Premium Brands Holdings Corporation · TSX:PBH

Premium Brands — Q4 2024 Earnings Presentation

22 slides from Premium Brands's earnings presentation, Mar 21, 2025

  1. Slide 1: Fourth Quarter 2024 Conference Call

    Fourth Quarter 2024 Conference Call March 21, 2025

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. Slide 7: Sandwich Capacity

    Sandwich Capacity 6 Transformational Growth 6 6

  8. Slide 8: Cooked Protein Capacity

    Cooked Protein Capacity 7 Transformational Growth 7 7

  9. Slide 9: Specialty Protein & Meat Snack Capacity

    Specialty Protein & Meat Snack Capacity 8 Transformational Growth 8 8

  10. Slide 10: Bakery Capacity

    Bakery Capacity 9 Transformational Growth 9 9

  11. Slide 11: Q4-2024 Financial Update

    Q4-2024 Financial Update 10 Transformational Growth 10 10

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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%

  17. 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

  18. 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

  19. 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

  20. 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

  21. 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

  22. Slide 22: Transformational Growth

    21 Transformational Growth 21 21

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