Company Announcements

DALLAS--(BUSINESS WIRE)--Apr. 29, 2026-- Alta Fox Capital Management, LLC ("Alta Fox" or “we”), a top 10 shareholder of Premium Brands Holdings Corporation (TSX: PBH) (“Premium Brands” or the “Company”) with ownership of approximately 1.51% of the shares outstanding, today published an investment presentation outlining our view that the Company’s shares are materially undervalued, as well as the steps we believe management should take to reduce the discount.

The presentation can be accessed here: www.altafoxcapital.com/research

Alta Fox Believes Premium Brands’ Shares Are Materially Undervalued

Premium Brands is a competitively advantaged specialty food manufacturer with a strong long-term track record. The business is emerging from a significant, multi-year capital investment cycle and is inflectingboth earnings and free cash flow metrics. The stock now trades at decade-low valuation multiples more reflective of ex-growth, structurally challenged peers despite Premium Brands’ consistent organic volume growth, which has accelerated to double digits in the last two quarters.

We see meaningful upside from the Company’s current share price and are excited to be long-term shareholders alongside the current management team. Details of our analysis, including our financial model and valuation framework, are available in the full presentation linked above.

We believe investor sentiment could improve materially with clearer messaging around 2027 earnings power. Specifically, we recommend that management address the following when reporting Q1 2026 results:

1. Provide an updated FY2027 EBITDA target, offering investors a clear view of the Company’s pro forma earnings power following recent acquisitions and divestitures.
2. Commit to a defined FY2027 free cash flow target—specifically unadjusted¹ FCFE (before changes in working capital)—along with key underlying assumptions, including total FY2027 capex and a plan to improve working capital efficiency.

As earnings growth translates into a meaningful free cash flow inflection, we believe Premium Brands’ valuation should re-rate significantly from its current decade-low multiples. We estimate more than 75% upside to the current share price, with details of our full analysis available in the presentation linked above.

About Alta Fox

Founded in 2018 by Connor Haley, Alta Fox is a Texas-based alternative asset management firm that employs a long-term focused investment strategy to pursue exceptional risk-adjusted returns for a diverse group of institutions and qualified individual clients. Alta Fox focuses on identifying often overlooked and under-the-radar opportunities across asset classes, market capitalization ranges and sectors. Learn more by visiting www.AltaFoxCapital.com.

Disclaimer

This press release is for informational purposes only and does not constitute investment advice or an offer to buy or sell any security. The views expressed represent the opinions of Alta Fox Capital Management as of the date of this release and are subject to change without notice. Forward-looking statements, projections, and estimates are inherently uncertain and are not guarantees of future performance. Actual results may differ materially. Alta Fox Capital Management holds approximately 1.51% of PBH's shares outstanding and has a long economic interest in the company. Alta Fox Capital Management may buy or sell shares at any time without notice.

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For Investors: info@altafoxcapital.com
For Media: altafox@longacresquare.com

Source: Alta Fox Capital Management, LLC