Premium Brands Holdings Corporation

Sales from continuing operations were a record $2.4 billion, up $495 million or 26.3% versus Q2 2025. Adjusted EBITDA was $225 million, up $51.2 million or 29.5% year over year, and adjusted earnings were $79.6 million with adjusted EPS of $1.53, up 37.2% and 17.7%, respectively. Net earnings were $70.9 million versus $27.9 million a year ago. The company also reported $68 million of net free cash flow in the quarter after four years of negative net free cash flow. For full-year 2026, management guided to revenue of $9.1 billion to $9.3 billion and adjusted EBITDA of $840 million to $870 million, revised lower due to delays in new product launches, some promotions pushed into early 2027, exit of unprofitable sales tied to the beef facility shutdown, and weakening consumer demand in parts of food service.

George Paleologou framed the quarter as a key inflection point, saying the company is now starting to show tangible progress on financial metrics while leveraging the large capital investment cycle begun in 2022. He emphasized that the new manufacturing footprint was built to serve cleaner, healthier, more nutrient-dense foods and said the business development pipeline is the most robust in company history. His tone was notably optimistic, with repeated references to improved cash flow, margin potential, and value creation from plant rationalization and new capacity.

Will Kalutycz focused on the hard numbers and the bridge behind them: record sales of $2.4 billion, adjusted EBITDA of $225 million, adjusted EPS of $1.53, and net earnings of $70.9 million. He noted that growth came mainly from acquisitions ($354.5 million), organic volume growth ($74.5 million), and pricing ($59.9 million), while also pointing out that startup and restructuring costs are dropping as new plants reach base operating levels. On capital allocation, he said Q2 capex totaled $59 million and only $41.6 million remains in the $1.1 billion investment plan, which he said will create over $2 billion of new sales capacity; leverage improved to 3.8:1 and the company expects total debt-to-EBITDA of 3:1 or better by early to mid-2027.

There was no analyst Q&A included in the transcript, so the main forward-looking discussion came from management’s prepared remarks. The most important management clarifications were that guidance was cut because of delayed launches, promotions shifting into 2027, unprofitable sales being exited, and softer food service demand. Management also stressed that despite the revisions, the back half of 2026 should still show strong revenue and EBITDA growth as new capacity is better utilized.