financial performance and condition, acquisition opportunities, capital projects and plans, outlook
Slide 4: Company Profile
Company Profile 2004 2024 Revenue $0.2 billion $6.5 billion Adjusted EBITDA $14.1 million $593.7 million Business platforms 2 6 Geographic reach Western Canada North America Operating facilities 8 110 Employees 900 13,321 Free cash flow per share $0.78 $5.65 Annualized dividend rate $ nil $3.40 / sh
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
Share Price Closing Share Accumulated Date Price Dividends Per Share Dec 31, 2003 $8.60 Nil May 5, 2025 $74.53 $34.88 4500.00 7.00 2003 to May 5, 2025 CAGR = 16.5% 4000.00 6.00 3500.00 5.00 Index 3000.00 2500.00 4.00 2000.00 3.00 1500.00 2.00 1000.00 1.00 500.00 0.00 0.00 PBH share value (LHS) S&P/T
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 Transformational Growth 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 Evolution Over Time
Premium Brands Evolution Over Time ~35x Revenue Growth Since 2004 2024: C$6.5 bn 2022 – 2024 2021: C$4.9 bn ⚫ ~C$830 million is invested in expanding the capacity and production efficiencies of 2017 – 2021 2016: the Company’s Specialty C$1.9 bn ⚫ In January 2021, Foods manufacturing Premium Brands a
Slide 10: 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 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: 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 13: 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 14: 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 15: 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 16: 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 17: 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 $30.6m Harlan Maximum Expresco Raybern Oberto Mavros Inform Clearwater Beechgrove McLean’s NSP Quality Denmar
Slide 18: Premium Brands Snapshot 2004 – 2024
Premium Brands Snapshot 2004 – 2024 A diverse product portfolio with significant competitive advantages 2024 Revenue Segments Overview Highlights REVENUE CAGR (C$mm) ⚫ Meat sticks, cooked protein, charcuterie, European deli meats, specialty marinated ✓ #1 brand and largest manufacturer in many speci
Slide 19: Highly Experienced And Proven Management Team
Highly Experienced And Proven Management Team George Paleologou Will Kalutycz Steve Sposari Stephen Bates President, CEO and Director CFO Managing Director Managing Director 37 years experience 31 years Experience 48 years experience 50 years experience Irv Teper Fred Jaques Sven Freybe Managing Dir
Slide 20: SK Food Group – Cleveland, TN
SK Food Group – Cleveland, TN Transformational Growth 20
Slide 21: Financial Update
Financial Update Transformational Growth 21
Slide 22: Revenue Trend
Revenue Trend (millions of dollars except percentages) 8,000.0 7,000.0 10-year organic CAGR of 11.9% 6,000.0 5,000.0 10-year total CAGR of 18.1% 4,000.0 3,000.0 2,000.0 1,000.0 - 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025AG Revenue Transformational Growth 22
Slide 23: Adjusted EBITDA Trend
Adjusted EBITDA Trend (millions of dollars except percentages) Targeting EBITDA margin of 10%+ by 2026 700.0 11.0% 10-year CAGR of 22.6% (20.8% ex IFRS-16 impact) 600.0 10.0% 500.0 9.0% 400.0 8.0% 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 2025AG E
Slide 24: Adjusted Earnings and EPS
Adjusted Earnings and EPS (millions of dollars except per share amounts) Targeting record adjusted EPS in 2025 250.0 $6.00 $5.00 200.0 10-year adjusted EPS CAGR of 12.7% $4.00 150.0 $3.00 100.0 $2.00 50.0 $1.00 - $- Adjusted Earnings Reported (LHS) Adjusted EPS (RHS) Transformational Growth 24
Slide 25: Capital Expenditures
Capital Expenditures (millions of dollars except percentages) 399.7 400.0 364.8 350.0 • An unlevered, after-tax IRR of 15% or 300.0 greater is expected on project capex • Major project capex investments are 250.0 228.4 generally in additional production 353.7 capacity and, in many cases, improved 20
Slide 26: 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 27: 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-year FCF per share CAGR of 8.1% 200.0 $5.00 10-year FCF CAGR of 15.9% 160.0 $4.00 10-year dividend CAGR of 18.5%
Slide 28: Return on Invested Capital
Return on Invested Capital (millions of dollars except percentages) 18.0% 16.0% 15.7% 14.0% 12.0% 10.0% 8.0% 6.0% 7.3% 4.0% 2.0% 0.0% 2024 2029P ROIC Targeting ROIC to exceed our capital allocation minimum threshold IRR of 15% by 2029 Transformational Growth 28
Slide 29: 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 30: Questions
Questions Transformational Growth 30