Premium Brands (PBH) Q3 2026 (Q&A) earnings summary

Executive summary

• Record Q3 continuing-operations revenue of $2,378.9M, adjusted EBITDA of $213.0M and adjusted EPS of $1.38; adjusted EBITDA margin was 9.0%.

• Net free cash flow was $195.5M and steady-state free cash flow was $114.8M; debt-to-EBITDA fell to 3.6x from 4.3x at year-start.

• Organic volume growth slowed, with Stampede shortfalls and softer foodservice demand; confirmed launches and a broad pipeline support expected growth reacceleration.

Financial highlights

• Q3 continuing-operations revenue was $2,378.9M vs $1,949.8M; adjusted EBITDA was $213.0M vs $175.1M, up 21.6%.

• Q3 adjusted earnings were $71.6M and adjusted EPS was $1.38; IFRS earnings from continuing operations were $39.4M vs a $0.3M loss.

• Revenue growth included $349.6M from acquisitions, $50.5M from selling-price inflation and $20.6M from organic volume growth (1.1%).

• Q3 net free cash flow was $195.5M; steady-state free cash flow was $114.8M, or $2.20/share.

• Stampede grew sales nearly 15% YoY but missed planned sales by $19.6M and adjusted EBITDA by $12.0M; delayed procurement savings and weaker sales weighed on results.

Outlook and guidance

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

• 2027 targets remain $10.0B revenue and $1.0B adjusted EBITDA; management expects to exceed both without further acquisitions.

• U.S. organic volume growth is expected to return to double-digit levels in 2027, supported by cooked protein, meat stick and sandwich initiatives; longer-term organic volume growth target is 4%–6%.

• About CAD 170M of new customer business is confirmed for launches through Q4 and 2027; more than CAD 900M of initiatives are active with customers.

• CAD 800–900M of next-year sales initiatives comprise 30%–40% run-rate initiatives and 60%–70% new initiatives; timing and launch scale are uncertain, with no guarantees.