Premium Brands Holdings Corporation continued its string of record earnings and revenue in Q1 2026 even as its subsidiary Clearwater continued its string of losses.
Premium Brands posted revenue of CAD 2.1 billion (USD 1.54 billion, EUR 1.31 billion) in Q1 2026, an increase of CAD 405.1 million (USD 297.1 million, EUR 252.4 million), or 24.6 percent, over Q1 2025. The company's adjusted EBITDA in the quarter also increased to CAD 171.2 million (USD 125.6 million, EUR 106.6 million), up CAD 36.1 million (USD 26.5 million, EUR 22.5 million), or 26.7 percent, compared to the same period of 2025.
“We are pleased with the progress we made in the quarter towards achieving our long-term business objectives and remain very well positioned to meet or exceed our goals and targets for 2026,” Premium Brands CEO George Paleologou said in a release. “During the quarter we continued to leverage recent capacity expansions to support new sales initiatives, including a very successful national launch with a key customer. This combined with significant progress being made in improving operating efficiencies at several new production facilities translated into record financial results for the quarter.”
During an investor presentation, Paleologou highlighted the company’s “kettle” business, which focuses on soups and chowder products, including New England Style Clam Chowder under the Diana’s Seafood brand and chowders and bisques under Clearwater’s brand. The company is currently working to expand its capacity via a new facility in Auburn, Maine, U.S.A., he said.
“Our new facility in Auburn, Maine is nearing completion, and will compliment its two Canadian kettle facilities that are operating at near-capacity,” Paleologou said.
Compared to years past, Premium Brands has pulled back slightly on its seafood company acquisitions. At one point the company was buying up significant capacity in the lobster industry, including Ready Seafood in Maine, Maine Coast Shellfish, Hancock Gourmet Lobster Co., and Clearwater Seafoods. Currently, the company’s acquisition pipeline only highlights one lobster company, which had “past discussions” that are currently on hold.
Clearwater Seafoods has continued to struggle based on Premium Brands' results, with revenue from continuing operations at the company dropping to CAD 47.3 million (USD 34.7 million, EUR 29.5 million) in Q1 2026, down from CAD 56.2 million (USD 41.2 million, EUR 35.0 million) in the same period of 2025. Net losses narrowed slightly to CAD 38.3 million (USD 28.1 million, EUR 23.9 million), slightly improved from the CAD 48.2 million (USD 35.4 million, EUR 30.0 million) in losses it posted in the same quarter of 2025.
The company attributed the decrease to its sale of the Macduff land-based operations in Q3 2025, and the exit from the land-based inshore lobster operations in Q2 2025. It also said lower opening clam and Argentine scallop inventories contributed to the drop.
“These factors were partially offset by improved pricing on most of Clearwater's core species,” Premium Brands said. “While not a factor on a year-over-year basis, Clearwater's revenue continues to be negatively impacted by Canadian scallop catch rates being significantly below five-year average levels due to natural fluctuations in the available biomass.”
The company said that operating results from Clearwater’s core species was “relatively stable” thanks to higher prices, which offset lower sales volumes.
While Premium Brands has slowed its acquisitions of seafood companies, it did close a major acquisition in Q1 2026, Paleologou said.
“We are also pleased to have completed the acquisition of Stampede Culinary Partners during the quarter,” he said. “The onboarding of Stampede is progressing well, and we are working closely with its leadership team on several growth and synergy initiatives that will enhance its operational and financial performance.”
Looking forward, Paleologou said the acquisition pipeline remains promising.
“On the acquisitions front, we are evaluating several attractive opportunities, however, any transaction we do will be done within the context of continuing to strengthen our financial position,” he said.
