Premier Foods (PFD) Investor presentation summary

Investment highlights

• Holds leading market positions in five main UK categories, with 90% household penetration and strong presence in Australia and Ireland.

• Demonstrates a proven branded growth model, delivering 5.1% three-year UK branded revenue CAGR and sector-leading EBITDA margins of 19.3%.

• Highly cash generative, with net debt/EBITDA at 0.4x and strong free cash flow conversion.

• Completed full pension scheme merger, removing dividend match and admin fees, supporting interim dividend plans.

• Guided by a purpose-driven ESG strategy focused on nutrition, sustainability, and community impact.

Financial performance and value creation

• Branded revenue grew at a 7.7% CAGR over five years, reaching £1,042m in FY25/26.

• Trading profit increased at a 9.1% CAGR, with adjusted EPS up 6.9% and free cash flow up 23.8% CAGR.

• Net debt/EBITDA reduced from 1.7x to 0.4x, and dividend per share grew at a 29.4% CAGR.

• FY25/26 revenue reached £1,175m, with trading profit at £200m and adjusted EPS at 15.8p.

• Dividend increased by 20%, with a £48m debt reduction and plans for an interim dividend.

Market and category leadership

• Ranks among the top UK ambient grocery suppliers, with a 2.0% market share.

• Holds #1 or #2 positions in key categories such as flavourings, quick meals, global cuisines, desserts, and cakes.

• Category penetration rates range from 9% to 57%, with significant own-label competition.