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Premium Brands (PBH) investor relations material
Premium Brands Q3 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 (Q&A) earnings summary10 Nov, 2025
Executive summary
Achieved record third quarter sales and adjusted EBITDA, driven by strong organic growth and U.S. initiatives, with organic volume growth of 10.3% and major national product launches ramping up in Q4.
U.S. specialty foods and protein initiatives were primary growth drivers, with U.S. sales representing 66.5% of Specialty Foods segment sales and growing by $238.3 million.
Management remains bullish on top-line growth, raising 2025 sales guidance and projecting 2026 as the strongest year before moderating in 2027.
Completed the largest new product launch in company history post-quarter, expanding meat snack offerings.
Declared a fourth quarter dividend of $0.85 per share.
Financial highlights
Q3 revenue reached $1,986.0 million, up 19.1% year-over-year, with organic volume growth contributing $171.5 million (10.3%) and acquisitions adding $73.3 million.
Adjusted EBITDA for Q3 was $179.1 million, up 12.4% year-over-year, with margin normalized for beef cost inflation at $188 million and 9.5%.
Free cash flow per share reached a record $6.19 (trailing four quarters), with a 10.75-year CAGR of 8.4%.
Adjusted EPS for Q3 was $1.27, up from $1.11 in Q3 2024.
Gross margin declined to 18.3% in Q3 due to beef cost inflation and new capacity ramp-up.
Outlook and guidance
2025 sales guidance was raised to $7.4–$7.5 billion, but adjusted EBITDA guidance was reduced to $670–$680 million due to beef cost inflation.
Five-year targets reaffirmed: $10 billion revenue and $1 billion adjusted EBITDA by 2027, with organic sales expected to reach $9–9.5 billion in 2026.
Guidance remains conservative for Q4 due to commodity price volatility, with normalization expected by Q1 2026.
Management expects beef cost headwinds to be transitory and is implementing pricing and procurement strategies to restore margins.
Expect to spend an additional $92 million on approved major project capex over the next four quarters.
Update on beef cost impact and margin recovery
Reconcile acquisitions with deleveraging plans
Expected returns from new U.S. plant capacity
Update on asset monetization plans
Specialty Foods margin pressure drivers
Why US growth outpaces Canada?
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Next Premium Brands earnings date
Q4 202513 Mar, 2026
Next Premium Brands earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Premium Brands Holdings Corporation owns a portfolio of specialty food manufacturing and distribution businesses. The company supplies products including protein snacks, sandwiches, baked goods, and seafood to retail, foodservice, and commercial customers. It operates facilities across North America. The company is headquartered in Richmond, Canada, and its shares are listed on the TSX.
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