Premium Brands Holdings Corporation continued its string of record EBITDA in Q4 2025, but its seafood subsidiary Clearwater’s losses continued to widen.
Premium Brands posted record revenue in Q4 2025, reaching CAD 1.9 billion (USD 1.38 billion, EUR 1.19 billion), which was up 15.7 percent over the same period of 2024. For the year, the company reached revenue of CAD 7.5 billion (USD 5.47 billion, EUR 4.71 billion) in 2025, a 15.5 percent, or CAD 1 billion (USD 728.7 million, EUR 627.8 million), increase compared to 2024.
"2025 was a transformative year for our business. It included the commissioning of several new plants and capacity expansions, the execution of the largest product launch in our history, and continued strong financial performance," Premium Brands CEO George Paleologou said in a release. "All of this was achieved in a volatile environment with record high beef costs, broader commodity inflation, and a challenging consumer backdrop."
The company's adjusted EBITDA in Q4 2025 reached CAD 179.5 million (USD 130.8 million, EUR 112.7 million), a 20.7 percent, or CAD 30.8 million (USD 22.4 million, EUR 19.3 million), increase compared to Q4 2024. For the year, the company's adjusted EBITDA climbed to CAD 672.2 million (USD 489.9 million, EUR 422.1 million), up 13.2 percent, or CAD 78.5 million (USD 57.2 million, EUR 49.3 million), over the prior year.
As the company's overall performance was positive, the performance of its leading seafood subsidiary Clearwater continued to struggle.
Clearwater's revenue in Q4 2025 dropped to CAD 111.3 million (USD 81.1 million, EUR 69.9 million), down from CAD 152.8 million (USD 111.3 million, EUR 95.9 million) in the same period of the prior year. For the full year, Clearwater posted revenue of CAD 458.4 million (USD 334.1 million, EUR 287.8 million), down 20 percent from the CAD 576.7 million (USD 420.2 million, EUR 362.0 million) it posted in 2024.
Alongside lower revenue came higher losses.
In Q4 2025, the company posted a net loss of CAD 29.4 million (USD 21.4 million, EUR 18.5 million), worsening from CAD 19.3 million (USD 14.1 million, EUR 12.1 million) in Q4 2024. For the year, it posted a net loss of CAD 189.3 million (USD 137.9 million, EUR 118.8 million), compared to the loss of CAD 82.1 million (USD 59.8 million, EUR 51.5 million) recorded in 2024.
The decrease in revenue was due to multiple factors, including the sale of Macduff Shellfish’s land-based processing operations, the exit from its inshore lobster operations in Q2 2025, and poor catch rates for Canadian sea scallops.
“These factors were partially offset by improved market conditions and/or catch rates for several species including clams, shrimp, and Argentine scallops,” Premium Brands said.
Premium Brands, alongside the Mi’kmaq First Nations Coalition, acquired Clearwater in November 2020. Premium Brands later granted the Mi’kmaq First Nations Coalition a larger share of Clearwater in 2023.
Looking forward Premium Brands said it has a "strong pipeline" of potential sales and acquisition opportunities in 2026. However, it indicated that a deal for a seafood company with CAD 500 million (USD 364.4 million, EUR 313.9 million) in sales it was in active negotiations with in Q3 2025 is now on hold, and it had dropped out of early-stage discussions with a seafood company worth CAD 70 million (USD 51.0 million, EUR 43.9 million). It has also shifted its labeling of that category from "seafood" to just "lobster."
