Premier Foods Plc · LSE:PFD
Premier Foods — Investor Presentation (March 2026)
39 slides from Premier Foods's investor presentation, March 2026
Slide 1: Why Invest in Premier Foods?
Why Invest in Premier Foods? March 2026
Slide 2: Introduction
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Slide 3: 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 • 89% of UK branded revenue 8.8% large-cap pee
Slide 4: Earnings growth and leverage reduction converted to value creation
Earnings growth and leverage reduction converted to value creation Revenue (£m)1 Trading profit (£m)1,2 Pandemic 1,148 +6.3% 188 elevated 1,109 +7.2% CAGR volumes CAGR 177 1,006 158 934 148 148 901 847 133 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/2
Slide 5: We are one of the UK's leading ambient grocery suppliers
We are one of the UK’s leading ambient grocery suppliers 4.5% % Share 3.8% 3.5% 2.6% 2.6% 2.5% 2.5% 2.3% 2.0% 1.9% 1.6% 1.2% 1.1% 0.9% 0.9% Mondelez Coca Cola Nestle Carlsberg Mars Premier Walkers Warburtons Kraft Heinz Pladis (UB) Kellanova KP Snacks Unilever Douwe Princes Enterprises Britvic Foods
Slide 6: UK Grocery market
UK Grocery market 22% 36% Chilled 43% Ambient Frozen & Fresh 57% 64% 78% Branded Non-branded Branded Non-branded Branded Non-branded Market size £44bn £60bn £9bn Premier Foods Flavourings & Quick Meals, Ambient Ambient Cooking Sauces categories Seasonings Snacks & Soups Desserts Cake Category size £
Slide 7: Strong brand equities across five categories
Strong brand equities across five categories Category Brands Products Position Share Penetration Flavourings & Seasonings 1 44% 58% Quick Meals, Snacks & Soups 1 39% 43% Cooking Sauces & Accompaniments 1 14% 42% Ambient Desserts 1 42% 51% Ambient Cakes 1 19% 56% Sources: Category position & market s
Slide 8: A completely transformed financial position
A completely transformed financial position 1 Substantially reduced leverage 2 Pensions deficit payments suspended 2.72 38 ▪ Pension deficit contribution payments suspended ▪ Reduction of £38m £m compared to two 0.67 years ago ▪ Dividend match 0 removed FY22/23 FY24/25 FY19/20 FY24/25 3 Progressive
Slide 9: Strategy & delivery
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Slide 10: Our strategy and purpose
Our strategy and purpose 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 Buil
Slide 11: Our branded growth model is at the core of what we do
Our branded growth model is at the core of what we do 1 Leading brand positions 2 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 3 Sustained marketing investment
Slide 12: Our Branded Growth Model in action
1 Our Branded Growth Model in action New products aligned to consumer trends Particularly strong pipeline of new product development Consumer trends New products launched in FY25/26 Health & Nutrition Convenience Snacking & On the go Premium & Indulgence Packaging sustainability 12
Slide 13: Our Branded Growth Model in action
1 Our Branded Growth Model in action Deploying an evolving blend of marketing strategies • Mass-market TV advertising • Wide reach builds & maintains long-term brand equity • Used as part of a balanced media strategy Out of home • Selected, specific locations • Typically bus stops and supermarket ap
Slide 14: Further distribution gains & promotional activity
1 Further distribution gains & promotional activity Supported by strong retailer relationships 1 Distribution points Impactful Gondola End activity Outdoor sampling 14.8% 4.7% 3.1% Grocery Sweet Treats Total ▪ Exceptional Sweet Treats distribution gains reflect strength of innovation launched in mar
Slide 15: Our Premiumisation strategy is a clear growth driver
