Premium Brands Holdings Corporation Reports Record Third Quarter Sales And Adjusted Ebitda, Announces Two Asset Sales And Declares Fourth Quarter Dividend

VANCOUVER, B.C., November 6, 2024. Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today its results for the third quarter of 2024.

THIRD QUARTER HIGHLIGHTS

• Record third quarter revenue of $1.67 billion representing a 1.3%, or $22.0 million, increase as compared to the third quarter of 2023
• Solid progress on Specialty Foods’ core U.S. growth initiatives in protein and baked goods, which for the quarter generated organic volume growth rates of 7.8% and 25.3%, respectively. Specialty Foods’ U.S. growth initiatives in sandwiches were impacted by consumer demand related challenges faced by a major foodservice customer
• Record third quarter adjusted EBITDA¹ of $159.4 million representing a 0.4%, or $0.6 million, increase as compared to the third quarter of 2023
• Third quarter adjusted EPS¹ of $1.11 per share representing a 12.6%, or $0.16 per share, decrease as compared to the third quarter of 2023
• Declared a dividend of $0.85 per common share for the fourth quarter of 2024
• Announced the sale of a redundant vacant property for $26.0 million, which is expected to close in the fourth quarter of 2024
• Announced the signing of a non-binding letter of intent to sell and lease back a recently expanded production facility located in the State of Washington for US$68.0 million or approximately CA$92.5 million
• The Company reports its financial results in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Adjusted EBITDA and adjusted EPS are non-IFRS financial measures. Reconciliations and explanations for all non-IFRS measures are included in the Non-IFRS Financial Measures section of this press release.

QUESTIONS AND ANSWERS SESSION

The Company will hold a Q&A session on its third quarter 2024 results today at 10:30 a.m. Vancouver time (1:30 p.m. Toronto time). Management’s pre-recorded remarks and an investor presentation that will be referenced on the conference call are available here or by navigating through the Company’s website at www.premiumbrandsholdings.com.

Access to the Q&A session may be obtained by calling the operator at (289) 514-5100 or (800) 717-1738 (Conference ID: 98593) up to ten minutes prior to the scheduled start time. For those who are unable to participate, a recording of the conference call will be available through to 11:59 p.m. Toronto time on December 6, 2024 at (289) 819-1325 or (888) 660-6264 (passcode: 98593#). Alternatively, a recording of the conference call will be available on the Company’s website at www.premiumbrandsholdings.com.

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