Premium Brands (PBH) Q3 2026 Prepared Remarks earnings summary

Executive summary

• Q3 revenue from continuing operations reached a record $2,378.9M, up 22.0% YoY; adjusted EBITDA was a record $213.0M and adjusted EPS was $1.38.

• Net free cash flow was $195.5M versus a $45M outflow in Q3 2025; total debt-to-EBITDA fell to 3.6x from 4.3x at year-start.

• Nearly $170M of new business was secured late in Q3, with most launches expected over the next two quarters.

Financial highlights

• Q3 revenue was $2,378.9M versus $1,949.8M; adjusted EBITDA was $213.0M versus $175.1M, and adjusted earnings were $71.6M versus $57.0M.

• Sales growth drivers included acquisitions of $349.6M, selling-price inflation of $50.5M, organic volume growth of $20.6M (1.1%), and FX of $8.4M.

• Adjusted EPS from continuing operations increased 8% to $1.38 from $1.28, partly offset by higher depreciation, lease and interest costs.

• Nine-month revenue was $6,805.6M versus $5,476.4M; adjusted EBITDA was $609.2M versus $484.0M, and adjusted EPS was $3.73 versus $3.27.

Outlook and guidance

• 2026 revenue guidance remains $9.1B–$9.3B and adjusted EBITDA guidance $840M–$870M.

• 2027 targets remain $10B revenue and $1B adjusted EBITDA; management expects to exceed both without further acquisitions.

• U.S. organic volume growth is expected to return to double digits in 2027, supported by cooked protein, meat stick and sandwich initiatives; nearly $170M in confirmed initiatives is scheduled to launch over the next two quarters.

• Long-term annual organic volume growth target is 4%–6%, mid-term adjusted EBITDA margin target is 10%, and 2027 leverage target is 3.0x or better.