Investor
Presentation
May 2026
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 and objectives of or involving the Company. While management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company's internal expectations and belief as of the date of this presentation, there can be no assurance that such expectations will prove to be correct as such forward looking statements involve unknown risks and uncertainties beyond the Company's control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements.
Forward looking statements generally can be identified by the use of the words "may", "could", "should", "would", "will", "expect", "intend", "plan", "estimate", "project", "anticipate", "believe" or "continue", or the negative thereof or similar variations. Forward looking statements in this presentation include statements with respect to the Company's expectations and/or projections regarding its revenue and sales; adjusted EBITDA; commodities and raw materials; outlook and 5-year plan; steady state free cash flow; net working capital growth; earnings and EPS; growth strategies and initiatives; acquisition and divestiture strategies, opportunities and pipeline; ESG and food safety practices; start-up and restructuring costs; investments in capital expenditures; and financial leverage ratios.
Forward looking statements are based on a number of key expectations and assumptions made by the Company, including, without limitation the expectations and assumptions outlined in the Company's Management's Discussion and Analysis ("MD&A") for the 13 weeks ended March 28, 2026, a copy of which is filed electronically through SEDAR+ and is available online at https://www.sedarplus.ca. Although the forward looking statements contained in this presentation are based on what the Company's management believes to be reasonable assumptions as of the date of this presentation, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
Forward looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results. Factors that could cause actual results to differ materially from the Company's expectations, including, without limitation, those expectations as referenced in the Company's MD&A for the 13 weeks ended March 28, 2026. Readers are cautioned that the foregoing risks and uncertainties are not exhaustive.
Forward looking statements reflect management's current beliefs and are based on information currently available to the Company as of the date of this presentation. Unless otherwise indicated, the forward looking statements in this presentation are made as of the date of this presentation and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking statements in this presentation.
By delivery of this presentation, the Company is not making any representation or warranty, express or implied, as to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. By accepting this presentation, the recipient agrees that the Company shall not have any liability for any representation or warranty, express or implied, contained in, or for any omission from, this presentation.
The Future of Food is in the Past 3Company Profile
2004 | 2019 | 2024 | 2025 | 2026TTM | |
Revenue | $0.2b | $3.6b | $6.4b | $7.3b | $9.25b - $9.55b |
Adjusted EBITDA | $14.1m | $307.3m | $590.5m | $658.3m | $870m - $910m |
Business platforms | 2 | 6 | 6 | 6 | 6 |
Geographic reach | Western Canada | North America | North America | North America | North America |
Operating facilities | 8 | 76 | 109 | 108 | 112 |
Employees | 900 | 9,250 | 13,300 | 13,100 | 14,400 |
Free cash flow per share | $0.78 | $4.97 | $5.65 | $6.60 | |
Annualized dividend rate | $ nil | $2.10 / share | $3.40 / share | $3.40 / share | |
Cumulative dividends | $ nil | $478.6m | $1,096.8m | $1,293.8m | |
Our Vision
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
Share Price History (in dollars)
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Closing share price:
Dec 31, 2003 - $8.60
May 11, 2026 - $87.70
0.00 0.00
PBH share value (LHS) S&P/TSX Composite Index - Total Return (LHS) FCF / Share (RHS)
From December 31, 2003 to May 11, 2026 PBH share value has grown at a CAGR of
16.8% including $38.28 per share in accumulated dividends
6 The Future of Food is in the Past 6
The Future of Food is in the Past 6Premium 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
The Future of Food is in the Past 7Core Strategies
Highly Focused Capital Allocation Platform Targeting Niche Segments in the Food Industry |
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Decentralized Entrepreneurial Culture with Accountability |
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Premium Brands Ecosystem |
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State-of-the-Art Production Facilities |
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Diversification of Cash Flow |
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Group Details (in millions except percentages)
Business group | Overview | 2004 Revenue | 2025 Proforma (1) | Revenue % | |
