Premium Brands : First Quarter 2024 — Conference Call Presentation for Premium Brands Holdings Corporation

First Quarter 2024

Conference Call

May 13, 2024

Disclaimer

This presentation is not intended to form the basis of any investment decision and should not be considered as a recommendation by Premium Brands Holdings Corporation (the "Company") or any other person in relation to the Company's business or the securities of the Company. This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of the securities of the Company, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any of the Company's securities in any jurisdiction. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate.

The Next Five Years - Accelerating Growth	1

Forward Looking Statements

This presentation contains forward looking statements with respect to the Company, including, without limitation, statements regarding its business operations, financial performance and condition, acquisition opportunities, capital projects and plans, outlook and objectives of or involving the Company. While management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company's internal expectations and belief as of the date of this presentation, there can be no assurance that such expectations will prove to be correct as such forward looking statements involve unknown risks and uncertainties beyond the Company's control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements.

Forward looking statements generally can be identified by the use of the words "may", "could", "should", "would", "will", "expect", "intend", "plan", "estimate", "project", "anticipate", "believe" or "continue", or the negative thereof or similar variations. Forward looking statements in this presentation include statements with respect to the Company's expectations and/or projections regarding its: (i) acquisition opportunities and pipeline; (ii) investments in capital expenditures, and related returns; (iii) revenue; (iv) growth rate and organic growth rate; (v) EBITDA and adjusted EBITDA; (vi) margin; (vii) sale and leaseback projects; (viii) dividends and dividend policy; and (ix) free cash flow.

Forward looking statements are based on a number of key expectations and assumptions made by the Company, including, without limitation the expectations and assumptions outlined in the Company's Management's Discussion and Analysis for the 13 weeks ended March 30, 2024, a copy of which is filed electronically through SEDAR+ and is available online at www.sedarplus.ca. Although the forward looking statements contained in this presentation are based on what the Company's management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.

Forward looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results. Factors that could cause actual results to differ materially from the Company's expectations as referenced in the Company's Management's Discussion and Analysis for the 13 and 52 weeks ended December 30, 2023. Readers are cautioned that the foregoing risks and uncertainties are not exhaustive.

Forward looking statements reflect management's current beliefs and are based on information currently available to the Company. Unless otherwise indicated, the forward looking statements in this presentation are made as of the date of this presentation and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking statements in this presentation.

By delivery of this presentation, the Company is not making any representation or warranty, express or implied, as to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. By accepting this presentation, the recipient agrees that the Company shall not have any liability for any representation or warranty, express or implied, contained in, or for any omission from, this presentation.

The Next Five Years - Accelerating Growth	2

Today's Presenters

• George Paleologou
  President & Chief Executive Officer
• Will Kalutycz
  Chief Financial Officer

The Next Five Years - Accelerating Growth	3

Key Messages

• 2024 first quarter highlights
• • Record first quarter revenue of $1.46 billion representing a 2.2%, or $31.3 million, increase as compared to the first quarter of 2023
  • Solid progress on Specialty Foods' core U.S. growth, which for the quarter generated an organic volume growth rate of 9.7% and total sales of $580.8 million
  • Record first quarter adjusted EBITDA of $121.0 million representing a 9.3%, or $10.3 million, increase as compared to the first quarter of 2023
  • An 8.3% adjusted EBITDA margin, up from 7.7% in the first quarter of 2023
  • Specialty Foods' adjusted EBITDA margin continues to normalize reaching 9.5% for the quarter, a 90- basis point improvement as compared to the first quarter of 2023
  • Sales and adjusted EBITDA guidance for 2024 was reaffirmed

The Next Five Years - Accelerating Growth	4

Acquisition Opportunities (millions of dollars except transactions)

Agreed to terms and in	In negotiations	In discussions	Identified future	Past discussions and
due diligence	opportunity	currently on hold

Platform

Advanced		Active	Early Stage	Opportunity		Inactive		Total
#	Sales	#	Sales	#	Sales	#	Sales	#	Sales	#	Sales

Seafood	-	-	1	300	3	192	-	-	9	1,545	13	2,037
Distribution	-	-	-	-	7	1,618	1	945	2	180	10	2,743
Protein	1	108	-	-	6	464	4	504	14	1,355	25	2,431
Sandwich	-	-	-	-	1	439	3	661	1	1,350	5	2,450
Bakery	-	-	-	-	2	148	2	81	4	203	8	432
Culinary	-	-	1	50	-	-	5	1,732	1	75	7	1,857
	1	108	2	350	19	2,861	15	3,923	31	4,708	68	11,950

The Next Five Years - Accelerating Growth	5

Belmont Food Group

BELMONT MEATS (2016)

LEADBETTER FOODS (2017)

MAID-RITE SPECIALTY FOODS (2021)

BEECHGROVE COUNTRY FOODS (2022)

KING'S COMMAND FOODS (2022)

YORKSHIRE VALLEY FARMS (2018)

Belmont platform companies

The Next Five Years - Accelerating Growth	6

The Next Five Years - Accelerating Growth	7

The Next Five Years - Accelerating Growth	8

The Next Five Years - Accelerating Growth	9