Premium Brands Holdings Corporation · TSX:PBH
Premium Brands — Q4 2024 Earnings Presentation
22 slides from Premium Brands's earnings presentation, Mar 21, 2025
Slide 1: Fourth Quarter 2024 Conference Call
Fourth Quarter 2024 Conference Call March 21, 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 2024 annual and fourth quarter sales and adjusted EBITDA • U.S. focused growth initiatives continue to gain momentum • Canadian market is stabilizing • Sandwich demand in foodservice is beginning to stabilize • Issued 2025 sales and adjusted EBITDA guidance • Declared quarterly
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
Strategically Located Manufacturing Network SPECIALTY FOODS BC ⚫ 67 production facilities and ~4.9 AB SK million sf of production space, 24 QC of which are owned and two are MB “REIT” owned facilities ON NB ME NS WA MN MA PREMIUM FOOD DISTRIBUTION PA NJ ⚫ 43 distribution / production facilities OH a
Slide 7: Sandwich Capacity
Sandwich Capacity 6 Transformational Growth 6 6
Slide 8: Cooked Protein Capacity
Cooked Protein Capacity 7 Transformational Growth 7 7
Slide 9: Specialty Protein & Meat Snack Capacity
Specialty Protein & Meat Snack Capacity 8 Transformational Growth 8 8
Slide 10: Bakery Capacity
Bakery Capacity 9 Transformational Growth 9 9
Slide 11: Q4-2024 Financial Update
Q4-2024 Financial Update 10 Transformational Growth 10 10
Slide 12: Quarter Sales Performance
Quarter Sales Performance (millions of dollars except percentages) 2018 2019 2020 2021 2022 2023 2024 Revenue 843.9 959.1 1,056.2 1,345.4 1,634.8 1,554.7 1,639.1 OGR 4.6% 8.6% 5.5% 16.1% 12.3% 0.0% 5.2% OVGR 4.5% 7.4% 5.5% 7.1% 4.5% (0.5%) 0.7% 1,800.0 50% • Targeted long-term annual organic volume
Slide 13: U.S. Sales Analysis
U.S. Sales Analysis (millions of dollars except percentages) Q4-2024 FX & Volume Q4-2024 OVGR 2024 OVGR Q4-2023 Pricing Acquis Growth Q4-2024 OVGR Adjusted(1) Adjusted(2) Core U.S. sales growth initiatives: Protein Group 198.9 15.4 3.0 43.5 260.8 21.9% 21.9% 11.4% Sandwich Group (1) 355.3 18.6 - (17
Slide 14: Revenue Trend
Revenue Trend (millions of dollars except percentages) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P Revenue 535.2 794.3 960.1 1,043.0 1,221.8 1,484.5 1,857.5 2,198.3 3,025.8 3,649.4 4,068.9 4,931.7 6,029.8 6,261.0 6,470.5 7,300.0 OGR 2.6% 6.0% 4.8% 4.9% 13.5% 18.0
Slide 15: Quarter Adjusted EBITDA Performance
Quarter Adjusted EBITDA Performance (millions of dollars except percentages) 2018 2019 2020 2021 2022 2023 2024 EBITDA 62.6 75.1 87.7 113.4 136.4 137.2 148.7 Margin 7.4% 7.8% 8.3% 8.4% 8.3% 8.8% 9.1% • Targeted mid-term annual adjusted EBITDA 160.0 12.0% margin – 10% 140.0 11.0% • Specialty Foods’ a
Slide 16: EBITDA Trend
EBITDA Trend (millions of dollars except percentages) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P EBITDA 42.0 54.9 66.8 69.3 77.6 111.6 154.8 190.2 280.2 307.7 312.6 430.7 504.2 559.1 593.7 690.0 Margin 7.8% 6.9% 7.0% 6.6% 6.4% 7.5% 8.3% 8.7% 9.3% 8.4% 7.7% 8.7%
Slide 17: Quarter Adjusted Earnings Performance
Quarter Adjusted Earnings Performance (millions of dollars except per share amounts) 2019 2020 2021 2022 2023 2024 Adj earnings 29.5 35.3 52.2 52.9 37.9 46.2 Positive Factors Adj EPS 0.79 0.86 1.19 1.19 0.85 1.05 • EBITDA growth • Adjustment of the estimated useful life of certain long-term leasehol
Slide 18: Adjusted Earnings and EPS
Adjusted Earnings and EPS (millions of dollars except per share amounts) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Adj earnings 19.6 24.5 24.9 26.6 53.2 80.5 99.2 117.6 118.4 118.5 194.8 215.0 179.1 176.5 Adj EPS 1.04 1.19 1.16 1.21 2.18 2.80 3.33 3.62 3.31 3.05 4.48 4.82
Slide 19: Capital Expenditures
Capital Expenditures (millions of dollars except percentages) • An unlevered, after-tax IRR of 15% or greater is expected on project capex Q4-2024 2024 • Expect to spend an additional $145 million on approved major project capex over the next four Major project capex 48.7 262.9 quarters Other projec
Slide 20: Liquidity
Liquidity (millions of dollars except ratios) 1,020.0 5.5 920.0 5.0 820.0 4.5 • Senior debt to EBITDA ratio is 3.3:1 720.0 4.0 after normalizing for unusual 620.0 3.5 weakening of CAD at end of quarter 520.0 3.0 • Long-term targeted senior debt to EBITDA ratio – 2.5:1 to 3.0:1 420.0 2.5 • Long-term
Slide 21: Free Cash Flow
Free Cash Flow (millions of dollars except per share amounts and percentages) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Payout ratio 77.7% 69.6% 70.6% 65.2% 59.4% 53.0% 53.9% 48.4% 43.2% 36.6% 38.5% 38.1% 43.1% 48.7% 42.3% 43.8% 54.3% 60.5% Dividend pe
Slide 22: Transformational Growth
21 Transformational Growth 21 21
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