1 Our Premiumisation strategy is a clear growth driver Mr Kipling Signature Bites Ambrosia Deluxe FY YoY revenue growth FY YoY revenue growth £m £m +78% +45% FY23/24 FY24/25 FY23/24 FY24/25 ▪ Range aligns very strongly to indulgence consumer trend ▪ Deluxe offer extended to include Rice pots in new
Slide 16: Nissin delivered further strong double-digit growth in FY24/25
1 Nissin delivered further strong double-digit growth in FY24/25 Our fastest growing brand over 5 years Disrupting the noodles category New products Revenue (£m) Market share trend1 65% +41% 5yr CAGR 40% FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 3 sub-brands FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY2
Slide 17: Deep pipeline of attractive payback capital projects
2 Deep pipeline of attractive payback capital projects Substantially higher investment levels £m 55 Growth +206% • New 4 pack format kit on pie lines • Delivering product innovation at new price point 18 FY19/20 FY25/26 Guide Cost reduction ▪ FY25/26 capex guidance now c.£55m • Enhancing the cooling
Slide 18: New category sales up +41% in H1
3 New category sales up +41% in H1 Ambrosia Porridge Cape Herb & Spice FUEL10K Yogurt & Granola H1 Sales growth trend H1 Sales growth trend +65% +58% 3yr CAGR 3yr CAGR £m £m [Insert sales growth chart] 1 2 FUEL10K 1st Protein entry into chilled enriched FY22/23 FY23/24 FY24/25 FY25/26 FY22/23 FY23/2
Slide 19: International: Strong strategic progress
4 International: Strong strategic progress Australia & • +17% in-market retail sales2 growth in first half of North • Q2 double-digit revenue growth New Zealand FY25/26 America • Launched Mini Apple Pies in USA • Mr Kipling household penetration increased to 20.5% • New packaging for Mr Kipling refl
Slide 20: M&A remains a key component of our capital allocation framework
5 M&A remains a key component of our capital allocation framework Brand equity ▪ We are focused on ▪ Assets of most acquiring brands with Application of interest are where Product innovation strong potential Branded we believe we can Branded Growth add value by applying assets ▪ The Spice Tailor, FU
Slide 21: The Spice Tailor & FUEL10K benefiting from Branded Growth Model
5 The Spice Tailor & FUEL10K benefiting from Branded Growth Model Performance New product development Performance New product development Market share Revenue Market share Revenue Ready to eat Yogurt & Granola Porridge pots Brand Brand investment investment UK Social media and Australia mainstream T
Slide 22: Acquisition of Merchant Gourmet presents high growth opportunities
5 Acquisition of Merchant Gourmet presents high growth opportunities Great tasting, convenient, premium, healthy products with a loyal consumer base fibre healthy premium convenience whole foods +++ 1 2 3 4 5 Strong double-digit Proven ability to Exceptionally high sales growth & Strong consumer Com
Slide 23: Opportunity to leverage our Branded Growth Model
5 Opportunity to leverage our Branded Growth Model As we have done with The Spice Tailor & FUEL10K 1 Further retailer distribution opportunities 2 Strong product innovation pipeline to come Profitability to build further as brand increases scale 3 Further category expansion potential 4 Upweight bran
Slide 24: Recent results
PREMIER FOODS Recent results Quarter 3 ( enriching life THROUGH FOOD’ SPICE TAILO
Slide 25: Continued strong strategic progress to Q3
Continued strong strategic progress to Q3 1 2 3 4 5 Inorganic Grow the UK core Market share Category expansion International opportunities Q3 +5.0% 1 +29% +10% 1 YTD +3.2% UK Branded Share gains in Grocery Revenue growth from Strong in-market Double-digit growth revenue growth & Sweet Treats new cat
Slide 26: UK branded revenue trend demonstrates success of Branded Growth Model
