Premier Foods (PFD) Investor presentation summary

Market position and brand portfolio

• Holds leading positions in five main UK grocery categories, with 89% household penetration and strong presence in Australia and Ireland.

• Key brands include Bisto, Mr Kipling, Batchelors, Ambrosia, Sharwood's, and Nissin, each with significant market shares.

• Recent acquisitions such as The Spice Tailor, FUEL10K, and Merchant Gourmet are delivering double-digit growth and expanding the portfolio.

Financial performance and capital allocation

• Achieved 6.3% revenue CAGR and 12.6% adjusted PBT CAGR since FY19/20, with EBITDA margin at 18.6% in FY24/25.

• Net debt/EBITDA reduced to 0.67x, with strong free cash flow and progressive dividend growth (62% increase in FY24/25).

• £55m capex planned for FY25/26, focused on automation and efficiency projects with attractive paybacks.

• Merchant Gourmet acquired for £46m, with net debt £14m lower post-acquisition and lower interest cost guidance.

Growth strategy and innovation

• Branded growth model drives consistent value creation through brand investment, innovation, and retailer partnerships.

• New product launches align with health, convenience, and premiumisation trends, supporting category expansion.

• International growth strong in Australia, North America, and Europe, with Mr Kipling and The Spice Tailor gaining market share.

• M&A remains a key strategy, targeting branded assets with high growth potential and synergy with existing operations.