Premium Brands (PBH) Q1 2026 Prepared Remarks earnings summary

Executive summary

• Achieved record first quarter sales/revenue of CAD 2.1 billion (USD 2.1 billion), up 24.6% year-over-year, with adjusted EBITDA of CAD 171.5 million (USD 171.2 million), up 26.7%, driven by strong U.S. growth and acquisitions.

• U.S. sales reached $1.5 billion, representing 73% of Specialty Foods total sales, with robust growth in protein, sandwiches, and artisan baked goods.

• Completed acquisition of Stampede Culinary Partners and divested 74% interest in Shaw Bakers for approximately CA$160 million.

• Declared a quarterly dividend of $0.85 per share.

• On track to exceed five-year plan of CAD 10 billion in sales and CAD 1 billion in EBITDA by 2027.

Financial highlights

• Organic volume growth contributed CAD 95 million (USD 94.5 million) to sales; acquisitions added CAD 280 million (USD 280.5 million); price increases contributed CAD 59 million (USD 58.5 million).

• Adjusted earnings from continuing operations were CAD 42.6 million, EPS CAD 0.83, up 36.1% and 18.6% year-over-year.

• Revenue from continuing operations was $2,051.0 million, up from $1,645.9 million year-over-year.

• Capital expenditures for the quarter totaled CAD 51 million.

• Steady state free cash flow for the trailing four quarters was $319.0 million.

Outlook and guidance

• Maintained 2026 revenue guidance at $9.25–$9.55 billion and adjusted EBITDA at $870–$910 million; targets to exceed $10 billion in revenue and $1 billion in EBITDA by 2027.

• U.S. growth initiatives expected to remain the primary driver of organic volume growth.

• Only CAD 55 million left in major project CapEx, with investment cycle nearing completion.

• Further details on 2027 targets to be provided later in the year as uncertainties subside.

• Strong pipeline of sales opportunities and continued focus on operational efficiencies.