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PREMIUM BRANDS HOLDINGS CORPORATION REPORTS RECORD SECOND QUARTER RESULTS, TWO ACQUISITIONS AND DECLARES THIRD QUARTER DIVIDEND

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VANCOUVER, BC, Aug. 5, 2022

VANCOUVER, BC, Aug. 5, 2022 /CNW/ - Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today its results for the second quarter of 2022.

SECOND QUARTER HIGHLIGHTS

Record second quarter revenue of $1.52 billion representing a 23.1%, or $285.2 million, increase as compared to the second quarter of 2021
Record second quarter adjusted EBITDA¹ of $130.8 million representing a 16.6%, or $18.6 million, increase as compared to the second quarter of 2021
Record second quarter adjusted EPS¹of $1.38 per share representing a 12.2%, or $0.15 per share, increase as compared to the second quarter of 2021
The Company increased its 2022 revenue guidance range to $5.75 billion to $6.0 billion and maintained its 2022 adjusted EBITDA guidance range of $510.0 million to $530.0 million
Clearwater Seafoods generated record second quarter adjusted EBITDA of $31.3 million and earnings before distributions to shareholders of $10.7 million
The Company announced the acquisitions of King's Command, an Ohio based cooked protein manufacturer, and Golden Valley Farms, an Ontario based deli meats manufacturer
The Company declared a dividend of $0.70 per share for the third quarter of 2022

The Company reports its financial results in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Adjusted EBITDA and adjusted EPS are non-IFRS financial measures. Reconciliations and explanations for all non-IFRS measures are included in the Non-IFRS Financial Measures section of this press release.

CONFERENCE CALL

The Company will hold a conference call to discuss its second quarter 2022 results today at 10:30 a.m. PDT (1:30 p.m. EDT). An investor presentation that will be referenced on the conference call is available here or on the Company's website at www.premiumbrandsholdings.com.

Access to the call may be obtained by calling the operator at (416) 764-8646 or (888) 396-8049 (Conference ID: 94465746) up to ten minutes prior to the scheduled start time. For those who are unable to participate, a recording of the conference call will be available through to 10:30 a.m. eastern time on September 5, 2022 at (416) 764-8692 or (877) 674-7070 (passcode: 465746#). Alternatively, a recording of the conference call will be available at the Company's website at www.premiumbrandsholdings.com.

SUMMARY FINANCIAL INFORMATION
(In millions of dollars except per share amounts and ratios)

ARIVA.DE Börsen-Geflüster

Kurse

Prestige Brands

70,47 $

+0,47%

	13 weeks ended Jun 25, 2022	13 weeks ended Jun 26, 2021	26 weeks ended Jun 25, 2022	26 weeks ended Jun 26, 2021
Revenue	1,519.9	1,234.7	2,771.1	2,244.5
Adjusted EBITDA¹	130.8	112.2	226.6	194.7
Earnings	63.3	28.0	85.7	47.8
EPS	1.42	0.65	1.92	1.10
Adjusted earnings¹	61.5	53.5	100.9	84.8
Adjusted EPS¹	1.38	1.23	2.26	1.95

	Trailing Four Quarters Ended
	Jun 25, 2022	Jun 26, 2021
Free cash flow¹	276.3	238.4
Free cash flow per share	6.27	5.79
Declared dividends	118.8	104.0
Declared dividend per share	2.67	2.425
Payout ratio¹	43.0 %	43.6 %

¹	Reconciliations for all non-IFRS measures are included in the Non-IFRS Financial Measures section of this press release.

"We are finally seeing tangible signs of a return to more normal market conditions after over two years of pandemic driven challenges and disruptions," said Mr. George Paleologou, President and CEO. "The second quarter was, however, not without headwinds and operational issues, but despite these we once again generated record sales, adjusted EBITDA, adjusted earnings and free cash flow per share.

"Our protein group of businesses was impacted particularly hard this quarter. Poor spring weather, less retail featuring (which was done to mitigate the margin impact of record increases in input costs while higher selling prices were being implemented), labor issues, a shift in consumer spending from the retail channel to the foodservice channel and acute price inflation combined to create a very difficult sales environment. The good news is that most of these challenges are temporary, and the group is already generating improved growth and operational performance in the third quarter. Furthermore, our results for the quarter again demonstrated the strength of our diversification strategies as we were still able to generate net organic volume growth as our foodservice focused businesses benefited from some of the challenges faced by our protein group of businesses.

"As the economic environment stabilizes, and labor and global supply chains continue to normalize, we expect to see a strong acceleration in our performance based on the investments we have made and initiatives we have implemented over the last several years," added Mr. Paleologou.

"Throughout the chaos caused by the pandemic, we maintained our focus on the long-term and continued to invest in our people and businesses. This past quarter was no different with us making $133.5 million in new capital allocation decisions, including the acquisitions of King's Command and Golden Valley Farms. Both of these businesses will play a significant role in supporting our organic growth initiatives as they provide us with much needed capacity solutions in two very exciting growth categories, namely cooked protein and dry cured meats.

"Looking forward, we are now positioned to exceed our 2023 objectives of $6.0 billion in sales and $600 million in adjusted EBITDA and to achieve our longer-term goal of being one of North America's leading specialty foods companies. In addition, we continue to enjoy a robust pipeline of acquisition opportunities that spans all our platforms and provides us with the ability to further accelerate our growth," said Mr. Paleologou.

THIRD QUARTER 2022 DIVIDEND

The Company also announced that its Board of Directors approved a cash dividend of $0.70 per share for the third quarter of 2022, which will be payable on October 17, 2022 to shareholders of record at the close of business on September 30, 2022.

Unless indicated otherwise in writing at or before the time the dividend is paid, each dividend paid by the Company in 2022 or a subsequent year is an eligible dividend for the purposes of the Enhanced Dividend Tax Credit System.

ABOUT PREMIUM BRANDS

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada and the United States.

www.premiumbrandsholdings.com

RESULTS OF OPERATIONS

The Company reports on two reportable segments, Specialty Foods and Premium Food Distribution, as well as non-segmented investment income and corporate costs (Corporate). The Specialty Foods segment consists of the Company's specialty food manufacturing businesses while the Premium Food Distribution segment consists of the Company's differentiated distribution and wholesale businesses as well as certain seafood processing businesses. Investment income includes interest and management fees generated from the Company's businesses that are accounted for using the equity method.

Revenue

(in millions of dollars except percentages)

13 weeks

ended

Jun 25,

2022

(1)

13 weeks

ended

Jun 26,

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