UK branded revenue trend demonstrates success of Branded Growth Model UK Branded Revenue Growth1 UK market share2 YoY growth by quarter H1 value share trend 5.0% 21.9 21.9 3.0% 21.0 20.6 1.0% Q1 Q2 Q3 FY22/23 FY23/24 FY24/25 FY25/26 ▪ Strong Q3 performance across Grocery, Sweet Treats & Internationa
Slide 27: Capital allocation & pensions
Capital allocation & pensions
Slide 28: Value creation through effective & disciplined capital allocation
Value creation through effective & disciplined capital allocation Capex M&A Dividends Pensions • Deficit payments • Strong pipeline of opportunities to • All acquisitions to date have been • Expect to pay a progressive suspended enhance efficiencies through selected very carefully and are dividend •
Slide 29: Pensions: over £40m cash benefit delivered since merger
Pensions: over £40m cash benefit delivered since merger Full resolution expected by end of calendar 2026 Re-cap on progress & timeline Full merger announced Segregated £5m Suspension Triennial Triennial merger of reduction Full of full DC1 valuation valuation RHM & PF in DC resolution payments date
Slide 30: A reminder of our financial strength
A reminder of our financial strength Leverage Interest costs Commodities & forex Instrument Bond RCF Quantum £330m £282.5m 1.0x Coupon/margin 3.5% 2.0% + SONIA FY25/26 H1 Tenor October 2026 July 2029 £€$ ▪ Strong underlying cash ▪ Net cash balance of £127m at FY25/26 H1, and after £46m ▪ Broad based
Slide 31: ESG
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Slide 32: Our ESG strategy, the 'Enriching Life Plan'
Our ESG strategy, the ‘Enriching Life Plan’ Major, ambitious, targets introduced in 2021 Pillar PRODUCT PLANET PEOPLE GREAT TASTING NUTRITIOUS AND CONTRIBUTING TO A HEALTHIER NOURISHING THE LIVES OF OUR SUSTAINABLE FOOD PLANET COLLEAGUES AND COMMUNITIES Our ambitions • Healthier Nutrition • Taking a
Slide 33: Update on the pillars of our Enriching Life Plan
Update on the pillars of our Enriching Life Plan Progress in FY25/26 H1 PRODUCT PLANET PEOPLE Carlton Solar Farm +10% now operational – 47% Graded will provide up to management Non-HFSS sales1 70% of site’s power Gender balance requirements Merchant Charities & social Gourmet Lifton enterprises supp
Slide 34: Other
PREMIER FOODS Other ( enriching life THROUGH FOOD’
Slide 35: We acquired Merchant Gourmet in September 2025
We acquired Merchant Gourmet in September 2025 “On a mission to make everyday meals a little more gourmet” 1 Obsessed with creating great-tasting products, Taste using the best ingredients and simple flavours to let the real food shine through 2 Ready to serve in 90 seconds or eat straight from Simp
Slide 36: Net debt £14m lower after Merchant Gourmet acquisition
Net debt £14m lower after Merchant Gourmet acquisition Now guiding to lower interest costs this year; Adjusted PBT now to be slightly ahead in FY26 Cash flow bridge FY25/26 guidance £m Small 250 £m Working capital outflow 221 77 Depreciation (incl. software amortis’n) 4 £28m 46 207 200 Amortisation
Slide 37: Pensions
Pensions Accounting valuation 27 September 2025 29 March 2025 Change ▪ Liabilities decreased by £38m to £2,526m ▪ Asset values £114m lower at £3,098m Assets 3,098 3,213 (114) ▪ Assets reduced due to reduction in private equity, global Liabilities (2,526) (2,564) 38 property and other illiquid assets
Slide 38: FY25/26 Quarter 3 sales
FY25/26 Quarter 3 sales Quarter 3 Quarter 3 YTD £m FY25/26 Change vs 1 year ago FY25/26 Change vs 1 year ago Grocery Branded revenue 246.2 5.8% 583.3 2.1% Non-branded revenue 20.6 (7.5%) 52.5 (8.4%) Total revenue 266.8 4.6% 635.8 1.1% Sweet Treats Branded revenue 68.6 3.1% 184.1 6.9% Non-branded rev
Slide 39: 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