SF | Protein | Products include meat sticks, cooked protein, charcuterie, European deli meats, specialty marinated products and premium processed meats. The Protein Group has the #1 brand and is the largest manufacturer in many specialty product categories | 125.5 | 4,463.3 | 51.6% |
Custom Culinary Solutions | Products include frozen artisan and fresh modified atmosphere packaged (MAP) sandwiches and wraps, artisan breads and a variety of kettle cooked products including soups, entrees and sauces. The CCS Group is the largest sandwich manufacturer in North America and the largest artisan bread and kettle manufacturer in western Canada | 14.7 | 1,792.5 | 20.8% | |
PFD | Distribution | The Distribution Group has the largest protein and seafood focused distribution network in Canada, which services both retail and foodservice customers. It further differentiates itself by offering customized value-added protein and seafood products and services | - | 1,852.5 | 21.4% |
Lobster | The Lobster Group has the largest lobster operation in North America with strategically located facilities in Canada and the U.S. | - | 534.3 | 6.2% | |
140.2 | 8,642.6 | 100.0% |
(1) Amounts include Stampede Culinary Partners, which was acquired on Jan 2, 2026 and exclude Shaw Bakers, which was sold in April 2026
9 The Future of Food is in the Past 9
The Future of Food is in the Past 9Business Groups
Lobster | Distribution | Protein | Custom Culinary Solutions |
Ready Group
| C&C Group
Clearwater | Oberto Group Concord Group
| Sandwich Group
Partners |
10 The Future of Food is in the Past 10
The Future of Food is in the Past 10Internal Selling Opportunities
Helping small good specialty
food businesses become larger great specialty food businesses
Brand Development /
Marketing Resources
Real Estate Investment Fund
Global and Strategic
Procurement, Buying Power
Logistics
Acquisition Expertise
Access to Capital
Unique ecosystem enables entrepreneurs to optimize growth and performance
Help turn good small companies into large great companies
Complimentary growth opportunities through leveraging PBH's network and expertise
Disciplined Capital Allocation
Tax Resources
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Innovation
Leadership
Best practices
Customer / market intelligence and access
Procurement
Production solutions
Food safety
Information Sharing
Among Businesses:
Peer Network
Financial and Business
Analysis
Social Media
IT Expertise
Access to Proprietary
Distribution Networks
HR Resources
The Future of Food is in the Past 11
Strategically Located Manufacturing Network with State-of-the-Art Facilities
Well-balanced, coordinated network, with most goods distributed in the country where they are manufactured Top-of-line product lines and irreplicable footprint of facilities, resulting from over $1.0 billion of recent investments
NJ
TX
OH
NV
IL
MO
TN
AZ
OK
NM
MS
GA
PA
MN
WA
NS
ME
NB
ON
MB
QC
SK
AB
BC
SPECIALTY FOODS
70 production facilities and ~5.3 million sf of production space, 27 of which are wholly owned facilities and two of which are facilities in which the Company owns a minority interest
PREMIUM FOOD DISTRIBUTION
42 distribution / production facilities and ~2.1 million sf of distribution / production space, seven of which are wholly owned facilities and five of which are facilities in which the Company owns a minority interest
Premium Food Distribution
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Newly constructed, expanded or acquiredThe Future of Food is in the Past
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13 The Future of Food is in the Past 13
Kings Command Foods - Versailles, OH
Maid-Rite Specialty Foods - Dunmore, PA
SK Food Group - Cleveland, TN
Stampede Culinary Partners
Bridgeview, IL
Alma, GA
Sunland Park, NM
Diversification - 2025 Sales by Channels and Customers
SF (67.5%) PFD (32.5%)
ISR, 4.9%
Foodservice operators, 18.4%
Trading, 1.7%
Foodservice distributors , 6.7%
Others, 0.5%
Chains and large format retailers, 6.5%
Trading, 2.5%
Customer | % Sales | Business Touch Points |
Customer A | 15.1% | 26 |
Customer B | 13.2% | 2 |
Customer C | 4.8% | |
Customer D | 4.3% | |
Customer E | 4.1% | |
Customer F | 3.6% | |
Customer G | 1.7% | |
Customer H | 1.7% | |
Customer I | 1.6% | |
Customer J | 1.3% |
Foodservice operators,
8.8%
ISR, 7.6%
Foodservice distributors
, 5.8%
Others, 1.3%
Chains and large format retailers, 35.2%
The Future of Food is in the Past 14Diversification - Procurement and 2025 Sales by Product Category
SF (67.5%) PFD (32.5%)
Baked goods, 2.1% Others, 1.1%
Sandwiches, 19.9%
Protein, 44.4%
Seafood, 16.9%
Commodity | % Sales |
Beef | 18.8% |
Seafood | 14.6% |
Pork | 9.1% |
Poultry | 7.0% |
Bread | 3.6% |
Eggs | 2.6% |
Cheese | 2.1% |
Turkey | 1.4% |
Protein, 13.9%
Others, 1.7%
The Future of Food is in the Past 15Diverse Ecosystem of Sales and Procurement Channels
Procurement Sources
ICELAND
Cod, Salmon, Plaice, & Haddock
SCOTLAND
Seafood Misc.
GERMANY
Beef & Pork
NETHERLANDS
Total Procurement Sources by Country (2025)
Canada - 44.6%
USA - 45.6%
Other - 9.8%
Beef, Seabass, Cod Fillets, Halibut, Plaice & Salmon
DENMARK
Pork
USA
Beef, Cod, Clams, Halibut, Tuna Pollock, Octopus & Salmon
IRELAND
Beef, Pork & Salmon
UNITED KINGDOM
Beef, Lamb, Pork & Seafoods Misc.
