Premier Foods (PFD) Q3 2025 TU earnings summary

Executive summary

• Q3 Group sales increased 3.1% year-over-year, with branded sales up 4.6% and volumes up 7%.

• International business delivered 29% sales growth, with double-digit gains in all target regions and strong new category performance.

• Premium product ranges and innovation contributed significantly, with consumers trading up during the holiday season.

• Trading profit now expected at the upper end of full-year guidance.

• Sweet Treats branded sales rose 8.9%, led by Mr Kipling's record quarter and premium product growth.

Financial highlights

• Branded volumes increased 7% in Q3, continuing the volume-led growth trend.

• Grocery branded revenue up 3.5% year-over-year; non-branded down 9.3%.

• Sweet Treats branded revenue up 8.9%, volumes up 10%; non-branded flat.

• Group Q3 branded sales: £298.9m (up 4.5%); non-branded: £61.2m (down 3.6%).

• Sales from new categories increased 38% year-over-year.

Outlook and guidance

• Trading profit for the year now guided to the upper end of analyst expectations (£180.1m–£186.4m).

• Expect Q4 volume growth to moderate as promotional price changes from last year are lapped.

• Anticipate future sales growth to be more balanced between volume and price.

• Medium-term growth expected to be mid-single digits, ahead of pre-COVID levels, driven by core business, international, new categories, and acquisitions.