NORWAY
Halibut & Salmon
HUNGARY
Pork
POLAND
Pork
JAPAN
Tuna, Salmon, Clams & Fillets
SPAIN
Beef, Pork & Halibut
CHINA
Squid & Shrimp
MEXICO
Beef & Pork
PERU
Seafood Misc.
ITALY
Beef
GREECE
Seabass
INDIA
Shrimp
VIETNAM
Basa Fillet
CHILE
Pork, Turkey & Salmon
BRAZIL
Chicken
URUGUAY
Beef & Lamb
THAILAND
Squid
AUSTRALIA
Beef & Lamb
NEW ZEALAND
Beef & Lamb
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The global procurement teams combined with consolidated buying power provides Premium Brands with the ability to source the highest quality raw materials at competitive prices
The Future of Food is in the Past16
Organic Growth StrategiesOn trend product categories
Emerging trends
History of demand exceeding supply
"White space" driven innovation
U.S. roll out strategy
Focus on individual differentiated SKUs rather than categories
Export markets in focus
PB Corporate sponsored innovation presentations (top to top)
PB Corporate rebate programs to certain national customers
Best in class manufacturing - automation, food safety, and scale
Acquisitions Growth Strategy
Considerations | Resources |
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Acquisitions Activity
2005 to 2009 | 2010 to 2014 | 2015 to 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
$147.5m | $260.9m | $295.9m | $246.2m | $753.0m | $118.6m | $168.2m | $858.0m | $125.0m | $9.5m | $91.5m | $30.6m | $1,029.8m |
Harlan Fairbanks Hygaard Fine Foods Hempler's Bread Garden Gloria's Fresh | Maximum Seafood SK Food Group Duso's Hub City Fisheries Wescadia | Expresco Isernio's SJ Fine Foods C&C Packing / Premier Meats Belmont | Raybern Buddy's Kitchen Leadbetter Skilcor Inter-provincial Meat Sales | Oberto Concord Country Prime Meats TMF Frandon Seafood Penguin | Mavros VSM Hancock Viandex North Delta Seafood Maine Coast Shellfish | Inform Brokerage La Felinese Bavarian Meats Global Gourmet Allseas Fisheries | Clearwater Seafoods Distribution Cote-Nord Starboard Seafood GoCold Storage C.H. Rich | Beechgrove Leonetti's Rocky Mountain Flatbread Shaw Bakers Golden Valley Farms | McLean's majority interest Menu-Mer | NSP Quality Meats Casa Di Bertacchi Italia Salami | Denmark | Stampede |
Centennial Food-service | Piller's Deli Chef | Island City / Conte | Shaw Bakers Partners | McLean's Select Foods | Multi-Task | Mermax Maid-Rite | King's Command | |||||
Stuyver's Bake Studio | SJ Fine Foods | Fletcher's Larosa | Ravens- bergen | Yorkshire Valley Farms | Westmorland | |||||||
B&C Foods | Freybe | |||||||||||
Noble House | McLean's | Diana's Seafood | Ready Seafood | |||||||||
Mrs. Willman's | Made-Rite | L. Walker | ||||||||||
SJ Fine Foods | Ocean Miracle Reddi Foods | |||||||||||
Multi-National Foods |
$4.1 billion invested across 85 transactions since 2005
The Future of Food is in the Past 19Acquisition Opportunities (millions of dollars except transactions)
Agreed to terms and in due diligence
In negotiations In discussions Identified future
opportunity
Past discussions and currently on hold
Platform | Advanced | Active | Early Stage | Opportunity | Inactive | Total | ||||||
# | Sales | # | Sales | # | Sales | # | Sales | # | Sales | # | Sales | |
Lobster | - | - | - | - | - | - | - | - | 1 | 500 | 1 | 500 |
Distribution | 1 | 10 | - | - | 3 | 660 | - | - | 8 | 1,919 | 12 | 2,589 |
Protein | - | - | 1 | 27 | 4 | 219 | 4 | 917 | 9 | 1,263 | 18 | 2,426 |
CCS | - | - | - | - | - | - | 7 | 2,569 | 6 | 1,561 | 13 | 4,130 |
1 | 10 | 1 | 27 | 7 | 879 | 11 | 3,486 | 24 | 5,243 | 44 | 9,645 | |
A Leader in Environmental, Social, Governance, and Food Safety Practices
2025 ESG Report - Foundational Principles
Nutritious Food |
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People |
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Environment |
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Communities |
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Advancing supply chain transparency and responsible sourcing practices with Supplier Code of Conduct implementation
GHG emissions intensity reductions through efficiency improvements, enhanced monitoring and investments in technology
Prioritizing food safety with 97% of Specialty Food Processing Facilities holding GFSI food certifications
Improving workplace health and safety performance with detailed tracking and programs like near-miss incident reporting at 100% of our businesses
The Future of Food is in the Past21